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FLEX LNG LTD.
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By: /s/ Oystein Kalleklev
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Date: August 24, 2020
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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. Second Quarter Results 2020
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• |
Revenues of $25.8 million for the second quarter 2020, compared to $38.2 million for the first quarter 2020.
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• |
Net loss of $6.7 million and loss per share of $0.12 for the second quarter 2020, compared to a net loss of $14.9 million and loss per share of $0.27 for the first quarter 2020.
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• |
Average Time Charter Equivalent1 ("TCE") rate of $46,588 per day for the second quarter 2020, compared to $67,740 per day for the first quarter 2020.
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• |
Adjusted EBITDA1 of $17.4 million for the second quarter 2020, compared to $27.8 million for the first quarter 2020.
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• |
Adjusted net loss1 of $0.7 million for the second quarter 2020, compared to adjusted net income of $9.3 million for the first quarter 2020.
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• |
Adjusted loss per share1 of $0.01 for the second quarter 2020, compared to adjusted earnings per share of $0.17 for the first quarter 2020.
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• |
Long-term financing secured at attractive terms for all vessels and newbuildings.
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• |
In June 2020, the Company signed a $156.4 million sale and leaseback transaction with an Asian based leasing house for the newbuilding Flex Amber.
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• |
In June 2020, the Company signed a $125 million financing with a syndicate of banks for the newbuilding Flex Volunteer, which is scheduled for delivery in the first quarter 2021.
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• |
In July 2020, the Company took delivery of its seventh newbuilding LNG carrier, the Flex Aurora.
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• |
In July 2020, the technical ship management for Flex Ranger was successfully transferred to Flex LNG Fleet Management AS. Following this transfer, all vessels are managed by Flex LNG
Fleet Management AS.
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• |
In August 2020, the Company took delivery of its eighth newbuilding LNG carrier, the Flex Artemis, which immediately commenced its long-term charter to Clearlake Shipping, a
subsidiary of the Gunvor Group.
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2 |
Flex LNG Ltd. Second Quarter Results 2020
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3 |
Flex LNG Ltd. Second Quarter Results 2020
|
4 |
Flex LNG Ltd. Second Quarter Results 2020
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5 |
Flex LNG Ltd. Second Quarter Results 2020
|
6 |
Flex LNG Ltd. Second Quarter Results 2020
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7 |
Flex LNG Ltd. Second Quarter Results 2020
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8 |
Flex LNG Ltd. Second Quarter Results 2020
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9 |
Flex LNG Ltd. Second Quarter Results 2020
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10 |
Flex LNG Ltd. Second Quarter Results 2020
|
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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11 |
Flex LNG Ltd. Second Quarter Results 2020
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Unaudited Interim Financial Information
Condensed Consolidated Interim Statement of Operations |
||||||||||||||||||||||||
(figures in thousands of $, except per share data)
|
||||||||||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||
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Note
|
2020
|
2020
|
2019
|
2020
|
2019
|
||||||||||||||||||
Vessel operating revenues
|
25,753
|
38,192
|
19,018
|
63,945
|
38,159
|
|||||||||||||||||||
Voyage expenses
|
(316
|
)
|
(1,206
|
)
|
(1,113
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)
|
(1,522
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)
|
(4,902
|
)
|
||||||||||||||
Vessel operating expenses
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(6,460
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)
|
(7,541
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)
|
(5,165
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)
|
(14,001
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)
|
(9,691
|
)
|
||||||||||||||
Administrative expenses
|
(1,567
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)
|
(1,572
|
)
|
(1,506
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)
|
(3,139
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)
|
(3,370
|
)
|
||||||||||||||
Depreciation
|
7
|
(8,584
|
)
|
(8,587
|
)
|
(6,308
|
)
|
(17,171
|
)
|
(12,224
|
)
|
|||||||||||||
Operating income
|
8,826
|
19,286
|
4,926
|
28,112
|
7,972
|
|||||||||||||||||||
Interest income
|
14
|
129
|
204
|
143
|
460
|
|||||||||||||||||||
Interest expense
|
(9,498
|
)
|
(10,105
|
)
|
(6,853
|
)
|
(19,603
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)
|
(13,354
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)
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||||||||||||||
(Loss)/gain on derivatives
|
10
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(6,648
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)
|
(21,903
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)
|
(2,229
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)
|
(28,551
|
)
|
(2,229
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)
|
|||||||||||||
Foreign exchange gain/(loss)
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701
|
(2,283
|
)
|
44
|
(1,582
|
)
|
(161
|
)
|
||||||||||||||||
Other financial items
|
(11
|
)
|
(25
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)
|
(11
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)
|
(36
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)
|
(45
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)
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||||||||||||||
(Loss)/income before tax
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(6,616
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)
|
(14,901
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)
|
(3,919
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)
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(21,517
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)
|
(7,357
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)
|
||||||||||||||
Income tax (expense)/benefit
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(41
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)
|
24
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—
|
(17
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)
|
—
|
|||||||||||||||||
Net (Loss)/income
|
(6,657
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)
|
(14,877
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)
|
(3,919
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)
|
(21,534
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)
|
(7,357
|
)
|
||||||||||||||
(Loss)/earnings per share:
|
||||||||||||||||||||||||
Basic and Diluted
|
3
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(0.12
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)
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(0.27
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)
|
(0.07
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)
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(0.40
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)
|
(0.14
|
)
|
|||||||||||||
Unaudited Interim Financial Information
Condensed Consolidated Statement of Comprehensive Income |
||||||||||||||||||||||||
(figures in thousands of $)
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||||||||||||||||||||||||
Three months ended
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Six months ended
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|||||||||||||||||||||||
June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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||||||||||||||||||||
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Note
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2020
|
2020
|
2019
|
2020
|
2019
|
||||||||||||||||||
Net (loss)/income
|
(6,657
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)
|
(14,877
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)
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(3,919
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)
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(21,534
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)
|
(7,357
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)
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||||||||||||||
Total other comprehensive income/(loss)
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—
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—
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—
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—
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—
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|||||||||||||||||||
Total comprehensive (loss)/income
|
(6,657
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)
|
(14,877
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)
|
(3,919
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)
|
(21,534
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)
|
(7,357
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)
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12 |
Flex LNG Ltd. Second Quarter Results 2020
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Unaudited Interim Financial Information
Condensed Consolidated Interim Balance Sheets |
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(figures in thousands of $, except per share data)
|
||||||||||||||||
June 30,
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March 31,
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December 31,
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||||||||||||||
Note
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2020
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2020
|
2019
|
|||||||||||||
ASSETS
|
||||||||||||||||
Current assets
|
||||||||||||||||
Cash, cash equivalents and restricted cash
|
4
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115,993
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120,802
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129,098
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||||||||||||
Inventory
|
3,238
|
1,991
|
2,686
|
|||||||||||||
Other current assets
|
5
|
16,295
|
16,554
|
11,791
|
||||||||||||
Receivables due from related parties
|
12
|
779
|
656
|
315
|
||||||||||||
Total current assets
|
136,305
|
140,003
|
143,890
|
|||||||||||||
Non-current assets
|
||||||||||||||||
Derivative instruments
|
10
|
—
|
—
|
636
|
||||||||||||
Vessel purchase prepayment
|
349,472
|
349,472
|
349,472
|
|||||||||||||
Vessels and equipment, net
|
7
|
1,130,000
|
1,138,674
|
1,147,274
|
||||||||||||
Other fixed assets
|
7
|
8
|
10
|
|||||||||||||
Total non-current assets
|
1,479,479
|
1,488,154
|
1,497,392
|
|||||||||||||
Total Assets
|
1,615,784
|
1,628,157
|
1,641,282
|
|||||||||||||
EQUITY AND LIABILITIES
|
||||||||||||||||
Current liabilities
|
||||||||||||||||
Current portion of long-term debt
|
8,9
|
(35,927
|
)
|
(35,706
|
)
|
(34,566
|
)
|
|||||||||
Derivative instruments
|
10
|
(29,771
|
)
|
(23,561
|
)
|
(2,371
|
)
|
|||||||||
Payables due to related parties
|
12
|
(400
|
)
|
(462
|
)
|
(96
|
)
|
|||||||||
Accounts payable
|
(292
|
)
|
(2,530
|
)
|
(582
|
)
|
||||||||||
Other current liabilities
|
6
|
(10,682
|
)
|
(11,546
|
)
|
(20,117
|
)
|
|||||||||
Total current liabilities
|
(77,072
|
)
|
(73,805
|
)
|
(57,732
|
)
|
||||||||||
Non-current liabilities
|
||||||||||||||||
Long-term debt
|
8,9
|
(726,252
|
)
|
(735,310
|
)
|
(744,283
|
)
|
|||||||||
Other non-current liabilities
|
(2
|
)
|
(1
|
)
|
(2
|
)
|
||||||||||
Total non-current liabilities
|
(726,254
|
)
|
(735,311
|
)
|
(744,285
|
)
|
||||||||||
Total Liabilities
|
(803,326
|
)
|
(809,116
|
)
|
(802,017
|
)
|
||||||||||
Equity
|
||||||||||||||||
Share capital (June 30, 2020: 54,110,584 (December 31, 2019: 54,110,584) shares
issued and outstanding, par value $0.10 per share)
|
13
|
(5,411
|
)
|
(5,411
|
)
|
(5,411
|
)
|
|||||||||
Additional paid in capital
|
(1,190,186
|
)
|
(1,190,113
|
)
|
(1,190,049
|
)
|
||||||||||
Accumulated deficit
|
383,139
|
376,483
|
356,195
|
|||||||||||||
Total equity
|
(812,458
|
)
|
(819,041
|
)
|
(839,265
|
)
|
||||||||||
Total Equity and Liabilities
|
(1,615,784
|
)
|
(1,628,157
|
)
|
(1,641,282
|
)
|
13 |
Flex LNG Ltd. Second Quarter Results 2020
|
Unaudited Interim Financial Information
Condensed Consolidated Interim Statements of Cash Flows |
||||||||||||||||||||||||
(figures in thousands of $)
|
||||||||||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||||||
Note
|
2020
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||||||
OPERATING ACTIVITIES
|
||||||||||||||||||||||||
Net (loss)/income
|
(6,657
|
)
|
(14,877
|
)
|
(3,919
|
)
|
(21,534
|
)
|
(7,357
|
)
|
||||||||||||||
Adjustments to reconcile net (loss)/income to net cash provided by (used in)
operating activities
|
||||||||||||||||||||||||
Depreciation
|
7
|
8,584
|
8,587
|
6,308
|
17,171
|
12,224
|
||||||||||||||||||
Amortization of debt issuance costs
|
427
|
436
|
65
|
863
|
130
|
|||||||||||||||||||
Share-based payments
|
73
|
64
|
65
|
137
|
194
|
|||||||||||||||||||
Foreign exchange loss/(gain)
|
(701
|
)
|
2,283
|
(82
|
)
|
1,582
|
(74
|
)
|
||||||||||||||||
Change in fair value of derivative instruments
|
10
|
6,210
|
21,811
|
2,257
|
28,021
|
2,257
|
||||||||||||||||||
Prepaid financing costs
|
32
|
6,506
|
—
|
6,538
|
—
|
|||||||||||||||||||
Other
|
168
|
(23
|
)
|
(1
|
)
|
145
|
(17
|
)
|
||||||||||||||||
Changes in operating assets and
liabilities, net:
|
||||||||||||||||||||||||
Inventory
|
(1,247
|
)
|
695
|
(923
|
)
|
(552
|
)
|
(1,002
|
)
|
|||||||||||||||
Trade accounts receivable, net
|
5
|
1,457
|
3,269
|
(2,440
|
)
|
4,726
|
(2,440
|
)
|
||||||||||||||||
Accrued income
|
5
|
50
|
2,086
|
546
|
2,136
|
1,356
|
||||||||||||||||||
Prepaid expenses
|
5
|
(1,773
|
)
|
(7,590
|
)
|
(2,577
|
)
|
(9,363
|
)
|
(3,190
|
)
|
|||||||||||||
Other receivables
|
5
|
525
|
(2,528
|
)
|
3,067
|
(2,003
|
)
|
67
|
||||||||||||||||
Receivables due from related parties
|
12
|
(123
|
)
|
(341
|
)
|
486
|
(464
|
)
|
638
|
|||||||||||||||
Payables due to related parties
|
12
|
(62
|
)
|
366
|
—
|
304
|
(206
|
)
|
||||||||||||||||
Accounts payable
|
(2,238
|
)
|
1,948
|
596
|
(290
|
)
|
1,564
|
|||||||||||||||||
Accrued expenses
|
6
|
(1,456
|
)
|
(1,632
|
)
|
1,797
|
(3,088
|
)
|
(212
|
)
|
||||||||||||||
Deferred charter revenue
|
6
|
503
|
(6,961
|
)
|
4,054
|
(6,458
|
)
|
1,501
|
||||||||||||||||
Other current liabilities
|
6
|
28
|
(9
|
)
|
(332
|
)
|
19
|
574
|
||||||||||||||||
Provisions
|
6
|
61
|
31
|
411
|
92
|
(209
|
)
|
|||||||||||||||||
Net cash provided by (used in) operating activities
|
3,861
|
14,121
|
9,378
|
17,982
|
5,798
|
|||||||||||||||||||
INVESTING ACTIVITIES
|
||||||||||||||||||||||||
Purchase to vessels and equipment
|
7
|
91
|
15
|
(146,199
|
)
|
106
|
(146,199
|
)
|
||||||||||||||||
Net cash provided by (used in) investing activities
|
91
|
15
|
(146,199
|
)
|
106
|
(146,199
|
)
|
|||||||||||||||||
FINANCING ACTIVITIES
|
||||||||||||||||||||||||
Repayment of long term debt
|
9
|
(9,264
|
)
|
(7,611
|
)
|
(5,906
|
)
|
(16,875
|
)
|
(11,811
|
)
|
|||||||||||||
Drawdown of revolving credit facility
|
9
|
—
|
48,684
|
—
|
48,684
|
—
|
||||||||||||||||||
Repayment of revolving credit facility
|
9
|
—
|
(49,342
|
)
|
—
|
(49,342
|
)
|
—
|
||||||||||||||||
Proceeds from long term debt
|
9
|
—
|
—
|
123,537
|
—
|
123,537
|
||||||||||||||||||
Financing costs
|
(32
|
)
|
(6,506
|
)
|
—
|
(6,538
|
)
|
—
|
||||||||||||||||
Dividends paid
|
3
|
—
|
(5,411
|
)
|
—
|
(5,411
|
)
|
—
|
||||||||||||||||
Net cash (used in) provided by financing activities
|
(9,296
|
)
|
(20,186
|
)
|
117,631
|
(29,482
|
)
|
111,726
|
||||||||||||||||
Effect of exchange rate changes on cash
|
535
|
(2,246
|
)
|
18
|
(1,711
|
)
|
22
|
|||||||||||||||||
Net decrease in cash, cash equivalents and restricted cash
|
(4,809
|
)
|
(8,296
|
)
|
(19,172
|
)
|
(13,105
|
)
|
(28,653
|
)
|
||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
4
|
120,802
|
129,098
|
45,616
|
129,098
|
55,097
|
||||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the
period
|
4
|
115,993
|
120,802
|
26,444
|
115,993
|
26,444
|
14 |
Flex LNG Ltd. Second Quarter Results 2020
|
Unaudited Interim Financial Information
Condensed Consolidated Interim Statement of Changes in Equity |
||||||||||||
(figures in thousands of $, except per share data)
|
||||||||||||
Six months ended
|
Year ended
|
|||||||||||
June 30,
|
June 30,
|
December 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Number of shares outstanding
|
||||||||||||
At beginning of period
|
54,110,584
|
54,099,929
|
54,099,929
|
|||||||||
Shares issued
|
—
|
4,064
|
10,655
|
|||||||||
At end of period
|
54,110,584
|
54,103,993
|
54,110,584
|
|||||||||
Share capital
|
||||||||||||
At beginning of period
|
5,411
|
5,410
|
5,410
|
|||||||||
Shares issued
|
—
|
—
|
1
|
|||||||||
At end of period
|
5,411
|
5,410
|
5,411
|
|||||||||
Additional paid in capital
|
||||||||||||
At beginning of period
|
1,190,049
|
1,189,665
|
1,189,665
|
|||||||||
Shares issued
|
—
|
59
|
125
|
|||||||||
Stock option expense
|
137
|
130
|
259
|
|||||||||
At end of period
|
1,190,186
|
1,189,854
|
1,190,049
|
|||||||||
Accumulated deficit
|
||||||||||||
At beginning of period
|
(356,195
|
)
|
(367,751
|
)
|
(367,751
|
)
|
||||||
Net loss
|
(21,534
|
)
|
(7,357
|
)
|
16,967
|
|||||||
Dividends paid
|
(5,410
|
)
|
—
|
(5,411
|
)
|
|||||||
At end of period
|
(383,139
|
)
|
(375,108
|
)
|
(356,195
|
)
|
||||||
Total equity
|
812,458
|
820,156
|
839,265
|
15 |
Flex LNG Ltd. Second Quarter Results 2020
|
16 |
Flex LNG Ltd. Second Quarter Results 2020
|
(figures in thousands of $, except per share data)
|
||||||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||
|
2020
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||
Net (loss)/income
|
(6,657
|
)
|
(14,877
|
)
|
(3,919
|
)
|
(21,534
|
)
|
(7,357
|
)
|
||||||||||
Weighted average number of ordinary shares
|
54,110,584
|
54,110,584
|
54,103,993
|
54,110,584
|
54,103,593
|
|||||||||||||||
Share options
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Weighted average number of ordinary shares, adjusted for dilution
|
54,110,584
|
54,110,584
|
54,103,993
|
54,110,584
|
54,103,593
|
|||||||||||||||
Net (loss)/earnings per share:
|
||||||||||||||||||||
Basic
|
(0.12
|
)
|
(0.27
|
)
|
(0.07
|
)
|
(0.40
|
)
|
(0.14
|
)
|
||||||||||
Diluted
|
(0.12
|
)
|
(0.27
|
)
|
(0.07
|
)
|
(0.40
|
)
|
(0.14
|
)
|
||||||||||
Dividends paid per share
|
—
|
0.10
|
—
|
0.10
|
—
|
(figures in thousands of $)
|
||||||||||||
June 30,
|
March 31,
|
December 31,
|
||||||||||
2020
|
2020
|
2019
|
||||||||||
Cash and cash equivalents
|
115,922
|
120,755
|
129,005
|
|||||||||
Restricted cash
|
71
|
47
|
93
|
|||||||||
Cash, cash equivalents and restricted cash
|
115,993
|
120,802
|
129,098
|
17 |
Flex LNG Ltd. Second Quarter Results 2020
|
(figures in thousands of $)
|
||||||||||||
June 30,
|
March 31,
|
December 31,
|
||||||||||
2020
|
2020
|
2019
|
||||||||||
Prepaid expenses
|
12,151
|
10,378
|
2,788
|
|||||||||
Other receivables
|
3,047
|
3,572
|
1,044
|
|||||||||
Accrued income
|
398
|
448
|
2,534
|
|||||||||
Trade accounts receivable, net
|
699
|
2,156
|
5,425
|
|||||||||
16,295
|
16,554
|
11,791
|
(figures in thousands of $)
|
||||||||||||
June 30,
|
March 31,
|
December 31,
|
||||||||||
2020
|
2020
|
2019
|
||||||||||
Accrued expenses
|
(3,839
|
)
|
(5,295
|
)
|
(6,927
|
)
|
||||||
Deferred charter revenue
|
(6,117
|
)
|
(5,614
|
)
|
(12,575
|
)
|
||||||
Other current liabilities
|
(28
|
)
|
—
|
(9
|
)
|
|||||||
Provisions
|
(698
|
)
|
(637
|
)
|
(606
|
)
|
||||||
(10,682
|
)
|
(11,546
|
)
|
(20,117
|
)
|
18 |
Flex LNG Ltd. Second Quarter Results 2020
|
(Unaudited figures in thousands of $)
|
||||||||||||
Vessels and equipment
|
Dry docks
|
Total
|
||||||||||
Cost
|
||||||||||||
At January 1, 2020
|
1,178,415
|
15,000
|
1,193,415
|
|||||||||
Additions
|
(106
|
)
|
—
|
(106
|
)
|
|||||||
Newbuildings
|
—
|
—
|
—
|
|||||||||
Disposals
|
—
|
—
|
—
|
|||||||||
At June 30, 2020
|
1,178,309
|
15,000
|
1,193,309
|
|||||||||
Accumulated depreciation
|
||||||||||||
At January 1, 2020
|
42,211
|
3,930
|
46,141
|
|||||||||
Charge
|
15,674
|
1,494
|
17,168
|
|||||||||
Disposals
|
—
|
—
|
—
|
|||||||||
At June 30, 2020
|
57,885
|
5,424
|
63,309
|
|||||||||
Net book value
|
||||||||||||
At January 1, 2020
|
1,136,204
|
11,070
|
1,147,274
|
|||||||||
At June 30, 2020
|
1,120,424
|
9,576
|
1,130,000
|
(figures in thousands of $)
|
||||||||||||||||||||||||||||
1 year
|
2 years
|
3 years
|
4 years
|
5 years
|
Thereafter
|
Total
|
||||||||||||||||||||||
Vessel purchase commitments
|
937,000
|
—
|
—
|
—
|
—
|
—
|
937,000
|
|||||||||||||||||||||
Long-term debt obligations
|
37,533
|
38,274
|
39,062
|
133,689
|
193,340
|
326,484
|
768,382
|
|||||||||||||||||||||
Total
|
974,533
|
38,274
|
39,062
|
133,689
|
193,340
|
326,484
|
1,705,382
|
19 |
Flex LNG Ltd. Second Quarter Results 2020
|
20 |
Flex LNG Ltd. Second Quarter Results 2020
|
(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
|
%
|
|||||
Receiving floating, pay fixed
|
50,000
|
July 2020
|
July 2025
|
1.38
|
%
|
|||||
Receiving floating, pay fixed
|
75,000
|
July 2020
|
July 2025
|
1.39
|
%
|
|||||
Receiving floating, pay fixed
|
25,000
|
July 2020
|
July 2025
|
1.38
|
%
|
|||||
Receiving floating, pay fixed
|
75,000
|
July 2020
|
July 2025
|
1.39
|
%
|
|||||
Receiving floating, pay fixed
|
25,000
|
September 2020
|
September 2025
|
1.22
|
%
|
|||||
Receiving floating, pay fixed
|
25,000
|
September 2020
|
September 2025
|
1.22
|
%
|
|||||
Receiving floating, pay fixed
|
35,000
|
September 2020
|
September 2025
|
1.03
|
%
|
|||||
Receiving floating, pay fixed
|
83,333
|
February 2021
|
February 2026
|
0.45
|
%
|
|||||
Receiving floating, pay fixed
|
41,667
|
February 2021
|
February 2026
|
0.45
|
%
|
|||||
610,000
|
21 |
Flex LNG Ltd. Second Quarter Results 2020
|
22 |
Flex LNG Ltd. Second Quarter Results 2020
|
(figures in thousands of $)
|
June 30,
|
June 30,
|
December 31,
|
December 31,
|
|||||||||||||
2020
|
2020
|
2019
|
2019
|
||||||||||||||
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
|
115,993
|
115,993
|
129,098
|
129,098
|
||||||||||||
Derivative instruments receivable
|
Level 2
|
—
|
—
|
636
|
636
|
||||||||||||
Derivative instruments payable
|
Level 2
|
(29,771
|
)
|
(29,771
|
)
|
(2,371
|
)
|
(2,371
|
)
|
||||||||
Long-term debt*
|
Level 2
|
(762,179
|
)
|
(768,382
|
)
|
(778,849
|
)
|
(785,917
|
)
|
23 |
Flex LNG Ltd. Second Quarter Results 2020
|
(figures in thousands of $)
|
||||||||||||
June 30,
|
March 31,
|
December 31,
|
||||||||||
2020
|
2020
|
2019
|
||||||||||
Seatankers Management Co. Ltd
|
(100
|
)
|
(137
|
)
|
(94
|
)
|
||||||
Seatankers Management Norway AS
|
(24
|
)
|
(23
|
)
|
—
|
|||||||
Frontline Ltd
|
748
|
656
|
601
|
|||||||||
Frontline Management (Bermuda) Limited
|
(54
|
)
|
(26
|
)
|
(35
|
)
|
||||||
Frontline Corporate Services Ltd
|
(31
|
)
|
(15
|
)
|
(12
|
)
|
||||||
Frontline Management AS
|
1
|
(33
|
)
|
(16
|
)
|
|||||||
Flex LNG Fleet Management AS
|
(192
|
)
|
(228
|
)
|
(223
|
)
|
||||||
SFL Corporation Ltd
|
—
|
—
|
(2
|
)
|
||||||||
Northern Ocean Limited
|
31
|
—
|
—
|
|||||||||
Related party balance
|
379
|
194
|
219
|
(figures in thousands of $)
|
||||||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||
2020
|
2020
|
2019
|
2020
|
2019
|
||||||||||||||||
Seatankers Management Co. Ltd
|
63
|
49
|
137
|
112
|
274
|
|||||||||||||||
Seatankers Management Norway AS
|
18
|
22
|
—
|
40
|
22
|
|||||||||||||||
Frontline Ltd
|
—
|
—
|
—
|
—
|
307
|
|||||||||||||||
Frontline Management (Bermuda) Limited
|
35
|
10
|
307
|
45
|
—
|
|||||||||||||||
Frontline Corporate Services Ltd
|
—
|
—
|
—
|
—
|
141
|
|||||||||||||||
Frontline Management AS
|
29
|
52
|
124
|
81
|
—
|
|||||||||||||||
Flex LNG Fleet Management AS
|
402
|
341
|
—
|
743
|
—
|
|||||||||||||||
SFL Corporation Ltd
|
1
|
1
|
—
|
2
|
—
|
|||||||||||||||
FS Maritime SARL
|
75
|
—
|
—
|
75
|
—
|
|||||||||||||||
Total related party transactions
|
623
|
475
|
568
|
1,098
|
744
|
24 |
Flex LNG Ltd. Second Quarter Results 2020
|
25 |
Flex LNG Ltd. Second Quarter Results 2020
|
26 |
Flex LNG Ltd. Second Quarter Results 2020
|
(Unaudited figures in thousands of $)
|
Three months ended
|
Six months ended
|
||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||
|
2020
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||
Net income/(loss)
|
(6,657
|
)
|
(14,877
|
)
|
(3,919
|
)
|
(21,534
|
)
|
(7,357
|
)
|
||||||||||
Finance income
|
(14
|
)
|
(129
|
)
|
(204
|
)
|
(143
|
)
|
(460
|
)
|
||||||||||
Interest expense
|
9,498
|
10,105
|
6,853
|
19,603
|
13,354
|
|||||||||||||||
Income tax (expense)/benefit
|
41
|
(24
|
)
|
—
|
17
|
—
|
||||||||||||||
Depreciation
|
8,584
|
8,587
|
6,308
|
17,171
|
12,224
|
|||||||||||||||
Earnings before Interest, Taxes, Depreciation and Amortization
|
11,452
|
3,662
|
9,038
|
15,114
|
17,761
|
|||||||||||||||
Loss/(gain) on derivatives
|
6,648
|
21,903
|
2,229
|
28,551
|
2,229
|
|||||||||||||||
Foreign exchange (gain)/loss
|
(701
|
)
|
2,283
|
(44
|
)
|
1,582
|
161
|
|||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization
|
17,399
|
27,848
|
11,223
|
45,247
|
20,151
|
27 |
Flex LNG Ltd. Second Quarter Results 2020
|
28 |
Flex LNG Ltd. Second Quarter Results 2020
|
(Unaudited figures in thousands of $, except per share data)
|
Three months ended
|
Six months ended
|
||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||
|
2020
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||
Net (loss)/earnings
|
(6,657
|
)
|
(14,877
|
)
|
(3,919
|
)
|
(21,534
|
)
|
(7,357
|
)
|
||||||||||
Loss/(gain) on derivatives
|
6,648
|
21,903
|
2,229
|
28,551
|
2,229
|
|||||||||||||||
Foreign exchange gain or loss.
|
(701
|
)
|
2,283
|
(44
|
)
|
1,582
|
161
|
|||||||||||||
Adjusted net (loss)/income
|
(710
|
)
|
9,309
|
(1,734
|
)
|
8,599
|
(4,967
|
)
|
||||||||||||
Weighted average number of ordinary shares
|
54,110,584
|
54,110,584
|
54,103,993
|
54,110,584
|
54,103,593
|
|||||||||||||||
Adjusted earnings/(loss) per share
|
(0.01
|
)
|
0.17
|
(0.03
|
)
|
0.16
|
(0.09
|
)
|
(Unaudited figures in thousands of $)
|
Three months ended
|
Six months ended
|
||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||
|
2020
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||
Vessel operating revenues
|
25,753
|
38,192
|
19,018
|
63,945
|
38,159
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Voyage expenses
|
(316
|
)
|
(1,206
|
)
|
(1,113
|
)
|
(1,522
|
)
|
(4,902
|
)
|
||||||||||
Time charter equivalent income
|
25,437
|
36,986
|
17,905
|
62,423
|
33,257
|
29 |
Flex LNG Ltd. Second Quarter Results 2020
|
(Unaudited figures in thousands of $, except for TCE rate and
days)
|
Three months ended
|
Six months ended
|
||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||||
|
2020
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||
Time charter equivalent income
|
25,437
|
36,986
|
17,905
|
62,423
|
33,257
|
|||||||||||||||
Fleet onhire days
|
546
|
546
|
387
|
1,092
|
747
|
|||||||||||||||
Time charter equivalent rate
|
46,588
|
67,740
|
46,266
|
57,164
|
44,521
|
30 |
Flex LNG Ltd. Second Quarter Results 2020
|
31 |
Flex LNG Ltd. Second Quarter Results 2020
|
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