Sfl Corporation Ltd Stock Price, News & Analysis

SFL has announced its Q4 2024 financial results, reporting a net profit of $20.2 million ($0.15 per share) and declaring its 84th consecutive quarterly dividend of $0.27 per share. The company received charter hire of $231.7 million, including $2.6 million in profit share, and achieved an Adjusted EBITDA of $124.0 million from consolidated subsidiaries plus $7.9 million from associated companies.

Key developments include the issuance of a new $150 million five-year bond, the sale of an older 1,700 TEU feeder container vessel, Golden Ocean's exercise of purchase options on eight dry bulk capesize vessels, and approximately $48 million in compensation from Seadrill. The company has added more than $2 billion in fixed-rate charter backlog in 2024, with a majority of charter backlog now tied to investment-grade end users.

SFL (NYSE: SFL) has received a favorable ruling from the Oslo District Court in its legal case against Seadrill subsidiaries. The dispute arose following the redelivery of the drilling rig Hercules to SFL in December 2022. The court ordered Seadrill subsidiaries to pay SFL approximately $48 million in total compensation, which includes late payment interest and legal costs, due to breach of contract upon rig redelivery.

The ruling is subject to appeal from both parties, with a deadline of March 5, 2025. The company will carefully review the details of the court's judgment.

SFL (NYSE: SFL) has announced it will release its preliminary financial results for the fourth quarter of 2024 on Wednesday, February 12, 2025. The company will host a conference call and webcast for stakeholders on the same day at 10:00 AM (EST) / 4:00 PM (CET).

Participants can access the presentation through two options: joining the conference call webcast in listen-only mode via the company's Investor Relations website, or participating in a live Q&A session through Zoom. Supporting materials will be available on SFL's website, and a replay of the conference call will be accessible through the webcast platform.

SFL (NYSE: SFL) has successfully placed USD 150 million in senior unsecured sustainability-linked bonds with a maturity date of January 29, 2030. The bonds will feature a quarterly coupon rate of 7.75% per annum and will be issued at 99.50% of face value.

The net proceeds from this bond issuance are intended for general corporate purposes. The placement was facilitated by Arctic Securities, Fearnley Securities, Pareto Securities, and SEB as Joint Bookrunners, while ABN Amro and SMBC served as Co-Managers.

SFL (NYSE: SFL) has announced the commencement of fixed income investor meetings starting January 9th, organized by Arctic Securities, Fearnley Securities, Pareto Securities, and SEB. The company is considering a potential USD denominated senior unsecured sustainability-linked bond offering, subject to market conditions.

If the bond offering proceeds, the net proceeds will be allocated for general corporate purposes. This initiative represents SFL's approach to potentially expanding its financing options while incorporating sustainability considerations into its funding strategy.

SFL has announced its preliminary third quarter results for 2024. The presentation will be held on November 06, 2024. The company has provided a link to the detailed results presentation. Investors and stakeholders are encouraged to review the attached document for comprehensive financial data and performance metrics.

SFL reported Q3 2024 financial results with a net profit of $44.5 million, or $0.34 per share. The company declared its 83rd consecutive quarterly dividend of $0.27 per share. Charter hire reached $263.2 million, including $4.2 million in profit share, while Adjusted EBITDA totaled $158.8 million from consolidated subsidiaries plus $7.9 million from associated companies.

The company expanded its fleet with new deliveries including two LR2 product tankers and two LNG dual-fuel chemical tankers. SFL raised over $1 billion in financing, including a new NOK 750 million bond. The company's fixed-rate charter backlog stands at approximately $4.7 billion, with two-thirds secured by investment-grade customers.

SFL announced it will release its Q3 2024 preliminary financial results on Wednesday, November 06, 2024. The company will host a conference call and webcast for stakeholders at 10:00 AM (EST) / 4:00 PM (CET) on the same day. Participants can join through two options: a listen-only webcast mode via the company's website or an interactive Q&A session through Zoom. Financial materials will be available in the Investor Relations section of SFL's website. A replay of the conference call will be accessible via webcast afterward.

Pangaea Logistics Solutions (Nasdaq: PANL) and M.T. Maritime Management (MTM) announced a definitive agreement to merge fifteen handy-size dry bulk vessels into Pangaea's fleet. The vessels, valued at approximately $295 million with related financing of $102 million, result in a net asset value of $193 million. Pangaea will issue roughly 19 million shares to SSI, representing 29% of its outstanding stock. The transaction, expected to close in Q4 2024, will expand Pangaea's fleet by nearly 60% to 41 vessels. The merger is anticipated to enhance growth, efficiency, and profitability, with MTM's experienced team joining Pangaea. The deal is expected to be accretive to earnings and maintain financial flexibility. SSI will designate two board members post-transaction.