Spot charter rates at an all-time high
Bermuda-based Flex LNG Ltd, the liquefied natural gas shipping company, has reported net income of $33 million for the third quarter.
The company reported earnings per share of 62 cents.
Those figures compare with net income of $12.7 million and earnings per share of 24 cents for the second quarter of the year.
Flex said that its revenues of $82 million during the quarter were in line with its guidance of approximately $80 million.
The company declared a dividend of 75 cents per share, giving an “excellent yield” of 14 per cent.
Flex said that its 13-ship fleet, which has an average age of approximately two years, has a “substantial attractive backlog”.
It said that spot charter rates are at an all-time high and term rates are firm.
The company estimates fourth quarter revenues of approximately $110 million, whereas previous guidance had estimated revenue for the period of between $85 million and $100 million.
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