Flex LNG reported vessel operating revenue of $97.4 million for the third quarter of 2026 on Wednesday, November 11.
The LNG carrier owner said this was its highest revenue for a third quarter, although it was below the $106.8 million recorded in the second quarter.
Net income fell to $42.8 million from $44.9 million. The average daily time charter equivalent (TCE) rate dropped to $78,875 from $86,119. Chief Financial Officer Knut Traaholt attributed the decline mainly to Flex Volunteer, which had earned a higher spot rate for most of the second quarter.
The company amended the lease financing for Flex Artemis and Flex Amber. Their margins fall from 215 to 140 basis points, and combined quarterly repayments drop from $4.3 million to $3.5 million. It also signed a sale-and-leaseback refinancing for Flex Enterprise.
That deal is expected to release about $34 million in liquidity, address one of its 2029 debt maturities and close in the fourth quarter. It follows a $175 million lease for Flex Courageous in 2025.
Flex Volunteer and Flex Artemis remain in the spot market while they are marketed for long-term charters. Flex Volunteer has spot work extending into the first quarter of 2027, while Flex Artemis is available.
"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," said CEO Marius Foss.
Flex LNG kept its quarterly dividend at $0.75 per share, payable on or about December 10. Full-year guidance is unchanged, but the company now expects results at the middle to lower end of its ranges.
