olivLaw · US equity research
SFL Corporation Ltd. SFL
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
SFL Corporation owns and operates ships and offshore assets, mostly chartered on medium and long-term fixed-rate contracts. The company enters 2026 with a smaller active fleet after asset sales in 2025 and a growth path based on new orders of container vessels. Revenue in 2025 was 733,041 thousand USD, and the company reported a net loss of 26.4 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SFL Corporation Ltd. (SFL) stock was 11.72 USD (−4.95% on the day), with market capitalisation 1.7 bn USD, dividend yield 8.02%, beta 0.59, 52-week range 7.45–13.75 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.0
- weak (30–45)
- Bollinger (20, 2)
- 11.62 – 13.78
- in the lower half of the band · %B 0.04 · band width 16.9%
- SMA 50 / 200
- 12.83 / 11.45
- mixed trend
- MACD (12, 26, 9)
- -0.17 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.2% | −1.1% | −12.1 pp | — |
| 3 months | −1.3% | −0.5% | −0.8 pp | — |
| 6 months | −0.5% | +4.4% | −4.9 pp | — |
| Year to date | +50.1% | +12.3% | +37.7 pp | — |
| 1 year | +60.1% | +13.5% | +46.6 pp | +30.6% |
| 3 years | +4.6% | +76.4% | −71.8 pp | +37.7% |
| 5 years | +46.5% | +63.7% | −17.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 418.7 m | 458.8 m | 471.0 m | 513.4 m | 670.4 m | 752.3 m | 904.4 m | 733.0 m |
| Revenue YoY | +9.9% | +9.6% | +2.7% | +9.0% | +30.6% | +12.2% | +20.2% | −18.9% |
| Net income | 73.6 m | 89.2 m | -224.4 m | 164.3 m | 202.8 m | 83.9 m | 130.7 m | -26.4 m |
| Net income YoY | −27.3% | +21.1% | −351.7% | unavailable | +23.4% | −58.6% | +55.7% | −120.2% |
| Diluted EPS | 0.69 | 0.83 | -2.06 | 1.30 | 1.53 | 0.66 | 1.01 | -0.20 |
| Diluted EPS YoY | −33.0% | +20.3% | −348.2% | unavailable | +17.7% | −56.9% | +53.0% | −119.8% |
| net % | 17.6% | 19.4% | -47.6% | 32.0% | 30.2% | 11.2% | 14.4% | -3.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 150.8 m USD
- Financial debt
- 2.6 bn USD
- Net debt
- 2.4 bn USD
- Equity
- 960.9 m USD
- Total assets
- 3.6 bn USD
- Debt / equity
- 2.67x
- Current ratio
- 0.36x
- ROE
- -2.5%
- ROA
- -0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 471.0 m | 513.4 m | 670.4 m | 752.3 m | 904.4 m | 733.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | -138.2 m | 242.8 m | 275.5 m | 240.2 m | 306.7 m | 136.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Interest expense | — | — | 117.3 m | 167.0 m | 183.0 m | 180.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | -228.7 m | 164.3 m | 202.8 m | 87.3 m | 141.3 m | -24.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | — | 0 | 0 | 3.3 m | 10.6 m | 1.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -224.4 m | 164.3 m | 202.8 m | 83.9 m | 130.7 m | -26.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | -2.06 | 1.30 | 1.53 | 0.66 | 1.01 | -0.20 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 109.0 m | 139.4 m | 137.4 m | 126.6 m | 130.0 m | 133.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | 0.86 | 0.56 | 0.88 | 0.97 | 1.07 | 0.94 | SEC (XBRL)· 16 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 215.4 m | 145.6 m | 188.4 m | 165.5 m | 134.6 m | 150.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 6.7 m | 11.1 m | 20.0 m | 41.2 m | 36.8 m | 11.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 8.8 m | 10.1 m | 16.4 m | 11.7 m | 17.4 m | 13.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 356.4 m | 250.3 m | 297.0 m | 298.1 m | 316.0 m | 259.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 3.1 bn | 3.5 bn | 3.9 bn | 3.7 bn | 4.1 bn | 3.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 485.0 m | 302.8 m | 921.3 m | 432.9 m | 689.0 m | 605.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 1.2 bn | 1.6 bn | 1.3 bn | 1.7 bn | 2.2 bn | 2.0 bn | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 576.5 m | 400.3 m | 1.1 bn | 969.2 m | 827.9 m | 710.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 2.3 bn | 2.5 bn | 2.8 bn | 2.7 bn | 3.0 bn | 2.7 bn | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 795.7 m † | 982.3 m † | 1.1 bn † | 1.0 bn † | 1.1 bn † | 960.9 m † | SEC (XBRL)· 16 Mar 2026verified |
| Shares outstanding at year end | 127.8 m | 138.6 m | 138.6 m | 137.5 m | 145.7 m | 144.6 m | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 276.5 m | 293.6 m | 355.1 m | 343.1 m | 369.9 m | 267.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Investing cash flow | 176.3 m | -389.1 m | -499.1 m | -103.9 m | -617.5 m | 188.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -431.4 m | 25.0 m | 178.4 m | -262.1 m | 216.7 m | -439.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 109.4 m | 77.6 m | 111.6 m | 123.0 m | 138.5 m | 125.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | — | 0 | 0 | 10.2 m | — | 10.0 m | SEC (XBRL)· 16 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.35 – 16.61 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)12.35 – 16.61 (Mid 14.17)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.2% | 15 (vs peers) | 25% |
| Net margin · Quality | -3.6% | 18 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.0% | 25 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.8x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.0% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial25/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SFL Corporation Ltd. (SFL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 733.0 m USD in 2025; YoY growth -18.9%; net margin -3.6%; ROE -2.5%.
The estimated value range is 12.35–16.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.17 USD, the price of 11.72 USD leaves a potential of 20.9% (value / price − 1) and a margin of safety of 17.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 8.0%
- The price is below the estimated value range
What contradicts it
- ROIC: 3.2%
- Net margin: -3.6%
- Revenue CAGR 3Y: 3.0%
- Interest coverage: 0.8x
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +60% / +5% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| TENTsakos Energy Navigation Limited | 1.4 bn | 10.5 | 9.1% | 20.1% | −0.7% | +91% / +132% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for SFL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (11 Sept 2026).
In brief
SFL Corporation owns and operates ships and offshore assets, mostly chartered on medium and long-term fixed-rate contracts. The company enters 2026 with a smaller active fleet after asset sales in 2025 and a growth path based on new orders of container vessels. Revenue in 2025 was 733,041 thousand USD, and the company reported a net loss of 26.4 million USD.
SWOT
Strengths
- The company has a diversified asset base across several vessel types and rigs, which reduces dependence on any single segment. Medium and long-term fixed-rate charters provide predictable revenue.
- Its customers are numerous and high quality, including logistics operators and major oil companies, and none is a related party. This lowers concentration risk, although large contracts remain important.
- The company benefits from its management expertise and its relationship with the Seatankers group, which can open acquisition opportunities.
Weaknesses
- A high level of debt and lease obligations makes the company sensitive to higher interest rates and refinancing difficulties.
- Revenue fell in 2025 and the company reported a net loss, showing its dependence on asset sales and drilling contracts.
- Drilling activity was hit by a rig being stacked, which reduced revenue from a segment that depends on short-term contracts.
Opportunities
- Delivery and charter of the new dual-fuel container vessels could create a larger revenue base if the project keeps to schedule.
- Accretive acquisitions across several maritime and offshore asset classes could expand the fleet and diversify income sources.
- Renewing expiring contracts at better rates, or signing contracts with profit-sharing clauses, could raise revenue.
Threats
- The cyclical nature of the shipping market can reduce charter rates and vessel values, affecting revenue and the ability to pay dividends.
- Global economic conditions, sanctions and regional conflicts can disrupt trade routes and affect the company's customers.
- Difficulties in financing or refinancing could limit the company's ability to fund new acquisitions or meet its debt obligations.
Risks
- Cyclical charter rateshigh
Falling rates could reduce revenue when contracts are renewed and affect asset values, which could limit dividends.
- High debt and refinancinghigh
Total debt and lease obligations raise the risk of covenant pressure if interest rates remain high for longer than expected.
- Dependence on large customersmedium
Maersk, Hapag-Lloyd and other large customers generate a significant part of revenue, so non-payment or non-renewal of contracts would have an important effect.
- Red Sea and conflict zonesmedium
Attacks on vessels and sanctions can disrupt routes, raise costs and affect contracts if a third party is directly involved.
- Shareholder risklow
The share price has historically been volatile, and shareholders may find it difficult to bring suit or enforce US judgments because the offices and most assets are outside the United States.
Investment thesis
What would need to be true (bull case)
- If the new container vessels are delivered in 2028 and chartered as planned, the company could have a stronger long-term revenue base.
- Long-term fixed-rate contracts could provide predictable revenue even during periods of market volatility.
- Diversification across several asset classes can reduce the impact of a decline in any single segment.
What would break the thesis
- If charter rates fall or interest rates stay high, the company's debt could limit its ability to pay dividends.
- Revenue fell in 2025 and the company reported a net loss, which could signal near-term pressure on profitability.
- Dependence on a few large customers and on asset sales can make revenue harder to forecast if contracts are not renewed.
What to watch
- Revenue trend from drilling contracts and the return to service of the rigsQ1 2027
- Construction progress of the five 16,800 TEU container vessels2027
- Level of debt and cost of borrowing, including scheduled refinancingsnext 10-K
- Renewal of expiring contracts and new asset acquisitions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (11 Sept 2026).
The business
SFL Corporation Ltd. is a Bermuda-incorporated ship-owning company, formed in 2003, engaged primarily in owning and operating vessels and offshore assets and in chartering, buying and selling them. The company was spun off from Frontline and began trading in 2004, and its assets now include crude oil and product tankers, chemical tankers, container vessels, car carriers, dry bulk carriers and two drilling rigs. According to the filing, its model relies on medium and long-term charters at fixed rates that provide stable revenue, and its stated strategy is growth through accretive acquisitions across several maritime and offshore asset classes. As of December 31, 2025, the active fleet numbered 53 units, down from 75 at the end of 2024.
Segments
Container and car carriers
Container vessels and car carriers are generally chartered on long-term terms to logistics operators such as Maersk, MSC, Hapag-Lloyd, Volkswagen and Eukor. Maersk accounted for the largest revenue share at 26% in 2025, and the company ordered five LNG dual-fuel container vessels at an aggregate construction cost of 962.5 million USD, with delivery expected in 2028. This segment remains the most important for any long-term growth, if the new vessels are delivered and chartered as planned. 1
Tankers and dry bulk carriers
Crude oil and product tankers, chemical tankers and dry bulk carriers are mostly chartered on long-term terms, although some vessels trade in the spot market or in pools. In 2025 the company sold eight Capesize carriers to Golden Ocean and five Supramax carriers, reducing its dry bulk fleet. Revenue from this segment depends on market conditions and on renewing contracts at expiry. 1
Market context
The international seaborne freight market is cyclical and fragmented, and charter rates move with the supply and demand for vessel capacity, global trade and new vessel orders. The company operates in several sectors, each with different dynamics, but long-term fixed-rate contracts generally reduce exposure to short-term volatility. Total operating revenues in 2025 fell 18.9% from 2024, mainly because of asset sales and lower drilling revenues. 1
Trends
- Orders of dual-fuel container vesselsmixed
The company has ordered five 16,800 TEU LNG dual-fuel container vessels, which could strengthen long-term revenue if they are delivered in 2028 and chartered as planned. However, the high construction cost and the risk of delivery delays could affect profitability.
- Tensions in the Red Seamixed
Attacks on commercial ships in the Bab al-Mandab Strait have led many Europe-Asia routes to be rerouted around the Cape of Good Hope, which can raise transport costs and voyage times. The company stated that its vessels and contracts had not been materially affected as of March 16, 2026. 1
- Inflationary pressure and high interest ratesheadwind
Inflation and high interest rates can raise operating and borrowing costs, and refinancing debt can become harder. The company reported total indebtedness of 2.6 billion USD at the end of 2025, which makes this factor relevant for future margins.
- Asset sales and fleet recyclingmixed
Vessel sales in 2025 and February 2026 generated net proceeds and gains but reduced the active fleet and recurring revenue. The company's ability to replace these assets through accretive acquisitions remains essential for durable growth.
Competitive position
The freight markets in which the company operates are highly competitive, and competition is based on price, location, size, age, specifications and the quality of the technical and commercial manager. Oil transport is dominated by major oil companies, captive fleets and independent owners, and many vessels are managed in pools. In containers and car carriers, customers are generally logistics operators that use the vessels as an integral part of their services.
In drilling, competition is worldwide because jack-up rigs can be moved over long distances and ultra-deepwater rigs are self-propelled. Competition for contracts is intense, and the rigs are sub-chartered to major oil companies. For the company, the advantage depends on its existing long-term contracts and on its ability to win new contracts when current ones expire.
- FrontlineFRO
Tanker owner from which SFL was spun off in 2004 and in which SFL's former parent retains less than one percent.
- Golden Ocean Group
Buyer of the eight Capesize carriers SFL sold in July 2025, active in dry bulk shipping.
- Stolt Tankers
Customer for the chemical tankers, one of which trades in a pool and another under an eight-year time charter.
- Seatankers
Group of companies related to SFL's management that provides administrative services and is an important source of expansion opportunities.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- SFL Corp. (SFL) Scores a Record Quarter on Surging Tanker RatesYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 28 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)12 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / SFL Corporation Ltd. · 16 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.