reports
- Jørgen Lian
SFL Corporation Ltd (Hold, TP: USD14.30) - Building DPS capacity
Solid deal flow in Q1 (contracts for seven container vessels and acquisitions of five tankers) has increased the backlog by cUSD0.5bn and added exposure to a hot chemical tanker market. We see upside potential for the Hercules rig, with its contract expected to end in Q4 2024, and estimate an annualised increase to our cash-flow estimates post-Q4 of USD0.33/share if extending the contract at similar terms. We reiterate our HOLD, but have raised our target price to USD14.3 (12.0).
SFL - First Quarter 2024 Results
SFL - First Quarter 2024 Results Preliminary Q1 2024 results and increased quarterly cash dividend to $0.27 per share Hamilton, Bermuda, May 14, 2024, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended March 31, 2024. Highlights 81st consecutive quarterly dividend, increased to $0.27 per shareNet profit of $45.3 million, or $0.36 per share in the first quarterReceived charter hire1 of $235.8 million in the quarter, including $5.5 million of profit shareAdjusted EBITDA2 of $143.8 million from consolidat...
SFL - Invitation to Presentation of Q1 2024 Results
SFL - Invitation to Presentation of Q1 2024 Results SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) plans to release its preliminary financial results for the first quarter of 2024 on Tuesday, May 14, 2024. SFL plans to host a conference call and webcast for all stakeholders and interested parties on Tuesday, May 14, 2024, at 10:00 AM (EST) / 4:00 PM (CET). Relevant material will on the same day be available from the Investor Relations section of the Company’s website at In order to listen to the conference call and presentation, you may do one of the following: A: Join Confere...
SFL - 2024 AGM Results Notification
SFL - 2024 AGM Results Notification SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) advises that the 2024 Annual General Meeting of the Company was held on April 29, 2024, at 9:45 hours at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HMCX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2023, were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. ...
- Jørgen Lian
Yard response and dry bulk qualms
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
SFL - Acquisition of two LNG dual-fuel chemical carriers in combinatio...
SFL - Acquisition of two LNG dual-fuel chemical carriers in combination with long term employment SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) today announced that it has agreed to acquire two LNG dual-fuel 33,000 dwt chemical carriers. The vessels are built in 2022/2023 and fitted with stainless steel cargo tanks, and the aggregate purchase price is approximately $114 million. SFL has arranged long term employment for the vessels with affiliates of Stolt Tankers, a subsidiary of the world-leading chemical logistics company Stolt-Nielsen Limited (“Stolt-Nielsen”). The Co...
SFL - Notice of exercise of call option
SFL - Notice of exercise of call option SFL Corporation Ltd. (NYSE: SFL) ("SFL" or the "Company") has today notified Nordic Trustee AS that it will exercise the call option to redeem all outstanding bonds under its senior secured bond issue 2019/2024 with ISIN NO0010853609. Reference is made to the attached notice from Nordic Trustee AS for further information about the call option. April 19, 2024 The Board of DirectorsSFL Corporation Ltd.Hamilton, Bermuda Investor and Analyst Contacts:Aksel Olesen, Chief Financial Officer, SFL Management AS André Reppen, Ch...
SFL - Notice of Annual General Meeting 2024
SFL - Notice of Annual General Meeting 2024 SFL Corporation Ltd. (NYSE: SFL) (the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on April 29, 2024. A copy of the Notice of Annual General Meeting and associated information including the Company’s 2023 Annual Report on Form 20-F can be found on the Company’s website at and in the attached links below. April 8, 2024 The Board of DirectorsSFL Corporation Ltd.Hamilton, Bermuda About SFL SFL has a unique track record in the maritime industry and has pa...
SFL - Successful placement of 4-year sustainability-linked bonds
SFL - Successful placement of 4-year sustainability-linked bonds SFL Corporation Ltd. (NYSE: SFL) ("SFL" or the "Company") today successfully placed USD 150 million senior unsecured sustainability-linked bonds due April 19, 2028. The bonds will pay a coupon of 8.25% per annum, and net proceeds will be used to refinance existing bonds and for general corporate purposes. An application will be made for the bonds to be listed on the Oslo Stock Exchange. Arctic Securities and DNB Markets acted as Joint Bookrunners, and Fearnley Securities, Pareto Securities, SEB and SMBC Nikko acted as Co-Ma...
SFL - Fixed Income Investor Meetings
SFL - Fixed Income Investor Meetings SFL Corporation Ltd. (the "Company" or "SFL") announced today that it has engaged Arctic Securities and DNB Markets to arrange a series of fixed income investor meetings commencing today, Tuesday, April 2. A USD denominated senior unsecured bond issue may follow, subject to, inter alia, market conditions. Net proceeds from a bond issue will be used for general corporate purposes. April 2, 2024 The Board of DirectorsSFL Corporation Ltd.Hamilton, Bermuda Investor and Analyst Contacts:Aksel Olesen, Chief Financial ...
SFL - Notice of Annual General Meeting 2024
SFL - Notice of Annual General Meeting 2024 SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on April 29, 2024. The record date for voting at the Annual General Meeting is set to April 2, 2024. A copy of the Notice of Annual General Meeting and associated information, including the Company’s Annual Report on Form 20-F, will be distributed and made available on the Company’s website at prior to the meeting. March 26, 2024 The Board of DirectorsSFL Corporation Ltd.Hamilton, Bermuda About SFL SFL has a uniqu...
SFL - Acquisition of three newbuild LR2 product tankers in combination...
SFL - Acquisition of three newbuild LR2 product tankers in combination with long term charters SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) announced today that it has agreed to acquire three new LR2 product tankers for an aggregate purchase price of approximately $230 million in combination with long term time charters to a world-leading energy and commodities company. The vessels are currently under construction in China, with the latest eco-design features. The sellers are affiliates of the Company’s largest shareholder Hemen Holding Ltd, and the purchase price is in line w...
SFL - Filing of Annual Report 2023 on form 20-F
SFL - Filing of Annual Report 2023 on form 20-F SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the "Company") announces that its annual report on Form 20-F for the financial year ended December 31, 2023 (the "Annual Report") has been filed with the U.S. Securities and Exchange Commission (the "Commission"). The Annual Report may be accessed through SFL's website, , or directly in the link below. The Annual Report is also available on the website of the Commission at Shareholders may also receive a hard copy of the Annual Report, which includes the Company's complete 2023 audited financial st...
- Jørgen Lian
A brewing challenge for the yards
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
SFL Corporation Ltd Minor model adjustments
We have updated our estimates following the Q4 report, revised our timing of Offshore earnings, slightly adjusted our opex estimates, and updated our model for the announced capex and changes to SFL’s debt portfolio. While DPS has been raised the past two quarters, we still see potential for a further increase – from USD0.26 for Q4 (USD0.25 for Q3) – on a potential extension for the Hercules rig at attractive rates. Also, cash proceeds from vessels with purchase obligations leave cash available ...
SFL - Fourth Quarter 2023 Results
SFL - Fourth Quarter 2023 Results Preliminary Q4 2023 results and increased quarterly cash dividend to $0.26 per share Hamilton, Bermuda, February 14, 2024. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter and full year ended December 31, 2023. Highlights 80th consecutive quarterly dividend, increased to $0.26 per shareNet profit of $31.4 million, or $0.25 per share in the fourth quarterReceived charter hire1 of $209.5 million in the quarter, including $3.4 million of profit shareAdjusted EBITDA2 of $1...
- Jørgen Lian
SFL Corporation Ltd (Hold, TP: USD12.00) - Potential DPS uptick on ca...
We see support for strong cash flow in the coming years from: potentially USD0.33/share higher annualised cash flow than we assume by contracting the Hercules rig beyond its current Q3 2024 contract at similar terms; and cash proceeds from purchase obligations for nine container vessels and favourable extension options on six. As a result, we see potential for SFL making further investments in high-yielding assets or an uptick in dividends. We reiterate our HOLD, but have raised our target price...
SFL - Invitation to Presentation of Q4 2023 Results
SFL - Invitation to Presentation of Q4 2023 Results This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) plans to release its preliminary financial results for the fourth quarter of 2023 on Wednesday, February 14, 2024. SFL plans to host a conference call and webcast for all stakeholders and interested parties on Wednesday, February 14, 2024, at 10:00 AM (EST) / 4:00 PM (CET). Relevant material will on the same day be available from the Investor Relations secti...
- Jørgen Lian
SFL Corporation Ltd (Hold, TP: USD11.50) - First step in DPS accretio...
Potential cash flow from the Hercules rig beyond Q3 2024e should support a further increase in dividends and we calculate ~30% upside potential to cash flow on similar terms as the last contract in 2025e. In addition, SFL’s container exposure leaves limited risk, in our view, considering purchase obligations, releasing cash for investments, and favourable extension options like the recent bump-up for Maersk Sarat. However, we believe the share price reflects the dividend upside potential; we rei...
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