SFL Corp’s bottom line jumped in the first quarter of 2024 with the company boasting a $3.6bn charter backlog.
The John Fredriksen-backed ship leasing outfit reported a $42.3m profit for the three months ending on 31 March, up from $31.4m from the same period last year as the earnings per share figure rose to $0.36 from $0.25.
“Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the majority of assets on long-term time charters to end users,” chief executive Ole Hjertaker said in a statement.
“A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measures to reduce the carbon footprint for us and our customers.
“And the strength of our operating platform is illustrated by our ability to execute multiple repeat transactions with industry-leading counterparties.”
The New York and Oslo-listed company brought in $229m in revenue, up from $209m year on year.
The rise largely came from charter revenues from operating leases and rig revenues, which jumped to $220m from $203m.
Its profit share income rose to $5.5m from $3.4m.
As it stands, SFL owns, wholly or in part, 76 vessels and newbuildings across the tanker, bulker, container and car carrier segments, plus drilling rigs. The $3.6bn backlog comes with a weighted term of 5.7 years.
The company trumpeted AP Moller-Maersk exercising one-year extensions for three container ships, the first quarter delivery of two LNG-capable car carriers and $344m spent to acquire five vessels to be delivered at some point in the second quarter.
The five vessels include three chemical tankers bought from Japan’s Nisshin Shipping. They will be chartered to Stolt-Nielsen.
