Bermudian-based SFL Corporation Ltd, the ship-owning company, has reported a net profit of $47 million in the first quarter.

Other preliminary results include operating revenue of approximately $152.4 million.

The company said it had received charter hire of approximately $165.9 million in the quarter from the company’s vessels and rigs, including $4.5 million of profit share.

In April, SFL sold the two last very large crude carriers on charter to Frontline for approximately $70 million and one container vessel for approximately $13 million, including $12 million in profit share.

Ole B Hjertaker, CEO of SFL Management AS, said: “The recent sale of the two last VLCCs chartered to Frontline is noteworthy as this initially was SFL’s sole customer and all vessels were crude oil tankers.

“We now have a diverse fleet to multiple industry leading counterparties and continue to expand our business relationships as illustrated by the recent long-term charter of six large container vessels to Hapag-Lloyd AG.

“While most of our current fleet consists of container vessels, we also have investments in other maritime assets including offshore rigs.

“This market has shown an encouraging recovery the last two months, and our two harsh environment drilling rigs are well positioned to benefit from the increased activity level in the sector.”