Safello Group AB Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Dividend Update: Declared a quarterly dividend of $0.18 per share, a 20% increase over Q2 2021’s dividend. This is the 71st consecutive dividend and equates to a yield of approximately 9% based on the share price at time of announcement.
  • Revenue & Earnings:
    • Total charter revenues: $156 million (up ~10% from Q2 2021).
    • EBITDA equivalent cash flow: $112 million (up from $103 million in Q2 2021).
    • Net income: $33.2 million or $0.26 per share.
    • Operating revenue under U.S. GAAP: $135.4 million due to a portion being classified as finance lease payments.
  • Backlog & Fleet Developments:
    • Total fixed-rate charter backlog: $2.7 billion, excluding Seadrill rigs and short-term market vessels.
    • Delivery of 5 container vessels (chartered to Maersk and Evergreen) will add $300 million of backlog and positively impact Q4 cash flow.
    • Recent acquisition: 3 Suezmax tankers (2019-built) with long-term charters and optionality to profit-share via conditional sales.
    • Sale of 7 Handysize bulk vessels for $98 million; values have nearly doubled from a year ago. Due to being debt-free, net sales proceeds will add directly to cash reserves.

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Operator: Good day, and thank you for standing by. Welcome to the Q3 2021 SFL Corporation's Earnings Conference Call. [Operator Instructions] And please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ole Hjertaker. Thank you. Please go ahead. Ole Hjertaker: Thank you, and welcome, everyone, to SFL's Third Quarter Conference Call. I will start the call by briefly going through the highlights of the quarter. And following that, our CFO, Aksel Olesen, will take us through the financials, and the call will be concluded by opening up for questions. Our Chief Operating Officer, Trym Sjølie will also be present for 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 projections 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 shipp

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