Norway’s most prominent shipowner John Fredriksen has delivered a sharply critical assessment of living conditions in both Norway and the United Kingdom, confirming that he is moving part of his business operations to Dubai in response to what he perceives as a rapid decline in the Western world; when asked about the Norwegian government’s decision to divest its stake in airline Norwegian, where John Fredriksen is the largest private shareholder, he responded unequivocally, stating that he tries to stay away from Norway as much as possible; long based in London, John Fredriksen revealed he has now transitioned elements of his business to the United Arab Emirates, identifying the United Kingdom’s updated tax policies as a principal reason behind the move, although not the only factor, and he also confirmed the closure of the London headquarters of his private shipping group Seatankers in 2024; expressing his disillusionment with both countries, John Fredriksen remarked that both Britain and Norway have severely deteriorated, and he accused the governments of each nation of fostering overregulated environments that discourage initiative; offering his broader view, John Fredriksen remarked that the Western world is in systemic decline and increasingly inward-looking, lamenting what he sees as a fading work ethic and rising complacency in industrialized nations; he criticized the prevalence of remote work, insisting that people should return to the office and increase their efforts, rather than working from home; when asked about US President Donald Trump and trade policy, shipping magnate John Fredriksen dismissed both as utterly ineffective; reflecting on his relationship with Norway, John Fredriksen said that he abandoned hopes for the country long ago, recalling his departure in 1978 and saying that things have only deteriorated further since then, describing Norway as irrelevant, except for those employed in the public sector, who he believes still benefit; despite his criticism, John Fredriksen remains deeply linked to Norway through major holdings in tanker giant Frontline and seafood leader Mowi, and as perhaps the most recognized figure in global shipping, John Fredriksen—now a Cypriot citizen—asserted that the regulatory and operating conditions for shipping in Norway have never been more unfavorable, echoing wider frustration within Norway’s maritime sector over what is perceived as diminishing support from the state and a shrinking pool of skilled maritime professionals; his remarks reflect growing concern among Norwegian shipowners who feel increasingly sidelined by policy shifts they view as damaging to the country’s historically vital shipping industry, with additional worries about a declining domestic investor base and the Oslo Stock Exchange’s waning influence in global maritime finance; John Fredriksen suggested that regulatory decisions have alienated shipping altogether from national priorities, and explained his recent investment surge across multiple maritime and offshore firms—including Star Bulk Carriers, International Seaways, and offshore driller Valaris—as part of a broader strategy to capitalize on undervalued shipping stocks with the expectation of significant returns as global supply tightens and geopolitical uncertainty reshapes trade routes; emphasizing the importance of capital readiness, John Fredriksen noted that it pays to have liquidity when others do not, and he reiterated his belief in the cyclical nature of the shipping industry, stating that the critical factor is who will be ready when the market turns. 5-June-2025
Norway’s most prominent shipowner John Fredriksen has taken the opportunity at the Nor-Shipping event to express his dissatisfaction with what he sees as Norway’s declining commitment to the shipping sector, as Norwegian-born shipping magnate John Fredriksen delivered sharp criticism of the political climate affecting maritime business in the country. John Fredriksen, who now holds Cypriot citizenship and resides in London, stated: “The framework conditions for shipping in Norway have never been weaker than they are now.” His comments come at a time of growing frustration within the Norwegian maritime industry, where many believe that government support is eroding and that the sector is suffering from a weakening supply of maritime talent. John Fredriksen’s remarks reflect a broader discontent among Norwegian shipowners, who feel increasingly sidelined by national policies perceived as unfavourable to the shipping industry. His concerns are being voiced as the industry faces a shortage of experienced maritime professionals, a contracting domestic investor base, and a diminished role for the Oslo Stock Exchange in global shipping finance. “Shipping is almost wanted away,” John Fredriksen stated, pointing to a succession of regulatory decisions that have, in his view, marginalised one of Norway’s historically essential industries. John Fredriksen went on to highlight his group’s recent strategic investments in maritime and offshore equities, including significant positions in Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), International Seaways, and offshore driller Valaris. His investment strategy is centred on targeting undervalued shipping stocks, anticipating strong returns as ship supply remains constrained and geopolitical developments continue to reshape global trade flows. John Fredriksen underscored that liquidity and timing will be decisive competitive advantages in the near future. “Shipping has always been cyclical,” John Fredriksen observed. “The question is who’s prepared when the cycle turns.” Many Norwegian shipowners continue to raise concerns about the absence of a coordinated maritime strategy from the Norwegian government, particularly as the industry confronts complex decarbonisation requirements and escalating geopolitical challenges. With John Fredriksen’s flagship shipowner and operator Frontline remaining actively listed on the Oslo Bourse—despite the exchange’s waning significance in global shipping capital markets—his comments are expected to carry considerable weight with both institutional investors and policymakers. 2-June-2025
John Fredriksen-backed, New York-listed tonnage provider SFL Corporation Ltd (SFL) continues to accelerate the disposal of its bulk carrier fleet, having sold its tenth bulk carrier in 2025, with the latest transaction involving the 2011-built supramax bulk carrier MV SFL Sara, a 57K DWT ship constructed at Xiamen Shipyard, which was sold to a Chinese shipowner for approximately $11 million; this deal follows the recent sale of sister vessel MV SFL Yukon to Fujian Highton Development—one of China’s most aggressive bulk carrier buyers—for around $10 million, a slightly lower price attributed to MV SFL Yukon’s upcoming drydocking, while MV SFL Sara’s next scheduled drydock is not until 2026; both sales form part of Bermuda-registered, New York-listed SFL Corporation Ltd’s broader fleet renewal strategy, with the well-capitalised tonnage provider actively repositioning its portfolio by divesting older assets and preparing to acquire modern, more efficient ships; in Q1 2025, SFL Corporation Ltd (SFL) also sold a 1,700 TEU feeder containership and exited the capesize bulk carrier segment after Golden Ocean Group (GOGL) exercised purchase options on eight capesize bulk carriers worth a combined $112 million at the end of their 10-year charter-in terms; following the sale of MV SFL Sara, SFL Corporation Ltd’s dry bulk fleet now consists of just two panamax bulk carriers and two supramax bulk carriers, reflecting its strategic move toward fleet optimization and asset rotation across sectors; originally established in 2003 as Ship Finance International, SFL Corporation Ltd (SFL) is one of the most versatile maritime leasing companies globally, with a portfolio spanning crude oil tankers, product tankers, container ships, car carriers, offshore drilling rigs, and dry bulk carriers, and as part of the Fredriksen Group, the company is known for securing long-term fixed-rate charters with leading operators and maintaining stable dividend payouts, while consistently recycling capital to maximize shareholder value and strengthen its balance sheet across market cycles. 21-May-2025
The Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) is acquiring eight capsize bulk carriers from the John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL). The Nasdaq- and Oslo-listed shipowner and operator Golden Ocean Group (GOGL) has exercised purchase options totaling $112m in relation to the capsize bulk carriers’ 10-year charter-in anniversary. The expected delivery of these vessels is during Q3 2025. Golden Ocean Group, which operates a fleet of over 90 bulk carriers, plans to fund this acquisition through a new $90m revolving credit facility and existing cash reserves. Golden Ocean Group (GOGL) will take ownership of capsize bulk carriers MV Battersea, MV Belgravia, MV Golden Beijing, MV Golden Future, MV Golden Magnum, MV Golden Zhejiang, MV Golden Zhoushan, and MV KSL China. CEO Ole Hjertaker-led Bermuda-registered SFL Corporation Ltd (SFL), which will retain seven bulkers in the spot and short-term charter market, anticipates net cash proceeds of about $50m after paying off existing debts. SFL Corporation Ltd (SFL) is renowned for its diversified fleet and strategic flexibility in managing assets across various maritime sectors, including tankers, bulkers, and container ships. This allows SFL Corporation Ltd (SFL) to adapt to changing market conditions and maintain a robust presence in global shipping. The company’s strategy focuses on long-term charters to industry majors, providing stable and predictable cash flows. SFL Corporation Ltd (SFL) also has a reputation for operational excellence and maintaining strong relationships with leading industry players, positioning it well for future growth and stability in the volatile shipping industry. 12-February-2025
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) recently disclosed its preliminary financial outcomes for Q4 2024, including the declaration of its 84th consecutive quarterly dividend at $0.27 per share. SFL Corporation Ltd (SFL) recorded a net profit of $20.2 million, or $0.15 per share, for the fourth quarter. It received charter hire totaling $231.7 million during the quarter, which included $2.6 million from profit sharing. Additionally, SFL Corporation Ltd (SFL) reported an adjusted EBITDA of $124.0 million from consolidated subsidiaries and an additional $7.9 million adjusted EBITDA from associated companies. The company also announced the issuance of a new $150 million five-year bond. Further, SFL Corporation Ltd (SFL) agreed to sell an older 1,700 teu feeder container ship. Golden Ocean exercised its purchase option on eight capesize bulk carriers from SFL Corporation Ltd (SFL). The company also secured approximately $48 million in compensation from Seadrill. CEO Ole B. Hjertaker of SFL Management AS commented on the results, stating: “We are pleased to execute on our growth strategy, with several new vessels and more than $2 billion fixed rate charter backlog added in 2024. Over the last decade, SFL has evolved from a vessel financing provider to a maritime infrastructure company, primarily servicing investment-grade end users. A fundamental aspect of our value proposition is to own, operate, and continually upgrade our fleet to the highest standards, which includes implementing fuel efficiency measures to lessen our carbon footprint and that of our customers. This approach has led to multiple repeat dealings with blue chip customers, enhancing the residual value and marketability of our fleet. Since the establishment of SFL Corporation Ltd (SFL) in 2004, we have delivered $2.8 billion back to our shareholders through 84 consecutive cash dividends. Throughout this period, we have consistently demonstrated our capability to renew and diversify our portfolio of assets and charters, which supports a sustainable long-term distribution capacity.” 11-February-2025
Backed by John Fredriksen, the New York-listed tonnage provider SFL Corporation Ltd (SFL) reported a notable increase in Q3 2024 profits, emphasizing robust cash flow visibility and dynamic deal flow. Under the leadership of CEO Ole Hjertaker, SFL Corporation Ltd (SFL) managed significant operational achievements by taking delivery of four new tankers and selling an older container ship. This strategic fleet adjustment supports its ongoing growth and diversification efforts. The company, listed on Nasdaq, witnessed a profit increase in Q3 2024, underpinned by a substantial and stable backlog that assures consistent cash flow. For the quarter, SFL Corporation Ltd (SFL) recorded a net income of $44.5 million. Over the past decade, SFL Corporation Ltd (SFL) has transitioned from a company primarily involved in vessel financing to a full-fledged maritime infrastructure firm. SFL Corporation Ltd (SFL) now boasts a diversified portfolio with the vast majority of its assets engaged in long-term time charters to leading global charterers. This transformation reflects SFL’s strategic shift towards more stable and predictable revenue streams, aligning with the broader industry trends toward long-term, fixed-rate charters that provide greater financial security and resilience against market volatility. Additionally, SFL Corporation Ltd (SFL) continues to expand its operational scope by investing in various sectors within the maritime industry, including containers, dry bulk, tankers, and offshore assets. These investments are strategically chosen to complement its existing fleet and enhance shareholder value through increased operational efficiency and broader service offerings. SFL Corporation Ltd (SFL) is committed to maintaining its competitive edge by leveraging its industry expertise and capitalizing on emerging opportunities in the global shipping market. 7-November-2024
Supported by a significant contract backlog valued at $3.2 billion, SFL Corporation Ltd (SFL), a maritime asset company with backing from industry magnate John Fredriksen, has announced an increase in its dividend payouts, marking a testament to its sustained profit growth. Under the leadership of CEO Ole Hjertaker, SFL Corporation has made a notable declaration of its 80th consecutive quarterly dividend, setting the dividend rate at $0.26 per share. This announcement underscores the company’s robust financial health and its commitment to returning value to its shareholders. SFL Corporation Ltd, which is listed on the New York Stock Exchange, has consistently demonstrated its ability to navigate the complexities of the maritime industry, achieving a profitable conclusion to the year. This success is largely attributed to its expansive contract backlog, which plays a crucial role in ensuring steady profit growth and financial stability. The declaration of the quarterly dividend, especially noteworthy as it marks the 80th in a series of consecutive payments since the company’s inception in 2003, serves as a significant milestone and reflects SFL Corporation Ltd’s (SFL) enduring commitment to its shareholders. This latest dividend payout of $0.26 per share represents more than just a financial transaction; it signifies the company’s resilience, strategic foresight, and the effective execution of its business model. For investors, this consistent dividend record is indicative of SFL Corporation Ltd’s (SFL) reliable performance and its position as a leading tonnage provider in the maritime sector. As SFL Corporation Ltd continues to leverage its substantial contract backlog to support further profit growth, shareholders can look forward to the SFL Corporation Ltd’s (SFL) sustained prosperity and its potential for continued dividend increases in the future. 17-February-2024
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has recently secured significant charter agreements and vessel upgrades with major shipping lines Maersk and Hapag-Lloyd. CEO Ole Hjertaker-led SFL Corporation Ltd (SFL) has extended the charter for the 9,500-TEU Maersk Sarat, built in 2013, until mid-2025. In a notable deal with Hapag-Lloyd, a leading German liner operator, Bermuda-registered SFL Corporation Ltd (SFL) has arranged a $60 million upgrade for six 14,000-TEU container ships. The first of these vessels, the 14,372-TEU MV Thalassa Partis, also built in 2013, is set to commence its charter with Hapag-Lloyd later this month, under the new name MV Savannah Express. These six vessels, including the newly renamed MV Savannah Express, were previously under charter with Taiwan’s Evergreen Marine. Following the expiration of their contracts with Evergreen, John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has successfully fixed them with Hapag-Lloyd for a five-year period, marking a strategic shift and a significant engagement for SFL Corporation Ltd (SFL) in the container shipping sector. 10-November-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) CEO Ole Hjertaker elucidates that their enterprise’s scope extends beyond mere scrutiny of fleeting market trends. John Fredriksen’s esteemed leaseback entity, SFL Corporation Ltd (SFL), underscores the vitality of a decade-long perspective in delineating its financial allocations. During a symposium dialogue, SFL Corporation Ltd (SFL) CEO Ole Hjertaker conveyed his persistent impartiality regarding the acquisition of new maritime assets. 23-August-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has meticulously refurbished its drilling rig in anticipation of a promising contract, thus registering a profit for the second quarter. For the 78th successive quarter, Bermuda-registered New York-listed SFL Corporation Ltd (SFL) remains a stalwart in the maritime leasing domain. The resurgence of offshore exploration coupled with heightened production activities has infused CEO Ole Hjertaker-led Bermuda-registered SFL Corporation Ltd (SFL) with renewed optimism, fortifying its cash influx commencing this quarter. While the second quarter witnessed standard operations for the Fredriksen-endorsed leasing firm, recent agreements inked for its drilling apparatuses have augmented its contract backlog by an impressive $200 million. 17-August-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) reported that the company placed a $150 million sustainability-linked unsecured bond due in 2027. $150 million is anticipated to refinance existing debt or general corporate purposes. Bermuda-registered New York-listed SFL Corporation Ltd (SFL) declared the arrangement just days after commencing talks with fixed-income investors. CEO Ole Hjertaker-led Bermuda-registered New York-listed SFL Corporation Ltd (SFL) approved bond comes with a coupon of 8.875% and will be issued at a price of 99.58%. Lately, John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) arranged series of conferences with investors. 19-January-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has bought two container ships for charter to Maersk and a car carrier. Bermuda-registered New York-listed SFL Corporation Ltd (SFL) has the financial firepower to seek more investments. SFL Corporation Ltd (SFL) has a bunch of cash to spare for new ship investments. At the end of Q3 2022, CEO Ole Hjertaker-led Bermuda-registered New York-listed SFL Corporation Ltd (SFL) $179 million of cash and cash equivalents. New York-listed tonnage provider SFL Corporation Ltd (SFL) is a sale and leaseback specialist. Recently, SFL Corporation Ltd (SFL) closes in on $144 million in suezmax tanker financing. John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd’s (SFL) fleet has allowed the company to do numerous replication dealings with several shipping industry-leading counterparties. 16-November-2022
Bermuda-registered New York-listed SFL Corporation Ltd (SFL) acknowledges that undiversified shipowners are programmed to go bankrupt. New York-listed tonnage provider SFL Corporation Ltd (SFL) accomplishes business in diverse segments to avoid creating sudden acquisitions when banks are eager to lend capital. CEO Ole Hjertaker-led Bermuda-registered New York-listed SFL Corporation Ltd (SFL) believes that the shipowners with fleets that are concentrating on one segment do not have a promising future ahead of them. Unfortunately, preponderance of New York-listed shipping giants are undiversifed shipowners. These undiversifed shipowners are doomed financially because they usually acquire the wrong vessels when banks are most inclined to finance investments. 19-August-2022
China Development Bank Financial Leasing (CDB Leasing), a Hong Kong-listed entity, has recently expanded its maritime portfolio with the acquisition of nine Ultramax bulker newbuildings from New Dayang Shipbuilding. This move by the leasing arm of the state-owned China Development Bank signifies a significant investment in bulk carriers, a sector in which it already holds a substantial presence. CDB Leasing has committed $261 million for these 60K Ultramax bulk carriers, which equates to approximately $29 million per ship. The deal reflects favorable terms for CDB Leasing, as the market value of these vessels, according to an independent third-party appraisal, is around $279 million. The company attributes the advantageous pricing to its long-standing, stable cooperation with the seller, which facilitated early negotiations and consideration for the ships. To finance this acquisition, CDB Leasing plans to utilize a combination of its own funds and commercial bank loans, as communicated to its shareholders. This latest investment follows closely after CDB Leasing’s recent agreement to purchase seven handysize bulkers from John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) for $100 million. As of the end of 2020, CDB Leasing reported control over a fleet of 110 ships. This fleet is comprised of 85 vessels under operating leases and 25 under finance leases. Bulk carriers form the majority of its fleet, accounting for over 75%, with containerships constituting around 14%. The fleet also includes three LNG carriers, two dredgers, and a cruise ship, highlighting the diversity of its maritime assets. New Dayang Shipbuilding, the shipyard executing these newbuildings for CDB Leasing, has also recently secured a contract for four Ultramax bulker newbuildings from Wah Kwong Maritime Transport Holdings, a Hong Kong-based shipowner. The total cost for this quartet is around $120 million, with deliveries scheduled between 2023 and 2024. New Dayang Shipbuilding transitioned to state ownership in 2018 following its acquisition by Sumec Marine, a subsidiary of Beijing’s China National Machinery Industry Corp and a former creditor of Dayang Shipbuilding. This background further cements the shipyard’s position in the state-supported maritime construction sector in China. 1-October-2021
Bermuda-registered New York-listed SFL Corporation Ltd (SFL) sold handysize bulk carriers for a total of $100 million to CDB Leasing (China Development Bank Financial Leasing. Hong Kong-listed CDB Leasing (China Development Bank Financial Leasing) confirmed in a regulatory filing that the company acquired SFL Corporation Ltd. (SFL) controlled handysize bulk carriers:
2013 built handysize bulk carrier 31K DWT MV SFL Dee
2012 built handysize bulk carrier 31K DWT MV SFL Clyde
2012 built handysize bulk carrier 33K DWT MV SFL Kent
2012 built handysize bulk carrier 34K DWT MV SFL Trent
2012 built handysize bulk carrier 31K DWT MV SFL Tyne
2011 built handysize bulk carrier 31K DWT MV SFL Medway
2011 built handysize bulk carrier 34K DWT MV SFL Medway
CDB Leasing (China Development Bank Financial Leasing) is going to take the delivery of handy bulk carriers at the end of 2021. CDB Leasing (China Development Bank Financial Leasing) will finance the ships with cash and commercial bank loans. Freight rates for handysize bulk ships have increased due to robust demand for commodities, port congestions. SFL Corporation Ltd. (SFL) employed handy bulk carriers at the spot market. Ole B Hjertaker-led SFL Corporation Ltd. (SFL) thinks this is a great time for the sale of handy bulk carriers. Currently, CDB Leasing (China Development Bank Financial Leasing) controls around 110 ships. 14-September-2021
SFL Corporation Ltd. (SFL), a company registered in Bermuda and listed in New York, is on track to repay its maturing debts following a successful bond sale that raised $67.5 million. The leasing firm, backed by Fredriksen, engaged in multiple discussions with fixed-income investors over the past week. SFL Corporation Ltd., steered by John Fredriksen, anticipates using the proceeds from this placement of senior unsecured bonds to pay off debt securities that are nearing maturity. These funds are earmarked for broad corporate objectives, as stated by the Oslo-listed maritime leasing behemoth in a recent statement. Earlier, Fearnleys Securities had reported that SFL Corporation Ltd. is poised to repay senior unsecured bonds amounting to $55 million, due on June 22. The newly issued bonds, set to mature in January 2025, are priced at Nibor plus 4.40%. SFL Corporation Ltd., previously known as Ship Finance International, plans to list these bonds on the Oslo Stock Exchange. The bond issuance was managed by DNB Markets, Nordea, SEB, Arctic Securities, and Danske Bank as joint lead managers. This move comes after a series of interactions between SFL Corporation Ltd. (SFL) and fixed-income investors in Nordic countries. Under the leadership of CEO Ole Hjertaker, SFL Corporation Ltd. (SFL) has been notably active in the Oslo bond market. In the third quarter of the previous year, SFL Corporation Ltd. (SFL) finalized a $9.6 million tap issue on a bond loan maturing in 2023, following an issuance of bonds worth $67.8 million due in June 2024. At the end of the third quarter, SFL Corporation Ltd. (SFL) reported a long-term debt exceeding $1.32 billion. SFL Corporation Ltd. (SFL) boasts a diverse fleet of over 90 ships, including tankers, bulkers, container ships, and offshore assets, mostly under long-term charters. 5-January-2020