SFL - First Quarter 2025 Results
SFL Corporation has announced its Q1 2025 financial results, declaring its 85th consecutive quarterly dividend of $0.27 per share. The company reported a net loss of $31.9 million ($0.24 per share) in Q1, primarily due to impairments on older dry bulk vessels. Charter hire revenue reached $193.5 million, including $1.5 million in profit share. The company achieved an Adjusted EBITDA of $108.0 million from consolidated subsidiaries and an additional $7.7 million from associated companies.
During the quarter, SFL conducted a $10 million share buyback at an average price of $7.98 per share. The company continues its fleet renewal strategy, divesting older dry bulk vessels and containerships while focusing on assets with charter backlog to support long-term dividend distribution capacity.
SFL Corporation ha annunciato i risultati finanziari del primo trimestre 2025, dichiarando il suo 85° dividendo trimestrale consecutivo di 0,27 dollari per azione. L'azienda ha riportato una perdita netta di 31,9 milioni di dollari (0,24 dollari per azione) nel primo trimestre, principalmente a causa di svalutazioni su navi dry bulk più vecchie. I ricavi da noleggio charter hanno raggiunto 193,5 milioni di dollari, inclusi 1,5 milioni di dollari di profitto condiviso. La società ha ottenuto un EBITDA rettificato di 108,0 milioni di dollari dalle controllate consolidate e ulteriori 7,7 milioni di dollari dalle società associate.
Durante il trimestre, SFL ha effettuato un riacquisto di azioni per 10 milioni di dollari a un prezzo medio di 7,98 dollari per azione. L'azienda prosegue la sua strategia di rinnovo della flotta, dismettendo navi dry bulk e portacontainer più vecchie, concentrandosi su asset con backlog di noleggio per sostenere la capacità di distribuzione dei dividendi a lungo termine.
SFL Corporation ha anunciado sus resultados financieros del primer trimestre de 2025, declarando su 85º dividendo trimestral consecutivo de 0,27 dólares por acción. La compañía reportó una pérdida neta de 31,9 millones de dólares (0,24 dólares por acción) en el primer trimestre, principalmente debido a deterioros en buques dry bulk antiguos. Los ingresos por fletamento alcanzaron 193,5 millones de dólares, incluyendo 1,5 millones de dólares en participación en beneficios. La empresa logró un EBITDA ajustado de 108,0 millones de dólares de sus subsidiarias consolidadas y otros 7,7 millones de dólares de compañías asociadas.
Durante el trimestre, SFL realizó una compra de acciones por 10 millones de dólares a un precio promedio de 7,98 dólares por acción. La compañía continúa con su estrategia de renovación de flota, desinvirtiendo en buques dry bulk y portacontenedores antiguos, mientras se enfoca en activos con cartera de fletamento para respaldar la capacidad de distribución de dividendos a largo plazo.
SFL Corporation는 2025년 1분기 재무 실적을 발표하며 85분기 연속 분기 배당금 주당 0.27달러를 선언했습니다. 회사는 주로 오래된 벌크선 감가상각으로 인해 1분기에 순손실 3,190만 달러(주당 0.24달러)를 기록했습니다. 용선 수익은 1억 9,350만 달러에 달했으며, 이 중 150만 달러는 이익 공유금입니다. 회사는 연결 자회사에서 조정 EBITDA 1억 800만 달러를 달성했으며, 관계사로부터는 추가로 770만 달러를 기록했습니다.
분기 동안 SFL은 주당 평균 7.98달러에 1,000만 달러 규모의 자사주 매입을 진행했습니다. 회사는 노후 벌크선과 컨테이너선을 매각하며 함대 갱신 전략을 지속하고 있으며, 장기 배당 분배 능력을 지원하기 위해 용선 잔고가 있는 자산에 집중하고 있습니다.
SFL Corporation a annoncé ses résultats financiers du premier trimestre 2025, déclarant son 85e dividende trimestriel consécutif de 0,27 $ par action. La société a enregistré une perte nette de 31,9 millions de dollars (0,24 $ par action) au premier trimestre, principalement en raison de dépréciations sur des navires de vrac sec plus anciens. Les revenus de location ont atteint 193,5 millions de dollars, incluant 1,5 million de dollars de partage de bénéfices. La société a réalisé un EBITDA ajusté de 108,0 millions de dollars provenant des filiales consolidées et de 7,7 millions de dollars supplémentaires des sociétés associées.
Au cours du trimestre, SFL a procédé à un rachat d’actions de 10 millions de dollars à un prix moyen de 7,98 $ par action. La société poursuit sa stratégie de renouvellement de flotte, en se séparant des navires de vrac sec et des porte-conteneurs plus anciens, tout en se concentrant sur des actifs avec un carnet de commandes de location afin de soutenir la capacité de distribution de dividendes à long terme.
SFL Corporation hat die Finanzergebnisse für das erste Quartal 2025 bekanntgegeben und die 85. aufeinanderfolgende Quartalsdividende von 0,27 USD pro Aktie erklärt. Das Unternehmen meldete im ersten Quartal einen Nettoverlust von 31,9 Millionen USD (0,24 USD pro Aktie), hauptsächlich aufgrund von Wertminderungen bei älteren Massengutfrachtern. Die Chartereinnahmen erreichten 193,5 Millionen USD, einschließlich 1,5 Millionen USD Gewinnbeteiligung. Das Unternehmen erzielte ein bereinigtes EBITDA von 108,0 Millionen USD aus konsolidierten Tochtergesellschaften sowie weitere 7,7 Millionen USD aus assoziierten Unternehmen.
Im Quartal führte SFL einen Aktienrückkauf im Wert von 10 Millionen USD zu einem durchschnittlichen Kurs von 7,98 USD pro Aktie durch. Das Unternehmen setzt seine Flottenerneuerungsstrategie fort, indem es ältere Massengutfrachter und Containerschiffe veräußert und sich auf Vermögenswerte mit Charterrückstand konzentriert, um die langfristige Dividendenausschüttungsfähigkeit zu unterstützen.
- 85th consecutive quarterly dividend maintained at $0.27 per share
- Strong charter hire revenue of $193.5 million in Q1
- Significant Adjusted EBITDA of $108.0 million plus $7.7 million from associated companies
- $10 million share buyback executed at $7.98 per share
- Vessel upgrades resulting in higher charter rates
- Net loss of $31.9 million in Q1 2025
- Impairment charges on older dry bulk vessels
- Drilling rig Hercules remained idle during the quarter
Insights
SFL reports Q1 net loss of $31.9M despite stable dividend, indicating resilience amid fleet renewal challenges and one-off impairments.
SFL's Q1 2025 results reveal a complex financial picture. The company posted a net loss of
Revenue performance remained solid with charter hire of
Two significant one-off factors negatively impacted quarterly performance: impairments on aging dry bulk vessels operating in the volatile spot market, and the drilling rig Hercules sitting idle. This explains the apparent contradiction between the net loss and the maintained dividend.
The company's strategic focus is evident in both its fleet renewal efforts and capital allocation strategy. SFL is actively divesting older vessels while upgrading others to improve cargo capacity and fuel efficiency, securing charter extensions at higher rates. This aligns with management's stated priority of building charter backlog to support long-term dividend sustainability. Additionally, SFL conducted a
Preliminary Q1 2025 results and quarterly cash dividend of
Hamilton, Bermuda, May 14, 2025, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended March 31, 2025.
Highlights
- 85th consecutive quarterly dividend declared,
$0.27 per share - Net loss of
$31.9 million , or$0.24 per share in the first quarter, after impairments relating to older dry bulk vessels - Received charter hire1 of
$193.5 million in the quarter, including$1.5 million of profit share - Adjusted EBITDA2 of
$108.0 million from consolidated subsidiaries, plus$7.7 million adjusted EBITDA2 from associated companies $10 million share buyback at an average price of$7.98 per share- Fleet renewal continues with the sale of older dry bulk vessels and containerships
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
«The first quarter result was impacted by several one-off items, including impairments on some older dry-bulk vessels traded in the spot market, and also the drilling rig Hercules being idle in the quarter. The rest of the portfolio is performing very well, and we have upgraded several vessels in the quarter, boosting both cargo intake and fuel efficiency in connection with charter extensions at higher rates than before.
We continue to renew our fleet and have recently agreed to divest some older bulkers and containerships traded in the spot market. Our focus remains on assets with charter backlog supporting our long term dividend distribution capacity. In addition, we have been actively repurchasing shares in the recent market softness, as part of our overall capital allocation strategy with the aim to maximize long term distribution capacity per share».
Quarterly Dividend
The Board of Directors has declared a quarterly cash dividend of
The full report can be found in the link below and at the Company’s website www.sflcorp.com
Webcast and Presentation
In connection with the earnings release, a webcast will be held today at 10:00 AM (EST) / 4:00 PM (CET)
In order to listen to the webcast and see the presentation, you may do one of the following:
A: Join Webcast in Listen Only Mode:
Visit the Investor Relations section of the Company’s website at www.sflcorp.com and click on the link to "Webcasts", or access directly via the webcast link below. The webcast with slideshow will be played from this platform:
SFL Corporation Ltd. Q1 2025 Webcast
B: Join Conference Call to Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:
SFL Q1 2025 Q&A
Meeting ID: 987 1376 9231
Passcode: 575863
In conjunction with the quarterly results, we have published a short video in which we discuss the highlights of the quarter. The video can be accessed through SFL Corporation Ltd.’s linkedin profile.
The presentation material used in the webcast may be downloaded at www.sflcorp.com and replay details are also available at this Company website.
Questions may be directed to SFL Management AS:
Investor and Analyst Contact
Espen Nilsen Gjøsund, Vice President - Investor Relations +47 47500500
Aksel C. Olesen, Chief Financial Officer: +47 23114036
Media Contact
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company’s website: www.sflcorp.com
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.
1 Charter hire represents the amounts billable in the period by the Company and its associates for chartering out vessels and rigs. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income, including profit share and attributable mobilization fees, if any. Long term charter hire relates to contracts undertaken for a period greater than one year. Short term charter hire relates to contracts undertaken for a period less than one year, including voyage charters.
2 ‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.
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