sfl-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2025

Commission File Number: 001-32199

SFL Corporation Ltd.

(Translation of registrant’s name into English)

Par-la-Ville Place

14 Par-la-Ville Road

Hamilton, HM 08, Bermuda

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto are the unaudited condensed interim financial statements and related Management’s Discussion and Analysis of Financial Condition and Results of Operations of SFL Corporation Ltd. (“SFL” or the “Company”) for the six months ended June 30, 2025.

This report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3ASR (Registration No. 333-271504) filed with the U.S. Securities and Exchange Commission on April 28, 2023.

SFL CORPORATION LTD.

REPORT ON FORM 6-K FOR THE SIX MONTHS ENDED JUNE 30, 2025

INDEX


Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and June 30, 2024			Page 4
Unaudited Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2025 and June 30, 2024			Page 5
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024			Page 6
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024			Page 7
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2025 and June 30, 2024			Page 8
Notes to the Unaudited Condensed Consolidated Financial Statements			Page 9
Management’s Discussion and Analysis of Financial Condition and Results of Operations			Page 24
Cautionary Statement Regarding Forward-Looking Statements			Page 31
Signatures			Page 34

SFL CORPORATION LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

for the six months ended June 30, 2025 and June 30, 2024

(in thousands of $, except per share amounts)


	Six months ended
	June 30,
	2025		2024
Operating revenues
Time charter revenues	312,528		302,391
Voyage charter and pool revenues	9,388		5,792
Drilling contract revenues	48,385		95,844
Interest income – sales-type leases	920		1,396


Profit sharing income	2,601		9,932
Other operating income	5,505		4,624
Total operating revenues	379,327		419,979
Gain/(loss) on sale of vessels	4,242		(17)

Operating expenses
Vessel and rig operating expenses	161,903		146,438
Depreciation	121,775		114,999
Vessel impairment charge	34,093		—
Administrative expenses	9,653		10,825
Total operating expenses	327,424		272,262
Operating income	56,145		147,700
Non-operating income/(expense)
Interest income – long-term loans to associated companies	2,263		2,276
Interest income – other	3,834		4,198

Interest expense	(92,067)		(88,175)



Loss on investments in equity securities	(1,326)		(207)
Interest and valuation (loss)/gain on non-designated derivatives	(2,562)		4,530

Other financial items, net	3,415		(1,416)
Equity in earnings of associated companies	1,146		1,475
(Loss)/Income before taxes	(29,152)		70,381
Tax expense	(1,259)		(4,447)
Net (loss)/income	(30,411)		65,934
Per share information:
Basic (loss)/earnings per share	$	(0.23)	$	0.52
Diluted (loss)/earnings per share	$	(0.23)	$	0.52

The accompanying notes are an integral part of these condensed consolidated financial statements.

SFL CORPORATION LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

for the six months ended June 30, 2025 and June 30, 2024

(in thousands of $)


	Six months ended
	June 30,
	2025	2024
Net (loss)/income	(30,411)	65,934

Fair value adjustments to hedging financial instruments	(7,317)	(3,411)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	—	110



Other comprehensive (loss)/income	(135)	56
Other comprehensive loss, net of tax	(7,452)	(3,245)

Comprehensive (loss)/income	(37,863)	62,689

The accompanying notes are an integral part of these condensed consolidated financial statements.

SFL CORPORATION LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

as of June 30, 2025 and December 31, 2024

(in thousands of $, except share data)


	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	155,820	134,551

Investments in equity securities	2,859	3,736
Due from related parties	7,567	5,201
Investment in sales-type leases, current portion	4,450	35,135
Trade accounts receivable	21,000	36,821

Other current assets	92,037	100,574
Total current assets	283,733	316,018
Vessels, rigs and equipment, net	3,417,008	3,552,298
Capital improvements in progress and newbuildings	174,584	162,254


Investments in associated companies	16,074	16,382
Loans and long term receivables from related parties including associates	45,000	45,000



Other long-term assets	15,517	15,817
Total assets	3,951,916	4,107,769

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	825,178	689,045

Due to related parties	1,809	1,296




Other current liabilities	115,499	137,516
Total current liabilities	942,486	827,857
Long-term liabilities
Long-term debt	1,993,310	2,150,417




Other long-term liabilities	6,806	1,073
Total liabilities	2,942,602	2,979,347











Stockholders’ equity	1,009,314	1,128,422

Total liabilities and stockholders’ equity	3,951,916	4,107,769

The accompanying notes are an integral part of these condensed consolidated financial statements.

SFL CORPORATION LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

for the six months ended June 30, 2025 and June 30, 2024

(in thousands of $)


	Six months ended
	June 30,
	2025	2024

Net (loss)/income	(30,411)	65,934
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation	121,775	114,999

Vessel impairment charge	34,093	—
Amortization of deferred charges	4,206	3,558

Amortization of charter related deferred asset and straight-lining of operating leases	(497)	(964)
Equity in earnings of associated companies	(1,146)	(1,475)
(Gain)/loss on sale of vessels	(4,242)	17


Adjustment to fair value of derivatives recognized in the statement of operations	4,183	(1,555)
Loss on investments in equity securities	1,326	207

Loss on repurchase of bonds	144	388
Repayments from investment in sales-type assets	4,021	4,661

Other, net	5,028	860

Net changes in operating assets and liabilities	10,264	800










Net cash provided by operating activities	148,744	187,430

Investing activities



Purchase of vessels, capital improvements and newbuildings	(48,091)	(212,183)
Proceeds from sale of vessels	46,127	11,983








Other investments and long term assets, net	—	4,262
Net cash used in investing activities	(1,964)	(195,938)

Financing activities

Repayment of finance lease liabilities	—	(27,788)
Proceeds from debt	244,042	354,402
Repayment of debt	(267,439)	(145,726)

Repurchases and redemption of bonds	(11,144)	(64,997)
Debt fees paid	(2,679)	(3,001)
Net cash flows on swaps	(6,265)	(16,534)



Cash paid for shares repurchased	(10,025)	—
Cash dividends paid	(72,001)	(67,278)
Net cash provided by/(used in) financing activities	(125,511)	29,078

Net change in cash and cash equivalents	21,269	20,570
Cash and cash equivalents at start of the period	134,551	165,492
Cash and cash equivalents at end of the period	155,820	186,062

The accompanying notes are an integral part of these consolidated condensed financial statements.

SFL CORPORATION LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

for the six months ended June 30, 2025 and June 30, 2024

(in thousands of $, except number of shares)


	Six months ended
	June 30,
	2025	2024
Number of shares outstanding
At beginning of period	145,708,524	137,467,078
Shares issued	47,060	242,146
Shares cancelled	—	(700)
Shares repurchased	(1,252,657)	—
At end of period	144,502,927	137,708,524
Share capital
At beginning of period	1,468	1,386
Shares issued	—	2

At end of period	1,468	1,388
Additional paid-in capital
At beginning of period	716,233	618,164


Amortization of stock-based compensation	649	846


Shares issued	132	250





At end of period	717,014	619,260
Treasury stock
At beginning of period	(10,174)	(10,174)
Treasury stock at cost (1,252,657 and 0 shares, respectively)	(10,025)	—
At end of period	(20,199)	(10,174)
Contributed surplus
At beginning of period	417,684	424,562
Dividends declared	(72,001)	(384)


At end of period	345,683	424,178
Accumulated other comprehensive (loss)/income
At beginning of period	3,211	4,499







Other comprehensive loss	(7,452)	(3,245)
At end of period	(4,241)	1,254





Accumulated (deficit)/profit
At beginning of period	—	960


Net (loss)/income	(30,411)	65,934
Dividends declared	—	(66,894)
At end of period	(30,411)	—
Total stockholders’ equity	1,009,314	1,035,906

The accompanying notes are an integral part of these condensed consolidated financial statements.

SFL CORPORATION LTD.

Notes to the Unaudited Condensed Consolidated Financial Statements

1.INTERIM FINANCIAL INFORMATION

The unaudited condensed interim financial statements of SFL Corporation Ltd. (“SFL” or the “Company”) have been prepared on the same basis as the Company’s audited financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary in order to make the interim financial statements not misleading, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed interim financial statements do not include all of the disclosures required in annual consolidated financial statements and should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2024, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 17, 2025. The results of operations for the interim period ended June 30, 2025 are not necessarily indicative of the results for the entire year ending December 31, 2025.

Basis of accounting

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries including variable interest entities in which the Company is deemed to be the primary beneficiary. All inter-company balances and transactions have been eliminated on consolidation.

The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024.

Recently Issued Accounting Standards

The following is a brief discussion of a selection of recently released accounting pronouncements that are considered pertinent to the Company’s business and are not yet adopted.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments provide all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets. The amendments are effective for the Company for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires entities to disclose specific information about certain costs and expenses in the notes to the financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expense to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare the entity's performance over time and with that of other entities. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which clarified that all public entities are required to adopt the guidance in ASU 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts that ASU 2024-03 and ASU 2025-01 will have on the Company's financial statements' presentation and disclosures.

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). Among other things, these amendments require that a public business entity on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments became effective for the Company on January 1, 2025. Adoption of ASU 2023-09 did not have a material impact on the Company’s financial statements' presentation and disclosures.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management of the Company believes that the accounting estimates and assumptions that have been made are appropriate given the continuing market volatility surrounding the impacts of U.S. and international trade policies, including tariffs and port fees, as well as international sanctions or international hostilities, including the war between Russia and Ukraine and the developments in the Middle East. However, actual results could differ materially from those estimates.

Segment Information

The chief operating decision maker evaluates performance by assessing the Company's consolidated net income and its impact on overall shareholder returns, leading to a determination that the Company operates within a single reportable segment. The Company's assets operate on a world-wide basis and the Company's management does not evaluate performance by geographical region or by asset type, as it believes that any such information would not be meaningful. There have been no material changes since the Company’s Annual Report on Form 20-F for the year ended December 31, 2024.

2.GAIN/(LOSS) ON SALE OF VESSELS


(in thousands of $)	Six months ended		Six months ended
	June 30, 2025		June 30, 2024
	Proceeds	Gain/(Loss)	Proceeds	Gain/(Loss)
Disposal of investments in sales-type leases
MSC Margarita	—	—	5,991	(9)
MSC Vidhi	—	—	5,992	(8)
MSC Julia R.	4,450	—	—	—
MSC Vidisha R.	4,450	—	—	—
MSC Vaishnavi R.	4,450	—	—	—
MSC Katya R.	4,450	—	—	—
MSC Arushi R.	4,450	—	—	—
MSC Anisha R.	4,450	—	—	—

Disposal of vessels
SFL Yukon	9,974	(98)	—	—
Asian Ace	9,453	4,340	—	—

Total	46,127	4,242	11,983	(17)

3.EARNINGS (LOSS) PER SHARE

The computation of basic earnings (loss) per share (“EPS”) is based on the weighted average number of shares outstanding during the period and the consolidated net income or loss of the Company. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. In the computation of the diluted EPS, the dilutive impact of the Company’s stock options is calculated using the “treasury stock” guidelines and the “if-converted” method is used for convertible debt instruments.

The components of the numerator for the calculation of basic and diluted EPS are as follows:

Six months ended

(in thousands of $)

June 30, 2025

June 30, 2024

Basic and diluted earnings/(loss) per share:

Net (loss)/income available to stockholders

(30,411)

65,934

The components of the denominator for the calculation of basic and diluted EPS are as follows:


	Six months ended
(in thousands)	June 30, 2025	June 30, 2024
Basic earnings (loss) per share:
Weighted average number of common shares outstanding*	133,357	125,844
Diluted earnings (loss) per share:
Weighted average number of common shares outstanding*	133,357	125,844
Effect of dilutive share options	—	637

Weighted average number of common shares outstanding assuming dilution	133,357	126,481


	Six months ended
	June 30, 2025		June 30, 2024
Basic (loss)/earnings per share:	$	(0.23)	$	0.52
Diluted (loss)/earnings per share:	$	(0.23)	$	0.52

For the six months ended June 30, 2025, basic and diluted net loss per share were the same because the effect of all potentially dilutive securities was antidilutive. Effect of share options were excluded from the diluted earnings per share calculation for this period as their inclusion would have been antidilutive.

*The weighted average number of common shares outstanding excluded 8,000,000 shares issued as part of a share lending arrangement relating to the Company's issuance of 5.75% senior unsecured convertible bonds in October 2016 and 3,765,842 shares issued as part of a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. The Company entered into a general share lending agreement with another counterparty and after the maturity of the bonds, 8,000,000 and 3,765,142 shares, respectively, from each issuance under the two initial share lending arrangements described above were transferred into such counterparty's custody. During the year ended December 31, 2024, the Company cancelled the remaining 700 shares, which were previously held by the Company’s transfer agent. Accordingly, the total of 11,765,142 shares which had been issued under these arrangements are not included in the weighted average number of common shares outstanding as of June 30, 2025.

The weighted average number of common shares outstanding also excludes 2,347,752 shares repurchased by the Company under its Share Repurchase Program and held as treasury stock as of June 30, 2025. (See also Note 11: Share Capital, Additional Paid-In Capital and Contributed Surplus).

4.OTHER FINANCIAL ITEMS

Other financial items, net comprise of the following items:


	Six months ended
(in thousands of $)	June 30, 2025	June 30, 2024
Change in allowance for expected credit losses	226	(214)
Dividend income	306	341
Loss on repurchase of bonds	(144)	(388)
Other items	3,027	(1,155)
Total other financial items, net	3,415	(1,416)

The Company recognizes, among other things, a measurement of expected credit losses for financial assets held at the reporting date, based on historical experience, current conditions and reasonable supportable forecasts.

Other items in the six months ended June 30, 2025 include a net gain of $3.8 million arising from foreign currency translations (six months ended June 30, 2024: loss of $0.4 million). Other items also include bank charges and fees relating to loan facilities.

5.INVESTMENTS IN EQUITY SECURITIES

As of June 30, 2025 and June 30, 2024, the equity securities comprise of approximately 1.3 million shares in NorAm Drilling Company AS (“NorAm Drilling”) which are traded on the Euronext Growth in Oslo. The Company recognized a mark to market loss of $1.3 million in the Statement of Operations in the six months ended June 30, 2025 (June 30, 2024: loss of $0.2 million), together with a foreign exchange gain of $0.4 million (June 30, 2024: loss of $0.2 million), in Other Financial Items in the Statement of Operations.

6.VESSELS, RIGS AND EQUIPMENT, NET


(in thousands of $)	June 30, 2025	December 31, 2024
Cost	4,371,422	4,527,621
Accumulated depreciation	(954,414)	(975,323)
Vessels, rigs and equipment, net	3,417,008	3,552,298

During the six months ended June 30, 2025, the Company recognized capital upgrades of $38.0 million in relation to 13 container vessels, one car carrier and two Suezmax tankers, net of insurance recoveries for one rig.

During the six months ended June 30, 2025, the Company sold the 57,000 dwt dry bulk carrier, SFL Yukon, to an unrelated third party. The Company recognized an impairment loss of $6.8 million prior to the disposal and a loss on the sale of $0.1 million in the Consolidated Statement of Operations. (See also Note 2: Gain/(Loss) on Sale of Vessels).

Also, during the six months ended June 30, 2025, the 1,700 twenty-foot equivalent unit (“TEU”) container vessel, Asian Ace, was sold and delivered to an unrelated third party. The Company received net sale proceeds of $9.5 million and recorded a gain of $4.3 million on the disposal. (See also Note 2: Gain/(Loss) on Sale of Vessels).

Also, during the six months ended June 30, 2025, the Company recorded an impairment loss of $27.3 million on six dry bulk carriers, based on estimated fair value of the vessels using a market approach. The impairment charge arose in the first quarter of 2025 and was primarily triggered due to updated expectations on the timing of potential disposal of the vessels, future estimated cash flows based on current market conditions and outlook, and amounts of disposal proceeds expected to be received. The increasing estimated future costs stemming from U.S. and international trade policies, including tariffs and port fees, have negatively impacted estimated future earnings and values of the vessels. Subsequently, four of the vessels were agreed for sale during the six months ended June 30, 2025.

7.CAPITAL IMPROVEMENTS IN PROGRESS AND NEWBUILDINGS


(in thousands of $)	June 30, 2025	December 31, 2024
Capital improvements in progress	23,844	15,758
Newbuildings	150,740	146,496

Total	174,584	162,254

Capital improvements in progress comprises of advances paid and costs incurred with respect to upgrades on two rigs and three vessels (December 31, 2024: Special Periodic Survey (“SPS”) and upgrades on two rigs and four vessels). These costs are recorded in “Capital improvements in progress” until such time as the equipment is installed on the vessel or rig, at which point it is transferred to "Vessels, Rigs and Equipment, net" or "Investment in Sales-Type Leases".

As of June 30, 2025, the Company paid $150.7 million in installments and capitalized interest in respect of shipbuilding contracts for the construction of five newbuilding dual-fuel 16,800 TEU container vessels (December 31, 2024: $146.5 million). The vessels are expected to be delivered to the Company in 2028.

Interest capitalized in the cost of newbuildings amounted to $4.2 million in the six months ended June 30, 2025 (December 31, 2024: $2.9 million).

8.INVESTMENTS IN SALES-TYPE LEASES

During the six months ended June 30, 2025, the Company had seven (December 31, 2024: seven) container vessels accounted for as sales-type leases, which were on long-term bareboat charter to MSC Mediterranean Shipping Company S.A. and its affiliate Conglomerate Shipping Ltd. (“MSC”). Under the terms of the seven charters, MSC had fixed price purchase obligation at the expiry of each of the charters. In June 2025, the Company sold and delivered six container vessels to MSC following the end of the vessels' bareboat charter contracts. The seventh vessel was delivered to MSC in July 2025. (See also Note 15: Subsequent Events).

9.SHORT-TERM AND LONG-TERM DEBT


(in thousands of $)	June 30, 2025	December 31, 2024
Short-term and long-term debt:


7.25% senior unsecured sustainability-linked bonds due 2026	150,000	150,000
U.S. dollar denominated fixed rate debt due 2026	146,625	147,375
8.875% senior unsecured sustainability-linked bonds due 2027	150,000	150,000
8.25% senior unsecured sustainability-linked bonds due 2028	147,600	145,200
NOK750 million senior unsecured floating rate bonds due 2029	74,391	63,592
7.75% senior unsecured sustainability-linked bonds due 2030	144,400	—
U.S. dollar denominated floating rate debt	1,301,387	1,503,909
Lease debt financing	725,133	702,164
Total debt principal	2,839,536	2,862,240
Less: Unamortized debt issuance costs	(21,048)	(22,778)
Less: Current portion of long-term debt	(825,178)	(689,045)
Total long-term debt	1,993,310	2,150,417

A significant portion of the Company's outstanding debt will be due within one year of this report for which the Company has initiated discussions and negotiations with financial institutions regarding the refinancing of such maturing credit facilities. Given the Company's extensive history and successful track record in obtaining financing and refinancing, the Company believes that it will be reasonably able to secure the required refinancing of all such facilities prior to or at maturity.

Interest rate information:


	June 30, 2025		December 31, 2024
Weighted average interest rate on floating rate debt*	5.83	%	5.96	%
Weighted average interest rate on lease debt financing	5.16	%	5.06	%
Weighted average interest rate on fixed rate debt	8.27	%	8.40	%
Secured Overnight Financing Rate ("SOFR"), closing rate	4.45	%	4.49	%
Effective Federal Funds Rate ("EFFR"), closing rate	4.33	%	4.33	%
Norwegian Interbank Offered Rate ("NIBOR"), three-month, closing rate	4.34	%	4.68	%

*The weighted average interest rate is for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) which takes into consideration the effect of related interest rate and cross currency swaps.

Issuance of new unsecured bonds

7.75% senior unsecured sustainability-linked bonds due 2030

In January 2025, the Company issued senior unsecured sustainability-linked bonds totaling $150.0 million in the Nordic credit market. The bonds bear a coupon, payable quarterly, at a fixed rate of 7.75% per annum and are redeemable in full on January 29, 2030. The Company aims to reduce carbon emissions which is measured by improving its annual year on year Annual Efficiency Rating, based on fleet average, by a minimum of 2% by 2026. From 2027 to 2029, further reductions will be targeted in line with higher minimum standards set by the International Maritime Organization. During the six months ended June 30, 2025, the Company repurchased $11.2 million and resold $5.6 million of its senior unsecured sustainability-linked bonds due 2030. The net amount outstanding as of June 30, 2025, was $144.4 million (December 31, 2024: $0.0 million).

U.S. dollar floating rate debt

The following table presents information on U.S. dollar floating rate debt facilities outstanding as of June 30, 2025 and December 31, 2024. The facilities bear interest at SOFR plus a margin, except the $60.0 million loan facility, which bears interest at EFFR plus a margin.

U.S. dollar floating rate debt

Corporate guarantee

Draw-down date

No. of subsidiaries †

SEC Form 6-K filed by SFL Corporation Ltd