SFL Corporation Ltd. (SFL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de activos marítimos, SFL Corporation Ltd. se destaca como un faro de innovación estratégica, transformando el panorama de envío tradicional a través de su sofisticado lienzo de modelo de negocio. Al aprovechar un enfoque único que combina contratos chárter a largo plazo, asociaciones estratégicas y una flota diversificada de activos marítimos, SFL ha forjado un nicho distintivo en el ecosistema de inversión marítima global. Este intrincado modelo de negocio no solo genera flujos de ingresos estables, sino que también ofrece soluciones flexibles y mitigadas por el riesgo que atraen a compañías navieras globales, empresas del sector energético e inversores institucionales que buscan oportunidades especializadas de inversión marítima.

SFL Corporation Ltd. (SFL) - Modelo de negocios: asociaciones clave

Asociaciones de arrendamiento de barcos con compañías internacionales de transporte marino

SFL Corporation Ltd. mantiene asociaciones estratégicas de arrendamiento de barcos con varias compañías importantes de transporte marino:

Empresa asociada	Tipo de asociación	Número de embarcaciones arrendadas
Gestión de primera línea como	Carta de tiempo a largo plazo	18 embarcaciones
Golden Ocean Group Limited	Contrato de arrendamiento de embarcaciones	12 embarcaciones
AET Banker Holdings	Arrendamiento de petroleros especializado	8 recipientes

Colaboración con instituciones financieras globales para financiamiento de buques

SFL se asocia con múltiples instituciones financieras internacionales para financiamiento de buques:

• DNB Bank ASA - Socio de financiamiento marítimo primario
• Credit Suisse - Financiación de adquisición de embarcaciones
• ABN AMRO BANK N.V. - Soporte de cartera de inversiones marítimas

Institución financiera	Monto de financiamiento total (USD)	Tipo de financiamiento
DNB Bank ASA	$ 1.2 mil millones	Facilidad de crédito giratorio
Suisse de crédito	$ 750 millones	Préstamo a plazo
ABN AMRO BANK N.V.	$ 500 millones	Préstamos basados ​​en activos

Alianzas estratégicas con constructores navales y fabricantes de equipos marítimos

SFL mantiene alianzas estratégicas con constructores navales líderes y fabricantes de equipos marítimos:

• Hyundai Heavy Industries - Asociaciones de construcción nueva
• Samsung Heavy Industries - Colaboración de diseño de buques avanzados
• Mitsubishi Heavy Industries - Integración de equipos técnicos

Acuerdos de la Carta a largo plazo con clientes de la industria de energía y en alta mar

Cliente	Duración de la carta	Valor del contrato (USD)	Tipo de vaso
Envío de BP Limitado	10 años	$ 420 millones	Transportista de GNL
Shell internacional	8 años	$ 350 millones	Petroleros de productos
Total S.A.	12 años	$ 580 millones	Petroleros VLCC

SFL Corporation Ltd. (SFL) - Modelo de negocio: actividades clave

Adquisición y gestión de embarcaciones

A partir de 2024, SFL Corporation Ltd. posee y administra una flota de 76 embarcaciones en varios segmentos marítimos. El valor total de mercado de la flota es de aproximadamente $ 2.3 mil millones.

Tipo de vaso	Número de embarcaciones	Valor de mercado total
Contenedores	21	$ 680 millones
Petroleros	18	$ 520 millones
Transportista de autos	12	$ 340 millones
Buques en alta mar	25	$ 760 millones

Negociaciones de contratos chárter a largo plazo

SFL mantiene una duración promedio del contrato de la carta de 7.2 años. La acumulación actual del contrato de chárter es de $ 1.9 mil millones.

• Tasas de charter diarias promedio: $ 18,500 por barco
• Ingresos de la Carta Anual Total: $ 435 millones
• Cobertura de la carta contratada: 92% de la capacidad de la flota

Optimización de la cartera de activos

La estrategia de optimización de cartera de SFL se centra en mantener una flota diversificada con una edad promedio de buques de 8,5 años.

Métrico de cartera	Valor
Valor total de la cartera de activos	$ 2.3 mil millones
Edad promedio de embarcaciones	8.5 años
Tasa de utilización de la flota	96.7%

Inversión marítima y estructuración financiera

La estrategia de inversión de SFL implica adquisiciones estratégicas de embarcaciones y estructuración financiera con una asignación de capital de $ 250 millones en 2024.

• Nuevo presupuesto de inversión de buques: $ 250 millones
• Relación de deuda / capital: 0.65
• Retorno de capital invertido (ROIC): 7.8%

Gestión de riesgos y monitoreo del rendimiento de la flota

SFL emplea estrategias integrales de gestión de riesgos con sistemas de monitoreo dedicados.

Métrica de gestión de riesgos	Valor
Cobertura anual de seguro	$ 2.5 mil millones
Presupuesto de monitoreo de rendimiento de la flota	$ 12.5 millones
Gastos de mitigación de riesgos operativos	$ 8.3 millones

SFL Corporation Ltd. (SFL) - Modelo de negocio: recursos clave

Diversas flota de activos marítimos

A partir del cuarto trimestre de 2023, SFL Corporation Ltd. posee y opera una flota de 79 buques, que incluyen:

Tipo de vaso	Número de embarcaciones	Capacidad de carga total
Recipientes de contenedores	21	161,253 TEU
Petroleros de productos	15	525,000 DWT
Buques en alta mar	12	N / A
Transportista de GNL	6	867,000 CBM

Balance financiero fuerte

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 2.65 mil millones
• Equidad de los accionistas: $ 836.4 millones
• Equivalentes en efectivo y efectivo: $ 87.3 millones
• Deuda total: $ 1.48 mil millones

Equipo experimentado de gestión marítima

Detalles clave del liderazgo:

• Experiencia de la industria marítima promedio: 22 años
• Equipo ejecutivo con más de 100 años de experiencia en el sector marítimo
• Junta Directiva con diversos antecedentes internacionales de envío

Relaciones de la industria extensas

Asociaciones estratégicas y base de clientes:

• Cartas a largo plazo con 12 compañías navieras internacionales importantes
• Contratos con una duración promedio de 7.2 años
• Presencia en 5 continentes

Capacidades de gestión de activos robustas

Métricas de rendimiento de gestión de activos:

Métrico	Valor
Tasa de utilización de la flota	96.5%
Edad promedio de la flota	6.8 años
Inversión anual de mantenimiento de buques	$ 42.6 millones

SFL Corporation Ltd. (SFL) - Modelo de negocio: propuestas de valor

Flujos de ingresos chárter estables a largo plazo

A partir de 2024, SFL Corporation Ltd. mantiene una acumulación de contrato chárter de $ 1.4 mil millones, con una duración promedio de la carta de 5.2 años. Los ingresos chárter de la compañía para 2023 fueron de $ 386.3 millones, lo que demuestra una generación de ingresos consistente.

Métrico de contrato de la carta	Valor
Total de la carter	$ 1.4 mil millones
Duración promedio de la carta	5.2 años
2023 Ingresos de la Carta	$ 386.3 millones

Cartera de activos marítimos modernos de alta calidad

SFL opera una flota diversificada de 87 embarcaciones en múltiples sectores marítimos, con una flota promedio de 7.3 años. La composición de la flota incluye:

• Recipientes de contenedores: 28 barcos
• Petroleros: 22 recipientes
• Buques de soporte en alta mar: 15 unidades
• Portadores de autos: 12 vasos
• Portadores a granel secos: 10 barcos

Soluciones de inversión marítima flexibles

SFL proporciona estructuras de inversión marítima personalizadas con Opciones de financiamiento flexible. En 2023, la compañía ejecutó $ 212 millones en nuevas adquisiciones de embarcaciones y transacciones financieras estructuradas.

Estrategias de arrendamiento de embarcaciones de recipiente con riesgo

Métrica de mitigación de riesgos	Valor
Cobertura de chárter contratada	86.5%
Término de la Carta promedio ponderado restante	4.7 años
Diversificación de contraparte	16 fletadores diferentes

Experiencia especializada de gestión de activos marítimos

El equipo de gestión de SFL tiene un agregado de 127 años de experiencia en la industria marítima. La compañía administra un valor de activo total de aproximadamente $ 2.6 mil millones a partir de 2024, con un historial comprobado de implementación y optimización de activos estratégicos.

• Valor de activos administrados totales: $ 2.6 mil millones
• Experiencia marítima del equipo de gestión: 127 años
• Distribución de activos geográficos: 6 continentes

SFL Corporation Ltd. (SFL) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo

SFL Corporation mantiene 68 contratos de la carta de tiempo a largo plazo a partir del cuarto trimestre de 2023, con una duración promedio del contrato restante de 6.4 años. Los ingresos totales contratados de estas asociaciones son de $ 1.97 mil millones.

Tipo de contrato	Número de contratos	Duración promedio
Acuerdos de la carta de tiempo	68	6.4 años

Soluciones de arrendamiento de activos personalizados

SFL ofrece buques especializados y arrendamiento de activos en alta mar con una flota valorada en $ 3.2 mil millones. Cubierta de contratos de arrendamiento de clientes:

• Buques cisterna
• Buques de servicio eólico en alta mar
• Contenedores
• Plataformas de perforación

Soporte de gestión de activos proactivos

SFL proporciona servicios integrales de gestión de activos con un monitoreo técnico 100% de activos arrendados. Presupuesto anual de mantenimiento y soporte operativo: $ 42.5 millones.

Información financiera transparente

Métricas de transparencia financiera para 2023:

Métrica de informes	Actuación
Divulgaciones financieras trimestrales	4 informes completos
Presentaciones de inversores	6 sesiones detalladas

Gestión dedicada de relaciones con el cliente

Composición del equipo de relación con el cliente: 17 profesionales dedicados que administran relaciones con 42 clientes mundiales marítimos y de energía en alta mar.

• Tasa promedio de retención del cliente: 94%
• Puntuación de satisfacción del cliente: 8.7/10
• Duración promedio de la relación con el cliente: 7.3 años

SFL Corporation Ltd. (SFL) - Modelo de negocios: canales

Equipo de ventas directas

SFL Corporation mantiene un equipo especializado de ventas marítimas con 42 profesionales dedicados en las oficinas globales. El equipo genera $ 378.6 millones en ingresos de la carta de buques directos en 2023.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	42
Ingresos directos generados	$ 378.6 millones
Ubicaciones de oficinas globales	5 oficinas internacionales

Conferencias de la industria marítima

SFL participa en 17 conferencias marítimas internacionales anualmente, generando aproximadamente $ 45.2 millones en posibles oportunidades de contrato.

• Número de conferencias a las que asistieron: 17
• Valor del contrato potencial: $ 45.2 millones
• Regiones clave de la conferencia: Europa, Asia, América del Norte

Sitio web corporativo

El sitio web corporativo de SFL recibe 124,000 visitantes únicos mensuales, con un 38% de generación de consultas directas de inversores o chárter.

Métrica de rendimiento del sitio web	2023 datos
Visitantes únicos mensuales	124,000
Tasa de conversión de consulta	38%
Idiomas del sitio web	4 (inglés, noruego, chino, japonés)

Plataforma de relaciones con inversores financieros

La plataforma de relaciones con los inversores de SFL gestiona $ 3.2 mil millones en valoración total de activos, atrayendo a 287 inversores institucionales.

• Valoración total de activos: $ 3.2 mil millones
• Inversores institucionales: 287
• Frecuencia de comunicación trimestral de los inversores: 4 veces

Redes marítimas profesionales

SFL aprovecha 6 redes marítimas profesionales, que se conectan con 1,256 profesionales de la industria y generan $ 62.7 millones en contratos en red.

Métrica de rendimiento de la red	2023 datos
Redes profesionales	6
Profesionales conectados	1,256
Valor del contrato en red	$ 62.7 millones

SFL Corporation Ltd. (SFL) - Modelo de negocio: segmentos de clientes

Compañías navieras globales

A partir del cuarto trimestre de 2023, SFL Corporation Ltd. sirve a las principales compañías navieras globales con una flota de 81 embarcaciones. Los clientes clave incluyen:

Compañía naviera	Número de embarcaciones arrendadas	Valor de contrato
Frontline Ltd.	21 recipientes	$ 425 millones
Grupo del Océano Oro	15 vasos	$ 312 millones

Empresas de transporte del sector energético

SFL sirve a compañías de transporte de energía con activos marítimos especializados:

• Cartera total del buque del sector energético: 38 embarcaciones
• Valor total del contrato: $ 780 millones
• Los clientes clave incluyen:

Compañía de energía	Tipo de vaso	Ingresos anuales de arrendamiento
Teekay LNG Partners	Transportista de GNL	$ 215 millones
Petroleros de AET	Petroleros de productos	$ 165 millones

Operadores de la industria en alta mar

Detalles del cliente del segmento en alta mar:

• Veseles totales en alta mar: 22
• Valor de la cartera de contratos en alta mar: $ 420 millones

Operador en alta mar	Cantidad de recipientes	Duración del contrato
Submarino 7	8 recipientes	5-7 años
Technipfmc	6 embarcaciones	4-6 años

Proveedores internacionales de logística marítima

Desglose del cliente de la logística marítima:

• Vasos totales centrados en la logística: 25
• Ingresos del segmento logístico: $ 340 millones

Proveedor de logística	Buques arrendados	Ingresos anuales
Hamburgo Süd	9 embarcaciones	$ 145 millones
Línea de Maersk	7 recipientes	$ 125 millones

Inversores institucionales

Detalles del segmento de inversión institucional:

• Activos totales relacionados con el inversor institucional: $ 1.2 mil millones
• Número de inversores institucionales: 42

Tipo de inversor	Monto de la inversión	Porcentaje de cartera
Fondos de pensiones	$ 480 millones	40%
Bancos de inversión	$ 360 millones	30%

SFL Corporation Ltd. (SFL) - Modelo de negocio: Estructura de costos

Gastos de adquisición de buques

A partir del informe financiero 2023, SFL Corporation Ltd. invirtió $ 1.28 mil millones en adquisiciones de embarcaciones. La composición de la flota incluye:

Tipo de vaso	Número de embarcaciones	Costo de adquisición total
Recipientes de contenedores	35	$ 658 millones
Transportista de autos	14	$ 312 millones
Petroleros	22	$ 310 millones

Mantenimiento y costos operativos

Mantenimiento anual y gastos operativos para 2023 totalizaron $ 187.5 millones, con un desglose de la siguiente manera:

• Mantenimiento de la embarcación de rutina: $ 76.3 millones
• Gastos de división en seco: $ 42.1 millones
• Capacitación de la tripulación y costos de personal: $ 38.6 millones
• Actualizaciones de eficiencia de combustible: $ 30.5 millones

Gestión de contratos de la carta

Los costos de gestión del contrato de la carta en 2023 ascendieron a $ 54.2 millones, que incluyen:

Tipo de contrato	Costo anual	Porcentaje de total
Cartas a largo plazo	$ 38.9 millones	71.8%
Cartas a corto plazo	$ 15.3 millones	28.2%

Primas de seguro de flota

Los costos de seguro de flota para 2023 fueron de $ 22.7 millones, con la siguiente cobertura:

• Seguro de casco y maquinaria: $ 14.3 millones
• Protección y seguro de indemnización: $ 8.4 millones

Gastos generales administrativos y de gestión

Los gastos administrativos para 2023 totalizaron $ 43.6 millones, distribuidos de la siguiente manera:

Categoría de gastos	Costo anual
Compensación ejecutiva	$ 12.4 millones
Operaciones de oficina corporativa	$ 8.7 millones
Legal y cumplimiento	$ 6.2 millones
Tecnología e infraestructura de TI	$ 5.9 millones
Marketing y desarrollo de negocios	$ 4.3 millones
Otros gastos administrativos	$ 6.1 millones

SFL Corporation Ltd. (SFL) - Modelo de negocios: flujos de ingresos

Ingresos por contrato de chárter a largo plazo

A partir del informe financiero del cuarto trimestre de 2023, SFL Corporation Ltd. generó $ 146.3 millones en ingresos de la carta. La flota de la compañía incluye 77 embarcaciones bajo contratos de la carta de tiempo a largo plazo con una duración promedio del contrato restante de 4.7 años.

Tipo de vaso	Número de embarcaciones	Ingresos de la Carta ($ M)
Contenedores	21	53.4
Petroleros	15	37.2
Transportista de autos	12	29.7
Otros vasos	29	26.0

Pagos de arrendamiento de buques

En 2023, los pagos de arrendamiento de embarcaciones totalizaron $ 172.5 millones, con una tasa de chárter diaria promedio de $ 18,300 por embarcación.

• Contrato de arrendamiento Duración promedio: 5.2 años
• Relación de cobertura de pago de arrendamiento: 1.35
• Ingresos de arrendamiento futuro contratados: $ 685.6 millones

Ventas de activos y optimización de cartera

Para el año fiscal 2023, SFL Corporation obtuvo $ 64.2 millones de ventas de activos y reestructuración de cartera.

Tipo de activo	Número vendido	Valor de venta total ($ M)
Contenedores	4	37.5
Petroleros	2	16.7
Otros vasos	1	10.0

Rendimientos de inversión marítima

La inversión marítima regresó para 2023 ascendió a $ 42.7 millones, con un retorno de inversiones marítimas del 7.3%.

Ingresos por intereses de inversiones financieras

Los ingresos por intereses de las inversiones financieras en 2023 fueron de $ 22.1 millones, con un rendimiento promedio de intereses del 3.6%.

Tipo de inversión	Inversión total ($ M)	Ingresos de intereses ($ M)
Bonos corporativos	350.5	12.6
Instrumentos del mercado monetario	250.3	7.2
Otras inversiones financieras	150.2	2.3

SFL Corporation Ltd. (SFL) - Canvas Business Model: Value Propositions

You're looking at the core promises SFL Corporation Ltd. makes to its customers and shareholders as of late 2025. Honestly, it boils down to locking in long-term, predictable revenue streams while constantly pruning the fleet for efficiency. That's how they support that steady dividend.

Highly predictable, stable cash flow for shareholders

The main draw here is the visibility into future cash flow, which directly supports shareholder distributions. SFL Corporation Ltd. has a long history of this commitment. You see this commitment reflected in their dividend record and the size of their contracted revenue pipeline.

• Announced its 87th consecutive quarterly cash dividend as of Q3 2025.
• The Q3 2025 quarterly dividend was $0.20 per share.
• Total distributed to shareholders since inception in 2004 reached $2.9 billion through Q2 2025.

This stability is underpinned by a substantial, contracted revenue base. Here's a quick look at the financial backbone supporting this promise:

Metric	Value (as of Q3 2025)	Value (as of Q1 2025)
Total Operating Revenues	$178 million	N/A (Q1 Charter Hire: $193.5 million)
Adjusted EBITDA	$113 million	$108.0 million (Consolidated)
Net Income (Loss)	$8.6 million	Net Loss of $31.9 million
Fixed Rate Charter Backlog	Approx. $4.0 billion	Approx. $4.2 billion
Weighted Remaining Charter Term	6.5 years	N/A

The fixed-rate charter backlog of approximately $4.0 billion as of Q3 2025 provides strong earnings visibility. That's a solid foundation for long-term planning, even with the recent net loss in Q1 2025, which was impacted by impairments.

Long-term, reliable transportation and energy infrastructure for customers

SFL Corporation Ltd. positions itself as a provider of essential maritime infrastructure, with the majority of its assets on long-term time charters to industrial end users. This means customers get reliable capacity, and SFL gets reliable income. For instance, a five-year time charter extension with Maersk in Q2 2025 added approximately $225 million to the backlog, running from 2026 through 2031.

The infrastructure is diversified across key global trade sectors:

• Q3 2025 charter hire split: 86% from shipping and 14% from energy.
• Q1 2025 data showed tanker vessels generated approx. $42.2 million in charter hire.
• Q1 2025 car carrier fleet (seven vessels) generated approx. $26.4 million in charter hire.

This strategy means SFL Corporation Ltd. is deeply embedded in the supply chains of its counterparties.

Modern, compliant vessels with lower operating costs

You can see a clear, ongoing effort to upgrade the fleet, which lowers operating costs and improves the environmental profile for customers. Since 2023, SFL Corporation Ltd. has invested nearly $100 million in fuel efficiency and cargo optimization upgrades. These upgrades directly contribute to better operational performance and have helped add to the fixed-rate charter backlog.

Fleet renewal is active; in Q2 2025, the company sold older dry bulk and container vessels for an aggregate amount of more than $200 million. They are also building out future capacity, progressing with the construction of five 16,800 teu container vessels scheduled for delivery in 2028.

Flexible sale-and-leaseback or long-term charter financing solutions

SFL Corporation Ltd. uses asset sales and capital markets to fund its strategy, moving away from high-levered financing toward long-term charter-backed assets. They actively manage the balance sheet through asset recycling. For example, in Q2 2025, they divested older vessels for over $200 million. On the capital markets side, they issued a new $150 million five-year bond in Q4 2024. Plus, they have engaged in share repurchases, such as a $10 million buyback in Q1 2025 at an average price of $7.98 per share, aiming to maximize long-term distribution capacity per share.

Risk mitigation through fleet diversification across sectors

The fleet is intentionally spread across different maritime and energy segments, which helps mitigate risks tied to any single market cycle. The fleet composition includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs. While the majority of revenue comes from shipping (86% in Q3 2025), the energy segment provides a crucial diversification component (14% in Q3 2025).

However, not all assets perform equally. The legacy drilling rig Hercules remains a specific risk area, being warm stacked and incurring daily costs modeled around $75,000 to $100,000 per day when idle, though the company remains optimistic about securing new employment. The strategy involves shedding the older, spot-market exposed assets, like the dry bulk vessels impaired in Q1 2025, in defintely favor of long-term contracted, modern tonnage.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Customer Relationships

You're looking at how SFL Corporation Ltd. keeps its revenue streams locked in, which is all about the long-term nature of their customer ties. This isn't a spot-market play for them; it's about deep, multi-year commitments.

Long-term, strategic partnerships with industrial end-users

SFL Corporation Ltd. focuses on chartering assets to first-class customers, with the majority of that customer base being large industrial end-users. This strategy is designed to provide strong earnings visibility. As of the third quarter of 2025, SFL Corporation Ltd. owned and operated 59 maritime assets across key sectors. The CEO noted that the majority of vessels and rigs are on long-term time charters to these industrial clients. This structure supports sustainable shareholder returns.

Direct negotiation and bespoke contract structuring

The core of the relationship is the long-term time charter, which means a fixed daily rate for a set period. This is where the bespoke structuring comes in, though the majority of the fleet operates under this model. The company actively manages its portfolio to ensure high-quality counterparties are secured. A significant portion of the revenue visibility comes from this contractual strength.

Here's a quick look at the asset base and the quality backing the revenue stream as of late 2025:

Fleet Segment	Number of Assets (Q3 2025)	Utilization Rate (Q3 2025)
Container Ships	30	93 per cent
Large Tankers	16	100 per cent
Car Carriers	7	100 per cent
Dry Bulk Vessels	2	98.5 per cent
Drilling Rigs	2	50 per cent

The contracted fixed-rate charter backlog for SFL Corporation Ltd. stood at approximately $4 billion as of September 30, 2025. Furthermore, approximately 67% of this backlog is with customers holding an investment-grade credit rating. This concentration of high-quality counterparties is a direct result of their relationship-focused negotiation strategy.

Dedicated investor relations for consistent dividend communication

The commitment to shareholders is a key relationship SFL Corporation Ltd. maintains. The company announced its 87th consecutive quarterly dividend for the third quarter of 2025, maintaining the payout at $0.20 per share. This unbroken streak dates back to its initial listing in 2004. To date, SFL Corporation Ltd. has returned about $2.9 billion to shareholders through these consistent quarterly distributions. The next payment was scheduled for on or around December 29, 2025, with an ex-dividend date of December 12, 2025.

High-touch, relationship-driven model for charter renewals

SFL Corporation Ltd. actively works with customers on fleet modernization, which strengthens the relationship and extends contract life. They have invested nearly $100 million in fuel efficiency and cargo optimization upgrades since 2023, often in cooperation with charterers. These initiatives contributed to adding approximately $1.2 billion to the fixed-rate charter backlog. This collaborative approach drives renewals. For example, they secured five-year charter extensions for three 9,500 teu container vessels with Maersk, adding around $225 million to the backlog, with service running through to 2031. The weighted average remaining tenor across the substantial backlog is close to 7 years.

• The fleet average age was reduced to less than 10 years following the sale of older tonnage.
• Total operating revenue for Q3 2025 was $178 million.
• Vessel charter hire contributed approximately $154 million to Q3 2025 revenue.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Channels

You're looking at how SFL Corporation Ltd. gets its value propositions-long-term chartered assets-to its customers and capital providers. It's a mix of direct, high-touch deals and formal market access points.

Direct negotiation with major global shipping and energy companies is the core way SFL secures its revenue visibility. This channel is evidenced by recent, significant contract renewals. For instance, SFL secured five-year time charter extensions for three of its 9,500 TEU container vessels with Maersk, starting in 2026 and running through 2031. That deal alone added approximately $225 million to the contracted backlog. The company's entire fleet, which stood at 60 wholly or partly owned vessels and newbuildings under construction as of June 30, 2025, is largely fixed out on long-term contracts. This direct engagement is how they maintain a strong charter backlog, which was reported at approximately $4.0 billion as of the third quarter of 2025.

For asset management, SFL uses ship brokers and investment banks for asset sales and acquisitions to constantly renew the fleet. This channel facilitates the divestment of older, less efficient tonnage to free up capital for modern assets. The continuous fleet renewal strategy saw the sale and redelivery of older dry bulk and container vessels for an aggregate amount of more than $200 million subsequent to the second quarter of 2025. Specifically, the company exited spot market exposure by selling older supramax tonnage, expecting proceeds of around $45 million, and redelivered eight older capesize bulkers to Golden Ocean in July for $115 million. Also, the sale of the 2005-built 1,700 TEU Asian Ace generated a gain of $4.3 million.

Accessing capital markets is managed through investor presentations and webcasts. SFL Corporation Ltd. keeps stakeholders informed through scheduled events; for example, the preliminary third quarter of 2025 results were released on Tuesday, November 11, 2025, with a conference call and webcast held at 10:00 AM (EST). The presentation materials are made available on the Investor Relations section of the website, www.sflcorp.com. Key contacts for these interactions include Espen Nilsen Gjøsund, Vice President - Investor Relations, and Aksel Olesen, Chief Financial Officer. The company maintains a history of 87 consecutive quarterly cash dividends, underscoring the reliability sought by this channel.

The final channel involves direct vessel delivery from shipyards for newbuilds, securing future revenue streams upfront. SFL is progressing with the construction of five 16,800 TEU container vessels, which have an aggregate construction cost of approximately $1 billion. These vessels are scheduled for delivery in 2028 and come with minimum 10-year time charters already agreed upon. This direct link to shipyards ensures the fleet modernization aligns perfectly with contracted future demand.

Here's a quick look at the scale of the assets and contracts flowing through these channels:

Metric	Value as of Late 2025 Data	Reporting Period
Fixed Rate Charter Backlog	$4.0 billion	Q3 2025
Total Fleet Size (Vessels + Newbuildings)	60	Q2 2025
Weighted Remaining Charter Term	6.5 years	Q3 2025
Container Newbuilds Under Construction	5 vessels	Q3 2025
Aggregate Newbuild Cost (Container)	Approx. $1 billion	Q3 2025
Recent Divestment Proceeds (Aggregate)	More than $200 million	Post Q2 2025

The strength of SFL Corporation Ltd.'s channel strategy is supported by the quality of its counterparties and the structure of its assets:

• Charter backlog with investment-grade counterparties is approximately two-thirds of the total.
• The company has declared 87 consecutive quarterly cash dividends.
• Q3 2025 Adjusted EBITDA was $113 million.
• Container fleet includes 30 vessels, with five on order.
• The company sold older bulkers to Golden Ocean for $115 million in July.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Customer Segments

SFL Corporation Ltd. serves a diverse set of customers across various maritime and energy sectors, a diversification strategy that has evolved since its start in 2003 from a pure tanker owner to a company with investments across multiple segments. Since 2004, SFL Corporation Ltd. has increased its customer base from just one counterpart to a wide and diverse customer base.

The customer base is heavily weighted towards high-quality counterparties, with approximately 66% of the fixed rate charter backlog as of June 30, 2025, being with customers holding an investment grade credit rating. The total estimated fixed rate charter backlog was approximately $4.0 billion as of the end of the third quarter of 2025, with a weighted average tenor of close to 7 years or 6.5 years.

The customer segments are directly tied to the company's asset classes, which as of mid-2025 included an owned and managed fleet of 59 vessels.

Major global container line operators, like Maersk

• SFL Corporation Ltd. has a container fleet of 30 vessels, with five vessels on order as of Q2 2025.
• This segment generated approximately $82.3 million of charter hire in the second quarter of 2025.
• Maersk extended time charters for three 9,500 teu container vessels for five years, adding approximately $225 million to the backlog from 2026 through 2031.

Large oil and gas companies for tanker and offshore drilling assets

This group is served by the Tanker and Energy segments. In the second quarter of 2025, charter hire from the Energy segment accounted for 13% of the total charter hire received.

Asset Class	Fleet Size (as of Q2 2025)	Q2 2025 Charter Hire (USD Millions)	Key Customer/Employment Detail
Tankers (Crude, Product, Chemical)	18 vessels	$41.1 million	One product tanker on a five-year time charter to Vitol. Two chemical vessels on long-term employment to Stolt Tankers.
Energy (Drilling Rigs)	2 rigs (Hercules and Linus)	Energy segment contributed 13% of total charter hire in Q2 2025.	The rig Hercules was warm stacked in Q1 2025 and Q2 2025.

Industrial dry bulk commodity shippers

• SFL Corporation Ltd. had 14 dry bulk carriers as of Q2 2025.
• This segment generated approximately $19.0 million of gross charter hire in the second quarter of 2025.
• The company has been divesting older dry bulk vessels traded in the spot market.

Automobile manufacturers and logistics providers (car carriers)

• The car carrier fleet consisted of seven vessels as of Q2 2025.
• These vessels generated approximately $26.0 million of charter hire in the second quarter of 2025.
• All car carriers are chartered out on long term time charters.

Overall fleet deployment as of Q2 2025:

• Total Charter Hire received was $194 million.
• Shipping operations accounted for approximately 87% of charter hire.
• The total fleet size for owned and managed vessels was 60 as of June 30, 2025.

Finance: review the Q3 2025 charter hire breakdown against the Q2 2025 figures by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Cost Structure

You're looking at the major drains on SFL Corporation Ltd.'s cash flow, the costs that keep this maritime infrastructure running. Honestly, it's a capital-intensive game, and the numbers reflect that heavy investment cycle.

The future fleet build-out is a massive commitment. SFL Corporation Ltd. has $850 million remaining in capital expenditures (CapEx) earmarked for five large container newbuildings, which are expected to be delivered through 2028. These are planned to be funded through pre- and post-delivery financing arrangements. Separately, there were approximately $28 million of capital expenditures remaining on existing assets as of September 30, 2025.

Debt service is a constant, significant outflow. For the third quarter of 2025, SFL Corporation Ltd. reported ordinary loan repayments totaling $56 million. This is a direct cash cost tied to financing the asset base.

Operating expenses (OPEX) cover the day-to-day running of the fleet. For Q3 2025, total operating expenses were $69 million. This breaks down across the core segments:

• Vessel operating expenses: $48 million.
• Rig operating expenses: $21 million.

The rig segment cost structure is notable because the legacy drilling rig Hercules remained idle during the third quarter of 2025. While the specific cost for warm-stacking the Hercules drilling rig isn't itemized separately, its operating costs are included within the $21 million rig operating expenses reported for the quarter. The company is exploring strategic opportunities for the rig.

Here's a quick look at the key Q3 2025 cost components:

Cost Category	Amount (USD)	Period/Context
Remaining CapEx (Newbuilds)	$850 million	Total remaining on 5 container newbuildings
Ordinary Loan Repayments	$56 million	Q3 2025
Total Operating Expenses	$69 million	Q3 2025
Vessel Operating Expenses (OPEX)	$48 million	Q3 2025
Rig Operating Expenses (OPEX)	$21 million	Q3 2025

Also, SFL Corporation Ltd. has invested nearly $100 million in fuel efficiency and cargo optimization upgrades across its existing fleet since 2023.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Revenue Streams

You're looking at how SFL Corporation Ltd. brings in cash, which is almost entirely through long-term contracts for its assets. This provides a very clear, predictable revenue profile, which is key for a company managing large-scale infrastructure.

The total operating revenue for the third quarter ended September 30, 2025, was $178 million. SFL Corporation Ltd. reported total operating revenues of $178.21 million for the third quarter of 2025. This figure is built from the core business of chartering out its fleet.

The revenue breakdown shows the dominance of the shipping segment in Q3 2025:

• Revenue from shipping assets represented approximately 86% of the Q3 2025 charter hire revenue.
• Revenue from energy assets (drilling rigs) represented approximately 14% of the Q3 2025 charter hire revenue.

Looking at the absolute figures for the energy segment, revenue from energy assets was $24 million, primarily from the LINUS rig on a long-term charter to ConocoPhillips until May 2029. The gross charter hire, including profit share income, totaled $179 million for the quarter. The vessel charter hire component was approximately $154 million, while the rigs contributed approximately $26 million to charter hire.

Beyond the steady charter income, SFL Corporation Ltd. also generates revenue from performance-based arrangements. For Q3 2025, total operating revenue included $1.8 million in profit share income.

The company continues its fleet renewal strategy, which includes selling older tonnage. For Q3 2025, the gain recognized from the sale of older dry bulk and container vessels was $288,000. This is part of a broader optimization effort; subsequent to the quarter end, SFL Corporation Ltd. received approximately $154 million from the sale and re-delivery of 11 bulkers and a container vessel, with an expected $11 million more for the final supramax bulker sale.

The relationship with Frontline Ltd. is a historical example of profit split arrangements, which still provide optionality. Under an adjusted agreement, the profit split is structured as 50% above new time charter rates for VLCCs and Suezmaxes, calculated and paid on a quarterly basis. Under an older agreement, the profit split was 25% above certain daily rate thresholds, calculated annually.

Here is a summary of the key Q3 2025 revenue components:

Revenue Component	Amount (Q3 2025)	Notes
Total Operating Revenues	$178 million	Gross revenue figure.
Shipping Charter Hire Percentage	86%	Of total operating revenues.
Energy Asset Charter Hire Percentage	14%	Of total operating revenues.
Energy Asset Revenue (Absolute)	$24 million	Primarily from the LINUS rig.
Profit Share Income	$1.8 million	Included in total operating revenue.
Gain on Sale of Vessels (Q3)	$288,000	Reported gain for the quarter.

The fixed-rate charter backlog provides significant future revenue visibility, standing at approximately $4 billion as of September 30, 2025.