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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 (FLNG) has reported mandatory notifications of trade by persons discharging managerial responsibilities (PDMR). CEO Øystein Kalleklev exercised 100,000 options and sold 100,000 shares on the New York Stock Exchange at an average price of USD 26.65 per share on September 18th and 19th, 2024. After the sale, Kalleklev retains ownership of 50,000 common shares.
CFO Knut Traaholt also exercised 48,000 options and sold 48,000 shares at the same average price during the same period. The company has disclosed this information in compliance with Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.
Flex LNG (NYSE: FLNG) announced that CEO Øystein Kalleklev will be presenting at the 31st Energy Conference hosted by Pareto Securities. Flex LNG is a shipping company specializing in the Liquefied Natural Gas (LNG) market. The company's fleet consists of thirteen state-of-the-art LNG carriers equipped with the latest generation two-stroke propulsion systems (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and reduced carbon footprint compared to older steam and four-stroke propelled ships. Flex LNG is listed on both the New York Stock Exchange and Oslo Stock Exchange under the ticker FLNG.
Flex LNG (Ticker: FLNG) has announced dividend payments for shareholders on both the Oslo Stock Exchange (OSE) and the New York Stock Exchange (NYSE). Shares traded on OSE will go ex-dividend of USD 0.75 per share on August 28, 2024, with payment expected around September 17, 2024. For NYSE-traded shares, the ex-dividend date is set for August 29, 2024, with payment anticipated around September 12, 2024. This dividend announcement demonstrates Flex LNG's commitment to returning value to shareholders across its dual-listed stocks.
Flex LNG (FLNG) has announced key information regarding its cash distribution for the second quarter of 2024. The company will distribute $0.75 per share from its Contributed Surplus Account. Due to the settlement cycle change on the New York Stock Exchange (NYSE) from T+2 to T+1, there will be different dates for NYSE and Oslo Stock Exchange (OSE) shareholders:
NYSE shareholders: Last day including right is August 28, 2024; ex-date and record date are August 29, 2024; payment date is around September 12, 2024.
OSE shareholders: Last day including right is August 27, 2024; ex-date is August 28, 2024; record date is August 29, 2024; payment date is around September 17, 2024.
The distribution was approved on August 13, 2024. Shareholders may face restrictions in moving shares between NYSE and OSE during the interim days.
Flex LNG has announced the release of its second quarter 2024 financial results presentation. The company will host a live video webcast on August 14, 2024, at 15:00 CEST (09:00 a.m. EST) to discuss the results. Investors and analysts can access the webcast through a provided link, with a Q&A session following the presentation. Additionally, Flex LNG has published a short teaser video highlighting the quarter's key points, available on YouTube and the company's website. The presentation materials will also be accessible on www.flexlng.com. For further inquiries, stakeholders can contact CFO Knut Traaholt.
Flex LNG reported its Q2 2024 financial results, with vessel operating revenues of $84.7 million, down from $90.2 million in Q1. Net income decreased to $21.8 million ($0.41 per share) from $33.2 million ($0.62 per share) in Q1. The average Time Charter Equivalent rate was $72,385 per day, down from $76,539 in Q1.
The company completed scheduled drydocking for two vessels and secured new financing facilities, including a $160 million sale and leaseback for Flex Endeavour and a $270 million bank loan for two other vessels. These refinancings will address Flex LNG's first debt maturity and improve its financial position.
Flex LNG declared a dividend of $0.75 per share for Q2 2024, payable on September 12, 2024. The company expects revenues to increase to approximately $90 million in Q3 2024 due to improved market conditions and no scheduled off-hire.
Flex LNG (FLNG) has announced the release of its unaudited financial results for the second quarter of 2024, scheduled for Wednesday, August 14, 2024, at approximately 07:00 CEST (1:00 a.m. EST). The company will host a live video webcast at 15:00 CEST (9:00 a.m. EST) on the same day to discuss the earnings. Interested parties can register and watch the webcast through a provided link. A Q&A session will follow the presentation, with instructions on how to submit questions given at the beginning. Questions can also be emailed to ir@flexlng.com. The presentation material will be available on the company's website, and a replay of the webcast will be accessible on both the website and Flex LNG's YouTube channel.
Flex LNG will participate in the DNB Investor Lunch during Marine Money 2024 in New York, where the company will also engage with investors. Flex LNG's fleet includes thirteen modern LNG carriers equipped with advanced two-stroke propulsion systems (MEGI and X-DF), offering improved fuel efficiency and reduced carbon footprints compared to older models. Flex LNG is publicly traded on both the New York Stock Exchange and Oslo Stock Exchange under the ticker FLNG. For further details, the presentation can be accessed on Flex LNG's website, and more information can be obtained by contacting Knut Traaholt, the Chief Financial Officer.
Flex LNG (FLNG) announced that its shares on the Oslo Stock Exchange (OSE) will trade ex-dividend of USD 0.75 per share on June 7, 2024. The corresponding dividend payment will be made on or about June 26, 2024. Shares traded on the New York Stock Exchange (NYSE) will trade ex-dividend of USD 0.75 per share starting June 10, 2024, with payment expected on or about June 21, 2024. The company's CFO, Knut Traaholt, can be contacted for further details.
Flex LNG released its 2023 Annual ESG Report, the sixth since 2018. The report aligns with the SASB Maritime Transportation Standard and GRI, highlighting significant advancements in Environmental, Social, and Governance (ESG) aspects.
Notably, fleet emissions were reduced by ~7% (tonnes CO2) compared to 2022, achieving a Lost Time Injury Frequency (LTIF) of 0.33. The company reported zero spills or environmental releases in 2023.
Flex LNG disclosed climate risk management strategies to the CDP, earning a 'B' rating, an improvement from 'B-' in 2022. The company views this as an incentive to enhance its decarbonization efforts.
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