Feb 17 (LNGJ) - Flex LNG, the growing Norwegian-listed fleet owner with 13 modern carriers, 10 on the water and three uner construction, posted fourth-quarter net income of $25.8 million compared with $3.8M in the previous quarter. Full-year net profits came to $8.1M. Flex reported an average Time Charter Equivalent rate of $73,712 per day for the fourth quarter versus $46,569 per day for the third quarter.
“During the last quarter of 2020 and into 2021, the LNG market improved markedly driven by strong demand from Asia due to a combination of cold weather and economic recovery, which resulted in a shortage of both LNG and ships to transport it,” said Oystein M Kalleklev, Chief Executive of Flex LNG Management AS. “LNG prices, which hit synchronized lows following the Covid-19 pandemic, rebounded with an 18-times price increase of Asian LNG from the low in April 2020 to the highs in January 2021, a remarkable turn-around,” added Kalleklev.
