SFL Corporation is a Bermuda-based ship leasing company that buys vessels and offshore drilling rigs, then charters them to major shipping operators, commodity traders, and oil companies under mostly medium- to long-term fixed-rate contracts. SFL owns the assets but does not operate them — it collects charter hire while customers direct the vessels' trading. SFL's fleet includes 17 tankers, 21 container vessels, 7 car carriers, 2 dry bulk carriers, and 2 offshore drilling rigs, with 5 large dual-fuel container vessels on order for 2028 delivery. Key customers include Maersk, Hapag-Lloyd, MSC, Volkswagen, Trafigura, Phillips 66, and ConocoPhillips. Container vessels are the largest segment, representing roughly 71% of SFL's $3.7B charter backlog, followed by tankers, car carriers, and offshore drilling. SFL describes itself as "segment agnostic," deploying capital across shipping sectors based on risk-adjusted returns. SFL grows by acquiring vessels or placing newbuilding orders paired with long-term charters, and actively recycles older assets — selling depreciated vessels and redeploying proceeds into newer, more efficient ships. SFL also invests in vessel upgrades, including dual-fuel LNG conversions and energy-efficiency improvements, often co-funded by charterers through higher charter rates. Near-term cash flow has been pressured by the idle status of the Hercules drilling rig, which has been warm-stacked since late 2024. SFL has paid 88 consecutive quarterly dividends, returning over $2.9B to shareholders cumulatively.