转自：新华财经 在第三届天津国际航运产业博览会重点项目签约仪式上，天津东疆综保区管理委员会分别与山东昇润海运有限公司、平安国际融资租赁（天津）有限公司， 并联合天津海事局、天津市港航管理局、中国船级社天津分社共同签署多项重要协议，签约总额达19.6亿元人民币，为天津北方国际航运枢纽建设注入强劲 动能。 打造津门远洋冷藏运输"新势力" 东疆综保区与山东昇润海运有限公司签署项目落地协议。根据协议，山东昇润海运将在东疆设立航运子公司——天津昇润海运有限公司，这将是天津市首家 专业远洋冷藏船运输企业。该公司计划于2025年投放4艘先进冷藏船，总投资约3.6亿元人民币。 此举不仅填补了天津远洋冷藏运输领域的空白，更将有效提升京津冀区域高端生鲜产品与高附加值货物的全球通达能力。 金融巨头再"加码"，增资16亿积极探索船舶租赁 东疆与平安国际融资租赁（天津）有限公司的战略合作同步深化。平安租赁承诺于2025年在津完成16亿元人民币增资，并积极探索在东疆开展船舶租赁业 务。东疆综保区与平安租赁此次正式签署合作协议。 依托东疆世界级的船舶租赁产业生态和政策创新优势，此次合作将进一步壮大天津航运金融服务能级，为航运企业提供更优质 ...

10 3 L 2 THE PAGE Value of the NEWS 13.7 Holly r 255 pl 1750 re 115 17 8 the 这是天津东疆综合保税区第1000艘签约落地的租赁船舶，是一艘由新加坡建造的浮式天然气液化装置船（资料照片）。新华社发 新华社天津6月11日电（记者梁姊、杨文）中国内地最大船舶融资租赁中心——天津东疆综合保税区第1000艘租赁船舶11日签约落地，从而正式加入世界千 艘船舶租赁俱乐部。 此次签约落地的是一艘由新加坡建造的浮式天然气液化装置船，总投资近18亿美元，其中租赁融资金额约12亿美元。 出租方为国银金融租赁公司牵头、共6家中国内地金融租赁公司组成的联合体，承租方为国际能源巨头戈拉尔液化天然气集团。 天津东疆综合保税区融资租赁促进局局长时金凤说，这是东疆船舶离岸租赁的又一次创新，也是目前为止中国内地融资金额最大、参与成员最多的跨境联合 租赁项目。 在天津东疆综合保税区落地的1000艘租赁船舶，包括散装货船、集装箱船、液化气船、油轮等世界主流贸易运输船型。天津东疆的船舶、海洋工程装备跨境 租赁业务量占中国内地同类业务总额的九成以上。 天津东疆综保区以融资租赁产 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company is a leading global ship leasing firm with five core advantages: strong backing from China Shipbuilding Group, an excellent business model combining fixed and flexible income, early green transformation with 89% of its fleet being energy-efficient vessels, good qualifications leading to low financing costs (3.56% in 2024), and a high dividend yield exceeding 7% [4][14]. Industry Overview - The ship leasing industry is expected to see strong demand supported by several factors: steady global economic growth driving trade volume, increasingly stringent environmental regulations necessitating the replacement of older vessels, and a high average age of the global fleet at 17.4 years, indicating a peak period for replacing aging ships [11][23][40]. - The penetration rate of ship leasing is anticipated to increase due to the advantages of leasing, such as lower capital requirements and flexible payment options, with the current leasing penetration for container ships at 55.37% by number and 47.69% by TEU [52][57]. Company Analysis - The company benefits from a robust industry background and resources, allowing it to identify and capitalize on industry cycles effectively [11][14]. - Its business model enhances growth potential through a mix of fixed and flexible income, allowing the company to better capture the benefits of market upturns [12][14]. - The fleet's average age is only 4.03 years, significantly younger than the global average, which reduces environmental compliance pressures [12][14]. - The company maintains a low financing cost of 3.56% in 2024, with expectations for further improvement due to global interest rate trends [12][14]. Financial Projections - The company is projected to achieve total revenues of 43.81, 46.22, and 49.68 billion HKD from 2025 to 2027, with corresponding growth rates of -1.35%, +5.51%, and +7.47% [16]. - Net profits for the same period are expected to be 22.79, 24.41, and 26.61 billion HKD, with growth rates of +8.22%, +7.10%, and +9.03% [16].

SFL Corporation Ltd. Q1'25 key highlights $0.27 Dividend per share $4.2 billion contracted backlog4 provides visibility in volatile markets, with more than two thirds contracted to investment grade counterparties Executing on fleet renewal by disposal of older non-strategic assets, improving average age of fleet and reducing emissions Share buy-back of approx. $10 million at an average price of $7.98 85th consecutive quarterly dividend of $0.27 per share Strong balance sheet and liquidity position provides ...