Flex LNG Ltd. reports developments for an LNG shipping company that charters modern liquefied natural gas carriers to customers. Its fleet is described as thirteen LNG carriers using latest-generation two-stroke MEGI and X-DF propulsion, with revenue generated through vessel operations and time-charter employment.
Recurring updates cover quarterly results and presentations, annual reports, time-charter agreements and extensions for vessels such as Flex Aurora, Flex Resolute, Flex Courageous and Flex Constellation, fleet status, shareholder meeting notices and AGM voting results. Company communications also address LNG freight-market conditions, contract backlog, vessel operating revenues, and governance matters for the Bermuda issuer listed on the New York Stock Exchange under FLNG.
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.
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 (FLNG) presented at Pareto Securities' 31st Energy Conference on Sept. 12, 2024. CEO Øystein Kalleklev delivered the presentation, which is attached to the announcement and available for download on the company website.
Flex LNG describes its fleet as thirteen state-of-the-art LNG carriers using two-stroke propulsion (MEGI and X-DF), which the company says improves fuel efficiency and carbon footprint versus older steam and four-stroke ships. Investor contact details for CFO Knut Traaholt and a downloadable presentation link are provided.
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.