• Home
  • News
  • Flex LNG reports Q1 2018 results
  • 2018 May 29 11:03

    Flex LNG reports Q1 2018 results

    FLEX LNG LTD., an emerging leader in the  Liquefied Natural Gas ("LNG") shipping, reports unaudited results for the  three months ended March 31, 2018.   

    Highlights for Q1 2018:   

    -    On January 9 and 11, 2018 Flex LNG successfully took delivery of its first  LNGC newbuildings the Flex Endeavour and the Flex Enterprise, respectively.  

    -    Flex Endeavour commenced it's time charter to Uniper Global Commodities  ("Uniper"), a leading international energy company headquartered in Germany  while Flex Enterprise was operating in the spot market. 

    -    Reported Revenues of $15.1m compared to $1.3m in Q1 2017. 

    -    Reported a positive EBITDA of $2.4m compared to a negative EBITDA of $2.4m in  Q1 2017. 

    -    Reported Net Loss of $ 1.8m compared to a Net Loss in Q1 2017 of $ 1.0m due to  weak utilization of the Flex Enterprise during the quarter as well as increased  financing costs related to $ 315m term loan facility. 

    -    The Company transitioned from IFRS to US GAAP on 1 January 2018. There were no  changes to the balance sheet as a result of this change in accounting  principles.    

    Other and Subsequent Events:   

    -    On 18 April 2018 Flex LNG entered into a 12 months time-charter agreement with  Enel Trade S.p.A. ("Enel"). The time charter period of 12 months will commence  during the second half of 2019. Enel also has the option to extend the contract  by an additional 12 months subsequent to the firm period. 

    -    On 28 May 2018, Flex LNG received credit approval for a sale leaseback of the  LNGC newbuilding Flex Rainbow with an Asian Lessor ("Lessor") based on term  sheet signed by the parties 20 March 2018. The sale price under the lease is  approx. 75% of the relevant ship building price for Flex Rainbow and where the  remaining 25% represent the advance hire for the ten year lease period.  

    -    On May 28, Flex LNG entered into an agreement to acquire two 174,000 CBM X-DF  LNGC newbuildings under construction at HHI for an attractive price of $ 184m  each vessel which includes building supervision. Payment terms are favorable  with 20 per cent of amount due following signing of such agreement while  remaining 80 per cent is due at delivery. Hence seller is funding part of  pre-delivery capex which illustrate commitment and support of the largest  shareholder.  

    -    Jonathan Cook, Chief Executive Officer of Flex LNG Management Ltd, decided on  28 May 2018 to resign his position to pursue other interests. The Board has  decided to appoint Board member Marius Hermansen as Interim CEO and will  actively pursue recruitment process of a permanent Chief Executive Officer. The  Company has also hired Marius Foss as Head of Commercial. Mr. Foss comes from a  similar role at Golar LNG Ltd. 

    -    Following the changes in management 28 May and the recruitment of Mr Foss, the  Board has increased its focus on building a strong team around the Company's  modern LNGC  fleet, and given the market outlook, transportation of LNG will be  the Company's core focus going forward.      

2022 January 16

16:03 Norwegian Cruise Line introduces Norwegian VIVA
14:17 SCHOTTEL to supply propulsion systems for new Italian LNG bunkering vessel
13:38 Wilhelmsen Ship Management takes a majority stake in Ahrenkiel Tankers to strengthen its position in the tanker market
12:19 Simpson Spence Young acquires Anchor Shipbroking Inc.
11:02 Forever Oceans signs deal with Brazilian Gov't for world’s largest offshore concession for sustainable seafood production

2022 January 15

14:27 NGOs join local residents and First Nations in fight against toxic shipbreaking in British Columbia
13:02 Balk Shipyard joins forces with Zhongying
12:48 ENEOS and Marubeni to introduce an environmental-friendly fueled ethylene carrier
11:37 Offshore oil needs more shuttle tankers as volumes requiring transport set to rise by 35% this decade
10:52 CMA CGM announces inaugural call at Port of Wilmington in North Carolina

2022 January 14

18:36 Ernst Meyer appointed Torvald Klaveness CEO from April 1st, 2022
17:56 The Valencia Containerised Freight Index stabilises its growth with an increase of 4.14% in December
17:51 Some 700 samples of sea water and atmospheric air tested at CPC Marine Terminal sites near Novorossiysk in 2021
17:26 PSA container throughput up by 5.6 % to 91.5 mln TEUs in 2021
17:06 HHLA Sky and the HPA form technology partnership at the Port of Hamburg
16:35 Shell signs contract with thyssenkrupp for green hydrogen plant
16:15 Maersk launches new reefer train service between Algeciras and Marin
15:56 Throughput of Russian seaports in 2021 rose by 1.7% Y-o-Y
15:33 Port Vitino investor to announce design competition in Q1’2022
15:14 The newest Viking's ocean cruise ship floats out at the shipyard in Ancona
15:13 A.P. Møller - Mærsk announces revenue of USD 18.5bn for Q4 2021
15:00 Rosterminalugol handled 24.4 million tonnes of coal in 2021, down 8% YoY
14:46 Titan LNG collaborates with Corsica Linea on delivery of LNG and bioLNG in the Port of Marseille for Corsica Linea’s new Ro-Pax ferry
14:29 Throughput of Petersburg Oil Terminal fell by 2.2% in 2021
12:45 Russia's Main Department of State Expertise approves construction of LPG terminal in Primorsky Territory
12:23 Volvo Car Gent extends electric drive in North Sea Port
12:00 United Shipbuilding Corporation delivered 19 ships in 2021
11:48 Port of San Diego awards contract to double cruise ship shore power capability
11:17 A consortium of Japanese companies complete the “Joint Technological Development Programme for the Demonstration of Unmanned Ships”
10:56 Ships of RF Navy’s Pacific Fleet entered Indian port of Cochin
10:34 Philly Shipyard to build the first Jones Act Subsea Rock Installation Vessel
10:24 EC adopts a decision prohibiting a merger that would combine two leading global shipbuilding companies
10:12 ICS and IMPA shipping guidance can help curb pilot transfer fatalities
09:51 Baltic Dry Index as of January 13
09:46 MABUX: No firm trend in Global bunker prices on Jan 14
09:32 Indian Register of Shipping prepares Disaster Management Plan for ports of Gujarat Maritime Board
09:16 Crude oil prices decrease as demand falls
09:10 New X-Press Feeders feeder service connects Hamburg with Södertälje and Ahus in Sweden
08:58 APM Terminals commits to industry-leading reduction in greenhouse gas emissions

2022 January 13

18:42 Brittany Ferries sells Cap Finistère to Italian shipping company GNV
18:27 The Port of Barcelona tenders out the pilot project to supply electricity to ships at the BEST terminal
18:06 Chevron HDAX 9700 oil gains unique approval for MAN four-stroke engines using gas or distillate fuels
17:55 OOCL presents 2022 OCEAN Alliance products
17:48 Singapore closes 2021 with record container throughput of 37.5 million TEUs
17:48 First companies for NextGen District in Port of Antwerp sign agreement
17:15 OneOcean Group launches the industry’s first Environmental Planner as part of its Voyage Planning platform
16:47 NOVATEK reports preliminary operating data for 2021
16:45 Ocean Alliance Day 6 Product with participation of CMA CGM Group to start in April 2022
16:22 Brittany Ferries transports its first CMA CGM container from France to UK
15:41 Leading Maritime Cities report 2022: Singapore still in top spot followed by Rotterdam and London
15:34 Nuclear-powered icebreaker Sibir left Saint-Petersburg for Murmansk
15:21 DNV Conference brings together industry voices to show collaboration is shipping’s true fuel of the future
14:42 MABUX: Bunker Weekly Outlook, Week 02, 2022
14:15 ABS publishes Guide for methanol-fueled vessels
13:52 Freeport of Ventspils summarized results of 2021
13:14 Van Oord to install scour protection at Seagreen offshore wind farm
12:49 Mashpromleasing and Severnaya Verf sign yet another agreement on equipment leasing
12:10 Long Beach, Los Angeles seaports discuss zero-emissions goals progress
11:55 Tallink Grupp’s vessel Victoria I to undergo regular maintenance in BLRT ship repair yard in Klaipeda
11:23 PTP to invest over EUR 150m following record volumes in 2021