Flex LNG Ltd. has reported its financial results for the fourth quarter of 2024, highlighting a significant increase in profitability. The company posted a net income of $45.2 million, or $0.84 per share, a remarkable rise compared to $17.4 million, or $0.32 per share, in the third quarter of 2024. This increase reflects the company's solid performance in the LNG shipping market.
Adjusted net income for the fourth quarter stood at $30.8 million, translating to $0.57 per share, up from $28.7 million, or $0.53 per share, in the previous quarter. Additionally, vessel operating revenues reached $90.9 million, slightly higher than the $90.5 million reported in Q3 2024. These figures indicate strong demand for Flex LNG’s shipping capacity and stable chartering revenues.
The company's Time Charter Equivalent (TCE) rate was reported at $75,319 per day, aligning with prior guidance and reinforcing the consistency of its revenue streams. Adjusted EBITDA stood at $68.7 million, closely matching the company’s forecast of approximately $70 million, further demonstrating its financial resilience.
Flex LNG also declared a dividend of $0.75 per share for Q4 2024, underscoring its commitment to delivering value to shareholders. The dividend is set to be paid on or about March 5, 2025, to shareholders of record as of February 20, 2025.
Looking ahead, Flex LNG anticipates that the LNG shipping market from 2024 to 2027 will closely resemble conditions observed between 2014 and 2017, due to an expected increase in new ship deliveries ahead of the commissioning of additional LNG export capacities. As a result, the company projects that its financial performance in 2025 will be comparable to that of 2024.
As of February 4, 2025, Flex LNG's stock is trading at $25.87, reflecting a slight increase of 0.58% from the previous close. This performance highlights investor confidence in the company’s strategic direction and market position.
These results underscore Flex LNG’s robust financial health and strategic foresight in navigating the evolving LNG shipping landscape. With a strong balance sheet, stable revenues, and a commitment to shareholder returns, the company is well-positioned to capitalize on future opportunities in the LNG sector.
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