SFL Q1 2025 report (first take)

[HohumYNWA]

SFLcorp (SFL) announced their Q1 2025 results today

• Operating rev $186.7M
• Adj EBITDA $116M (rounded up)
• Net Loss -$31.9M (Took a $34M vessel impairment charge)
• Quarterly div of 27c/sh

original.pdf

SFL indicates they have sold some non-core assets. Small container vessel?? Mid-size container vessel?? Other type?? I think I have seen sale of a Supramax dry bulk vessel recently. The company also reports an impairment sale this Q.

Maintaining the div was a small surprise. Then again, a vessel impairment is a write-down of an asset. Will have to peruse the earnings transcript to see if there is additional color

[HohumYNWA]

SFL Q1 2025 transcript–
Early in the transcript, the sold vessels were identified.

• A smaller container vessel
• One Supramax vessel
• A second Supramax identified
• GOGL will exercise purchase option on 8 Capes
  SFL mgmt also identify vessels affected by USTR - about 27 vessels (or around 1/3 of its fleet)
  SFL Corporation Ltd (SFL) Q1 2025 Earnings Call Transcript | Seeking Alpha

[Edit: HE rig Hercules is warm-stacked @ $80,000 daily, or $7.2M quarterly. There is/was some repairs done on the rig, but it is in $100K range]