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SFL Corporation Ltd. (NYSE: SFL) has scheduled its 2020 Annual General Meeting for August 31, 2020, with a record date for voting set on July 17, 2020. The official notice and agenda will be distributed prior to the meeting. SFL has a strong record in the maritime sector, paying dividends quarterly since its NYSE listing in 2004. The company operates a diverse fleet of over 80 vessels, including tankers and offshore drilling rigs, backed by long-term charters that support its distribution capabilities.
SFL Corporation Ltd. (NYSE: SFL) announced that Hunter Group ASA will exercise purchase options on two VLCCs, Hunter Atla and Hunter Saga, expected to increase SFL's cash balance by approximately $23 million. These proceeds are set to be reinvested in new assets. SFL anticipates the purchase option for a third VLCC, Hunter Laga, to be exercised later this year. CEO Ole B. Hjertaker highlighted the attractive returns and low risk of this transaction, emphasizing SFL's unique position as a capital provider in the maritime industry.
The preliminary results for the first quarter, scheduled for presentation on May 20, 2020, will provide key financial insights. This announcement emphasizes the importance of upcoming metrics that may affect investors' decisions. The link to the detailed presentation is included, which could offer deeper analysis into revenue, expenses, and other financial indicators that are crucial for stakeholders.
SFL Corporation Ltd. announced its preliminary Q1 2020 results, reporting operating revenue of $122 million but a net loss of $87 million, influenced by $114 million in non-cash adjustments. This marks the 65th consecutive quarterly dividend declared at $0.25 per share, with payment expected on June 30 to shareholders recorded by June 18. The company secured charter hire of $161 million and increased its fixed rate charter backlog by $230 million. Notably, SFL remains committed to operational safety amidst COVID-19 impacts, with continued payments from counterparties.
SFL Corporation Ltd. (NYSE: SFL) has finalized the acquisition of a new 308,000 dwt crude oil carrier (VLCC) along with a 7-year bareboat charter, boosting its fixed-rate charter backlog by nearly $60 million. The vessel, purchased for $65 million, is expected to deliver from China in Q2 2020, contributing cash flow starting Q3 2020. This acquisition includes a sub-charter to an oil major, ensuring stable cash flow, with funding secured through a $50 million non-recourse bank debt facility. The company anticipates over $4 million net cash flow annually after servicing the debt during the first three years.
SFL Corporation Ltd. (NYSE: SFL) will release its preliminary financial results for Q1 2020 on May 20, 2020. A conference call and webcast for all stakeholders will follow at 10:00 AM EST. Key details for accessing the event include a US Toll-Free number at +1 877 870 9135 and an international dial-in at +47 21 56 30 15, with Conference ID 3186887. A replay will be available for seven days. SFL has maintained a strong performance in the maritime industry, consistently paying dividends since 2004.