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FLEX LNG LTD.
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By: /s/ Oystein Kalleklev
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Date: May 29, 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. First Quarter Results 2020
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• |
Revenues of $38.2 million for the first quarter 2020, compared to $52.0 million for the fourth quarter 2019.
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• |
Net loss of $14.9 million and loss per share of $0.27 for the first quarter 2020, compared to a net income of $23.9 million and earnings per share of $0.44 for the fourth quarter
2019.
|
• |
Average Time Charter Equivalent¹ ("TCE") rate of $67,740 per day for the first quarter 2020, compared to $94,000 per day for the fourth quarter 2019.
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• |
Adjusted EBITDA¹ of $27.8 million for the first quarter 2020, compared to $41.6 million for the fourth quarter 2019.
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• |
Adjusted net income¹ of $9.3 million for the first quarter 2020, compared to $22.0 million for the fourth quarter 2019.
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• |
Adjusted earnings per share¹ of $0.17 for the first quarter 2020, compared to $0.41 for the fourth quarter 2019.
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• |
In January 2020, a 12-month extension option was exercised under the time-charter agreement for Flex Enterprise, giving a firm period until the end of the first quarter 2021.
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• |
In February 2020, the Company entered into a $629 million financing with a syndicate of banks and the Export-Import Bank of Korea ("KEXIM") for five of the newbuildings scheduled
for delivery in 2020.
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• |
In May 2020, the Company received firm commitments from a syndicate of banks for a $125 million financing for the newbuilding Flex Volunteer, scheduled for delivery in the first
quarter 2021.
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• |
In May 2020, the Company received confirmation of credit approval from an Asian based leasing house for a $156.4 million sale and leaseback transaction for the newbuilding Flex
Amber based on a term sheet signed in early April 2020.
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• |
On March 25, 2020 the Company paid a cash dividend of $0.10 per share for the fourth quarter 2019.
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2 |
Flex LNG Ltd. First Quarter Results 2020
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3 |
Flex LNG Ltd. First Quarter Results 2020
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4 |
Flex LNG Ltd. First Quarter Results 2020
|
5 |
Flex LNG Ltd. First Quarter Results 2020
|
6 |
Flex LNG Ltd. First Quarter Results 2020
|
7 |
Flex LNG Ltd. First Quarter Results 2020
|
8 |
Flex LNG Ltd. First Quarter Results 2020
|
9 |
Flex LNG Ltd. First Quarter Results 2020
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10 |
Flex LNG Ltd. First 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. First 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)
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||||||||||||||||
Three months ended
|
||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||||||
Note
|
2020
|
2019
|
2019
|
|||||||||||||
Vessel operating revenues
|
38,192
|
51,994
|
19,141
|
|||||||||||||
Voyage expenses
|
(1,206
|
)
|
(388
|
)
|
(3,789
|
)
|
||||||||||
Vessel operating expenses
|
(7,541
|
)
|
(8,114
|
)
|
(4,526
|
)
|
||||||||||
Administrative expenses
|
(1,572
|
)
|
(1,850
|
)
|
(1,864
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)
|
||||||||||
Depreciation
|
7
|
(8,587
|
)
|
(8,683
|
)
|
(5,916
|
)
|
|||||||||
Operating income
|
19,286
|
32,959
|
3,046
|
|||||||||||||
Interest income
|
129
|
349
|
256
|
|||||||||||||
Interest expense
|
(10,105
|
)
|
(11,084
|
)
|
(6,501
|
)
|
||||||||||
Gain/(loss) on derivatives
|
10
|
(21,903
|
)
|
1,589
|
—
|
|||||||||||
Foreign exchange gain/(loss)
|
(2,283
|
)
|
230
|
(205
|
)
|
|||||||||||
Other financial items
|
(25
|
)
|
(4
|
)
|
(34
|
)
|
||||||||||
Income/(loss) before tax
|
(14,901
|
)
|
24,039
|
(3,438
|
)
|
|||||||||||
Income tax (expense)/benefit
|
24
|
(183
|
)
|
—
|
||||||||||||
Net income/(loss)
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(14,877
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)
|
23,856
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(3,438
|
)
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|||||||||||
Earnings/(loss) per share:
|
||||||||||||||||
Basic and Diluted
|
3
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(0.27
|
)
|
0.44
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(0.06
|
)
|
||||||||||
Unaudited Interim Financial Information
Condensed Consolidated Statement of Comprehensive Income
|
||||||||||||
(figures in thousands of $, except per share data)
|
||||||||||||
Three months ended
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||||||||||||
March 31,
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December 31,
|
March 31,
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||||||||||
Note
|
2020
|
2020
|
2019
|
|||||||||
Net income/(loss)
|
(14,877
|
)
|
23,856
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(3,438
|
)
|
|||||||
Total other comprehensive income/(loss)
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—
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—
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—
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|||||||||
Total comprehensive income/(loss)
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(14,877
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)
|
23,856
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(3,438
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)
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12 |
Flex LNG Ltd. First Quarter Results 2020
|
Unaudited Interim Financial Information
Condensed Consolidated Interim Balance Sheets |
||||||||||||
(figures in thousands of $, except per share data)
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||||||||||||
March 31,
|
December 31,
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|||||||||||
Note
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2020
|
2019
|
||||||||||
ASSETS
|
||||||||||||
Current assets
|
||||||||||||
Cash, cash equivalents and restricted cash
|
4
|
120,802
|
129,098
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|||||||||
Inventory
|
1,991
|
2,686
|
||||||||||
Other current assets
|
5
|
16,554
|
11,791
|
|||||||||
Receivables due from related parties
|
12
|
656
|
315
|
|||||||||
Total current assets
|
140,003
|
143,890
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||||||||||
Non-current assets
|
||||||||||||
Derivative instruments
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10
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—
|
636
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|||||||||
Vessel purchase prepayment
|
7
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349,472
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349,472
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|||||||||
Vessels and equipment, net
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7
|
1,138,674
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1,147,274
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Other fixed assets
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8
|
10
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||||||||||
Total non-current assets
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1,488,154
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1,497,392
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||||||||||
Total Assets
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1,628,157
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1,641,282
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||||||||||
EQUITY AND LIABILITIES
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||||||||||||
Current liabilities
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||||||||||||
Current portion of long-term debt
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8,9
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(35,706
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)
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(34,566
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)
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|||||||
Derivative instruments
|
10
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(23,561
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)
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(2,371
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)
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|||||||
Payables due to related parties
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12
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(462
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)
|
(96
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)
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|||||||
Accounts payable
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(2,530
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)
|
(582
|
)
|
||||||||
Other current liabilities
|
6
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(11,546
|
)
|
(20,117
|
)
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|||||||
Total current liabilities
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(73,805
|
)
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(57,732
|
)
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||||||||
Non-current liabilities
|
||||||||||||
Long-term debt
|
8.9
|
(735,310
|
)
|
(744,283
|
)
|
|||||||
Other non-current liabilities
|
(1
|
)
|
(2
|
)
|
||||||||
Total non-current liabilities
|
(735,311
|
)
|
(744,285
|
)
|
||||||||
Total liabilities
|
(809,116
|
)
|
(802,017
|
)
|
||||||||
Equity
|
||||||||||||
Share capital (March 31, 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
|
)
|
|||||||
Additional paid in capital
|
(1,190,113
|
)
|
(1,190,049
|
)
|
||||||||
Accumulated deficit
|
376,483
|
356,195
|
||||||||||
Total equity
|
(819,041
|
)
|
(839,265
|
)
|
||||||||
Total Equity and Liabilities
|
(1,628,157
|
)
|
(1,641,282
|
)
|
13 |
Flex LNG Ltd. First Quarter Results 2020
|
Unaudited Interim Financial Information
Condensed Consolidated Interim Statements of Cash Flows
|
||||||||||||||||
(figures in thousands of $)
|
||||||||||||||||
Three months ended
|
||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||||||
Note
|
2020
|
2019
|
2019
|
|||||||||||||
OPERATING ACTIVITIES
|
||||||||||||||||
Net income/(loss)
|
(14,877
|
)
|
23,856
|
(3,438
|
)
|
|||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities
|
||||||||||||||||
Depreciation
|
7
|
8,587
|
8,683
|
5,916
|
||||||||||||
Amortization of debt issuance costs
|
436
|
921
|
65
|
|||||||||||||
Share-based payments
|
64
|
65
|
129
|
|||||||||||||
Foreign exchange loss/(gain)
|
2,283
|
(9
|
)
|
8
|
||||||||||||
Change in fair value of derivative instruments
|
10
|
21,811
|
(1,525
|
)
|
—
|
|||||||||||
Prepaid financing costs
|
9
|
6,506
|
—
|
—
|
||||||||||||
Other
|
(23
|
)
|
13
|
(16
|
)
|
|||||||||||
Changes in operating assets and liabilities, net:
|
||||||||||||||||
Inventory
|
695
|
(974
|
)
|
(79
|
)
|
|||||||||||
Trade accounts receivable, net
|
5
|
3,269
|
360
|
—
|
||||||||||||
Accrued income
|
5
|
2,086
|
(2,065
|
)
|
810
|
|||||||||||
Prepaid expenses
|
5
|
(7,590
|
)
|
(499
|
)
|
(613
|
)
|
|||||||||
Other receivables
|
5
|
(2,528
|
)
|
4,888
|
(3,000
|
)
|
||||||||||
Receivables due from related parties
|
12
|
(341
|
)
|
68
|
152
|
|||||||||||
Payables due to related parties
|
12
|
366
|
96
|
(206
|
)
|
|||||||||||
Accounts payable
|
1,948
|
(351
|
)
|
968
|
||||||||||||
Accrued expenses
|
6
|
(1,632
|
)
|
2,166
|
(2,009
|
)
|
||||||||||
Deferred charter revenue
|
6
|
(6,961
|
)
|
2,054
|
(2,553
|
)
|
||||||||||
Other current liabilities
|
6
|
(9
|
)
|
(7
|
)
|
906
|
||||||||||
Provisions
|
6
|
31
|
(435
|
)
|
(620
|
)
|
||||||||||
Net cash provided by (used in) operating activities
|
14,121
|
37,305
|
(3,580
|
)
|
||||||||||||
INVESTING ACTIVITIES
|
||||||||||||||||
Purchase of other fixed assets
|
—
|
(7
|
)
|
—
|
||||||||||||
Purchase to vessels and equipment
|
7
|
15
|
(119
|
)
|
—
|
|||||||||||
Net cash provided by (used in) investing activities
|
15
|
(126
|
)
|
—
|
||||||||||||
FINANCING ACTIVITIES
|
||||||||||||||||
Repayment of long term debt
|
9
|
(7,611
|
)
|
(8,567
|
)
|
(5,905
|
)
|
|||||||||
Drawdown of revolving credit facility
|
9
|
48,684
|
49,342
|
—
|
||||||||||||
Repayment of revolving credit facility
|
9
|
(49,342
|
)
|
—
|
—
|
|||||||||||
Financing costs
|
9
|
(6,506
|
)
|
—
|
—
|
|||||||||||
Dividends paid
|
3
|
(5,411
|
)
|
(5,411
|
)
|
—
|
||||||||||
Net cash (used in) provided by financing activities
|
(20,186
|
)
|
35,364
|
(5,905
|
)
|
|||||||||||
Effect of exchange rate changes on cash
|
(2,246
|
)
|
1
|
4
|
||||||||||||
Net decrease in cash, cash equivalents and restricted cash
|
(8,296
|
)
|
72,544
|
(9,481
|
)
|
|||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
129,098
|
56,554
|
55,097
|
|||||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
120,802
|
129,098
|
45,616
|
14 |
Flex LNG Ltd. First Quarter Results 2020
|
Unaudited Interim Financial Information
Condensed Consolidated Interim Statement of Changes in Equity
|
||||||||
(figures in thousands of $, except per share data)
|
||||||||
Three months ended
|
||||||||
March 31,
|
March 31,
|
|||||||
2020
|
2019
|
|||||||
Number of shares outstanding
|
||||||||
At beginning of period
|
54,110,584
|
54,099,929
|
||||||
Shares issued
|
—
|
4,064
|
||||||
At end of period
|
54,110,584
|
54,103,993
|
||||||
Share capital
|
||||||||
At beginning of period
|
5,411
|
5,410
|
||||||
Shares issued
|
—
|
—
|
||||||
At end of period
|
5,411
|
5,410
|
||||||
Additional paid in capital
|
||||||||
At beginning of period
|
1,190,049
|
1,189,665
|
||||||
Shares issued
|
—
|
59
|
||||||
Stock option expense
|
64
|
65
|
||||||
At end of period
|
1,190,113
|
1,189,789
|
||||||
Accumulated deficit
|
||||||||
At beginning of period
|
(356,195
|
)
|
(367,751
|
)
|
||||
Net loss
|
(14,877
|
)
|
(3,438
|
)
|
||||
Dividends paid
|
(5,411
|
)
|
—
|
|||||
At end of period
|
(376,483
|
)
|
(371,189
|
)
|
||||
Total equity
|
819,041
|
824,010
|
15 |
Flex LNG Ltd. First Quarter Results 2020
|
16 |
Flex LNG Ltd. First Quarter Results 2020
|
(figures in thousands of $, except per share data)
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Net income/(loss)
|
(14,877
|
)
|
23,856
|
(3,438
|
)
|
|||||||
Weighted average number of ordinary shares
|
54,110,584
|
54,110,584
|
54,103,189
|
|||||||||
Share options
|
—
|
141,000
|
—
|
|||||||||
Weighted average number of ordinary shares, adjusted for dilution
|
54,110,584
|
54,251,584
|
54,103,189
|
|||||||||
Net income/(loss) per share:
|
||||||||||||
Basic
|
(0.27
|
)
|
0.44
|
(0.06
|
)
|
|||||||
Diluted
|
(0.27
|
)
|
0.44
|
(0.06
|
)
|
|||||||
Cash Dividends per share declared
|
0.10
|
0.10
|
—
|
(figures in thousands of $)
|
||||||||
March 31,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Cash and cash equivalents
|
120,755
|
129,005
|
||||||
Restricted cash
|
47
|
93
|
||||||
Cash, cash equivalents and restricted cash
|
120,802
|
129,098
|
17 |
Flex LNG Ltd. First Quarter Results 2020
|
(figures in thousands of $)
|
||||||||
March 31,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Prepaid expenses
|
10,378
|
2,788
|
||||||
Other receivables
|
3,572
|
1,044
|
||||||
Accrued income
|
448
|
2,534
|
||||||
Trade accounts receivable, net
|
2,156
|
5,425
|
||||||
16,554
|
11,791
|
(figures in thousands of $)
|
||||||||
March 31,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Accrued expenses
|
(5,295
|
)
|
(6,927
|
)
|
||||
Deferred charter revenue
|
(5,614
|
)
|
(12,575
|
)
|
||||
Other current liabilities
|
—
|
(9
|
)
|
|||||
Provisions
|
(637
|
)
|
(606
|
)
|
||||
(11,546
|
)
|
(20,117
|
)
|
18 |
Flex LNG Ltd. First 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
|
(15
|
)
|
—
|
(15
|
)
|
|||||||
Newbuildings
|
—
|
—
|
—
|
|||||||||
Disposals
|
—
|
—
|
—
|
|||||||||
At March 31, 2020
|
1,178,400
|
15,000
|
1,193,400
|
|||||||||
Accumulated depreciation
|
||||||||||||
At January 1, 2020
|
42,211
|
3,930
|
46,141
|
|||||||||
Charge
|
7,837
|
748
|
8,585
|
|||||||||
Disposals
|
—
|
—
|
—
|
|||||||||
At March 31, 2020
|
50,048
|
4,678
|
54,726
|
|||||||||
Net book value
|
||||||||||||
At January 1, 2020
|
1,136,204
|
11,070
|
1,147,274
|
|||||||||
At March 31, 2020
|
1,128,352
|
10,322
|
1,138,674
|
(figures in thousands of $)
|
||||||||||||||||||||||||||||
1 year
|
2 years
|
3 years
|
4 years
|
5 years
|
Thereafter
|
Total
|
||||||||||||||||||||||
Vessel purchase commitments
|
811,000
|
126,000
|
—
|
—
|
—
|
—
|
937,000
|
|||||||||||||||||||||
Long-term debt obligations
|
37,355
|
38,085
|
38,861
|
39,725
|
291,304
|
332,317
|
777,647
|
|||||||||||||||||||||
Total
|
848,355
|
164,085
|
38,861
|
39,725
|
291,304
|
332,317
|
1,714,647
|
19 |
Flex LNG Ltd. First Quarter Results 2020
|
20
|
Flex LNG Ltd. First 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
|
%
|
|||||
485,000
|
21
|
Flex LNG Ltd. First Quarter Results 2020
|
(figures in thousands of $)
|
March 31,
|
March 31,
|
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
|
120,802
|
120,802
|
129,098
|
129,098
|
||||||||||||
Derivative instruments receivable
|
Level 2
|
—
|
—
|
636
|
636
|
||||||||||||
Derivative instruments payable
|
Level 2
|
23,561
|
23,561
|
2,371
|
2,371
|
||||||||||||
Long-term debt*
|
Level 2
|
(771,016
|
)
|
(777,647
|
)
|
(778,849
|
)
|
(785,917
|
)
|
22
|
Flex LNG Ltd. First Quarter Results 2020
|
(figures in thousands of $)
|
||||||||
March 31,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Seatankers Management Co. Ltd
|
(137
|
)
|
(94
|
)
|
||||
Seatankers Management Norway AS
|
(23
|
)
|
—
|
|||||
Frontline Ltd
|
(26
|
)
|
(35
|
)
|
||||
Frontline Management (Bermuda) Limited
|
(15
|
)
|
(12
|
)
|
||||
Frontline Corporate Services Ltd
|
(33
|
)
|
(16
|
)
|
||||
Frontline Management AS
|
656
|
601
|
||||||
Flex LNG Fleet Management AS
|
(228
|
)
|
(223
|
)
|
||||
SFL Corporation Ltd
|
—
|
(2
|
)
|
|||||
Related party balance
|
194
|
219
|
(figures in thousands of $)
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Seatankers Management Co. Ltd
|
49
|
137
|
137
|
|||||||||
Seatankers Management Norway AS
|
22
|
21
|
22
|
|||||||||
Frontline Ltd
|
10
|
44
|
74
|
|||||||||
Frontline Management (Bermuda) Limited
|
1
|
—
|
—
|
|||||||||
Frontline Corporate Services Ltd
|
52
|
76
|
17
|
|||||||||
Flex LNG Fleet Management AS
|
320
|
223
|
—
|
|||||||||
SFL Corporation Ltd
|
1
|
—
|
—
|
|||||||||
Total related party transactions
|
433
|
501
|
503
|
23
|
Flex LNG Ltd. First Quarter Results 2020
|
24
|
Flex LNG Ltd. First Quarter Results 2020
|
25
|
Flex LNG Ltd. First Quarter Results 2020
|
(Unaudited figures in thousands of $)
|
Three months ended
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Net income/(loss)
|
(14,877
|
)
|
23,856
|
(3,438
|
)
|
|||||||
Finance income
|
(129
|
)
|
(349
|
)
|
(256
|
)
|
||||||
Interest expense
|
10,105
|
11,084
|
6,501
|
|||||||||
Income tax (expense)/credit
|
(24
|
)
|
183
|
—
|
||||||||
Depreciation
|
8,587
|
8,683
|
5,916
|
|||||||||
Earnings before Interest, Taxes, Depreciation and Amortization
|
3,662
|
43,457
|
8,723
|
|||||||||
Loss/(gain) on derivatives
|
21,903
|
(1,589
|
)
|
—
|
||||||||
Foreign exchange loss/(gain)
|
2,283
|
(230
|
)
|
205
|
||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization
|
27,848
|
41,638
|
8,928
|
26
|
Flex LNG Ltd. First Quarter Results 2020
|
27
|
Flex LNG Ltd. First Quarter Results 2020
|
(Unaudited figures in thousands of $, except per share data)
|
Three months ended
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Net income/(loss)
|
(14,877
|
)
|
23,856
|
(3,438
|
)
|
|||||||
Loss/(gain) on derivatives
|
21,903
|
(1,589
|
)
|
—
|
||||||||
Foreign exchange gain or loss.
|
2,283
|
(230
|
)
|
205
|
||||||||
Adjusted net income
|
9,309
|
22,037
|
(3,233
|
)
|
||||||||
Weighted average number of ordinary shares
|
54,110,584
|
54,110,584
|
54,103,189
|
|||||||||
Adjusted earnings per share
|
$ |
0.17
|
$ |
0.41
|
$ |
(0.06
|
)
|
(Unaudited figures in thousands of $)
|
Three months ended
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Vessel operating revenues
|
38,192
|
51,994
|
19,141
|
|||||||||
Less:
|
||||||||||||
Voyage expenses
|
(1,206
|
)
|
(388
|
)
|
(3,789
|
)
|
||||||
Time charter equivalent income
|
36,986
|
51,606
|
15,352
|
28
|
Flex LNG Ltd. First Quarter Results 2020
|
(Unaudited figures in thousands of $, except for TCE rate and days)
|
Three months ended
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
Time charter equivalent income
|
36,986
|
51,606
|
15,352
|
|||||||||
Fleet onhire days
|
546
|
549
|
368
|
|||||||||
Time charter equivalent rate
|
67,740
|
94,000
|
41,717
|
29
|
Flex LNG Ltd. First Quarter Results 2020
|
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