Flex LNG’s profit up on strong market

Flex LNG, the company controlled by billionaire John Fredriksen and an emerging player in the LNG shipping business turned into a profit on a strong market. 

The company reported a net profit of $11.8  for the full year 2018, compared to a net loss of $10.4 million for the full year 2017.

Net profit reached $15.2 million in the fourth quarter of 2018, up from $1.3 million in the corresponding quarter the previous year.

Flex LNG’s CEO Øystein Kalleklev said the company capitalized on a strong market in the fourth quarter.

“While the market is currently soft due to weaker shipping demand, we remain upbeat about the outlook for LNG shipping as a glut of new liquefaction capacity is coming online both near and long term,” Kalleklev said.

Flex LNG now controls a fleet of 13 LNG carriers, including four vessels on the water and nine newbuildings.

Two of the newbuildings are scheduled for delivery in 2019, five in 2020 and the remaining two in 2021, the company’s report shows.