SFL Corporation Ltd. (NYSE:SFL) Q2 2022 Earnings Conference Call August 17, 2022 10:00 AM ET
Company Participants
Ole Hjertaker - Chief Executive Officer
Aksel Olesen - Chief Financial Officer
Trym Sjølie - Chief Operating Officer
Conference Call Participants
Liam Burke - B. Riley Financial
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, 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 more detailed discussions on the risks and uncertainties, which may have a direct bearing on our operating results and our financial condition.
The total charter revenues in the quarter were $165 million with the vast majority for vessels on long-term charters and only 17% from vessels employed on short-term charters or in the spot market. The EBITDA equivalent cash flow in the quarter was approximately $124 million. And over the last 12 months, the EBITDA equivalent has been approximately $476 million. The net income came in at around $57 million in the quarter or $0.45 per share. This includes a gain on sale of vessels of $13 million in the quarter and also positive mark-to-market on interest rate swaps and equity in Suezmax.