Flex LNG Ltd. announced its unaudited financial results for the quarter ended September 30, 2026.
Highlights:
* Vessel operating revenues of $97.4 million for the third quarter 2026, compared to 106.8 million for the second quarter 2026.
* Net income of $42.8 million and basic earnings per share of $0.79 for the third quarter 2026, compared to net income of $44.9 million and basic earnings per share of $0.83 for the second quarter 2026.
* Average Time Charter Equivalent (“TCE”) rate of $78,875 per day for the third quarter 2026, compared to $86,119 per day for the second quarter 2026.
* Adjusted EBITDA of $72.1 million for the third quarter 2026, compared to $79.0 million for the second quarter 2026.
* Adjusted net income of $35.0 million for the third quarter 2026, compared to $42.5 million for the second quarter 2026.
* Adjusted basic earnings per share of $0.65 for the third quarter 2026, compared to $0.79 for the second quarter 2026.
* The Company declared a dividend for the third quarter 2026 of $0.75 per share. The dividend is payable on or about December 10, 2026 to shareholders, on record as of November 27, 2026.
Marius Foss, CEO of Flex LNG Management AS, commented:
“We are Flexcited to present our strongest third quarter revenues ever. Our fleet sailed in revenues of $97.4 million, or $95.2 million excluding EUAs. Fleet-wide TCE earnings were close to $79,000 per day. Adjusted EBITDA was $72.1 million, while adjusted net income of $35.0 million resulted in adjusted earnings of $0.65 per share. Flex Volunteer and Flex Artemis continued to contribute to the quarterly results with solid rates from their spot charters. Both these vessels are being marketed for long-term charters and will continue trading in the spot and short-term markets until suitable long-term employment is secured.
We expect the spot freight market to remain muted, but potentially volatile throughout the remainder of 2026, mainly due to further expected vessel deliveries and reduced Middle Eastern LNG exports. The reopening of the Strait of Hormuz and normalization of Qatari LNG supply remain key near-term swing factors, together with the potential effects of the El Niño climate pattern and the upcoming ban on Russian LNG imports to the EU from next year. In the longer term, expanding LNG export capacity should increase LNG shipping demand, absorbing surplus tonnage.
Today, we are pleased to announce an amendment to the lease financing for Flex Artemis and Flex Amber, reducing the margin and extending the repayment profile. In addition to this, we have signed an attractive sale and leaseback transaction to refinance Flex Enterprise. This refinancing also addresses one of our 2029 debt maturities. Both transactions contribute to improving our cost of debt, which is part of our continuous focus on optimizing our funding.
We are pleased to declare another dividend of $0.75 per share, equivalent to an aggregate distribution of approximately $41 million. This marks our 21st consecutive ordinary quarterly dividend of $0.75 per share. Including special dividends, we will have returned more than $900 million to shareholders since 2021.
I would like to thank everyone at Flex LNG, both at sea and ashore, for their dedication and hard work, and our valued clients and stakeholders for their continued trust and support. Together, our people drive our success, as demonstrated once again by this record third quarter.”