Flex LNG Time Charter Rates Beat Expectation

Flex LNG Ltd. released its unaudited financial results for the fourth quarter and full year ended December 31, 2024, reporting a robust performance amid a challenging LNG shipping market.

Flex LNG posted vessel operating revenues of $90.9 million for the fourth quarter, a slight increase from $90.5 million in the third quarter. Net income surged to $45.2 million, significantly up from $17.4 million in the previous quarter, translating into basic earnings per share of $0.84 compared to $0.32 in Q3.

The company reported an average Time Charter Equivalent (TCE) rate of $75,319 per day, maintaining stability compared to the $75,426 per day recorded in Q3. Adjusted EBITDA stood at $68.7 million, down slightly from $70.4 million, while adjusted net income rose to $30.8 million from $28.7 million in the prior quarter. The company’s adjusted earnings per share reached $0.57, up from $0.53 in Q3.

Courtesy Flex LNG

Flex LNG continued to strengthen its balance sheet and secure long-term revenue streams. In Q4, the company closed a $160 million JOLCO lease financing for Flex Endeavour, completing a $430 million financing plan with net proceeds of approximately $97 million. Additionally, the company amended its Flex Enterprise $150 million facility, converting