SFL - Second Quarter 2024 Results

Core Insights - SFL Corporation Ltd. announced preliminary financial results for Q2 2024, reporting a net profit of $20.6 million, or $0.16 per share, and declared a quarterly cash dividend of $0.27 per share, marking the 82nd consecutive quarterly dividend [2][4]. Financial Performance - The company received charter hire of $198.8 million in the quarter, which includes $4.4 million from profit share [2]. - Adjusted EBITDA from consolidated subsidiaries was $123.3 million, with an additional $7.8 million from associated companies [2]. Growth and Investments - SFL secured new five-year time charters for three 10,600 TEU and four 8,700 TEU vessels with Maersk, adding approximately $485 million to its backlog [2]. - The company delivered the newbuild LR2 product tanker SFL Tucana in June, with two additional vessels expected in Q3 and Q4 [2]. - An LNG dual-fuel 33,000 DWT chemical tanker, SFL Aruba, was delivered in August, with another vessel scheduled for delivery later in Q3 [2]. - SFL placed a newbuild order for five LNG dual-fuel 16,800 TEU container vessels, with delivery scheduled for 2028, alongside ten-year time charters to a leading liner company [2]. Strategic Focus - The CEO highlighted that the company has added over $2 billion to its charter backlog this year, which now stands at nearly $5 billion, reflecting a combination of vessel acquisitions and charter extensions [2][3]. - The recent newbuild deal for five large container vessels signifies a commitment to expanding investments in assets with a lower carbon footprint while ensuring visibility through long-term charters [4]. Dividend Information - The quarterly cash dividend of $0.27 per share will be paid on or around September 27, 2024, with the record date set for September 11, 2024 [4].