SFL Corporation Ltd. (SFL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do gerenciamento de ativos marítimos, a SFL Corporation Ltd. é um farol de inovação estratégica, transformando o cenário tradicional de remessa por meio de sua sofisticada tela de modelo de negócios. Ao alavancar uma abordagem única que combina contratos de fretamento de longo prazo, parcerias estratégicas e uma frota diversificada de ativos marítimos, a SFL criou um nicho distinto no ecossistema global de investimentos marítimos. Esse modelo de negócios intrincado não apenas gera fluxos de receita estáveis, mas também oferece soluções flexíveis e mitigadas de risco que atraem empresas de navegação globais, empresas do setor de energia e investidores institucionais que buscam oportunidades especializadas de investimento marítimo.

SFL Corporation Ltd. (SFL) - Modelo de negócios: Parcerias -chave

Pesquéricos de leasing de navios com empresas internacionais de transporte marítimo

A SFL Corporation Ltd. mantém parcerias estratégicas de leasing de navios com várias grandes empresas de transporte marítimo:

Empresa parceira	Tipo de parceria	Número de embarcações alugadas
Gerenciamento da linha de frente como	Carta de longo prazo	18 navios
Golden Ocean Group Limited	Contrato de arrendamento de embarcações	12 navios
Aet Holdings Tanker	Arrendamento especializado em navios -tanque	8 navios

Colaboração com instituições financeiras globais para financiamento de embarcações

A SFL faz parceria com várias instituições financeiras internacionais para financiamento de embarcações:

• DNB Bank ASA - Parceiro de financiamento marítimo primário
• Credit Suisse - Financiamento de aquisição de embarcações
• ABN AMRO BANK N.V. - suporte marítimo de portfólio de investimentos

Instituição financeira	Valor total de financiamento (USD)	Tipo de financiamento
DNB BANK ASA	US $ 1,2 bilhão	Linha de crédito rotativo
Crédito Suisse	US $ 750 milhões	Empréstimo a prazo
ABN AMRO BANK N.V.	US $ 500 milhões	Empréstimos baseados em ativos

Alianças estratégicas com construtores de navios e fabricantes de equipamentos marítimos

A SFL mantém alianças estratégicas com os principais construtores de navios e fabricantes de equipamentos marítimos:

• Hyundai Heavy Industries - Parcerias de construção nova
• Samsung Heavy Industries - Colaboração avançada de design de embarcações
• Mitsubishi Heavy Industries - Integração de equipamentos técnicos

Acordos de fretamento de longo prazo com clientes da indústria de energia e offshore

Cliente	Duração da fretamento	Valor do contrato (USD)	Tipo de embarcação
BP Limited Limited	10 anos	US $ 420 milhões	Transportadoras de GNL
Shell International	8 anos	US $ 350 milhões	Tanques de produtos
Total S.A.	12 anos	US $ 580 milhões	Tanques VLCC

SFL Corporation Ltd. (SFL) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento de embarcações

A partir de 2024, a SFL Corporation Ltd. possui e gerencia uma frota de 76 navios em vários segmentos marítimos. O valor total de mercado da frota é de aproximadamente US $ 2,3 bilhões.

Tipo de embarcação	Número de embarcações	Valor total de mercado
Recipientes	21	US $ 680 milhões
Tanques	18	US $ 520 milhões
Transportadoras de carros	12	US $ 340 milhões
Navios offshore	25	US $ 760 milhões

Negociações de contrato de frete de longo prazo

A SFL mantém uma duração média do contrato de fretamento de 7,2 anos. O backlog atual do contrato de fretamento é de US $ 1,9 bilhão.

• Taxas médias de fretamento diário: US $ 18.500 por embarcação
• Receita anual total de fretamento: US $ 435 milhões
• Cobertura de fretamento contratado: 92% da capacidade da frota

Otimização do portfólio de ativos

A estratégia de otimização de portfólio da SFL se concentra em manter uma frota diversificada com idade média de 8,5 anos.

Métrica do portfólio	Valor
Valor total de portfólio de ativos	US $ 2,3 bilhões
Idade média da embarcação	8,5 anos
Taxa de utilização da frota	96.7%

Investimento marítimo e estruturação financeira

A estratégia de investimento da SFL envolve aquisições estratégicas de embarcações e estruturas financeiras com uma alocação de capital de US $ 250 milhões em 2024.

• Novo orçamento de investimento de embarcações: US $ 250 milhões
• Taxa de dívida / patrimônio: 0,65
• Retorno sobre Capital Investido (ROIC): 7,8%

Gerenciamento de riscos e monitoramento de desempenho da frota

A SFL emprega estratégias abrangentes de gerenciamento de riscos com sistemas de monitoramento dedicados.

Métrica de gerenciamento de riscos	Valor
Cobertura anual de seguro	US $ 2,5 bilhões
Orçamento de monitoramento de desempenho da frota	US $ 12,5 milhões
Despesas de mitigação de risco operacional	US $ 8,3 milhões

SFL Corporation Ltd. (SFL) - Modelo de negócios: Recursos -chave

Frota diversificada de ativos marítimos

A partir do quarto trimestre 2023, a SFL Corporation Ltd. possui e opera uma frota de 79 navios, incluindo:

Tipo de embarcação	Número de embarcações	Capacidade total de transporte
Vasos de contêineres	21	161.253 TEU
Tanques de produtos	15	525.000 dwt
Navios offshore	12	N / D
Transportadoras de GNL	6	867.000 CBM

Balanço Financeiro Forte

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 2,65 bilhões
• Equidade dos acionistas: US $ 836,4 milhões
• Caixa e equivalentes em dinheiro: US $ 87,3 milhões
• Dívida total: US $ 1,48 bilhão

Equipe de gerenciamento marítimo experiente

Principais detalhes da liderança:

• Experiência média da indústria marítima: 22 anos
• Equipe executiva com mais de 100 anos de experiência no setor marítimo
• Conselho de Administração com diversas origens internacionais de remessa

Extensas relações do setor

Parcerias estratégicas e base de clientes:

• Cartas de longo prazo com 12 grandes companhias de navegação internacionais
• Contratos com uma duração média de 7,2 anos
• Presença em 5 continentes

Recursos robustos de gerenciamento de ativos

Métricas de desempenho de gerenciamento de ativos:

Métrica	Valor
Taxa de utilização da frota	96.5%
Idade média de frota	6,8 anos
Investimento anual de manutenção de embarcações	US $ 42,6 milhões

SFL Corporation Ltd. (SFL) - Modelo de Negócios: Proposições de Valor

Fluxos estáveis ​​de renda fretada de longo prazo

A partir de 2024, a SFL Corporation Ltd. mantém um backlog de contrato de fretamento de US $ 1,4 bilhão, com uma duração média de 5,2 anos. A receita de fretamento da empresa para 2023 foi de US $ 386,3 milhões, demonstrando geração de renda consistente.

Métrica do contrato de fretamento	Valor
Backlog total de charter	US $ 1,4 bilhão
Duração média da fretamento	5,2 anos
2023 Receita de fretamento	US $ 386,3 milhões

Portfólio de ativos marítimos modernos e de alta qualidade

A SFL opera uma frota diversificada de 87 embarcações em vários setores marítimos, com uma idade média da frota de 7,3 anos. A composição da frota inclui:

• Vasos de contêineres: 28 navios
• Tanques: 22 navios
• Navios de suporte offshore: 15 unidades
• Carries de carro: 12 navios
• Transportadores a granel seco: 10 navios

Soluções flexíveis de investimento marítimo

A SFL fornece estruturas de investimento marítimo personalizadas com opções de financiamento flexíveis. Em 2023, a empresa executou US $ 212 milhões em novas aquisições de embarcações e transações financeiras estruturadas.

Estratégias de leasing de embarcações mitigadas por risco

Mitric mitigação de risco	Valor
Cobertura de fretamento contratado	86.5%
Termo fretado médio ponderado	4,7 anos
Diversificação de contraparte	16 fretadores diferentes

Experiência especializada em gerenciamento de ativos marítimos

A equipe de gerenciamento da SFL tem um agregado de 127 anos de experiência na indústria marítima. A Companhia gerencia um valor total do ativo de aproximadamente US $ 2,6 bilhões a partir de 2024, com um histórico comprovado de implantação e otimização estratégica de ativos.

• Valor total do ativo gerenciado: US $ 2,6 bilhões
• Equipe de gerenciamento Experiência marítima: 127 anos
• Distribuição de ativos geográficos: 6 continentes

SFL Corporation Ltd. (SFL) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias contratuais de longo prazo

A SFL Corporation mantém 68 contratos de fretamento de longo prazo no quarto trimestre 2023, com uma duração média restante do contrato de 6,4 anos. A receita total contratada dessas parcerias é de US $ 1,97 bilhão.

Tipo de contrato	Número de contratos	Duração média
Acordos de fretamento de tempo	68	6,4 anos

Soluções de leasing de ativos personalizadas

A SFL oferece uma embarcação especializada e leasing de ativos offshore com uma frota no valor de US $ 3,2 bilhões. Os contratos de arrendamento de clientes cobrem:

• Navios -tanques
• Navios de serviço eólico offshore
• Recipientes
• Platas de perfuração

Suporte proativo de gerenciamento de ativos

A SFL fornece serviços abrangentes de gerenciamento de ativos com o monitoramento 100% técnico de ativos arrendados. Orçamento anual de manutenção e suporte operacional: US $ 42,5 milhões.

Relatórios financeiros transparentes

Métricas de transparência financeira para 2023:

Métrica de relatório	Desempenho
Divulgações financeiras trimestrais	4 relatórios abrangentes
Apresentações de investidores	6 sessões detalhadas

Gerenciamento de relacionamento com cliente dedicado

Composição da equipe de relacionamento com o cliente: 17 profissionais dedicados gerenciando relacionamentos com 42 clientes globais de energia marítima e offshore.

• Taxa média de retenção de clientes: 94%
• Pontuação de satisfação do cliente: 8.7/10
• Duração média do relacionamento do cliente: 7,3 anos

SFL Corporation Ltd. (SFL) - Modelo de Negócios: Canais

Equipe de vendas diretas

A SFL Corporation mantém uma equipe de vendas marítimas especializadas com 42 profissionais dedicados em escritórios globais. A equipe gera US $ 378,6 milhões em receitas diretas de fretamento de navios em 2023.

Métrica da equipe de vendas	2023 dados
Total de profissionais de vendas	42
Receita direta gerada	US $ 378,6 milhões
Locais globais de escritórios	5 escritórios internacionais

Conferências da indústria marítima

A SFL participa de 17 conferências marítimas internacionais anualmente, gerando aproximadamente US $ 45,2 milhões em possíveis oportunidades de contrato.

• Número de conferências participadas: 17
• Valor potencial do contrato: US $ 45,2 milhões
• Regiões -chave da conferência: Europa, Ásia, América do Norte

Site corporativo

O site corporativo da SFL recebe 124.000 visitantes únicos mensais, com 38% gerando investidores diretos ou consultas de fretamento.

Métrica de desempenho do site	2023 dados
Visitantes únicos mensais	124,000
Taxa de conversão de consulta	38%
Idiomas do site	4 (inglês, norueguês, chinês, japonês)

Plataforma de Relações com Investidores Financeiros

A plataforma de relações com investidores da SFL gerencia US $ 3,2 bilhões em avaliação total de ativos, atraindo 287 investidores institucionais.

• Avaliação total de ativos: US $ 3,2 bilhões
• Investidores institucionais: 287
• Frequência trimestral de comunicação do investidor: 4 vezes

Redes marítimas profissionais

A SFL aproveita 6 redes marítimas profissionais, conectando -se a 1.256 profissionais do setor e gerando US $ 62,7 milhões em contratos em rede.

Métrica de desempenho da rede	2023 dados
Redes profissionais	6
Profissionais conectados	1,256
Valor do contrato em rede	US $ 62,7 milhões

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

Companhias de navegação globais

A partir do quarto trimestre 2023, a SFL Corporation Ltd. atende grandes companhias de navegação globais com uma frota de 81 navios. Os principais clientes incluem:

Empresa de transporte	Número de embarcações alugadas	Valor do contrato
Frontline Ltd.	21 navios	US $ 425 milhões
Grupo Oceano Dourado	15 navios	US $ 312 milhões

Empresas de transporte do setor energético

A SFL atende empresas de transporte de energia com ativos marítimos especializados:

• Portfólio de embarcações do setor de energia total: 38 navios
• Valor total do contrato: US $ 780 milhões
• Os principais clientes incluem:

Empresa de energia	Tipo de embarcação	Receita anual de arrendamento
Teekay LNG Partners	Transportadoras de GNL	US $ 215 milhões
Aet tanques	Tanques de produtos	US $ 165 milhões

Operadores da indústria offshore

Detalhes do cliente no segmento offshore:

• Vasos totais offshore: 22
• Valor da carteira de contrato offshore: US $ 420 milhões

Operador offshore	Quantidade de embarcação	Duração do contrato
Subsea 7	8 navios	5-7 anos
Technipfmc	6 navios	4-6 anos

Provedores de logística marítima internacional

Maritime Logistics Customer Breakdown:

• Vasos totais focados na logística: 25
• Receita do segmento de logística: US $ 340 milhões

Provedor de logística	Navios alugados	Receita anual
Hamburgo Süd	9 navios	US $ 145 milhões
Linha Maersk	7 navios	US $ 125 milhões

Investidores institucionais

Detalhes do segmento de investimento institucional:

• Total de ativos relacionados a investidores institucionais: US $ 1,2 bilhão
• Número de investidores institucionais: 42

Tipo de investidor	Valor do investimento	Porcentagem de portfólio
Fundos de pensão	US $ 480 milhões	40%
Bancos de investimento	US $ 360 milhões	30%

SFL Corporation Ltd. (SFL) - Modelo de negócios: estrutura de custos

Despesas de aquisição de embarcações

A partir de 2023, o SFL Corporation Ltd. investiu US $ 1,28 bilhão em aquisições de embarcações. A composição da frota inclui:

Tipo de embarcação	Número de embarcações	Custo total de aquisição
Vasos de contêineres	35	US $ 658 milhões
Transportadoras de carros	14	US $ 312 milhões
Tanques de petróleo	22	US $ 310 milhões

Manutenção e custos operacionais

As despesas anuais de manutenção e operacional para 2023 totalizaram US $ 187,5 milhões, com a quebra da seguinte maneira:

• Manutenção de embarcações de rotina: US $ 76,3 milhões
• Despesas a seco: US $ 42,1 milhões
• Treinamento da tripulação e custos de pessoal: US $ 38,6 milhões
• Atualizações de eficiência de combustível: US $ 30,5 milhões

Gerenciamento de contratos charter

Os custos de gerenciamento de contratos fundadores em 2023 totalizaram US $ 54,2 milhões, incluindo:

Tipo de contrato	Custo anual	Porcentagem de total
Cartas de longo prazo	US $ 38,9 milhões	71.8%
Cartas de curto prazo	US $ 15,3 milhões	28.2%

Prêmios de seguro de frota

Os custos de seguro de frota para 2023 foram de US $ 22,7 milhões, com a seguinte cobertura:

• Seguro de casco e máquinas: US $ 14,3 milhões
• Seguro de proteção e indenização: US $ 8,4 milhões

Overhead administrativo e de gerenciamento

As despesas administrativas de 2023 totalizaram US $ 43,6 milhões, distribuídas da seguinte forma:

Categoria de despesa	Custo anual
Compensação executiva	US $ 12,4 milhões
Operações de escritório corporativo	US $ 8,7 milhões
Legal e conformidade	US $ 6,2 milhões
Tecnologia e infraestrutura de TI	US $ 5,9 milhões
Marketing e desenvolvimento de negócios	US $ 4,3 milhões
Outras despesas administrativas	US $ 6,1 milhões

SFL Corporation Ltd. (SFL) - Modelo de negócios: fluxos de receita

Receita de contrato de fretamento de longo prazo

No quarto trimestre de 2023 Relatório Financeiro, a SFL Corporation Ltd. gerou US $ 146,3 milhões em receitas de charter. A frota da empresa inclui 77 embarcações sob contratos de fretamento de longo prazo com uma duração média restante do contrato de 4,7 anos.

Tipo de embarcação	Número de embarcações	Receita de fretamento ($ m)
Recipientes	21	53.4
Tanques	15	37.2
Transportadoras de carros	12	29.7
Outros navios	29	26.0

Pagamentos de arrendamento de embarcações

Em 2023, os pagamentos de arrendamento de embarcações totalizaram US $ 172,5 milhões, com uma taxa média de fretamento diário de US $ 18.300 por embarcação.

• Duração média do contrato de arrendamento: 5,2 anos
• Razão de cobertura de pagamento de arrendamento: 1,35
• Receitas futuras de arrendamento contratadas: US $ 685,6 milhões

Vendas de ativos e otimização de portfólio

Para o ano fiscal de 2023, a SFL Corporation percebeu US $ 64,2 milhões em vendas de ativos e reestruturação de portfólio.

Tipo de ativo	Número vendido	Valor total de venda ($ m)
Recipientes	4	37.5
Tanques	2	16.7
Outros navios	1	10.0

Retornos de investimento marítimo

Os retornos do investimento marítimo para 2023 totalizaram US $ 42,7 milhões, com um retorno sobre investimentos marítimos de 7,3%.

Receita de juros de investimentos financeiros

A receita de juros dos investimentos financeiros em 2023 foi de US $ 22,1 milhões, com um rendimento médio de juros de 3,6%.

Tipo de investimento	Investimento total ($ m)	Receita de juros ($ m)
Títulos corporativos	350.5	12.6
Instrumentos do mercado monetário	250.3	7.2
Outros investimentos financeiros	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.