SFL is making its first move into the gas carrier segment with an order for two Very Large Ammonia Carriers (VLACs), backed by long-term charter agreements with a European oil major.
The two 93,000 cu m ammonia carriers will feature dual-fuel propulsion and represent a total investment of $216m. Delivery is scheduled for the second quarter of 2028.
SFL said the long-term charters, agreed with an unnamed European oil major, will contribute at least $162m to its charter backlog. That figure could increase once the final charter duration is agreed over the next six months. Whatever the initial duration, the charterer will also have the option to extend the contracts by up to four years.
Ole B. Hjertaker, CEO of SFL Management, described the gas carrier project as another important step in the company’s investment strategy.
“The gas carrier project marks another accretive milestone investment for SFL, adding assets in a new segment,” he said.
He added that the identity and profile of the charterer further reinforce SFL’s position in the maritime logistics market: “The charterer is a European based investment grade oil major, underlining SFL’s standing as a high-quality provider of maritime logistics assets.”
The latest order further broadens an already diversified SFL fleet, which spans tankers, bulkers, container ships, car carriers and offshore drilling rigs.
Its container fleet currently includes 24 vessels in operation and six newbuilds, and generated the largest share of the company’s earnings in the second quarter. This was followed by its fleet of 16 tankers and seven car carriers.
SFL’s core strategy remains focused on chartering vessels to blue-chip partners under long-term agreements. However, the owner has also benefited from the recent strength of the tanker market.
The company has two Suezmax tankers operating in the spot market. During the second quarter, these vessels generated daily time charter equivalent earnings of $133,000, compared with $30,000 per day under a long-term charter that ended in December 2025.
Hjertaker also highlighted the company’s growing backlog as it continues to expand its portfolio through acquisitions and charter extensions.
“Including acquisitions and charter extensions announced so far this year, we have added more than $1.3 billion to our fixed rate charter backlog in 2026,” he said.
