Flex LNG reported a sharp increase in second-quarter earnings as strife in the Middle East created more lucrative chartering opportunities for the carrier owner’s two spot-exposed vessels.

Vessel operating revenue rose to $106.8 million, from $80.5 million in the first quarter. Net income more than doubled to $44.9 million, or 83 cents per share, from $19.5 million, and adjusted earnings before interest, taxes, depreciation and amortisation increased to $79 million from $53.2 million.

Fleet-wide daily charter earnings rose to $86,119 from $65,729.

Marius Foss, chief executive of Flex LNG Management, said volatility and trading inefficiencies in energy markets created opportunities for the Flex Volunteer and Flex Artemis, which was employed in the second and third quarters.

The company also had a full quarter of earnings from the Flex Aurora’s new two-year charter with a “supermajor”, plus the Flex Constellation’s first full quarter on a 15-year charter.

The Bermudian-based company maintained its full-year outlook: revenue of $345 million to $370 million, adjusted EBITDA of $255 million to $280 million and daily charter earnings of $73,000 to $78,000.

However, the LNG shipping market could soon get crowded. About 55 vessels were delivered in the first seven months of the year, with another 40 to 45 expected before year-end. Flex said low European gas storage, redirected American cargoes to Asia and strong West African exports could raise demand, but competition between Europe and Asia for LNG volumes may keep rates volatile.

The board declared its 20th consecutive quarterly dividend of 75 cents per share, a distribution of about $41 million.