SFL backlog hits US$4.6B on Hapag-Lloyd deal
The extended charters provide SFL with predictable revenue through 2035-2036, supporting the company’s distribution capacity.
NORWAY – SFL Corporation, a New York-listed shipowner, has reached a US$4.6 billion charter backlog after extending charters for six 15,400-TEU vessels with Hapag-Lloyd for seven more years through 2035-2036, the company said.
The new time charter contracts will add about US$750 million to SFL’s fixed-rate charter backlog. The company has added more than US$1 billion to its charter backlog during 2026.
Fleet composition, Leadership comments
SFL’s fleet comprises tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. The company is listed on the New York Stock Exchange.
Ole B. Hjertaker, chief executive officer of SFL Management AS, said: “We are pleased to further strengthen our long-term relationship with Hapag-Lloyd, the world’s fifth-largest container line. The charter extensions demonstrate the value of our high-quality operational platform, which continues to enable us to cultivate durable relationships with industry-leading counterparties. We have added more than US$1 billion to our charter backlog during 2026, underpinning our strong earnings visibility and supporting a long-term distribution capacity going forward.”
Hapag-Lloyd expands volumes, terminal network
The extension reflects Hapag-Lloyd’s growth in container volumes, with reported transport volumes of 3.5 million TEU in the second quarter of 2026, with revenue of US$5.7 billion in its Liner Shipping segment.
The carrier also expanded its terminal partnerships, including agreements with DP World for terminal capacity in Dakar, Luanda, and Dar es Salaam, and the acquisition of a 25% stake in APM Terminals Maasvlakte II in Rotterdam.
Additionally, Hapag-Lloyd reported an average freight rate of US$1,475 per TEU in the second quarter of 2026, up 9% year over year, and an EBIT margin of 10.0%.
Backlog provides earnings visibility to 2036
SFL Corporation’s charter extension adds to its fixed-rate backlog, which now totals approximately US$4.6 billion. According to its statement, the company has added more than US$1 billion to its charter backlog in 2026.
Furthermore, the extended charters provide SFL with predictable revenue through 2035-2036, supporting the company’s distribution capacity.
Finally, this transaction reflects a broader trend toward fleet diversification and a commitment to high-capacity maritime logistics, with SFL maintaining a focus on long-term earnings stability and partnerships with major global shipping lines.
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