6-K
1
sfl-earningsreleaseq32026.htm
6-K
Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of November, 2026
Commission File Number: 001-32199
 
SFL Corporation Ltd.
--------------------------------------------------------------------------------
(Translation of registrant's name into English)
 
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton, HM 08, Bermuda
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(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F [ X ]     Form 40-F [   ]
 
 
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto is a copy of the press release of SFL Corporation Ltd. ("SFL" or the "Company"), dated November 4, 2026, announcing preliminary financial results for the quarter ended September 30, 2026.
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
SFL Corporation Ltd.
Date: November 4, 2026 By: /s/ Ole B. Hjertaker
Name:  Ole B. Hjertaker
Title:  SFL Management AS
(Principal Executive Officer)
Preliminary Earnings Release
Q3 2026
SFL Corporation Ltd.
Preliminary Q3 2026 results and quarterly cash dividend of $0.22 per share
SFL Corporation Ltd. (“SFL” or the “Company”) today announced preliminary financial results for the quarter ended September 30, 2026.
Highlights
• 91 st consecutive quarterly dividend declared, $0.22 per share
• Total operating revenues of $202 million
• Adjusted EBITDA 1 of $122 million, including $8 million from associated companies
• Reported net income of $37 million or $0.26 per share
• Seven-year charter extension for six 15,400 TEU container vessels
• Newbuild order for three Very Large Ammonia Carriers with long term charters
• Acquisition of two 8,800 TEU container vessel newbuildings, in combination with long term charters
• Sale of four LR2 and three Suezmax tankers, with an expected book gain of approx. $175 million
Quarterly Dividend
The Board of Directors has declared a quarterly cash dividend of $0.22 per share. The dividend will be paid on or around December 28, and the record- and ex-dividend date on the New York Stock Exchange will be December 15, 2026.
Results for the Quarter ended September 30, 2026
The Company reported total U.S. GAAP operating revenues on a consolidated basis of approximately $202 million in the third quarter of 2026. This figure is lower than the cash received as it excludes approximately $8 million of charter hire 2 which is not classified as operating revenues pursuant to U.S. GAAP, but as ‘investment in associates’ for accounting purposes.
The net result in the third quarter was impacted by non-recurring or non-cash items, including net positive mark-to-market effects from hedging derivatives of approximately $13 million and positive mark-to-market effects from equity investments of approximately $1 million.
Reported net income pursuant to U.S. GAAP for the third quarter was $37 million, or $0.26 per share.
___________________________
1 ‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.
2 Charter hire represents the amounts billable in the period by the Company and its associates for chartering out vessels and rigs. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income, including profit share and attributable mobilization fees, if any. Long term charter hire relates to contracts undertaken for a period greater than one year. Short term charter hire relates to contracts undertaken for a period less than one year, including voyage charters.
Business Update
As of September 30, 2026, the contracted fixed rate charter backlog 3 from the Company’s fleet of vessels including newbuildings under construction was approximately $5.0 billion with a weighted remaining charter term of 7.1 years. Approximately 58% of the fixed rate charter backlog is to customers with an investment grade credit rating, demonstrating the strength and quality of our charter portfolio.
In the third quarter of 2026, the Company’s fleet generated gross charter hire 4 of $195 million.
Q3 2026 Q2 2026
Charter hire 4
Operating days 5
Utilization 6
Charter hire 4
Operating days 5
Utilization 6
Container $85m 2,300 100% $83m 2,258 99%
Car Carrier $27m 630 98% $27m 637 100%
Tanker $56m 1,472 100% $62m 1,453 100%
Bulker $3m 178 97% $3m 181 99%
Energy $23m 92 50% $24m 91 50%
The Company has two Suezmax tankers and two Kamsarmax dry bulk vessels deployed in the spot and short-term charter market. During the third quarter, our Suezmax tankers and Kamsarmax dry bulk vessels achieved average daily spot Time Charter Equivalent (TCE⁷) per vessel of approximately $83,000 and $15,000, respectively. Subsequent to quarter end, the Suezmax tanker SFL Albany , commenced a three-year charter with an oil major, adding approximately $69 million to the backlog.
In September 2026, SFL agreed a seven-year charter extension with Hapag-Lloyd AG for six 15,400 TEU container vessels. The vessels will now have fixed-rate charter coverage until 2035–2036 at rates reflecting the current strong container market, adding approximately $750 million to SFL’s fixed-rate charter backlog.
Subsequent to quarter-end, the Company announced the acquisition of three 93,000 cbm Very Large Ammonia Carriers (VLACs) for delivery in 2028. At the same time, the Company agreed long-term time charters for the vessels with an oil major and a global leader in the commodities industry, adding a minimum of approximately $247 million to its fixed-rate charter backlog.
In addition, the Company has agreed to acquire two 8,800 TEU container vessels for delivery in the second half of 2027. On delivery, the vessels will commence eight-year time charters with a major European liner operator.
The Company has also agreed to sell four LR2 product tankers built in 2014 and 2015, and three Suezmax tankers built in 2019, all currently on time charter to Trafigura, a global leader in the commodities industry. The sale price per vessel is confidential. After settlement of profit share and repayment of associated debt, net cash proceeds to SFL are estimated at approximately $275 million in aggregate. The Company expects to record an aggregate book gain of approximately $175 million on delivery of the vessels, which is expected in the fourth quarter of 2026 and the first quarter of 2027.
___________________________
3 Fixed rate backlog as of September 30, 2026 includes fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. It also includes subsequent transactions. The contracted fixed rate charter backlog excludes charterers’ extension options.
4 Charter hire represents the amounts billable in the period by the Company and its associates for chartering out vessels and rigs. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income, including profit share and attributable mobilization fees, if any. Long term charter hire relates to contracts undertaken for a period greater than one year. Short term charter hire relates to contracts undertaken for a period less than one year, including voyage charters.
5 For vessels “operating days” equals calendar days less days for technical off hire, dry dock or yard stay. For rigs “operating days” equals days on rate or in transit covered by mobilisation fees less days off hire and time spent in port not on drilling rate.
6 Utilization means Operating days divided by calendar days.
7 TCE or Time Charter Equivalent earnings is a non-GAAP measure calculated as voyage revenues less voyage expenses divided by available days. Pursuant to US GAAP, revenues are recorded on a load to discharge basis.
Financing and Capital Expenditure
As of September 30, 2026, cash and cash equivalents amounted to approximately $112 million. In addition, the Company had $160 million available under undrawn credit lines, representing a total available liquidity of approximately $272 million at quarter end.
From May through July, the Company raised approximately $100 million in net proceeds through its dividend reinvestment and at-the-market program, issuing approximately 8.8 million new shares at an average price above VWAP for the corresponding period. The Company has no further plans to issue additional shares following the finalization of the planned sales in July, 2026.
The Company has 14 newbuildings under construction, with a total remaining capital expenditure of approximately $1.7 billion. These comprise seven container vessels, four car carriers and three very large ammonia carriers, scheduled for delivery from the second half of 2027 through the end of 2029. The newbuildings are expected to be financed through a combination of cash at hand and secured credit facilities.
Corporate and Other Matters
In October 2026, the Borgarting Court of Appeal delivered a unanimous judgment in the case between SFL’s rig-owning subsidiary and certain subsidiaries of Seadrill Ltd. (“Seadrill”) concerning the redelivery of the drilling rig Hercules in December 2022. The Court found that Seadrill had breached the contract on redelivery and ordered it to pay SFL’s subsidiary a total of approximately $55 million, including compensation, late payment interest and legal costs.
Later in October 2026, the Court of Appeal delivered its judgment in the related Capital spares case, reversing the Oslo District Court’s ruling of April 2025. The Court ordered the Company to pay Seadrill approximately $12 million, including compensation, late payment interest and legal costs. Neither judgment is final. Each may be appealed to the Supreme Court of Norway within 30 days of service, subject to leave to appeal being granted.
The Company’s Board of Directors has authorized the repurchase of up to an aggregate of $100 million of the Company's common shares from time to time, valid until June 2029. The Company also has a dividend reinvestment (“DRIP”) and at-the-market (“ATM”) offering program, pursuant to which it may issue up to 10 million and raise up to $100 million of its common shares, respectively, from time to time. The Company has utilized a combined $100 million from this programme during the second and third quarters.
Any of the above referenced programs, including repurchase or sale of shares of common stock will be at the discretion of the Company, and the timing, including the amount of any repurchase or sale of shares, as applicable, will depend on, among other things, legal requirements, market conditions, stock price, alternative uses of capital, capital availability, and other factors. SFL is not obliged under the terms of any board authorization, including in respect of a share repurchase, an ATM or a DRIP program, to repurchase, issue or sell any number of shares and the foregoing may be amended, suspended or reinstated at any time at the Company's discretion and without further notice.
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, the supply of and demand for oil and oil products and vessels, including drilling rigs, comparable to ours, including against the background of the possibility of accelerated climate change transition worldwide, including shifts in consumer demand for other energy resources could have an accelerated negative effect on the demand for oil and thus its transportation and drilling, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods and resulting changes to trade patterns, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from future litigation, including litigation related to claims raised by public-interest organizations or activism with regard to failure to adapt or mitigate climate impact, world events, political instability, international sanctions or international hostilities, and potential physical disruption of shipping routes as a result thereof, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other important restrictions, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
November 4, 2026
The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda
Questions may be directed to SFL Management AS:
Espen Nilsen Gjøsund, Vice President - Investor Relations: +47 47500500
André Reppen, Chief Treasurer & Senior Vice President: +47 23114055
Aksel C. Olesen, Chief Financial Officer: +47 23114036
For more information about SFL, please visit the Company’s website: www.sflcorp.com
SFL CORPORATION LTD.
THIRD QUARTER 2026 REPORT (UNAUDITED)
INCOME STATEMENT
Three months ended
Full year
(in thousands of $ Sep 30, Jun 30, 2025
except per share data) 2026 2026 (audited)
Charter revenues: sales-type leases (excluding charter hire treated as Repayments) (1)
— — 951
Charter revenues: operating leases and rig revenue contracts
189,395 191,383 713,195
Profit share income
2,590 2,152 5,604
Other operating income
9,596 7,230 13,291
Total operating revenues
201,581 200,765 733,041
Loss on sale of vessels and settlement of charters
— — (7,172)
Vessel and rig operating expenses
(85,395) (73,820) (301,768)
Administrative expenses
(3,897) (6,933) (18,332)
Depreciation (56,262) (54,792) (234,998)
Vessel impairment charge
— — (34,093)
Total operating expenses
(145,554) (135,545) (589,191)
Operating income
56,027 65,220 136,678
Results in associates 554 576 2,366
Interest income from associates 1,150 1,138 4,563
Interest income, other 1,313 1,598 10,218
Interest expense (34,594) (36,443) (180,527)
Interest and valuation gain/(loss) on non-designated derivatives 14,072 4,009 (1,478)
Gain/(loss) on investments in equity securities 772 (1,231) (39)
Other financial items (1,364) (674) 3,670
Taxes (579) (400) (1,882)
Net income/(loss)
37,351 33,793 (26,431)
Basic earnings/(loss) per share ($)
0.26 0.25 (0.20)
Weighted average number of shares (2)
141,504,136 134,572,875 133,063,652
Common shares outstanding (2)
142,028,413 138,670,282 132,797,785
(1) ‘Charter revenues: sales-type leases’ are reported net of charter hire classified as ‘Repayment of Investment in sales-type leases’ under US GAAP, which for the three months ended September 30, 2026 was $0.0 million (three months ended June 30, 2026: $0.0 million; full year 2025: $4.0 million).
(2) The weighted average number of shares and the number of common shares outstanding excludes approximately 11.8 million shares issued by SFL as part of share lending arrangements and 2.3 million shares held by SFL as treasury stock. The shares are owned by SFL, thus they are excluded in the calculation of earnings per share.
SFL CORPORATION LTD.
THIRD QUARTER 2026 REPORT (UNAUDITED)
BALANCE SHEET Sep 30, Jun 30, Dec 31, 2025
(in thousands of $) 2026 2026 (audited)
ASSETS
Short term
Cash and cash equivalents (1)
111,895 113,104 150,829
Investment in marketable securities
5,950 5,013 4,146
Amount due from related parties
3,222 11,865 6,941
Other current assets
126,037 121,453 97,302
Long term
Vessels, rigs and equipment, net
2,945,437 2,992,540 3,122,633
Capital improvements in progress and newbuildings
217,224 188,781 181,074
Investment in associates (2)
15,413 15,586 15,832
Amount due from related parties, long term (2)
45,000 45,000 45,000
Other long term assets
45,504 22,417 14,386
Total assets
3,515,682 3,515,759 3,638,143
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short term
Short term and current portion of long term interest bearing debt
612,766 575,539 605,943
Amount due to related parties
2,278 1,377 1,303
Other current liabilities
91,104 84,521 103,079
Long term
Long term interest bearing debt, net of deferred charges
1,720,715 1,808,877 1,960,533
Other long term liabilities
1,696 10,067 6,423
Stockholders’ equity
1,087,123 1,035,378 960,862
Total liabilities and stockholders’ equity
3,515,682 3,515,759 3,638,143
(1) Not including cash held by affiliates accounted for as ‘Investment in associates’.
(2) One of our affiliates was accounted for as ‘Investment in associates’ at quarter end. Our investment is a combination of equity classified as ‘Investment in associates’ and any loans from the Company to the affiliate included within ‘Amount due from related parties, long term’.
SFL CORPORATION LTD.
THIRD QUARTER 2026 REPORT (UNAUDITED)
STATEMENT OF CASH FLOWS Three months ended
Full year
(in thousands of $)
Sep 30, Jun 30, 2025
2026 2026 (audited)
OPERATING ACTIVITIES
Net income/(loss)
37,351 33,793 (26,431)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
57,248 58,373 243,449
Vessel impairment charge
— — 34,093
Capitalized lease debt financing interest 2,451 2,398 8,142
Adjustment of derivatives to fair value recognized in net income (13,334) (3,343) 4,646
(Gain)/loss on investments in equity securities (772) 1,231 39
Results in associates (554) (576) (2,366)
Gain on sale of vessels, net — — (15,828)
Repayment of investment in sales-type leases — — 4,021
Other, net 1,008 (208) 4,296
Change in operating assets and liabilities 3,855 (3,345) 13,082
Net cash provided by operating activities 87,253 88,323 267,143
INVESTING ACTIVITIES
Purchase of vessels, capital improvements and newbuildings
(50,223) (16,232) (80,555)
Proceeds from sale of vessels
— — 258,574
Proceeds from asset related grants and insurance claims 12,619 — 10,073
Other investments
— (140) —
Net cash (used in)/provided by investing activities
(37,604) (16,372) 188,092
FINANCING ACTIVITIES
Proceeds from long and short term debt
— 155,600 244,042
Repayment of long and short term debt
(56,827) (276,497) (538,431)
Financing premiums and costs, net
(274) 1,193 (3,168)
Net cash flows on swaps
— — (6,265)
Cash received/(paid) for shares issued or repurchased 37,489 63,007 (10,025)
Cash dividends paid
(31,246) (29,714) (125,110)
Net cash used in financing activities
(50,858) (86,411) (438,957)
Net (decrease)/increase in cash and cash equivalents
(1,209) (14,460) 16,278
Cash and cash equivalents at beginning of period
113,104 127,564 134,551
Cash and cash equivalents at end of period
111,895 113,104 150,829
ASSOCIATED COMPANIES ACCOUNTED FOR AS INVESTMENT IN ASSOCIATES
THIRD QUARTER 2026 (UNAUDITED)
Condensed income statement data for the three months ended September 30, 2026
River Box
(in thousands of $) Holding Inc
Ownership share presented 49.9%
Charter revenues - direct financing leases (net of charter hire treated as Repayment of investment in direct financing leases) (1)
3,790
Interest expense, related party (2)
(574)
Interest expense, other
(2,688)
Other items
26
Net income (3)
554
(1) ‘Charter revenues – direct financing leases’ are reported net of charter hire classified as ‘Repayment of investment in direct financing leases’ under US GAAP, which for the three months ended September 30, 2026 was $4.1 million.
(2) ‘Interest expense, related party’ from this affiliate is included in the Company’s consolidated income statement as ‘Interest income from associates’. For the three months ended September 30, 2026, the Company recorded approximately $1.2 million from this associate. In the above table, the Company's 49.9% share of River Box Holding’s income statement is shown.
(3) ‘Net income’ from this affiliate appears in the Company’s consolidated income statement as ‘Results in associates’.
Condensed balance sheet data as of September 30, 2026
River Box
(in thousands of $) Holding Inc (1)
Ownership share presented 49.9%
Cash and cash equivalents
2,664
Investment in direct financing leases including current portion
194,180
Total assets
196,844
Short term and long term portions of lease liability
157,588
Other current liabilities
1,388
Long term loans from shareholders, net (2)
22,455
Stockholder's equity (3)
15,413
Total liabilities and stockholder's equity
196,844
(1) The numbers represent the Company's relative share of 49.9% in River Box Holding Inc.
(2) The Company has a $45.0 million loan to River Box included within ‘Amount due from related parties, long term’. In the above table, the Company's 49.9% share of River Box Holding’s balance sheet is shown.
(3) ‘Stockholder’s equity’ from affiliates appears in the Company’s consolidated balance sheet as ‘Investment in associates’.
SFL CORPORATION LTD.
THIRD QUARTER 2026 (UNAUDITED)
Shipping and Energy condensed income statement data for the three months ended September 30, 2026
INCOME STATEMENT
Shipping Energy Total
(in thousands of $)
Total operating revenues 178,427 23,154 201,581
Total operating expenses
(103,828) (41,726) (145,554)
Operating income/(loss)
74,599 (18,572) 56,027
Interest expense (30,975) (3,619) (34,594)
Other non-operating items 16,925 (428) 16,497
Taxes 12 (591) (579)
Net income/(loss) 60,561 (23,210) 37,351
APPENDIX 1: RECONCILIATION OF ADJUSTED EBITDA
THIRD QUARTER 2026 (UNAUDITED)
Adjusted EBITDA data for the three months ended September 30, 2026
ADJUSTED EBITDA
Shipping Energy Total 49.9% owned
(in thousands of $) associates
Net cash provided by operating activities
79,167 8,086 87,253 4,891
Non-cash movements in other assets and liabilities
11,813 (15,287) (3,474) (298)
Interest related to non-designated derivatives
(738) — (738) —
Interest expense excl. amortization of deferred charges
29,784 3,300 33,084 2,688
Interest income, other
(1,083) (209) (1,292) —
Interest (income)/expense from associates
(1,150) — (1,150) 574
Adjusted EBITDA (1)
117,793 (4,110) 113,683 7,855
(1) ‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.