Flex LNG announced its unaudited financial results for the quarter ended March 31, 2026, which reflected vessel operating revenues of USD 80.5 million (compared to USD 87.5 million in the fourth quarter of 2025).
Net income was USD 19.5 million and basic earnings per share were USD 0.36 (USD 21.6 million and USD 0.40, respectively).
The average time charter equivalent (TCE) rate reached USD 65,729 per day (USD 70,119), while adjusted EBITDA came to USD 53.2 million (USD 61.8 million) and adjusted net income was USD 16.9 million (USD 23.3 million). Adjusted basic earnings per share reached USD 0.31 (USD 0.43).
Marius Foss, Chief Executive Officer of Flex LNG Management AS, commented that “the results for the first quarter of 2026 reflect the seasonal low period in the LNG shipping market, which bottomed out in mid-first quarter, in line with historical patterns. Our earnings were affected by a low-activity environment and higher voyage expenses, including fuel and /cooling costs, related to the positioning of our open vessels.”
“However, the LNG shipping market readjusted dramatically following the outbreak of war in Iran at the end of February. Spot rates surged from cyclical lows in February to exceed USD 250 thousand per day, as supply disruptions in Qatar and the closure of the Strait of Hormuz caused severe upheaval in global LNG shipping markets,” added Foss.
