Flex LNG CEO upbeat after a strong third quarter
Bermudian-based Flex LNG Ltd, the liquefied natural gas shipping company, has reported net income of $46.6 million for the third quarter of the year.
That compares with net income of $44.3 million for the second quarter of 2022.
The company had vessel operating revenues of $91.3 million in the quarter, compared with $84.2 million for the second quarter.
Flex had an average time charter equivalent rate of $75,941 per day in the quarter, compared with $70,707 per day for the second quarter.
Adjusted ebitda was $70.9 million compared with $66.1 million for the second quarter.
The company declared a dividend for the third quarter of $0.75 per share.
Øystein M. Kalleklev, the chief executive of Flex LNG Management AS, said: “During the third quarter, Flex Enterprise and Flex Amber commenced their new seven-year time charters agreed in June 2022. Additionally, Flex Aurora was delivered to Cheniere as the fifth and last ship under the agreement announced in April 2021.
“Hence, Flex LNG today have 12 LNG carriers on fixed hire time charters and one ship, Flex Artemis, on a variable time charter. Our first fully open ship, after charterer's options, is in the middle of 2026 with three other ships coming open in 2027.
“Today, with 2027 the earliest new building delivery window and new building prices at around $250 million, we are therefore upbeat about the prospects of recontracting our ships at attractive levels, thereby adding further backlog to the company.”