Highlights 

  • 3Q25 vessel operating revenues reach 85.7M USD, with net income of 16.8M USD. 
  • Average TCE rate of 70,921 USD per day; completed scheduled 2025 drydockings. 
  • Declares 0.75 USD dividend per share for 17th consecutive quarters, payable December 11. 

Flex LNG Ltd. (NYSE:FLNG) reported unaudited results for the quarter ended September 30, 2025. Vessel operating revenues totaled 85.7M USD for 3Q25, slightly below 86.0M USD in 2Q25. Net income was 16.8M USD, or 0.31 USD per basic share, compared to 17.7M USD and 0.33 USD per share in the prior quarter. 

The company recorded an average Time Charter Equivalent rate of 70,921 USD per day for 3Q25, down slightly from 72,012 USD per day in 2Q25. Adjusted EBITDA reached 61.2M USD, while adjusted net income stood at 23.5M USD, with adjusted basic earnings per share of 0.43 USD. 

Financing and Lease Transactions 

In July 2025, Flex LNG finalized a 180M USD term loan facility for Flex Constellation, drawn in September, with a 15.5-year tenor and interest rate of SOFR plus 165 bps. Repayments follow a 25-year age-adjusted schedule for the first 7.5 years, transitioning to a 22-year profile thereafter. 

A sale and leaseback agreement for Flex Resolute was completed with an Asian lease provider for 175M USD, including a 10-year bareboat charter back. These actions complete the company’s Balance Sheet Optimization Program 3.0, which delivered 530M USD in new financings in 2025, extended debt maturities to 2029, and generated 137M USD in net proceeds. 

Dividend Declaration 

The company declared a 0.75 USD dividend per share for 3Q25, payable on December 11, 2025, to shareholders of record on November 28, 2025. This marks the 17th consecutive quarterly dividend and corresponds to an annualized yield of approximately 11%. 

Market Context and CEO Comments 

Marius Foss, Interim CEO of Flex LNG Management AS, stated: 

“Third quarter revenues came in at 85.7M USD, with a TCE rate of ~$70,900 per day. We completed the drydockings of two vessels during the quarter, and Flex Artemis traded in the spot market. While this year's winter season began on a sluggish note, we are encouraged to see spot rates for modern tonnage in the region of 60,000-70,000 USD per day. 

We completed all four planned drydockings for 2025 on time and within budget. Looking ahead, three drydockings are planned in 2026: Flex Volunteer, Flex Freedom, and Flex Vigilant. The Board has again declared a 0.75 USD dividend per share for the seventeenth consecutive quarter.” 

Flex LNG also highlighted that US LNG export volumes are up more than 20% year-to-date, while 14 steam vessels have been scrapped, with further retirements expected. This is expected to help balance the market despite near-term freight challenges.