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Highlights:
- Revenues of $81.3 million for the first quarter 2021, compared to $67.4
million for the fourth quarter 2020.
- Net income of $47.2 million and earnings per share of $0.88 for the first
quarter 2021, compared to $25.8 million and earnings per share of $0.48 for
the fourth quarter 2020.
- Average Time Charter Equivalent (âTCEâ) rate of $75,399 per day for the
first quarter 2021, compared to $73,712 per day for the fourth quarter 2020.
- Adjusted EBITDA(1) of $64.0 million for the first quarter 2021, compared to
$50.2 million for the fourth quarter 2020.
- Adjusted net income of $34.2 million for the first quarter 2021, compared to
$24.2 million for the fourth quarter 2020.
- Adjusted earnings per share of $0.64 for the first quarter 2021, compared to
$0.45 for the fourth quarter 2020.
- In January 2021, the Company took delivery of its eleventh and twelfth
newbuilding LNG carriers, Flex Freedom and Flex Volunteer, which immediately
commenced short-term time charters at attractive rates.
- In April 2021, the Company announced time charter agreements with Cheniere
for the attractive long-term time charters of four vessels, with an option
for a fifth vessel. The time charter agreements have been described in more
detail in our Business Update section of this report.
- As at the date of this report, the Company has repurchased 800,000 shares at
an aggregate cost of $6.9 million, or $8.65 per share, in accordance with
the share buy-back program announced in November 2020.
- The Company appointed Mr. Knut Traaholt to succeed Mr. Harald Gurvin as
Chief Financial Officer, with effect from May 3, 2021.
- Published our third annual ESG report for 2020, which can be found on the
Companyâs website.
- In May 2021, the Company announced a time charter agreement with an
international trading house for the vessel, Flex Constellation with a firm
period ending in the second quarter 2024.
- On May 20, 2021, the Company agreed the terms and condition for a fixed rate
Time Charter Agreement with an LNG portfolio player for a minimum firm
period of either three or five years for Flex Freedom. The charter will
commence in the first or second quarter 2022 in direct continuation of its
existing time charter and the Charterer will declare the firm period in the
third quarter 2021. The Charterer has the option to extend the period by an
additional two years bringing the total period to five or seven years. The
Time Charter Agreement remains subject to final documentation as well as
customary closing conditions.
- The Board of Directors has declared a cash dividend for the first quarter of
$0.40 per share.
Ăystein M Kalleklev, CEO of Flex LNG Management AS, commented:
âWe are pleased to announce our best quarterly results so far with Vessel
operating revenues and Adjusted net income of $81.3 million and $34.2 million,
respectively. 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. Since reporting our fourth quarter results in February,
we have agreed several attractive fixed hire term employment contracts for our
vessels with an addition of an aggregate 22 years of minimum backlog secured.
This provides us with strong earnings visibility with about 88% of the days from
Q2 to the year end already covered. A healthy backlog coupled with a strong
financial position, industry low cash break even levels and our investment
program coming to its end with the delivery of our last remaining newbuilding,
Flex Vigilant, enables us to increase the shareholder distribution going forward
with a dividend hike to $0.40 for the first quarter 2021.â
First Quarter 2021 Result Presentation
Flex LNG will release its financial results for the first quarter 2021 on Friday
May 21, 2021.
In connection with the earnings release, a webcast and conference call will be
held at 2:00 p.m. CEST (8:00 a.m. EST). In order to attend the webcast and/or
conference call you may do one of the following:
Attend by Webcast:
Use to the follow link prior to the webcast: https://edge.media-
server.com/mmc/p/gx66qkea
Attend by Conference Call:
Applicable dial-in telephone numbers are as follows:
Norway: +47 21 03 39 22
United Kingdom: +44 (0) 203 0095709
United Kingdom, local: 0844 4936 766
United States: +1 646 787 1226
United States (toll free): +1 866 2801 157
Confirmation Code: 7896598
The presentation material which will be used in the teleconference/webcast can
be downloaded on www.flexlng.com and replay details will also be available at
this website.
For further information, please contact:
Knut Traaholt, CFO
Telephone: +47 23 11 40 00
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business. Forward-
looking statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts. The Company
desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words âbelieve,â
âexpect,â âanticipate,â âestimate,â âintend,â âplan,â âtarget,â âproject,â
âlikely,â âmay,â âwill,â âwould,â âcouldâ and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, managementâs examination of historical operating
trends, data contained in the Companyâs records and other data available from
third parties. Although management believes that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond the Companyâs control, there can be no assurance that the
Company will achieve or accomplish these expectations, beliefs or projections.
The Company undertakes no obligation, and specifically declines any obligation,
except as required by law, to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
In addition to these important factors, other important factors that, in the
Companyâs view, could cause actual results to differ materially from those
discussed in the forward-looking statements include: unforeseen liabilities,
future capital expenditures, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand in the LNG tanker market, the length and severity of
the COVID-19 outbreak, the impact of public health threats and outbreaks of
other highly communicable diseases, changes in the Companyâs operating expenses,
including bunker prices, dry-docking and insurance costs, the fuel efficiency of
the Companyâs vessels, the market for the Companyâs vessels, availability of
financing and refinancing, ability to comply with covenants in such financing
arrangements, failure of counterparties to fully perform their contracts with
the Company, changes in governmental rules and regulations or actions taken by
regulatory authorities, including those that may limit the commercial useful
lives of LNG tankers, potential liability from pending or future litigation,
general domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessel breakdowns and
instances of off-hire, and other factors, including those that may be described
from time to time in the reports and other documents that the Company files with
or furnishes to the U.S. Securities and Exchange Commission (âOther Reportsâ).
For a more complete discussion of certain of these and other risks and
uncertainties associated with the Company, please refer to the Other Reports.
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
Kilde
