SFL 2026年第3四半期決算説明会：受注残高が50億ドルに到達

主要なポイント

• SFLが発表した2026年第3四半期の営業収益は2億200万ドル、調整後EBITDAは1億2,200万ドル、純利益は3,700万ドル（1株当たり0.26ドル）となりました。
• 取締役会は1株当たり0.22ドルの四半期配当を発表し、これでSFLの連続91四半期目の現金配当となります。2004年以降の累積配当額は30億ドル（1株当たり約33ドル）を超えています。
• 2026年に16億ドル以上が追加された結果、固定レートの定期用船契約残高は約50億ドルに達しました。その約58%は投資適格の取引先との契約です。
• SFLは、タンカー7隻の売却により、負債返済および利益分配義務の履行後で約2億7,500万ドルの純現金収入を見込んでいます。推定される帳簿上の売却益合計は約1億7,500万ドルです。
• 当四半期末時点の現金および現金同等物は1億1,200万ドル、未消化の融資枠は1億6,000万ドルとなり、利用可能な流動性は合計で2億7,200万ドル以上を確保しています。
• スエズマックス型タンカー1隻が大手石油メジャー（投資適格）との3年間の用船契約を獲得した一方、SFLは市況の好調を背景に、2隻目について当面スポット市場での運用を継続する計画です。

主要財務データ

第3四半期決算には、デリバティブ関連で約1,330万ドル、株式投資関連で100万ドルの時価評価益（非現金ベース）が含まれています。営業費用の増加は、主にHerculesのモビライゼーション費用、航海費用、および予定されていた入渠整備（ドライドック）を反映したものです。

事業および営業業績

SFLのポートフォリオは、コンテナ船32隻、自動車船11隻、ガス船3隻、タンカー16隻、掘削リグ2基、ドライバルク船2隻の計66の海上資産で構成されています。トラフィグラ（Trafigura）への売却合意に基づき、タンカー7隻が2026年第4四半期から2027年第1四半期にかけてフリートから離脱する予定です。

コンテナ船は四半期で約8,500万ドルの用船料収入を生み出しました。15,400 TEU型船6隻について、ハパックロイド（Hapag-Lloyd）との7年間の契約延長（2035年および2036年まで）が決定し、契約残高が約7億5,000万ドル増加しました。また、SFLは8,800 TEU型船2隻を約2億5,600万ドルで取得し、8年間の用船契約を結んだことで、約2億5,000万ドルの契約残高を追加しました。

タンカー部門の貢献額は前四半期の6,200万ドルに対し、約5,600万ドルとなりました。スエズマックス型船2隻は第3四半期に1日平均約8万ドルを稼ぎ出しました。第4四半期については、電話会議の時点で利用可能な運航日数の約3分の2が1日平均20万ドルを超える料率で確保されています。

自動車船部門は約2,700万ドルの収入を生み出しました。稼働率は98%で、「SFL Conductor」の予定されていた入渠整備（約230万ドルの入渠費用を含む）が反映されています。新造自動車船4隻のうち2隻が長期用船契約を確保し、契約残高が1億5,000万ドル追加されました。オプションが行使されれば、最大3億ドルまで拡大する可能性があります。

SFLはまた、9万3,000立方メートル型アンモニア運搬船3隻を約3億3,600万ドルで発注しました。3隻すべてが2028年の引き渡し時から始まる長期用船契約を締結しており、固定レートの契約残高は約2億5,000万ドル増加します。

掘削リグ「Linus」は約2,300万ドルの収入を生み出し、コノコフィリップス（ConocoPhillips）との2029年5月までの契約を継続しています。「Hercules」は、2027年3月に開始が予定されているカナダでの400日間に及ぶ掘削キャンペーンに向けた準備のため、第3四半期の売上高はゼロでした。

経営陣の見通し

経営陣は、カナダでの契約準備が続くため、2026年第4四半期および2027年第1四半期においてHerculesの営業費用が高水準で推移すると予想しています。同リグは、2027年3月にキャンペーンが始まれば、多額の収入を生み出し始める見込みです。

SFLは、約17億ドルの残存新造船コミットメントについて、手元資金および主に引渡前・引渡後の融資枠を活用して調達する計画です。新造船12隻が長期用船契約を締結しており、契約残高は約19億ドルに達します。引き渡しは2027年後半から2029年末にかけて予定されています。

同社は、タンカーの引き渡しが進むにつれて、売却益が2026年第4四半期から2027年第1四半期にかけて計上されると見込んでいます。また経営陣は、2029年に引き渡しが予定されている現在未契約の自動車船新造船2隻についても、長期用船契約を確保できると見込んでいます。

リスクと注目点

• 米国会計基準（U.S. GAAP）に基づき、スポット市場の航海収入は積荷から揚荷までの期間で認識されます。そのため、計上される第4四半期のタンカー収入は、四半期末に向けた航海タイミング、積荷日数、およびバラスト日数に依存します。
• スエズマックス型船1隻およびカムサマックス型船2隻をスポット市場にとどめることで、短期用船料率の変動リスクに対するエクスポージャーが高まります。
• Herculesは、カナダでの契約開始前に準備費用が発生し続ける一方、モビライゼーション期間中はそれに対応する契約収入が得られません。
• 新造船計画には約17億ドルの残存資本コミットメントがあり、主に引渡前および引渡後融資の確保に依存しています。
• 経営陣は、海運、オフショア、および信用市場の環境を、実際の業績が現在の予想と異なる結果となる要因として挙げています。

アナリストQ&Aの要点

経営陣は、スポット市場に残るスエズマックス型船1隻について、当面スポット運用を継続すると説明しました。同型船1隻はすでに、2025年の2隻合計の収益を上回る料率で3年間の用船契約を確保しており、残る1隻からの収入は過去のキャッシュフロー水準への純増となります。

現在スポット運用されている船を除くと、次に長期用船契約が満了するのは2028年の自動車船です。経営陣は、このポートフォリオの状況および2029年引き渡し予定の未契約の自動車船新造船2隻について懸念していないと表明しました。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Espen Gjosund

Welcome to SFL's Third Quarter 2026 Conference Call. My name is Espen Gjosund, and I'm Vice President of Investor Relations in SFL. Our CEO, Ole Hjertaker, will start the call with an overview of the third quarter highlights. Then our Chief Operating Officer, Trym Sjølie, will comment on vessel performance matters, followed by our CFO, Aksel Olesen, who will take us through the financials. The conference call will be concluded by opening up for questions, and I will explain the procedure to do so prior to the Q&A session.

Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. Please note that forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are subject to risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements.

Important factors that could cause actual results to differ include, but are not limited to, conditions in the shipping, offshore and credit markets. You should, therefore, not place undue reliance on these forward-looking statements. Please refer to our filings within the Securities and Exchange Commission for a more detailed discussion of risks and uncertainties, which may have a direct bearing on operating results and our financial condition.

Then I will leave the word over to our CEO, Ole Hjertaker, with highlights for the third quarter.

Ole Hjertaker

Thank you, Espen. Last quarter, we celebrated our 90th dividend and a $0.22 payout, and we continue at the same pace this quarter. Nearly $33 per share have now been returned to shareholders, which means more than $3 billion accumulated since 2004. And with the recent growth initiatives and backlog additions to very strong customers, we have firmly positioned SFL as a maritime infrastructure company with a diversified high-quality fleet and with a unique long-term cash flow visibility.

In the third quarter, we reported revenues of $202 million and an EBITDA equivalent cash flow of $122 million. And over the past 12 months, aggregate EBITDA has been $469 million, reflecting the continued strength and stability of our operations. Net income in the quarter was $37 million or $0.26 per share, and the dividend declared is $0.22 per share. The backlog has been building massively this year and is now up to $5.0 billion with a very strong counterparty profile where most of the backlog is to customers with investment-grade rating. In fact, if we include the backlog to a customer with credit rating just 1 notch below investment grade, it would cover nearly 80% or $4 billion of the backlog.

At the beginning of the third quarter, we announced 4 newbuild car carriers and also long-term charters for 2 of the vessels. We covered this in more detail in the second quarter presentation in August, but this deal added $150 million in backlog on the 2 vessels with charters, which could increase to $300 million if the optional periods are declared. Two vessels are still unfixed, but with quite attractive delivery positions in 2029, we expect to secure long-term charters in due course.

In September, we announced a significant charter extension for 6 15,400 TEU container vessels with Hapag-Lloyd. The vessels were originally on a 5-year charter ending in 2028 and 2029, and we have now agreed to extend the charters by additional 7 years. The vessels are then chartered until 2035 and '36, and this adds approximately $750 million to our fixed rate charter backlog. And we have done more business in the Container segment lately.

Last week, we announced the acquisition of 2 8,800 TEU container vessels in combination with 8-year firm charters to an existing investment-grade customer. Acquisition cost is around $256 million, and the vessel will have scheduled delivery already in 2027. This transaction adds around $250 million to our backlog and maybe more if options are exercised. The extension options are 2x 2 years and the charterer will also have purchase options in year 8 and also in year 10 and '12 if the extension options are exercised. The options are at a level where we will have a strong return on our invested capital, and it includes a profit share feature on top, which may be valuable to us when we get there.

We have also recently ordered 3 very large ammonia carriers with a cargo capacity of 93,000 cubic meters. The vessels will be able to carry a wide range of petrochemical gases and will have dual fuel propulsion and the latest technology for fuel efficiency and cargo intake optimization. Delivery is scheduled in the second and third quarter of 2028, and the aggregate yard construction cost is expected to be approximately $336 million. All the vessels have been chartered out on long-term time charters from delivery with 2 vessels going to an oil major and 1 to a global leader in the commodities industry, adding around $250 million to our fixed rate charter backlog.

The exact duration of the initial charter period for the vessels to the oil major will be determined within the next 6 months, and the backlog may increase at that point if they choose 7 years and not 5 years initially. The charter will also have options to extend the time charter by up to 4 years. The period for the vessel to the commodities trading company is fixed at 5 years plus 2 1-year extension options. We have also added a flexible sales clause in this deal where we may agree to develop a sale of the vessel during the last 2 years of the fixed period, subject to a profit share mechanism with SFL.

We have seen in the past that these arrangements have been very profitable for us. And this was actually demonstrated in October when we announced the agreement to sell 4 2014- and 2015-built LR2 product tankers and 3 2019-built Suezmax tankers we have had on time charter to Trafigura since 2021 and 2022. These charters, similar to the gas carrier I mentioned earlier, had a profit share mechanism in the event of a profitable sale. The actual sale price per vessel is confidential, but we will have significant net cash proceeds from the transaction estimated at $275 million after repayment of associated debt.

And the aggregate book gain is estimated to approximately $175 million, indicating a stellar return on invested capital. The gains will be recorded in the quarter the vessels are delivered, so some of it already now in the fourth quarter. This last quarter, we have also had significant benefits of having 2 modern Suezmax tankers employed in the spot market. These vessels were previously on a long-term charter at around $30,000 per day per vessel until December last year.

We have now chartered 1 of the vessels to an investment-grade oil major for a period of 3 years at a charter rate that is higher than what both vessels earned combined last year. This means that the charter rate from the other vessel is a net incremental cash flow for us. In the third quarter, the vessels earned around $80,000 per day on average. And so far into the fourth quarter, we have covered 2/3 of the vessel days at an average charter rate in excess of $200,000 per day.

But please note that charter hire for vessels in the spot market is accounted for on a load-to-discharge basis pursuant to U.S. GAAP, where we only recognize revenues when there is cargo on board the vessels. So the final reported number will depend on trading towards the end of the quarter, including ballast days. And the drilling rig Hercules is in the process of preparing for a 400-day drilling campaign in Canada from March onwards next year. Having 0 revenues on the rig this quarter is, of course, weighing on the reported results, but this is changing next year when the rig is expected to generate significant revenues. And with that, I will now hand the call over to our Chief Operating Officer, Trym Sjølie.

Trym Sjølie

Thank you. As Ole mentioned, this has been a very active period for us, and I would like to spend a moment on what the recent transactions mean for the shape of the portfolio. Including the newbuildings we have ordered, our portfolio now comprises 66 maritime assets, 32 container vessels, 11 car carriers, 3 gas carriers, 16 tankers, 2 drilling rigs and 2 dry bulk vessels. 7 of the tankers have been agreed sold to Trafigura as explained, and are scheduled to leave the fleet over the fourth and first quarter. The 3 ammonia carriers take us into a new sector and broaden the diversification of the fleet further.

The majority of our customers remain large industrial end users, and this is where we continue to focus. Looking at contract duration, the weighted average remaining charter term on the container fleet is now 8.3 years, a direct result of the Hapag-Lloyd extensions and the new 8,800 TEU vessels. The car carriers follow at 5.7 years, the gas carriers at 5.0 years and the tankers at 3.2 years, while the energy sector is at 1.9 years and the dry bulk vessels are on short-term employment. It is worth noting that these figures exclude our charters extension options, so they are a conservative measure of how long the assets are likely to stay employed.

On the right-hand side, our fixed rate backlog stands at approximately $5.0 billion. Container vessels make up around 71% of this, car carriers, 11%, the rigs, 7%; and gas carriers and tankers around 5% each. The weight towards containers reflects both the size of the vessels and the length of the charters, and it gives us a very stable core of earnings well into the next decade. The backlog figure also excludes the dry bulk vessels, charters options and any future profit share. So there is an additional earnings potential on top.

Around 58% of the contracted revenue is with investment-grade counterparties. The remaining part is mainly with large, well-established industrial operators that we have long relationships with. And as Ole mentioned, a significant share of it is with a customer rated just notch below investment grade. Now turning to the operational performance. With the exception of 4 container vessels on bareboat charter, representing around 9% of the container revenue, our entire fleet is employed on time charter or voyage charter, where we provide crew and technical management to the charter.

This means operational performance feeds directly into our earnings and is a key part of the service our customers pay for. We had a total of approximately 4,670 operating days across the fleet in the quarter and utilization was strong across the shipping sectors. Container vessels and tankers both ran at 100%, car carriers at 98% and dry bulk at 97% -- the slightly lower figure for the car carriers reflects the fourth special survey dry docking of SFL Conductor, which was completed during the quarter. The energy sector ran at 50% with Linus operating through the quarter, while Hercules is being prepared for its campaign in Canada.

Charter revenue from the fleet was around $194 million in the quarter, and container vessels contributed $85 million, tankers, $56 million; car carriers, $27 million; the rigs $23 million and dry bulk $3 million. The tanker contribution was supported by the strong spot earnings on our 2 Suezmax tankers that Ole just mentioned. Operating expenses for the shipping fleet, excluding emission allowances, came in at about $36 million, of which $15 million on the container vessels, $12 million on tankers, $7 million on the car carriers and $2 million on dry bulk. And the car carrier figure includes approximately $2.3 million of drydocking costs related to the SFL Conductor. I will now give the word over to our CFO, Aksel Olesen, who will take us through the financial highlights of the quarter.

Aksel Olesen

Thank you, Trym. Turning now to our cash flow overview. This slide provides a clear view of the fleet's underlying operating performance, excluding certain noncash items and items we consider nonrecurring. Before walking through the numbers, a brief reminder. This presentation includes non-GAAP measures that management uses to assess underlying performance. These measures are not prepared in accordance with U.S. GAAP and should not be considered in isolation or as a substitute of GAAP measures. A full reconciliation of the most direct comparable GAAP measures is included in our earnings release filed this morning.

With that context, let me take you through the performance of our fleet. Across the fleet, we generated approximately $195 million in gross charter hire during the quarter. Our container fleet accounted for approximately $85 million, remaining our largest contributor. Turning to car carriers. Our 11 vessels generated approximately $27 million in gross charter hire, a slight improvement from the previous quarter. Our tanker fleet generated approximately $56 million in gross charter hire compared to $62 million in the previous quarter. The decrease was mainly due to lower recorded revenue from our 2 Suezmax tankers trading in the spot market, partly reflecting the timing of voyage revenue recognition.

As a reminder, under U.S. GAAP, voyage revenue is recognized on a load-to-discharge basis with revenue allocated on the days when cargo is on board. Our 2 Kamsarmax dry bulk carriers continue to trade in the short-term market, generating approximately $3 million in revenue. Average daily time charter equivalent was approximately $15,400 per vessel compared to $16,100 in the previous quarter. Moving to energy. The harsh environment rig Linus generated approximately $23 million in revenue, broadly in line with the previous quarter. The rig remains contracted to ConocoPhillips until May 2029, which gives good visibility on future cash flows.

The Hercules is preparing for its upcoming contract in Canada, which is expected to commence in March '27. As preparation progresses, we expect elevated rig operating expenses in the fourth and first quarter. Vessel and rig operating expenses together with G&A totaled approximately $73 million compared to $69 million in the previous quarter. As a result, adjusted EBITDA was approximately $122 million compared with $130 million in the previous quarter. Turning to our results on U.S. GAAP. Total operating revenues were approximately $202 million, in line with the previous quarter.

Operating expenses were approximately $85 million, up from $74 million in the previous quarter. The increase was mainly due to higher operating expenses for Hercules, reflecting the ongoing mobilization of the contract with Suncor in Canada as well as higher voyage expenses and scheduled dry dockings. The results included noncash mark-to-market gains of approximately $13.3 million on derivatives and $1 million on equity investments. We showed these separately so that investors can distinguish valuation movements from underlying operating performance. Including these gains, net profit was approximately $37 million or $0.26 per share compared with $34 million or $0.25 per share in the previous quarter.

Turning to the balance sheet. We had approximately $112 million in cash and cash equivalents at quarter end and a further $160 million available on the undrawn credit facilities. This gave us total available liquidity of more than $272 million. At quarter end, we agreed to sell 7 tankers currently on time charter to Trafigura. After settlement of profit share obligations and repayment of associated debt, we expect aggregate net cash proceeds of approximately $275 million. The vessels are expected to be delivered to the buyers during the fourth and first quarter, and we expect to recognize an aggregate book gain of approximately $175 million as they are delivered.

Following our recent announcements, remaining capital commitments under our newbuilding program totals approximately $1.7 billion. Of our 40 newbuildings, 12 have long-term charters in place, representing an aggregate charter backlog of approximately $1.9 billion. Deliveries are scheduled from the second half of '27 throughout the end of 2029, and expect to fund the commitments through a combination of existing cash and primarily pre- and post-delivery credit facilities. Before handing the call back to Espen, let me close with a few key points.

The Board has declared our 91st consecutive quarterly cash dividend of $0.22 per share. Our charter backlog stands at approximately $5.0 billion after adding additions of more than $1.6 billion so far this year. This gives us substantial visibility on future cash flows and supports both shareholder distribution and continued investments. The sale of the Trafigura tankers crystallizes value not previously reflected in our book values and releases significant capital.

The gains should be recognized over the next 2 quarters as the vessels are delivered, strengthening our capacity to fund further growth alongside our newbuilding program. With a diversified fleet, strong access to capital and disciplined approach to investments, we remain focused on generating attractive long-term returns for shareholders. Thank you for joining us this morning. I'll now hand it back to Espen for questions.

Espen Gjosund

Thank you, Aksel. We will now open for a Q&A session. And we will have our first question from [ Mr. Franklin ]. With one of the spot vessels now coming on a time charter contract, is the plan to get the other vessel on the time charter contract as well?

Ole Hjertaker

Thank you. We had a plan of effectively hedging those 2 vessels in the market. We have already chartered out the vessel at a charter rate more than double what both vessels earned before in 2025. We see a booming market, and we believe this extreme market could last for some while. So the plan is to keep it in the spot market for now. But we have to remember that incremental cash flow, every single dollar in charter rate on that vessel is incremental charter rate cash flow for us.

So just as an illustration, we -- I believe we earned a net contribution after OpEx and debt service on those vessels before used to be around $0.02 to $0.03. With the revenues that we recorded in the third quarter, the contribution per SFL share was around $0.08 -- and this is growing exponentially if the market should be higher. As I indicated, the market now, depending on who you talk to in the broker reports say some quote around $300,000 per day, some quote maybe $400,000 per day. Of course, what matters is what will the ship earn over time, but we're talking astronomical sort of cash flows. So for now, we think we will keep that vessel in the spot market. But of course, down the road, we may find long-term charter there as well. But we -- our ambition is to ride the market a little bit on that.

Espen Gjosund

Thank you, Ole. Another question from [ Tiffany Johnson ]. With the increased backlog that you've added this quarter, when are the next vessels coming off the contract? And what are your plans on those vessels?

Ole Hjertaker

Yes. Thanks. We have then effectively 3 vessels in the spot market, the Suezmax I just mentioned and also 2 Kamsarmaxes that are being traded there. They are around $15,000 per day in the third quarter. And so far this quarter, we are north of $20,000 per day, but they are 13, 14 years old. So I think we will just keep trading those in the spot market for now.

If you look at the vessels that are on longer-term charters currently, the next vessel really to come off charter is in 2028. It's a car carrier. That market is very strong. We also have 2 newbuild car carriers coming in 2029 that could be very attractive positions. This is on the back of a booming market in that segment, I would say, partly or to a significant degree driven by exports out of China. So we are quite comfortable with those positions.

And as you have seen, we have added massively to our backlog so far this year. And of that $5.0 billion, we have added $1.6 billion, $1.7 billion just this year alone. So it's been a very active year. And a part of that has been rechartering or extending charters on vessels that we already had on charters, and we expect that to continue going forward.

Espen Gjosund

Thank you, Ole. As there are no further questions from the audience, I would like to thank everyone for participating in this conference call. If you have any follow-up questions to the management, there are contact details in the press release or you can get in touch with us through the contact pages on our web page, www.sflcorp.com. Thank you for listening.