SFL Corporation announced its preliminary financial results for the quarter ended March 31, 2025.
Highlights
- 85th consecutive quarterly dividend declared, $0.27 per share
- Net loss of $31.9 million, or $0.24 per share in the first quarter, after impairments relating to older dry bulk vessels
- Received charter hire1 of $193.5 million in the quarter, including $1.5 million of profit share
- Adjusted EBITDA2 of $108.0 million from consolidated subsidiaries, plus $7.7 million adjusted EBITDA2 from associated companies
- $10 million share buyback at an average price of $7.98 per share
- Fleet renewal continues with the sale of older dry bulk vessels and containerships
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
«The first quarter result was impacted by several one-off items, including impairments on some older dry-bulk vessels traded in the spot market, and also the drilling rig Hercules being idle in the quarter. The rest of the portfolio is performing very well, and we have upgraded several vessels in the quarter, boosting both cargo intake and fuel efficiency in connection with charter extensions at higher rates than before.
We continue to renew our fleet and have recently agreed to divest some older bulkers and containerships traded in the spot market. Our focus remains on assets with charter backlog supporting our long term dividend distribution capacity. In addition, we have been actively repurchasing shares in the recent market softness, as part of our overall capital allocation strategy with the aim to maximize long term distribution capacity per share».