Flex LNG Reports 4Q Profit
Norway-listed shipowner Flex LNG reported a net profit of $1.3 million for the fourth quarter of 2017 compared to a net loss of $0.02 million in the corresponding quarter last year.
The company’s net loss for the twelve months of 2017 widened to $10.4 million from a net loss of $1.8 million in the previous year.
Jonathan Cook, CEO commented: “We are pleased to deliver profitable results for the fourth quarter as two of our chartered-in vessels were employed in profitable charters throughout the quarter."
"In January, we successfully took delivery of the first two of our six newbuildings and secured a 15 to 18 month time charter for one of the vessels in line with our strategy to secure balanced fleet employment as the market continues to improve due to expected tighter supply/demand dynamics in the LNGC market,” he added.
The emerging player in the LNG shipping business successfully took delivery of its first LNGC newbuildings the Flex Endeavour and the Flex Enterprises, respectively on January 9 and 11, 2018.
After crew mobilization and safety drills the Flex Endeavour commenced it’s time charter to Uniper Global Commodities, a leading international energy company headquartered in Germany.
The time charter to Uniper is for a firm period of 15 months plus an option period of 3 months. Subsequent to crew mobilization and safety drills, the Flex Enterprises was put into spot trade.
FLEX LNG controls a fleet of six M-type, Electronically Controlled, Gas Injection (MEGI) LNGCs which are among the most technically advanced vessels in the world and offer superior fuel savings and earnings capacity as compared to previous generations of LNGCs.
