Safello Group AB Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Performance Overview:
    • Total charter revenues: $165 million, with 83% from long-term charters.
    • EBITDA equivalent cash flow: $124 million, up from $119 million in Q1 2022.
    • Net income: $57.4 million or $0.45 per share.
    • Dividend declared: $0.23 per share, 4.5% increase from Q1 2022. This is the fourth consecutive quarterly increase and reflects an 8.7% yield based on the closing price prior to the announcement.
  • Fleet Highlights:
    • Acquisition of 4 modern eco-design Suezmax tankers for $222.5 million, adding $250 million to backlog from new charters with Koch Industries.
    • Expected annual EBITDA contribution from these tankers: ~$30 million; full cash flow impact anticipated early Q4.
    • Sale of last 2 VLCCs chartered to Frontline and a 19-year old container vessel, MSC Alice, generating $48.5 million net proceeds and a gain of $30 million.
    • Fleet size: 75 owned assets across diversified segments, up from 50 vessels 16 years ago, reflecting extensive reinvestment in modern, fuel-efficient vessels.

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Operator: Good day and thank you for standing by. Welcome to the Second Quarter 2022 SFL Corporation Earnings Conference Call. [Operator Instructions] 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. Please go ahead. Ole Hjertaker: Thank you and welcome everyone to our second 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 then the call will be concluded with 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 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, of

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