Highlights:
Vessel operating revenues of $80.5 million for the first quarter 2026, compared to $87.5 million for the fourth quarter 2025.
Net income of $19.5 million and basic earnings per share of $0.36 for the first quarter 2026, compared to net income of $21.6 million and basic earnings per share of $0.40 for the fourth quarter 2025.
Average Time Charter Equivalent ("TCE") rate of $65,729 per day for the first quarter 2026, compared to $70,119 per day for the fourth quarter 2025.
Adjusted EBITDA of $53.2 million for the first quarter 2026, compared to $61.8 million for the fourth quarter 2025.
Adjusted net income of $16.9 million for the first quarter 2026, compared to $23.3 million for the fourth quarter 2025.
Adjusted basic earnings per share of $0.31 for the first quarter 2026, compared to $0.43 for the fourth quarter 2025.
In May 2026, the Company published its ESG report for 2025, its eighth comprehensive and stand-alone sustainability report, which provides an opportunity to reflect on the Company's ESG journey so far.
The Company declared a dividend for the first quarter 2026 of $0.75 per share. The dividend is payable on or about June 11, 2026 to shareholders, on record as of May 29, 2026.
Marius Foss, CEO of Flex LNG Management AS, commented:
"Results for the first quarter of 2026 reflect the seasonal low period in the LNG shipping market, which bottomed out in mid-Q1, in line with historical patterns. We achieved a fleet-wide TCE rate of around $65,700 per day and generated revenues excluding EUAs of $78 million, while adjusted net income totalled $16.9 million. Our earnings were impacted by a soft spot environment and higher voyage expenses, including bunkers and gas-up/cool-down, related to the positioning of our open ships.
However, the LNG shipping market reset dramatically following the outbreak of the war in Iran in late February. Spot rates surged from cyclical lows in February to more than $250,000 per day, as supply disruptions in Qatar and the closure of the Strait of Hormuz created severe dislocation in global LNG shipping markets.
With two vessels exposed to the spot market and Flex Aurora redelivered in March, we capitalized on tighter markets, securing a two-year contract for Flex Aurora and fixing Flex Volunteer and Flex Artemis on short term contracts until the third quarter. In March, we were pleased to announce that the charterer of Flex Resolute and Flex Courageous exercised the extension options for the period 2027 to 2029, meaning that the ships are now on firm contracts until 2032, with the charterer's option to extend to 2039.
Reflecting the stronger market environment and having covered 91% of the remaining days of 2026, we are increasing our full-year 2026 (FY2026) guidance. We now expect FY2026 revenues, excluding EUAs, in the range of $345-370 million, representing an increase of around 10% versus our February guidance. We ...
