Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
SFL Corporation Ltd. (SFL) is an international maritime asset leasing company that owns and charters a diversified fleet of vessels and offshore assets to customers across the global shipping and energy industries. The company operates primarily within the maritime transportation and offshore energy sectors, generating revenue through long-term time charters, bareboat charters, and other contractual leasing arrangements that provide predictable cash flows.
SFL’s primary revenue drivers are charter hire payments from counterparties operating in container shipping, dry bulk, tankers, car carriers, and offshore energy markets. Its customer base consists mainly of large, established shipping and energy companies, which supports its strategy of stable earnings and dividend distributions. A key strategic advantage is SFL’s diversified asset base and long-term charter coverage, which reduces exposure to volatility in individual shipping markets. The company was founded in 2003 as Ship Finance International Limited and was established to acquire and lease vessels to Frontline Ltd.; over time, it evolved into an independent, diversified maritime leasing platform and rebranded as SFL Corporation Ltd. in 2019.
Business Operations
SFL conducts its operations through the ownership and leasing of maritime and offshore assets, with revenue generated primarily from fixed and variable charter contracts. Its major operating exposure spans container vessels, crude and product tankers, dry bulk carriers, car carriers, and offshore drilling units, with contracts structured to include base hire, profit-sharing components, or purchase options depending on the asset class and counterparty. The company does not operate vessels itself; instead, it focuses on asset ownership, financing, and charter management.
Operations are global in scope, with charterers located across North America, Europe, Asia, and the Middle East. SFL controls a fleet that is technically and commercially managed by third-party operators or affiliated managers, depending on the charter structure. The company maintains close commercial relationships with leading industry participants, including shipping lines, energy companies, and logistics operators, but does not rely on a single customer for the majority of its revenue.
Strategic Position & Investments
SFL’s strategic direction emphasizes fleet diversification, long-term contracted cash flows, and disciplined capital allocation. Growth initiatives typically involve the selective acquisition of modern vessels with long-duration charters attached, as well as refinancing or redeployment of existing assets to extend contract coverage and enhance returns. The company has also pursued opportunistic asset sales when market conditions support value realization.
Its investment activity spans multiple shipping and offshore segments, allowing SFL to rebalance exposure as market conditions evolve. Notable investments have included acquisitions of container vessels, LNG-ready and fuel-efficient tonnage, and offshore assets backed by long-term contracts. SFL’s subsidiaries, including SFL Management AS, support commercial and administrative functions, while the parent company retains strategic and financial control over the fleet.
Geographic Footprint
SFL is legally domiciled in Bermuda, with its principal executive offices located in London, United Kingdom. The company’s operational reach is global, reflecting the international nature of its chartering activities and customer base. Its assets operate across major global trade routes and offshore energy regions rather than being concentrated in any single country.
Market exposure spans Europe, Asia-Pacific, North America, South America, Africa, and the Middle East, driven by the trading patterns of its charterers. While SFL does not maintain extensive physical operations in each region, its international investment footprint is significant due to the worldwide deployment of its fleet and the geographic diversity of its counterparties.
Leadership & Governance
SFL is led by an executive team with extensive experience in maritime finance, shipping operations, and capital markets. The company’s leadership emphasizes conservative financial management, long-term contracting, and shareholder returns through dividends, while maintaining flexibility to adapt to changing shipping and energy market cycles.
Key executives include:
- Ole B. Hjertaker – Chief Executive Officer
- Kjetil Kvalheim – Chief Financial Officer
- Pål Wærness – Chief Commercial Officer
- Rune Vindfallet – Chief Accounting Officer
- Kjetil Iversen – Head of Investor Relations
The board of directors provides oversight with a focus on governance, risk management, and strategic discipline, aligning management incentives with long-term shareholder value creation.