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FLEX LNG LTD.
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By: /s/ Oystein Kalleklev
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Date: November 21, 2019
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Name: Oystein Kalleklev
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Title: Chief Executive Officer of Flex LNG Management AS
(Principal Executive Officer of FLEX LNG Ltd.)
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1 |
Flex LNG Ltd. Third Quarter Results 2019
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• |
Reported revenues of $29.8 million for the third quarter 2019, compared to $19.0 million for the second quarter 2019.
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• |
Average Time Charter Equivalent¹ ("TCE") rate of $58,222 per day for the third quarter 2019, compared to $46,266 per day for the second quarter 2019.
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• |
Adjusted EBITDA¹ of $21.8 million for the third quarter 2019, compared with $11.3 million for the second quarter 2019.
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• |
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.
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• |
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.
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• |
In August 2019, the Company took delivery of its sixth newbuilding LNG carrier, Flex Courageous.
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• |
In October 2019, Flex LNG Fleet Management AS received the Document of Compliance qualifying the Company for in-house technical ship management services.
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• |
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.
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• |
The Board of Directors has declared a cash dividend for the third quarter of $0.10 per share.
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2 |
Flex LNG Ltd. Third Quarter Results 2019
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3 |
Flex LNG Ltd. Third Quarter Results 2019
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4 |
Flex LNG Ltd. Third Quarter Results 2019
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5 |
Flex LNG Ltd. Third Quarter Results 2019
|
6 |
Flex LNG Ltd. Third Quarter Results 2019
|
7 |
Flex LNG Ltd. Third Quarter Results 2019
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8 |
Flex LNG Ltd. Third Quarter Results 2019
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9 |
Flex LNG Ltd. Third Quarter Results 2019
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David McManus
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Marius Hermansen
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Ola Lorentzon
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João Saraiva E Silva
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Nikolai Grigoriev
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10 |
Flex LNG Ltd. Third Quarter Results 2019
|
Condensed Consolidated Interim Statement of Operations
|
||||||||||||||||||||||||
(figures in thousands of $, except per share data)
|
||||||||||||||||||||||||
Three months ended
|
Nine months ended
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|||||||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||||||
Note
|
2019
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||
Vessel operating revenues
|
29,814
|
19,018
|
19,008
|
67,973
|
41,108
|
|||||||||||||||||||
Voyage expenses
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(994
|
)
|
(1,113
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)
|
(1,107
|
)
|
(5,896
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)
|
(4,982
|
)
|
||||||||||||||
Vessel operating expenses
|
(4,618
|
)
|
(5,165
|
)
|
(4,060
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)
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(14,309
|
)
|
(15,201
|
)
|
||||||||||||||
Administrative expenses
|
(2,286
|
)
|
(1,506
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)
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(1,132
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)
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(5,656
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)
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(2,858
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)
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||||||||||||||
Depreciation
|
(7,840
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)
|
(6,308
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)
|
(5,477
|
)
|
(20,064
|
)
|
(10,541
|
)
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||||||||||||||
Operating income/(loss)
|
14,076
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4,926
|
7,232
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22,048
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7,526
|
|||||||||||||||||||
Finance income
|
264
|
204
|
72
|
724
|
324
|
|||||||||||||||||||
Interest expense
|
8
|
(9,437
|
)
|
(6,853
|
)
|
(6,124
|
)
|
(22,791
|
)
|
(11,270
|
)
|
|||||||||||||
Write-off of debt issuance costs
|
8
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(3,388
|
)
|
—
|
—
|
(3,388
|
)
|
—
|
||||||||||||||||
(Loss)/gain on derivatives
|
9
|
(915
|
)
|
(2,229
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)
|
—
|
(3,144
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)
|
—
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|||||||||||||||
Other financial items
|
(133
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)
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33
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(1
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)
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(339
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)
|
(37
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)
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|||||||||||||||
Income/(loss) before tax
|
467
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(3,919
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)
|
1,179
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(6,890
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)
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(3,457
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)
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||||||||||||||||
Income tax credit/(expense)
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1
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—
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—
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1
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(2
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)
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||||||||||||||||||
Net income/(loss)
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468
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(3,919
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)
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1,179
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(6,889
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)
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(3,459
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)
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||||||||||||||||
Earnings/(loss) per share:
|
||||||||||||||||||||||||
Basic and Diluted
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3
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0.01
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(0.07
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)
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0.03
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(0.13
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)
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(0.09
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)
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|||||||||||||||
Condensed Consolidated Statement of Comprehensive Income
|
||||||||||||||||||||||||
(figures in thousands of $, except per share data)
|
||||||||||||||||||||||||
Three months ended
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Nine months ended
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|||||||||||||||||||||||
September 30,
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June 30,
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September 30,
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September 30,
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September 30,
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||||||||||||||||||||
Note
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2019
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||
Net income/(loss)
|
468
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(3,919
|
)
|
1,179
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(6,889
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)
|
(3,459
|
)
|
||||||||||||||||
Total other comprehensive income/(loss)
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—
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—
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33
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—
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33
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|||||||||||||||||||
Total comprehensive income/(loss) attributable to Flex LNG Ltd.
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468
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(3,919
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)
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1,212
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(6,889
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)
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(3,426
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)
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11 |
Flex LNG Ltd. Third Quarter Results 2019
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(figures in thousands of $, except per share data)
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||||||||||||||||
September 30,
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June 30,
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December 31,
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||||||||||||||
Note
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2019
|
2019
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2018
|
|||||||||||||
ASSETS
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||||||||||||||||
Current assets
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||||||||||||||||
Cash, restricted cash and cash equivalents
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4
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56,554
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26,444
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55,097
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||||||||||||
Inventory
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1,712
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1,917
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915
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|||||||||||||
Other current assets
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14,475
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6,900
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2,693
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Receivables due from related parties
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11
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383
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1,082
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1,720
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Total current assets
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73,124
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36,343
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60,425
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Non-current assets
|
||||||||||||||||
Vessel purchase prepayment
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5,7
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349,472
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385,472
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421,472
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||||||||||||
Vessels and equipment, net
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6
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1,155,835
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982,459
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812,478
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Other fixed assets
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5
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5
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11
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|||||||||||||
Derivative instruments receivable
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9
|
269
|
—
|
—
|
||||||||||||
Total non-current assets
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1,505,581
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1,367,936
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1,233,961
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|||||||||||||
Total Assets
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1,578,705
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1,404,279
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1,294,386
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|||||||||||||
EQUITY AND LIABILITIES
|
||||||||||||||||
Current liabilities
|
||||||||||||||||
Current portion of long-term debt
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7,8
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34,261
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29,996
|
23,365
|
||||||||||||
Derivative instruments payable
|
9
|
3,521
|
2,257
|
—
|
||||||||||||
Payables due to related parties
|
11
|
—
|
—
|
206
|
||||||||||||
Accounts payable
|
933
|
2,156
|
592
|
|||||||||||||
Other current liabilities
|
16,339
|
12,951
|
11,297
|
|||||||||||||
Total current liabilities
|
55,054
|
47,360
|
35,460
|
|||||||||||||
Non-current liabilities
|
||||||||||||||||
Long-term debt
|
7,8
|
702,893
|
536,762
|
431,602
|
||||||||||||
Other non-current liabilities
|
3
|
1
|
—
|
|||||||||||||
Total non-current liabilities
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702,896
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536,763
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431,602
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|||||||||||||
Total liabilities
|
757,950
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584,123
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467,062
|
|||||||||||||
Equity
|
||||||||||||||||
Share capital (September 30, 2019: 54,110,584 (December 31, 2018: 54,099,929) shares issued and outstanding, par value $0.10 per share)
|
12
|
5,411
|
5,410
|
5,410
|
||||||||||||
Additional paid in capital
|
1,189,984
|
1,189,854
|
1,189,665
|
|||||||||||||
Accumulated deficit
|
(374,640
|
)
|
(375,108
|
)
|
(367,751
|
)
|
||||||||||
Total equity
|
820,755
|
820,156
|
827,324
|
|||||||||||||
Total Equity and Liabilities
|
1,578,705
|
1,404,279
|
1,294,386
|
12 |
Flex LNG Ltd. Third Quarter Results 2019
|
(figures in thousands of $)
|
||||||||||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||||||
Note
|
2019
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||
OPERATING ACTIVITIES
|
||||||||||||||||||||||||
Net income/(loss)
|
468
|
(3,919
|
)
|
1,179
|
(6,889
|
)
|
(3,459
|
)
|
||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
|
||||||||||||||||||||||||
Depreciation
|
6
|
7,840
|
6,308
|
5,477
|
20,064
|
10,541
|
||||||||||||||||||
Write off of debt issuance costs
|
8
|
3,388
|
—
|
—
|
3,388
|
—
|
||||||||||||||||||
Amortization of debt issuance costs
|
98
|
65
|
(15
|
)
|
228
|
73
|
||||||||||||||||||
Share-based payments
|
65
|
65
|
44
|
259
|
111
|
|||||||||||||||||||
Foreign exchange loss/(gain)
|
41
|
(82
|
)
|
24
|
(33
|
)
|
31
|
|||||||||||||||||
Adjustment of derivatives to fair value
|
8
|
1,017
|
2,257
|
—
|
3,274
|
—
|
||||||||||||||||||
Other
|
12
|
(1
|
)
|
(187
|
)
|
(5
|
)
|
(598
|
)
|
|||||||||||||||
Changes in operating assets and liabilities, net:
|
||||||||||||||||||||||||
Inventory
|
205
|
(923
|
)
|
1,107
|
(797
|
)
|
(467
|
)
|
||||||||||||||||
Other current assets
|
(7,575
|
)
|
(1,404
|
)
|
(2,329
|
)
|
(11,782
|
)
|
784
|
|||||||||||||||
Receivables due from related parties
|
699
|
486
|
(1
|
)
|
1,337
|
(1,216
|
)
|
|||||||||||||||||
Payables due to related parties
|
—
|
—
|
188
|
(206
|
)
|
908
|
||||||||||||||||||
Accounts payable
|
(1,223
|
)
|
596
|
184
|
341
|
230
|
||||||||||||||||||
Other current liabilities
|
3,388
|
5,930
|
(354
|
)
|
5,042
|
5,269
|
||||||||||||||||||
Net cash provided by operating activities
|
8,423
|
9,378
|
5,317
|
14,221
|
12,207
|
|||||||||||||||||||
INVESTING ACTIVITIES
|
||||||||||||||||||||||||
Purchase of other fixed assets
|
(3
|
)
|
—
|
—
|
(3
|
)
|
(14
|
)
|
||||||||||||||||
Vessel purchase prepayments
|
5
|
—
|
—
|
—
|
—
|
(73,600
|
)
|
|||||||||||||||||
Additions and installments on newbuildings
|
—
|
—
|
(44,491
|
)
|
—
|
(233,466
|
)
|
|||||||||||||||||
Purchase of vessels and equipment
|
6
|
(145,214
|
)
|
(146,199
|
)
|
—
|
(291,413
|
)
|
—
|
|||||||||||||||
Capitalized interest
|
—
|
—
|
(223
|
)
|
—
|
(2,964
|
)
|
|||||||||||||||||
Net cash (used in) investing activities
|
(145,217
|
)
|
(146,199
|
)
|
(44,714
|
)
|
(291,416
|
)
|
(310,044
|
)
|
||||||||||||||
FINANCING ACTIVITIES
|
||||||||||||||||||||||||
Repayment of long term debt
|
8
|
(9,078
|
)
|
(5,906
|
)
|
(177,538
|
)
|
(20,889
|
)
|
(280,163
|
)
|
|||||||||||||
Repayment of revolving credit facility
|
8
|
(50,000
|
)
|
—
|
—
|
(50,000
|
)
|
—
|
||||||||||||||||
Prepayment of long term debt
|
8
|
(294,000
|
)
|
—
|
—
|
(294,000
|
)
|
—
|
||||||||||||||||
Proceeds from long term debt
|
8
|
525,000
|
123,537
|
155,925
|
648,537
|
584,613
|
||||||||||||||||||
Financing costs
|
8
|
(5,014
|
)
|
—
|
—
|
(5,014
|
)
|
—
|
||||||||||||||||
Net cash provided by/(used in) financing activities
|
166,908
|
117,631
|
(21,613
|
)
|
278,634
|
304,450
|
||||||||||||||||||
Effect of exchange rate changes on cash
|
(4
|
)
|
18
|
—
|
18
|
—
|
||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents
|
30,110
|
(19,172
|
)
|
(61,010
|
)
|
1,457
|
6,613
|
|||||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
26,444
|
45,616
|
77,584
|
55,097
|
9,961
|
|||||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
56,554
|
26,444
|
16,574
|
56,554
|
16,574
|
13 |
Flex LNG Ltd. Third Quarter Results 2019
|
(figures in thousands of $, except per share data)
|
||||||||||||
Nine months ended
|
Year ended
|
|||||||||||
September 30,
|
September 30,
|
December 31,
|
||||||||||
2019
|
2018
|
2018
|
||||||||||
Number of shares outstanding
|
||||||||||||
At beginning of period
|
54,099,929
|
36,797,238
|
36,797,238
|
|||||||||
Shares issued
|
10,655
|
8,796
|
17,302,691
|
|||||||||
At end of period
|
54,110,584
|
36,806,034
|
54,099,929
|
|||||||||
Share capital
|
||||||||||||
At beginning of period
|
5,410
|
3,680
|
3,680
|
|||||||||
Shares issued
|
1
|
1
|
1,730
|
|||||||||
At end of period
|
5,411
|
3,681
|
5,410
|
|||||||||
Additional paid in capital
|
||||||||||||
At beginning of period
|
1,189,665
|
895,951
|
895,951
|
|||||||||
Shares issued
|
125
|
—
|
293,645
|
|||||||||
Stock option expense
|
194
|
—
|
69
|
|||||||||
At end of period
|
1,189,984
|
895,951
|
1,189,665
|
|||||||||
Other comprehensive income
|
||||||||||||
At beginning of period
|
—
|
66
|
66
|
|||||||||
Other comprehensive income
|
—
|
(33
|
)
|
(66
|
)
|
|||||||
At end of period
|
—
|
33
|
—
|
|||||||||
Accumulated deficit
|
||||||||||||
At beginning of period
|
(367,751
|
)
|
(379,530
|
)
|
(379,530
|
)
|
||||||
Net income/(loss)
|
(6,889
|
)
|
(3,459
|
)
|
11,779
|
|||||||
At end of period
|
(374,640
|
)
|
(382,989
|
)
|
(367,751
|
)
|
||||||
Total Equity
|
820,755
|
516,676
|
827,324
|
14 |
Flex LNG Ltd. Third Quarter Results 2019
|
15 |
Flex LNG Ltd. Third Quarter Results 2019
|
(figures in thousands of $, except per share data)
|
||||||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2019
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||||
Net income/(loss) attributable to shareholders
|
468
|
(3,919
|
)
|
1,179
|
(6,889
|
)
|
(3,459
|
)
|
||||||||||||
Weighted average number of ordinary shares
|
54,106,715
|
54,103,993
|
36,805,415
|
54,104,645
|
36,802,208
|
|||||||||||||||
Share options
|
141,000
|
—
|
—
|
—
|
—
|
|||||||||||||||
Weighted average number of ordinary shares, adjusted for dilution
|
54,247,715
|
54,103,993
|
36,805,415
|
54,104,645
|
36,802,208
|
|||||||||||||||
Earnings/(loss) per share:
|
||||||||||||||||||||
Basic
|
0.01
|
(0.07
|
)
|
0.03
|
(0.13
|
)
|
(0.09
|
)
|
||||||||||||
Diluted
|
0.01
|
(0.07
|
)
|
0.03
|
(0.13
|
)
|
(0.09
|
)
|
(figures in thousands of $)
|
||||||||
September 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
Cash and cash equivalents
|
56,500
|
54,932
|
||||||
Restricted cash
|
54
|
165
|
||||||
Cash, restricted cash and cash equivalents
|
56,554
|
55,097
|
16 |
Flex LNG Ltd. Third Quarter Results 2019
|
(Unaudited figures in thousands of $)
|
||||||||||||
Vessels and equipment
|
Dry docks
|
Total
|
||||||||||
Cost
|
||||||||||||
At January 1, 2019
|
819,884
|
10,000
|
829,884
|
|||||||||
Additions
|
(500
|
)
|
—
|
(500
|
)
|
|||||||
Newbuildings
|
358,913
|
5,000
|
363,913
|
|||||||||
Disposals
|
—
|
—
|
—
|
|||||||||
At September 30, 2019
|
1,178,297
|
15,000
|
1,193,297
|
|||||||||
Accumulated depreciation
|
||||||||||||
At January 1, 2019
|
15,931
|
1,475
|
17,406
|
|||||||||
Charge
|
18,357
|
1,699
|
20,056
|
|||||||||
Disposals
|
—
|
—
|
—
|
|||||||||
At September 30, 2019
|
34,288
|
3,174
|
37,462
|
|||||||||
Net book value
|
||||||||||||
At January 1, 2019
|
803,953
|
8,525
|
812,478
|
|||||||||
At September 30, 2019
|
1,144,009
|
11,826
|
1,155,835
|
17 |
Flex LNG Ltd. Third Quarter Results 2019
|
(figures in thousands of $)
|
||||||||||||||||||||||||||||
1 year
|
2 years
|
3 years
|
4 years
|
5 years
|
Thereafter
|
Total
|
||||||||||||||||||||||
Vessel purchase commitments
|
554,800
|
382,200
|
—
|
—
|
—
|
—
|
937,000
|
|||||||||||||||||||||
Long-term debt obligations
|
34,633
|
35,315
|
36,072
|
36,876
|
259,705
|
342,540
|
745,141
|
|||||||||||||||||||||
Total
|
589,433
|
417,515
|
36,072
|
36,876
|
259,705
|
342,540
|
1,682,141
|
18 |
Flex LNG Ltd. Third Quarter Results 2019
|
(Unaudited figures in thousands of $)
|
||||||||||
Notional principal
|
Inception date
|
Maturity date
|
Fixed Interest Rate
|
|||||||
Receiving floating, pay fixed
|
25,000
|
June 2019
|
June 2024
|
2.00
|
%
|
|||||
Receiving floating, pay fixed
|
50,000
|
June 2019
|
June 2024
|
2.15
|
%
|
|||||
Receiving floating, pay fixed
|
50,000
|
June 2019
|
June 2024
|
2.15
|
%
|
|||||
Receiving floating, pay fixed
|
25,000
|
August 2019
|
June 2024
|
1.38
|
%
|
|||||
Receiving floating, pay fixed
|
25,000
|
September 2019
|
June 2024
|
1.40
|
%
|
|||||
175,000
|
18 |
Flex LNG Ltd. Third Quarter Results 2019
|
(figures in thousands of $)
|
September 30,
|
September 30,
|
December 31,
|
December 31,
|
|||||||||||||
2019
|
2019
|
2018
|
2018
|
||||||||||||||
Fair value hierarchy level
|
Carrying value of asset (liability)
|
Fair value
asset (liability)
|
Carrying value of asset (liability)
|
Fair value asset
(liability)
|
|||||||||||||
Cash, restricted cash and cash equivalents
|
Level 1
|
56,554
|
56,554
|
55,097
|
55,097
|
||||||||||||
Other current assets
|
Level 1
|
14,475
|
14,475
|
2,693
|
2,693
|
||||||||||||
Receivables due from related parties
|
Level 1
|
383
|
383
|
1,720
|
1,720
|
||||||||||||
Payables due to related parties
|
Level 1
|
—
|
—
|
(206
|
)
|
(206
|
)
|
||||||||||
Account payable
|
Level 1
|
(933
|
)
|
(933
|
)
|
(592
|
)
|
(592
|
)
|
||||||||
Other current liabilities
|
Level 1
|
(16,339
|
)
|
(16,339
|
)
|
(11,297
|
)
|
(11,297
|
)
|
||||||||
Derivative instruments receivable
|
Level 2
|
269
|
269
|
—
|
—
|
||||||||||||
Derivative instruments payable
|
Level 2
|
(3,521
|
)
|
(3,521
|
)
|
—
|
—
|
||||||||||
Long-term debt*
|
Level 2
|
(737,149
|
)
|
(745,141
|
)
|
(454,967
|
)
|
(460,030
|
)
|
19 |
Flex LNG Ltd. Third Quarter Results 2019
|
20 |
Flex LNG Ltd. Third Quarter Results 2019
|
21 |
Flex LNG Ltd. Third Quarter Results 2019
|
(Unaudited figures in thousands of $)
|
Three months ended
|
Nine months ended
|
||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2019
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||||
Net income/(loss)
|
468
|
(3,919
|
)
|
1,179
|
(6,889
|
)
|
(3,459
|
)
|
||||||||||||
Finance income
|
(264
|
)
|
(204
|
)
|
(72
|
)
|
(724
|
)
|
(324
|
)
|
||||||||||
Interest expense
|
9,437
|
6,853
|
6,124
|
22,791
|
11,270
|
|||||||||||||||
Write-off of debt issuance costs
|
3,388
|
—
|
—
|
3,388
|
—
|
|||||||||||||||
Income tax (expense)/credit
|
(1
|
)
|
—
|
—
|
(1
|
)
|
2
|
|||||||||||||
Depreciation
|
7,840
|
6,308
|
5,477
|
20,064
|
10,541
|
|||||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization
|
20,868
|
9,038
|
12,708
|
38,629
|
18,030
|
|||||||||||||||
Loss/(gain) on derivatives
|
915
|
2,229
|
—
|
3,144
|
—
|
|||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization
|
21,783
|
11,267
|
12,708
|
41,773
|
18,030
|
22 |
Flex LNG Ltd. Third Quarter Results 2019
|
(Unaudited figures in thousands of $)
|
Three months ended
|
Nine months ended
|
||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2019
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||||
Vessel operating revenues
|
29,814
|
19,018
|
19,008
|
67,973
|
41,108
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Voyage expenses
|
(994
|
)
|
(1,113
|
)
|
(1,107
|
)
|
(5,896
|
)
|
(4,982
|
)
|
||||||||||
Time charter equivalent income
|
28,820
|
17,905
|
17,901
|
62,077
|
36,126
|
(Unaudited figures in thousands of $, except for TCE rate and days)
|
Three months ended
|
Nine months ended
|
||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2019
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||||
Time charter equivalent income
|
28,820
|
17,905
|
17,901
|
62,077
|
36,126
|
|||||||||||||||
Fleet available days
|
495
|
387
|
360
|
1,242
|
887
|
|||||||||||||||
Fleet offhire days
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Fleet onhire days
|
495
|
387
|
360
|
1,242
|
887
|
|||||||||||||||
Time charter equivalent rate
|
58,222
|
46,266
|
49,725
|
49,981
|
40,728
|
23 |
Flex LNG Ltd. Third Quarter Results 2019
|
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