SFL Corporation Ltd. 1 Forward Looking Statements This presentation contains 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 uncertai ...

Core Viewpoint - SFL Corporation Ltd. announced preliminary financial results for Q4 2025, including a quarterly cash dividend of $0.20 per share, marking the 88th consecutive dividend payment [1][3]. Financial Performance - Total operating revenues for Q4 2025 were $176 million, with approximately 87% derived from shipping and 13% from energy [7]. - Adjusted EBITDA was reported at $109 million, which includes $8 million from associated companies [7]. - The company experienced a reported net loss of $4.7 million, equating to $0.04 per share [7]. Dividend Information - The Board of Directors declared a quarterly cash dividend of $0.20 per share, scheduled for payment on or around March 30, 2026, with a record date of March 12, 2026 [3][7]. Asset Transactions - The company generated $52 million in net proceeds from the sale of two Suezmax tankers built in 2015, with deliveries occurring in December and February [7]. - An aggregate investment of $23 million was made in two Suezmax tankers built in 2020, capitalizing on a strong tanker market [7]. Company Overview - SFL Corporation has maintained a unique track record in the maritime industry, paying dividends every quarter since its initial listing on the New York Stock Exchange in 2004 [8]. - The company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and significant asset growth [8].

Core Viewpoint - Danaos Corporation (DAC) is a significant entity in the shipping industry, recognized for its large fleet of container vessels and its role in global trade [1] Financial Performance - On February 9, 2026, DAC reported an earnings per share (EPS) of $7.14, exceeding the estimated EPS of $6.77 [2] - The company's operating revenues for Q4 2025 were approximately $266 million, an increase from $258 million in the same period of 2024 [2] Segment Performance - The container vessels segment generated $240 million in operating revenues, while the drybulk vessels segment contributed $25 million [3] - This segmentation allows DAC to assess performance based on net income, facilitating efficient resource allocation [3] Valuation Metrics - DAC's price-to-earnings (P/E) ratio is 4.04, indicating a low valuation relative to its earnings, making it appealing to investors [3] - The price-to-sales ratio is 1.82, suggesting investors pay $1.82 for every dollar of sales [4] - The enterprise value to sales ratio is approximately 1.97, and the enterprise value to operating cash flow ratio stands at around 3.19, reflecting DAC's cash flow efficiency [4] Financial Health - The earnings yield of 24.77% indicates strong potential returns for investors [4] - DAC's debt-to-equity ratio is 0.20, showcasing a conservative approach to leveraging debt and ensuring financial stability [5] - The current ratio of 4.62 demonstrates a strong liquidity position, allowing the company to effectively cover short-term liabilities [5]

Financial Data and Key Metrics Changes - The company reported adjusted EPS for Q4 2025 of $7.14 per share, compared to $6.93 per share in Q4 2024, reflecting a slight increase in profitability [6][7] - Adjusted net income decreased to $131.2 million from $133.3 million year-over-year, primarily due to increased operating costs and a legacy claim receipt in the previous year [7][8] - Adjusted EBITDA increased by 0.2% to $190 million from $189.7 million in the same quarter last year [12] Business Line Data and Key Metrics Changes - The increase in the containership fleet contributed $5.2 million in incremental operating revenues, with higher fleet utilization adding an additional $10.5 million [9] - Revenues from the container segment decreased by $7.8 million due to lower contracted charter rates [9] - Vessel operating expenses rose to $48.4 million, with daily operating costs increasing to $6,377 per vessel per day from $6,135 [10] Market Data and Key Metrics Changes - The company secured 10-year charters for four new vessels, increasing total contract revenue to $4.3 billion, providing strong earnings visibility [4] - Contract coverage is at 100% for 2026, 87% for 2027, and 64% contracted for 2028 in terms of operating days [12] Company Strategy and Development Direction - The company continues to focus on securing long-term employment for existing vessels and investing in modern container vessels [3] - Danaos is exploring investments in the energy sector, becoming a strategic investor in the Alaska LNG project to broaden revenue sources [5] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical disruptions have not led to a U.S. slowdown, and optimism around AI-related investments is increasing [3] - The demand for midsize vessels remains strong due to changing trade patterns and avoidance of the Suez Canal by major liners [3] Other Important Information - The company completed a $500 million unsecured bond offering, diversifying its capital structure and reaffirming access to international debt capital markets [4] - As of year-end, total liquidity reached $1.4 billion, providing flexibility for capital deployment opportunities [14] Q&A Session Summary Question: Alaska LNG project details - Management indicated that the project is expected to be completed by 2030, requiring between 6 to 10 ships, with long-term employment expected for 10 to 20 years [24] Question: Future orders for Newcastlemax vessels - Management stated that the new Newcastlemax vessels will primarily be chartered on index rather than fixed long-term contracts [31] Question: Capesize vessels employment strategy - Management expressed a preference for employing Capesize vessels mainly on the spot market, with potential for securing medium-term contracts if market conditions are favorable [32]

Core Viewpoint - CMB.TECH reported a profit of USD 17.3 million for Q3 2025, a significant decrease from USD 98.1 million in Q3 2024, while EBITDA increased to USD 238.4 million from USD 177.1 million year-over-year, indicating a recovery in tanker and dry bulk markets after a soft summer [4][5][6]. Financial Highlights - Revenue for Q3 2025 was USD 454.2 million, compared to USD 221.8 million in Q3 2024, with year-to-date revenue reaching USD 1.08 billion, up from USD 714.2 million in the previous year [5][6]. - The company’s contract backlog stands at USD 2.95 billion, reflecting strong future revenue potential [6]. - An interim dividend of USD 0.05 per share is proposed, expected to be paid on or about January 15, 2026 [10]. Fleet Highlights - CMB.TECH took delivery of seven new vessels in Q3 2025, including Super-Eco Newcastlemax and VLCC Atrebates, while selling two older vessels [6][14][15]. - The average daily time charter equivalent (TCE) rates for various vessel types showed mixed results, with Newcastlemax at USD 29,423/day and VLCC at USD 30,486/day for Q3 2025 [11][39]. Corporate Highlights - Changes in the Supervisory Board included the resignation of Mr. Marc Saverys and Mrs. Julie De Nul, with Mr. Carl Steen and Mrs. Gudrun Janssens appointed as new members [12][13]. - The company continues to focus on rejuvenating and decarbonizing its fleet, with ongoing sales and acquisitions of vessels [5][6]. Market & Outlook - The dry bulk market is expected to benefit from increased iron ore imports to China, despite a decrease in domestic steel production, indicating a bullish outlook for seaborne trade [19][20]. - The tanker market is supported by rising global oil supply, with OPEC+ increasing production, which may lead to improved freight rates [26][29]. - The chemical tanker market remains stable, with expectations of modest recovery in volume growth in 2026 [36][37].

Core Viewpoint Danaos Corporation reported strong financial results for the third quarter and nine months ended September 30, 2025, highlighting increased operating revenues, net income, and a robust charter backlog, while also announcing new vessel orders and a dividend increase. Financial Summary - Operating revenues for Q3 2025 reached $260.7 million, a 1.8% increase from $256.2 million in Q3 2024 [23] - Net income for Q3 2025 was $130.6 million, compared to $123.0 million in Q3 2024, with earnings per diluted share increasing to $7.11 from $6.30 [22] - Adjusted net income for Q3 2025 was $124.1 million, down from $126.8 million in Q3 2024 [17] - For the nine months ended September 30, 2025, operating revenues increased to $776.2 million, up 2.7% from $755.9 million in the same period of 2024 [47] - Net income for the nine months was $376.7 million, compared to $414.6 million in the prior year [46] Operational Metrics - Average number of container vessels increased to 74.0 in Q3 2025 from 71.1 in Q3 2024, with fleet utilization for container vessels at 98.1% compared to 97.7% [16] - Average daily operating cost per vessel was $6,927 in Q3 2025, up from $6,860 in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 was $181.6 million, a 1.5% increase from $178.9 million in Q3 2024 [38] Newbuilding and Charter Activity - Two new 7,165 TEU containerships were added to the orderbook with expected delivery in 2027, contributing approximately $140 million to contracted revenue backlog [8] - Six new 1,800 TEU containerships were ordered in November 2025, with expected deliveries from 2027 to 2029, adding approximately $236 million to the backlog [12] - Total contracted cash operating revenues currently stand at $4.1 billion, with charter coverage for the container vessel fleet at 100% for 2025 [8] Financial Position and Debt Management - As of September 30, 2025, total cash liquidity and marketable securities amounted to $971.4 million, up from $806.7 million at the end of 2024 [3] - The company completed a $500 million unsecured bond offering with a 6.875% coupon, intended to refinance existing debt and support growth initiatives [13] - Net debt decreased to $164.5 million, with a net debt to LTM adjusted EBITDA ratio of 0.23x [3] Dividend Announcement - The company declared a quarterly dividend of $0.90 per share for Q3 2025, payable on December 11, 2025 [9]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenues of $178 million and an EBITDA-equivalent cash flow of $113 million, with a total EBITDA of $473 million over the past 12 months, indicating strong operational stability [3][6] - The net income for the quarter was $8.6 million, translating to $0.07 per share, with total operating expenses reduced to $69 million from $86 million in the previous quarter [16][17] Business Line Data and Key Metrics Changes - The container vessel segment contributed $82 million to adjusted EBITDA, while the car carrier fleet added $23 million, and the tanker segment generated $44 million [14] - Dry bulk contributed $6 million, down from $19 million, due to the divestiture of 13 dry bulk carriers as part of the fleet renewal strategy [14][15] Market Data and Key Metrics Changes - The charter backlog stands at approximately $4 billion, with two-thirds contracted to investment-grade counterparties, providing strong cash flow visibility [6][17] - The overall utilization across the shipping fleet in Q3 was about 98.7%, with adjusted utilization at 99.9% [9] Company Strategy and Development Direction - The company is focused on fleet renewal, having sold older vessels and invested in cargo handling and fuel efficiency upgrades, with 11 vessels now capable of operating on LNG fuel [4][11] - The company aims to diversify its asset base and maintain a sustainable long-term capacity for shareholder returns, supported by a solid liquidity position [7][17] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about securing new employment for the Hercules rig, despite its current idle status, and is exploring various opportunities for its utilization [5][19] - The company is cautious about the geopolitical situation affecting shipping routes, particularly in the Red Sea, and is closely monitoring developments [28] Other Important Information - The company has returned approximately $2.9 billion to shareholders over 87 consecutive quarters, with a dividend yield of over 10% based on the recent share price [6][17] - The company has about $80 million remaining on a $100 million share buyback program, having repurchased $10 million worth of shares at an average price of $7.98 per share [26] Q&A Session Summary Question: Expectations for Hercules leasing in the new year and impact of Gulf of Mexico lease sale - Management is exploring all opportunities for the Hercules rig, focusing on areas where it has unique capabilities, such as the North Sea and Canadian markets [19][20] Question: Type of work considered for Hercules - The company is open to various opportunities for the Hercules, including well intervention and exploration drilling, and has made upgrades to facilitate development drilling [21][22] Question: Securing long-term work for tankers - It is too early to secure long-term work for vessels rolling off charters, but there is significant value linked to profit-sharing features in existing contracts [23] Question: Update on the $100 million buyback - Approximately $80 million remains on the buyback program, with $10 million repurchased this year [26] Question: Impact of Houthi attacks on shipping in the Red Sea - Management is cautious and monitoring the situation, noting that any return to normalcy in the region will be gradual [28] Question: Purchase obligations in charter contracts - The company has shifted from bareboat charters to time charters, reducing purchase obligations and maintaining upside in residual vessel value [30] Question: Outlook for new transactions outside the container segment - The company is open to opportunities across various maritime segments, focusing on strong counterparties and favorable deal structures [31][32]

Core Points - Danaos Corporation will release its third quarter results for the period ending September 30, 2025, after the market closes on November 17, 2025 [1] - A conference call to discuss the results is scheduled for November 18, 2025, at 9:00 A.M. ET [1] - The company is one of the largest independent owners of containerships, with a fleet of 74 containerships totaling 471,477 TEUs and 18 additional vessels under construction [4] Conference Call Details - Participants can join the conference call by dialing in 10 minutes prior to the scheduled time using specific toll-free numbers for the U.S. and U.K., as well as a standard international dial-in number [1] - A telephonic replay of the conference call will be available until November 25, 2025, with specific dial-in numbers and access code provided [2] - An audio webcast of the conference call will be available on the Danaos Corporation website, with an archived version accessible within 48 hours post-call [3] Company Overview - Danaos Corporation operates a fleet of 74 containerships and has recently invested in the drybulk sector with the acquisition of 10 Capesize drybulk vessels [4] - The company’s vessels are chartered to major liner companies on fixed-rate charters, highlighting its operational efficiency and environmental controls [4] - Danaos Corporation's shares are traded on the New York Stock Exchange under the symbol "DAC" [4]

Core Viewpoint - CMB.TECH continues its fleet rejuvenation strategy by selling older vessels and taking delivery of newbuild vessels, indicating a proactive approach to maintaining a modern and efficient fleet [1][2][3]. Fleet Update - CMB.TECH delivered five newbuilding vessels in Q3 and Q4 to date [2]. - The company sold the VLCC Dalma (2007, 306,543 dwt) for a capital gain of 26.7 million USD, with delivery scheduled for Q4 2025 [2]. - The time charter of the VLCC Donoussa (2016, 299,999 dwt) has been extended for another 11 months until October 2026 [2]. - The vessels Hakata (2010, 302,550 dwt) and Hakone (2010, 302,624 dwt) were sold, generating a total capital gain of approximately 39.3 million USD in Q3 2025 [3]. - The capesize vessel Battersea (2009, 169,390 dwt) was sold for a capital gain of 2.4 million USD, with delivery also set for Q4 2025 [4]. Estimated Time Charter Equivalent Earnings (TCE) - The estimated average daily TCE rates for various vessel types are as follows: - Newcastlemax Average rate: Q3 2025 at 27,872 USD/day, Q4 2025 to date at 30,954 USD/day (61.6% increase) [5]. - Capesize Average rate: Q3 2025 at 20,577 USD/day, Q4 2025 to date at 27,084 USD/day (50.0% increase) [5]. - Panamax/Kamsarmax Average rate: Q3 2025 at 13,437 USD/day, Q4 2025 to date at 15,814 USD/day (56.0% increase) [5]. - VLCC Average spot rate: Q3 2025 at 28,715 USD/day, Q4 2025 to date at 54,206 USD/day (30.0% increase) [5]. - Suezmax Average spot rate: Q3 2025 at 47,104 USD/day, Q4 2025 to date at 49,249 USD/day (34.0% increase) [5]. - CSOV Average time charter rate: Q3 2025 at 27,272 USD/day, Q4 2025 to date at 120,331 USD/day (83.7% increase) [7]. Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, and offshore wind vessels [8]. - The company is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [8].

Core Points - Danaos Corporation announced the resignation of William Repko from its board of directors, effective October 13, 2025, with no disputes or disagreements involved [1] - The board maintains a majority of independent directors and has not yet decided on altering its size or filling the vacancy left by Repko [2] - Charalampos Pampoukis has been appointed to the Audit Committee to fill the vacancy created by Repko's resignation [2] Company Overview - Danaos Corporation is one of the largest independent owners of modern, large-size container vessels, with a fleet of 74 container vessels totaling 471,477 TEUs and 18 vessels under construction totaling 148,564 TEUs [3] - The company has recently expanded into the dry bulk sector by acquiring 10 capesize dry bulk vessels with a total capacity of 1,760,861 DWT [3] - Danaos' container vessels are chartered to major liner companies on fixed-rate charters, supported by a strong operational and environmental management track record [3]