SFL declares 88th straight dividend despite quarterly loss on fleet overhaul

SFL Corp. (NYSE:SFL) extended one of the longest-running payout streaks in the maritime industry, declaring its 88th consecutive quarterly dividend even as the company reported a preliminary net loss for the final quarter of 2025.

The diversified shipowner posted a net loss of $4.7 million, or $0.04 per share, for the quarter ended December 31.

The results reflect a period of significant portfolio reshuffling, including the $52 million divestment of two 2015-built Suezmax tankers.

Management immediately redeployed capital into the sector, investing $23 million in two younger, 2020-built Suezmax vessels designed with eco-friendly features to capture higher rates in a tightening tanker market.

Total operating revenues for the quarter hit $176 million, with the shipping segment accounting for 87% of the top line.

The company’s energy segment, which has faced headwinds from the idling of the Hercules drilling rig throughout 2025, contributed the remaining 13%.

Adjusted EBITDA reached $109 million, bolstered by an $8 million contribution from associated companies.

Despite the quarterly GAAP loss, SFL’s board approved a $0.20 per share dividend, payable March 30, 2026.

The move signals management's confidence in its $4.2 billion charter backlog and its ability to generate steady cash flow from long-term contracts with investment-grade counterparts.