The charterer is an investment-grade oil major, reducing counterparty risk. The initial charter period remains TBD within six months — the final duration will determine the full backlog contribution and could add further upside. Monitor for charter period announcement and any additional vessel orders.
Price Chart
Executive Summary
SFL Corporation announced a $216M investment to build two Very Large Ammonia Carriers, backed by long-term time charters with an investment-grade oil major adding at least $162M to its fixed-rate charter backlog. The deal expands SFL into a new gas carrier segment and brings total 2026 backlog additions to over $1.3B.
Key Facts
- SFL agreed to build two 93,000 cbm Very Large Ammonia Carriers at an aggregate yard construction cost of ~$216M
- Delivery scheduled from Q2 2028
- Concurrent long-term time charters with an investment-grade European oil major add at least $162M to fixed-rate charter backlog
- Initial charter period to be determined within six months, with charterer options to extend up to 4 years
- Total fixed-rate charter backlog additions in 2026 exceed $1.3B including this and prior acquisitions/extensions
- Vessels will have dual-fuel propulsion and latest fuel efficiency technology
Financial Impact
$216M capital commitment with $162M minimum backlog addition; total 2026 backlog additions exceed $1.3B
Risk Factors
- Delivery not until Q2 2028 — no near-term revenue contribution for ~18 months
- Construction cost overruns or delays could pressure returns
- Ammonia carrier market is nascent; long-term demand for ammonia as fuel is unproven at scale
- Charterer extension options are optional — backlog may not fully materialize if options are not exercised
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3374363 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $13.05 | awaiting T+20 | — | $12.75 (−2.30%) |
Oct 7, 2026 20d ago | 6-K | $13.28 | awaiting T+20 | — | $12.75 (−3.99%) |
Oct 5, 2026 21d ago | 6-K | $13.50 | awaiting T+20 | — | $12.75 (−5.56%) |
Oct 5, 2026 22d ago | Press Release | $13.50 | awaiting T+20 | — | $12.75 (−5.56%) |
Sep 29, 2026 28d ago | Press Release | $13.06 | awaiting T+20 | — | $12.75 (−2.37%) |
Sep 11, 2026 6w ago | 6-K | $13.18 $13.34 | ▲ +1.21% | ▼ −0.65% | $12.75 (−3.26%) |
Aug 26, 2026 8w ago | Press Release | $12.03 | awaiting T+20 | — | $12.75 (+5.99%) |
Aug 26, 2026 8w ago | 6-K | $12.03 $12.98 | ▲ +7.90% | ▲ +7.67% | $12.75 (+5.99%) |
Aug 26, 2026 8w ago | Press Release | $12.03 $12.98 | ▲ +7.90% | ▲ +7.67% | $12.75 (+5.99%) |
Aug 14, 2026 10w ago | Press Release | $12.35 | awaiting T+20 | — | $12.75 (+3.24%) |
US Market Status
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