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Flex LNG Ltd. (âFlex LNGâ or the âCompanyâ) today announced its unaudited
financial results for the three months ended March 31, 2023.
Highlights:
compared to $97.9 million for the fourth quarter 2022.
the first quarter 2023, compared to net income of $41.4 million and basic
earnings per share of $0.78 for the fourth quarter 2022.
the first quarter 2023, compared to $81,699 per day for the fourth quarter 2022.
compared to $79.1 million for the fourth quarter 2022.
compared to $54.5 million for the fourth quarter 2022.
2023, compared to $1.02 for the fourth quarter 2022.
which has resulted in the re-financing of all ships in our fleet over a 16 month
period which has increased the our cash balance by approximately $382.4 million
after all fees and expenses, extended the maturity profiles to the earliest in
2028 and reduced interest margins. Most recently:
with an Asian-based lease provider for the vessels, Flex Artemis and Flex Amber.
an Asian-based lease provider for the vessel, Flex Rainbow; and
facility with margin of 1.85%, 6 year tenor and a 22 year age-adjusted repayment
profile.
interest rate swaps with aggregate notional principals of $660 million and $160
million, respectively. The weighted average SOFR interest rate is 1.81% with
weighted average duration of 5.3 years. While the weighted average LIBOR
interest rate is 0.96% with a weighted average duration of 2.0 years.
share.
Ăystein M Kalleklev, CEO of Flex LNG Management AS, commented:
"We are today publishing our first quarter 2023 results and we are pleased to
announce that revenues came in at $92.5 million, spot on our guidance of $90 to
$93 million. This resulted in adjusted earnings per share of $0.66 for the
quarter. As we completed the balance sheet optimization program during the first
quarter, we had some additional financing costs in our accounts for the first
quarter. However, we have now put in place new attractive long-term financing
for all our thirteen ships boosting our cash balance to $475 million at quarter-
end or about $9 per share.
Given our very strong financial position and our extensive charter backlog with
a minimum of ~57 years remaining contractual backlog, the Board has therefore
once again declared an ordinary quarterly dividend of $0.75 per share. During
the last twelve months, we have thus paid out $3.75 of dividend per share which
should provide investor with an attractive annualized yield of about 11 per
cent.
We have now also completed our two first scheduled dry-docking of the LNG
carriers Flex Enterprise and Flex Endeavour being docked during March and April
respectively. We are pleased to say that these dry-dockings have been carried
out according to both time and costs while minimizing off-hire periods. During
the second quarter we will carry out the two last drydocking for the year.
Revenues are therefore expected to pick up in the second half of the year when
the drydocking program for the year is expected to be completed by end of June.
We also re-affirm our guidance for the year. Despite off-hire in connection with
four ships carrying out dry-docking, we do expect revenues to increase from $348
million in 2022 to about $370 million for 2023. The average Time Charter
Equivalent Rate for the fleet is expected to come in at about $80,000 per day
for 2023 in line with the $80,175 per day we delivered in the first quarter.
While the spot market right now is at a seasonable low, we maintain a positive
long-term view. Our exposure to the spot market is also limited to one of the
thirteen ships which is on a variable time charter where earnings are typically
higher in the winter season. Our first fully open ships are not open before
2027 and with newbuilding prices are now exceeding $260 million for ships with
deliveries in 2027 this is putting upward pressure on charter rates. Hence, we
believe Flex LNG continues to be very well positioned for opportunities to re-
contract our ships for longer periods at higher rates in the near future, like
we have evidenced in the past."
First Quarter 2023 Result Presentation
In connection with the earnings release, a video webcast will be held at today
at 15:00 CEST (9:00 a.m. EST).
In order to attend the live video webcast use the following link:
First Quarter 2023 Earnings Presentation (WN Event
registration/Pn9ZYoK6/register)
A Q&A session will be held after the conference/webcast. Information on how to
submit questions will be given at the beginning of the session.
In conjunction with the quarterly results, we have published a short video in
which Ăystein Kalleklev, CEO of Flex LNG, discusses the highlights of the third
quarter. The video can be accessed through the following link:
Link You (https://youtu.be/OiIZ7IqftH8)T (https://youtu.be/OiIZ7IqftH8)ube
(https://youtu.be/OiIZ7IqftH8)
The presentation material which will be used in the live video webcast can be
downloaded on www.flexlng.com and replay details will also be available at this
website.
For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
(https://www.globenewswire.com/Tracker?data=2aYmEzUf7KFUfIzVjjGv5TEqAAyQJ6zI1vzi
MPx2m5ncbuQhOMJFOnbRiF_tIJXLLTPKeVJr68_-PTjy7cTwOA==)
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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 âforecast,â âanticipate,â âestimate,â âintend,â âplan,â âpossible,â
âpotential,â âpending,â âtarget,â âproject,â âlikely,â âmay,â âwill,â âwould,â
âshould,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.
As such, these forward-looking statements are not guarantees of the Companyâs
future performance, and actual results and future developments may vary
materially from those projected in the forward-looking statements. The Company
undertakes no obligation, and specifically declines any obligation, except as
required by applicable law or regulation, to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. New factors emerge from time to time, and it is not
possible for the Company to predict all of these factors. Further, the Company
cannot assess the effect of each such factor on its business or the extent to
which any factor, or combination of factors, may cause actual results to be
materially different from those contained in any forward-looking statement.
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 impact of public health
threats and outbreaks of other highly communicable diseases, including the
length and severity of the COVID-19 outbreak and its impact on the LNG tanker
market, 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,
customersâ increasing emphasis on environmental and safety concerns, potential
liability from pending or future litigation, general domestic and international
political conditions or events, including the recent conflicts between Russia
and Ukraine, which remain ongoing as of the date of this press release, business
disruptions, including supply chain disruption and congestion, due to natural or
other disasters or otherwise, potential physical disruption of shipping routes
due to accidents, climate-related incidents, 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.
(1) Time Charter Equivalent rate, Adjusted EBITDA, Adjusted net income/(loss)
and Adjusted earnings/(loss) per share are non-GAAP measures. A reconciliation
to the most directly comparable GAAP measure is included in the end of this
earnings report.
Kilde
