FLEX LNG Ltd. reported its strongest third quarter on record on November 11, 2026, with revenues of $95.2 million and a time charter equivalent rate of approximately $78,900 per day. The company's performance came amid significant shifts in the global LNG trade, with Qatari exports plummeting 65% while U.S. LNG volumes surged 20% year-over-year. FLEX LNG's shares rose 2.33% to $25.90 following the presentation, which also highlighted strategic refinancing initiatives and a maintained quarterly dividend of $0.75 per share, the 21st consecutive payment at that level.
The quarterly results demonstrated the strength of FLEX LNG's modern fleet and contract coverage strategy. The company achieved adjusted earnings per share of $0.65, narrowly beating Wall Street expectations of $0.641, while net income reached $42.8 million, or $0.79 per share. Despite a decrease in adjusted EBITDA due to lower spot market revenues, operating expenses remained well-controlled at $19.5 million. The company's nine-month revenues increased $21.4 million year-over-year to $275.9 million, with adjusted net income rising $16.7 million to $94.5 million.
FLEX LNG maintained a robust cash position, ending September 30, 2026, with $371 million in cash. The company's balance sheet remains solid, with total assets of $2.5 billion and a book equity ratio of 28%. The fleet comprises 13 modern LNG carriers with an average age of just 7.0 years. Strategic refinancing initiatives included a $145.5 million JOLCO sale and leaseback refinancing for the Flex Enterprise, expected to generate roughly $34 million in net proceeds upon closing in the fourth quarter.
The global LNG market saw dramatic shifts in 2026, with a 2% decline in global LNG trade year-to-date through October. Qatari exports collapsed 65%, while U.S. exports surged 20%. The company's extensive contract backlog provides substantial earnings visibility, with 48 years of minimum firm contract backlog. However, the shipping market faces near-term headwinds from vessel oversupply, with spot rates declining sharply by year-end.