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SFL Corp
SFL Corp, led by CEO Ole Hjertaker, owns a $3.7B maritime fleet and leases vessels on long-term charters to Maersk, Trafigura, and Equinor.
SFL Corp
SFL Corporation launched in 2004 as Ship Finance International, emerging from the structural innovation of sale-leaseback transactions originally pioneered with Frontline. The company built its identity around acquiring vessels and leasing them back to top-tier operators on long-term, fixed-rate charters, insulating itself from spot-market volatility while generating predictable cash flows. The portfolio spans four primary asset classes: container vessels, crude oil and product tankers, dry bulk carriers, and offshore drilling rigs. Container ships form the backbone, with vessels on charter to Maersk, MSC, Hapag-Lloyd, and Evergreen. The offshore segment includes harsh-environment jack-up rigs contracted to ConocoPhillips and Equinor. Vehicle carriers chartered to a major Asian operator round out the fleet. In October 2023, SFL sold its seven Handysize dry bulk vessels for roughly $100 million, exiting that sub-class to concentrate capital on larger, long-term-chartered tonnage (per the firm, October 2023). The capital is deployed globally, with exposures concentrated in Atlantic and Asia-Pacific trade lanes and North Sea offshore basins. SFL maintains a dual listing on the New York Stock Exchange and the Oslo Stock Exchange under ticker SFL. The firm operates from Bermuda with management offices in Norway. The company has distributed quarterly dividends continuously since 2004, functioning as a de facto annuity for shareholders and an alternative capital provider for ship operators seeking off-balance-sheet fleet financing. Its board includes maritime and finance veterans, though exact professional headcount is not publicly detailed. The structural differentiator is SFL's credit-underwriting approach to maritime exposure. Rather than speculate on freight rates, the firm acts as a spread lender — borrowing at investment-grade levels and leasing assets at yields that generate a consistent spread over its cost of capital. This makes SFL behave more like an infrastructure-finance platform than a shipping company, a distinction that defines both its balance-sheet discipline and its appeal to yield-oriented institutional investors.
General information
Firm type
Asset Manager
Year founded
2004
AUM
Undisclosed
Location
Region
North America
Country
Bermuda
City
Hamilton
Corporate office
Hamilton, Bermuda
Additional offices
Oslo, Norway
Principals
Ole B. Hjertaker
Chief Executive Officer
Sector focus
Frequently asked questions
How does SFL Corp generate revenue from its vessels?
SFL primarily employs bareboat and time-charter structures — multi-year, fixed-rate contracts where the charterer assumes operating expenses, crew, and insurance. This limits SFL's direct exposure to fuel, maintenance, and spot-rate volatility. By locking in revenue streams that exceed debt-service costs, the firm earns a consistent yield spread, functioning more like a lease-finance bank than an asset operator.
What type of counterparties does SFL sign charters with?
The firm concentrates on investment-grade and large-cap shipping operators — confirmed charterers include Maersk, Mediterranean Shipping Company, Hapag-Lloyd, Evergreen, ConocoPhillips, Equinor, and Trafigura. By contracting with end-users that have strong credit profiles, SFL treats vessel leasing as a credit decision rather than an asset speculation.
What is SFL's relationship with Frontline and the Fredriksen group?
SFL was originally spun out of Frontline in 2004, with John Fredriksen as a founding shareholder. Over time, the company has diversified its charterer base away from Frontline-only exposure. While the Fredriksen family network retains ties, SFL operates as an independent publicly traded entity listed on the NYSE and Oslo Børs with a diversified book of counterparties across container, tanker, bulk, and offshore segments.
Does SFL Corp participate in spot shipping markets?
No. SFL deliberately avoids spot-rate exposure. Its model is built on fixed-rate, multi-year charters. The October 2023 sale of its Handysize fleet — the most spot-sensitive asset class in its portfolio — reinforced this posture. The firm's capital strategy favors long-duration contracts that produce visible, repeating cash flows even during cyclical downturns.
How risky is SFL's offshore drilling rig exposure?
SFL's offshore segment consists of harsh-environment jack-up rigs on long-term contracts with Equinor and ConocoPhillips in the North Sea. These are not speculative deepwater floaters. The contracts run through 2028 in some cases, and the counterparties are national or super-major oil companies with strong balance sheets. The segment is treated as a structured-finance asset rather than an E&P bet.
What structural advantage does a Bermuda-domiciled maritime lessor offer institutional investors?
The Bermuda domicile provides tax efficiency on international shipping income, and the NYSE/Oslo dual listing offers liquidity across North American and European markets. Combined with a 20-year unbroken dividend record and a lease-heavy operating model, SFL has positioned itself as a maritime-yield vehicle for allocators who want shipping exposure without shipping volatility.
How does SFL Corp fit into the energy transition?
SFL has begun layering energy-transition assets into its portfolio, leasing car carriers that serve electric-vehicle logistics and exploring LNG-fueled vessel classes. The charter-backed financing model is adaptable to newbuilds with alternative propulsion, though the firm has not yet dedicated a separate vehicle to green shipping exclusively.
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