LNG

May 16 (LNGJ) - Flex LNG, the Norwegian shipping company with a fleet of 13 vessels and several chartered to the largest US exporter Cheniere Energy, reported a fall in first-quarter profits despite a rise in operating revenues. The average time charter equivalent rate declined in the quarter to $80,175 per day compared with $81,699 per day for the fourth quarter of 2022.

   Flex reported vessel operating revenues in the first quarter of $92.47 million compared with $74.57M in the same three months of 2022. Net income dropped to $16.53M from $55.76M in the prior-year quarter. “As we completed the balance sheet optimization program during the first quarter, we had some additional financing costs in our accounts for the first quarter,” explained Øystein M. Kalleklev, Chief Executive of Flex LNG Management AS. “However, we have now put in place new attractive long-term financing for all our 13 ships, boosting our cash balance to $475M at quarter-end, or about $9 per share,” added Kalleklev.