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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 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.
Flex LNG has announced a cash distribution of $0.75 per share for the first quarter of 2024. This distribution will be made from the company's Contributed Surplus Account. NYSE shareholders will receive their payment on or about June 21, 2024, while OSE shareholders will receive theirs on or about June 26, 2024. Important dates include the ex-date of June 10, 2024, for NYSE and June 7, 2024, for OSE. The shortened settlement cycle from T+2 to T+1 on the NYSE starting May 28, 2024, may restrict share movements between NYSE and OSE during interim days.
Flex LNG reported its unaudited financial results for Q1 2024, with revenues of $90.2 million, down from $97.2 million in Q4 2023.
Net income rose to $33.2 million from $19.4 million in the previous quarter, with EPS increasing to $0.62.
Adjusted net income and EPS remained steady at $37.9 million and $0.70, respectively.
Despite lower revenues, the company extended contracts for multiple vessels, adding 6.2 years to its backlog.
Flex LNG declared a $0.75 per share dividend, maintaining a strong balance sheet with $383 million in cash.
CEO Øystein M. Kalleklev emphasized the company's increased earnings visibility and protection against market weaknesses.
Flex LNG has released its first quarter 2024 earnings report and will hold a live video webcast on May 23, 2024, at 15:00 CEST (09:00 a.m. EST) to discuss the results. A Q&A session will follow. The presentation and a short teaser video highlighting the quarter's key points are available on their website.
For further details, contact Knut Traaholt, CFO, via phone or email.
Flex LNG will release its unaudited financial results for the first quarter of 2024 on Thursday, May 23, 2024. A live video webcast will accompany the earnings release at 15:00 CEST on the same day. Investors can register to attend the webcast and participate in a Q&A session. Presentation materials will be available on the company's website, with a replay also accessible on the Flex LNG YouTube channel.
Flex LNG, announced a new Time Charter agreement with a large Asian LNG importer for the vessel Flex Constellation. The charter commenced on May 7 with a minimum duration of 312 days, extendable up to first quarter 2026. The ship is equipped with modern technology to reduce boil-off rates. The company's CEO highlighted the addition of 6.2 years of firm backlog this year, securing 100% charter coverage for the remainder of the year.
FLEX LNG held its 2024 Annual General Meeting where audited financial statements for 2023 were presented. They passed resolutions on director appointments, auditor selection, remuneration, and capital adjustments.
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