HAMILTON, Bermuda, Aug. 20, 2025 /PRNewswire/ — Flex LNG Ltd. (“Flex LNG” or the “Company”) today announced its unaudited financial results for the six months ended June 30, 2025.
Highlights:
- Vessel operating revenues of $86.0 million for the second quarter 2025, compared to $88.4 million for the first quarter 2025.
- Net income of $17.7 million and basic earnings per share of $0.33 for the second quarter 2025, compared to net income of $18.7 million and basic earnings per share of $0.35 for the first quarter 2025.
- Average Time Charter Equivalent (“TCE”) rate of $72,012 per day for the second quarter 2025, compared to $73,891 per day for the first quarter 2025.
- Adjusted EBITDA of $62.6 million for the second quarter 2025, compared to $65.6 million for the first quarter 2025.
- Adjusted net income of $24.8 million for the second quarter 2025, compared to $29.4 million for the first quarter 2025.
- Adjusted basic earnings per share of $0.46 for the second quarter 2025, compared to $0.54 for the first quarter 2025.
- In June and July 2025, we successfully completed our scheduled drydocking for Flex Aurora and Flex Resolute, respectively.
- In May 2025, we signed and completed a sale and leaseback agreement with an Asian-based lease provider for the vessel, Flex Courageous. Under the terms of the agreement, the vessel was sold for a consideration of $175.0 million, with a bareboat charter back of 10 years, as previously announced. The Company repaid the full amount outstanding for Flex Courageous under the $320 Million Sale and Leaseback.
- In July 2025, we signed a $180.0 million term loan facility in respect of Flex Constellation with an international shipping bank. The $180 Million Facility has a 15.5 year tenor and an interest rate of SOFR plus a margin of 165 basis points. The repayment of the facility is based on a 25 year age-adjusted repayment profile for the first 7.5 years, and thereafter follows a 22 year profile until maturity, when the facility is fully repaid. In August 2025, we prepaid the full amount outstanding relevant to Flex Constellation under the $320 Million Sale and Leaseback. The new facility is expected to be drawn down in September 2025.
- In August 2025, we signed a sale and leaseback agreement with an Asian-based lease provider for the vessel, Flex Resolute. Under the terms of the agreement, the vessel will be sold for a consideration of $175.0 million, with a bareboat charter back of approximately 10 years. The new financing is expected to be completed in September 2025, subject to final documentation and customary closing conditions.
- The Board of Directors has authorised a share repurchase program that allows the Company to repurchase up to $15 million of its outstanding shares listed on the New York Stock Exchange (“NYSE”) and the Oslo Stock Exchange (“OSE”), which is valid through November 27, 2025. The manner, timing, pricing and amount of the repurchases under the program (if any) will be subject to the discretion of the Company and may be based upon a number of factors, including market conditions, and in accordance with applicable rules and regulations.
- The Company declared a dividend for the second quarter 2025 of $0.75 per share. The dividend is payable on or about September 18, 2025 to shareholders, on record as of September 5, 2025.
Marius Foss, Interim CEO of Flex LNG Management AS, commented:
“We are today reporting second quarter revenues of $86 million, or $84 million excluding EUAs, with a TCE of approximately $72,000/day, almost unchanged from last year’s …