SFL Corporation Ltd.

What they do

SFL Corporation Ltd. is a foreign private issuer incorporated in Bermuda, with principal offices at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda. Its common shares trade on the New York Stock Exchange under the symbol SFL. The company operates in the deep sea foreign transportation of freight industry, owning vessels that it charters to customers. The 20-F filed March 16, 2026 covers the fiscal year ended December 31, 2025.

Revenue drivers

• Long-term vessel charters — The company's revenue comes from chartering its vessels to customers; total annual revenue reached $733.0 million in 2025, down from $904.4 million in 2024.
• Freight transportation — SFL is classified in the deep sea foreign transportation of freight industry per its SIC designation.
• Fleet deployed under contracts — The filing excerpts provided describe the company as a shipowning and chartering business, but do not break out revenue by vessel class or individual segment.

Recent performance

Revenue fell to $733.0 million in 2025 from $904.4 million in 2024, following a multi-year rise from $513.4 million in 2021. Net income swung to a loss of $26.4 million in 2025, versus positive net income of $130.7 million in 2024. Diluted EPS was negative $0.20 in 2025, compared with $1.01 in 2024. Operating cash flow remained positive at $267.1 million in 2025, though lower than $369.9 million the prior year. Dividends per share were $0.94 in 2025, down from $1.07 in 2024.

Strategy

The filing excerpts provided do not detail specific strategic initiatives, capital commitments or investment plans. The company's Form 20-F for fiscal 2025 includes standard sections on operating and financial review and market risk, but the supplied text is primarily cover page, index, and forward-looking statement language. No concrete strategic direction can be summarized without the full Item 4 and Item 5 content.

Risks

• Revenue and earnings decline — Revenue dropped 19% to $733.0 million in 2025 and the company swung to a $26.4 million net loss from $130.7 million of net income in 2024.
• Leverage — Total liabilities were $2.48 billion against $3.52 billion of total assets and $1.04 billion of shareholder equity as of June 30, 2026, with long-term debt of $1.81 billion.
• Liquidity position — Cash and equivalents stood at $113.1 million as of June 30, 2026, small relative to $1.81 billion of long-term debt.
• Dividend sustainability — Dividends per share of $0.94 in 2025 were paid in a year the company reported a net loss of $26.4 million and reduced operating cash flow of $267.1 million.

Outlook

The provided filing excerpts do not include management's forward guidance or outlook commentary. The 20-F contains a cautionary statement noting that forward-looking statements involve risks and uncertainties and that actual results may differ materially. No specific targets, projections or expected results can be reported from the material supplied.