Safello Group AB Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Charter Revenues: $236 million, up 13% from Q4 2023 ($209 million), driven by new car carrier deliveries and increased revenues from the drilling rig Hercules.
  • Adjusted EBITDA: $152 million, up from $132 million in Q4 2023.
  • Net Income: $45.3 million or $0.36 per share, compared to $31.4 million or $0.25 per share in Q4 2023.
  • Dividend: Increased to $0.27 per share for the 81st consecutive dividend payment since 2004.
  • Fixed-Rate Charter Backlog: Approximately $3.6 billion, up roughly 10% quarter-over-quarter, bolstered by long-term charters and acquisitions.
  • Fleet Portfolio: 76 maritime assets including 15 dry bulk, 34 container ships, 18 tankers, 2 drilling rigs, and 7 car carriers.
  • Fleet Utilization: Overall fleet utilization stood at 99.5% in Q1.
  • Capital Allocation: Raised $150 million in a new sustainability-linked bond; proceeds used for refinancing and general corporate purposes.

Notable Vessel and Charter Updates

  • New Acquisitions:
    • Three 110,000 DWT LR2 product tankers for $230 million, delivering between June-October 2024. Added $200 million in backlog (excluding options).

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Sander Borgli: Welcome to SPL's First Quarter 2024 Conference Call. My name is Sander Borgli, I'm Vice President for Investor Relations in SFL. Our CEO, Ole Hjertaker, will start the call with an overview of the first 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. Forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are inherently subject to risks and uncertainties that could cause future activities and results of operations to be materially different from these 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 an

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