SFL Corporation

What SFL Corporation does

SFL Corporation Ltd. is a Bermuda-domiciled, NYSE-listed ship-owning company (founded 2003, IPO 2004) that acquires and leases maritime vessels and offshore energy assets under long-term fixed-rate time charters to creditworthy counterparties. The diversified fleet of approximately 60 vessels spans five segments: container vessels (including five LNG dual-fuel 16,800 TEU newbuilds for delivery in 2028), crude and product tankers (Suezmax, LR2, MR), pure car and truck carriers including LNG-fueled PCTCs, dry bulk carriers, and offshore energy assets (the Hercules semi-submersible rig and the Linus jack-up rig). Customers include leading liner operators (Maersk, MSC, Hapag-Lloyd), commodity traders and energy majors (Trafigura, Vitol, Phillips 66, Equinor, ConocoPhillips), and automotive manufacturers and logistics operators (Volkswagen, K Line, Eukor, Stolt-Nielsen).

SFL's revenue model is built on long-duration contractual cash flows: approximately $3.7 billion in contracted charter backlog as of Q1 2026, a weighted average remaining charter tenor of close to 7 years, and roughly 66% of fixed-rate backlog attributable to investment-grade counterparties. Vessel pricing is not publicly disclosed and is negotiated contract by contract based on vessel specifications and market conditions; the company's stock and bond issuances, however, are priced publicly (July 2024: 8M shares at $12.50; January 2025: $150M sustainability-linked bonds at 7.75%; April 2026: $75M tap at 103.5% of par). Asset disposal gains supplement operating income — most recently, the December 2025 sale of two Suezmax tankers to Koch Industries generated a net gain of approximately $23 million.

The go-to-market is direct, relationship-driven enterprise sales: management negotiates multi-year time charters with world-class counterparties, leveraging a 22-year NYSE track record and the longest continuous quarterly dividend record in shipping (88 consecutive quarters since 2004, totaling approximately $2.8 billion in distributions). The company maintains an active investor relations program covering institutional investors and analysts, with Q1 2026 revenue of $174.48 million (down 6.56% year-over-year) reported through quarterly earnings webcasts and filings.

Name

SFL Corporation

Legal name

SFL Corporation Ltd.

Website

https://www.sflcorp.com/

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

SFL Corporation is a Bermuda-domiciled, NYSE-listed ship-owning company that acquires and leases approximately 60 maritime vessels — containers, tankers, car carriers, dry bulk, and offshore rigs — on long-term fixed-rate charters to investment-grade counterparties including Maersk, MSC, Hapag-Lloyd, Trafigura, Equinor, and Volkswagen.

Ownership category

akta.pro rank

Product category

Maritime Vessel Leasing

NAICS

Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing (532411), Deep Sea Freight Transportation (483111)

SIC

Water Transportation (4400), Finance Lessors (6172)

akta.pro industry

PRIMARYFSAKANAH

Boat & Marine Leasing

Financial & Insurance/Lending & Consumer Finance/Consumer Leasing (Non-mortgage)

SECONDARYEUALABAJ

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Oilfield Services & Drilling (OFS)

Keywords

• Maritime vessel leasing
• Time charter services
• Ship ownership
• Offshore drilling assets
• Container shipping fleet

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Others

Revenue model

1. Vessel Time Charter Revenue: SFL's primary revenue stream comes from time charter contracts on its owned and partially-owned vessels. Vessels are chartered to leading liner operators (Maersk, MSC, Hapag-Lloyd), energy companies (Trafigura, Vitol, Phillips 66), and automotive manufacturers/logistics operators (Volkswagen, K Line) on fixed-rate, multi-year contracts. Charter rates are negotiated based on vessel type, capacity, duration, and market conditions. The weighted average charter tenor is close to 7 years, providing long-term cash flow visibility.
2. Asset Disposal Gains: SFL generates additional returns through strategic fleet management, including the sale of vessels at favorable times. For example, the company sold two 2015-built Suezmax tankers for $52 million and completed other vessel disposals, generating net gains of approximately $23 million.
3. Drilling Contract Revenue: SFL's offshore energy assets (semi-submersible rig Hercules, jack-up rig Linus) generate revenue through drilling contracts with energy companies. The Hercules rig secured a $170 million drilling contract with a multinational oil and gas company for operations starting Q1 2027 in Canada.
4. Bond Financing: SFL raises capital through senior unsecured sustainability-linked bond issuances. The company completed a $150 million bond issuance (7.75% coupon, due 2030) and a $75 million tap issue (due 2030, priced at 103.5% of par), bringing total outstanding to $225 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

SFL Corporation Ltd. acquires, owns, and leases a diversified fleet of approximately 60 maritime vessels and offshore assets to world-class counterparties under long-term fixed-rate time charter contracts. The fleet spans five segments (container vessels, tankers, car carriers, dry bulk carriers, and offshore energy assets) and is chartered to leading liner operators, energy majors, commodity traders, and automotive manufacturers, generating predictable contracted cash flows that fund a consistent quarterly dividend.

Product overview

SFL Corporation operates as a diversified maritime vessel ownership and leasing company with a fleet of approximately 57 vessels across five main segments: container vessels, tankers (including crude, product, and chemical), car carriers, dry bulk carriers, and offshore energy assets. The company provides vessels on long-term fixed-rate charters to world-class counterparties including Maersk, MSC, Hapag-Lloyd, Trafigura, Vitol, Equinor, ConocoPhillips, Volkswagen, and K Line. The fleet portfolio includes modern dual-fuel LNG vessels, with newbuilds scheduled for delivery in 2028. SFL's business model emphasizes contracted cash flows through multi-year charter agreements, with a weighted average charter tenor of close to 7 years and approximately $3.7 billion in contracted revenue backlog.

Differentiator

Problem solved

Functional benefit

Products and services

• Container Vessels

Quantifiable outcome

• Dividend payments for 88 consecutive quarters (over 22 years) totaling approximately $2.8 billion
• +3 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Star Bulk Carriers Corp. Star Bulk is a global dry bulk carrier owner with a fleet of Newcastlemax, Capesize, Kamsarmax, Panamax, and Ultramax vessels. It is directly comparable to SFL's dry bulk segment serving industrial commodity shippers.
• Costamare Inc. Costamare owns and charters container vessels on long-term time charters to liner operators including Maersk, MSC, Hapag-Lloyd, and others. It runs the same ship-owning-and-leasing model with a similar investment-grade counterparty base, making it one of the closest direct comparables to SFL's container segment.
• International Seaways, Inc. International Seaways owns and operates a diversified tanker fleet (VLCC, Suezmax, Aframax/LR2, MR) on time and voyage charters. Its diversified crude/product tanker model closely parallels SFL's tanker segment serving commodity traders and energy majors.
• Danaos Corporation: Danaos is a containership owner that charters vessels to liner operators under multi-year contracts. Its business model of long-term fixed-rate container vessel leasing directly mirrors SFL's container fleet strategy with shared exposure to Maersk and similar customers.
• Scorpio Tankers Inc. Scorpio Tankers is a large product tanker owner with a fleet of MR and LR2 vessels chartered to global commodity traders and oil majors. Its product tanker focus overlaps directly with SFL's product tanker fleet chartered to Trafigura, Vitol, and Phillips 66.
• Frontline plc: Frontline is the world's largest crude tanker operator and SFL's former parent (SFL was spun off from Frontline in 2003). Both companies are Bermuda-incorporated, NYSE-listed tanker-focused operators, and share overlapping board and management lineage, providing direct historical and operational comparability.
• Ardmore Shipping Corporation: Ardmore owns MR product tankers and chemical carriers and charters them to commodity traders and energy companies. It is directly comparable to SFL's product and chemical tanker business, including similar exposure to Trafigura and Stolt-Nielsen-type counterparties.
• DHT Holdings, Inc. DHT is a pure-play crude tanker owner operating VLCCs on a mix of spot and time charters out of Bermuda. It is comparable to SFL's crude tanker segment, particularly the Suezmax tankers time-chartered to Trafigura, with similar customer base and capital allocation philosophy.
• Teekay Corporation: Teekay operates a global fleet of tankers and LNG carriers on long-term charters, including shuttle tankers and FSO units. It is comparable to SFL's offshore and tanker segments, with overlapping exposure to energy majors and similar offshore vessel categories.

Emerging players

• Golar LNG Limited: Golar LNG owns and charters LNG carriers and FLNG infrastructure, with growing exposure to LNG-fueled shipping and energy infrastructure. While not a direct shipowner peer, Golar is comparable as a Bermuda-based long-term-charter maritime infrastructure company with LNG-fuel-transition relevance to SFL's dual-fuel fleet strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sflcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SFL Corporation