SFL - SFL Corporation: Momentum Building On Multiple Fronts

2024-07-04 12:42:06 ET

Summary

• SFL is taking meaningful strides to grow its business through vessel additions and backlog growth.
• Attractive rates in the offshore drilling market and tanker business will drive meaningful revenue growth.
• The company has adequate free cash flow to continue to grow the dividend as well as fund the purchase of new vessels.

Thesis

SFL Corporation ( SFL ) is a diversified shipping company that owns 78 vessels that operate across various industries. From cargo containers, car transports, and deep-water drilling, SFL does it all. With a backbone structured around long-term contracts, SFL has been able to pay a dividend for nearly 20 years, including back-to-back raises in Q1 and Q2.

These dividend raises are backed by improving revenue streams across multiple fronts....

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