Core Insights - Flex LNG reported a revenue of $340 million for the full year 2025, with adjusted EBITDA of $251 million and adjusted net income of $101 million [3] - The company declared a quarterly dividend of $0.75 per share, marking the 18th consecutive dividend, with a trailing yield of approximately 11.5% [6][12] - For 2026, management guided revenue expectations of $310 million to $340 million, with TCE rates projected between $65,000 and $75,000 per day [6][8] Financial Performance - In Q4 2025, Flex LNG achieved a net income of $21.6 million, or $0.40 per share, with adjusted net income of $23.3 million, or $0.43 per share [4][5] - The company experienced a year-over-year revenue decline of $15 million, attributed to higher market exposure in a softer spot market [2] - Operating expenses for Q4 were reported at $16,600 per day, higher than previous quarters due to scheduled engine maintenance [11] Operational Highlights - Flex LNG completed four drydockings in 2025, totaling 64 days, which was below the budgeted 80 days [2] - The fleet achieved close to 100% technical uptime in 2025, net of drydocking days [2] - For 2026, three drydockings are planned, with an average cost of $5.9 million per docking [10] Market Conditions - The LNG shipping spot market in 2025 was characterized by volatility, with rates reaching as high as $175,000 per day in Q4 [15] - Global LNG exports rose 4% year-over-year in 2025, driven by a 25% increase in U.S. exports [16] - The company noted a significant order book with 79 newbuild LNG carriers delivered in 2025, and an estimated 290 vessels remaining in the order book [17] Strategic Outlook - Flex LNG has fixed 78% of available days on long-term charters for 2026, limiting spot exposure to three vessels [6][7] - The company emphasized a disciplined approach to fleet growth, indicating a willingness to order new ships only with contracts in place [19][20] - Management expects continued volatility in the LNG shipping market for 2026, influenced by new export volumes and geopolitical factors [9][15]