SFL (NYSE: SFL) bets $365 million on three ships that already have charters

Posted by Brian Himes on Oct 30th, 2026

What happened

SFL Corporation Ltd. (NYSE: SFL) agreed to buy two 8,800 TEU container vessels and one dual-fuel ammonia carrier for about $365 million in total. The ships come with charters already agreed, so income is contracted before delivery.

The two container vessels are due in 2027 on minimum 8-year time charters to a leading liner company. The charters can be extended by up to four years. They carry purchase options at the end of year 8, 10 and 12, including a profit share feature.

The third ship is a 93,000 cbm dual-fuel Very Large Ammonia Carrier (VLAC), due in 2028. It is chartered for at least 5 years to a global leader in the commodities industry, with an extension of up to two more years. In the last two years of the fixed period, the charterer can develop a sale of the vessel, with a profit share for SFL.

Key numbers

Metric	Latest	Source
Aggregate acquisition cost	$365 million	SEC Form 6-K
Minimum backlog added by these charters	$333 million	SEC Form 6-K
Backlog added so far this year	More than $1.6 billion	SEC Form 6-K
Minimum container charter term	8 years	SEC Form 6-K

Read more: SFL (SFL) company research

Why it matters

The charters add at least $333 million to SFL's fixed-rate charter backlog. The filing says that figure may rise if extension options are declared. CEO Ole B. Hjertaker said acquisitions and new charters announced this year have added more than $1.6 billion to the backlog.

OptimistFi has argued that SFL's equity works if contracted charters keep producing cash and management redeploys capital into profitable tonnage. This deal fits the redeployment half of that view, because the new ships arrive with multi-year contracts attached.

The minimum backlog addition is smaller than the acquisition cost, and the higher figure depends on extension options being declared. The company also lists timely delivery of vessels under construction within the contracted price as a factor that could change its results.

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What's next

The container vessels are due in 2027 and the ammonia carrier in 2028. Delivery within the contracted price starts the charters that make up the minimum backlog addition, since the charter terms run from delivery. A late delivery would push that income back.