SFL Corp Ltd. Reports Q1 2024 Earnings

TL;DR

SFL dropped Q1 earnings, check the numbers for shipping outlook.

AI Summary

SFL Corporation Ltd. (SFL) filed a Form 6-K on May 17, 2024, reporting its first quarter 2024 earnings release. The filing includes financial information and operational updates for the period ending March 31, 2024. SFL is a Bermuda-based company engaged in the deep sea foreign transportation of freight.

Why It Matters

This filing provides investors with the latest financial performance and operational details of SFL Corp Ltd., crucial for assessing the company's current health and future prospects in the shipping industry.

Risk Assessment

Risk Level: low — This is a routine earnings release filing, not indicating any immediate or significant new risks.

Key Players & Entities

• SFL Corporation Ltd. (company) — Registrant
• SFL (company) — Abbreviation for Registrant
• 001-32199 (dollar_amount) — Commission File Number
• 20240331 (date) — Conformed Period of Report
• 20240517 (date) — Filing Date

FAQ

Key Financial Figures

• $0.27 — nd increased quarterly cash dividend to $0.27 per share Hamilton, Bermuda, May 14,
• $45.3 million — eased to $0.27 per share Net profit of $45.3 million or $0.36 per share in the first quarter
• $0.36 — r share Net profit of $45.3 million or $0.36 per share in the first quarter Receive
• $235.8 million — rst quarter Received charter hire 1 of $235.8 million in the quarter, including $5.5 million
• $5.5 million — 235.8 million in the quarter, including $5.5 million of profit share Adjusted EBITDA 2 of $
• $143.8 million — n of profit share Adjusted EBITDA 2 of $143.8 million from consolidated subsidiaries, plus $7
• $7.8 million — on from consolidated subsidiaries, plus $7.8 million adjusted EBITDA 2 from 49.9% owned asso
• $150 million — teu container vessels Issuance of new $150 million sustainability-linked bond due 2028 O
• $3.6 billion — ues to grow and stands at approximately $3.6 billion after recent acquisitions and charters.
• $229.1 million — ing revenues on a consolidated basis of $229.1 million in the first quarter of 2024, compared
• $209.6 million — the first quarter of 2024, compared to $209.6 million in the previous quarter. This figure is
• $10.5 million — h received as it excludes approximately $10.5 million of charter hire which is not classified
• $1.8 m — ve mark-to-market effects from swaps of $1.8 million, negative mark-to-market effects
• $0.4 million — rket effects from equity investments of $0.4 million and an increase of $0.1 million in cred
• $0.1 million — ents of $0.4 million and an increase of $0.1 million in credit loss provisions. Reported n

Filing Documents

• sfl-q12024earningsreleasef.htm (6-K) — 222KB
• sfllogonewpnga07.jpg (GRAPHIC) — 9KB
• sflnysea05.jpg (GRAPHIC) — 5KB
• 0001289877-24-000028.txt ( ) — 242KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SFL Corporation Ltd. Date May 17, 2024 By s Ole B. Hjertaker Name Ole B. Hjertaker Title SFL Management AS (Principal Executive Officer) Preliminary Earnings Release Q1 2024 SFL Corporation Ltd. Preliminary Q1 2024 results and increased quarterly cash dividend to $0.27 per share Hamilton, Bermuda, May 14, 2024. SFL Corporation Ltd. ("SFL" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2024. Highlights 81 st consecutive quarterly dividend, increased to $0.27 per share Net profit of $45.3 million or $0.36 per share in the first quarter Received charter hire 1 of $235.8 million in the quarter, including $5.5 million of profit share Adjusted EBITDA 2 of $143.8 million from consolidated subsidiaries, plus $7.8 million adjusted EBITDA 2 from 49.9% owned associated companies Delivery of two LNG dual-fuel car carriers with ten year time charters to K-Line Acquisition of three newbuild LR2 product tankers and two LNG dual-fuel stainless steel chemical carriers in combination with long term employment New five year charters for three 10,600 teu vessels to Maersk Charter extensions with Maersk for three 8,700-9,500 teu container vessels Issuance of new $150 million sustainability-linked bond due 2028 Ole B. Hjertaker, CEO of SFL Management AS, said in a comment We are pleased to execute on our growth strategy, with several new vessels to be added over the next few months. Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the majority of assets on long term time charters to end users. A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measure

View Full Filing

View this 6-K filing on SEC EDGAR