Flex LNG Keeps Fleet Busy Amid Soft Market

Flex LNG Ltd. reported steady third-quarter results for 2025, with a continued focus on maintaining its modern fleet of 13 large LNG carriers at peak operational and financial efficiency.

Vessel operating revenues held firm at $85.7 million, with an average Time Charter Equivalent (TCE) rate of $70,921 per day across the fleet. The company reported net income of $16.8 million and adjusted EBITDA of $61.2 million, reflecting stable performance despite a sluggish start to the winter LNG shipping season.

Fleet activity remained high during the quarter. The company completed scheduled drydockings for the Flex Amber and Flex Artemis in September, wrapping up all four planned drydockings for 2025 on time and within budget. The Flex Volunteer is scheduled to enter drydock for her five-year special survey after redelivery in December, followed by three additional drydockings in 2026: Flex Volunteer, Flex Freedom, and Flex Vigilant.

“2025 has been a busy year on the technical side,” said Marius Foss, interim CEO of Flex LNG Management AS. “We completed all our planned dockings efficiently, thanks to our crews and technical team, while continuing to trade vessels like the Flex Artemis in the spot market.”

Fleet financing also saw strategic movement. In September, Flex Constellation was refinanced through a new $180 million term loan with a 15.5-year tenor, while Flex Resolute entered a $175 million sale-and-leaseback agreement with an Asian-based lessor. These moves mark the completion of the company’s Balance Sheet Optimization Program 3.0, which has delivered $530 million in new financing this year, extending debt maturities to 2029 and boosting cash reserves to a record $479 million.

Despite some softness in short-term charter rates, Foss said Flex LNG remains well positioned, supported by “a robust balance sheet and a substantial charter backlog,” currently representing 53 vessel-years.