FLEX LNG .(FLNG)
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FLEX LNG .(FLNG) - 2022 Q4 - Earnings Call Presentation
2023-02-14 16:45
1 Fourth Quarter 2022 Results Presentation FORWARD-LOOKING STATEMENTS FLEX LNG LTD. ("FLEX LNG" OR "THE COMPANY") DESIRES TO TAKE ADVANTAGE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND IS INCLUDING THIS CAUTIONARY STATEMENT IN CONNECTION WITH THIS SAFE HARBOR LEGISLATION. THE WORDS "BELIEVE," "EXPECT," "FORECAST," "ANTICIPATE," "ESTIMATE," "INTEND," "PLAN," "POSSIBLE, " "POTENTIAL, " "PENDING, " "TARGET," "PROJECT," "LIKELY," "MAY," "WILL," "WOULD, " "SHOULD, " " ...
FLEX LNG .(FLNG) - 2022 Q4 - Earnings Call Transcript
2023-02-14 16:42
Financial Data and Key Metrics Changes - Revenues for Q4 2022 were $98 million, aligning with guidance of $95 million to $98 million, boosted by a strong spot market [2][27] - Net income for Q4 was $41 million, with adjusted net income at $55 million, primarily due to realized gains of $14 million on derivatives [2][37] - Earnings per share for Q4 were $0.78, with adjusted earnings per share at $1.02 [2][27] - The company declared a total dividend of $1.00 per share for Q4, resulting in a full-year dividend of $3.75, reflecting an 11% yield based on current share price [6][54] Business Line Data and Key Metrics Changes - Time charter earnings per day reached $82,000 in Q4, compared to $73,000 for the full year [10] - Operating expenses per day improved slightly to $13,500 in Q4, with a full-year average of $13,400 [10] Market Data and Key Metrics Changes - U.S. LNG exports increased by 9% in 2022, despite disruptions from the Freeport outage [16] - Chinese LNG imports fell by 20% in 2022 due to economic downturns, while European imports surged by 54% [17][44] - European gas demand decreased by 12% in 2022, driven by high prices, but there are expectations for recovery [46] Company Strategy and Development Direction - The company aims to build more backlog for existing ships rather than pursuing new builds due to high new building prices [29][57] - A strong balance sheet and a $400 million revolving credit line provide flexibility for future opportunities [29][42] - The focus remains on securing long-term contracts for ships opening in 2027 to enhance backlog and earnings profiles [55] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the LNG market, anticipating growth driven by new projects and increased demand [25][52] - The company highlighted the importance of maintaining a competitive edge through efficient operations and strong customer relationships [36][66] Other Important Information - The company completed a balance sheet optimization program, releasing $387 million in cash [40][72] - A total of four ships are scheduled for dry-docking in 2023, but revenues are still expected to grow by $20 million to $370 million [54][33] Q&A Session Summary Question: What are the key strategic priorities for management? - Management emphasized building backlog and securing long-term contracts for existing ships, while maintaining a strong balance sheet [29] Question: How does the company view new building prices and fleet expansion? - The company is cautious about new builds due to high prices and prefers to focus on existing ships [57] Question: Will the company consider trading LNG in addition to transportation? - Management indicated that trading LNG is complex and requires significant working capital, which is not the current focus [78]
FLEX LNG .(FLNG) - 2022 Q3 - Earnings Call Presentation
2022-12-22 23:30
1 FLEX LNG Third Quarter 2022 Results Presentation November 15, 2022 FORWARD-LOOKING STATEMENTS MATTERS DISCUSSED IN THIS PRESENTATION MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND ...
FLEX LNG .(FLNG) - 2022 Q3 - Earnings Call Transcript
2022-11-15 18:55
Financial Data and Key Metrics Changes - Revenues for Q3 2022 were $91 million, aligning with previous guidance of $90 million, with net income at $47 million and adjusted net income at $42 million, resulting in earnings per share of $0.88 and adjusted earnings per share of $0.79 [2][12] - Operating expenses for the quarter were $17 million, translating to an OpEx per day of $14,600, which was higher than the guided level of $13,000 due to COVID-related expenses and crew changes [12][36] - The company expects Q4 revenues to be between $95 million and $98 million, also in line with previous guidance [3][25] Business Line Data and Key Metrics Changes - Three ships commenced new Time Charters, contributing positively to revenue, with Flex Artemis benefiting from a variable higher Time Charter [2][12] - The company has a strong contract coverage for 2023 and a minimum coverage of 91% for 2024, with options for charter extensions [3][25] Market Data and Key Metrics Changes - LNG exports from the US grew by 11% despite the Freeport shutdown, while European imports increased by 57% due to high demand and reduced imports from China, which saw a 22% decline [18][19] - The high price of LNG has led to demand destruction in countries like Bangladesh and Pakistan, pushing them to revert to coal [18][19] - European gas consumption decreased by 12% this year, aided by mild weather and high prices stimulating energy savings [19][20] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to fleet growth, prioritizing securing employment for existing ships over newbuilding due to high newbuilding prices [32][33] - The company is optimistic about recontracting ships at better rates due to a strong backlog and favorable market conditions [25][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the current financing market, which is favorable for blue-chip companies, allowing for attractive long-term financing options [38] - The company is confident in its ability to sustain dividends, with a declared quarterly dividend of $0.75 per share, reflecting a yield of around 10% [3][25][39] Other Important Information - The company has secured $630 million in refinancing for four ships, surpassing its $100 million cash release target [2][14] - The company is introducing a dividend reinvestment plan for shareholders [5] Q&A Session Summary Question: How are the earnings calculated for the Flex Artemis? - Earnings are tied to the spot market with a ceiling higher than $100,000 and a floor around the cash breakeven level [28][29] Question: What is the interest for vessels coming open in 2026 and 2027? - There is significant interest, with expectations for long-term charters starting at rates around $90,000 [30] Question: How are the rates adjusted for option periods? - Option rates tend to be higher than firm rates, as options are not given away for free [31] Question: What are the plans for fleet growth and newbuilding? - The company aims to be disciplined and secure employment for existing ships rather than rushing into newbuilding due to high costs [32][33] Question: How does the company plan to use the released cash? - The company plans to maintain cash for servicing interest and providing optionality for future investments [38] Question: When will dividends be paid? - Dividends will be paid on or about December 6 for US investors and December 9 for Oslo Stock Exchange investors [39] Question: How involved is the main shareholder in decision-making? - The main shareholder, John Fredriksen, is heavily involved and provides valuable advice based on his extensive experience [41]
FLEX LNG .(FLNG) - 2022 Q3 - Quarterly Report
2022-11-14 16:00
FLEX LNG Interim Financial Information Flex LNG Ltd. Third Quarter 2022 November 15, 2022 November 15, 2022 - Hamilton, Bermuda Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the nine months ended September 30, 2022. Highlights: • Vessel operating revenues of $91.3 million for the third quarter 2022, compared to $84.2 million for the second quarter 2022. • Net income of $46.6 million and basic earnings per share of $0.88 for the third quarter 2022, compared t ...
FLEX LNG .(FLNG) - 2022 Q2 - Earnings Call Transcript
2022-08-24 19:27
FLEX LNG Ltd. (NYSE:FLNG) Q2 2022 Earnings Conference Call August 24, 2022 9:00 AM ET Company Participants Oystein Kalleklev - Chief Executive Officer Knut Traaholt - Chief Financial Officer Operator Hi, and welcome to today's FLEX LNG Webcast, where we will be presenting our Second Quarter Results, as well as discussing the latest development in the Company and in the LNG markets. As always, we will conclude with the Q&A session. If you like to ask a question in the Q&A session, you can either use the chat ...
FLEX LNG .(FLNG) - 2022 Q1 - Quarterly Report
2022-05-12 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2022 Commission File Number: 001-38904 FLEX LNG Ltd. (Translation of registrant's name into English) Par-La-Ville Place 14 Par-La-Ville Road Hamilton Bermuda (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20 ...
FLEX LNG .(FLNG) - 2022 Q1 - Earnings Call Transcript
2022-05-11 23:19
FLEX LNG Ltd. (NYSE:FLNG) Q1 2022 Earnings Conference Call May 11, 2022 9:00 AM ET Company Participants Oystein Kalleklev - Chief Executive Officer Knut Traaholt - Chief Financial Officer Conference Call Participants Climent Molins - Value Investor's Edge Oystein Kalleklev Thank you and welcome everybody to today's Flex LNG webcast. I'm Oystein Kalleklev CEO of Flex LNG Management. And I will once again be joined by our CFO, Knut Traaholt who will talk you through the numbers a bit later in the presentation ...
FLEX LNG .(FLNG) - 2022 Q2 - Quarterly Report
2022-05-11 16:00
Exhibit 99.1 FLEX LNG Interim Financial Information Flex LNG Ltd. First Quarter 2022 May 11, 2022 May 11, 2022 - Hamilton, Bermuda Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the three months ended March 31, 2022. Highlights: • Vessel operating revenue of $74.6 million for the first quarter 2022, compared to $114.6 million for the fourth quarter 2021. • Net income of $55.8 million and basic earnings per share of $1.05 for the first quarter 2022, compared t ...
FLEX LNG .(FLNG) - 2021 Q4 - Annual Report
2022-03-17 12:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...