SFL .(US:SFL)2022-11-14 19:57Financial Data and Key Metrics Changes - Total charter revenues for the quarter were $178 million, an increase of 8% compared to the second quarter [5] - EBITDA equivalent cash flow was approximately $126 million for the quarter, with a total of $489 million over the last 12 months [5] - Net income for the quarter was around $50 million, or $0.39 per share [5][34] - The announced dividend of $0.23 per share represents a dividend yield of approximately 8.8% [6] Business Line Data and Key Metrics Changes - The liner fleet generated gross charter hire of approximately $98 million, including about $10 million in profit share [26] - The tanker fleet generated approximately $42 million in gross charter hire, up from $35 million in the previous quarter [27] - The dry bulk fleet generated approximately $27 million in gross charter hire, including about $1.2 million of profit share [28] - Charter hire from drilling rigs was approximately $10 million, with expectations for full revenue from ConocoPhillips starting in the fourth quarter [29] Market Data and Key Metrics Changes - The fixed rate backlog increased to approximately $3.8 billion, providing strong cash flow visibility [7][25] - The charter backlog includes approximately $0.5 billion from 7 car carriers, with an average remaining charter term of about 4.7 years [26] Company Strategy and Development Direction - The company has shifted from a single asset class to a diversified fleet, with container vessels now representing the largest segment at 53% of the backlog [17] - The strategy focuses on maintaining a strong technical and commercial operating platform, allowing for a wider range of services to customers [21] - The company aims to retain more residual value in assets through time charters rather than bareboat charters, which benefits stakeholders [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market prospects for deepwater drilling rigs, particularly for 2024 and 2025 [15] - The company is considering upgrades to its rigs to enhance attractiveness for long-term contracts [16] - The management highlighted the importance of a conservative approach to financing, especially in light of rising interest rates [33] Other Important Information - The company has secured refinancing facilities for its vessels totaling $138 million and is in advanced discussions for additional financing [36][37] - The company has a book equity ratio of approximately 29% at the end of the quarter [37] Summary of Q&A Session - Due to technical issues, a question-and-answer session could not be conducted, and participants were encouraged to reach out via the company's website for any clarifications [39][40]