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HAMILTON, Bermuda, May 13, 2026 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the three months ended March 31, 2026.
Highlights:
Marius Foss, CEO of Flex LNG Management AS, commented:
"Results for the first quarter of 2026 reflect the seasonal low period in the LNG shipping market, which bottomed out in mid-Q1, in line with historical patterns. We achieved a fleet-wide TCE rate of around $65,700 per day and generated revenues excluding EUAs of $78 million, while adjusted net income totalled $16.9 million. Our earnings were impacted by a soft spot environment and higher voyage expenses, including bunkers and gas-up/cool-down, related to the positioning of our open ships.
However, the LNG shipping market reset dramatically following the outbreak of the war in Iran in late February. Spot rates surged from cyclical lows in February to more than $250,000 per day, as supply disruptions in Qatar and the closure of the Strait of Hormuz created severe dislocation in global LNG shipping markets.
With two vessels exposed to the spot market and Flex Aurora redelivered in March, we capitalized on tighter markets, securing a two-year contract for Flex Aurora and fixing Flex Volunteer and Flex Artemis on short term contracts until the third quarter. In March, we were pleased to announce that the charterer of Flex Resolute and Flex Courageous exercised the extension options for the period 2027 to 2029, meaning that the ships are now on firm contracts until 2032, with the charterer's option to extend to 2039.
Reflecting the stronger market environment and having covered 91% of the remaining days of 2026, we are increasing our full-year 2026 (FY2026) guidance. We now expect FY2026 revenues, excluding EUAs, in the range of $345-370 million, representing an increase of around 10% versus our February guidance. We further expect FY2026 fleet-wide TCE rate of $73-78,000 per day, an increase of approximately 8%, while adjusted EBITDA is now expected in the range of $255-280 million, up approximately 11% from our previous guidance range.
Importantly, none of our vessels operated inside the Strait of Hormuz during the conflict period, and all our seafarers remain safe. In periods of heightened geopolitical uncertainty, safeguarding our crew remains paramount. This commitment is also reflected in our 2025 ESG Report, released today. For the second consecutive year, we report a Lost Time Injury Frequency (LTIF) of zero, underscoring our continued focus on health and safety.
The Board is pleased to declare another quarterly dividend of $0.75 per share, equivalent to an aggregate distribution of approximately $41 million. This marks our 19th consecutive ordinary quarterly dividend of $0.75 per share. Including special dividends, we will have returned approximately $810 million to shareholders since 2021."
Fuente: PRNewswire
