SFL Corp (NYSE: SFL) logs Q2 profit gain, 90th straight dividend
Rhea-AI Filing Summary
SFL Corp Ltd. (SFL) reported solid preliminary results for the quarter ended June 30, 2026. Total operating revenues were $200.8 million and reported net income was $33.8 million, or $0.25 per share. Adjusted EBITDA was $130 million, including $8 million from associated companies.
The Board declared SFL’s 90th consecutive quarterly dividend of $0.22 per share, payable on or around September 22, 2026, to shareholders of record on September 9, 2026. As of June 30, 2026, the contracted fixed-rate charter backlog was approximately $3.8 billion with a weighted remaining term of 6.2 years, and about 65% of this backlog is with investment-grade customers.
SFL continued to renew and grow its fleet employment. Two 6,500 ceu PCTCs, SFL Conductor and SFL Composer, were fixed on new three-year time charters, adding about $83 million to firm backlog. The company ordered four 7,000 ceu LNG dual-fuel PCTC newbuilds for about $363 million, with two fixed on five-year time charters, increasing backlog by roughly $150 million. Liquidity at quarter end was strong, with $113 million in cash and $160 million in undrawn credit lines, totaling about $273 million, against remaining newbuilding capital commitments of approximately $1.2 billion.
Positive
- Revenue and earnings growth: Total operating revenues increased to $200.8 million from $174.5 million in Q1 2026, and net income rose to $33.8 million from $26.1 million, indicating stronger quarterly performance.
- Robust contracted backlog: Fixed-rate charter backlog is about $3.8 billion with a 6.2-year weighted remaining term, and roughly 65% is with investment-grade customers, supporting multi-year cash flow visibility.
- Long dividend track record: The Board declared the 90th consecutive quarterly dividend at $0.22 per share, highlighting a continued commitment to shareholder distributions.
- Improved liquidity and refinancing: Available liquidity was about $273 million at quarter end; SFL raised approximately $78 million via a bond tap and $100 million in equity while redeeming a $150 million bond due 2026, extending its debt profile.
- High spot market earnings: Two Suezmax tankers trading spot achieved average daily TCE of about $133,000 per vessel in Q2 2026, providing strong cash generation from the tanker segment.
Negative
- None.
Filing Explained
SFL’s May–July equity issuance raised about $100 million but increased shares by 8.8 million, reducing existing holders’ percentage ownership absent offsetting changes.
The
From May through July, SFL issued approximately 8.8 million new shares through its dividend reinvestment and at-the-market programs, raising approximately
Separately, SFL raised approximately
The disclosed programs provide capacity—not a commitment—for up to 10 million DRIP shares, up to
An ATM program permits gradual sales of new shares into the open market at prevailing prices rather than one single-priced deal. Common shares outstanding were 138,670,282 on
Key Figures
Total operating revenues: $200.8 million
Net income: $33.8 million
Basic earnings per share: $0.25
+5 more
8 metrics
Total operating revenues
$200.8 million
Three months ended June 30, 2026
Net income
$33.8 million
Three months ended June 30, 2026
Basic earnings per share
$0.25
Three months ended June 30, 2026
Adjusted EBITDA
$130 million
Q2 2026, including $8 million from associated companies
Quarterly dividend per share
$0.22
90th consecutive quarterly dividend declared for Q2 2026
Fixed-rate charter backlog
$3.8 billion
As of June 30, 2026, weighted remaining term 6.2 years
Available liquidity
$273 million
Cash and cash equivalents plus undrawn credit lines at June 30, 2026
Remaining newbuilding capex commitments
$1.2 billion
Total remaining capital expenditure on nine newbuildings
Key Terms
Adjusted EBITDA, Time Charter Equivalent, direct financing leases, at-the-market program, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA1 of $130 million, including $8 million from associated"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Time Charter Equivalent financial
"achieved average daily spot Time Charter Equivalent (TCE⁷) per vessel"
Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.
direct financing leases financial
"Charter revenues - direct financing leases (net of charter hire"
at-the-market program financial
"dividend reinvestment and at-the-market program, issuing approximately"
An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.
dividend reinvestment (“DRIP”) financial
"dividend reinvestment (“DRIP”) and at-the-market (“ATM”) offering"
FAQ
How did SFL (SFL) perform financially in Q2 2026?
SFL reported $200.8 million in total operating revenues and $33.8 million in net income, equivalent to $0.25 per share, for Q2 2026. Adjusted EBITDA was $130 million, including $8 million from associated companies.
What dividend did SFL (SFL) declare for Q2 2026 and when is it paid?
The Board declared a quarterly cash dividend of $0.22 per share, SFL’s 90th consecutive dividend. It will be paid on or around September 22, 2026 to shareholders of record as of September 9, 2026.
What is SFL (SFL)’s charter backlog as of June 30, 2026?
As of June 30, 2026, SFL’s contracted fixed-rate charter backlog was approximately $3.8 billion with a weighted remaining charter term of 6.2 years. About 65% of this backlog is with customers that have an investment-grade credit rating.
How much liquidity does SFL (SFL) have and what are its newbuilding commitments?
SFL had $113 million in cash and $160 million in undrawn credit lines, totaling around $273 million of available liquidity at June 30, 2026. Remaining capital expenditure commitments for nine newbuildings were about $1.2 billion.
What new vessels and charters did SFL (SFL) secure in Q2 2026?
SFL ordered four 7,000 ceu LNG dual-fuel PCTC newbuilds for about $363 million, with two fixed on five-year time charters adding roughly $150 million to backlog. It also fixed PCTCs SFL Conductor and SFL Composer on three-year charters, adding about $83 million in backlog.
How much capital did SFL (SFL) raise in Q2 2026?
In Q2 2026, SFL raised approximately $78 million through a tap issue of senior unsecured bonds due 2030 and about $100 million in net equity proceeds via its dividend reinvestment and at-the-market programs, issuing around 8.8 million new shares.
What were SFL (SFL)’s segment results for Shipping and Energy in Q2 2026?
In Q2 2026, the Shipping segment generated $176.5 million in operating revenues and $53.1 million in net income. The Energy segment recorded $24.3 million in operating revenues and a net loss of about $19.3 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2026
Commission File Number: 001-32199
SFL Corporation Ltd.
--------------------------------------------------------------------------------
(Translation of registrant's name into English)
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton, HM 08, Bermuda
--------------------------------------------------------------------------------
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto is a copy of the press release of SFL Corporation Ltd. ("SFL" or the "Company"), dated August 26, 2026, announcing preliminary financial results for the quarter ended June 30, 2026.
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: August 26, 2026 | By: | /s/ Ole B. Hjertaker | |||||||||
| Name: | Ole B. Hjertaker | ||||||||||
| Title: | SFL Management AS | ||||||||||
| (Principal Executive Officer) | |||||||||||
Preliminary Earnings Release
Q2 2026
SFL Corporation Ltd.
Preliminary Q2 2026 results and quarterly cash dividend of $0.22 per share
SFL Corporation Ltd. (“SFL” or the “Company”) today announced preliminary financial results for the quarter ended June 30, 2026.
Highlights
•90th consecutive quarterly dividend declared, $0.22 per share
•Total operating revenues of $201 million
•Adjusted EBITDA1 of $130 million, including $8 million from associated companies
•Reported net income of $34 million or $0.25 per share
•Strong contribution from two Suezmax tankers in the spot market
•New long term charters for PCTC vessels SFL Composer and SFL Conductor
•Newbuild order for four PCTC vessels, in combination with long term time charters
•Successfully raised $100 million in new equity
Quarterly Dividend
The Board of Directors has declared a quarterly cash dividend of $0.22 per share. The dividend will be paid on or around September 22, and the record- and ex-dividend date on the New York Stock Exchange will be September 9, 2026.
Results for the Quarter ended June 30, 2026
The Company reported total U.S. GAAP operating revenues on a consolidated basis of approximately $201 million in the second quarter of 2026. This figure is lower than the cash received as it excludes approximately $8 million of charter hire2 which is not classified as operating revenues pursuant to U.S. GAAP, but as ‘investment in associates’ for accounting purposes.
The net result in the second quarter was impacted by non-recurring or non-cash items, including net positive mark-to-market effects from hedging derivatives of approximately $3.3 million and negative mark-to-market effects from equity investments of approximately $1.2 million.
Reported net income pursuant to U.S. GAAP for the second quarter was $34 million, or $0.25 per share.
___________________________
1 ‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.
2 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.
Business Update
As of June 30, 2026, the contracted fixed rate charter backlog3 from the Company’s fleet of vessels including newbuildings under construction was approximately $3.8 billion with a weighted remaining charter term of 6.2 years. Approximately 65% of the fixed rate charter backlog is to customers with an investment grade credit rating, demonstrating the strength and quality of our charter portfolio.
In the second quarter of 2026, the Company’s fleet generated gross charter hire4 of $199 million.
| Q2 2026 | Q1 2026 | |||||||||||||||||||||||||
Charter hire4 | Operating days5 | Utilization6 | Charter hire4 | Operating days5 | Utilization6 | |||||||||||||||||||||
| Container | $83m | 2,258 | 99% | $81m | 2,229 | 99% | ||||||||||||||||||||
| Car Carrier | $27m | 637 | 100% | $26m | 630 | 100% | ||||||||||||||||||||
| Tanker | $62m | 1,453 | 100% | $46m | 1,474 | 100% | ||||||||||||||||||||
| Bulker | $3m | 181 | 99% | $2m | 175 | 97% | ||||||||||||||||||||
| Energy | $24m | 91 | 50% | $23m | 90 | 50% | ||||||||||||||||||||
The Company has two Suezmax tankers and two Kamsarmax dry bulk vessels deployed in the spot and short-term charter market. During the second quarter, our Suezmax tankers and Kamsarmax dry bulk vessels achieved average daily spot Time Charter Equivalent (TCE⁷) per vessel of approximately $133,000 and $16,000, respectively.
In May 2026, SFL fixed the two 6,500 ceu PCTCs, SFL Conductor and SFL Composer, on three-year time charters to a leading global liner company based in Asia. The charters will commence back-to-back with their current charters that are set to expire at the end of this year and start of next year. This will increase the firm backlog contribution from these vessels by approximately $83 million.
The Company has recently ordered four 7,000 ceu LNG Dual-Fuel PCTC newbuilds, with deliveries scheduled in 2029. The total investment is approximately $363 million with two of the newbuilds fixed on five-year time charters to a major Asia-based car manufacturer, with options for another five years. The initial period increases the total firm backlog by approximately $150 million.
Financing and Capital Expenditure
As of June 30, 2026, cash and cash equivalents amounted to approximately $113 million. In addition, the Company had $160 million available under undrawn credit lines, representing a total available liquidity of approximately $273 million at quarter end.
___________________________
3 Fixed rate backlog as of June 30, 2026 includes fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. It also includes subsequent transactions. The contracted fixed rate charter backlog excludes charterers’ extension options.
4 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.
5 For vessels “operating days” equals calendar days less days for technical off hire, dry dock or yard stay. For rigs “operating days” equals days on rate or in transit covered by mobilisation fees less days off hire and time spent in port not on drilling rate.
6 Utilization means Operating days divided by calendar days.
7 TCE or Time Charter Equivalent earnings is a non-GAAP measure calculated as voyage revenues less voyage expenses divided by available days. Pursuant to US GAAP, revenues are recorded on a load to discharge basis.
In the second quarter, the Company successfully raised approximately $78 million through a tap issue of its senior unsecured bonds due 2030. The implied yield to maturity was approximately 6.8% at the time of issuance, with the total outstanding amount now being $225 million. Also in the second quarter, the Company fully redeemed a $150 million senior unsecured bond loan due 2026.
From May through July, the Company raised approximately $100 million in net proceeds through its dividend reinvestment and at-the-market program, issuing approximately 8.8 million new shares at an average price above VWAP for the corresponding period. The Company has no further plans to issue additional shares in the near term.
In addition to the four newly ordered PCTC newbuildings, the Company has five 16,800 TEU container vessels under construction, scheduled for delivery in 2028. The total remaining capital expenditure commitments on all nine newbuildings is approximately $1.2 billion. The majority of the remaining yard instalments are expected to be financed by pre- and post-delivery credit facilities.
Corporate and Other Matters
The Company’s Board of Directors has authorized the repurchase of up to an aggregate of $100 million of the Company's common shares from time to time, valid until June 2029.
The Company also has dividend reinvestment (“DRIP”) and at-the-market (“ATM”) offering program, pursuant to which it may issue up to 10 million and raise up to $100 million of its common shares, respectively, from time to time. As outlined above, the Company has utilized a combined $100 million from these programmes during the second and third quarters.
Any of the above referenced programs, including repurchase or sale of shares will be at the discretion of the Company, and the timing, including the amount of any repurchase or sale of shares, as applicable, will depend on, among other things, legal requirements, market conditions, stock price, alternative uses of capital, capital availability, and other factors. SFL is not obliged under the terms of any board authorization, including in respect of a share repurchase, an ATM or a DRIP program, to repurchase, issue or sell any number of shares and the foregoing may be amended, suspended or reinstated at any time at the Company's discretion and without further notice.
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, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, the supply of and demand for oil and oil products and vessels, including drilling rigs, comparable to ours, including against the background of the possibility of accelerated climate change transition worldwide, including shifts in consumer demand for other energy resources could have an accelerated negative effect on the demand for oil and thus its transportation and drilling, 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 and resulting changes to trade patterns, 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, 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 future litigation, including litigation related to claims raised by public-interest organizations or activism with regard to failure to adapt or mitigate climate impact, world events, political instability, international sanctions or international hostilities, and potential physical disruption of shipping routes as a result thereof, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other important restrictions, 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.
August 26, 2026
The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda
Questions may be directed to SFL Management AS:
Espen Nilsen Gjøsund, Vice President - Investor Relations: +47 47500500
André Reppen, Chief Treasurer & Senior Vice President: +47 23114055
Aksel C. Olesen, Chief Financial Officer: +47 23114036
For more information about SFL, please visit the Company’s website: www.sflcorp.com
SFL CORPORATION LTD.
SECOND QUARTER 2026 REPORT (UNAUDITED)
INCOME STATEMENT | Three months ended | Full year | |||||||||
| (in thousands of $ | Jun 30, | Mar 31, | 2025 | ||||||||
| except per share data) | 2026 | 2026 | (audited) | ||||||||
Charter revenues: sales-type leases (excluding charter hire treated as Repayments)(1) | — | — | 951 | ||||||||
Charter revenues: operating leases and rig revenue contracts | 191,383 | 171,574 | 713,195 | ||||||||
Profit share income | 2,152 | 1,323 | 5,604 | ||||||||
Other operating income | 7,230 | 1,586 | 13,291 | ||||||||
Total operating revenues | 200,765 | 174,483 | 733,041 | ||||||||
Gain/(loss) on sale of vessels and settlement of charters | — | 11,503 | (7,172) | ||||||||
Vessel and rig operating expenses | (73,820) | (67,576) | (301,768) | ||||||||
Administrative expenses | (6,933) | (7,596) | (18,332) | ||||||||
| Depreciation | (54,792) | (54,460) | (234,998) | ||||||||
Vessel impairment charge | — | — | (34,093) | ||||||||
Total operating expenses | (135,545) | (129,632) | (589,191) | ||||||||
Operating income | 65,220 | 56,354 | 136,678 | ||||||||
| Results in associates | 576 | 631 | 2,366 | ||||||||
| Interest income from associates | 1,138 | 1,125 | 4,563 | ||||||||
| Interest income, other | 1,598 | 1,267 | 10,218 | ||||||||
| Interest expense | (36,443) | (38,142) | (180,527) | ||||||||
| Interest and valuation gain/(loss) on non-designated derivatives | 4,009 | 3,195 | (1,478) | ||||||||
| (Loss)/gain on investments in equity securities | (1,231) | 1,928 | (39) | ||||||||
| Other financial items | (674) | 349 | 3,670 | ||||||||
| Taxes | (400) | (630) | (1,882) | ||||||||
Net income/(loss) | 33,793 | 26,077 | (26,431) | ||||||||
Basic earnings/(loss) per share ($) | 0.25 | 0.20 | (0.20) | ||||||||
Weighted average number of shares(2) | 134,572,875 | 132,832,489 | 133,063,652 | ||||||||
Common shares outstanding(2) | 138,670,282 | 132,992,784 | 132,797,785 | ||||||||
(1)‘Charter revenues: sales-type leases’ are reported net of charter hire classified as ‘Repayment of Investment in sales-type leases’ under US GAAP, which for the three months ended June 30, 2026 was $0.0 million (three months ended March 31, 2026: $0.0 million; full year 2025: $4.0 million).
(2)The weighted average number of shares and the number of common shares outstanding excludes approximately 11.8 million shares issued by SFL as part of share lending arrangements and 2.3 million shares held by SFL as treasury stock. The shares are owned by SFL, thus they are excluded in the calculation of earnings per share.
SFL CORPORATION LTD.
SECOND QUARTER 2026 REPORT (UNAUDITED)
| BALANCE SHEET | Jun 30, | Mar 31, | Dec 31, 2025 | ||||||||
| (in thousands of $) | 2026 | 2026 | (audited) | ||||||||
| ASSETS | |||||||||||
Short term | |||||||||||
Cash and cash equivalents(1) | 113,104 | 127,564 | 150,829 | ||||||||
Investment in marketable securities | 5,013 | 6,213 | 4,146 | ||||||||
Amount due from related parties | 11,865 | 8,599 | 6,941 | ||||||||
Other current assets | 121,453 | 112,931 | 97,302 | ||||||||
Long term | |||||||||||
Vessels, rigs and equipment, net | 2,992,540 | 3,037,733 | 3,122,633 | ||||||||
Capital improvements in progress and newbuildings | 188,781 | 182,147 | 181,074 | ||||||||
Investment in associates(2) | 15,586 | 15,728 | 15,832 | ||||||||
Amount due from related parties, long term(2) | 45,000 | 45,000 | 45,000 | ||||||||
Other long term assets | 22,417 | 19,518 | 14,386 | ||||||||
Total assets | 3,515,759 | 3,555,433 | 3,638,143 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Short term | |||||||||||
Short term and current portion of long term interest bearing debt | 575,539 | 723,259 | 605,943 | ||||||||
Amount due to related parties | 1,377 | 1,188 | 1,303 | ||||||||
Other current liabilities | 84,521 | 79,854 | 103,079 | ||||||||
Long term | |||||||||||
Long term interest bearing debt, net of deferred charges | 1,808,877 | 1,778,668 | 1,960,533 | ||||||||
Other long term liabilities | 10,067 | 7,638 | 6,423 | ||||||||
Stockholders’ equity | 1,035,378 | 964,826 | 960,862 | ||||||||
Total liabilities and stockholders’ equity | 3,515,759 | 3,555,433 | 3,638,143 | ||||||||
(1)Not including cash held by affiliates accounted for as ‘Investment in associates’.
(2)One of our affiliates was accounted for as ‘Investment in associates’ at quarter end. Our investment is a combination of equity classified as ‘Investment in associates’ and any loans from the Company to the affiliate included within ‘Amount due from related parties, long term’.
SFL CORPORATION LTD.
SECOND QUARTER 2026 REPORT (UNAUDITED)
STATEMENT OF CASHFLOWS | Three months ended | Full year | ||||||||||||||||||
(in thousands of $) | Jun 30, | Mar 31, | 2025 | |||||||||||||||||
| 2026 | 2026 | (audited) | ||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net income/(loss) | 33,793 | 26,077 | (26,431) | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 58,373 | 57,062 | 243,449 | |||||||||||||||||
Vessel impairment charge | — | — | 34,093 | |||||||||||||||||
| Capitalized lease debt financing interest | 2,398 | 2,346 | 8,142 | |||||||||||||||||
| Adjustment of derivatives to fair value recognised in net income | (3,343) | (2,546) | 4,646 | |||||||||||||||||
| Loss/(gain) on investments in equity securities | 1,231 | (1,928) | 39 | |||||||||||||||||
| Results in associates | (576) | (631) | (2,366) | |||||||||||||||||
| Gain on sale of vessels, net | — | (11,503) | (15,828) | |||||||||||||||||
| Repayment of investment in sales-type leases | — | — | 4,021 | |||||||||||||||||
| Other, net | (208) | 2,052 | 4,296 | |||||||||||||||||
| Change in operating assets and liabilities | (3,345) | (36,843) | 13,082 | |||||||||||||||||
| Net cash provided by operating activities | 88,323 | 34,086 | 267,143 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Purchase of vessels, capital improvements and newbuildings | (16,232) | (7,435) | (70,482) | |||||||||||||||||
Proceeds from sale of vessels | — | 48,308 | 258,574 | |||||||||||||||||
Other investments | (140) | — | — | |||||||||||||||||
Net cash (used in)/provided by investing activities | (16,372) | 40,873 | 188,092 | |||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from long and short term debt | 155,600 | 150,000 | 244,042 | |||||||||||||||||
Repayment of long and short term debt | (276,497) | (219,988) | (538,431) | |||||||||||||||||
Financing premiums and costs, net | 1,193 | (1,672) | (3,168) | |||||||||||||||||
Net cash flows on swaps | — | — | (6,265) | |||||||||||||||||
| Cash received/(paid) for shares issued or repurchased | 63,007 | — | (10,025) | |||||||||||||||||
Cash dividends paid | (29,714) | (26,564) | (125,110) | |||||||||||||||||
Net cash used in financing activities | (86,411) | (98,224) | (438,957) | |||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (14,460) | (23,265) | 16,278 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 127,564 | 150,829 | 134,551 | |||||||||||||||||
Cash and cash equivalents at end of period | 113,104 | 127,564 | 150,829 | |||||||||||||||||
ASSOCIATED COMPANIES ACCOUNTED FOR AS INVESTMENT IN ASSOCIATES
SECOND QUARTER 2026 (UNAUDITED)
Condensed income statement data for the three months ended June 30, 2026
River Box | |||||
| (in thousands of $) | Holding Inc | ||||
| Ownership share presented | 49.9% | ||||
Charter revenues - direct financing leases (net of charter hire treated as Repayment of investment in direct financing leases)(1) | 3,822 | ||||
Interest expense, related party(2) | (568) | ||||
Interest expense, other | (2,702) | ||||
Other items | 24 | ||||
Net income (3) | 576 | ||||
(1)‘Charter revenues – direct financing leases’ are reported net of charter hire classified as ‘Repayment of investment in direct financing leases’ under US GAAP, which for the three months ended June 30, 2026 was $3.9 million.
(2)‘Interest expense, related party’ from this affiliate is included in the Company’s consolidated income statement as ‘Interest income from associates’. For the three months ended June 30, 2026, the Company recorded approximately $1.1 million from this associate. In the above table, the Company's 49.9% share of River Box Holding’s income statement is shown.
(3)‘Net income’ from this affiliate appears in the Company’s consolidated income statement as ‘Results in associates’.
Condensed balance sheet data as of June 30, 2026
River Box | |||||
| (in thousands of $) | Holding Inc (1) | ||||
| Ownership share presented | 49.9% | ||||
Cash and cash equivalents | 2,542 | ||||
Investment in direct financing leases including current portion | 198,239 | ||||
Total assets | 200,781 | ||||
Short term and long term portions of lease liability | 161,630 | ||||
Other current liabilities | 1,110 | ||||
Long term loans from shareholders, net(2) | 22,455 | ||||
Stockholder's equity(3) | 15,586 | ||||
Total liabilities and stockholder's equity | 200,781 | ||||
(1)The numbers represent the Company's relative share of 49.9% in River Box Holding Inc.
(2)The Company has a $45.0 million loan to River Box included within ‘Amount due from related parties, long term’. In the above table, the Company's 49.9 % share of River Box Holding’s balance sheet is shown.
(3)‘Stockholder’s equity’ from affiliates appears in the Company’s consolidated balance sheet as ‘Investment in associates’.
SFL CORPORATION LTD.
SECOND QUARTER 2026 (UNAUDITED)
Shipping and Energy condensed income statement data for the three months ended June 30, 2026
INCOME STATEMENT | Shipping | Energy | Total | ||||||||
| (in thousands of $) | |||||||||||
| Total operating revenues | 176,511 | 24,254 | 200,765 | ||||||||
Total operating expenses | (95,760) | (39,785) | (135,545) | ||||||||
Operating income/(loss) | 80,751 | (15,531) | 65,220 | ||||||||
| Interest expense | (33,241) | (3,202) | (36,443) | ||||||||
| Other non-operating items | 5,622 | (206) | 5,416 | ||||||||
| Taxes | — | (400) | (400) | ||||||||
| Net income/(loss) | 53,132 | (19,339) | 33,793 | ||||||||
APPENDIX 1: RECONCILIATION OF ADJUSTED EBITDA
SECOND QUARTER 2026 (UNAUDITED)
Adjusted EBITDA data for the three months ended June 30, 2026
ADJUSTED EBITDA | Shipping | Energy | Total | 49.9% owned | ||||||||||
| (in thousands of $) | associates | |||||||||||||
Net cash provided by operating activities | 79,198 | 9,125 | 88,323 | 4,451 | ||||||||||
Non cash movements in other assets and liabilities | 12,949 | (10,828) | 2,121 | 49 | ||||||||||
Interest related to Non- Designated Derivatives | (666) | — | (666) | — | ||||||||||
Interest expense excl. amortization of deferred charges | 32,014 | 3,056 | 35,070 | 2,702 | ||||||||||
Interest income, other | (1,323) | (212) | (1,535) | — | ||||||||||
Interest (income)/expense from associates | (1,138) | — | (1,138) | 568 | ||||||||||
Adjusted EBITDA (1) | 121,034 | 1,141 | 122,175 | 7,770 | ||||||||||
(1)‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.