SFL - Fourth Quarter 2024 Results Presentation
Rhea-AI Summary
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.
Positive
- Net profit of $20.2 million in Q4 2024
- Charter hire revenue of $231.7 million
- Added over $2 billion in fixed-rate charter backlog in 2024
- Secured $48 million compensation from Seadrill
- Successfully issued new $150 million five-year bond
- Maintained consistent quarterly dividend of $0.27 per share
Negative
- Reduction in fleet size due to sale of container vessel and eight capesize vessels
News Market Reaction
On the day this news was published, SFL declined 5.64%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Preliminary Q4 2024 results and quarterly cash dividend of
Hamilton, Bermuda, February 12, 2025, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended December 31, 2024.
Highlights
- 84th consecutive quarterly dividend declared,
$0.27 per share - Net profit of
$20.2 million , or$0.15 per share in the fourth quarter - Received charter hire1 of
$231.7 million in the quarter, including$2.6 million of profit share - Adjusted EBITDA2 of
$124.0 million from consolidated subsidiaries, plus$7.9 million adjusted EBITDA2 from associated companies - Issuance of new
$150 million five year bond - Agreed sale of an older 1,700 teu feeder container vessel
- Golden Ocean exercised purchase option on eight dry bulk capesize vessels
- Awarded approximately
$48 million equivalent of compensation from Seadrill
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 and more than
A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measures to reduce the carbon footprint for us and our customers. This has translated into multiple repeat transactions with blue chip customers, and increases the residual value and future marketability of vessels in our fleet.
Since the inception of the Company in 2004, we have returned
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. Q4 2024 Webcast
B: Join Conference Call to Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:
SFL Q4 2024 Q&A
Meeting ID: 976 9131 8169
Passcode: 612844
In conjunction with the quarterly results, we have published a short video in which Espen Gjøsund, Investor Relations of SFL, discusses 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.
Attachment
FAQ
What was SFL 's net profit in Q4 2024?
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How much compensation did SFL receive from Seadrill?
