SFL Corporation Ltd.: Q2 2020 presentation

Aug 20 2020


DIVIDEND $0.25/share
-66th consecutive quarterly dividend 
-10.5% dividend yield
-More than 90% from long term charters  
-Adjusted EBITDA of $121m
-$152m of cash at quarter end, excl. $15m in 100% owned associates 
-$35m of marketable securities
-Added backlog of approximately $95m 
-Combination of charter extensions and vessel acquisition


Recent Events


-Attractive acquisition price and underlying sub charter to oil major 

-Charter backlog increase of ~$60m



-Seven vessels extended by an average of four years 

-Added backlog of ~$38m



-Purchase options declared on 2x VLCCs with delivery in August

-~$23m positive cash effect to SFL



-Refinanced 4x large container vessels at a historically low interest cost

-Redemption of NOK 500m bond loan in June


Strong Focus On Mitigating Covid-19 Impact

-Maintaining a continuous focus on operational safety with a significant number of proactive measures to ensure health and safety for crew on board vessels and onshore employees

-No material disruptions to operations in Q2 apart from some dry docking delays and lower earnings on spot trading liner and dry bulk vessels

-Majority of revenues secured on long term, fixed rate contracts that are insulated from short term volatility in underlying markets

-SFL is closely monitoring counterparty risk associated with all vessels to identify and mitigate any potential business impact



Related News

Industry leading entrepreneur joins fast growing industry innovator

(Oct 15 2020)

Colin McMurray, the former MD of Clyde Marine Training and director of the Clyde Group, has joined Stream Marine Training (SMT) as its Group Managing Director.

Survitec launches virtual museum to celebrate its 100-year anniversary

(Oct 15 2020)

Survitec, a global provider of survival solutions, has partnered with the Museum of Godalming, located in Surrey, England, to curate a first-of-its-kind virtual museum to mark the company’s 100-year anniversary.

Asahi Tanker orders 2 of World’s 1st Zero-emission electric-powered tankers

(Oct 15 2020)

Asahi Tanker Co., Ltd. announced that it has ordered two of the world’s first zero-emission electric-powered tankers.

G E Shipping contracts to buy a secondhand long range 2 Product Carrier

(Oct 15 2020)

The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a secondhand LR2 Product Carrier of about 105,258 dwt.

Tufton Oceanic Assets Ltd. $23.0m investment in 2 Product Tankers & new loan

(Oct 08 2020)

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired two Product Tankers for $23.0m.

October 2020

Seafarer morale and safety - Neste and vessel performance - Maersk''s ZeroNorth