SFL Corporation Ltd (SFL) 2025 Q2 法說會逐字稿

SFL's second-quarter 2025 conference call.

SFL 2025 年第二季電話會議。

My name is Espen Gjøsund and I'm Vice President of Investor Relations in SFL. Our CEO, Ole Hjertaker, will start the call with an overview of the second-quarter highlights. Then, our Chief Operating Officer, Trim Shirley, will comment on vessel performance matters; followed by our CFO, Aksel Olesen, will take us through the financials. (Event Instructions)

我叫 Espen Gjøsund，是 SFL 的投資人關係副總裁。我們的執行長 Ole Hjertaker 將在電話會議開始時概述第二季的亮點。然後，我們的營運長 Trim Shirley 將對船舶性能事宜發表評論；隨後我們的財務長 Aksel Olesen 將向我們介紹財務狀況。（活動須知）

Before we begin our presentation, I would like to note that this conference call will be forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements.

在我們開始演講之前，我想指出，本次電話會議將屬於 1995 年美國私人證券訴訟改革法案所定義的前瞻性陳述。預期、預期、打算、估計或類似表達等詞語旨在識別這些前瞻性陳述。

Please note that 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 tSSo materially different from those set forth in the forward-looking statements.

請注意，前瞻性陳述並不能保證未來的表現。這些聲明是基於我們目前的計劃和預期，本質上受風險和不確定性的影響，可能導致未來的活動和營運結果與前瞻性聲明中所述的存在重大差異。

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 within the Securities and Exchange Commission for a more detailed discussion of risks and uncertainties, which may have a direct bearing on operating results and our financial condition.

可能導致實際結果不同的重要因素包括但不限於航運、離岸和信貸市場的狀況。因此，您不應過度依賴這些前瞻性陳述。請參閱我們向美國證券交易委員會提交的文件，以了解有關風險和不確定性的更詳細討論，這些風險和不確定性可能對經營業績和財務狀況產生直接影響。

Then I will leave the word over to our CEO, Ole Hjertaker, with highlights for the second quarter.

然後，我將把第二季的亮點留給我們的執行長 Ole Hjertaker。

Thank you, Espen.

謝謝你，埃斯彭。

We are now announcing our 86 dividend and continue building our business as a maritime infrastructure company with a diversified fleet. We reported revenues of $194 million this quarter and the EBITDA equivalent cash flow in the quarter was $112 million.

我們現在宣布派發第 86 期股息，並繼續發展我們作為一家擁有多元化船隊的海事基礎設施公司的業務。我們報告本季的營收為 1.94 億美元，本季的 EBITDA 等值現金流為 1.12 億美元。

Over the last 12 months, the EBITDA equivalent has been $526 million. The second-quarter result was impacted by several one-off items, including a higher number of vessels in dry dock and several of these with additional efficiency investments. Dry dockings are expensed when incurred and the vessels revenues were lower than when they are out of service. The drilling rig Hercules also remained idle in the quarter.

過去 12 個月，EBITDA 相當於 5.26 億美元。第二季的業績受到幾項一次性項目的影響，包括乾船塢船舶數量增加以及其中幾艘船舶的額外效率投資。乾船塢費用在發生時計入費用，船舶收入低於其停止使用時的收入。鑽井平台 Hercules 本季也處於閒置狀態。

We have, in recent quarters, taken decisive steps to strengthen our charter backlog by securing agreements with strong counterparties and deploying high-quality assets. We have also made substantial investments in cargo handling and fuel efficiency upgrades across our existing fleet while divesting older less efficient vessels. As part of this process, 57,000 deadweight dry bulk vessels built between 2009 and 2012 have been sold recently. Four of the vessels have already been delivered to their new owners and the last vessel is due to be delivered next month.

最近幾個季度，我們採取了果斷措施，透過與實力雄厚的交易對手達成協議並部署優質資產來加強我們的租船積壓。我們也對現有船隊的貨物處理和燃油效率升級進行了大量投資，同時剝離了效率較低的老舊船隻。作為這項進程的一部分，2009年至2012年間建造的57,000艘載重噸乾散貨船最近已被出售。其中四艘船已交付給新船主，最後一艘船將於下個月交付。

The vessels were originally on long-term charters, but have been operated in the spot market the last several years. Due to a combination of age, design and fuel efficiency, we have not been able to find new long-term charters for these vessels, and we have therefore decided to divest the vessels as part of our continuous fleet renewal process.

這些船隻最初是長期租賃的，但過去幾年一直在現貨市場上運作。由於船齡、設計和燃油效率等因素，我們無法為這些船舶找到新的長期租船合同，因此我們決定將這些船舶出售，作為我們持續船隊更新過程的一部分。

Eight older Capesize [bulkers] to Golden Ocean and 7 2002-built container ships to MSC have also been redelivered in late June and early July, pursuing to the chartering agreements. As a result of this and also vessel efficiency investments, operational efficiency and fuel consumption profile of the fleet has improved materially, delivering benefits to both SFL and our customers.

根據租船協議，Golden Ocean 的 8 艘老式好望角型散裝貨船和 MSC 的 7 艘 2002 年建造的貨櫃船也已於 6 月底和 7 月初重新交付。由於這項措施以及船舶效率投資，船隊的營運效率和燃料消耗狀況得到了實質改善，為 SFL 和我們的客戶帶來了利益。

We have also advanced our commitment to new technology with 11 vessels now capable of operating on LNG fuel, including 5 new buildings currently under construction. We are pleased to announce new 5-year charters for 3 9,500 TEU container vessels on charter to Maersk. This adds $225 million to our backlog from 2026 onwards, and the vessels will be upgraded with both cargo and fuel efficiency features similar to our other large container ships.

我們還加強了對新技術的承諾，目前已有 11 艘船舶能夠使用 LNG 燃料運行，其中包括 5 艘正在建造的新船。我們很高興地宣布與馬士基簽訂了為期 5 年的 3 艘 9,500 TEU 貨櫃船的新租約。這將使我們從 2026 年起的積壓訂單增加 2.25 億美元，並且這些船舶將升級為與我們的其他大型貨櫃船類似的貨物和燃油效率功能。

Most of the upgrades will be compensated by the charterer through charter rate add-ons. The drilling rig Hercules has been idle since the fourth quarter in 2024 and the recent market turmoil and oil price volatility has delayed new employment opportunities for the rig, which is impacting our near-term financial result as we keep the rig warm stacked.

大部分升級費用將由租船人透過租船費率附加費進行補償。Hercules 鑽井平台自 2024 年第四季以來一直處於閒置狀態，最近的市場動盪和油價波動推遲了該鑽井平台的新就業機會，這影響了我們的近期財務業績，因為我們正在保持鑽井平台的熱備狀態。

We remain optimistic about finding new employment for the rig and continue to explore strategic opportunities for the rig in parallel, but it is difficult to give any guiding on timing for this. We have also recently redelivered several vessels pursuant to pre-agreed purchase options and sold vessels employed in the spot market. And while this is increasing our available capital for new investments, it is reducing the near-term cash flow generation.

我們對於為該鑽井平台找到新的用途保持樂觀，並將繼續同時探索該鑽井平台的戰略機遇，但很難對此給出任何時間指導。我們最近還根據預先商定的購買選擇重新交付了幾艘船隻，並出售了現貨市場上使用的船隻。雖然這增加了我們可用於新投資的資本，但卻減少了短期現金流的產生。

The Board has therefore decided to adjust the dividend to $0.20 per share for the second quarter. With this dividend, we have returned nearly $2.9 billion to our shareholders over 86 consecutive quarters and the $0.20 dividend represents a yield of approximately 9% based on share price yesterday. Our charter backlog is currently $4.2 billion. And importantly, two-thirds of this is to customers with investment-grade rating, giving us a unique cash flow visibility and resilience in light of the current market volatility

因此，董事會決定將第二季的股息調整為每股 0.20 美元。加上這筆股息，我們已連續 86 個季度向股東返還近 29 億美元，而 0.20 美元的股息根據昨日股價計算，收益率約為 9%。我們的租船合約積壓量目前為 42 億美元。重要的是，其中三分之二是投資級評級的客戶，這讓我們在當前市場波動的情況下擁有獨特的現金流可見度和彈性

Over time, we have consistently demonstrated our ability to renew and diversify the portfolio of assets and charters, supporting a sustainable long-term capacity for shareholder distributions. And we have a strong liquidity position, including undrawn portions of credit line and also multiple unlevered vessels at quarter end, which should enable us to continue investing in new accretive assets.

隨著時間的推移，我們不斷展示更新和多樣化資產和章程組合的能力，支持股東分配的長期可持續能力。我們的流動性狀況良好，包括尚未提取的信用額度部分以及季度末的多個無槓桿資產，這使我們能夠繼續投資於新的增值資產。

And with that, I will leave the word over to our Chief Operating Officer, Trim Shirley.

接下來，我將把發言權交給我們的營運長 Trim Shirley。

Thank you, Ole.

謝謝你，奧勒。

Our current fleet is made up of 16 maritime assets, including vessels, rigs and contracted new buildings. Although a lot of material reduction in charter backlog, we have a reduction in fleet from last quarter after having disposed of 20 of our older vessels. These sales partly come as a result of end of lease vessels being sold back to charterers under option structures, but also due to fleet renewal. The average age of the vessels sold was about 18 years reducing the fleet average by about 2 years.

我們目前的船隊由 16 項海上資產組成，包括船舶、鑽井平台和簽約的新建築。儘管租船積壓量大幅減少，但在處理掉 20 艘老舊船隻後，我們的船隊規模較上一季有所減少。這些銷售部分是由於租賃期結束的船舶根據選擇權結構賣回給租船人，但也是由於船隊更新。售出船舶的平均船齡約為 18 年，使船隊平均船齡縮短了約 2 年。

Our backlog from owned and managed shipping assets stands at $4.2 billion, and the fleet following Q2 is made up of 3 dry bulk vessels, 30 container ships, 16 large tankers, 2 chemical tankers, 7 car carriers and 2 drilling rigs.

我們自有和管理的航運資產積壓訂單價值 42 億美元，第二季後的船隊由 3 艘乾散貨船、30 艘貨櫃船、16 艘大型油輪、2 艘化學品油輪、7 艘汽車運輸船和 2 座鑽井平台組成。

Now we have a diversified fleet of assets chartered out to first-class customers on mostly long-term charters and the majority of our customer base is large industrial end users. Container vessels dominate our backlog accounting for about 71% of our portfolio. A key to remain an attractive partner is to ramp up investments in fleet renewal, new technology and vessel upgrades, which we are doing.

現在，我們擁有多元化的資產船隊，主要以長期租約的形式租給一流的客戶，我們的客戶群大部分是大型工業終端用戶。貨櫃船是我們積壓訂單中的主要部分，約占我們投資組合的 71%。保持有吸引力的合作夥伴的關鍵是加大對船隊更新、新技術和船舶升級的投資，我們正在這樣做。

Stricter regulatory demands, particularly from the IMO and EU aimed at cutting shipping emissions is another driving factor. By enhancing our fleet, we position ourselves for organic growth, either by supplying new vessels to clients or extending the life of existing ones.

更嚴格的監管要求，特別是國際海事組織和歐盟旨在減少航運排放的要求是另一個驅動因素。透過擴大我們的船隊，我們可以實現有機成長，無論是向客戶提供新船還是延長現有船隻的使用壽命。

In Q2, we had four container vessels in dry dock for special survey and major upgrades to cargo systems, energy saving technologies, propeller enhancements and home modifications. On the back of already executed project with Maersk, we have agreed new 5-year time charters on 3 of our 9,500 TEU container vessels, also including a similar investment scope. In Q2, 95% of charter revenues from all assets came from time charter contracts and only 5% from bareboats or dry leases. The charter revenue from our fleet was about $194 million in the quarter, and we had a total of 6,475 operating days. Operating days being defined as calendar day less technical off-hire and dry dockings or stacking for rigs.

第二季度，我們有四艘貨櫃船進入乾船塢進行特別檢驗，並對貨物系統、節能技術、螺旋槳增強和房屋改造進行重大升級。在與馬士基已實施專案的基礎上，我們已就 3 艘 9,500 TEU 貨櫃船達成新的 5 年期租船協議，其中還包括類似的投資範圍。第二季度，所有資產的租賃收入中有 95% 來自定期租船合同，只有 5% 來自光船租賃或乾租。本季度，我們機隊的包機收入約為 1.94 億美元，總營運天數為 6,475 天。營運天數定義為日曆天數減去技術停租天數和鑽機乾船塢或堆疊天數。

Eight vessels have been in dry dock in the quarter, 4 of which were container ships undergoing major upgrade projects and the time at the shipyard required for those upgrades beyond the 15 days normal dry docking is for charterer's accounts. This quarter, in addition to high number of vessels in dry dock, the scope of repairs and upgrades was larger than usual. Thus, the dry dock costs in the quarter was about $16 million. Where we, in a normalized quarter, we'd see an average of 2.5 vessels in dry dock at a cost of around $5 million.

本季度共有 8 艘船舶進入乾船塢，其中 4 艘為正在進行重大升級項目的貨櫃船，這些升級項目在船廠所需的時間（超過 15 天的正常乾船塢時間）由租船人承擔。本季度，除了乾船塢中的船舶數量較多之外，維修和升級的範圍也比平常更大。因此，本季乾船塢成本約為 1,600 萬美元。在一個正常季度中，我們平均會看到 2.5 艘船進入乾船塢，成本約為 500 萬美元。

We expect driver costs in Q3 and Q4 to taper down significantly. Our overall utilization across the shipping fleet in Q2 was 98.1%. Adjusted for unscheduled technical off-hire only, the utilization of the shipping fleet was 99.9%. And a testament to a high quality of our vessel management. Subsequent to quarter end, our car carrier SFL Composer, had a collision in Denmark upon approaching (inaudible) going in for a special survey drydocking at Fayard.

我們預計第三季和第四季的司機成本將大幅下降。我們第二季的船隊總體利用率為 98.1%。僅根據非計劃技術停租進行調整後，航運船隊的利用率為 99.9%。這也證明了我們船舶管理的高品質。本季末之後，我們的汽車運輸船 SFL Composer 在丹麥 Fayard 進行特殊調查幹船塢檢查時發生碰撞（聽不清楚）。

Just before midnight on August 4, the vessel was hit from behind by an overtaking container vessel. Luckily, there were no injuries to personnel and no pollution as a result of the collision. The vessel went straight into dry dock after the incident and is currently scheduled for completion of all repairs by early September. Due to loss of higher insurance, we expect no impact to earnings.

8 月 4 日午夜前，該船被一艘超車的貨櫃船從後面撞擊。幸運的是，碰撞沒有造成人員傷亡，也沒有造成污染。事故發生後，該船直接進入乾船塢，目前計劃於9月初完成所有維修。由於損失了更高的保險，我們預計不會對收益產生影響。

On the energy side, the liners rig earned $22.6 million in Q2, about 10% up from Q1 as the contract rate was adjusted up by 2% from May and the rig had no downtime during the quarter. OpEx was $14.5 million in Q2, up from $12.2 million in Q1 as the US. dollar weaken versus the NOK, thereby impacting personnel expense in dollars. The Hercules rig is currently warm stacked in Norway and being marketed for new contract opportunities.

在能源方面，該鑽井平台第二季度獲利 2,260 萬美元，較第一季成長約 10%，因為合約費率較 5 月上調了 2%，且該鑽井平臺本季沒有停機。由於美元兌挪威克朗走弱，影響了以美元計算的人員費用，因此第二季的營運支出為 1,450 萬美元，高於第一季的 1,220 萬美元。Hercules 鑽井平台目前在挪威處於停工狀態，正在尋找新的合約機會。

During the second quarter, the rig recorded $3.3 million in revenues relating to contract payments from Equinor and equipment rental income. The majority of this equipment has been returned subsequent to quarter end, and we do not expect to receive further rental income. Rig OpEx was approximately $4.9 million in the second quarter.

第二季度，該鑽井平台錄得 330 萬美元的收入，涉及 Equinor 的合約付款和設備租賃收入。大部分設備已在季度末後歸還，我們預計不會再收到租金收入。第二季鑽機營運支出約 490 萬美元。

I will now give the word over to our CFO, Aksel Olesen, who will take us through the financial highlights of the quarter.

現在我將把發言權交給我們的財務長 Aksel Olesen，他將向我們介紹本季的財務亮點。

Thank you, Trym.

謝謝你，Trym。

On this slide, we have shown our 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 US GAAP and also net of extraordinary and noncash items. The company generated gross charter hire of approximately 194 million during the second quarter.

在這張投影片上，我們展示了第二季現金流量的預測圖。請注意，這只是評估公司績效的指南，並不符合美國公認會計準則，也未扣除非常項目和非現金項目。該公司第二季的總租船收入約為 1.94 億。

Approximately 82 million coming from our container fleet, including profit share related to fuel savings on 7 of our large container vessels. As in the previous quarter, revenue was impacted by scheduled dry dockings and efficiency upgrades or some of the large container vessels as 4 vessels on when scheduled dry docking during the quarter. Also, the company sold the 2005-built, 1,700 container vessel [HMAs].

其中約 8,200 萬美元來自我們的貨櫃船隊，包括與我們 7 艘大型貨櫃船節省燃料相關的利潤份額。與上一季一樣，收入受到計劃乾船塢和效率升級或一些大型貨櫃船的影響，因為本季有 4 艘船計劃進行乾船塢。此外，該公司還出售了 2005 年建造的 1,700 個貨櫃船[HMA]。

And just before quarter end, 7 of container ships on (inaudible) were redelivered pursuant to the chartering arrangement. The (inaudible) fleet generated approximately $26 million of gross charter hire in the quarter, including profit share from fuel savings, which is slightly up from the last quarter. Well, tanker fleet generated approximately $41 million in gross charter hire, which is down from approximately $45 million in the previous quarter as 3 vessels underweight scheduled dry docking. SFL has 14 dry bulk vessels, of which 8 are employed on long-term charters. The vessels generated approximately $19 million in gross charter higher in the second quarter. The 7 vessels employed in the spot and short-term market contributed with approximately $5.8 million in net charge revenue compared to approximately $4.4 million in the fourth quarter.

就在本季末之前，(聽不清楚) 上的 7 艘貨櫃船已根據租船安排重新交付。該（聽不清楚）船隊在本季創造了約 2,600 萬美元的總租船收入，其中包括燃油節省帶來的利潤份額，這一數字比上一季略有上升。嗯，油輪船隊的總租船費收入約為 4,100 萬美元，低於上一季的約 4,500 萬美元，原因是有 3 艘船重量不足，計劃進行乾船塢作業。SFL 擁有 14 艘乾散裝貨船，其中 8 艘為長期租船。這些船舶在第二季的總租賃收入增加了約 1,900 萬美元。現貨和短期市場使用的 7 艘船舶貢獻了約 580 萬美元的淨費用收入，而第四季約為 440 萬美元。

During the quarter, the (inaudible) is remaining for Supramax dry bulk vessels. And subsequent to quarter end, the company delivered its 8 Capesize travel vessels on contract with Golden Ocean to them as part of the previously announced purchase option that was exercised in the first quarter. As well on 2 harsh environment drilling rigs the large back up rig lines and the ultra deepwater semisubmersible rig Hercules.

本季度，（聽不清楚）剩餘的是超靈便型乾式散裝貨船。本季末之後，該公司向 Golden Ocean 交付了其簽訂的 8 艘好望角型旅遊船合同，這是先前宣布的、已在第一季度行使的購買選擇權的一部分。以及 2 個惡劣環境鑽井平台、大型備用鑽井線和超深水半潛式鑽井平台 Hercules。

The rigs generated approximately $26 million of charter hire in the quarter. Our operating and G&A expenses for the quarter was approximately $83 million, up from approximately $78 million in the first quarter. We had a relatively high number of vessels in scheduled dry dock in the quarter and dry dock expenses for ships are being expensed when incurred. Furthermore, the vessels are out of service during the dry dock period, reducing revenues temporarily. During the second quarter, we expensed approximately $16.5 million were vessels in dry dock compared to a normalized average of approximately 5 million per quarter.

本季度，這些鑽井平台的租賃收入約為 2,600 萬美元。本季我們的營運和一般及行政費用約為 8,300 萬美元，高於第一季的約 7,800 萬美元。本季度，我們有相對大量的船舶進入乾船塢，船舶乾船塢費用在發生時計入費用。此外，船舶在幹船塢期間無法使用，導致收入暫時減少。在第二季度，我們花費了大約 1,650 萬美元用於乾船塢船舶，而正常平均約為每季 500 萬美元。

This summarizes to an adjusted EBITDA of approximately $112 million compared to $116 million in the previous quarter. We then move on to the profit and loss statement as reported on the US GAAP. Our second quarter report total operating revenues of approximately $192 million compared to approximately $187 million in the previous quarter. The contribution from our vessels was approximately $167 million compared to approximately $171 million in the previous quarter, whether rigs contributed with approximately $26 million compared to approximately $22.5 million in the previous quarter.

這意味著調整後的 EBITDA 約為 1.12 億美元，而上一季為 1.16 億美元。然後我們來看看美國公認會計準則報告的損益表。我們第二季報告的總營業收入約為 1.92 億美元，而上一季約為 1.87 億美元。我們的船舶貢獻約為 1.67 億美元，而上一季約為 1.71 億美元，鑽井平台貢獻約為 2,600 萬美元，而上一季約為 2,250 萬美元。

Vessel operating expenses in the quarter was approximately $67 million, including approximately $16 million related to scheduled dry dockings compared to approximately $58 million in total in the previous quarter. Rig operating expenses in the quarter was approximately $19 million compared to approximately $18 million in the previous quarter.

本季船舶營運費用約為 6,700 萬美元，其中與預定乾船塢相關的費用約為 1,600 萬美元，而上一季總計約為 5,800 萬美元。本季鑽機營運費用約為 1,900 萬美元，而上一季約為 1,800 萬美元。

The net results in the second quarter was also impacted by nonrecurring or noncash items. Including net gain on sale of assets of approximately $4.2 million; negative mark-to-market effects from hedging derivatives of $2.4 million and negative mark-to-market effects from equity investments of approximately $1 million. So overall, and according to US GAAP, the company reported a net profit of approximately $1.5 million or $0.01 per share compared to a net loss of approximately $32 million or $0.24 per share in the previous quarter.

第二季的淨業績也受到非經常性或非現金項目的影響。包括出售資產的淨收益約 420 萬美元；對沖衍生性商品產生的負面市價效應 240 萬美元，以及股權投資產生的負面市價效應約 100 萬美元。因此，總體而言，根據美國公認會計準則，該公司報告的淨利潤約為 150 萬美元或每股 0.01 美元，而上一季的淨虧損約為 3,200 萬美元或每股 0.24 美元。

Moving on to the balance sheet, at quarter end, SFL had approximately $156 million of cash and cash equivalents in addition to undrawn credit lines in the amount of approximately $49 million. In addition, the company had 15 unencumbered vessels with a market value of approximately $192 million at quarter end. During the quarter, the company received net proceeds of approximately $20 million from the sale of 1 Supramax vessel and 7 container vessels. And subsequent to quarter end, 12 of our 15 uncovered vessels have been delivered with new owners, including the 8 Capesize (inaudible) to Golden Ocean with a total net proceeds for approximately $150 million further strengthening our liquidity position.

再來看資產負債表，截至季末，SFL 擁有約 1.56 億美元的現金和現金等價物，此外還有約 4,900 萬美元的未提取信用額度。此外，該公司還擁有 15 艘未抵押船舶，季末的市值約為 1.92 億美元。本季度，該公司透過出售 1 艘超靈便型船和 7 艘貨櫃船獲得了約 2,000 萬美元的淨收益。截至本季末，我們 15 艘未承保船舶中的 12 艘已交付給新船東，其中包括交付給 Golden Ocean 的第 8 艘好望角型船舶（聽不清），總淨收益約為 1.5 億美元，進一步增強了我們的流動性狀況。

So including available credit lines, we currently have available liquidity of more than $300 million. During the quarter, the company entered into approximately $84 million of new financing arrangements for the 2 car carriers, SFL conductor and SFL Composer. We also prepaid the facilities in a total amount of approximately $95 million in addition to owner installments of approximately $59 million.

因此，包括可用的信用額度在內，我們目前擁有的可用流動資金超過 3 億美元。本季度，該公司為兩家汽車運輸公司 SFL conductor 和 SFL Composer 達成了約 8,400 萬美元的新融資協議。除了業主分期付款約 5900 萬美元外，我們還預付了總額約 9500 萬美元的設施費用。

As of the end of the quarter, the company had approximately $25 million in remaining capital expenditures, mainly relating to efficiency upgrades on the large container vessels and the Hercules. We furthermore have remaining capital expenditures of $850 million remaining on 5 contained new buildings expected to be funded through pre- and post-delivery financing. So based on the Q2 numbers, the company had a book ratio of approximately 25.5%.

截至本季末，該公司剩餘資本支出約為 2,500 萬美元，主要用於大型貨櫃船和 Hercules 的效率升級。此外，我們還剩餘 5 棟新建築的 8.5 億美元資本支出，預計將透過交付前和交付後融資來資助。因此，根據第二季的數據，該公司的帳面比率約為 25.5%。

Then to summarize, the Board has declared the 86th consecutive cash dividend of $0.20 per share, which represents a dividend yield of approximately 9% based on the (inaudible) price yesterday. Our charter backlog is currently $4.2 billion.

總結一下，董事會宣布連續第 86 次派發每股 0.20 美元的現金股息，根據昨天的（聽不清楚）價格計算，股息殖利率約為 9%。我們的租船合約積壓量目前為 42 億美元。

And importantly, approximately two-thirds of this is the customers with investment-grade rating, giving us a unique cash flow visibility and resilience in light of the current market volatility. Furthermore, our strong balance sheet and liquidity position provides flexibility in the current market environment and enables us to pursue new investment opportunities.

重要的是，其中約三分之二是具有投資等級的客戶，這使得我們在當前市場波動的情況下具有獨特的現金流可見度和彈性。此外，我們強大的資產負債表和流動性狀況在當前市場環境下提供了靈活性，使我們能夠尋求新的投資機會。

And with that, I give the word back to the operator, who will open the line for questions.

說完，我把麥克風轉交給接線員，接線員將打開熱線回答問題。

(Event Instructions) Mr. Jeff Harvey.

（活動說明）傑夫·哈維先生。

What's the status with the lawsuit with Seadrill?

與 Seadrill 的訴訟進展如何？

I think there's two lawsuits, the larger one relating to the redelivery of the Hercules. That will be scheduled sometime in hopefully first half of 2026, yeah.

我認為有兩起訴訟，其中較大的訴訟與「大力士號」的重新交付有關。是的，希望這會在 2026 年上半年的某個時候安排。

And also, I mean, as you know, we were awarded adjustment in the first instance of approximately $45 million to $50 million depending on kind of the currency rate. And we have also received a guarantee for that amount by Seadrill, including interest rates, yeah.

而且，正如你所知，我們首先獲得的調整金額約為 4500 萬至 5000 萬美元，具體取決於貨幣匯率。是的，我們也收到了 Seadrill 對這筆金額的擔保，包括利息。

Thank you, Aksel.

謝謝你，阿克塞爾。

Gregory Lewis. (Event Instructions)

格雷戈里·劉易斯。（活動須知）

Hi, good afternoon, everybody, and thanks for taking my questions.

大家下午好，感謝您回答我的問題。

I was hoping to get more of a kind of -- if you could kind of walk us through your thought process on the decision to lower the dividend. Obviously, the $0.07, well called out. Is that -- clearly, you highlighted the rig as kind of the main driver for that. But I imagine it's not just that simple. So just kind of curious how you kind of set that $0.20 number and how we should think about that moving forward? As -- if our base case is that, that rig goes back to work, I don't know, sometime next year.

我希望得到更多的資訊——您能否向我們介紹一下您降低股息決定的思考過程。顯然，0.07 美元，說得對。顯然，您強調鑽機是實現這一目標的主要驅動力。但我想事情遠不止這麼簡單。所以我只是有點好奇你是如何設定 0.20 美元這個數字的，以及我們應該如何考慮這個數字的未來？如果我們的基本情況是，那座鑽井平台將在明年某個時候恢復工作。

Thank you, Greg. It's Ole here.

謝謝你，格雷格。我是 Ole。

Yes, we fully understand and appreciate that there is some disappointment on an adjustment to the dividend level. We guided in the first quarter that unless we saw a clear path onwards of the near term for the Hercules that we might have just looked at the distribution, call it, longer-term distribution capacity in the company. So it's clear that the rig is warm stacked. It's -- these assets are quite expensive to keep to make sure that they are effectively ready to drill when there are contract opportunities.

是的，我們完全理解並體會到，人們對股利水準的調整有些失望。我們在第一季的指導是，除非我們看到 Hercules 近期的明確發展路徑，否則我們可能只會專注於公司的分銷能力，也就是長期分銷能力。因此很明顯，該鑽機處於熱堆疊狀態。為了確保這些資產在有合約機會時能夠有效地進行鑽探，維護這些資產的成本相當高。

But it looks like this market is -- continues to be relatively slow. And the opportunity these take longer to materialize than we had hoped for. So that is, of course, one piece of it. And while the rig is idle. We have a warm stack rate currently of in the region of $60,000 per day and then, of course, also some interest and amortization on the financing relating to it.

但看起來這個市場——繼續相對緩慢。而這些機會的實現所需的時間比我們所希望的還要長。這當然只是其中的一部分。當鑽孔機閒置時。我們目前的熱堆疊利率約為每天 60,000 美元，當然，還有與之相關的融資的一些利息和攤提。

So that is something that we, of course, are focused on. But also bearing in mind that when the rig worked in -- when the last full quarter that the rig worked in the third quarter of 2024, yes, it had a significant contribution. Just to add one rig alone had an EBITDA contribution of around $35 million or around $20 million that quarter after interest and amortization.

所以這當然是我們關注的重點。但也要記住，當鑽孔機在 2024 年第三季工作的最後一個完整季度時，它確實做出了重大貢獻。僅增加一個鑽孔機，該季度的 EBITDA 貢獻約為 3500 萬美元，扣除利息和攤銷後約為 2000 萬美元。

So it's a big -- it's a significant asset when it's working. But right now, we feel and the Board feels that it's very prudent to make sure that the distribution isn't effectively subsidized, because that unit is out of service currently.

所以，當它發揮作用時，它就是一項巨大的資產。但目前，我們和董事會都認為，確保分配不有效補貼是非常謹慎的做法，因為該單位目前已停止服務。

We also have recently divested some of the assets that we noted, some of the dry bulk vessels to Golden Ocean. And incidentally, we find it -- it's also -- we call it a historic moment when Golden Ocean first was sold and then -- now the vessels were effectively repurchased based on the pre-agreed purchase option. That was the last related party deal that we had in our portfolio.

我們最近還將一些我們注意到的資產（一些乾散貨船）出售給了 Golden Ocean。順便說一句，我們發現——這也是——我們稱之為歷史性時刻，當時 Golden Ocean 首次被出售，然後——現在這些船隻根據預先商定的購買選擇被有效地回購。這是我們投資組合中的最後一筆關聯方交易。

So no -- all our transactions are with third-party companies and customers out there. But both the sale of those vessels, the sale of some older container ships we had and also the brokers. That is more from a timing perspective we now have significant investment capacity from that and that capital is hopefully redeployed when we see the right investment opportunities going forward.

所以不是——我們所有的交易都是與第三方公司和客戶進行的。但既包括這些船隻的銷售，也包括我們擁有的一些舊貨櫃船的銷售，還有經紀人的銷售。從時機角度來看，我們現在擁有顯著的投資能力，當我們看到未來合適的投資機會時，有望重新部署資本。

So the adjustment to $0.20 is seen as a whole. But you could also say that part of that is also illustrating the distribution capacity coming out from the other assets that we have in our portfolio currently. And then with investment capacity on the side and hopefully some good upside potential relating to the Hercules when that is backed out working.

因此，調整至 0.20 美元是作為一個整體來看的。但你也可以說，這部分也說明了我們目前投資組合中其他資產的經銷能力。然後，憑藉投資能力，並希望在大力士計畫啟動後能帶來一些良好的上行潛力。

Okay. Super helpful.

好的。超有幫助。

And then just -- I'll ask just my two questions and then. The first one is pretty quick. As we think about -- you called out the dry docking, which impacted tankers and container OpEx costs in the second quarter.

然後──我只會問兩個問題。第一個相當快。正如我們所想的——您呼籲進行乾船塢，這影響了第二季度的油輪和貨櫃營運成本。

As we think about the back half of the year, should we be thinking around costs for those sub asset classes to look more like Q1 in terms of costs or maybe somewhere in between Q1 and Q2? And then just -- and then I was hoping after that, you could talk, cash has gone up. Obviously, there's a lot of uncertainty in the market.

當我們考慮下半年時，我們是否應該考慮這些子資產類別的成本，使其在成本方面更像第一季度，或者介於第一季和第二季之間？然後只是——然後我希望在那之後，你可以說，現金已經上漲了。顯然，市場存在著許多不確定性。

But just kind of curious, broadly speaking, how you're thinking about the ability to -- and really what the market is telling you in terms of the opportunities to acquire assets because it does look like that's really what's going to drive any pickup in the dividend going forward.

但我只是有點好奇，從廣義上講，您是如何看待這種能力的——以及市場在收購資產的機會方面究竟告訴了您什麼，因為看起來這才是真正推動未來股息回升的因素。

So on dry dockings, we've had a high number of product in both in Q1 and Q2. Now in Q3, we will have a couple of ships sort of scheduled in Q4, perhaps one depending a little bit on timing. So the last 2 quarters this year will be we expect the cost for drydocking and any positioning of vessels to be very low and sort of under the average. So that this year, although more busy than a normal year, we'll still average out.

因此，在幹船塢方面，我們在第一季和第二季都有大量產品。現在在第三季度，我們將在第四季度安排幾艘船，也許只有一艘，這取決於時間安排。因此，我們預計今年最後兩季的乾船塢和任何船舶定位的成本都將非常低，低於平均水準。所以今年雖然比往年忙一些，但還是能維持正常的。

And sort of per vessel docking, if it's a large container ship will be maybe around 2 million. If it's a small container ship, maybe 1.5 this and for car carriers. So I think -- in Q3, we might be looking at maybe 3.5 million. And in Q4, maybe 1 to 2 on the dry docking side.

如果是大型貨櫃船，每艘船的停靠費用大概在 200 萬美元左右。如果是小型貨櫃船，可能是 1.5 倍，對於汽車運輸船來說也是如此。所以我認為——在第三季度，我們可能會看到 350 萬。而在第四季度，乾船塢方面可能有 1 到 2 個。

And just for illustration, that is down from around 16.5% in the second quarter. It's because of the high number of vessels in dry dock.

僅舉個例子，這一數字比第二季的 16.5% 左右有所下降。這是因為乾船塢裡的船數量很多。

Yes.

是的。

I believe around 10 million in the first quarter. So it's -- the front half of the year has been kind of very heavy on the dry dockings and then it's going to normalize for the rest of the year.

我認為第一季大約是 1000 萬。因此，今年上半年乾船塢作業非常繁重，而今年剩餘時間作業將恢復正常。

Okay. Super helpful.

好的。超有幫助。

And then just on the opportunity landscape for potential acquisitions.

然後討論潛在收購的機會前景。

Yes, absolutely.

是的，絕對是。

I mean, yes, we are -- we continue to look at opportunities. The market has been a little slower in terms of -- I think this has more to do with the general market uncertainty from April onwards. So I would say, through the second quarter was slower in terms of new opportunities where we saw that there was some real window to get a transaction doneWe are very focused on counterparties and counterparty strength, asset types, what kind of residual exposure we will be willing to take? And of course, that is bearing into the opportunities that we end up doing in the end. We have never guided in the past on how much we are going to deploy in every single quarter.

我的意思是，是的，我們——我們將繼續尋找機會。市場發展略顯緩慢——我認為這與 4 月以來的整體市場不確定性有關。所以我想說，第二季在新機會方面進展較慢，我們看到有一些真正的機會來完成交易，我們非常關注交易對手和交易對手的實力、資產類型，以及我們願意承擔什麼樣的剩餘風險敞口？當然，這與我們最終實現的機會有關。我們過去從未公佈過每季要部署多少資金。

Just as an illustration, the last months 18 months in 2024 and first half 2025, I believe we added more than $2 billion to our charter backlog invested north of well north of $1 billion. So we have been quite active over time, but it's all about getting the right deal done. But we definitely have investment capacity. And not least now when we have had the transactions relating to both the Capesize bulkers, the Supramax bulkers and also the container ships, which has given us a good net cash contribution.

舉個例子，2024 年最後 18 個月和 2025 年上半年，我相信我們的租船積壓訂單增加了 20 多億美元，投資額遠遠超過 10 億美元。因此，我們一直以來都非常活躍，但這一切都是為了達成正確的交易。但我們肯定有投資能力。尤其是現在，我們已經進行了與好望角型散裝貨船、超靈便型散裝貨船以及貨櫃船有關的交易，這給我們帶來了良好的淨現金貢獻。

Mr. Climent Molins.

克萊門特·莫林斯先生。

Hi, thank you for taking my questions.

你好，謝謝你回答我的問題。

If I remember correctly, this is the first quarter in which you've provided the EBITDA contribution from your energy assets on a stand-alone basis. If we strip out the $3 million to $4 million in rental income, you mentioned you generated during the quarter. Should we expect the organic EBITDA contribution from the energy side to come in at around $3 million per quarter until a new contract for the headquarters is secured.

如果我沒記錯的話，這是你們第一次以獨立方式提供能源資產的 EBITDA 貢獻。如果我們剔除您提到的本季產生的 300 萬至 400 萬美元的租金收入。在獲得總部新合約之前，我們是否應該預期能源方面的有機 EBITDA 貢獻將達到每季約 300 萬美元？

I'm not sure exactly which number you are looking at now, but we have the two drilling rigs, liners and Hercules Liners is operated currently at a charter rate of around $230,000 per day, as an operating expense in the region of $140,000 per day. So there is around $90,000 per day net after OpEx.

我不確定您現在看到的具體數字，但我們有兩座鑽井平台、兩艘班輪，而 Hercules Liners 目前的租賃費率約為每天 230,000 美元，營運費用約為每天 140,000 美元。因此，扣除營運支出後，每天的淨利潤約為 90,000 美元。

Yeah.

是的。

So in terms of kind of on the revenues, on the energy side, I think it's slightly $3 million higher than we should expect in the run rate rest of the year as revenues are mainly from the liners and we had $3 million, call it, extra from the previous work for the Hercules that came in a bit later in this quarter. So we'll unfortunately continue to have kind of a negative drag from the energy segment going forward, but we thought it would be good to highlight kind of the very solid contribution and cash flow we have from our shipping fleet and just kind of making this clear for investor and also analysts, yeah.

因此，就收入而言，在能源方面，我認為它比我們預期的今年剩餘時間的運行率高出 300 萬美元，因為收入主要來自班輪，而我們之前為 Hercules 所做的工作又為本季度晚些時候帶來了 300 萬美元的額外收入。因此，不幸的是，我們將繼續受到能源領域未來的負面影響，但我們認為，強調我們的航運船隊所做出的非常穩健的貢獻和現金流，並向投資者和分析師明確這一點，是的。

Yeah, I think that's helpful.

是的，我認為這很有幫助。

And now, I also wanted to ask a question, this one more on the modeling side. You still have around $850 million in CapEx outstanding in -- for the containership newbuilds. And that's expected to be covered by debt proceeds. Are the deliveries still expected in 2028?

現在，我也想問一個問題，這個問題與建模方面有關。您仍有約 8.5 億美元的資本支出未償還——用於新建貨櫃船。預計這些資金將透過債務收益來彌補。預計 2028 年仍會交付嗎？

Correct.

正確的。

So in terms of the progress there, I mean, the yard will kind of commence with kind of the construction of these vessels approximately one year of effective construction time on the ship. So kind of we'll have installments starting one year before delivery of the ship.

因此，就那裡的進展而言，我的意思是，船廠將開始建造這些船隻，船上的有效建造時間約為一年。因此，我們將在船舶交付前一年開始分期付款。

So Q1 in '27 will have some more installments and then the ships are delivered throughout 2028, starting in Q1. So we have a question here from (inaudible). Just a question on the vessel rig operating expenses. I think we addressed that already, so on the shipping side, we should expect that to be coming down.

因此，27 年第一季將會有更多分期付款，然後從第一季開始，船舶將在 2028 年全年交付。所以我們這裡有一個問題（聽不清楚）。我只是想問一下船舶鑽機營運費用。我認為我們已經解決了這個問題，因此在運輸方面，我們應該預計這一數字會下降。

There's also a follow-up question on the Hercules in terms of the kind of stacking cost on that. I think we are continuously working on reducing that to an efficient number preserving kind of the warm stack mode of the rig. And hopefully, we can push that down to around 60-ish per day going forward, but always looking to decrease this further.

關於 Hercules 的堆疊成本，還有一個後續問題。我認為我們正在不斷努力將其減少到一個有效的數字，以保留鑽孔機的熱堆疊模式。希望我們可以將這一數字降低到每天 60 左右，但我們始終希望進一步降低這個數字。

Okay.

好的。

As there are no further questions from the audience, I would like to thank everyone for participating in this conference call. If you have any follow-up questions to the management, 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.

由於觀眾沒有其他問題，我要感謝大家參加這次電話會議。如果您有任何關於管理層的後續問題，可以在新聞稿中找到聯絡方式，或者您也可以透過我們網站 www.sflcorp.com 上的聯絡頁面與我們聯絡。謝謝。