Flex LNG reports best quarterly result to date
Bermuda-based fleet owner Flex LNG said May 21 it handed in its best quarterly performance to date, due in large part to the broad-based economic recovery so far this year.
“We are pleased to announce our best quarterly results so far with vessel operating revenues and adjusted net income of $81.3mn and $34.2mn, respectively,” CEO Oysten Kalleklev said. “Due to a stronger market and increased term interest by charterers, we are also very satisfied that we have been able to execute on our communicated strategy of securing longer employment for our fleet of modern and efficient LNG carriers.”
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Vessel operating revenues in Q1 2020 were $38.2mn. Adjusted net income for the same period last year was $9.3mn.
Highlighting its operational performance during the reporting period ending March 31, the company said it took on two additional new-build LNG carriers, the Flex Freedom and Flex Volunteer, from South Korean shipyards.
In April, the company entered into a series of time-charter agreements with the international marketing arm of US LNG exporter Cheniere Energy.
Flex LNG's tankers all have capacities of around 174,000 m3 and are fitted with dual-fuel, two-stroke propulsion, making them "particularly ideal for large parcel, long haul transportation with the industry's lowest carbon footprint and unit transportation cost," Flex LNG said.
Cheniere operates the Corpus Christi and Sabine Pass LNG terminals in Texas.