Wednesday November 20, 2019

November 20, 2019 – Hamilton, Bermuda
Flex LNG Ltd. (“Flex LNG” or the “Company”) today announced its unaudited financial results for the third quarter and nine months ended September 30, 2019.


  • Reported revenues of $29.8 million for the third quarter 2019, compared to $19.0 million for the second quarter 2019.
  • Average Time Charter Equivalent (“TCE”) rate of $58,222 per day for the third quarter 2019, compared to $46,266 per day for the second quarter 2019.
  • Adjusted EBITDA of $21.8 million for the third quarter 2019, compared with $11.3 million for the second quarter 2019.
  • Reported net income of $0.5 million for the third quarter 2019, compared to a net loss of $3.9 million for the second quarter 2019.
  • In July 2019, the Company executed the $300 million sale and charterback transaction with Hyundai Glovis Co. Ltd. (“Hyundai Glovis”) for the vessels Flex Endeavour and Flex Enterprise.
  • In August 2019, the Company took delivery of its sixth newbuilding LNG carrier, Flex Courageous.
  • In October 2019, Flex LNG Fleet Management AS received the Document of Compliance qualifying the Company for in-house technical ship management services.
  • In November 2019, the Company received firm commitments from a syndicate of 11 banks and the Export-Import Bank of Korea (“KEXIM”) for a $629 million financing for the five newbuildings scheduled for delivery in 2020.
  • The Board of Directors has declared a cash dividend for the third quarter of $0.10 per share.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:
In line with our expectations, the freight market has become increasingly tighter in the second half of 2019 resulting in much more favourable market conditions despite low gas prices. Flex LNG has been very well positioned for the stronger market with ships available in the spot market as well as ships on variable rates linked to these freight rates. We are today delivering results in line with guidance for third quarter and our fourth quarter is booked at considerable higher rates with revenue expectations of about $50 to $55 million. During the year we have also secured close to $1.3bn of attractive long-term financing and this together with our in-house ship management company means we are well positioned for the journey ahead. 

Harald Gurvin, CFO of Flex LNG Management AS, commented:
“Our track record for 2019 demonstrates our ability to secure financing from various sources at very attractive terms. Having already executed $650 million in new financings during 2019, the new $629 million facility for the five newbuildings delivering in 2020 means have we secured long term funding for 11 of our 13 vessels, with comfortable remaining capex for the two vessels delivering in 2021. The new facility was significantly oversubscribed, with commitments from KEXIM and 11 leading international shipping banks. Attractive financing terms also mean attractive cash breakeven levels, giving substantial cash flow potential from our fleet of latest generation LNG carriers.”

Third Quarter 2019 Result Presentation

In connection with the earnings release, a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. ET).

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:

Attend by Conference Call:

Applicable dial-in telephone numbers are as follows:

Norway: +47 21 56 31 62

United Kingdom: +44 (0) 203 009 5710

United Kingdom, local: 084 449 33857

United States: +1 917 720 0178

United States (toll free): +1 866 869 2321

Confirmation Code: 8292178

A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session. The presentation material which will be used in the teleconference/webcast can be downloaded on and replay details will also be available at this website.

For further information, please contact:

Harald Gurvin, CFO

Telephone: +47 23 11 40 09

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 “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,” “will,” “would,” “could” 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, management’s examination of historical operating trends, data contained in the Company’s 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 Company’s 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 Company’s 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, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, the fuel efficiency of the Company’s vessels, the market for the Company’s 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 (“Other Reports”).  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 of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.