SFL Corporation Ltd (NYSE:SFL) Q3 2022 Earnings Conference Call November 14, 2022 10:00 AM ET
Company Participants
Aksel Olesen - CFO
Ole Hjertaker - CEO
Conference Call Participants
Ole Hjertaker
Hi, everyone, and welcome to SFL's third quarter conference call. We do apologize for the problems with our service provider who has delayed the call now for more than 20 minutes. But I hope you have been patient and are able to listen in to us still.
I will start the call by briefly going through the highlights of the quarter. 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 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 includes, 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 with the Securities and Exchange Commission for a more detailed discussion on our risks and uncertainties, which may have a direct bearing on our operating results and our financial condition.
The total charter revenues were $178 million in the quarter, which was up 8% compared to the second quarter. The maturity of revenues was from vessels on long-term charters and around 18% for vessels deployed on short-term charters and in the spot market. The EBITDA equivalent cash flow in the quarter was approximately $126 million. And over the last 12 months, the EBITDA equivalent has been $489 million. The net income came in at around $50 million in the quarter or $0.39 per share. This includes contributions from profit share arrangements and also positive mark-to-market on interest rate swaps and equity and bond investments.
The announced dividend of $0.23 per share is in line with the dividend declared for the second quarter and represents a dividend yield of around 8.8% based on closing price on Friday. This is our 75th quarterly dividend. And over the years, we have paid more than $2.5 billion in total or more than $28 per share, and we have a robust charter backlog supporting continued dividend capacity going forward.