SFL · CIK 0001289877
What SFL Corp Ltd. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for SFL. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- charter hire = substantially all operating cash flow; Maersk & MSC the major counterpartiesmedium
Charter hire payments are substantially all of operating cash flow, with Maersk and MSC explicitly named as the major counterparties — nonperformance, renegotiation, or distress at either would directly hit cash generation.
“The charter hire payments that we receive from our customers constitute substantially all of our operating cash flows.”
SEC filing →As of 2026
Regulatory & policy
- EU Ship Recycling Regulation — European List shipyards depress residual valueslow
The EU requirement to recycle only at European List shipyards (plus the EU Waste Shipment Regulation's OECD-only rule) cuts off higher-priced recycling markets, pressuring residual vessel values and divestment timing.
“Furthermore, facilities located in the major ship recycling countries generally offer significantly higher vessel purchase prices, and as such, the requirement that we utilize only European List shipyards may negatively impact revenue from the residual values of our vessels.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Vitol International Shipping Pte. Ltd
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →Trafigura Maritime Logistics Pte Ltd
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →A.P. Moller-Maersk
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →ConocoPhillips (ConocoPhillips Skandinavia AS)
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →Stolt Tankers (Stolt-Nielsen)
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →Eukor Car Carriers
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →Volkswagen Konzernlogistik GmbH Co. OHG
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →Kawasaki Kisen Kaisha Ltd. (K Line)
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →MSC Mediterranean Shipping Company
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →Hapag-Lloyd AG
“As of March 16, 2026, our customers includes, among others, Maersk, MSC, ConocoPhillips Skandinavia AS, or ConocoPhillips, Phillips 66 Company, or Phillips 66, Volkswagen Konzernlogistik Gmbh Co. OHG, or Volkswagen, Kawasaki Kisen Kaisha Ltd., or K Line, Trafigura Maritime Logistics Pte Ltd, or Trafigura, Hapag-Lloyd AG, or Hapag-Lloyd, Eukor, Vitol International Shipping Pte. Ltd, or Vitol and Stolt Tankers.”
Cited →
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