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Operator
Good day, and thank you for standing by, and welcome to the Q2 2021 SFL Corporation Earnings Conference Call. (Operator Instructions) For your information, this conference is being recorded.
Now I would like to hand the conference over to your speaker today, Ole Hjertaker. Please go ahead.
Ole Bjarte Hjertaker - CEO of SFL Management AS & Director
Thank you, and welcome all to SFL's second quarter conference call. I will start the call by briefly going through the highlights of the quarter. And following that, our CFO, Aksel Olesen, will take us through the financials. And then the call will be concluded by opening up for questions.
Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are inherently subject to risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, but are not limited to, conditions in the shipping, offshore and credit markets. You should therefore not place undue reliance on these forward-looking statements. Please refer to our filings with the Securities and Exchange Commission for a more detailed discussion of our risks and uncertainties, which may have a direct bearing on our operational results and our financial condition.
The announced dividend of $0.15 per share represents a dividend yield of around 8.5% based on closing price yesterday, and this is our 70th quarter with dividends, so it's a bit of a celebration from that perspective. Over the years, we have paid nearly $28 per share in dividends or around $2.4 billion in total, and we have had an increasing fixed rate charter backlog recently, supporting continued dividend capacity going forward.
The total charter revenues was $141 million in the quarter, with more than 80% of this from vessels on long-term charters and less than 20% from vessels employed on short-term charters and in the spot market. The EBITDA equivalent cash flow in the quarter was approximately $103 million. In the last 12 months, the EBITDA equivalent has been approximately $424 million. The net income came in at around $20 million in the quarter or $0.16 per share. There were some one-offs in the quarter, including a smaller impairment on a rig we are recycling and negative mark-to-market on interest-hedging instruments. There was also a higher interest element in the quarter as we have already raised the capital to refinance the remaining $147 million convertible note in October and have, therefore, around $2 million extra interest charge in the second quarter and third quarter until it's paid down.
There were also around $900,000 higher upgrading costs in the quarter due to additional crew rotation costs linked to COVID restrictions. Our fixed rate backlog has increased and stands at approximately $2.7 billion from owned and managed vessels after recent acquisitions and adjusted for the recent disposals. This has provided continued cash flow visibility going forward. The backlog excludes revenues from 16 vessels traded in the short-term market and also excludes future profit share optionality. In addition, we have excluded charter hire relating to the drilling rigs to be conservative, in light of the ongoing financial restructuring in Seadrill.
We are very pleased to continue to execute on our commitment to invest in assets and markets with a lower carbon footprint. We have spent a lot of time on evaluating various new technology initiatives that can improve performance of vessels, including our existing vessels on the water. In April, we agreed with the Volkswagen Group to build and charter out 2 newbuild dual-fuel car carriers designed to use liquefied natural gas, or LNG, for propulsion. And today, we announced an agreement to build 2 more vessels in the same series. The charter period for all these 4 vessels is 10 years from delivery in 2023 and 2024, and the transactions have added more than $400 million to the fixed rate charter backlog. And importantly, we also added 2 very solid counterparties to our customer portfolio. We are not yet at liberty to disclose the name of the counterparty for the last 2 vessels, but I -- we can say so much that it's a large investment gradation-based shipping company, and we really look forward to working with them more closely. And hopefully, over time, also develop more business opportunities with them.
In addition to the car carriers, we have recently added 2 additional 14,000 TEU container vessels with charters to Evergreen. These are sister vessels to 4 vessels we already own and delivery is scheduled in just 2 to 3 weeks. In addition to the solid cash flow during the remaining 2.5 years or so with Evergreen, a key attraction here is the rechartering position in 2023 and 2024 for fuel-efficient vessels we know are very attractive assets in the market. The purchase price is confidential, but I can confirm that it's significantly below current charter fee values reported by brokers.
We have also agreed to acquire 2 modern 6,800 TEU vessels with long-term charters to Maersk Line. One of the vessels have been delivered to us already, and the second vessel is expected in a week's time. So we'd have good cash flow effect already this quarter. Total acquisition costs for these vessels is around $150 million. And with the rallying second end market, the chartering values are, in fact, already up 40% to 50% from the levels we've required them at, creating a nice buffer for us.
With these vessels, we will have 15 vessels on charter to Maersk. All these vessels and also the Evergreen vessels and the car carriers are on time charter terms, where we are responsible for technical management and vessels operation and, therefore, also have the direct interaction with the counterparties.
Coincidentally, our customer MSC has exercised purchase options for 18 vintage feeder vessels. Due to the age of these vessels, the deal structure was bareboat charters with no technical risk and MSC had purchased obligations at the end of the charter period. The vessels are now 25 years old on average, and MSC has exercised their purchase options, with some vessels delivering at the end of this month and the remaining in September. Net cash proceeds after repayment of associated debt is estimated to approximately $40 million, and we expect a neutral to marginally positive book effect from this transaction in the third quarter.
Excluding the drilling rigs, the backlog from owned and managed shipping assets were $2.7 billion at the end of the quarter. Over the years, we have changed both fleet composition and structure, and we now have more than 70 shipping assets in our portfolio and no vessels remaining from the initial fleet in 2004. In addition to the long-term chartered vessels, we have 16 vessels trading in the short-term market. We also had a significant contribution from profit share over time, both relating to charter rates and fuel savings. We do not have a set mix in this portfolio. Focus is on evaluating deal opportunities across segments and try to do the right transactions from a risk-reward perspective. Over time, we believe this will balance itself out, but we try to be careful and conservative in our investments and not just invest because money is burning in our pockets.
The 2 drilling rigs are not included in our reported charter backlog figures. And with respect to Seadrill and the ongoing financial restructuring, we cannot give more details than what we have disclosed in our press releases or is otherwise publicly available. We received approximately 75% of the lease hire under the existing charter arrangement for West Linus and West Hercules during Seadrill's Chapter 11 proceedings. Both rigs are active and working for all companies, and the charter rate is sufficient to cover our debt service relating to the rigs. And we have, of course -- we are, of course, pleased to see a strengthening harsh environment market in the North Sea on the back of a firm oil price.
A few weeks ago, we entered into an amendment to the charter agreement relating to the semisubmersible drilling rig, West Hercules. Under the amendment agreement with Seadrill, the West Hercules is contracted to be employed with oil major Equinor in Norway and Canada until the second half of 2022 and, thereafter, will be delivered to SFL in Norway. This agreement remains to be reconfirmed by the court in September. And if so, SFL will continue to receive a bareboat hire of around $65,000 per day until Seadrill emerges from Chapter 11 and, thereafter, approximately $60,000 per day while the rig is employed under a contract and generating revenues for Seadrill and approximately $40,000 per day in all order modes, including where the rig is idle and mobilized to and from Canada for the Equinor work.
We continue to have a constructive dialogue with Seadrill regarding the rig West Linus, which is on a subcharter to ConocoPhillips in the North Sea until the end of 2028. Seadrill has filed a plan support agreement, which is also supported by a majority of its secured creditors. Based on these filings, a potential emerging from Chapter 11 could be in early 2022. And we expect to have more clarity on West Linus well ahead of this.
Over the years, we have gone from a single asset class chartered to one single customer to a diversified fleet and multiple counterparties. And over time, the mix of the assets in charter backlog has varied from 100% tankers to nearly 60% offshore 10 years ago to container and car carriers now being the largest segment with 80% of the backlog.
If you look at the counterparties, it is now mainly to end users and market leaders in their respective segments and relative fewer intermediaries where we have less visibility on the use of the assets and quality of operations. Strategically, this also gives us access to more deal flow opportunities such as the repeat business with Maersk, MSC and Evergreen, for example.
Our strategy has, therefore, been to maintain a strong technical and commercial operating platform in cooperation with our sister companies in the Seatankers Group. This gives us the ability to offer a wider range of services to our customers from structured financing to full-time time charters. And with full control of our vessel maintenance and performance, including energy efficiency and emission-minimizing efforts, we can impact improvements to our vessels through the life of the assets and not only be passively owning vessels employed on bareboat charters where the customer may not always have an incentive to make such improvements. In addition, we can retain more of the residual value in the assets when we charter out on time charter basis. And in the current environment, with rising raw material costs driving replacement cost for vessels, this value is for the benefit of SFL and our stakeholders. While for bareboat charter deals, the value is usually retained by the charterers through fixed-price purchase option.
And with that, I will leave the word over to our CFO, Aksel Olesen, who will take us through the financial highlights of the quarter.
Aksel C. Olesen - CFO of SFL Management AS
Thank you, Mr. Hjertaker. On this slide, we have shown a pro forma illustration of cash flows for the second quarter. Please note that this is only a guideline to assess the company's performance and is not in accordance with U.S. GAAP and also net of extraordinary and noncash items.
The company generated gross charter hire of approximately $142 million in the second quarter, with more than 80% of the revenue coming from our fixed charter backlog, which currently stands at $2.7 billion, providing us a strong visibility on our cash flow going forward.
In the second quarter, the liner fleet generated gross charter hire of approximately $75 million, including approximately $2.4 million in profit split contribution related to fuel savings on some of our large container vessels. Of this amount, approximately 95% was derived from our vessels on long-term charters.
Following the company's recent acquisitions, SFL liner fleet backlog currently stands at approximately $2.2 billion, with an average remaining charter term for approximately 4.7 years or approximately 7.5 years if weighted by charter hire. Our tanker fleet generated approximately $15 million in gross charter hire. Of this amount, more than 80% was derived from our vessels on long-term charters to, among others, Philips 66 and Frontline. The net charter hire from the company's 2 Suezmax tankers employed in the short-term market was approximately $1.8 million, compared to $2.5 million in the previous quarter.
Our dry bulk fleet of 22 vessels generated approximately $39 million in gross charter hire, including approximately $1.2 million in profit share contribution from our Capesize vessels on charter to Golden Ocean. Of this amount, approximately half was derived from our 12 vessels on long-term charters to Golden Ocean, Sinotrans and Hyundai Glovis while the other half was derived from our 10 Supramax and Handysizes also employed in the short-term market. These vessels generated approximately $14.9 million in net charter hire, compared to $9.8 million in the previous quarter.
As well as 2 drilling rigs, which have been started out to subsidiaries of Seadrill on bareboat terms, in the second charter, we received charter hire of approximately $12.2 million from the rigs. This summarizes to an adjusted EBITDA of approximately $103 million for the second quarter compared to $98 million in the first quarter.
We then move on to the profit and loss statement as reported on the U.S. GAAP. As we have described in previous earnings calls, our accounting statements are different from those of a traditional shipping company. And as our business strategy focuses on long-term charter contracts, a large part of our activities are classified as capital leasing. As a result, a significant portion of our charter revenues are excluded from U.S. GAAP operating revenues and instead booked as revenues classified as repayment of investment in finance leases and vessel loans, results from associates and long-term investments and interest income from associates.
For the second quarter, we report total operating revenues according to U.S. GAAP of approximately $117 million, which is less than approximately $142 million of charter hire actually received for the reasons just mentioned. During the quarter, the company recorded profit share income of $3.6 million, mainly related to fuel savings on some of our large container vessels and the dry bulk vessels on long-term charters to Golden Ocean. Furthermore, the net result was impacted by a noncash impairment of $1.9 million, reflecting the net proceeds from the recycling of West Taurus during the third quarter, in addition to approximately $1 million in additional OpEx related to challenging crew change logistics and approximately $2 million in additional interest costs due to the issuance of the sustainability-linked bond in April ahead of the maturity of the convertible bond in October. So overall, and according to U.S. GAAP, the company reported a net profit of $19.5 million or $0.16 per share.
Moving on to the balance sheet. At quarter end, SFL had approximately $372 million of cash and cash equivalents, excluding approximately $8 million of cash held in the wholly owned nonconsolidated rig-owning subsidiary. Furthermore, the company had marketable securities of approximately $23 million based on market prices at the end of the quarter. In April, the company successfully placed a $150 million senior secured sustainability-linked bonds due 2026. The bond had a coupon of 7.25% per annum, and the net proceeds will be used to refinance existing debt, including our convertible bonds with maturity in October, which is included in the short-term debt with approximately $147 million outstanding at quarter end.
The company has remaining CapEx of approximately $670 million relating to recent acquisitions. During the second quarter, the company issued approximately 10 million new shares through its ATM and DRIP programs for net proceeds of approximately $87 million to part finance these acquisitions and have additional investment capacity going forward. The remaining investment amounts are expected to be funded with senior debt, and there are no immediate plans to raise more new equity.
As of today, we have obtained approximately $300 million of senior debt from international banks at attractive terms, addressing the funding of the vessels to be delivered during the third quarter. Based on the Q2 numbers, the company had book equity ratio of approximately 28%.
And to summarize, the Board has declared a cash dividend of $0.15 per share for the quarter. This represents a dividend yield of approximately 8.5% based on the closing share price yesterday. This is the 70th consecutive quarterly dividend. And since inception of the company in 2004, approximately $28 per share or approximately $2.4 billion in aggregate has been returned to shareholders through dividends. SFL has successfully committed close to $700 million towards accretive investments so far this year. And in the process, we have expanded our relationship with some of our key clients by investing in modern eco-design container ships. At the same time, disposal of older, less efficient vessels, demonstrating our commitment to further improve our carbon footprint pursuant to our ESG strategy.
Following the recent investments, our backlog from our shipping assets now stands at $2.7 billion, providing strong visibility on future cash flow, debt service and continued distribution capacity. And with $372 million of cash at quarter end, SFL is well positioned to execute on new accretive investments in the time to come.
And with that, I give the word back to the operator, who will open the line for questions.
Operator
(Operator Instructions) We are now taking the first question from the line of Randy Giveans at Jefferies.
Randall Giveans - VP,Senior Analyst & Group Head of Energy Maritime Shipping
So I guess the first couple of questions around the new container ship acquisition, 14,000 TEU vessels. Can you give the age of the ships? Are they scrubber-equipped? Some more details. And I know you're not going to give the purchase price, but just trying to get some other details around that. And then looking at kind of residual upside after the current charters end in '23 and '24?
Ole Bjarte Hjertaker - CEO of SFL Management AS & Director
Yes, absolutely. The vessels are sister vessels to 4 14,000 TEU vessels that we have today on charter to Evergreen. These are very fuel-efficient vessels. These are -- in fact, one of our vessels was the first vessel with 51-meter beam, i.e., the very biggest you can take through the Panama Canal. So our vessel was the first of that size to go through the canal and actually use that corridor to serve the U.S. East Coast market. So we know there are -- these are very versatile vessels with very good deadweight capacity and fuel-efficient build in 2013 and into 2014.
They don't have scrubbers. This is something we discussed with the current charter with Evergreen. In the end, when you charter out a vessel, it's your customer who pays for the fuel. So if we were to make such investment, it would, of course, be if we got either a compensation for that investment through -- linked to their fuel savings or a profit share like we've done with Maersk on several vessels, where we have a base increase of -- for the investment and then we get the cut of the profits that comes out of that.
We have not made such agreements with Evergreen. And of course, therefore, we cannot justify making that investment now. Of course, when we look at the new charter position, this is something we would obviously discuss with, call it, the new potential charter for these vessels if it makes commercial sense for us.
Right now, we know that the shipyards are all sold out for vessels of this size and category from [Polish] shipyards well in -- '24 is basically well sold out, and we hear that even '25 may be challenging, certainly, for series of vessels. So -- and we've also seen other operators out there forward fixing already vessels with chartering positions similar to ours. So we see that there is also a good demand on the potential on the customer side. But exact timing of this is something we would have to look at. And again, it's all about trying to create the best, call it, economic outcome for us from a risk/reward perspective, obviously.
Randall Giveans - VP,Senior Analyst & Group Head of Energy Maritime Shipping
Got it. Okay. And then looking at your dry bulk assets, clearly, those are outperforming most of your others now, profit sharing, fully getting from Golden Ocean. The convertible maturity is handled. Seadrill is mostly in the past now. So all of those things together, how do you view the dividend current at $0.15? Chances you re-up that back to the $0.25 it was before the recent cut? And then how do you view your dry bulk fleet from here as well?
Ole Bjarte Hjertaker - CEO of SFL Management AS & Director
Yes. Thanks. Very valid questions, of course. On the dry bulk side, we are, of course, very excited to see the dry bulk market being very robust and has been increasing over the last few months. Of course, if you look at the economic side of that and certainly from a reporting side, because of the new, call it, accounting principles for shipping assets with low-to-discharge principle, you have effectively a delay in the revenue recognition when the market is strengthening and then the corresponding, call it, the tail if the market is softening. So the $1.25 million we got in profit share from Golden Ocean on top of the base rate, so this is just icing on the cake as we like to say it. We would, of course, like to see more icing on the cake. And based on the forward market, it could be significantly more than was reported this quarter. But it has a delay effect, as I mentioned. And of course, the profit share is in the end actual performance for the vessels.
Also, if you look at our acquisitions recently, we've done several deals that are delivering in the third quarter. Some vessels are already delivered, several are to be delivered over the next very few weeks. So we will see more -- we will see cash flow production from these assets already in the quarter. So I think, as we come to the finalization of the third quarter and we look at the numbers at that time, that would be more, call it, prudent time to look at also the distribution at the time. And needless to say, we were -- focus is always on distribution per share, long-term distributable capacity per share. So of course, it's an objective to build dividend going forward. But exact timing and amounts, et cetera, it's something the Board has always reserved the right. We never -- we have never in the history of SFL given specific forward guidance on dividends.
But typically, we've been correcting dividends down very, very seldom. And usually, it's been stable and increasing. So let's hope we can get back to our good old pattern also on that side.
Operator
We are now taking our next question from the line of Greg Lewis at BTIG.
Gregory Robert Lewis - MD and Energy Transition, Maritime & Next Generation Opportunity Analyst
I guess all I would like to ask -- Randy is right, a big question around the dividend. I guess I'll ask it a different way. If we were to kind of rewind the clock a little bit, the first dividend move down was from the -- looked like it was driven by the ongoing issues around Seadrill. And then the second knockdown of the dividend was really around COVID. And so realizing that there's a lot more than just Seadrill and COVID that drive the decision around the dividend, are those 2 things kind of like hurdles or events we should be thinking about as we try to think about when we could see a return in growth to the dividend? Or is it more, hey, those 2 things happened, we've moved on, and it's more just about doing some more of these transactions which we announced today around the car carriers to boost the cash flow?
Ole Bjarte Hjertaker - CEO of SFL Management AS & Director
Yes. Good -- it's difficult to be very specific on that. I mean, of course, when we made the adjustments, one was due to general huge market uncertainties surrounding the whole COVID, which had much wider sort of impact than just on the drilling side. And then you had the meltdown on the rig side, where Seadrill was in the process of filing for Chapter 11, when we felt that it would be -- it was very prudent to take down the dividend given the heightened uncertainty around that.
We have some more visibility now with Seadrill with -- given what we noted in the report, with 1 rig where we have an agreement that will run through next year. But it's not that -- we're not -- it's not entirely out of the woods. Hopefully, over the next couple of months now, we will have more clarity there as well. But at the same time, we also see a very good performance in some of the other asset classes like the dry bulk vessels that was mentioned. And we've been doing more business with these new transactions and, of course, hope to execute on additional deal opportunities going forward.
So I think the best way to phrase it is probably that the Board will -- is assessing, call it, the dividend with the perspective of what they believe is long-term sustainable in a more normalized world. And this quarter, the dividend was kept stable. Next quarter, management can hope that there is good performance, continued good performance and also better visibility and also cash flow coming in from these new assets that will build that long-term distribution capacity. But again, we cannot make comments on what the dividend could be because, again, this is a right the Board reserves to have the appropriate flexibility.
Gregory Robert Lewis - MD and Energy Transition, Maritime & Next Generation Opportunity Analyst
100%. I'm also realizing that you are limited in what -- how you can talk about the relationship with Seadrill and the rigs. But I guess I'll ask it this way. It's out in the news and it's been reported in the news that a couple of other drilling companies are potentially looking at acquiring Seadrill. Is it right to think that if company A acquires Seadrill, they buy default even though Ship Finance is the owner of those rigs? Or is it -- is that something where then, Ship Finance -- I'm really just looking for color around the relationship contract or agreement. Like how would something like that work if Seadrill were, in fact, to be acquired?
Aksel C. Olesen - CFO of SFL Management AS
Just to clarify the question. I think your question is if there is some kind of -- that our rigs automatically are a part of the sale if Seadrill is acquired? Or is it that...
Gregory Robert Lewis - MD and Energy Transition, Maritime & Next Generation Opportunity Analyst
Yes, that's exactly right.
Aksel C. Olesen - CFO of SFL Management AS
Exactly. Yes. So it's really up to the Board or kind of the acquirer to make a separate proposal to SFL in that respect and up to the Board to evaluate that proposal in -- if there should be a potential bid on the table. So there's no kind of automatic consequence that an offer in Seadrill also relates to those assets. Because those are assets of SFL and operated separately. But we also know that -- it's that we have 2 attractive harsh environment assets, which also seem to be the most desired asset class if you look at Seadrill's assets. So we will just have to see how things develop.
Gregory Robert Lewis - MD and Energy Transition, Maritime & Next Generation Opportunity Analyst
Okay. And then as I think about that, I'm really interested in the Conoco contract with the jack-up. I mean is there any change of control where -- does the -- you know what I mean? Like is that something where Conoco as the, I guess, customer of that rig, is there any approval process through them? Or is that something where -- I'm just kind of curious, do they have any input into the potential -- whatever say in potentially where that rig goes in the event that Seadrill decides to have it's company be sold?
Aksel C. Olesen - CFO of SFL Management AS
I cannot talk for the West Elara which is the sister rig of Linus, where we're at -- that is also working for Conoco. But the concept on our rig and our relation with Seadrill and Conoco is that under the current agreement, SFL has basically in such [stepping right] into that contract not to be unreasonably withheld from Conoco. And I think if you look at the operations of the rig, it's going to -- it's more part of the infrastructure of the Ekofisk field, which has still a long lifetime. So we believe there is interest from Conoco to keep that rig and that will have to be addressed if and when such situation occurs.
Operator
And we are taking our next question from the line of Liam Burke from B. Riley.
Liam Dalton Burke - Analyst
You -- on the press release, you have a capital requirement of $670 million on the acquired vessels plus newbuilds. Understanding you're taking delivery on third quarter on the existing vessels and then the newbuild delivery is 2024, could you give us a sense of timing of how that outlay of $670 million would go?
Aksel C. Olesen - CFO of SFL Management AS
Yes, absolutely. I mean we have -- I mean the newbuildings are -- the newbuildings built with CapEx, I mean, there's some, call it, predelivery funding and then the bulk majority on delivery on kind of the 5 vessels that some have been delivered and some are in the process of being delivered. I mean, financing has been secured basically with a combination of the cold cash at hand and also senior bank financing at very attractive terms. So that's all secured.
We experienced a tremendous interest from financing institution based on, I would say, on the high quality of assets but also the high quality of counterparties on the other side. So that's, of course, very encouraging to see and basically addressed in full.
Liam Dalton Burke - Analyst
Okay. And you mentioned you've got additional deals that you're looking at. Would that be primarily in the container space? Or are you looking across the board to your entire fleet?
Ole Bjarte Hjertaker - CEO of SFL Management AS & Director
Now we are segment-agnostic. So we look at opportunities across the board in several shipping, call it, sectors. We think this is a really important distinction from many other maritime companies who are focused on one single segment and, therefore, has looked into investing there. What we have seen over time is that, typically, it's at the peak of the markets that the equity market is open and when banks will lend you the most money. And therefore, if you are in one single segment, you're almost programmed to invest the bulk of your capital maybe at the suboptimal time.
So what we try to look at, we look at multiple segments at a time, and we evaluate risk/rewards and market dynamics within the segments, and we compare them to each other. So you can say it's a coincidence. We've done -- mainly over the last couple of months, we've done mainly container ships and car carriers, which -- both liner-type assets, but still very different sort of market dynamics, where one segment has boomed a lot and the other has strengthened, but not -- but differently than the container side. At the same time, we also see many opportunities in other sectors where there has been less activity. So we'll -- we want to say we are opportunistic, and our mindset is that we look at diversifying in both asset types and counterparties. And therefore, we are not -- therefore, we're not only focused on the container side.
Operator
Thank you. There are no further questions from the line. Please continue.
Ole Bjarte Hjertaker - CEO of SFL Management AS & Director
Thank you. Then I would like to thank everyone for participating in our second quarter conference call and also thank the SFL team on board the vessels and onshore for their continued efforts in a time with continued operational disruption caused by the COVID-19 situation. If you have any follow-up questions, there are contact details in the press release or you can get in touch with us through the contact pages on our web page, www.sflcorp.com. Thank you.
Operator
That concludes our conference for today. Thank you for participating. You may all disconnect.