LNG

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.

Flex LNG, the growing Norwegian-listed fleet owner with 13 modern carriers, 10 now on the water and three other newbuilds, swung back to profits in the third quarter as four new vessels were delivered from South Korean shipyards.

Golar LNG, the owner and operator with its affiliates of a fleet of 27 vessels, has been experiencing setbacks in plans to spin off shipping operations and to become an infrastructure company in gas-fired power joint ventures.

Flex LNG, the growing shipping company with six vessels operating and seven others on order and whose largest shareholder is Norwegian magnate John Fredriksen, reported favourable market conditions in the second half of 2019 even in the face of lower natural gas prices.