LNG

Flex LNG, the Norwegian shipping company with a fleet of 13 modern vessels and several chartered to the largest US exporter, reported an 18 percent jump in first-quarter net income even amid spot freight market challenges at the end of the three months as the LNG trade abruptly shifted towards Europe from Asia.

Nov 16 (LNGJ) - Flex LNG, the shipping company with a fleet of 13 vessels, reported higher third-quarter revenues of $81.8 million and increased quarterly net income to $32.8M. “In the fourth quarter, we will also be handsomely rewarded for maintaining a 30 percent exposure to the spot market as the spot market is currently at all-time highs,” said Øystein Kalleklev, Chief Executive of Flex LNG Management AS.

   The Bermuda-based company’s average time charter equivalent rates were $68,341 per day for the third quarter, up from $57,780 per day in the previous three months. “Since April, we have secured long-term fixed hire employment for eight of our ships, with an option for a ninth,” said Kalleklev. “Our firm contract backlog is now about 33 years with a further 36 years of optional backlog,” added the CEO.