Core Points - Flex LNG Ltd has appointed Mr. Marius Foss as the Chief Executive Officer of Flex LNG Management AS, effective immediately [1] - Mr. Foss has been serving as the Interim Chief Executive Officer and Chief Commercial Officer since joining the company in 2018, bringing over 35 years of shipping experience [2] - The Chairman of Flex LNG, Mr. Ola Lorentzon, expressed confidence in Mr. Foss's leadership and commercial capabilities, which are seen as a strong foundation for the company's future development [3] - Mr. Foss emphasized the company's modern fleet, substantial contract backlog, and strong balance sheet, positioning Flex LNG well to capitalize on future opportunities [3]

Financial Performance - Voyage Revenues for Q3 2025 were $38891 thousand, slightly up from $38613 thousand in Q2 2025 but slightly down from $39069 thousand in Q3 2024[14] - Operating Income for Q3 2025 was $18784 thousand, down from $19176 thousand in Q2 2025 and $19836 thousand in Q3 2024[14] - Net Income for Q3 2025 was $18655 thousand, up from $13709 thousand in Q2 2025 and $15054 thousand in Q3 2024[14] - Adjusted EBITDA for Q3 2025 was $27600 thousand, slightly down from $27687 thousand in Q2 2025 and $28901 thousand in Q3 2024[14] - The TCE rate for Q3 2025 was $67094, down from $67883 in Q2 2025 and $69261 in Q3 2024[14] - Cash breakeven per vessel per day for Q3 2025 was $47460, up from $41150 in Q3 2024[15] Capital Allocation and Debt - Declared a distribution to common unitholders for the third quarter of $0050 per common unit[13] - Since inception of common unit buy-back program repurchased 420236 common units at an average price of $371 per common unit as of November 20 2025[13] - The Partnership redeemed all of the issued and outstanding Series B Preferred Units on July 25 2025[13] - Debt Outstanding is $2898 million on four LNG carriers, with two vessels debt-free[31] - Total estimated contract backlog is $085 billion[32]

Financial Performance - The company reported a net income of $45.9 million for the nine months ended September 30, 2025, compared to $37.5 million for the same period in 2024, representing an increase of 22.5% [7][12][13] - For the third quarter of 2025, net income was $18.7 million, up from $15.1 million in the same quarter of 2024, marking a 23.8% increase [13][21] - Adjusted EBITDA for the third quarter was $27.6 million, a decrease of 4.5% from $28.9 million in the same quarter of 2024 [19][12] Revenue and Utilization - Voyage revenues for the third quarter of 2025 were $38.9 million, slightly down from $39.1 million in the same quarter of 2024, a decrease of 0.5% [15][12] - The fleet maintained a utilization rate of 99.1% for the third quarter of 2025, compared to 100% in the same period of 2024 [17][12] - The Time Charter Equivalent (TCE) rate was $67,094 per day, which exceeded the cash breakeven of approximately $47,500 per day [8][12] Cash Flow and Distributions - The company generated net cash from operating activities of $26.5 million for the third quarter of 2025, an increase of 3.5% from $25.6 million in the same quarter of 2024 [24][12] - A quarterly cash distribution of $0.050 per common unit was declared, representing an annualized distribution yield of approximately 5.7% [9][12] Fleet and Contracts - The company has an estimated contracted revenue backlog of $0.88 billion, with an average remaining contract term of 5.4 years [27][12] - As of September 30, 2025, the company had 100% contracted time charter coverage for its fleet for the years 2025, 2026, and 2027 [27][12] Recent Events - The company fully redeemed 2,200,000 Series B Preferred Units on July 25, 2025, for a total payment of $55 million, funded by internal cash reserves [5][26] - The company continues to monitor the impact of geopolitical events, particularly sanctions related to the ongoing conflict in Ukraine, but currently reports no material effects on its operations [32][33]

Core Insights - FLEX LNG is positioned to benefit from the anticipated third wave of LNG growth, with expectations of double-digit dividends due to refinancing efforts that enhance liquidity [1] Company Research - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities and technology, which informs their investment insights [1] - The focus on metals and mining stocks is highlighted, although the analyst is also comfortable covering consumer discretionary, staples, REITs, and utilities [1]

Financial Performance & Guidance - The company expects approximately $340 million in revenues and adjusted EBITDA of approximately $250 million[9, 10] - The average cost of the four drydockings was approximately $5.6 million per vessel[19] - The company completed $355 million of new financing, releasing $94 million[27] - All-time high cash position of $479 million[27] Market Dynamics - Global LNG exports year-to-date 2025 amounted to 350 MT, a 3% increase year-over-year[33] - European LNG imports increased by 26% year-over-year, reaching 102.6 MT, while Asian imports decreased[33] - US LNG exports have seen strong growth, with Freeport exports up 32% year-over-year and Plaquemines seeing significant increases[36, 37] Fleet & Operations - All four drydockings were completed on time and on budget[14] - The average fleet age is 60 years as of November 2025[27] Newbuild & Scrapping Trends - Newbuild prices have stabilized at approximately $245 million, curbing new orders year-to-date[38, 42] - LNG vessel scrapping is at a new high in 2025[43]

Core Viewpoint - Dynagas LNG Partners LP is positioned to potentially reinstate its quarterly distribution after years of debt reduction, which could enhance the value of its units [1]. Group 1 - The company has been focused on reducing its debt over the past years, which is a critical factor for reinstating its quarterly distribution [1]. - The analyst expresses a positive outlook on the future of Bitcoin, indicating a broader interest in innovative investment opportunities [1]. Group 2 - The article reflects the author's personal opinions and does not represent any business relationship with the companies mentioned [2]. - There is a disclosure of a beneficial long position in the shares of DLNG.PR.A, indicating a vested interest in the performance of the stock [2].

Financial Data and Key Metrics Changes - Total operating revenue for Q2 2025 remained steady at $85.5 million, consistent with Q1 2025 [4][22] - Adjusted EBITDA increased to $56.5 million from $53.4 million in Q1 2025, reflecting a modest year-on-year increase [4][22] - Average Time Charter Equivalent (TCE) was slightly down at $69,900 per day compared to $70,600 in Q1 2025 [4][22] Business Line Data and Key Metrics Changes - The delivery of the Cool Tiger and Gale Saga contributed positively to EBITDA despite a challenging market [5] - The company has successfully chartered vessels as they come open, supported by a backlog in a competitive environment [5][20] Market Data and Key Metrics Changes - LNG supply is projected to increase by 2339% compared to 2024 volumes by 2026 and 2028, indicating a positive outlook for the LNG shipping market [7][10] - Year-over-year storage levels were at 76%, down from 90% in the previous year, affecting U.S. supply flow to Europe [8] Company Strategy and Development Direction - The company remains disciplined in seeking asset acquisitions that enhance long-term value through active management [31] - The strategic focus includes managing the business with a prudent long-term perspective, especially given the current low spot market rates [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market is challenging, but the backlog provides a healthy foundation against market volatility [31] - There is optimism regarding the gradual recovery of rates, with expectations for a more balanced market by 2027 [21][31] Other Important Information - The company has completed nine drydocks, with four including performance upgrades, leading to a decrease in average vessel operating expenses to $15,900 per day [25][26] - Approximately 75% of total notional debt is hedged or fixed, providing greater predictability in cash flows [27] Q&A Session Summary Question: Impact of recent liquefaction activity on charter market sentiment - Management indicated that recent positive news has started to focus market participants on their long-term shipping needs [36] Question: Potential asset acquisitions - Management stated they are always looking for acquisition opportunities but have nothing concrete at this time [38][39] Question: Return on investment for vessel upgrades - Management confirmed satisfaction with returns from upgrades, currently yielding $5,000 per day, with potential for more [44][45] Question: Scheduling of drydocking based on chartering environment - Management noted no significant changes in scheduling, pleased to complete drydocks during a low-rate environment [46][47] Question: Status of LNG E upgrades - Four out of five upgrades are completed, with limited incremental costs remaining [50] Question: Shift in demand from Europe to Asia - Management highlighted that the balance could shift based on various factors, including outages and storage refilling in Europe [53][55] Question: Metrics within the three-year variable charter - Management confirmed the charter is tied to an index, with a floor of $20 million and a ceiling of $100 million [61] Question: Upside from upgrades - Management indicated the potential upside from upgrades is $10,000 per day, with current sharing at $5,000 [63][64] Question: Plans for vessels coming off contracts in 2026 - Management stated that while spot trading is an option, there are various deal structures being considered based on market conditions [66][67]

Financial Performance - Second quarter revenues reached $84 million with a TCE (Time Charter Equivalent) rate of $72,000 per day[7] - Net income was $17.7 million, and adjusted net income was $24.8 million[7] - Earnings Per Share (EPS) was $0.33, and adjusted EPS was $0.46[7] Guidance and Outlook - The company reconfirmed its 2025 revenue guidance of approximately $340-360 million, with a TCE rate of $72,000-77,000 per day[7] - Adjusted EBITDA for 2025 is reconfirmed at around $250-270 million[7] Balance Sheet and Refinancing - Refinancing of Flex Courageous was completed, yielding net proceeds of approximately $43 million[27, 31] - Three refinancings are expected to generate around $132 million in net proceeds and lower the average pro forma cost of debt to approximately 5.6%[31] - The company's interest rate swap portfolio stood at $850 million (notional) with a weighted average rate of 2.33%[34] Dividends and Share Buy-Back - A dividend of $0.75 per share was declared for the second quarter[7] - The dividend per share for the last twelve months is $3.00[7] - A share buy-back program of up to $15 million has been launched[7, 39] Operational Updates - Two out of four planned drydockings have been completed ahead of schedule[8, 13] - The estimated average cost of all four drydockings is approximately $5.7 million per vessel[13] Market Trends - Global LNG exports YTD-2025 amounted to 244.7 MT, representing a 2% increase[41] - US LNG exports have surged, accompanied by approximately 24% growth in European LNG imports[40, 41]

Group 1 - The UP World LNG Shipping Index increased by 4.83 points, representing a 2.98% gain, closing at 166.96 points [1] - The S&P 500 index also saw an increase, gaining 1.46% [1] - A chart illustrating the performance of both indices with weekly data is referenced [1]

Group 1 - The UP World LNG Shipping Index decreased by 2.22 points, or 1.33%, closing at 165.31 points, while the S&P 500 index experienced a minor decline of 0.15% [1] Group 2 - The performance of the UP World LNG Shipping Index is tracked alongside the S&P 500 index, indicating a comparative analysis of the LNG shipping sector against broader market trends [1]