Why did SFL outperform earnings forecasts all year?

Ship Finance International Ltd. (NYSE:SFL) outperformed earnings forecasts all year due to several key factors:

1. **Strong Revenue Growth**: SFL's revenue growth was significant, with a reported $230 million for the quarter, marking an increase from previous quarters. This robust revenue performance underscores the company's ability to generate substantial income, which is a testament to its diversified fleet and strategic long-term charters with investment-grade clients.
2. **High Fleet Utilization Rate**: The company maintained a high fleet utilization rate of 98.3%, which indicates efficient vessel operations and strong demand for its services. This high utilization rate is a testament to SFL's effective fleet management and its ability to capitalize on market demand.
3. **Strategic Partnerships**: SFL's strategic partnerships with major players like Maersk and Volkswagen (ETR:VOWG_p) have enhanced its competitive position and provided a stable source of revenue. These partnerships highlight the company's ability to secure long-term contracts and mitigate risks associated with fluctuating market conditions.
4. **Fixed Rate Backlog**: The company's fixed rate backlog stands at $4.3 billion, indicating strong future revenue potential. This backlog provides a clear visibility into the company's future earnings and underscores the predictability of its revenue stream.

In conclusion, SFL's outperformance in earnings can be attributed to its strong revenue growth, high fleet utilization, strategic partnerships, and a robust fixed rate backlog. These factors collectively contribute to the company's ability to generate earnings that exceed market expectations.