Q3 2023 FLEX LNG Ltd Earnings Call Key Takeaways Transcript
Hi, everybody. I'm Oystein Kalleklev, CEO of Flex LNG. And today, we are delivering our third quarter numbers. So let's review the highlights.
Revenues for the quarter came in at $94.6 million in the high end of our guidance of $90 million to $95 million. This resulted in strong earnings with net income of $45.1 million, translating to $0.84 per share. Adjusted for the gains on our derivatives, adjusted net income came in at $36.1 million or $0.67, respectively.
As you might recall, we have been doing drydocking of four ships this year. But in Q3, we had all the touring ships back in operation, taking out three ships during Q2 for the special survey for 5-year class. We have also seen seasonally stronger spot market, and this is positively impacting the earnings we have on Flex Artemis, and these are the two main reasons why revenues are higher in Q3 than Q2.
Overall, the LNG market, both freight and product is well balanced with high gas inventory levels in Europe now prior to the heating season. That means LNG
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