FLEX LNG .(US:FLNG)2025-11-12 12:25Financial Performance - Vessel operating revenues for Q3 2025 were $85.7 million, a slight decrease from $86.0 million in Q2 2025[4] - Net income for Q3 2025 was $16.8 million, down from $17.7 million in Q2 2025, with basic earnings per share of $0.31 compared to $0.33[12] - The Time Charter Equivalent (TCE) rate for Q3 2025 was $70,921 per day, down from $72,012 per day in Q2 2025[4] - Vessel operating revenues for Q3 2025 were $85.68 million, a decrease of 5.3% from $90.48 million in Q3 2024[46] - Net income for Q3 2025 was $16.82 million, down from $17.41 million in Q3 2024, representing a decline of 3.3%[46] - The company's earnings per share for Q3 2025 were $0.31, consistent with Q3 2024[46] - The EBITDA for the three months ended September 30, 2025, is reported at $60,370,000, while the Adjusted EBITDA is $61,217,000[60][61] - The net income for the three months ended September 30, 2025, is $16,818,000, down from $17,408,000 in the same period of 2024[62] - The Time Charter Equivalent (TCE) rate for the three months ended September 30, 2025, is $70,921, a decrease from $75,426 in the same period of 2024[64] - Vessel operating revenues for the three months ended September 30, 2025, are $85,680,000, compared to $90,483,000 in the same period of 2024[64] - The company's adjusted diluted earnings per share for the three months ended September 30, 2025, is $0.43, compared to $0.53 in the same period of 2024[62] Cash and Debt Management - Cash and cash equivalents reached an all-time high of $478.7 million, up from $412.7 million in Q2 2025[4] - Total long-term debt increased to $1,874.6 million as of September 30, 2025, compared to $1,802.2 million at the end of 2024[13] - The company signed a $180 million term loan facility with a 15.5-year tenor and an interest rate of SOFR plus 165 basis points[31] - The company prepaid the full amount outstanding under the $320 million Sale and Leaseback facility in August 2025[31] - The company has fixed interest rates on an aggregate notional principal amount of $775 million, with a weighted average fixed interest rate of 2.46%[31] - As of September 30, 2025, total capital commitments related to long-term debt obligations amount to $1,887,395,000[54] - The company's long-term debt obligations total $1,874,554,000, with a current portion of $108,182,000[55] Operational Efficiency - The company completed all four planned drydockings for 2025 on time and within budget, resulting in 32 days of offhire[17] - The firm contract coverage for the remainder of 2025 is 92.2%, with a total charter backlog of 53 years[20] - Vessel operating expenses for the three months ended September 30, 2025, are $18,756,000, an increase from $17,836,000 in the same period of 2024[67] Market Conditions - The LNG shipping market saw spot rates for modern tonnage rise to around $70,000 per day due to constrained vessel availability[26] - The company expects a wave of retirements among older steam vessels, with 14 scrapped year-to-date, which may positively impact future market conditions[8] - As of October 2025, the total LNG carrier order book is approximately 290 vessels, with 98 linked to QatarEnergy's fleet renewal program[28] - Year-to-date, FIDs for new projects total around 68 MTPA, with the US contributing approximately 59 MTPA[29] Shareholder Returns - The company declared a dividend of $0.75 per share for Q3 2025, marking the 17th consecutive quarter of dividends[9] - The company paid dividends totaling $40,566 thousand in the three months ended September 30, 2025, consistent with the previous quarter[51] - The company has a share repurchase program authorized for up to $15 million, valid until November 27, 2025[33] Asset Management - Total assets increased to $2,679,057 thousand as of September 30, 2025, up from $2,627,563 thousand at June 30, 2025, representing a growth of 1.96%[49] - Total current liabilities increased to $174,324 thousand as of September 30, 2025, from $165,768 thousand at June 30, 2025, reflecting a rise of 5.93%[49] - Long-term debt stood at $1,766,372 thousand as of September 30, 2025, an increase from $1,696,278 thousand at June 30, 2025, indicating a growth of 4.13%[49] - Total derivative instrument assets at September 30, 2025, amount to $19,581,000, with liabilities of $415,000[56] - The company recorded a realized gain on derivative instruments of $4,066,000 for the three months ended September 30, 2025[56] - The net book value of vessels and equipment decreased to $2,119,184 thousand as of September 30, 2025, from $2,130,428 thousand at June 30, 2025, a decline of 0.52%[53] - The company reported a total of 54,520,325 shares issued as of September 30, 2025, with a par value of $0.01 per share[49] Stock Market Activity - The company’s common shares were delisted from the OSE on September 16, 2025, and are now listed exclusively on the NYSE[32]