Safello Group AB Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue & Earnings:
    • Gross charter hire: $199 million (↓from $213 million in Q1 2024).
    • Adjusted EBITDA: $131 million (↓from $152 million in Q1).
    • Net Income: $20.6 million or $0.16 per share (↓from $45 million or $0.36 in Q1).
  • Dividend:
    • Declared 82nd consecutive dividend of $0.27 per share, approximately 9% annualized yield.
  • Fleet & Operations:
    • Total assets: 81 vessels including to-be-delivered units.
    • Fleet includes: 15 dry bulk, 39 containerships, 18 tankers, 7 car carriers, 2 drilling rigs.
    • Charter revenue breakdown (Q2 2024): Containers $90M, Car carriers $26M, Tankers $30M, Dry bulk $23M, Energy assets $29M.
    • Fleet utilization: 97.6%, slightly impacted by dry dockings of 2 vessels and 1 rig.
    • Backlog: $4.9 billion (flat vs prior quarter), with 95% of Q2 revenue from time charters.
    • Profit share revenue: $4.4 million including $2.8M fuel savings & $1.6M bulk shipping upside.
  • New Deliveries and Investments:
    • Four vessels delivered YTD; three more expected by October 2024.

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Sander Borgli: Welcome to SFL's Second 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 second 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 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

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