SFL Corporation Ltd
(NYSE:SFL)

SFL Corporation Ltd. engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. It is also involved in the charter, purchase, and sale of assets. In addition, the company operates in various sectors of the maritime, and shipping a...

Website: https://www.sflcorp.com/

Founded: 2003

Full Time Employees: 11

Sector: Industrials

Industry: Marine Shipping

Industrials

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-05-31	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-11-20	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-11-27	2013-09-30	2013-08-31	2013-06-30	2013-06-06	2013-03-31	2013-02-28	2012-12-31	2012-10-01	2012-09-30	2012-05-31	2012-03-31	2012-02-29	2011-12-31	2011-11-30	2011-09-30	2011-05-31	2011-03-31	2011-02-28	2010-12-31	2010-11-30	2010-11-12	2010-09-30	2010-07-31	2009-12-31	2009-09-30	2009-06-30	2009-05-31	2009-03-31	2009-02-28	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2008-03-12

operating revenues
time charter revenues	458,084,000	312,528,000	156,497,000	161,600,000	457,784,000	302,391,000	150,902,000
voyage charter and pool revenues	12,831,000	9,388,000	4,420,000	5,889,000	13,020,000
drilling contract revenues	72,785,000	48,385,000	22,441,000	54,875,000	181,775,000	95,844,000	66,503,000	44,883,000	102,007,000	37,860,000		18,595,000	180,000
interest income – sales-type leases	951,000	920,000	471,000
profit sharing income	4,410,000	2,601,000	1,466,000	3,522,750	14,091,000	9,932,000	5,540,000
other operating income	8,473,000	5,505,000	1,444,000	3,642,000	6,701,000	4,624,000	2,298,000	2,106,000	5,854,000	4,187,000		1,553,000	4,270,000	2,729,000	1,105,000	1,148,000	3,205,000	1,858,000		987,000	3,633,000	2,087,000					1,873,000	633,000			1,747,000	1,747,000	520,000				581,000			1,904,000		-3,035,000	4,449,000	4,449,000		1,609,000	2,060,000	2,060,000	901,000			1,864,000		1,864,000	172,000				296,000													191,000				228,000	228,000							9,000
total operating revenues	557,534,000	379,327,000	186,739,000	229,102,000	675,302,000	419,979,000	229,064,000	209,573,000	542,713,000	337,827,000	173,266,000	197,817,000	472,576,000	305,686,000	152,389,000	152,061,000	361,335,000	225,890,000	109,128,000	114,912,000	356,135,000	240,361,000	121,896,000	121,896,000		111,527,000	418,712,000	116,543,000		110,997,000	380,878,000	380,878,000	92,349,000		93,673	94,223	96,880,000		93,528	406,740,000	117,583	113,914,000	327,487,000	327,487,000	90,088	88,662,000	270,860,000	270,860,000	82,671,000		65,991,000	319,692,000		319,692,000	65,087,000	65,087,000	77,654,000		295,114,000			84,120,000		76,061,000	73,250,000			72,049,000	71,166,000			345,220,000	80,754,000	82,616,000		457,805,000	457,805,000	96,806,000	96,806,000	122,270			120,882,000	121,886,000
gain on sale of vessels	4,530,000	4,242,000		-4,250	-17,000	-17,000	-17,000
operating expenses
vessel and rig operating expenses	230,817,000	161,903,000	75,797,000	102,627,000	240,676,000	146,438,000	81,234,000				-69,960,000
depreciation	178,702,000	121,775,000	60,911,000	62,164,000	177,017,000	114,999,000	56,878,000	56,390,000	157,672,000	102,159,000	-51,041,000	48,923,000	138,904,000	91,313,000	44,688,000	42,433,000	95,897,000	60,392,000	-28,505,000	28,120,000	83,159,000	55,298,000	-27,173,000				104,079,000	29,470,000			88,150,000	88,150,000	22,334,000		-22,137	-21,802	21,562,000		-24,251	78,080,000	-22,694	21,924,000	67,393,000	67,393,000	-18,479	18,501,000	58,436,000	58,436,000	15,111,000			55,602,000		55,602,000	14,033,000	-14,033,000	-14,225,000		49,929,000			-14,261,000		86,268,000	-12,980,000				-9,642,000			30,236,000				28,038,000	28,038,000	-7,450,000	-7,450,000	-8,362			-7,194,000	5,999,000
vessel impairment charge	34,093,000	34,093,000	34,093,000						7,389,000	7,389,000	-7,389,000						1,927,000	1,927,000		252,638,000	80,511,000	80,511,000	-80,511,000				64,338,000													42,410,000		13,249,000	11,800,000	11,800,000
administrative expenses	13,586,000	9,653,000	5,276,000	4,824,000	15,753,000	10,825,000	5,461,000				-4,995,000								-2,191,000				-3,512,000												-1,702	-1,855			-2,235		-2,787				-1,835											-1,967,000	-2,341,000					-2,197,000		-1,997,000	-2,406,000				-2,222,000									-2,995,000	-2,995,000	-2,578			-2,835,000	2,697,000
total operating expenses	457,198,000	327,424,000	176,077,000	169,615,000	433,446,000	272,262,000	143,573,000	136,564,000	394,208,000	252,512,000	-133,385,000	123,437,000	284,710,000	183,280,000	93,061,000	88,564,000	221,399,000	140,644,000	-67,063,000	321,224,000	290,247,000	220,618,000					306,132,000	65,256,000			227,376,000	227,376,000	55,560,000		-56,435	-56,347	57,133,000		-60,687	248,058,000	-60,363	69,475,000	206,272,000	206,272,000	-47,774	63,233,000	171,519,000	171,519,000	46,187,000			159,458,000		159,458,000	39,331,000	-39,331,000	-41,310,000		140,877,000			-38,122,000		245,373,000	-35,235,000				-32,461,000			160,677,000				137,780,000	137,780,000	-34,195,000	-34,195,000	-37,345			-34,701,000	34,014,000
operating income	104,866,000	56,145,000	10,662,000	60,459,750	241,839,000	147,700,000	85,474,000				49,937,000															20,181,000				43,054,000					37,583	38,681			32,660		57,234				42,200						25,845,000					43,781,000	57,881,000					48,220,000		30,172,000	38,015,000			38,074,000	38,705,000				50,075,000	78,878,000				62,611,000	62,611,000	91,498			96,767,000	94,663,000
yoy	-56.64%	-61.99%	-87.53%				71.16%																			-53.13%									15.07%						35.63%																							-20.75%	-1.78%				-22.71%					25.98%					-35.30%	-99.90%
qoq	86.78%	426.59%	-82.37%	-75.00%	63.74%	72.80%																													-2.84%																					-24.36%								-20.63%				-1.63%					-36.52%					0.00%	68328.82%				2.22%
non-operating income
interest income – long-term loans to associated companies	3,413,000	2,263,000	1,125,000	856,500	3,426,000	2,276,000	1,138,000
interest income – other	6,863,000	3,834,000	1,881,000	2,711,000	6,478,000	4,198,000	1,700,000	2,230,000	6,843,000	4,889,000		1,855,000	1,092,000	433,000
interest expense	-137,589,000	-92,067,000	-46,207,000	-48,359,000	-134,626,000	-88,175,000	-42,879,000	-42,280,000	-124,730,000	-82,554,000	-39,052,000	-37,122,000	-80,217,000	-50,104,000	-23,809,000	-18,198,500	-72,794,000		-21,869,000				-34,224,000												-21,695	-20,871			-14,763		-14,881				-15,176											-20,600,000	-22,354,000					-22,929,000		-18,825,000	-25,603,000				-25,331,000							-127,192,000	-127,192,000	-32,473,000	-32,473,000	-34,681			-29,871,000	-33,470,000
loss on investments in equity securities	-768,000	-1,326,000	-360,000	-88,000	-352,000	-207,000
interest and valuation gain on non-designated derivatives	-2,808,000	-2,562,000	-985,000	254,750	1,019,000	4,530,000	3,003,000
other financial items	3,617,000	3,415,000	2,180,000	4,473,000	-1,958,000	-1,416,000	-714,000	-1,162,000	-30,000	-4,046,000	-1,084,000	2,084,000	13,444,000	10,083,000	7,152,000	2,894,000	3,789,000	3,757,000	809,000	4,009,000	-29,954,000	-31,583,000	6,548,000	6,548,000			10,407,000			777,000			4,379,000		-2,518	31			1,728		3,397	6,382,500			-52		2,003,000	2,003,000				5,876,000		5,876,000	-2,975,000	-2,106,000	-730,000		-7,040,000			-594,000		-4,888,000	-780,000				-440,000			11,050,000				-54,876,000	-54,876,000	-747,000	-747,000	-616			-140,000	-250,000
equity in earnings of associated companies	1,754,000	1,146,000	625,000	654,000	2,144,000	1,475,000	778,000	693,000	2,155,000	1,451,000		713,000	2,120,000	1,405,000	699,000	770,000	3,424,000	2,564,000		1,158,000	3,128,000	6,246,000					14,635,000	4,740,000			23,766,000	23,766,000	3,595,000				6,579,000			33,605,000		7,915,000	33,497,000	33,497,000		10,472,000	28,200,000	28,200,000	5,983,000			43,492,000		43,492,000	8,512,000				50,902,000													75,629,000				22,799,000	22,799,000
income before taxes	-20,652,000	-29,152,000	-31,079,000	23,314,000	117,970,000	70,381,000	48,085,000	32,402,000	54,858,000
tax expense	-1,126,000	-1,259,000	-792,000	-3,116,000	-7,515,000	-4,447,000	-2,783,000	-1,034,000	-2,289,000
net income	-21,778,000	-30,411,000	-31,871,000	20,198,000	110,455,000	65,934,000	45,302,000	31,368,000	52,569,000	23,264,000	6,332,000	48,454,000	154,314,000	104,429,000	47,021,000	80,120,000	84,223,000	51,009,000		-165,225,000	-59,200,000	-75,156,000				3,822,000	73,622,000	33,592,000		29,731,000	101,209,000	101,209,000	24,655,000		29,000	20,000	32,282,000		32,000	200,832,000	47,000	54,293,000	122,815,000	122,815,000	33,000	25,137,000	89,206,000	89,206,000	40,733,000		25,064,000	185,836,000		185,836,000	32,378,000	32,378,000	51,099,000		131,175,000			38,952,000		30,156,000	27,450,000			32,101,000	30,519,000			192,598,000	43,611,000	56,953,000		181,611,000	181,611,000	42,655,000	42,655,000	52,360			71,281,000	59,810,000
yoy	-119.72%	-146.12%	-170.35%	-35.61%	110.11%	183.42%	615.45%	-35.26%	-65.93%	-77.72%	-86.53%	-39.52%	83.22%	104.73%		-148.49%	-242.27%	-167.87%				-2066.41%				-87.14%	-27.26%	-66.81%			348896.55%	505945.00%	-23.63%		-9.38%	-99.99%	68585.11%		-99.97%	63.52%	42.42%	115.99%	37.68%	37.68%	-99.92%		255.91%	-52.00%			-22.59%	473.96%			-75.32%									-6.06%	-10.06%			-83.33%	-30.02%			6.05%	-75.99%	33.52%		346750.65%			-40.16%	-99.91%
qoq	-28.39%	-4.58%	-257.79%	-81.71%	67.52%	45.54%	44.42%	-40.33%	125.97%	267.40%	-86.93%	-68.60%	47.77%	122.09%	-41.31%	-4.87%	65.11%			179.10%	-21.23%					-94.81%	119.17%			-70.62%	0.00%	310.50%			45.00%	-99.94%			-99.98%	427202.13%	-99.91%	-55.79%	0.00%	372066.67%	-99.87%	-71.82%	0.00%	119.00%			-86.51%			473.96%	0.00%	-36.64%								9.86%				5.18%				341.63%	-23.43%			0.00%	325.77%	0.00%	81364.86%				19.18%
per share information:
basic earnings per share	-0.16	-0.23	-0.24	0.15	0.86	0.52	0.36	0.25	0.42	0.18	0.05	0.38	1.22	0.82	0.37	0.65	0.7	0.43		-1.51	-0.55	-0.7	-0.81			0.04	0.7	0.31		0.28	1.06	1.06	0.24		0.31	0.22	0.35		0.35	2.15	0.5	0.58	1.32	1.32	0.35	0.27	1	1	0.44		0.29	2.31		2.31	0.38	0.38	0.6		1.66			0.49		0.38	0.35			0.41	0.39			2.59	0.55	0.72		2.5	2.5	0.59	0.59	0.72			0.98	0.82
diluted earnings per share	-0.16	-0.23	-0.24	0.15	0.86	0.52	0.36	0.25	0.41	0.18		0.37	1.16	0.79	0.36	0.61	0.69	0.43		-1.51	-0.55	-0.7					0.69	0.31			1.03	1.03	0.24				0.32			1.88		0.51	1.24	1.24		0.26	0.99	0.99	0.4			2.22		2.22	0.33				1.62													2.59				2.5	2.5
loss on sale of vessels
interest income – sales-type leases and leaseback assets				482,750	1,931,000	1,396,000
voyage charter revenues						5,792,000	2,981,000	2,337,000	31,311,000	28,753,000		25,071,000	47,291,000	24,371,000	10,241,000	10,665,000	42,660,000
interest income - sales-type leases and leaseback assets							840,000
gain on investments in equity securities							-415,000
interest income related parties – direct financing leases													382,000	382,000	355,000	363,000	1,137,000	766,000		395,000	1,349,000	946,000
interest income other – sales-type, direct financing leases and leaseback assets								916,000	5,276,000	3,809,000		2,038,000	6,496,000	4,394,000	2,238,000	2,352,000	15,672,000	12,140,000		18,875,000	50,597,000	33,275,000
service revenue related parties – direct financing leases													1,746,000	1,746,000	1,620,000	1,656,000	4,914,000	3,258,000		1,656,000	5,247,000	3,591,000
profit sharing income – related parties												667,500	2,670,000	1,510,000
profit sharing income – other								3,389,000	9,773,000	7,135,000		6,513,000	18,273,000	8,125,000
time charter revenues – related parties								13,705,000	40,896,000	27,195,000		13,377,000	38,949,000	25,689,000
time charter revenues – other								142,237,000	347,596,000	228,888,000		112,833,000	310,829,000	205,775,000
bareboat charter revenues – related parties													17,770,000	17,770,000
bareboat charter revenues – other												17,463,000	23,720,000	13,195,000
gain on sale of assets and termination of charters								4,667,500	18,670,000	16,476,000	10,056,000	3,307,000	13,228,000	13,228,000		14,000	56,000				2,250,000	2,250,000								826,000	1,124,000	1,124,000			345	805			-181	7,364,000	14	4,100,000	23,931,000	23,931,000	-114	3,830,000	18,025,000	18,025,000	10,152,000			47,386,000		47,386,000	18,025,000	18,025,000	21,537,000		8,468,000
vessel operating expenses – related parties								5,702,000	17,034,000	11,343,000		5,664,000	18,477,000	12,826,000
vessel operating expenses – other								39,017,000	119,180,000	82,202,000		51,660,000	112,601,000	70,525,000
rig operating expenses -other								20,290,250	81,161,000	40,972,000
administrative expenses – related parties								308,000	1,147,000	785,000		424,000	1,117,000	757,000
administrative expenses – other								3,485,000	10,625,000	7,662,000		2,957,000	10,679,000	7,859,000
net operating income								73,009,000	167,175,000	101,791,000		74,380,000	201,094,000	135,634,000	59,328,000	102,846,000	139,992,000	85,246,000		-206,312,000	68,138,000	21,993,000					117,615,000	51,287,000			154,626,000	154,626,000	35,361,000				39,721,000			166,046,000		48,539,000	145,146,000	145,146,000		29,259,000	117,366,000	117,366,000	46,636,000			207,620,000		207,620,000	43,781,000				162,705,000													209,264,000				337,402,000	337,402,000
interest income – related parties, long term loans to associated companies								1,150,000	3,413,000	2,263,000		1,150,000	3,413,000	2,263,000
interest income – related parties, other												188,000	275,000	249,000
loss on repurchase of bonds								-135,000	-540,000	-540,000
gain on investments in debt and equity securities								-1,394,000	-518,000	-792,000	248,000	5,078,000	13,093,000	4,466,000	2,505,000	-3,474,000	4,469,000	3,933,000		-1,587,000	-20,866,000	-18,236,000
dividend income - related parties								272,500	1,090,000	802,000										1,154,250	4,617,000	3,884,000									3,300,000	3,300,000					1,650,000
net income before equity in earnings of associated companies										21,813,000		47,741,000	152,194,000	103,024,000	46,322,000	79,350,000	80,799,000	48,445,000		-166,383,000	-62,328,000	-81,402,000					58,987,000	28,852,000			77,443,000	77,443,000	21,060,000				25,703,000			167,227,000		46,378,000	89,318,000	89,318,000		14,665,000	61,006,000	61,006,000	34,750,000			142,344,000		142,344,000	23,866,000				80,273,000													116,969,000				158,812,000	158,812,000
charter revenues: operating leases and rig revenue contracts											166,403,000
charter revenues: sales-type, direct financing and leaseback assets											1,929,000								9,976,000
profit share income											4,934,000								2,620,000							191,000				244,000									5,530		24,922				191						100,000											1,410,000		207,250	-1,580,000			2,250,000	1,982,000				11,430,000	11,315,000				14,486,000	14,486,000	31,354				33,670,000
results in associates											697,000								2,048,000				2,512,000	2,512,000		4,145,000				3,453,000					6,227
interest income from associates											1,125,000								2,025,000				3,532,000	3,532,000		3,532,000				3,532,000					3,533																																		4,893,000
interest income, other											2,080,000								13,000				907,000	907,000		1,183,000				523,000					681	1,286			333		398				4,540						1,808,000					1,712,000	1,586,000					1,376,000		220,750	604,000			98,000	157,000
amortization of deferred charges											-1,813,000								-1,868,000				-1,972,000												-2,419	-2,337			-2,686		-2,877				-2,852											-2,591,000	-1,529,000
interest and valuation gain or (loss) on non-designated derivatives											-5,806,000
weighted-average number of shares											126,796,331								116,344,780,000				107,630,752	107,630,752		107,611,056				107,607,222					93,504,575	93,504,575			93,504,575		93,473,080				93,412,667						86,135,604					85,248,056	84,768,478					79,127,198			79,125,000			79,125,000	79,125,000				79,125,000					72,743,737	72,743,737				72,743,737	72,743,737
common shares outstanding											126,796,331								116,359,233,000				107,632,337	107,632,337		107,625,468				107,607,222					93,504,575	93,504,575			93,504,575		93,504,575				93,443,000						93,260,000					85,250,000	85,225,000					79,225,000		19,781,250	79,125,000			79,125,000	79,125,000				79,125,000	79,125,000				72,743,737	72,743,737	72,743,737			72,743,737	72,743,737
rig operating expenses												13,809,000	2,932,000
profit sharing income - related parties															110,000	1,412,500	5,650,000	1,512,000
profit sharing income - other															4,371,000	1,885,750	7,543,000	4,717,000		503,750	2,015,000	1,218,000
time charter revenues - related parties															12,709,000	9,466,000	37,864,000	25,261,000		9,830,250	39,321,000	26,663,000					53,258,000	13,536,000			51,832,000	51,832,000	13,138,000				12,815,000			30,319,000		15,368,000	10,039,000	10,039,000		2,593,000	5,647,000	5,647,000	2,362,000										660,000
time charter revenues - other															98,260,000	56,122,250	224,489,000	142,739,000		49,826,000	199,304,000	132,011,000					239,468,000	71,693,000			186,577,000	186,577,000	48,049,000				44,935,000			130,459,000		33,474,000	83,013,000	83,013,000		25,502,000	77,778,000	77,778,000	18,422,000			60,258,000		60,258,000	20,297,000				28,789,000
bareboat charter revenues - related parties															17,770,000	4,140,250	16,561,000														5,736,000	5,736,000					1,901,000			12,596,000		3,215,000	16,364,000	16,364,000		3,129,000	18,324,000	18,324,000	4,510,000			20,701,000		20,701,000	4,542,000				21,276,000
bareboat charter revenues - other															3,610,000	410,000	1,640,000	9,202,000		1,791,000	7,164,000	6,437,000					36,222,000	6,878,000			34,860,000	34,860,000	10,352,000				7,668,000			55,419,000		12,476,000	53,407,000	53,407,000		14,434,000	42,705,000	42,705,000	10,664,000			54,212,000		54,212,000	10,530,000				69,003,000
vessel operating expenses - related parties															7,092,000	5,468,750	21,875,000	14,740,000		5,696,250	22,785,000	15,250,000					45,266,000	8,166,000			57,714,000	57,714,000	12,560,000				15,919,000			56,939,000		18,254,000	49,170,000	49,170,000
vessel operating expenses - other															36,442,000	23,056,750	92,227,000	57,138,000		23,768,000	95,072,000	63,514,000					83,282,000	24,271,000			74,080,000	74,080,000	18,137,000				17,501,000			63,892,000		14,891,000	70,300,000	70,300,000
administrative expenses - related parties															306,000	100,750	403,000	154,000		214,750	859,000	587,000					1,072,000	443,000			831,000	831,000	226,000				162,000			1,032,000		260,000	965,000	965,000		247,000	439,000	439,000	251,000			471,000		471,000	116,000				504,000
administrative expenses - other															4,533,000	2,267,500	9,070,000	6,293,000		1,965,250	7,861,000	5,458,000					8,095,000	2,906,000			6,601,000	6,601,000	2,303,000				1,989,000			5,705,000		897,000	6,644,000	6,644,000		1,527,000	7,110,000	7,110,000	1,932,000			8,471,000		8,471,000	1,851,000				9,381,000
interest income - related parties, long term loans to associated companies															1,125,000	1,442,750	5,771,000	4,063,000		2,649,000	10,596,000	7,064,000					14,128,000	3,532,000			15,265,000	15,265,000	3,532,000				4,668,000			18,672,000		3,501,500	24,464,000	24,464,000
interest income - other															21,000	16,500	66,000	271,000		212,500	850,000	1,043,000					2,943,000	1,107,000			3,643,000	3,643,000	320,000				225,000			7,075,000		1,242,000	11,958,000	11,958,000		2,545,000	10,023,000	10,023,000	3,196,000			7,599,000		7,599,000	2,466,000				3,826,000
gain on repurchase of bonds																-181,750	-727,000	-697,000		270,250	1,081,000	1,081,000						305,000												1,007,000		162,500													-1,109,000				521,000
interest income - related parties, other																58,250	233,000			97,250	389,000	179,000					880,000	392,000			422,000	422,000					878,000			13,395,000		2,579,750	4,029,000	4,029,000		693,500	482,000	482,000	944,000
gain on settlement of related party loan notes																					4,446,000	4,446,000
voyage charter revenues - other																		24,437,000		8,072,750	32,291,000	23,775,000					24,339,000	6,262,000			21,037,000	21,037,000	4,316,000				4,443,000			35,783,000		11,841,000	34,608,000	34,608,000		8,182,000	9,724,000	9,724,000	10,251,000
interest expense - other																		-48,128,000		-25,406,250	-101,625,000	-71,273,000																																	-23,191,000				-103,378,000
charter revenues: operating lease																			96,532,000
gain/(loss) on sale of assets and termination of charters																							2,275,000	2,275,000
vessel operating expenses																			-36,367,000				-40,390,000												-32,596	-32,690			-34,201		-34,882				-27,460											-23,331,000	-24,744,000					-21,664,000		-15,042,250	-19,849,000				-20,597,000									-23,750,000	-23,750,000	-26,405			-24,672,000
operating income/																			42,065,000
gain or (loss) on investments in debt and equity securities																			2,071,000				-13,562,000
income related to non-designated derivatives																			6,188,000				-23,380,000							8,179,000					7,339	-7,487			3,702		-8,522
taxes
net income/																			31,482,000
basic earnings/																			270
profit sharing revenues - related parties																				3,803,500	15,214,000	10,358,000					1,779,000	994,000			5,753,000	5,753,000					5,591,000			59,607,000		20,964,000	33,756,000	33,756,000		11,418,000	770,000	770,000	12,219,000			52,176,000		52,176,000					482,000
charter revenues - operating lease																							96,546,000	96,546,000		94,079,000				95,052,000					76,208	74,292			71,790		74,946				60,204						36,455,000					35,541,000	34,104,000					37,240,000		21,438,750	31,684,000			24,508,000	21,126,000				17,288,000	17,959,000				18,725,000	18,725,000	19,272				18,293,000
charter revenues - finance lease and vessel loan																							18,944,000	18,944,000		17,257,000
profit share income, vessels																							5,863,000	5,863,000
profit share income, scrubber fuel-cost savings																							543,000	543,000
operating (loss)/ income																							-27,415,000
net (loss)/income																							-87,054,000
mark to market of equity securities																										12,519,000				370,000
direct financing lease interest income - related parties																											9,623,000	975,000			16,362,000	16,362,000	3,116,000				5,031,000			34,193,000		7,048,000	45,363,000	45,363,000		10,797,000	55,385,000	55,385,000	11,642,000			59,214,000		59,214,000	14,345,000				97,757,000
direct financing and sales-type lease interest income - other																											30,055,000	13,142,000			21,903,000	21,903,000	5,982,000
finance lease service revenues - related parties																											22,095,000	2,430,000			35,010,000	35,010,000	6,876,000				10,341,000			46,460,000		12,563,000	46,488,000	46,488,000		10,998,000	52,390,000	52,390,000	11,700,000			64,766,000		64,766,000	13,637,000				69,992,000
gain on sale of subsidiaries and disposal groups																											7,613,000
interest expense - related parties
gain on repurchase of bonds and extinguishment of debt																											1,146,000
impairment of loan notes
net unrealized gain on equity securities																											12,277,000	10,529,000
realized gain on sale of debt and equity securities																											13,477,000
charter revenues - finance lease																														15,701,000					25,321	28,623			23,422																	43,545,000	46,026,000					49,052,000		52,110,000	67,550,000			71,809,000	77,999,000				88,601,000	130,678,000				109,410,000	109,410,000	117,872				117,989,000
profit sharing revenues - other																															61,000	61,000					61,000
long-term investment impairment charge																																																																								-7,110,000
long term charter revenues																																			133,000	138,000
short term charters																																			17,000
total charter revenues																																			150,000	150,000
adjusted ebitda																																			115,000	118,000			115,000
earnings per share																																			0.31	0.22			0.35		0.5				0.35
income statement
(in thousands of
except per share data)																																			2,017	2,017			2,016		2,016				2,015																																			2,008
revenues classified as repayment of investment in finance leases																																			-7,856	-8,692			-7,214		-8,847				-9,600											-13,999,000	-14,573,000					-15,777,000		-18,992,750	-24,404,000				-29,941,000									-45,815,000	-45,815,000
short term charters and profit share income																																				12,000
results in associate																																				7,276			6,624		7,381				7,878						7,018,000					8,512,000	10,163,000					11,441,000		9,829,250	11,972,000			13,432,000	11,718,000				17,958,000	18,282,000				20,490,000	20,490,000	233			233,000	228,000
interest income from associates and long term investments																																				3,532			4,668		4,669				4,668						5,632,000					5,648,000	5,668,000					4,894,000		4,048,500	5,652,000			4,906,000
direct financing lease interest income - other																																					3,513,000										4,231,000	4,231,000				6,501,000		6,501,000	1,564,000				6,859,000
charter revenues																																							149,000		174,000				153,000
cash sweep income																																													9,945												12,097,000					13,605,000
gain on redemption of loan notes - related parties																																								28,904,000
gain on sale of loan notes and share warrants - other																																								44,552,000
available-for-sale securities impairment charge
ebitda																																									139,000				127,000
charter revenues - finance leases																																									26,562				29,348						42,364,000
gain on sale of investment in associated company																																											6,055,000	6,055,000															4,064,000
gain on sale of associate																																																																1,016,000
expense related to non-designated derivatives																																													-8,096
finance lease service revenues - other																																															1,846,000	1,846,000
ship operating expenses - related parties																																														9,363,500	54,916,000	54,916,000	12,353,000			66,455,000		66,455,000	14,216,000				71,283,000
ship operating expenses - other																																														12,714,500	50,618,000	50,618,000	16,540,000			28,459,000		28,459,000	9,115,000				9,780,000
interest income - related parties, associated companies																																														4,541,500	19,575,000	19,575,000	5,566,000			19,575,000		19,575,000	4,894,000				19,575,000
4 x 4,800 teu
4 x 8,700 teu																																																			102,000
west linus
committed financing
net investment																																																			102,000									23,000	34,000		35,000			34,000	167,000													31,000
impairment adjustment to investments
mark to market of derivatives																																																			6,636,000					-1,978,000	414,000					855,000		-668,750	-2,410,000			848,000	877,000									-7,338,000	-7,338,000	-5,546			3,214,000	-2,178,000
4 x 8,700
drybulk																																																												6,000
container																																																												173,000	172,000		173,000			167,000	167,000
total investment																																																												179,000	172,000		173,000			167,000	167,000
profit share income prepaid																																																														-1,410,000
amortisation of deferred charges																																																														-1,421,000
impairment adjustment to investment																																																														-2,890,000
gain on sale of assets																																																																2,337,000								24,721,000				17,377,000	17,377,000
gain / (loss) on sale of assets																																																														2,222,000						278,000						27,809,000						6,573
offshore
committed financing*
vessel impairment adjustments
gain on re-purchase of company bonds																																																																					-60,000				47,000
direct financing and sales-type lease interest income from related parties																																																																								147,498,000
direct financing and sales-type lease interest income from non-related parties																																																																								3,870,000
finance lease service revenues from related parties																																																																								88,953,000				93,553,000	93,553,000
profit sharing revenues from related parties																																																																								33,018,000				110,962,000	110,962,000
time charter revenues from non-related parties																																																																								2,836,000				18,646,000	18,646,000
bareboat charter revenues from related parties																																																																								20,402,000				21,188,000	21,188,000
bareboat charter revenues from non-related parties																																																																								48,452,000				34,606,000	34,606,000
ship operating expenses to related parties																																																																								88,953,000				93,553,000	93,553,000
ship operating expenses to non-related parties																																																																								2,541,000				6,353,000	6,353,000
vessel impairment																																																																								26,756,000
administrative expenses to related parties																																																																								411,000				1,013,000	1,013,000
administrative expenses to non-related parties																																																																								11,780,000				8,823,000	8,823,000
interest income																																																																								240,000	213,000	187,000		3,478,000	3,478,000	86,000	86,000	1,468			1,082,000	827,000
interest expense to related parties																																																																								-15,923,000
interest expense to non-related parties																																																																								-101,152,000
net gain on repurchase of 8.5% senior notes																																																																								20,600,000
dry bulk																																																																									38,000	38,000
gross investment																																																																									38,000	38,000
weighted average number of shares																																																																										78,845,910						72,743,737
finance lease interest income from related parties																																																																												174,948,000	174,948,000
finance lease interest income from non-related parties																																																																												3,674,000	3,674,000
asset impairment
non-operating income /
foreign currency exchange gain/loss																																																																														26,000	26,000	4
gross investments																																																																																140,000
contracted sale of vessels*																																																																																-109,000
- less revenues classified as repayment of investment in finance leases																																																																																-46,228				-48,075,000
voyage expenses and commission
cash dividends paid
gross operating revenue																																																																																			158,832,000
less revenues classified as repayment of investment in finance leases																																																																																			-71,061,000
profit share contribution																																																																																			33,111,000
gain / -loss on sale of assets																																																																																			10,586,000	6,791,000
foreign currency exchange gain / loss																																																																																			-4,000
voyage expenses																																																																																				167,000
ship operating expenses																																																																																				25,151,000
foreign currency exchange gain / -loss																																																																																				-10,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-11-20	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-11-27	2013-09-30	2013-06-30	2013-06-06	2013-03-31	2012-12-31	2012-10-01	2012-09-30	2012-06-30	2012-03-31	2012-02-28	2011-12-31	2011-03-31	2011-02-29	2010-12-31	2010-11-30	2010-11-12	2010-09-30	2010-07-31	2010-06-30	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-03-31	2008-03-12	2007-12-31	2007-06-30	2007-03-12	2004-06-16	2003-12-31

assets
current assets
cash and cash equivalents	278,231,000	155,820,000	173,945,000	134,551,000	163,807,000	186,062,000	168,153,000	165,492,000	118,028,000	201,466,000	165,492,000	188,362,000	178,682,000	223,816,000	149,289,000	145,622,000	250,703,000	371,852,000	216,005,000	215,445,000	205,814,000	152,124,000	206,474,000	199,521,000	138,332,000	212,400,000	154,077,000	211,394,000	143,989,000	143,989,000	144,787,000	139,991,000	153,052,000	245,782,000	248,999,000	61,554,000	62,382,000	63,420,000	82,016,000	84,426,000	70,175,000	60,283,000	61,571,000	49,730,000	50,818,000	32,623,000	49,480,000	36,982,000	58,641,000	59,031,000	59,031,000	41,023,000	64,820,000	58,641,000	60,542,000	100,788,000	66,818,000	100,788,000	111,586,000	60,542,000	94,915,000	90,109,000	94,915,000	86,967,000	66,812,000	54,585,000	54,585,000	103,640,000	54,585,000	84,186,000	61,367,000	61,367,000	50,070,000	118,657,000	118,657,000	100,734,000	78,255,000	78,255,000	99,116,000	78,255,000	26,519,000	26,519,000
investments in equity securities	3,448,000	2,859,000	3,660,000		4,579,000	4,662,000	4,382,000
due from related parties	6,029,000	7,567,000	5,682,000	5,201,000	7,794,000	8,630,000	6,834,000	3,532,000		3,589,000		4,392,000		6,584,000	8,615,000		6,919,000	4,842,000		7,718,000		13,138,000				15,970,000	33,492,000	41,771,000		9,368,000	6,851,000	6,202,000	9,625,000		16,933,000	14,938,000	17,519,000		18,663,000	37,229,000	45,659,000	72,235,000	62,667,000	62,044,000	152,491,000	38,140,000	30,204,000	21,090,000	13,249,000		3,976,000	1,089,000	1,222,000		54,203,000	30,451,000	41,195,000	30,451,000			9,775,000			32,745,000		34,690,000			34,690,000	33,861,000	21,758,000	21,758,000		91,138,000	91,138,000		42,014,000			42,014,000
investment in sales-type leases, current portion		4,450,000	33,157,000	35,135,000	37,136,000	39,111,000	7,895,000				20,640,000
trade accounts receivable	13,817,000	21,000,000	24,568,000	36,821,000				41,190,000		34,326,000		20,003,000		10,773,000	11,244,000		7,792,000	7,601,000		6,666,000		6,001,000				2,519,000	3,709,000	2,976,000		3,779,000	2,679,000	3,868,000	12,583,000		6,309,000	7,101,000	3,549,000		5,239,000	7,545,000	2,057,000	2,197,000	2,693,000	4,054,000	3,253,000	2,242,000	6,121,000	2,511,000	8,362,000		4,903,000	8,345,000	9,663,000		7,997,000	6,393,000	5,742,000	6,393,000			210,000			1,074,000		7,128,000			7,128,000	1,873,000	71,000	71,000		42,000	42,000		28,000			28,000	23,896,000	23,896,000
other current assets	79,075,000	92,037,000	76,191,000	66,010,000	12,795,000	17,012,000	18,265,000		79,363,000		103,291,000		81,597,000			43,105,000			44,289,000		41,566,000		40,836,000	34,804,000	28,407,000				136,631,000	76,000				56,235,000				53,325,000												71,954,000				143,389,000					67,538,000	72,226,000		110,465,000	64,749,000		119,861,000		134,526,000	138,633,000					170,951,000			189,810,000		186,343,000	183,331,000
total current assets	380,600,000	283,733,000	327,275,000	316,018,000	373,305,000	381,098,000	321,707,000	298,059,000		321,045,000		296,982,000		330,968,000	260,144,000		374,780,000	496,757,000		356,436,000		319,062,000				425,836,000	359,800,000	413,579,000		417,118,000	406,735,000	292,931,000	317,695,000		447,613,000	267,803,000	278,427,000		274,623,000	294,818,000	375,917,000	238,536,000	235,674,000	248,668,000	340,225,000	200,565,000	230,640,000	183,022,000	292,204,000		202,328,000	179,250,000	197,396,000		242,632,000	244,465,000	221,360,000	244,465,000			192,763,000			235,301,000		227,902,000			227,902,000	265,257,000	251,208,000	251,208,000		433,754,000	433,754,000		333,595,000			333,595,000	111,064,000	111,064,000
vessels, rigs and equipment	3,209,225,000	3,417,008,000	3,463,645,000	3,552,298,000	3,223,546,000	2,809,216,000	2,777,855,000	2,654,733,000	2,623,925,000	2,589,834,000	2,654,733,000	2,646,389,000
capital improvements in progress and newbuildings	184,433,000	174,584,000	165,921,000	162,254,000
investments in associated companies	15,955,000	16,074,000	16,270,000		16,464,000	16,487,000	16,515,000			16,542,000				16,584,000	16,598,000		16,602,000	29,141,000				34,642,000								21,699,000	18,491,000	14,706,000
loans and long term receivables from related parties including associates	45,000,000	45,000,000	45,000,000	45,000,000				45,000,000				45,000,000						125,000,000		123,910,000		306,398,000
other long-term assets	15,398,000	15,517,000	13,937,000	294,000	9,827,000	12,996,000	13,780,000	8,905,000		18,076,000		13,482,000		18,455,000	7,166,000		19,972,000	21,319,000		21,961,000		80,024,000				25,388,000	28,218,000	30,810,000		29,809,000	30,539,000	12,779,000	12,791,000		14,559,000	11,735,000	18,992,000	28,190,000	27,992,000	27,989,000	27,746,000	10,915,000	10,914,000	12,380,000	8,581,000					62,957,000				17,868,000					52,154,000	54,652,000		34,155,000	53,140,000		2,968,000		2,965,000	2,967,000					8,793,000			2,008,000		2,008,000	27,993,000
total assets	3,850,611,000	3,951,916,000	4,032,048,000	4,107,769,000	4,099,698,000	3,867,010,000	3,777,590,000	3,731,389,000	3,671,608,000	3,806,136,000	3,731,389,000	3,861,330,000	3,691,292,000	3,589,799,000	3,606,459,000	3,459,297,000	3,526,276,000	3,193,902,000	3,060,575,000	3,093,211,000	3,576,837,000	3,711,112,000	3,782,495,000	3,885,370,000	3,800,366,000	3,806,885,000	3,782,759,000	3,877,845,000	3,590,185,000	3,590,185,000	3,464,048,000	2,929,060,000	3,012,082,000	3,156,851,000	3,138,913,000	3,039,758,000	2,937,377,000	2,824,223,000	2,904,455,000	2,894,408,000	3,064,825,000	3,110,562,000	2,783,005,000	2,841,480,000	3,041,554,000	3,069,434,000	3,012,786,000	2,986,604,000	3,045,983,000	3,078,552,000	3,078,552,000	3,081,250,000	2,889,565,000	3,045,983,000	2,973,089,000	2,944,090,000	2,902,003,000	2,944,090,000	2,938,692,000	2,973,089,000	2,896,128,000	3,004,057,000	2,896,128,000	2,882,361,000	2,858,854,000	2,885,990,000	2,885,990,000	3,004,102,000	2,885,990,000	3,001,428,000	3,195,462,000	3,195,462,000	3,282,765,000	3,201,478,000	3,201,478,000	2,998,910,000	2,950,028,000	2,950,028,000	2,784,938,000	2,950,028,000	2,156,348,000	2,156,348,000
liabilities and stockholders’ equity
current liabilities
short-term debt and current portion of long-term debt	813,119,000	825,178,000	623,494,000	689,045,000	395,281,000	570,992,000	577,108,000	432,918,000		347,845,000		921,270,000		760,473,000	298,242,000		448,236,000	369,552,000		484,956,000		298,300,000				188,029,000	177,738,000	267,149,000		603,953,000	734,438,000	374,500,000	313,823,000		487,859,000	360,754,000	174,900,000		96,881,000	92,967,000		213,936,000	202,896,000	212,361,000					389,888,000															162,785,000		228,465,000			228,465,000	292,541,000	394,460,000	394,460,000		180,600,000	180,600,000		179,428,000			179,428,000
due to related parties	2,021,000	1,809,000	1,455,000	1,296,000	936,000	1,199,000	1,189,000	2,890,000		1,504,000		1,936,000		1,246,000	1,514,000		1,152,000	1,329,000		2,724,000		950,000				816,000	875,000	1,349,000		1,851,000	4,608,000	3,102,000	857,000		3,479,000	696,000	850,000		1,104,000	585,000	416,000	256,000	484,000	1,642,000	1,109,000	6,050,000	1,939,000	1,522,000	13,965,000		13,100,000	12,208,000	11,191,000		9,227,000	6,704,000	7,495,000	6,704,000			4,421,000			32,816,000		33,111,000			33,111,000	422,000	45,413,000	45,413,000		6,394,000	6,394,000		5,693,000			5,693,000
other current liabilities	89,072,000	115,499,000	98,611,000	36,898,000	128,202,000	149,693,000	109,792,000	32,234,000	116,254,000	37,869,000	114,046,000	27,804,000	79,203,000	24,226,000	20,729,000	45,048,000	23,035,000	18,641,000	36,133,000	16,085,000	33,895,000	12,549,000	51,125,000	39,923,000	35,391,000	9,773,000	9,500,000	8,332,000	79,737,000	22,360,000	17,171,000	14,489,000	14,724,000	56,672,000	16,762,000	16,630,000	8,882,000	18,119,000	2,224,000	3,925,000	17,037,000	6,252,000	5,313,000	5,719,000	9,092,000	5,818,000	11,569,000	3,400,000	5,548,000	26,357,000	8,640,000	5,582,000	1,535,000	28,587,000	16,571,000	8,509,000	5,874,000	8,509,000	24,727,000	30,602,000	9,334,000	23,190,000	19,385,000	6,138,000	24,783,000	6,790,000	11,729,000	23,408,000	6,790,000	6,600,000	5,200,000	5,200,000	76,869,000	4,937,000	4,937,000	88,888,000	4,511,000	42,804,000	20,246,000	4,511,000	10,936,000	10,936,000
total current liabilities	904,212,000	942,486,000	723,560,000	827,857,000	747,081,000	1,113,437,000	1,093,575,000	969,195,000		588,934,000		1,056,611,000		860,188,000	394,574,000		547,746,000	460,227,000		576,531,000		401,040,000				286,038,000	272,912,000	404,125,000		685,541,000	809,083,000	440,757,000	343,745,000		561,664,000	430,820,000	238,970,000		112,458,000	111,197,000	238,965,000	233,520,000	223,966,000	235,109,000	213,755,000	347,336,000	427,140,000	466,509,000	432,440,000		383,660,000	310,362,000	156,600,000		197,518,000	234,397,000	248,168,000	234,397,000			174,148,000			208,701,000		273,305,000			273,305,000	319,883,000	465,912,000	465,912,000		245,873,000	245,873,000		227,925,000			227,925,000	484,234,000	484,234,000
long-term liabilities
long-term debt	1,947,419,000	1,993,310,000	2,252,626,000	2,150,417,000	2,204,512,000	1,711,892,000	1,630,351,000	1,713,828,000		1,762,203,000		1,279,786,000		1,203,068,000	1,728,036,000		1,551,477,000	1,312,171,000		1,164,113,000		1,292,759,000				1,274,663,000	1,232,497,000	1,169,931,000		1,350,611,000	1,181,692,000	1,060,659,000	1,190,184,000		1,183,733,000	1,177,226,000	1,377,974,000		1,520,321,000	1,506,828,000	1,458,445,000	1,561,830,000	1,258,816,000	1,330,682,000	1,550,044,000	1,458,710,000	1,333,052,000	1,258,549,000	1,346,991,000		1,424,174,000	1,474,168,000	1,565,154,000		1,673,511,000	1,689,905,000	1,630,480,000	1,689,905,000			1,760,122,000			1,760,069,000		1,724,913,000			1,724,913,000	1,843,409,000	1,960,719,000	1,960,719,000		2,245,528,000	2,245,528,000		2,090,566,000			2,090,566,000
other long-term liabilities	7,388,000	6,806,000	3,473,000	970,000	8,471,000	5,775,000	3,307,000	4,000		4,000		4,000		4,000	4,000		4,000	4,000		4,000		4,000				3,183,000	3,183,000	3,286,000		321,191,000	229,929,000	231,994,000	234,538,000		239,625,000	242,091,000	124,882,000		7,216,000	7,756,000	11,963,000	12,737,000	13,510,000	16,593,000	17,584,000	15,819,000	16,592,000	17,362,000	18,129,000		18,901,000	19,675,000	20,545,000		21,411,000	23,157,000	22,285,000	23,157,000			24,897,000			27,380,000		28,933,000			28,933,000	30,462,000	32,005,000	32,005,000		34,314,000	34,314,000		17,060,000			17,060,000
total liabilities	2,859,019,000	2,942,602,000	2,979,659,000	2,979,347,000	2,960,064,000	2,831,104,000	2,727,233,000	2,691,992,000		2,755,110,000		2,770,099,000		2,543,245,000	2,592,249,000		2,605,821,000	2,292,582,000		2,297,560,000		2,777,058,000				2,652,258,000	2,614,112,000	2,697,813,000		2,358,476,000	2,222,224,000	1,735,197,000	1,817,085,000		2,040,731,000	1,908,511,000	1,803,282,000		1,769,160,000	1,744,953,000	1,823,015,000	1,925,511,000	1,583,575,000	1,682,879,000	1,888,062,000	1,886,670,000	1,836,764,000	1,793,052,000	1,854,050,000		1,889,402,000	1,872,009,000	1,827,636,000		1,978,321,000	2,036,629,000	1,992,623,000	2,036,629,000			2,039,037,000			2,053,441,000		2,092,450,000			2,092,450,000	2,252,100,000	2,523,335,000	2,523,335,000		2,525,715,000	2,525,715,000		2,335,551,000			2,335,551,000	1,334,322,000	1,334,322,000
stockholders’ equity	991,592,000	1,009,314,000	1,052,389,000		1,139,634,000	1,035,906,000	1,050,357,000		1,042,813,000		1,039,397,000		1,071,366,000			982,327,000			816,354,000		927,600,000		933,909,000	1,106,369,000	1,115,845,000				1,231,709,000					1,102,079,000				1,131,518,000												1,189,150,000				1,191,933,000									857,091,000													603,718,000		614,477,000	634,787,000
total liabilities and stockholders’ equity	3,850,611,000	3,951,916,000	4,032,048,000		4,099,698,000	3,867,010,000	3,777,590,000		3,671,608,000	3,806,136,000	3,731,389,000		3,691,292,000	3,589,799,000	3,606,459,000	3,459,297,000	3,526,276,000	3,193,902,000	3,060,575,000		3,576,837,000	3,711,112,000	3,782,495,000	3,885,370,000	3,800,366,000	3,806,885,000	3,782,759,000		3,590,185,000	3,590,185,000	3,464,048,000	2,929,060,000		3,156,851,000	3,138,913,000	3,039,758,000		2,824,223,000	2,904,455,000	2,894,408,000		3,110,562,000	2,783,005,000	2,841,480,000		3,069,434,000	3,012,786,000	2,986,604,000		3,078,552,000	3,078,552,000	3,081,250,000	2,889,565,000	3,045,983,000		2,944,090,000	2,902,003,000	2,944,090,000					2,896,128,000			2,885,990,000			2,885,990,000					3,201,478,000	3,201,478,000	2,998,910,000	2,950,028,000	2,950,028,000	2,784,938,000	2,950,028,000	2,156,348,000	2,156,348,000
assets held for sale			10,072,000														17,100,000	4,091,000												76,273,000	76,265,000						24,097,000
investment in debt and equity securities				3,736,000				5,104,000				7,283,000								28,805,000								87,174,000
inventories				17,386,000				11,728,000		15,272,000		16,395,000		14,262,000	10,967,000		13,323,000	11,087,000		8,808,000		9,280,000				7,088,000	7,893,000	8,547,000		8,387,000	6,789,000	6,045,000	5,126,000		5,034,000	5,878,000	5,083,000		5,050,000	4,783,000	5,056,000	5,287,000	6,120,000	4,893,000	6,927,000	6,797,000	5,557,000	7,890,000	6,607,000		6,150,000	3,263,000	3,024,000		2,951,000	4,995,000	3,642,000	4,995,000			1,228,000			484,000		69,000			69,000	94,000	97,000	97,000		267,000	267,000		267,000			267,000	16,248,000	16,248,000
prepaid expenses and accrued income				17,057,000				16,489,000		9,790,000		17,127,000		8,266,000	7,092,000		7,849,000	10,276,000		2,597,000		10,326,000				2,255,000	2,865,000	2,593,000		3,228,000	2,764,000	2,460,000	2,291,000		4,692,000	3,210,000	3,608,000		2,911,000	3,172,000	5,790,000	4,421,000	4,525,000	2,181,000	5,075,000	4,769,000	3,616,000	3,002,000	3,971,000		2,972,000	1,171,000	1,477,000		735,000	1,297,000	1,266,000	1,297,000			545,000			327,000		311,000			311,000	177,000	2,353,000	2,353,000		3,918,000	3,918,000		301,000			301,000	2,234,000	2,234,000
financial instruments at fair value, current portion				121,000				4,617,000		1,355,000		1,936,000		792,000	13,000		1,552,000	1,714,000
vessels under finance lease					318,907,000	552,856,000	563,155,000	573,454,000		594,278,000		614,763,000		635,587,000	645,886,000		666,484,000	676,896,000		697,380,000		717,417,000
investment in sales-type leases, long-term portion							33,131,000
investment in associated companies				16,382,000				16,473,000				16,547,000								27,297,000						34,098,000	29,847,000	25,107,000					10,678,000		91,000	76,000	130,000		171,000	90,369,000	84,615,000	225,228,000	220,196,000	60,000,000	53,457,000	51,820,000	40,962,000	33,709,000	40,987,000		34,285,000	29,549,000	243,456,000		232,891,000	203,588,000	219,907,000	203,588,000			169,838,000			164,364,000		429,385,000			429,385,000	444,435,000	452,835,000	452,835,000		158,388,000	158,388,000		4,530,000			4,530,000	160,082,000	160,082,000
financial instruments at fair value, long-term portion				15,523,000				13,608,000		23,717,000		26,716,000		19,972,000	15,732,000		2,334,000	3,675,000		3,406,000
liabilities and stockholders' equity
finance lease liability, current portion					222,662,000	391,553,000	405,486,000	419,341,000	210,301,000	54,873,000	419,341,000	53,655,000	53,035,000	52,397,000	51,795,000	51,204,000	50,613,000	50,025,000	49,451,000	48,887,000	72,140,000	70,944,000	82,395,000	68,874,000	70,705,000
trade accounts payable				34,305,000				30,259,000		21,547,000		7,887,000		2,984,000	3,571,000		3,095,000	1,239,000		1,247,000		1,726,000				1,540,000	3,311,000	1,945,000		4,823,000	906,000	1,267,000	487,000		1,132,000	1,438,000	1,229,000		1,071,000	1,180,000	835,000	1,173,000	1,611,000	1,751,000	2,432,000	1,847,000	1,060,000	6,005,000	3,502,000			294,000	1,266,000		1,455,000	911,000	659,000	911,000			681,000			449,000		253,000			253,000	8,000	38,000	38,000		26,000	26,000		97,000			97,000	4,664,000	4,664,000
accrued expenses				51,429,000				39,187,000		100,066,000		27,198,000		18,849,000	18,407,000		20,063,000	17,727,000		21,060,000		16,008,000				11,999,000	12,982,000	12,510,000		13,795,000	12,240,000	12,049,000	13,351,000		13,066,000	12,532,000	13,800,000		11,178,000	12,540,000	12,646,000	11,903,000	13,662,000	13,636,000	18,190,000	12,750,000	13,041,000	12,544,000	13,832,000		11,632,000	13,407,000	11,671,000		12,576,000	8,895,000	14,089,000	8,895,000			9,370,000			6,513,000		4,686,000			4,686,000	9,098,000	10,138,000	10,138,000		22,480,000	22,480,000		16,972,000			16,972,000	18,729,000	18,729,000
commitments and contingent liabilities
stockholders' equity																																																											886,561,000	994,768,000		849,169,000			790,591,000		793,540,000	799,311,000					562,780,000
share capital (0.01 par value...				1,468,000				1,386,000		1,386,000		1,386,000		1,386,000	1,386,000		1,386,000	1,380,000		1,278,000		1,206,000				1,194,000	1,194,000	1,194,000		1,194,000			1,109,000				1,015,000
additional paid-in capital				716,233,000				618,164,000		617,370,000		616,554,000		615,913,000	615,550,000		620,734,000	616,426,000		531,382,000		482,412,000				468,973,000	468,709,000	468,844,000		469,879,000	469,752,000	403,768,000	403,659,000		282,683,000	282,622,000	282,502,000		286,204,000	286,077,000	285,859,000	285,859,000	285,859,000	285,627,000	285,248,000	285,203,000	284,829,000	285,805,000	285,632,000		285,593,000	285,552,000	165,161,000		144,258,000	60,541,000	61,230,000	60,541,000			61,670,000			60,261,000		60,338,000			60,338,000	59,307,000	38,472,000	38,472,000
treasury stock				-10,174,000				-10,174,000		-4,835,000
contributed surplus				417,684,000				424,562,000		424,562,000		424,562,000		424,562,000	436,461,000		484,639,000	503,657,000		539,370,000		583,877,000				680,703,000	680,703,000	680,703,000		680,703,000	680,703,000	680,703,000	680,703,000		680,703,000	680,703,000	680,703,000		588,133,000	588,133,000	588,133,000	588,133,000	588,133,000	587,115,000	586,089,000	585,043,000	583,888,000	582,730,000	581,569,000		570,164,000	567,757,000	565,370,000		561,372,000	553,630,000	555,958,000	553,630,000			548,354,000			532,143,000		522,070,000			522,070,000	506,559,000	503,724,000	503,724,000		495,476,000	495,476,000		485,856,000			485,856,000
accumulated other comprehensive income				3,211,000				4,499,000		10,126,000		8,714,000		4,693,000	2,227,000															15,907,000	17,953,000
retained earnings								960,000																		15,931,000	25,472,000	29,511,000		63,704,000	71,655,000	93,551,000	203,932,000		223,869,000	245,835,000	255,630,000		278,989,000	282,254,000	277,513,000	265,277,000	260,913,000	233,158,000	239,275,000	252,430,000	256,132,000	272,021,000	268,602,000		286,672,000	309,581,000	320,888,000		288,510,000	300,226,000	303,887,000	300,226,000			254,683,000			246,152,000		237,183,000			237,183,000	186,468,000	136,714,000	136,714,000		125,362,000	125,362,000		69,771,000			69,771,000
total stockholders' equity				1,128,422,000				1,039,397,000				1,091,231,000								795,651,000								1,180,032,000					1,194,997,000				1,134,095,000				1,241,810,000				1,153,492,000				1,191,933,000						994,768,000						857,091,000			828,920,000						749,328,000	672,127,000	672,127,000
total liabilities and stockholders' equity				4,107,769,000				3,731,389,000				3,861,330,000								3,093,211,000								3,877,845,000					3,012,082,000				2,937,377,000				3,064,825,000				3,041,554,000				3,045,983,000						2,973,089,000				2,938,692,000	2,973,089,000	2,896,128,000	3,004,057,000		2,882,361,000	2,858,854,000		2,885,990,000	3,004,102,000		3,001,428,000	3,195,462,000	3,195,462,000	3,282,765,000
trade and other receivables					147,194,000	125,621,000	116,178,000
capital improvements, newbuildings and vessel purchase deposits					112,649,000	49,357,000		86,058,000		112,799,000		97,860,000
loans and long-term receivables from associated companies					45,000,000	45,000,000	45,000,000
capital improvements and newbuildings							6,447,000
other receivables								29,267,000		22,876,000		26,052,000		24,483,000	18,620,000		17,549,000	16,829,000		22,024,000		22,071,000				26,239,000	18,898,000	13,041,000		11,924,000	12,789,000	9,298,000	9,012,000		12,682,000	14,358,000	11,370,000		9,135,000	10,920,000	10,441,000	15,877,000	11,517,000	9,227,000	10,488,000	9,137,000	28,795,000	5,762,000	79,301,000		7,350,000	5,412,000	5,155,000		3,673,000	1,346,000	3,585,000	1,346,000			2,606,000			4,127,000		957,000			957,000	1,076,000	971,000	971,000		72,000	72,000		116,000			116,000	7,251,000	7,251,000
investment in sales-type leases, direct financing leases and leaseback assets, current portion								20,640,000		26,505,000		15,432,000		15,544,000	23,682,000		23,284,000	41,508,000		55,420,000		62,808,000
investment in sales-type leases, direct financing leases and leaseback assets, long-term portion								35,099,000		84,845,000		103,591,000		111,217,000	175,709,000		187,069,000	258,783,000		622,123,000		936,496,000
finance lease liability, long-term portion										391,553,000		419,341,000		446,426,000	459,770,000		485,997,000	498,823,000		524,200,000		1,002,558,000
short term
investment in marketable securities									6,222,000		5,104,000		9,332,000			21,210,000			21,246,000		32,968,000		60,231,000	74,079,000	126,772,000				127,130,000
amount due from related parties									3,986,000		3,532,000		6,213,000			8,557,000			3,637,000		15,728,000		14,744,000	22,399,000	14,184,000				9,368,000					12,125,000				12,766,000												3,976,000				13,249,000					23,908,000	54,203,000		4,122,000	9,775,000		28,329,000		34,690,000	52,935,000					14,754,000			29,224,000		42,014,000	14,021,000
investment in sales-type, direct financing & leaseback assets, current portion									21,423,000				15,488,000			23,484,000			40,916,000		64,329,000
long term
vessels and equipment under finance lease									583,866,000		573,454,000		625,175,000			656,072,000			687,195,000		707,384,000		727,189,000	714,476,000	723,453,000
capital improvements, newbuildings and vessel deposits									99,222,000		86,058,000
investment in sales-type, direct financing & leaseback assets, long term									37,098,000				107,425,000			181,282,000			268,848,000		869,418,000
investment in associates									16,517,000		16,473,000		16,570,000			16,635,000			29,345,000		36,777,000		30,586,000	42,161,000	38,243,000				21,699,000					6,572,000
amount due from related parties, long term									45,000,000		45,000,000																																																						338,462,000
other long term assets									36,958,000		22,513,000		52,344,000			22,316,000			32,303,000		35,057,000		106,530,000	67,727,000	67,920,000				48,276,000					19,630,000																																															9,024,000	9,024,000
short term and current portion of long term interest bearing debt									384,730,000		432,918,000		962,741,000			302,769,000			522,479,000		299,723,000		257,571,000	253,059,000	165,539,000				603,953,000					467,224,000				78,401,000												344,203,000				389,888,000					222,444,000	157,689,000		173,676,000	150,342,000		217,182,000		228,465,000	178,734,000					318,529,000			171,181,000		179,428,000	182,969,000
amount due to related parties									1,098,000		2,890,000		1,462,000			1,295,000			2,012,000		896,000		2,584,000	3,980,000	1,744,000				1,851,000					621,000				922,000												13,100,000				13,965,000					17,032,000	9,227,000		16,333,000	4,421,000		200,000		33,111,000	98,574,000					49,122,000			6,350,000		5,693,000	42,118,000
long term interest bearing debt, net of deferred charges									1,681,730,000		1,713,828,000		1,062,218,000			1,586,445,000			1,101,946,000		1,183,203,000		1,336,195,000	1,355,029,000	1,322,981,000				1,350,611,000					1,244,919,000				1,480,125,000
finance lease liability, long term									222,662,000				432,962,000			472,996,000			511,565,000
other long term liabilities									12,020,000		8,969,000		28,305,000			17,213,000			20,635,000		56,148,000		85,601,000	20,583,000	33,427,000				322,324,000					285,336,000				115,138,000												81,568,000				74,619,000					95,483,000	107,292,000		75,272,000	104,767,000		107,732,000		94,232,000	77,679,000					119,905,000			35,857,000		17,060,000	1,227,000
investments in debt and equity securities										5,866,000				20,734,000	23,726,000		24,691,000	22,805,000				35,320,000				115,558,000	95,808,000			127,130,000	113,627,000	95,034,000
loans and long term receivables from associated companies										45,000,000				45,000,000	45,000,000		45,000,000
accumulated profit										2,417,000
total stockholders’ equity										1,051,026,000				1,046,554,000	1,014,210,000		920,455,000	901,320,000				934,054,000				1,154,627,000	1,168,647,000			1,231,709,000	1,241,824,000	1,193,863,000			1,098,182,000	1,131,247,000			1,135,295,000	1,149,455,000		1,185,051,000	1,199,430,000	1,158,601,000		1,182,764,000	1,176,022,000	1,193,552,000			1,189,150,000	1,209,241,000	1,061,929,000			907,461,000	909,380,000	907,461,000								793,540,000			793,540,000					675,763,000	675,763,000		614,477,000			614,477,000	822,026,000	822,026,000
investment in sales-type leases, long term											35,099,000
restricted cash														5,714,000	6,896,000	8,338,000	5,570,000	5,866,000	8,009,000	8,953,000	8,628,000	7,994,000	11,467,000	3,495,000				1,000,000							9,000,000																											5,601,000		5,601,000	5,601,000	4,101,000	4,101,000	4,101,000	4,101,000	4,101,000	813,000	813,000	54,334,000	36,340,000	36,340,000	35,551,000	26,983,000	26,983,000	11,707,000	26,983,000
retained earnings /												40,015,000
vessels and equipment													2,455,644,000	2,350,247,000	2,386,444,000	2,230,583,000	2,168,303,000	1,563,548,000	1,584,220,000	1,240,698,000	1,250,769,000	1,317,073,000	1,321,967,000	1,404,705,000	1,447,706,000	1,493,084,000	1,512,962,000	1,559,712,000	2,145,654,000	2,145,654,000	2,072,290,000	1,740,274,000	1,762,596,000	1,784,504,000	1,691,530,000	1,715,607,000	1,737,169,000	1,765,715,000	1,789,816,000	1,715,904,000	1,641,317,000	1,566,243,000	1,314,039,000	1,361,138,000	1,377,133,000	1,317,729,000	1,185,825,000	1,127,565,000	1,089,616,000	1,104,998,000	1,360,605,000	1,267,011,000	1,266,858,000	1,089,616,000	1,259,588,000	1,164,742,000	1,164,742,000	1,164,742,000	987,516,000	1,041,126,000	1,062,295,000	841,934,000	896,830,000	811,740,000	602,155,000	683,929,000	585,834,000	578,963,000	683,929,000	638,665,000	638,665,000	638,665,000	579,367,000	608,565,000	608,565,000	548,656,000	607,978,000	583,244,000	366,399,000	607,978,000	1,863,504,000	1,863,504,000
newbuildings and vessel deposits													97,822,000			57,093,000																						27,662,000												118,133,000				126,008,000					50,546,000	69,175,000		95,427,000	123,750,000		94,310,000
amount due from related parties - long term													45,000,000			45,000,000			124,562,000		308,399,000		314,000,000	327,616,000	328,103,000				312,060,000					322,090,000				343,705,000												557,972,000				579,562,000						221,884,000
newbuildings and vessel purchase deposits														61,769,000	53,780,000		45,732,000	18,783,000																	45,907,000	44,706,000			21,991,000	25,793,000		43,445,000	43,425,000			103,837,000	146,814,000	149,921,000
accumulated profit/
accumulated deficit															-41,414,000		-172,840,000	-206,054,000		-257,063,000		-107,794,000
accumulated other comprehensive loss																	-13,464,000	-14,089,000		-19,316,000		-25,647,000																															-71,617,000			-72,414,000		-72,414,000			-62,004,000			-43,950,000		-54,248,000			-54,248,000	-48,716,000	-58,157,000	-58,157,000		-17,819,000	-17,819,000		-13,894,000			-13,894,000
finance lease liability, long term portion																					984,719,000		1,020,177,000	1,037,553,000	1,054,734,000
deficit in associates																					18,513,000		12,938,000
deficit in associated companies																						13,260,000
investment in finance leases and vessel loans, current portion																							56,990,000	56,189,000	50,609,000
investment in finance leases and vessel loans																							891,481,000	938,198,000	836,637,000
investment in direct financing and sales-type leases, current portion																										43,807,000	43,058,000	39,804,000		32,924,000	40,085,000	29,898,000	32,096,000		33,083,000		32,220,000				37,145,000				37,517,000	44,558,000	44,978,000	45,127,000	45,148,000		50,579,000	52,257,000	55,547,000		56,870,000	59,531,000	58,753,000	59,531,000			60,160,000			103,976,000		126,061,000			126,061,000	139,889,000
financial instruments (short-term): at fair value																												5,279,000		40,000	99,000	135,000	108,000		79,000	116,000	110,000								517,000	1,187,000	2,568,000	6,362,000	5,705,000
vessels and equipment under capital lease																										732,549,000	741,545,000	749,889,000	109,713,000	109,713,000
investment in direct financing and sales-type leases, long-term portion																										766,044,000	777,232,000	762,355,000					585,975,000		612,390,000		523,815,000				474,298,000				709,014,000	828,842,000	838,431,000	848,285,000	858,260,000		952,866,000	1,055,901,000	1,058,958,000		1,086,989,000	1,135,736,000	1,116,191,000	1,135,736,000			1,159,900,000			1,351,305,000		1,552,978,000			1,552,978,000	1,653,826,000
loans to related parties - associated companies, long-term																										312,660,000	311,410,000	310,144,000		298,822,000	293,710,000	290,354,000	314,000,000		314,000,000	327,121,000	330,087,000		336,997,000	250,138,000	387,712,000	394,452,000	300,773,000	356,910,000	346,031,000	472,518,000	478,259,000	543,217,000	530,715,000		557,972,000	573,591,000	189,011,000		221,884,000	248,775,000	235,163,000	248,775,000			274,184,000
long-term receivables from related parties																										14,629,000	15,121,000	15,616,000		13,238,000	4,446,000	4,446,000			8,171,000	8,831,000			9,955,000	10,290,000		76,527,000	78,817,000
financial instruments (long-term): at fair value																										2,597,000	6,624,000	10,633,000		18,467,000	16,826,000	16,559,000	8,347,000		4,652,000	6,961,000	6,042,000			4,000	800,000	21,000	3,947,000	328,000	3,294,000	8,715,000	7,320,000	12,368,000	16,633,000
current portion of obligations under capital leases																										69,491,000	68,506,000	67,793,000
obligations under capital leases																										1,071,661,000	1,088,389,000	1,104,258,000
accumulated other comprehensive loss – associated companies																																	206,000																												-24,737,000			-44,811,000						-33,415,000	-25,904,000	-25,904,000
investment in finance leases																													535,665,000					593,992,000				413,108,000												952,866,000				858,260,000					1,147,883,000	1,086,989,000		1,328,249,000	1,159,900,000		1,500,827,000		1,552,978,000	1,604,791,000					1,879,370,000			2,024,529,000		1,963,470,000	2,061,048,000
investments in direct financing and sales-type leases, long-term portion																														535,665,000	621,011,000	557,011,000
accumulated other comprehensive income - associated companies																														322,000	567,000
share capital																															1,194,000	1,116,000			1,015,000	1,015,000			93,505,000	93,505,000		93,468,000	93,468,000	93,443,000		93,394,000	93,359,000	93,285,000			93,260,000	93,260,000	85,250,000			79,125,000	79,225,000	79,125,000			79,125,000			79,125,000		79,125,000			79,125,000	79,125,000	77,278,000	77,278,000		72,744,000	72,744,000		72,744,000			72,744,000
accumulated other comprehensive gain																																14,086,000
accumulated other comprehensive gain - associated companies																																639,000
available-for-sale securities																																	93,802,000		110,802,000	124,700,000	118,489,000
newbuildings																																					33,447,000				40,149,000				87,567,000				126,008,000		118,133,000	105,337,000	59,211,000		69,175,000	61,965,000	73,780,000	61,965,000			123,750,000			90,601,000		71,114,000	71,114,000	62,132,000	71,114,000	71,047,000	88,822,000	88,822,000	80,504,000
receivables from related parties - others, long-term																																					9,268,000
available for sale securities																																		115,921,000				116,222,000	119,975,000	113,893,000	199,594,000	40,497,000	48,416,000	69,116,000	73,656,000	62,299,000	61,889,000	60,658,000	76,925,000	67,367,000	67,367,000	66,690,000	56,488,000	76,925,000	55,661,000	39,664,000	40,359,000	39,664,000	23,964,000	55,661,000	23,324,000		23,324,000
accumulated other comprehensive loss - associated companies																																																					-3,123,000			-13,647,000		-13,647,000
investment in direct financing leases, current portion																																				35,948,000			31,634,000	32,850,000		37,739,000	38,165,000	47,423,000
investment in direct financing leases, long-term portion																																				656,918,000			442,910,000	449,668,000		522,254,000	541,373,000	690,630,000
investment in associate																																						110,000												34,285,000				40,987,000					186,252,000	232,891,000		162,387,000	169,838,000		84,315,000		429,385,000	439,345,000					431,001,000			4,758,000		4,530,000	4,069,000
deferred charges																																								29,435,000	32,271,000	32,941,000	33,847,000	34,438,000	36,958,000	37,598,000	37,600,000	40,380,000	41,478,000	45,013,000	45,013,000	47,755,000	49,956,000	41,478,000	23,740,000	24,327,000	22,943,000	24,327,000	25,541,000	23,740,000	25,723,000	17,465,000	25,723,000	14,828,000	15,214,000	15,812,000	15,812,000	16,595,000	15,812,000	7,927,000	12,698,000	12,698,000	13,621,000	16,293,000	16,293,000	16,477,000	16,922,000	16,922,000	16,995,000	16,922,000	4,304,000	4,304,000
loans to related parties - others, long-term																																												76,988,000	79,294,000	44,816,000	45,701,000	46,903,000	48,847,000
current portion of long-term debt																																									208,031,000				182,415,000								130,937,000		157,689,000	209,378,000	220,051,000	209,378,000			150,342,000
share capital (1 par value; 125,000,000 shares authorized at december 31, 2015 and 2014); (93,468,000 shares issued and outstanding at december 31, 2015; 93,404,000 shares issued and outstanding at december 31, 2014).																																									93,468,000
share capital (1 par value; 125,000,000 shares authorized at december 31, 2014 and 2013); (93,404,000 shares issued and outstanding at december 31, 2014; 93,260,000 shares issued and outstanding at december 31, 2013).																																													93,404,000
other long-term investments																																														2,994,000	1,234,000	1,234,000	1,235,000		1,241,000	1,241,000	1,242,000		1,241,000	1,252,000	1,251,000	1,252,000			3,140,000			2,945,000		2,965,000			2,965,000	2,329,000	1,687,000	1,687,000		8,473,000	8,473,000		2,008,000			2,008,000
short term and current portion of long-term debt																																														319,684,000	396,963,000	436,676,000			344,203,000	275,124,000
loans to others, long-term																																																			50,000,000	50,000,000	50,000,000		50,000,000	50,000,000	50,000,000	50,000,000			50,000,000
share capital (1 par value; 125,000,000 shares authorized at december 31, 2013 and 2012); (93,260,000 shares issued and outstanding at december 31, 2013; 85,225,000 shares issued and outstanding at december 31, 2012).																																																	93,260,000
long term interest bearing debt																																																		1,424,174,000				1,346,991,000					1,692,445,000	1,673,511,000		1,866,417,000	1,760,122,000		1,718,366,000		1,724,913,000	1,826,396,000					2,155,560,000			2,092,916,000		2,090,566,000	1,903,591,000
accumulated depreciation on vessels and equipment																																																					-226,597,000			-190,760,000		-190,760,000			-165,465,000			-116,229,000		-98,095,000			-98,095,000	-82,058,000	-66,829,000	-66,829,000		-44,326,000	-44,326,000		-24,734,000			-24,734,000
financial instruments (long term): mark to market valuation																																																			11,716,000	12,515,000	74,000			89,170,000	1,008,000	89,170,000						57,291,000		65,299,000			65,299,000	58,346,000	153,000	153,000
financial instruments (short term): mark to market valuation																																																			6,085,000	3,747,000																			1,075,000	1,075,000
financial instruments (long-term): mark to market valuation																																																							3,411,000						79,870,000			1,894,000
share capital (1 par value; 125,000,000 shares authorized at december 31, 2012 and 2011); (85,225,000 shares issued and outstanding at december 31, 2012; 79,125,000 shares issued and outstanding at december 31, 2011).																																																							85,225,000
amount due from related parties- long term																																																											261,804,000			314,143,000
liabilities and stockholders'
asset
amount due from related parties-long term																																																															274,184,000
loans to related parties, long-term																																																																325,612,000
dividend payable																																																																						11,214,000	10,663,000	10,663,000
accumulated other comprehensive loss — associated companies																																																																		-50,928,000			-50,928,000
investment in finance leases, current portion																																																																							162,703,000	162,703,000		177,793,000	177,793,000		178,920,000			178,920,000
investment in finance leases, long-term portion																																																																							1,816,223,000	1,816,223,000		1,954,295,000	1,954,295,000		1,963,470,000			1,963,470,000
financial instruments: mark to market valuation of receivable amounts																																																																										5,527,000	5,527,000		6,711,000			6,711,000
newbuilding contracts																																																																										66,036,000	66,036,000		46,259,000			46,259,000
financial instruments: mark to market valuation of payable amounts																																																																										31,436,000	31,436,000		21,224,000			21,224,000
newbuildings and vessel purchase options																																																																												47,163,000		46,259,000	259,000		8,370,000	8,370,000
voyages in progress																																																																																	34,916,000	34,916,000
short term debt and current portion of long-term debt																																																																																	141,522,000	141,522,000
mark to market valuation of derivatives																																																																																	9,217,000	9,217,000
amount due to parent company																																																																																	299,166,000	299,166,000
long term debt																																																																																	850,088,000	850,088,000
commitments and contingencies
invested equity																																																																																	822,026,000	822,026,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2012-03-31	2011-12-31	2011-11-30	2011-09-30	2011-05-31	2011-03-31	2010-12-31	2010-09-30	2010-07-31	2009-03-31	2008-12-31

net income	8,633,000	1,460,000	-31,871,000	20,198,000	44,521,000	20,632,000	45,302,000	31,368,000			6,332,000													3,822,000	61,226,000	103,725,000	-14,018,000	9,367,000	32,101,000	32,101,000	131,083,000	-13,342,000	56,953,000		178,529,000
adjustments to reconcile net income to net cash from operating activities:
depreciation	56,927,000	60,864,000	60,911,000	62,164,000	62,018,000	58,121,000	56,878,000																												20,516,000
vessel impairment charge	0	0	34,093,000								7,389,000												80,511,000	25,913,000
amortization of deferred charges	2,141,000	2,127,000	2,079,000	2,275,000	1,747,000	1,680,000	1,878,000																												2,717,000
amortization of charter related deferred asset and straight-lining of operating leases	14,000	-244,000	-253,000		137,000	478,000	-1,442,000
equity in earnings of associated companies	-608,000	-521,000	-625,000	-654,000	-669,000	-697,000	-778,000																												-7,552,000
loss on sale of vessels	-288,000				0	0	17,000
adjustment to fair value of derivatives recognized in the statement of operations	1,063,000	2,374,000	1,809,000
loss on investments in equity securities	-558,000	966,000	360,000		145,000	-208,000	415,000
loss on repurchase of bonds	0	-3,000	147,000
repayments from investment in sales-type assets	0	2,035,000	1,986,000
other	3,428,000	2,682,000	2,346,000	-5,865,000	3,216,000	416,000	832,000				1,253,000								-81,000					241,000	-657,000	184,000	-52,000	-27,000	-38,000	-38,000	-239,000	-15,000	-115,000	-736,000	-1,521,000
net changes in operating assets and liabilities	-3,911,000	2,638,000	7,626,000		-36,743,000	41,807,000	-41,007,000
net cash from operating activities	66,841,000	70,136,000	78,608,000	101,825,000	80,606,000	124,425,000	63,005,000	80,920,000	31,207,000	149,906,000	81,056,000	108,503,000	79,915,000	85,200,000	81,507,000	91,498,000	77,141,000	61,964,000	62,992,000	82,073,000	71,976,000	47,914,000	74,512,000	77,334,000	17,871,000	125,832,000	14,417,000	-46,728,000	70,140,000	70,140,000	117,345,000	-161,453,000	132,293,000	72,528,000	134,491,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	66,841,000	70,136,000	78,608,000	101,825,000	80,606,000	124,425,000	63,005,000	80,920,000	31,207,000	149,906,000	81,056,000	108,503,000	79,915,000	85,200,000	81,507,000	91,498,000	77,141,000	61,964,000	62,992,000	82,073,000	71,976,000	47,914,000	74,512,000	77,334,000	17,871,000	125,832,000	14,417,000	-46,728,000	70,140,000	70,140,000	117,345,000	-161,453,000	132,293,000	72,528,000	134,491,000
investing activities
purchase of vessels, capital improvements and newbuildings	-18,258,000	-28,002,000	-20,089,000				-90,090,000
proceeds from sale of vessels	163,361,000			10,761,000	0	0	11,983,000
other investments and long term assets															574,000		-1,180,000				34,478,000
net cash from investing activities	145,103,000	18,125,000	-20,089,000	-116,075,000	-305,492,000	-115,582,000	-80,356,000	-60,230,000	-8,120,000			-211,098,000	-181,982,000	69,047,000	-175,055,000	-48,362,000	-316,962,000			102,319,000	140,278,000				16,010,000	3,986,000	-34,453,000	170,322,000	-145,717,000	-145,717,000	55,265,000	9,583,000	48,625,000	52,207,000	-126,347,000
financing activities
repayment of finance lease liabilities
proceeds from debt	0	90,685,000	153,357,000		746,325,000	188,699,000	165,703,000
repayment of debt	-62,645,000	-155,245,000	-112,194,000
repurchases and redemption of bonds	0	0	-11,144,000		-65,713,000
debt fees paid	-339,000	-29,000	-2,650,000									-2,644,000	-2,432,000	-374,000	-1,692,000	-1,717,000	-2,735,000			-506,000	-47,000														-2,088,000
net cash flows on swaps	0	0	-6,265,000
cash received from share repurchases and issuances
cash dividends paid	-26,549,000	-35,834,000	-36,167,000	-34,752,000	-36,461,000	-34,300,000	-32,978,000	-31,699,000	-30,431,000	-30,431,000	-30,431,000	-29,163,000	-29,161,000	-27,893,000	-25,357,000	-22,821,000	-19,018,000	-18,259,000	-17,454,000	-17,224,000	-27,283,000				-30,898,000	-91,785,000	0	-791,000	-30,068,000	-30,068,000	-89,541,000	8,834,000	-34,945,000	-43,646,000	-122,937,000
net cash from financing activities	-89,533,000	-106,386,000	-19,125,000	-15,006,000	202,631,000	9,066,000	20,012,000	26,774,000	-106,525,000			112,275,000	51,219,000	-80,902,000	95,773,000	-145,449,000	118,376,000			-174,436,000					-44,679,000	-114,605,000	14,379,000	-128,344,000	78,719,000	78,719,000	-182,056,000	83,361,000	-161,464,000	-120,740,000	32,258,000
net change in cash and cash equivalents	122,411,000	-18,125,000	39,394,000	-29,256,000	-22,255,000	17,909,000	2,661,000																												40,402,000
cash and cash equivalents at start of the period	0	0	134,551,000		0	0	165,492,000																												78,255,000
cash and cash equivalents at end of the period	122,411,000	-18,125,000	173,945,000		-22,255,000	17,909,000	168,153,000																												118,657,000
cash paid for shares repurchased		-5,963,000	-4,062,000
operating activities
amortization of deferred charter revenue
adjustment of derivatives to fair value recognized in net income				2,005,000	4,258,000	267,000	-1,822,000
loss on investments in debt and equity securities
gain on sale of assets																												-5,575,000	-278,000	-278,000	-27,688,000	27,931,000	-27,809,000
repayments from investment in sales-type, direct financing and leaseback assets
changes in operating assets and liabilities
trade accounts receivable																																			-14,000
due to/ from related parties
other current assets
inventories
prepaid expenses and accrued income																																			-3,618,000
trade accounts payable																																			-71,000
accrued expenses and other current liabilities
purchase of vessels, capital improvements and other additions												-280,203,000	-143,111,000	-129,000	-179,056,000	-135,434,000	-380,693,000			-5,769,000	-8,969,000
net amounts received from associated companies				737,000	691,000	651,000	731,000	736,000	727,000			735,000				736,000					-3,160,000
proceeds from redemption of debt and equity securities
collateral deposits received on swap agreements															10,380,000
other investments and long-term assets
repayments of lease obligation liability
proceeds from issuance of short-term and long-term debt														48,750,000	206,600,000	70,750,000	264,000,000			50,000,000	0
repayments of short-term and long-term debt														-88,643,000	-71,143,000	-34,578,000	-115,205,000			-232,257,000	-116,426,000
repurchase of bonds																	-2,279,000			-1,775,000	0
principal settlements of cross currency swaps				0	0			0	-10,600,000	0	-9,812,000									0	0
cash received for shares issued or repurchased				0
cash and cash equivalents at start of the year
cash and cash equivalents at end of the year
repayments from investment in sales-type assets and leaseback assets					1,976,000	1,929,000	2,732,000
purchase of vessels, capital improvements, newbuildings and deposits					-305,693,000				-65,616,000	-111,188,000	-23,993,000
collateral deposits returned/(paid) on swap agreements and other assets
payments of debt fees					-9,591,000	-2,217,000	-784,000
collateral deposits returned/(paid) on swap agreements
principal payments under finance lease obligations						-13,933,000	-13,855,000
repayments of debt						-47,652,000	-98,074,000		-99,391,000
cash paid for shares repurchase								0	-5,339,000
collateral deposits paid on swap agreements							-2,980,000		4,780,000			9,578,000	-6,347,000
other receivables and other current assets
payments for acquisition of debt and equity securities
proceeds from shares issued, net of issuance costs
net change in cash, restricted cash and cash equivalents													-50,848,000	73,345,000	2,225,000
cash, restricted cash and cash equivalents at start of the year
cash, restricted cash and cash equivalents at end of the year
proceeds from sales of vessels and termination of charters									51,989,000				0				86,267,000				117,929,000
proceeds from redemption of available-for-sale debt securities													2,801,000
cash and cash equivalents:
cash and cash equivalents									-83,438,000				-45,134,000	74,527,000	149,289,000		-121,149,000
number of shares outstanding
at beginning of period
shares issued
shares repurchased
at end of period
share capital
additional paid-in capital
impact of adoption of accounting standards update (“asu”) 2020-06
amortization of stock-based compensation
treasury stock
treasury stock at cost
contributed surplus
dividends declared
accumulated other comprehensive income
fair value adjustments to hedging financial instruments
earnings reclassification of previously deferred fair value adjustments to hedging financial instruments
fair value adjustments to available-for-sale securities
other comprehensive loss
accumulated profit/
impact of adoption of asu 2020-06
total stockholders’ equity
repayment of lease obligation liability													-12,826,000	-12,742,000	-12,635,000		-12,239,000				-16,642,000
proceeds from issuance of debt
cash, restricted cash and cash equivalents at start of the period													0	0	153,960,000		0				0
cash, restricted cash and cash equivalents at end of the period													-50,848,000	73,345,000	156,185,000		-121,445,000				54,324,000
cash, restricted cash and cash equivalents:
restricted cash														-1,182,000	6,896,000		-296,000
depreciation and amortization											52,487,000								32,031,000				30,773,000	33,387,000
adjustment of derivatives to fair value recognised in net income											7,431,000								-7,961,000				23,221,000	886,000
gain on investments in debt and equity securities											-248,000
results in associates											-697,000								-2,048,000
gain on sale of assets and termination of charters											-10,056,000														-21,704,000
repayment of investment in sales-type, direct financing & leaseback assets											3,897,000								12,429,000
change in operating assets and liabilities											13,268,000								-789,000				15,202,000	18,019,000	-24,312,000		15,185,000	-49,994,000	40,983,000	40,983,000		-163,233,000	99,161,000	34,985,000
proceeds from sale of vessels and termination of charters											43,740,000												34,581,000
cash received from associates											736,000
other assets / investments											-4,170,000								-132,000						678,000		30,833,000	-8,804,000	-28,996,000	-28,996,000			-638,000	-249,000
net cash provided by/ (used in) investing activities											16,313,000								-8,624,000
repayments of finance lease liability											-13,226,000								-12,071,000
proceeds from long and short term debt											295,140,000								51,000,000				122,231,000	58,963,000	24,948,000		-1,390,000	-164,020,000	210,000,000	210,000,000		-55,116,000	31,000,000	44,500,000
repayment of long and short term debt											-253,030,000								-75,823,000						-36,306,000		23,127,000	45,146,000	-97,170,000	-97,170,000		110,683,000	-135,319,000	-121,427,000
repurchase of company bonds											-82,861,000
expenses paid in connection with securing finance											-6,318,000								-446,000						-204,000		-13,202,000	3,690,000	-3,938,000	-3,938,000		10,286,000	-10,608,000	-167,000
net cash provided by/ (used in) financing activities											-100,538,000								-54,752,000
net increase/ (decrease) in cash, cash equivalents and restricted cash											-3,169,000								-384,000				14,925,000
cash, cash equivalents and restricted cash at beginning of period											188,362,000								224,398,000				203,016,000	212,400,000
cash, cash equivalents and restricted cash at end of period											185,193,000								224,014,000				217,941,000	138,332,000
gain on sale of subsidiaries
loss on early termination of swaps
additions to direct financing leases and leaseback assets																				0	0
proceeds from sale of subsidiaries, net of cash disposed of
payment for early settlements of interest rate swaps																				0	0
net change in restricted cash and cash and cash equivalents																				9,956,000	54,324,000
additions to newbuildings and vessel purchase deposits													-36,053,000	-7,988,000	-7,687,000
payments for acquisition of available-for-sale debt securities
proceeds from capital distribution and divestment from equity securities
shares issued, net of issuance costs																	5,852,000				2,468,000
net amounts received from/(paid to) associated companies														719,000	734,000
amortization of seller's credit
long-term assets impairment charge
proceeds from sale of equity securities
repurchase and redemption of bonds
discount received on debt repurchased
investment in newbuilding contracts and vessel deposits																	-31,206,000
net amounts paid to/(received from) associated companies
proceeds from sale of shares																				2,606,000	0
net income/																			31,482,000
(gain) or loss on investments in debt and equity securities																			-2,071,000				13,562,000
additions to investment in sales-type, direct financing & leaseback assets
purchase of vessels and capital improvements in progress																			-3,580,000
net investment in newbuildings and vessel deposits																			-4,257,000						-11,419,000		7,622,000	-10,484,000	-39,298,000	-39,298,000
disposal of subsidiary, net of cash disposed of
cash received from (paid to) associates																			-655,000				7,876,000
resale (repurchase) of company bonds																			-1,855,000
payments for early settlements of interest rate swaps
cash received from share issuance																			1,897,000
loss on sale of assets and termination of charters
gain on repurchase of bonds
due from related parties																																			-48,423,000
repayments from investment in direct financing and sales-type leases
proceeds from finance leases
supplemental disclosure of cash flow information:
interest paid, net of capitalized interest																																			85,789,000
discounts received on debt repurchased
net cash from by financing activities
repayment of investment in finance leases and vessel loans																							12,003,000	11,730,000
additions to finance leases and vessel loans
amortization of charter related deferred asset and straightlining of operating leases
gain on sale of subsidiary and disposal groups
interest receivable in form of notes
other receivables																																			45,000
accrued expenses																																			5,508,000
other current liabilities																																			-2,558,000
additions to newbuildings																																			-18,616,000
purchase of vessels																													-146,562,000	-146,562,000					-30,101,000
other long-term assets acquired
proceeds from sale of frontline shares
net increase in cash and cash equivalents																									-10,798,000		-5,657,000	-4,750,000	3,142,000	3,142,000		-68,509,000	19,454,000	3,995,000
mark to market of equity securities
gain on sale of investments in debt and equity securities
proceeds from sale of vessels / new buildings and termination of charters
amortization of seller’s credit																																			-1,614,000
amortization of long-term charter contracts
loss on sale of subsidiary and disposal groups
unrealized gain on marketable securities
realized gain on sale of debt and equity securities
loss on repurchase of bonds and extinguishment of debt
changes in operating assets and liabilities:
repayments from investments in direct financing and sales-type leases
additions to finance lease
purchase of vessels and capital improvements
proceeds from capital leases
amortization of long-term charter contract values acquired with vessels
available-for-sale securities impairment charge
available for sale securities impairment charge
amortization of value attributable to acquired long-term charters
adjustment of equity investments recognized in the income statement
repurchase and resale of bonds
proceeds from issuance or drawdown of long-term debt
repayments of long-term debt																																			-180,339,000
adjustment of equity investments recognised in the income statement
net maturities/(deposits) of restricted cash
(repurchase)/resale of bonds
gain on redemption of horizon loan notes and warrants
gain on redemption of frontline loan notes
proceeds from sale of investment in associated company
proceeds from redemption of horizon loan notes and warrants
proceeds from redemption of frontline loan notes
proceeds from issuance of long-term debt																																			336,473,000
repayments from investments in direct financing leases
resale/(repurchase) of bonds
gain on sale of investment in associated company
proceeds from repayment of investment loan
payments in lieu of issuing shares for exercised share options																									-1,455,000
net amounts (paid to)/received from associated companies
net amounts (paid to)/ received from associated companies
(purchase)/redemption of available for sale securities
net cash generated by/(used in) financing activities
net cash (used in)/generated by investing activities
net (cash from)/generated by investing activities
long-term investment impairment charge
purchase of available for sale securities
net amounts received from/ (paid to) associated companies
proceeds of other long-term investments
redemption/ (purchase) of available for sale securities
unaudited condensed consolidated statements of cash flowsfor the nine month periods ended september 30, 2014 and september 30, 2013 and the year ended december 31, 2013
net cash from/ (used) in investing activities
unaudited condensed consolidated statements of cash flowsfor the six month periods ended june 30, 2014 and june 30, 2013 and the year ended december 31, 2013
net cash (used) in/ provided by financing activities
proceeds/ (costs) of other long-term investments
net cash (used)/ provided by investing activities
unaudited condensed consolidated statements of cash flowsfor the three month periods ended march 31, 2014 and march 31, 2013 and the year ended december 31, 2013
net cash used in financing activities
costs of other long-term investments
redemption of restricted cash
adjustment of derivatives to market value																																			9,372,000
unaudited condensed consolidated statements of cash flowsfor the nine month periods ended september 30, 2013 and september 30, 2012 and the year ended december 31, 2012
unaudited condensed consolidated statements of cash flows for the six month periods ended june 30, 2013 and june 30, 2012 and the year ended december 31, 2012
loss/ (gain) on repurchase of bonds
distribution from associated companies
redemption/ (placement) of restricted cash
cash settlement of derivative instruments																																			1,149,000
(gain)/ loss on repurchase of bonds
net cash (used in)/ provided by financing activities
depreciation and amortisation																									14,288,000		506,000	1,617,000	11,352,000	11,352,000		-625,000	9,103,000	8,491,000
impairment adjustment to investment																									463,000
adjustment of financial derivatives to market value																									-335,000		1,297,000	1,962,000	-849,000	-849,000		-12,559,000	12,824,000	7,338,000
gain on sale of associate
result in associate																									-11,219,000		1,941,000	-481,000	-13,432,000	-13,432,000		324,000	-18,282,000	-20,490,000
stock based compensation																									170,000		-175,000					113,000	458,000	285,000
gain on re-purchase of company bonds																									-49,000		-184,000	217,000	73,000	73,000
repayment of investments in finance leases																									14,471,000		-649,000	-1,474,000	26,266,000	26,266,000		-40,775,000	77,089,000	45,567,000
restricted cash released/
proceeds from sale of vessel/new buildings																									-1,883,000			-37,000	30,294,000	30,294,000		-4,036,000	16,667,000
cash arising from sale of associate
cash received from /(investment in) associates																									14,163,000		647,000					2,561,000	15,608,000	11,987,000
re-purchase of company bonds																									-764,000		5,844,000	-12,369,000	-105,000	-105,000
cash settlement of derivatives																																	-11,592,000
cash received from share issue
cash and cash equivalents at start of period																									111,586,000		-1,608,000	3,142,000	86,967,000	86,967,000		19,454,000	84,186,000	46,075,000
cash and cash equivalents at end of period																									100,788,000		-7,265,000	-1,608,000	90,109,000	90,109,000		-49,055,000	103,640,000	50,070,000
adjustment to reconcile net income to net cash provided by operating activities:
cash received from (investment in) associates
impairment adjustment to investments
restricted cash released
net cash (used in)/ provided by investing activities
net (decrease)/ increase in cash and cash equivalents
cash and cash equivalents at beginning of period
proceeds from sales of vessels																																			23,005,000
asset impairment ajustments
stock bas ed compensation																													228,000	228,000
cash received from/(investment in) associates																													12,579,000	12,579,000
adjustment to reconcile net income to net cash from operating activities:
investment in direct financing lease assets
proceeds on cancellation of newbuildings
distribution from/(equity investment in) associated companies
costs of other investments
(placement)/redemption of restricted cash
asset impairment adjustments
cash received from/
net gain on repurchase of 8.5% senior notes
changes in operating assets and liabilities, net of effect of acquisitions
proceeds from (costs of) other investments
placement of restricted cash
shares issued, net of issue costs
repurchase of 8.5% senior notes
net investment in newbuildings																																51,195,000	-60,101,000	-10,867,000
received in respect of terminated contract
purchase of short term investment
repurchase of shares
gain on repurchase of 8.5% senior notes
equity investments in associated companies
net amounts received from (paid to) associated companies
shares issued under "atm" registration, net of issue costs
deemed dividends received
deemed dividends paid
impairment adjustment to vessel values
impairment adjustment to investment value
investment in finance lease assets																																			-104,000,000
repayments from investments in finance leases																																			165,493,000
repayment by (investment in) associated companies
net release (placement) of restricted cash
repurchase of 8.5% bonds
proceeds on issue of shares under atm registration
net cash (used in) investing activities
net income by operating activities:																																		42,655,000
gain cm sale of assets
net placement of restricted cash																																		5,769,000
investment in associate companies
proceeds from long-term debt
repayment of long-term debt
amortization of deferred gains																																			-572,000
(gain) on sale of assets																																			-17,377,000
stock compensation																																			1,124,000
proceeds from sale of newbuildings
investments in associated companies																																			-146,306,000
other investments																																			-6,465,000
net proceeds from other investments
net (placement) of restricted cash																																			-9,357,000
acquisition of subsidiaries, net of cash acquired
cash settlement of equity trs
adjustments to reconcile net income to net cash from operating activities
(gain)/ loss on sale of assets
net proceeds from /(cost of) other investments
net (placement)/maturity of restricted cash
repurchases of shares
income statement data:
total operating revenues
net operating income
earnings per share, basic
earnings per share, diluted
cash dividend paid per share
balance sheet data
vessels and equipment
investment in finance leases
total assets
long term debt
stockholders’ equity
common shares outstanding
weighted-average common shares outstanding
cash flow data:
cash from operating activities
cash from investing activities
cash from financing activities
unrealised foreign currency exchange loss
net maturity (placement) of restricted cash
sale of vessel
net (investment in) proceeds from sale of newbuilding
sale (purchase) of vessels
share of results of associated companies
interest income, capitalized
unrealized foreign exchange loss
change in accounting principle
release of accumulated other comprehensive income to net income
changes in operating assets and liabilities, net of effect of acquisitions:
voyages in progress
additions to newbuildings, vessels and equipment
proceeds from sales of investments in associated companies
net maturity (placement) of loans receivable
repayment of other long term liabilities
amount due to parent company
proceeds from long term debt
repayments of long term debt
unrealized foreign exchange (gain) loss

SFL Corporation Ltd(NYSE:SFL)

SFL Corporation Ltd
(NYSE:SFL)