SFL--time to buy some?
Ship Finance's business looks pretty stable now, with on-target Q1 results, good time charter coverage/backlog, and no newbuilds on the way.
Management wants to buy again, particularly in tankers (crude and LNG), but it looks like there's little appetite for spot pricing or speculation.
Ship Finance will always have somewhat elevated risk, but the high yield looks like adequate compensation, particularly with a solid near-term FCF outlook.
A high-yield play on shipping, Ship Finance (SFL) has never been the easiest stock for investors to follow. Between eccentric non-GAAP accounting, little sell-side coverage, and share price volatility tied to the volatile