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Flex LNG Ltd. (FLNG) is a leading LNG shipping company operating a fleet of next-generation LNG carriers with large cargo capacity. The company boasts a modern fleet of thirteen LNG ships, ten of which are currently operational and three under construction for future delivery. Flex LNG's vessels are equipped with state-of-the-art slow-speed, two-stroke engines (MEGI and X-DF), which offer significant advantages such as reduced fuel consumption and lower boil-off rates.
Flex LNG is actively engaged in the growing LNG market and aims to provide efficient and environmentally friendly transportation solutions. The fleet's advanced technology sets it apart in terms of fuel efficiency and reduced carbon emissions compared to older steam and four-stroke propelled ships.
Recent achievements for Flex LNG include the successful execution of multiple long-term fixed-rate charter contracts. As of now, eleven out of thirteen vessels are secured on long-term charters, and one vessel operates on a variable hire time charter. This significant contract backlog enhances the company's revenue visibility and stability.
Flex LNG is publicly traded on both the New York Stock Exchange (NYSE) and the Oslo Stock Exchange (OSE) under the ticker symbol 'FLNG'. The company continues to strengthen its financial position, as evidenced by its recent declaration of a USD 0.75 per share dividend for Q1 2024. This dividend is part of the company's ongoing commitment to delivering value to its shareholders.
Additionally, Flex LNG is known for its strategic partnerships with major industry players. The latest development includes a new Time Charter agreement with a large Asian LNG importer for the vessel, Flex Constellation. This agreement, starting in May 2024, includes an initial period of 312 days, with the option to extend for an additional year.
With a substantial contract backlog, strong financial performance, and modern fleet, Flex LNG continues to be a significant player in the LNG shipping industry, providing crucial support to the global energy supply chain. For more information and updates, visit www.flexlng.com.
Flex LNG (NYSE/OSE: FLNG) announced upcoming investor meetings and the release of their company presentation for December 2024. The company operates a modern fleet of thirteen LNG carriers equipped with state-of-the-art two-stroke propulsion systems (MEGI and X-DF). These vessels offer enhanced fuel efficiency and reduced carbon footprint compared to older steam and four-stroke propelled ships. Flex LNG maintains dual listings on both the New York Stock Exchange and Oslo Stock Exchange under the ticker FLNG.
Flex LNG (NYSE: FLNG) has secured a new 15-year Time Charter Agreement for Flex Constellation, commencing in Q1/Q2 2026 with maturity in 2041 and extension option until 2043. The vessel, built in 2019, is a 173,400 cbm LNG carrier currently on a 10-month charter until Q1 2025. After the current charter ends, the vessel will trade spot/short-term for approximately 12 months before starting the new long-term charter. The new charter rate aligns with existing rates. Following this agreement, Flex LNG has 64 years of firm backlog, potentially extending to 98 years with extension options. The company has 11.2 out of 13 ships on firm Time Charter at an average rate of $80,000 per day.
Flex LNG (FLNG) has announced a dividend payment of USD 0.75 per share for Q3 2024. Shares traded on Oslo Stock Exchange will trade ex-dividend on November 26, 2024, with payment expected around December 16, 2024. For NYSE-traded shares, the ex-dividend date is November 27, 2024, with payment scheduled for December 11, 2024. The company operates a fleet of thirteen LNG carriers equipped with modern two-stroke propulsion systems (MEGI and X-DF), offering improved fuel efficiency and reduced carbon footprint compared to older vessels.
Flex LNG reported Q3 2024 financial results with vessel operating revenues of $90.5 million, up from $84.7 million in Q2. Net income was $17.4 million with EPS of $0.32, down from $21.8 million and $0.41 in Q2. The company achieved an average TCE rate of $75,426 per day and Adjusted EBITDA of $70.4 million. Key developments include completion of $270 million bank facility for two vessels, $160 million JOLCO lease closure, and time charter extensions for Flex Courageous and Flex Resolute until 2032. The company declared a quarterly dividend of $0.75 per share. Management noted pressure on freight market due to high fleet growth and small arbitrage between Europe and Asia.
Flex LNG has announced a cash distribution of $0.75 for the third quarter 2024, to be paid from the Company's Contributed Surplus Account. Due to the NYSE settlement cycle changing from T+2 to T+1 from May 28, 2024, while OSE maintains T+2, there will be different distribution dates for NYSE and OSE shareholders. NYSE shareholders' payment is scheduled for December 11, 2024, while OSE shareholders will receive payment around December 16, 2024. The company operates thirteen LNG carriers with modern two-stroke propulsion systems, offering improved fuel efficiency compared to older vessels.
Flex LNG announced its third quarter 2024 results presentation, which will be delivered through a live video webcast on November 12, 2024, at 15:00 CET (09:00 a.m. EST). The presentation includes a Q&A session, and the company has also released a teaser video highlighting the quarter's results. The materials are accessible through the company's website at www.flexlng.com. The presentation complies with Norwegian Securities Trading Act disclosure requirements.
Flex LNG has secured a significant time charter extension for two LNG carriers, Flex Courageous and Flex Resolute, with a Supermajor. The new agreement adds a firm three-year period from 2029 to 2032, with options to extend up to 2039 through three additional periods (2+2+3 years). This extension builds upon existing charter agreements from 2022, where the Charterer has already exercised the first two-year extension option until 2027, with another option remaining until 2029. The new extension demonstrates Flex LNG's strategy of securing longer-duration contracts at higher rates.
Flex LNG announced it will release its Q3 2024 unaudited financial results on Tuesday, November 12, 2024, around 07:00 CET. The company will host a live video webcast at 15:00 CET the same day, featuring a presentation followed by a Q&A session. Participants are encouraged to register 5-10 minutes before the start. Questions can be submitted during the presentation or via email to ir@flexlng.com. Presentation materials will be available on the company's website, and a replay will be accessible on both the website and Flex LNG's YouTube channel.
Flex LNG has announced that its Chief Financial Officer, Knut Traaholt, will be conducting a non-deal roadshow to meet with investors in the United States and Canada. The company has made the presentation materials available on their website and attached to the announcement. This investor outreach initiative suggests that Flex LNG is actively engaging with its shareholders and potential investors, potentially to discuss the company's financial performance, strategy, or future outlook. For those seeking more information, Flex LNG has provided contact details for Mr. Traaholt.
Flex LNG (NYSE: FLNG) (OSE: FLNG) has successfully completed $430 million in new financings as announced in their Q2-2024 report. The company finalized a $270 million bank facility for Flex Aurora and Flex Ranger on September 24, 2024, repaying a previous $375 million facility. This left Flex Endeavour unencumbered at the end of Q3-2024. On October 3, 2024, Flex LNG closed a $160 million JOLCO lease for Flex Endeavour at favorable terms.
With a cash balance of $370 million as of June 30, 2024, these refinancings will further enhance the company's substantial cash position. CFO Knut Traaholt emphasized the attractive terms of the refinancings and expressed gratitude for the support from banks and lease providers. Flex LNG's fleet consists of thirteen state-of-the-art LNG carriers with modern two-stroke propulsion, offering improved fuel efficiency and reduced carbon footprint.
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