Flex LNG logs net loss in Q2

Norway-based Flex LNG reported a net loss of $6.7 million in the second quarter as the Covid-19 pandemic continues to affect the shipping market.

The net loss grew when compared to $3.9 million last year but shrank looking at the previous quarter when the firm logged a $14.9 million loss.

Vessel operating revenues of $25.8 million increased 34 percent year-on-year but they dropped 33 percent compared to the previous quarter.

Flex LNG reported on Wednesday an average time charter equivalent rate of $46,588 per day for the April-June period. This compares to $67,740 per day in the first quarter.

The firm controlled by billionaire John Fredriksen currently has eight LNG carriers on water and expects to take delivery of three additional newbuildings this year and two in 2021.

Flex LNG has three carriers working in the spot market making the firm exposed to weak spot prices hit by Covid-19.

“The Covid-19 pandemic and resulting mobility restrictions posed multifaceted challenges for LNG shipping, which in nature is mobile and woven into global supply chains, ” Flex LNG’s chief Øystein Kalleklev said.

He added that, despite these obstacles, the firm managed to operate its ships with 100 percent up-time and availability delivering cargoes to customers without disruptions or delays.

Looking forward, Kalleklev said the firm expects similar trading result for the third quarter, even with mobilization of three or possibly four newbuildings during this quarter.

- Advertisements -

Most Popular

No bids in Pakistan LNG’s tender for 72 shipments

State-owned Pakistan LNG said it had received no offers for its latest tender seeking bids for a total of...

Excelerate orders FSRU at Hyundai Heavy

US floating LNG player Excelerate Energy has ordered a floating storage and regasification unit (FSRU) at South Korea’s Hyundai...

Eneva, NFE wrap up Brazilian LNG power plant deal

Brazilian energy company Eneva has closed its previously announced deal with US LNG firm New Fortress Energy and joint...

More News Like This

Flex LNG CEO expects “even stronger” H2 results after solid Q2

Norwegian shipping firm Flex LNG, the owner of 13 liquefied natural gas carriers, is expecting "even stronger" results in...

Flex LNG raises revenue guidance after new charter deals

Norwegian shipping firm Flex LNG, the owner of 13 liquefied natural gas carriers, raised its revenue guidance for this...

Flex secures charter deals for LNG carrier trio

Norwegian shipping firm Flex LNG, owner of 13 liquefied natural gas carriers, said it has signed charter deals for...

Flex LNG’s net income climbs, revenue down

Norwegian shipping firm Flex LNG reported a higher net income while its vessel operating revenue dropped in the January-March...