SFL 2026 年第三季法說會：在手訂單達 50 億美元

重點摘要

• SFL 公布 2026 年第三季營業收入為 2.02 億美元，調整後 EBITDA 為 1.22 億美元，淨利為 3,700 萬美元，或每股盈餘 0.26 美元。
• 董事會宣告發放每股 0.22 美元的季度股利，這也是 SFL 連續第 91 個季度發放現金股利。自 2004 年以來的累計配息已超過 30 億美元，相當於每股近 33 美元。
• 在 2026 年新增超過 16 億美元合約後，固定費率租賃合約在手訂單達到約 50 億美元。其中約 58% 是與投資級客戶簽訂。
• SFL 預計在償還債務及履行利潤分享義務後，出售 7 艘油輪將獲得約 2.75 億美元的淨現金收入。預計帳面利潤總額約為 1.75 億美元。
• 該公司在本季結束時擁有 1.12 億美元的現金及現金等價物，以及 1.6 億美元的未動用信貸額度，提供超過 2.72 億美元的可流動資金。
• 其中一艘蘇伊士型（Suezmax）油輪與一家投資級大型石油公司簽署了為期三年的租賃合約，而在運價強勁的背景下，SFL 計劃暫時將第二艘油輪保留在現貨市場。

核心財務數據

第三季業績包含衍生性商品約 1,330 萬美元及股權投資 100 萬美元的非現金按市值計價收益。營業費用增加主要反映 Hercules 鑽井平台的動員成本、航程費用及預定的入塢維修費用。

業務與營運表現

SFL 的資產組合包含 66 項海上資產：32 艘貨櫃船、11 艘汽車運輸船、3 艘氣體運輸船、16 艘油輪、2 座鑽井平台及 2 艘散裝貨輪。在同意出售給 Trafigura 後，其中 7 艘油輪預計將於 2026 年第四季和 2027 年第一季期間退出船隊。

貨櫃船產生的季度租賃收入約為 8,500 萬美元。6 艘 15,400 TEU 貨櫃船獲赫伯羅德（Hapag-Lloyd）展延 7 年租約至 2035 年與 2036 年，為在手訂單增加約 7.5 億美元。SFL 還以約 2.56 億美元收購了兩艘帶有 8 年租約的 8,800 TEU 貨櫃船，增加約 2.5 億美元的在手訂單。

油輪貢獻約 5,600 萬美元，而前一季為 6,200 萬美元。兩艘蘇伊士型油輪在第三季的平均日租金約為 80,000 美元。在法說會召開時，第四季約三分之二的可提供船天數已鎖定，平均日租金超過 200,000 美元。

汽車運輸船產生約 2,700 萬美元收入。產能利用率為 98%，反映了 SFL Conductor 號的預定入塢維修，其中包括約 230 萬美元的維修費用。4 艘新造汽車運輸船中有 2 艘已取得長期租約，為在手訂單增加 1.5 億美元；若行使選擇權，金額可能增至 3 億美元。

SFL 還以約 3.36 億美元訂購了 3 艘 93,000 立方公尺的氨氣運輸船。這 3 艘船自 2028 年交船起皆簽有長約，為固定費率在手訂單增加約 2.5 億美元。

Linus 鑽井平台產生約 2,300 萬美元收入，與康納柯菲利浦（ConocoPhillips）的合約將持續至 2029 年 5 月。Hercules 平台在第三季未產生收入，因為正在為預計於 2027 年 3 月開始的加拿大 400 天鑽井作業進行準備。

管理層展望

隨著加拿大合約準備工作的持續進行，管理層預計 2026 年第四季和 2027 年第一季 Hercules 的營業費用將處於高位。預計該鑽井平台在 2027 年 3 月啟動作業後將開始產生顯著收入。

SFL 計劃透過現有現金以及交船前與交船後的信貸額度，融資剩餘約 17 億美元的新造船承諾額。12 艘新造船已獲長期租約，代表約 19 億美元的在手訂單，預計交船時間為 2027 年下半年至 2029 年底。

公司預計出售油輪的利潤將隨著船舶交付，於 2026 年第四季和 2027 年第一季分攤認列。管理層亦預計將為預定於 2029 年交付、目前尚未確定租約的 2 艘新造汽車運輸船取得長期租賃合約。

風險與關注焦點

• 根據美國通用會計準則（U.S. GAAP），現貨市場航程收入是在從裝貨到卸貨期間認列。因此，報告的第四季油輪收入將取決於季度末附近的航程時間、載貨天數及空載航行天數。
• 將 1 艘蘇伊士型和 2 艘卡姆薩爾型（Kamsarmax）船舶保留在現貨市場，會增加短期租賃費率波動的風險暴露。
• Hercules 平台在加拿大合約開始前將繼續產生準備費用，同時在動員期間不會產生相應的合約收入。
• 新造船計畫仍有約 17 億美元的資本承諾額，主要取決於能否取得交船前與交船後融資。
• 管理層指出，航運、離岸工程及信貸市場狀況均為可能導致實際結果與當前預期存在差異的因素。

分析師問答重點

管理層表示，目前剩餘的現貨市場蘇伊士型油輪將繼續在現貨市場營運。其姐妹船已取得為期三年的租賃合約，租金率高於這兩艘船在 2025 年的合計收益，使得這艘剩餘船舶的收入成為在先前現金流水準上的額外增量。

除了目前在現貨市場營運的船舶外，下一個較長期的租約到期日是 2028 年的一艘汽車運輸船。管理層表示公司對該狀況以及預計於 2029 年交付的 2 艘未確定租約之新造汽車運輸船感到坦然。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.