Preliminary Q3 2022 results and quarterly cash dividend of $0.23 per share
Hamilton, Bermuda, November 14, 2022. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended September 30, 2022.
75e consecutive quarterly dividend declared, $0.23 per share
Net income of $49.9 million, or $0.39 per share in the third quarter
Received rental of approximately $177.5 million during the quarter from company vessels and rigs, including $11.3 million in profit sharing
Adjusted EBITDA of $117.7 million from consolidated subsidiaries, plus an additional adjusted EBITDA of $7.9 million2 from associates
Acquisition of two newly built feeder container ships with seven-year charters from Maersk and a car carrier with a six-year charter from a leading car transport operator
Delivery of four modern suezmax tankers which immediately commenced six-year charters to a subsidiary of Koch Industries, a world leading industrial conglomerate
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
“We are pleased to declare our 75th consecutive dividend, demonstrating our unwavering commitment to returning shareholder value, with more than $2.5 billion paid out in dividends to date. Additionally, our fixed rate charter backlog currently stands at $3.8 billion after adding approximately $1.6 billion in the past 12 months, giving us strong visibility into our ability to pay long-term dividends in the future.
Our full-time charter offering and fleet-wide fuel efficiency initiatives have given us the opportunity to conduct multiple repeat transactions with several of our key industry counterparties. Many recent charters include profit sharing features, and we remain committed to continuing to grow and diversify our portfolio.».
The Board of Directors declared a quarterly cash dividend of $0.23 per share. The dividend will be paid on or about December 30, 2022 to shareholders of record as of December 14, 2022, and the ex-dividend date on the New York Stock Exchange will be December 13, 2022.
November 14, 2022 Board of directors SFL Corporation Ltd. Hamilton, Bermuda
The full report can be found in the link below and on the company’s website www.sflcorp.com.
Questions can be directed to SFL Management AS:
Contact investors and analysts
Aksel C. Olesen, CFO: +47 23114036 André Reppen, Chief Treasurer and Senior Vice President: +47 23114055 Marius Furuly, Vice President – Finance: +47 23114016
Ole B. Hjertaker, Managing Director: +47 23114011
About SFL SFL has a unique experience in the shipping industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The company’s fleet of vessels includes container ships, car carriers, vessels -tankers, bulk carriers and offshore drilling platforms. . SFL’s long-term distribution capability is supported by a portfolio of long-term charters and significant growth in the asset base over time. More information can be found on the company’s website: www.sflcorp.com
Caution Regarding Forward-Looking Statements This press release may contain forward-looking statements. These statements are based on various assumptions, many of which are based, in turn, on other assumptions, including SFL management’s review 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 they were formulated, given that these assumptions are by nature subject to significant uncertainties and risks which are difficult or impossible to predict and are beyond its control, SFL cannot guarantee that it will fulfill or realize those expectations, beliefs or intentions. . Important factors that the Company believes could cause actual results to differ materially from those referred to in the forward-looking statements include the strength of global economies, currency and interest rate fluctuations , general market conditions in the shipping industry, which is cyclical and volatile, including fluctuations in rental rates and vessel values, changes in demand in the markets in which the Company operates, including including shifts in consumer demand from oil to other energy sources or changes in business patterns for refined petroleum products, changes in market demand in countries that import raw materials and finished products and changes in the quantity and location of production of these raw materials and finished products, technological innovation in sec operators in which we operate and customer demands for quality and efficiency, increased inspection procedures and import and export controls, changes in the Company’s operations management fees, including prices bunkers, dry-docking and insurance costs, the performance of the Company’s charterers and other counterparties with which the Company deals, the impact of any restructuring of counterparties with which the Company deals and the timely delivery wanted vessels under construction within the contract price, government laws and regulations, including environmental regulations, which are in addition to our or our customers’ costs, potential liability from pending or future litigation, potential disruption of maritime routes due to accidents, political instability, terrorist attacks, piracy or hostilities, the duration and severity of the event. ongoing coronavirus outbreak and governmental responses thereto and the impact on commercial shipping demand and the state of financial markets, and other important factors described from time to time in reports filed by the Company with the United States Securities and Exchange Commission on. 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.