Ship Finance International Stock Earnings Reports

SFL reported a solid Q1 with revenues of $174M and adjusted EBITDA-equivalent cash flow of $108M (12-month EBITDA $443M). GAAP net income was $26M ($0.20/share). The Board declared the 89th consecutive quarterly dividend, increased 10% to $0.22/share (annualized yield ~7.5%). Charter backlog stands at ~$3.7B, with over two-thirds from investment-grade counterparties, providing strong cash flow visibility. Key commercial developments include a new ~400-day contract for the high-spec Hercules rig for Canada (backlog add ~ $170M, revenue from 2027) and opportunistic exposure of two 2020 Suezmax tankers to a historically strong spot market (Q2 covered ~53% of days at ~ $185k/day so far). Liquidity: cash $128M + $160M undrawn facilities (~$288M total available). Management executed an opportunistic $75M tap of the 2030 bond at 103.5% (implied ~6.8% yield) and intends to redeem $150M 2029 bonds in May using available liquidity. Fleet now 57 assets; utilization high across most segments (containers and car carriers ~100%). Remaining capex for five container newbuilds ~ $850M to be financed with pre/post-delivery financing. Balance sheet actions include scheduled loan amortization (~$56M this quarter) and refinancing of Hercules and Linus facilities on favorable terms. Management emphasizes disciplined capital allocation, continued returning of cash to shareholders, and opportunistic pursuit of accretive investments.