Slide 1: SFL Corporation Ltd. Q1 2024 Results Presentation
SFL Corporation Ltd. Q1 2024 Results Presentation 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company’s re
Slide 3: Q1 2024 Highlights
Q1 2024 Highlights GROSS REVENUE(1) • Adjusted EBITDA(2) of $152m $236m • Increased contribution from car carriers and Hercules NET INCOME • Earnings per share of $0.36 $45.3m • $5.5m from profit share and fuel-cost savings DIVIDEND • 81st consecutive quarterly dividend $0.27/share • ~8% dividend yi
Slide 4: Recent Events
Recent Events NEWBUILDS • 3x newbuild LR2 product tankers with delivery Q2 to Q4 2024 AND CHARTERS • 5 year charters to a world-leading energy and commodities company ACQUISITION • 2x LNG dual-fuel 33,000 dwt stainless steel chemical tankers AND CHARTERS • 8 year time charter and pool agreement with
Slide 5: SFL – A Maritime Infrastructure Company
SFL – A Maritime Infrastructure Company PORTFOLIO(1) CONTRACT DURATION(2) CONTRACTED REVENUE(3) 34 Container 6.1 years 5% 7 Car carrier 7.8 years 13% 18 Tanker 4.6 years 16% $3.6bn 47% 2 Energy 3.8 years 15 Dry bulk 4.4 years 18% CHARTER HIRE Q1 2024 Bareboat charter Container Tanker Car carrier Ene
Slide 6: Operational Performance Highlights
Operational Performance Highlights MARKET REVENUE CHARTER TYPE1) OPERATING DAYS2) UTILIZATION3) OPEX4) Q1 2024 Q4 2023 Q1 2024 Q1 2024 Q1 2024 Q1 2024 BB $90m $92m $19.0m 3,247 99.5% Container TC 90% $25m $22m $3.5m 531 99.4% Car carrier 100% $30m $30m $9.8m 1,181 99.9% Tanker 100% $24m $21m $13.1m
Slide 7: Majority of Container Fleet Continuously Contracted Going Forward
Majority of Container Fleet Continuously Contracted Going Forward Vessel size Charterer 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 19,000 TEU 15,400 TEU Before 2024: 10,600 TEU 9,300 TEU 8,700 TEU 6,800 TEU 5,500 TEU 2,500 TEU Firm contract Option Note: The list excludes seven container vesse
Slide 8: SFL Financial Performance
SFL Financial Performance ADJUSTED EBITDA Q1 2024 BREAKDOWN(1) In millions $25m $24m -$87m $30m $2m $67m $236m $152m $90m Container Energy Tanker Dry bulk Car carriers Gross Operating and Other income Adj. EBITDA revenue (incl. G&A expenses profit share) 1) Pro-forma illustration of cash flow is not
Slide 9: Income Statement
Income Statement REVENUE (in thousands of $ except per share data) Three months ended Mar 31, 2024 Dec 31, 2023 • $235.8m of charter hire, including share of revenue from associates and revenue Charter revenues: operating leases and rig revenue contracts 220,386 203,162 Charter revenues: sales-type
Slide 10: Balance Sheet
Balance Sheet CASH AND LIQUIDITY (in thousands of $) • $168m at quarter end Mar 31, 2024 Dec 31, 2023 ASSETS • New sustainability linked bond of $150m Short term issued in April addressing 2024 bond Cash and cash equivalents 168,153 165,492 Investment in marketable securities 4,382 5,104 maturity an
Slide 11: Q1 2024 Summary
Q1 2024 Summary $3.6bn fixed revenue backlog 81st $168m consecutive Cash and cash quarterly equivalents dividend $0.27 Dividend per share 11