SFL (SFL) Q2 2026 Earnings Call Transcript

The SFL (SFL) Q2 2026 earnings call transcript provides insights into the company's financial performance and future plans. The Vice President of Investor Relations, Espen Gjøsund, begins the call by noting that the discussion will include forward-looking statements and does not guarantee future performance. He then introduces the CEO, Ole Hjertaker, who highlights SFL's 90th consecutive dividend and $3 billion in accumulated dividend payouts.

Over the past 12 months, EBITDA stands at $461 million, with net income at $34 million or $0.25 per share, and a dividend declared at $0.22 per share.

The company boasts a robust charter backlog of $3.8 billion, with 67% of the backlog tied to customers with investment credit ratings. This quarter, SFL successfully chartered its older car carriers, SFL Conductor and SFL Composer, to a leading global liner company based in Asia, adding $83 million to the charter backlog. Additionally, SFL has ordered four dual-fuel 7,000 CEU capacity car carriers with delivery expected in 2029, with two of the vessels already chartered out. The company anticipates finding charters for the remaining two new builds in the near future.

SFL also raised $100 million in equity through its ATM and DRIP programs, with 8.8 million shares issued at a premium to the volume weighted average price. The company has deployed some of the raised capital into new projects but has no plans to issue additional shares in the foreseeable future. The company's performance in the spot market for crude oil tankers is highlighted, with two modern Suezmax tankers earning an average rate of $54,000 per day in Q1 and up to $133,000 per day in Q2, significantly higher than the previous year's charter rate.