SFL Corp Reports Record Quarter Amid Rising Tanker Rates
SFL Corporation Ltd. (NYSE:SFL) reported strong second-quarter results driven by surging tanker rates and increased charter activity across its fleet. Revenue rose to $201 million, adjusted EBITDA climbed 20% year-over-year to $130 million, and net income reached $34 million or $0.25 per share. The company declared a dividend of $0.22 per share for the 90th consecutive quarter. The performance was largely fueled by two Suezmax crude tankers that transitioned from long-term charters to high spot rates, earning over double their previous daily rate in Q2. Additionally, car carrier and container segments contributed significantly with new multi-year contracts and increased utilization across the fleet. The company's charter backlog now stands at $3.8 billion. Despite these gains, concerns remain about the sustainability of current spot market conditions as rates can fluctuate rapidly. SFL also faces capital expenditures for upcoming vessel deliveries and has taken on additional equity to fund its expansion plans.
Topics: charter backlog dividend streak revenue growth tanker rates