Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 001-38904 |
Entity Registrant Name | FLEX LNG Ltd. |
Entity Address, Address Line One | Par-La-Ville Place |
Entity Address, Address Line Two | 14 Par-La-Ville Road |
Entity Address, City or Town | Hamilton |
Entity Address, Country | BM |
Entity Central Index Key | 0001772253 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||
Vessel operating revenues | $ 158,728 | $ 147,103 |
Operating expenses | ||
Voyage expenses | (1,866) | (2,277) |
Vessel operating expenses | (29,718) | (29,715) |
Administrative expenses | (4,517) | (4,252) |
Depreciation | (35,816) | (33,361) |
Operating income | 86,811 | 77,498 |
Other income/(expenses) | ||
Interest income | 296 | 12 |
Interest expense | (30,495) | (27,534) |
Write-off of debt issuance costs | (1,724) | 0 |
Gain/(loss) on derivatives | 46,358 | 10,152 |
Other financial items | (1,198) | (123) |
Income before tax | 100,048 | 60,005 |
Income tax expense | (27) | (36) |
Net income | $ 100,021 | $ 59,969 |
Earnings/(loss) per share: | ||
Basic (in USD per share) | $ 1.88 | $ 1.12 |
Diluted (in USD per share) | $ 1.87 | $ 1.12 |
UNAUDITED INTERIM CONDENSED C_2
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income/(loss) | $ 100,021 | $ 59,969 |
Total other comprehensive income/(loss) | 0 | 0 |
Total comprehensive income/(loss) | $ 100,021 | $ 59,969 |
UNAUDITED INTERIM CONDENSED C_3
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 283,658 | $ 200,652 |
Restricted cash | 47 | 518 |
Inventory | 4,924 | 6,453 |
Receivables due from related parties | 356 | 228 |
Other current assets | 20,375 | 17,040 |
Total current assets | 309,360 | 224,891 |
Non-current assets | ||
Derivative instruments | 49,862 | 5,862 |
Vessels and equipment, net | 2,306,352 | 2,342,165 |
Other fixed assets | 4 | 3 |
Total non-current assets | 2,356,218 | 2,348,030 |
Total assets | 2,665,578 | 2,572,921 |
Current liabilities | ||
Current portion of long-term debt | 75,510 | 81,472 |
Derivative instruments | 0 | 4,764 |
Payables due to related parties | 225 | 348 |
Accounts payable | 2,835 | 2,016 |
Other current liabilities | 43,432 | 42,987 |
Total current liabilities | 122,002 | 131,587 |
Non-current liabilities | ||
Long-term debt | 1,633,703 | 1,551,947 |
Total non-current liabilities | 1,633,703 | 1,551,947 |
Total liabilities | 1,755,705 | 1,683,534 |
Equity | ||
Share capital (June 30, 2022: 54,110,584 (December 31, 2021: 54,110,584) shares issued, par value $0.10 per share) | 5,411 | 5,411 |
Treasury shares (June 30, 2022: 967,509 (December 31, 2021: 980,000) | (9,329) | (9,449) |
Additional paid in capital | 1,189,110 | 1,189,060 |
Accumulated deficit | (275,319) | (295,635) |
Total equity | 909,873 | 889,387 |
Total equity and liabilities | $ 2,665,578 | $ 2,572,921 |
UNAUDITED INTERIM CONDENSED C_4
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Shares issued (in shares) | 54,110,584 | 54,110,584 |
Par value (in dollars per share) | $ 0.10 | $ 0.10 |
Treasury shares (in shares) | 967,509 | 980,000 |
UNAUDITED INTERIM CONDENSED C_5
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net income/(loss) | $ 100,021 | $ 59,969 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||
Depreciation | 35,816 | 33,361 |
Amortization of debt issuance costs. | 2,102 | 2,380 |
Write-off of debt issuance costs | 1,724 | 0 |
Share-based payments | 170 | (82) |
Foreign exchange (gain)/loss | (40) | 43 |
Change in fair value of derivative instruments | (48,764) | (13,467) |
Other | 4,359 | (4,137) |
Changes in operating assets and liabilities, net: | ||
Inventory | 1,529 | (419) |
Trade accounts receivable, net | (890) | 4,050 |
Accrued income | 3,746 | 2,075 |
Prepaid expenses | (6,242) | 8,809 |
Other receivables | 51 | 1,241 |
Receivables due from related parties | (128) | (356) |
Payables due to related parties | (123) | 64 |
Accounts payable | 819 | (2,708) |
Accrued expenses | 1,956 | 1,100 |
Deferred charter revenue | 1,678 | (3,735) |
Other current liabilities | (2,862) | 2,914 |
Provisions | (327) | 98 |
Net cash provided by operating activities | 94,595 | 91,200 |
Investing activities | ||
Purchase of other fixed assets | (4) | (2) |
Purchase to vessels and equipment | 0 | (266,173) |
Net cash used in investing activities | (4) | (266,175) |
Financing activities | ||
Purchase of treasury shares | 0 | (5,636) |
Repayment of long- term debt | (42,302) | (32,514) |
Proceeds of revolving credit facility | 313,421 | 181,448 |
Repayment of revolving credit facility | (64,079) | (137,763) |
Prepayment of long-term debt | (451,998) | 0 |
Proceeds from long-term debt | 320,000 | 223,290 |
Financing costs | (7,453) | (1,269) |
Dividends paid | (79,705) | (37,401) |
Net cash (used in)/provided by financing activities | (12,116) | 190,155 |
Effect of exchange rate changes on cash | 60 | 65 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 82,535 | 15,245 |
Cash, cash equivalents and restricted cash at the beginning of the period | 201,170 | 128,962 |
Cash, cash equivalents and restricted cash at the end of the period | 283,705 | 144,207 |
Supplemental Information | ||
Interest paid, net of amounts capitalized | 26,438 | 21,652 |
Income tax paid | $ 26 | $ 95 |
UNAUDITED INTERIM CONDENSED C_6
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share capital | Treasury shares | Additional paid in capital | Accumulated deficit |
Number of shares outstanding at the beginning of period (in shares) at Dec. 31, 2020 | 53,907,787 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Treasury shares purchased (in shares) | (624,547) | ||||
Distributed treasury shares (in shares) | 0 | ||||
Number of shares outstanding at the end of period (in shares) at Jun. 30, 2021 | 53,283,240 | ||||
At beginning of period at Dec. 31, 2020 | $ 5,411 | $ (1,661) | $ 1,190,333 | $ (358,908) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Treasury shares purchased at cost | (5,636) | ||||
Distributed treasury shares | 0 | 0 | |||
Stock option expense | (82) | ||||
Net income/(loss) | $ 59,969 | 59,969 | |||
Dividends paid | (37,401) | ||||
At end of period at Jun. 30, 2021 | 852,025 | $ 5,411 | (7,297) | 1,190,251 | (336,340) |
Number of shares outstanding at the beginning of period (in shares) at Dec. 31, 2021 | 53,130,584 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Treasury shares purchased (in shares) | 0 | ||||
Distributed treasury shares (in shares) | 12,491 | ||||
Number of shares outstanding at the end of period (in shares) at Jun. 30, 2022 | 53,143,075 | ||||
At beginning of period at Dec. 31, 2021 | 889,387 | $ 5,411 | (9,449) | 1,189,060 | (295,635) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Treasury shares purchased at cost | 0 | ||||
Distributed treasury shares | 120 | (120) | |||
Stock option expense | 170 | ||||
Net income/(loss) | 100,021 | 100,021 | |||
Dividends paid | (79,705) | ||||
At end of period at Jun. 30, 2022 | $ 909,873 | $ 5,411 | $ (9,329) | $ 1,189,110 | $ (275,319) |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
General | GENERALFLEX LNG Ltd. ("FLEX LNG" or the "Company") is a limited liability company, originally incorporated in the British Virgin Islands in September 2006 and re-domiciled to Bermuda in June 2017. The Company is currently listed on the Oslo and New York Stock Exchanges under the symbol "FLNG". The Company's activities are focused on seaborne transportation of liquefied natural gas ("LNG") through the ownership and operation of fuel efficient, fifth generation LNG carriers. As of June 30, 2022, the Company had thirteen LNG carriers in operation. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Accounting policies | ACCOUNTING POLICIES Basis of accounting The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2022. The unaudited interim condensed consolidated financial statements do not include all the disclosures required in an Annual Report on Form 20-F. Out-of-period adjustment In the six months ended June 30, 2022, we recorded an out-of-period adjustment to prospectively correct prior period accounting errors of $1.0 million and $1.9 million relating to the overstatement of our technical ship management fees within vessel operating expenses for the years ended December 31, 2020 and 2021, respectively. As a result of the adjustment, in the six months ended June 30, 2022, we recorded a decrease in our vessel operating expense and a decrease to our other current liabilities of $2.9 million. In the six months ended June 30, 2022, this adjustment increased the Company's net income by $2.9 million. We evaluated the errors for years ended December 31, 2020 and 2021 and concluded that the accounting errors were not material to the previously issued financial statements. We also evaluated the materiality of the impacts of the out-of-period adjustment required to correct the accounting errors and concluded that it was not material to the estimated income for the full fiscal year ending December 31, 2022 or its effect on the trend in earnings. Significant accounting policies The accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31, 2021. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform ), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. Other recently issued accounting pronouncements are not expected to materially impact the Company. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share amounts are calculated by dividing the net income/(loss) by the weighted average number of ordinary shares outstanding during that period. Diluted earnings per share amounts are calculated by dividing the net income/(loss) by the weighted average number of shares outstanding during the period, plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. If in the period there was a loss then any potential ordinary shares have been excluded from the calculation of diluted loss per share, because the effects were anti-dilutive. The following reflects the net income/(loss) and share data used in the earnings per share calculation. (in thousands of $, except share data) Six months ended June 30, 2022 2021 Net income 100,021 59,969 Weighted average number of ordinary shares 53,136,864 53,487,062 Share options 272,476 156,000 Weighted average number of ordinary shares, adjusted for dilution 53,409,340 53,643,062 Earnings per share: Basic 1.88 1.12 Diluted 1.87 1.12 |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following identifies the balance sheet line items included in cash, cash equivalents and restricted cash as presented in the interim condensed consolidated statements of cash flows: (in thousands of $) June 30, December 31, 2022 2021 Cash and cash equivalents 283,658 200,652 Restricted cash 47 518 Cash, cash equivalents and restricted cash 283,705 201,170 Restricted cash consists of cash that is restricted by law for the Norwegian tax authorities in relation to social security of employees. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | OTHER CURRENT ASSETS Other current assets includes the following: (in thousands of $) June 30, December 31, 2022 2021 Trade accounts receivable, net 6,160 5,270 Accrued income 3,259 7,005 Prepaid expenses 8,729 2,487 Other receivables 2,227 2,278 Total other current assets 20,375 17,040 Trade accounts receivable are presented net of allowances for doubtful accounts. The Company recorded allowances for doubtful debts of $nil as of June 30, 2022 (December 31, 2021: $nil). |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | OTHER CURRENT LIABILITIES Other current liabilities includes the following: (in thousands of $) June 30, December 31, 2022 2021 Accrued expenses 14,563 12,607 Deferred charter revenue 28,551 26,873 Other current liabilities 39 2,901 Provisions 279 606 Total other current liabilities 43,432 42,987 |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels and Equipment, Net | VESSELS AND EQUIPMENT, NET Movements in the six months ended June 30, 2022 for vessels and equipment, net is summarized as follows: (in thousands of $) Vessels and equipment Dry docks Total Cost At December 31, 2021 2,467,470 32,500 2,499,970 At June 30, 2022 2,467,470 32,500 2,499,970 Accumulated depreciation At December 31, 2021 (143,923) (13,882) (157,805) Charge (32,592) (3,221) (35,813) At June 30, 2022 (176,515) (17,103) (193,618) Net book value At December 31, 2021 2,323,547 18,618 2,342,165 At June 30, 2022 2,290,955 15,397 2,306,352 The net book value of vessels that serve as collateral for the Company's long-term debt (Note 9) was $2,306.4 million as at June 30, 2022 (December 31, 2021: $2,342.2 million). The net book value of leased vessels: Flex Enterprise, Flex Endeavour, Flex Constellation, Flex Courageous and Flex Amber |
SHORT TERM AND LONG-TERM DEBT
SHORT TERM AND LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SHORT TERM AND LONG-TERM DEBT | SHORT TERM AND LONG-TERM DEBT (in thousands of $) June 30, December 31, 2022 2021 U.S. dollar denominated floating rate debt $250 Million Facility — 220,313 $50 million term loan under $100 Million Facility — 44,080 Flex Rainbow Sale and Leaseback — 131,906 $629 million term loan facility 597,565 613,512 Flex Amber Sale and Leaseback 143,367 147,712 $320 Million Sale and Leaseback 315,325 — Total U.S. dollar floating rate debt 1,056,257 1,157,523 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback 265,019 271,381 Volunteer Sale and Leaseback 156,184 159,448 Total U.S. dollar denominated fixed rate debt 421,203 430,829 U.S. dollar denominated revolving credit facilities $50 million revolving tranche under $100 Million Facility — 64,080 $250 million revolving tranche under $375 Million Facility 250,000 — Total U.S. dollar denominated revolving credit facilities 250,000 64,080 Total debt 1,727,460 1,652,432 Less Current portion of debt (79,468) (85,879) Long-term portion of debt issuance costs (14,289) (14,606) Long-term debt 1,633,703 1,551,947 As of June 30, 2022, the Company's only capital commitments relate to long-term debt obligations, summarized as follows: (figures in thousands of $) Sale & Leaseback Period repayment Balloon repayment Total 1 year 47,594 31,874 — 79,468 2 years 48,770 31,874 — 80,644 3 years 49,893 31,874 — 81,767 4 years 51,140 32,374 257,000 340,514 5 years 52,458 38,743 — 91,201 Thereafter 630,040 173,825 250,000 1,053,865 Total 879,895 340,564 507,000 1,727,459 Flex Rainbow Sale and Leaseback In July 2018, the Company, through its wholly-owned subsidiary, Flex LNG Rainbow Ltd., which owned Flex Rainbow , entered into a sale and leaseback transaction (the " Flex Rainbow Sale and Leaseback"), for the vessel with a Hong Kong-based lessor for a lease period of 10 years. The gross sales price under the lease was $210 million, of which $52.5 million represented advance hire for the 10 years lease period. The agreement includes fixed price purchase options, whereby we have the option to re-purchase the vessel on or after the second anniversary of the agreement, and on each anniversary thereafter, until the end of the lease period. The bareboat rate payable under the lease has a fixed element, treated as principal repayment, and a variable element based on LIBOR plus a margin of 3.50% per annum calculated on the outstanding under the lease. The facility includes a covenant that requires us to provide additional security, by way of a deposit, as necessary to maintain the fair market value of the vessel at not less than a specified percentage of the principal amount outstanding under the lease. In March 2022, the Company signed an agreement for the re-financing of the vessels Flex Rainbow, Flex Ranger and Flex Endeavour under the $375 Million Facility, as further described below. Upon closing of the transaction in May 2022, the total outstanding balance of $128.0 million under the Flex Rainbow Sale and Leaseback was fully prepaid. As of June 30, 2022, the net outstanding balance under the lease was $nil (December 31, 2021: $131.1 million). $250 Million Facility In April 2019, the Company, through two of its vessel owning subsidiaries, entered into a $250 million secured term loan facility (the "$250 Million Facility") with a syndicate of banks for the part financing of the vessels Flex Constellation and Flex Courageous . The first $125 million tranche was drawn in June 2019 upon delivery of Flex Constellation , and the remaining $125 million tranche was drawn in August 2019 upon delivery of Flex Courageous . The facility has a term of 5 years from delivery of the last vessel, Flex Courageous , and bears interest at LIBOR plus a margin of 2.35% per annum. In April 2022, the Company signed agreements for the re-financing of the vessels Flex Constellation and Flex Courageous under the $320 Million Sale and Leaseback, as further described below. Upon closing of the transaction in May 2022, the total outstanding balance of $217.2 million under the $250 Million Facility was prepaid in full. As of June 30, 2022, the net outstanding balance under the facility was $nil (December 31, 2021: $219.2 million). Hyundai Glovis Sale and Charterback In April 2019, the Company, through two of its vessel owning subsidiaries, entered into sale and time charter agreements with Hyundai Glovis Co. Ltd. ("Hyundai Glovis") for the vessels Flex Endeavour and Flex Enterprise (the "Hyundai Glovis Sale and Charterback"). The transactions were executed at the end of July 2019, whereby the vessels were sold for a gross consideration of $210 million per vessel, with a net consideration of $150 million per vessel adjusted for a non-amortizing and non-interest bearing seller's credit of $60 million per vessel. The vessels have been chartered back on a time-charter basis to the vessel owning subsidiaries for a period of 10 years. The agreements include fixed price purchase options, whereby the Company will have annual options to acquire the vessels during the term of the time-charters. The first option is exercisable on the third anniversary of closing of the transactions and the last option at expiry of the 10 years charter periods. At the end of the 10 years charter periods, Hyundai Glovis will have the right to sell the vessels back to the Company for a net consideration of $75 million per vessel, net of the $60 million seller's credit per vessel. In June 2022, the Company utilized the call options to repurchase the Flex Enterprise and Flex Endeavour for $137.0 million each as per the Hyundai Glovis Sale and Charterback agreement. The Flex Enterprise was delivered to the Company in August 2022, as further described in Note 16: Subsequent events and the Flex Endeavour is scheduled for re-delivery to the Company in September 2022. Following the re-deliveries, Flex Enterprise will be unencumbered and the Company will draw $125 million under the term tranche of the $375 Million Facility following the delivery of Flex Endeavour , as further described below. As of June 30, 2022, the total net outstanding balance under the leases was $263.3 million (December 31, 2021: $269.5 million). $100 Million Facility In July 2019, the Company, through one of its vessel owning subsidiaries, entered into a $100 million term loan and revolving credit facility (the "$100 Million Facility") with a syndicate of banks to refinance the vessel Flex Range r. The facility is divided into a $50 million term loan and a $50 million revolving credit facility. The facility has a term of 5 years and bears interest of LIBOR plus a margin of 2.25% per annum. In March 2021, the Company signed an addendum to the $100 Million Facility, whereby the revolving tranche under the facility was increased by $20 million. The $20 million increase is non-amortizing and bears interest at LIBOR plus a margin of 2.25% per annum for any drawn amounts. The facility contains financial covenants, as described further below. In March 2022, the Company signed an agreement for the re-financing of the vessels Flex Rainbow, Flex Ranger and Flex Endeavour under the $375 Million Facility, as further described below. Upon closing of the transaction in May 2022, the total outstanding balance of $106.8 million under the $100 Million Facility, was prepaid in full. As of June 30, 2022, the net outstanding balance under the facility was $nil (December 31, 2021: $108.1 million). $629 Million Term Loan Facility In February 2020, the Company, through five of its vessel owning subsidiaries, entered into a $629 million term loan facility (the "$629 Million Term Loan Facility"), with a syndicate of banks and the Export-Import Bank of Korea ("KEXIM") for five vessels, delivered during 2020. The facility is divided into a commercial bank loan of $250 million (the "Commercial Loan"); a KEXIM guaranteed loan, funded by commercial banks, of $189.1 million (the "KEXIM Guaranteed Loan"); and a KEXIM direct loan of $189.9 million (the "KEXIM Direct Loan").The facility includes an accordion option of up to $10 million per vessel subject acceptable long-term employment, which was utilized to increase the Commercial Loan on the Flex Artemis by $10 million in July 2020. The Commercial Loan bears interest at LIBOR plus a margin of 2.35% per annum and has a final maturity date of November 30, 2025. The KEXIM Guaranteed Loan bears interest at LIBOR plus a margin of 1.20% per annum and the KEXIM Direct Loan at LIBOR plus a margin of 2.25% per annum. The KEXIM Guaranteed Loan has a term of 6 years from delivery of each vessel and the KEXIM Direct Loan a term of 12 years from delivery of each vessel, provided however that these loans will mature at the same time as the Commercial Loan if the Commercial Loan has not been refinanced at terms acceptable to the lenders. The facility includes various financial covenants, as described below. As of June 30, 2022, the net outstanding balance under the facility was $587.4 million (December 31, 2021: $602.1 million). Flex Amber Sale and Leaseback In June 2020, the Company, through one of its vessel owning subsidiaries, entered into a sale and leaseback transaction (the " Flex Amber Sale and Leaseback") with an Asian based leasing house for the newbuilding Flex Amber. Under the terms of the transaction, the vessel will be sold for a gross consideration of $206.5 million, with a net consideration of $156.4 million adjusted for an advance hire of $50.1 million. The vessel will be chartered back on a bareboat basis for a period of 10 years. The agreement includes fixed price purchase options, whereby the Company has options to re-purchase the vessel at or after the first anniversary of the agreement, and on each anniversary thereafter. At the end of the lease period, the Company has an obligation to purchase the vessel for $69.5 million. The bareboat rate payable under the lease has a fixed element, treated as principal repayment, and a variable element based on LIBOR plus a margin of 3.20% per annum calculated on the principal outstanding under the lease. The facility includes various financial covenants, as described below. As of June 30, 2022, the net outstanding balance under the facility was $141.8 million (December 31, 2021: $146.0 million). Flex Volunteer Sale and Leaseback In November 2021, the Company, through one of its vessel owning subsidiaries, entered into a sale and leaseback agreement with a Japanese based lessor for the vessel, Flex Volunteer (the " Flex Volunteer Sale and Leaseback"). The transaction was executed in December 2021, whereby the vessel was sold for a gross consideration of $215.0 million, with a net consideration to the Company of $160.0 million adjusted for a Charterers' down payment of $55.0 million. The agreement is treated as a financing arrangement for accounting purposes, whereby the net consideration received is considered the financed amount. The vessel has been chartered back on a bareboat charter basis for a period of 10 years with a fixed daily rate of hire rate, split as interest and principal repayments. At the end of the ten-year bareboat charter period, the Company has the right to buy and the lessor has the right to sell the vessel for a consideration of $80.0 million. As of June 30, 2022, the net outstanding balance under the facility was $154.3 million (December 31, 2021: $157.4 million). $375 Million Facility In March 2022, the Company signed a $375 million term and revolving credit facility with a syndicate of banks. The facility is comprised of a $125.0 million term loan with a 6 years year repayment profile and a non-amortizing $250.0 million revolving credit facility, resulting in an average age adjusted repayment profile of 22 years. The facility has an accordion option to add an additional $125 million by adding an additional vessel as nominated by the Company within 36 months from the closing date of the agreement. The facility bears interest at SOFR plus a margin of 210 basis points per annum. The commitments under both the term loan Facility and the revolving Facility shall be split with 1/3 allocated to each respective borrower after the initial utilization phase. During the initial utilization phase, the following adjustments will apply: all commitments in respect of Flex Ranger and Flex Rainbow shall be made available under the revolving facility until the earlier of a) utilization in respect of Flex Endeavour and b) 30 August 2022, following which 1/3 of all commitments for all Vessels shall constitute the term loan facility. The facility contains financial covenants, as described further below. In the six months ended June 30, 2022, the Company drew down $250 million under the revolving tranche of the $375 Million Facility. In connection with the drawdowns, the Company prepaid the full amount outstanding of $106.8 million under the $100 Million Facility, and prepaid the full amount outstanding of $128.0 million under the Flex Rainbow Sale and Leaseback, as previously mentioned. In accordance with the initial utilization phase, the term tranche of the facility was not available as of June 30, 2022 and is due to be drawn as part of the re-financing of Flex Endeavour in the third quarter 2022. As of June 30, 2022, the net outstanding balance under the facility was $250.0 million. $320 Million Sale and Leaseback In April 2022, the Company, through its vessel owning subsidiaries, signed an agreement with an Asian based lease provider for an aggregate of $320 million for two separate sale and bareboat leaseback agreements to re-finance the existing facility for Flex Constellation and Flex Courageous . Under the terms of the two sale and leaseback agreements, the vessels were sold for gross consideration equivalent to the market value of each vessel and net consideration to the Company was $160.0 million per vessel, adjusted for an advance hire per vessel. The term of each lease is 10 years and the Company has options to repurchase the vessels after 3 years. At the expiry of the ten-year charter period the Company has an obligation to repurchase the vessels for $66.5 million per vessel reflecting an age adjusted repayment profile of 20 years. The agreement bears interest at SOFR plus 250 basis points per annum. The facility contains a collateral maintenance test, necessary to maintain the fair market value of the vessel securing the loan facility at not less than specified percentages of the principal amount outstanding under the loan facility. In May 2022, upon closing of the transaction and delivery of the vessels Flex Constellation and Flex Courageous , the Company received net consideration, after deducting for financing costs, of $317.1 million. The Company used a portion of the proceeds to prepay the full amount outstanding of $217.2 million under the $250 Million Facility. As of June 30, 2022, the net outstanding balance under the facility was $312.3 million. Loan covenants Certain of our financing agreements discussed above, have, amongst other things, the following financial covenants, as amended or waived, which are tested quarterly, the most stringent of which require us (on a consolidated basis) to maintain: • a book equity ratio of minimum 0.25 to 1.0; • a positive working capital; • minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of: (i) $25 million; and (ii) an amount equal to five percent (5%) of our total interest bearing financial indebtedness net of any cash and cash equivalents; and • collateral maintenance test, ensuring that the aggregate value of the vessels making up the facility in question exceeds the aggregate value of the debt commitment outstanding. As of June 30, 2022, all financial covenants have been met accordingly. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Derivative instruments that economically hedge exposures are used for risk management purposes, but these instruments are not designated as hedges for accounting purposes. Credit risk is the failure of the counterparty to perform under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative instrument is negative, the Company owes the counterparty, and, therefore, the Company is not exposed to the counterparty's credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with major banking and financial institutions. The derivative instruments entered into by the Company do not contain credit risk-related contingent features. The Company has not entered into master netting agreements with the counterparties to its derivative financial instrument contracts. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates, currency exchange rates or commodity prices. The market risk associated with interest rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating economical hedging opportunities. In order to reduce the risk associated with fluctuations in interest rates, the Company has a total of 19 interest rate swap transactions, whereby floating interest based on LIBOR and SOFT on a total amortized notional principal of $849.7 million as at June 30, 2022 (December 31, 2021: $677.8 million), has been swapped to a fixed rate. In June 2022, the Company terminated three interest rate swap agreements with an aggregate notional principal of $125.0 million. The terminated swaps had a weighted average fixed interest of 1.43% swapped for LIBOR and a weighted average remaining term of 2.6 years. The terminated swaps had a positive fair value position at the date of termination, which was concurrently used to enter into two new interest rate swap agreements, swapping variable rate interest based on SOFR to a fixed rate of interest of 2.75% and 1.09% for notional amounts of $75.0 million and $25.0 million respectively, each with a ten years term. Our interest rate swap contracts as of June 30, 2022, of which none are designated as hedging instruments, are summarized as follows: (in thousands of $) Notional principal Effective date Maturity date Floating rate benchmark Fixed Interest Rate Receiving floating, pay fixed 50,000 June 2019 June 2024 LIBOR 2.15 % Receiving floating, pay fixed 25,000 September 2019 June 2024 LIBOR 1.38 % Receiving floating, pay fixed 75,000 June 2020 June 2025 LIBOR 1.39 % Receiving floating, pay fixed 75,000 July 2020 July 2025 LIBOR 1.43 % Receiving floating, pay fixed 50,000 July 2020 July 2025 LIBOR 1.38 % Receiving floating, pay fixed 25,000 July 2020 July 2025 LIBOR 1.38 % Receiving floating, pay fixed 45,625 August 2020 August 2025 LIBOR 0.35 % Receiving floating, pay fixed 22,813 August 2020 August 2025 LIBOR 0.35 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 0.37 % Receiving floating, pay fixed 35,000 September 2020 September 2025 LIBOR 1.03 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 46,250 October 2020 October 2025 LIBOR 0.41 % Receiving floating, pay fixed 25,000 March 2021 June 2024 LIBOR 0.35 % Receiving floating, pay fixed 50,000 February 2022 February 2032 SOFR 1.82 % Receiving floating, pay fixed 50,000 March 2022 March 2032 SOFR 1.80 % Receiving floating, pay fixed 25,000 June 2022 June 2032 SOFR 1.09 % Receiving floating, pay fixed 75,000 June 2022 June 2032 SOFR 2.75 % Receiving floating, pay fixed 100,000 March 2026 March 2032 SOFR 1.26 % 849,688 At June 30, 2022, the Company recorded a derivative instrument liability of $nil (December 31, 2021: $4.8 million) and a derivative instrument asset of $49.9 million (December 31, 2021: $5.9 million) in relation to these interest rate swaps. The Company's gain/(loss) on derivatives per the interim condensed consolidated statement of operations for the six months ended June 30, 2022 and 2021 was comprised of the following: (figures in thousands of $) Six months ended June 30, 2022 2021 Change in fair value of derivative instruments 48,764 13,467 Realized gain/(loss) on derivative instruments (2,406) (3,315) Gain/(loss) on derivatives 46,358 10,152 |
FAIR VALUE OF FINANCIAL ASSETS
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The principal financial assets of the Company at June 30, 2022 and December 31, 2021 consist of cash and cash equivalents, restricted cash, other current assets, receivables due from related parties and derivative instruments receivable amongst other less significant items. The principal financial liabilities of the Company consist of payables due to related parties, accounts payable, other current liabilities, derivative instruments payable and secured long-term debt. The fair value measurements requirement applies to all assets and liabilities that are being measured and reported on a fair value basis. The assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. The fair value of the Company's cash and cash equivalents and restricted cash approximates their carrying amounts reported in the accompanying consolidated balance sheets. The fair value of other current assets, receivables from related parties, payables due to related parties, accounts payable and other current liabilities approximate their carrying amounts reported in the accompanying consolidated balance sheets. The fair value of floating rate debt has been determined using Level 2 inputs and is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly or semi-annual basis. Carrying value of the floating rate debt is shown net deduction of debt issuance cost, while fair value of floating rate debt is shown gross. The fixed rate debt has been determined using Level 2 inputs being the discounted expected cash flows of the outstanding debt. The following table includes the estimated fair value and carrying value of those assets and liabilities. (in thousands of $) June 30, December 31, 2022 2021 Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash, cash equivalents Level 1 283,658 283,658 200,652 200,652 Restricted cash Level 1 47 47 518 518 Derivative instruments receivable Level 2 49,862 49,862 5,862 5,862 Derivative instruments payable Level 2 — — (4,764) (4,764) Floating rate long-term debt Level 2 (1,291,592) (1,306,257) (1,206,522) (1,221,603) Fixed rate long- term debt Level 2 (417,621) (425,320) (426,897) (465,287) There have been no transfers between different levels in the fair value hierarchy during the six months ended June 30, 2022. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value (Level 2) of our derivative instruments, which is comprised of interest rate swap derivative agreements, is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both us and the derivative counterparty. Concentration of Risk |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Related Party Balances A summary of balances due from related parties at June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) June 30, December 31, 2022 2021 Seatankers Management Norway AS 16 18 Frontline Ltd — 162 Frontline Management (Bermuda) Limited 282 — Frontline Management AS 12 1 SFL Corporation Ltd 2 — Northern Ocean Limited 37 47 Sloane Square Capital Holdings Ltd 7 — Receivables due from related parties 356 228 A summary of balances due to related parties at June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) June 30, December 31, 2022 2021 Seatankers Management Co. Ltd (43) — Frontline Management (Bermuda) Limited — (85) Frontline Corporate Services Ltd (24) (30) Flex LNG Fleet Management AS (158) (232) SFL Corporation Ltd — (1) Payables due to related parties (225) (348) Related Party Transactions A summary of (expenses)/income from related parties is as follows: (in thousands of $) Six months ended June 30, 2022 2021 Seatankers Management Co Ltd (43) (22) Seatankers Management Norway AS (28) (44) Frontline Management (Bermuda) Limited (206) (133) Frontline Management AS 10 (130) Flex LNG Fleet Management AS (1,721) (1,666) FS Maritime SARL (32) (257) Northern Ocean Limited 4 2 Front Ocean Management AS (106) — Front Ocean Management Ltd (82) — Sloane Square Capital Holdings Ltd 6 — Avance Gas Trading Ltd 2 — Total related party transactions (2,196) (2,250) General Management Agreements We have a service level agreements with Front Ocean Management AS, for the Oslo office, and Front Ocean Management Ltd , for the Bermudan office (together "Front Ocean"). Front Ocean provides certain advisory and support services including human resources, shared office costs, administrative support, IT systems and services, compliance, insurance and legal assistance. In the six months ended June 30, 2022, we recorded an expense with Front Ocean of $0.2 million for these services. We have an administrative services agreement with Frontline Management AS ("Frontline Management") under which they provide us with certain administrative support, technical supervision, purchase of goods and services within the ordinary course of business and other support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. Frontline Management may subcontract these services to other associated companies, including Frontline Management (Bermuda) Limited. In the six months ended June 30, 2022, we recorded an expense with Frontline Management and associated companies of $0.2 million for these services (June 30, 2021: $0.3 million). Technical Management and Support Services Flex LNG Fleet Management AS is responsible for the provision of technical ship management of all of our vessels. During the six months ended June 30, 2022, we recorded an expense with Flex LNG Management AS of $1.7 million for these services (June 30, 2021: $1.7 million). Consultancy Services We held a consultancy agreement with FS Maritime SARL for the employment of our Chief Commercial Officer, which was terminated in March 2022. The fee was set at a maximum of CHF437,995 per annum and was charged on a pro-rated basis for the time allocation of consultancy services incurred. In the six months ended June 30, 2022, we recorded an expense of $0.0 million with FS Maritime SARL for these services (June 30, 2021: $0.3 million). |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Share Capital | SHARE CAPITALThe Company had an issued share capital at June 30, 2022 of $5.4 million divided into 54,110,584 ordinary shares (December 31, 2021: $5.4 million divided into 54,110,584 ordinary shares) of $0.10 par value. |
TREASURY SHARES
TREASURY SHARES | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Treasury shares | TREASURY SHARESAs of June 30, 2022, the Company holds an aggregate of 967,509 shares at a cost of $9.3 million, with a weighted average of $9.64 per share, pursuant to the buy-back program, which ceased in November 2021 (December 31, 2021: 980,000 shares at a cost of $9.4 million). The decrease in treasury shares in the period is discussed further below in Note 15: Share based compensation. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Share-based Payment Arrangement | SHARE BASED COMPENSATION In April 2022, 15,000 share options, under the April 2020 Tranche, were exercised and settled by the Company through the transfer of 12,491 treasury shares. The number of shares transferred was calculated as the difference between the adjusted exercise price converted to NOK on the exercise date and the closing share price on OSE multiplied by the number of shares exercised. The adjusted exercise price at the date of exercise was $4.90 (or NOK 42.84), adjusted for $2.70 of dividends. The share price on the exercise date was NOK 256.20 on OSE. In May 2022, the Company issued 50,000 share options to members of management. The share options have a five-year term and a three-year vesting schedule, whereby: 25% will vest after one year; 35% will vest after two years; and 40% will vest after three years. The options have an exercise price of $25.00. The exercise price will be adjusted for any distribution of dividends before the relevant options expire. As at June 30, 2022, the Company had 650,000 outstanding non-vested share options (December 31, 2021: 615,000), with a weighted average adjusted exercise price of $13.89 (December 31, 2021: $14.21) and a weighted average remaining contractual term of 4.2 years (December 31, 2021: 4.6 years). The number of outstanding vested share options as at June 30, 2022 was nil (December 31, 2021:nil). Adjusted exercise price refers to the fact that the exercise price of each option is adjusted for dividends paid since the grant date of the option in line with the Company's share option scheme. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS In July 2022, the Company terminated two interest rate swap agreements, with an aggregate notional principal of $96.3 million upon termination. The terminated swaps had a weighted average fixed interest of 0.91% swapped for LIBOR and a weighted average remaining term of 3.2 years. The terminated swaps had a positive fair value position at the date of termination, which was concurrently used to enter into two new interest rate swap agreements, swapping variable rate interest based on SOFR to a fixed rate of interest of 1.91% and 2.15% for notional amounts of $50.0 million and $50.0 million respectively, each with a ten-year term. In August 2022, the Company terminated an interest rate swap agreement, with a notional principal of $50 million upon termination. The terminated swaps had a fixed interest of 2.15% swapped for LIBOR and a remaining term of 1.9 years. The terminated swap had a positive fair value position at the date of termination, which was concurrently used to enter into a new interest rate swap agreement, swapping variable rate interest based on SOFR to a fixed rate of interest of 2.27% for notional amount of $50.0 million with a ten-year term. In August 2022, in connection with the Company's exercise of its call options in June 2022 under the existing financing arrangement, the Flex Enterprise was re-delivered to the Company and the vessel remains unencumbered as of the date of this report. On August 23, 2022, the Company’s Board of Directors declared a cash dividend for the second quarter of 2022 of $0.75 per share. The dividend will be paid on or around September 13, 2022, to shareholders on record as of September 8, 2022. The ex-dividend date will be September 7, 2022. Also on August 23, 2022, the Company’s Board of Directors declared a cash dividend for the second quarter of 2022 of $0.50 per share, in addition to the dividend referenced in the immediately preceding paragraph. This dividend is a special, one-time dividend and will be paid on or around September 13, 2022, to shareholders on record as of September 8, 2022. The ex-dividend date will be September 7, 2022. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Board of Directors may deem relevant. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2022. The unaudited interim condensed consolidated financial statements do not include all the disclosures required in an Annual Report on Form 20-F. |
Recent accounting pronouncements | In March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform ), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. Other recently issued accounting pronouncements are not expected to materially impact the Company. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net income/(loss) and share data used in the earnings per share calculation | The following reflects the net income/(loss) and share data used in the earnings per share calculation. (in thousands of $, except share data) Six months ended June 30, 2022 2021 Net income 100,021 59,969 Weighted average number of ordinary shares 53,136,864 53,487,062 Share options 272,476 156,000 Weighted average number of ordinary shares, adjusted for dilution 53,409,340 53,643,062 Earnings per share: Basic 1.88 1.12 Diluted 1.87 1.12 |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash, cash equivalents and restricted cash | The following identifies the balance sheet line items included in cash, cash equivalents and restricted cash as presented in the interim condensed consolidated statements of cash flows: (in thousands of $) June 30, December 31, 2022 2021 Cash and cash equivalents 283,658 200,652 Restricted cash 47 518 Cash, cash equivalents and restricted cash 283,705 201,170 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other current assets | Other current assets includes the following: (in thousands of $) June 30, December 31, 2022 2021 Trade accounts receivable, net 6,160 5,270 Accrued income 3,259 7,005 Prepaid expenses 8,729 2,487 Other receivables 2,227 2,278 Total other current assets 20,375 17,040 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of other current liabilities | Other current liabilities includes the following: (in thousands of $) June 30, December 31, 2022 2021 Accrued expenses 14,563 12,607 Deferred charter revenue 28,551 26,873 Other current liabilities 39 2,901 Provisions 279 606 Total other current liabilities 43,432 42,987 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Vessels and Equipment, Net | Movements in the six months ended June 30, 2022 for vessels and equipment, net is summarized as follows: (in thousands of $) Vessels and equipment Dry docks Total Cost At December 31, 2021 2,467,470 32,500 2,499,970 At June 30, 2022 2,467,470 32,500 2,499,970 Accumulated depreciation At December 31, 2021 (143,923) (13,882) (157,805) Charge (32,592) (3,221) (35,813) At June 30, 2022 (176,515) (17,103) (193,618) Net book value At December 31, 2021 2,323,547 18,618 2,342,165 At June 30, 2022 2,290,955 15,397 2,306,352 |
SHORT TERM AND LONG-TERM DEBT (
SHORT TERM AND LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of short term and long-term debt | (in thousands of $) June 30, December 31, 2022 2021 U.S. dollar denominated floating rate debt $250 Million Facility — 220,313 $50 million term loan under $100 Million Facility — 44,080 Flex Rainbow Sale and Leaseback — 131,906 $629 million term loan facility 597,565 613,512 Flex Amber Sale and Leaseback 143,367 147,712 $320 Million Sale and Leaseback 315,325 — Total U.S. dollar floating rate debt 1,056,257 1,157,523 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback 265,019 271,381 Volunteer Sale and Leaseback 156,184 159,448 Total U.S. dollar denominated fixed rate debt 421,203 430,829 U.S. dollar denominated revolving credit facilities $50 million revolving tranche under $100 Million Facility — 64,080 $250 million revolving tranche under $375 Million Facility 250,000 — Total U.S. dollar denominated revolving credit facilities 250,000 64,080 Total debt 1,727,460 1,652,432 Less Current portion of debt (79,468) (85,879) Long-term portion of debt issuance costs (14,289) (14,606) Long-term debt 1,633,703 1,551,947 As of June 30, 2022, the Company's only capital commitments relate to long-term debt obligations, summarized as follows: (figures in thousands of $) Sale & Leaseback Period repayment Balloon repayment Total 1 year 47,594 31,874 — 79,468 2 years 48,770 31,874 — 80,644 3 years 49,893 31,874 — 81,767 4 years 51,140 32,374 257,000 340,514 5 years 52,458 38,743 — 91,201 Thereafter 630,040 173,825 250,000 1,053,865 Total 879,895 340,564 507,000 1,727,459 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amounts of outstanding derivative positions | Our interest rate swap contracts as of June 30, 2022, of which none are designated as hedging instruments, are summarized as follows: (in thousands of $) Notional principal Effective date Maturity date Floating rate benchmark Fixed Interest Rate Receiving floating, pay fixed 50,000 June 2019 June 2024 LIBOR 2.15 % Receiving floating, pay fixed 25,000 September 2019 June 2024 LIBOR 1.38 % Receiving floating, pay fixed 75,000 June 2020 June 2025 LIBOR 1.39 % Receiving floating, pay fixed 75,000 July 2020 July 2025 LIBOR 1.43 % Receiving floating, pay fixed 50,000 July 2020 July 2025 LIBOR 1.38 % Receiving floating, pay fixed 25,000 July 2020 July 2025 LIBOR 1.38 % Receiving floating, pay fixed 45,625 August 2020 August 2025 LIBOR 0.35 % Receiving floating, pay fixed 22,813 August 2020 August 2025 LIBOR 0.35 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 0.37 % Receiving floating, pay fixed 35,000 September 2020 September 2025 LIBOR 1.03 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 46,250 October 2020 October 2025 LIBOR 0.41 % Receiving floating, pay fixed 25,000 March 2021 June 2024 LIBOR 0.35 % Receiving floating, pay fixed 50,000 February 2022 February 2032 SOFR 1.82 % Receiving floating, pay fixed 50,000 March 2022 March 2032 SOFR 1.80 % Receiving floating, pay fixed 25,000 June 2022 June 2032 SOFR 1.09 % Receiving floating, pay fixed 75,000 June 2022 June 2032 SOFR 2.75 % Receiving floating, pay fixed 100,000 March 2026 March 2032 SOFR 1.26 % 849,688 |
Derivative instruments, gain (loss) | The Company's gain/(loss) on derivatives per the interim condensed consolidated statement of operations for the six months ended June 30, 2022 and 2021 was comprised of the following: (figures in thousands of $) Six months ended June 30, 2022 2021 Change in fair value of derivative instruments 48,764 13,467 Realized gain/(loss) on derivative instruments (2,406) (3,315) Gain/(loss) on derivatives 46,358 10,152 |
FAIR VALUE OF FINANCIAL ASSET_2
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table includes the estimated fair value and carrying value of those assets and liabilities. (in thousands of $) June 30, December 31, 2022 2021 Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash, cash equivalents Level 1 283,658 283,658 200,652 200,652 Restricted cash Level 1 47 47 518 518 Derivative instruments receivable Level 2 49,862 49,862 5,862 5,862 Derivative instruments payable Level 2 — — (4,764) (4,764) Floating rate long-term debt Level 2 (1,291,592) (1,306,257) (1,206,522) (1,221,603) Fixed rate long- term debt Level 2 (417,621) (425,320) (426,897) (465,287) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | A summary of balances due from related parties at June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) June 30, December 31, 2022 2021 Seatankers Management Norway AS 16 18 Frontline Ltd — 162 Frontline Management (Bermuda) Limited 282 — Frontline Management AS 12 1 SFL Corporation Ltd 2 — Northern Ocean Limited 37 47 Sloane Square Capital Holdings Ltd 7 — Receivables due from related parties 356 228 A summary of balances due to related parties at June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) June 30, December 31, 2022 2021 Seatankers Management Co. Ltd (43) — Frontline Management (Bermuda) Limited — (85) Frontline Corporate Services Ltd (24) (30) Flex LNG Fleet Management AS (158) (232) SFL Corporation Ltd — (1) Payables due to related parties (225) (348) A summary of (expenses)/income from related parties is as follows: (in thousands of $) Six months ended June 30, 2022 2021 Seatankers Management Co Ltd (43) (22) Seatankers Management Norway AS (28) (44) Frontline Management (Bermuda) Limited (206) (133) Frontline Management AS 10 (130) Flex LNG Fleet Management AS (1,721) (1,666) FS Maritime SARL (32) (257) Northern Ocean Limited 4 2 Front Ocean Management AS (106) — Front Ocean Management Ltd (82) — Sloane Square Capital Holdings Ltd 6 — Avance Gas Trading Ltd 2 — Total related party transactions (2,196) (2,250) |
GENERAL (Details)
GENERAL (Details) | Jun. 30, 2022 carrier |
Accounting Policies [Abstract] | |
Number of carriers in operation | 13 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Prior period adjustment, accounting errors | $ 1,000 | |
Prior period adjustment, error correction, vessel operating expense | 1,900 | |
Decrease in other current liabilities | 2,862 | $ (2,914) |
Accounting error correction | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in other current liabilities | 2,900 | |
Increase in net income | $ 2,900 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net income/(loss) | $ 100,021 | $ 59,969 |
Weighted average number of ordinary shares (in shares) | 53,136,864 | 53,487,062 |
Share options (in shares) | 272,476 | 156,000 |
Weighted average number of ordinary shares (in shares) | 53,409,340 | 53,643,062 |
Earnings per share: | ||
Basic (in USD per share) | $ 1.88 | $ 1.12 |
Diluted (in USD per share) | $ 1.87 | $ 1.12 |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 283,658 | $ 200,652 |
Restricted cash | 47 | 518 |
Cash, cash equivalents and restricted cash | $ 283,705 | $ 201,170 |
OTHER CURRENT ASSETS - Schedule
OTHER CURRENT ASSETS - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Trade accounts receivable, net | $ 6,160 | $ 5,270 |
Accrued income | 3,259 | 7,005 |
Prepaid expenses | 8,729 | 2,487 |
Other receivables | 2,227 | 2,278 |
Total other current assets | $ 20,375 | $ 17,040 |
OTHER CURRENT ASSETS - Narrativ
OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
OTHER CURRENT LIABILITIES - Sch
OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 14,563 | $ 12,607 |
Deferred charter revenue | 28,551 | 26,873 |
Other current liabilities | 39 | 2,901 |
Provisions | 279 | 606 |
Total other current liabilities | $ 43,432 | $ 42,987 |
VESSELS AND EQUIPMENT, NET - Su
VESSELS AND EQUIPMENT, NET - Summary of Vessels and Equipment, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accumulated depreciation | |||
Depreciation | $ (35,816) | $ (33,361) | |
Vessels and equipment, net | 2,306,352 | $ 2,342,165 | |
Vessels and equipment | |||
Cost | |||
Beginning balance, cost | 2,467,470 | ||
Ending balance, cost | 2,467,470 | ||
Accumulated depreciation | |||
Beginning balance, accumulated depreciation | 143,923 | ||
Depreciation | (32,592) | ||
Ending balance, accumulated depreciation | 176,515 | ||
Vessels and equipment, net | 2,290,955 | 2,323,547 | |
Dry docks | |||
Cost | |||
Beginning balance, cost | 32,500 | ||
Ending balance, cost | 32,500 | ||
Accumulated depreciation | |||
Beginning balance, accumulated depreciation | 13,882 | ||
Depreciation | (3,221) | ||
Ending balance, accumulated depreciation | 17,103 | ||
Vessels and equipment, net | 15,397 | 18,618 | |
Total | |||
Cost | |||
Beginning balance, cost | 2,499,970 | ||
Ending balance, cost | 2,499,970 | ||
Accumulated depreciation | |||
Beginning balance, accumulated depreciation | 157,805 | ||
Depreciation | (35,813) | ||
Ending balance, accumulated depreciation | 193,618 | ||
Vessels and equipment, net | $ 2,306,352 | $ 2,342,165 |
VESSELS AND EQUIPMENT, NET - Na
VESSELS AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Net book value of vessels serving as collateral | $ 2,306,352 | $ 2,342,165 |
Net book value of vessels | 854,600 | |
Collateral Pledged | ||
Property, Plant and Equipment [Line Items] | ||
Net book value of vessels serving as collateral | $ 2,306,400 | $ 2,342,200 |
SHORT TERM AND LONG-TERM DEBT -
SHORT TERM AND LONG-TERM DEBT - Short Term and Long-Term Debt Components (Details) - USD ($) | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Feb. 29, 2020 | Jul. 31, 2019 | Apr. 30, 2019 |
Debt Instrument [Line Items] | ||||||||
Total debt | $ 1,727,460,000 | $ 1,652,432,000 | ||||||
Current portion of debt | (79,468,000) | (85,879,000) | ||||||
Long-term portion of debt issuance costs | (14,289,000) | (14,606,000) | ||||||
Long-term debt | 1,633,703,000 | 1,551,947,000 | ||||||
$320 Million Sale and Leaseback | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross price | $ 320,000,000 | |||||||
$250 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||
$100 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||
$50 million term loan under $100 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 50,000,000 | |||||||
$50 million revolving tranche under $100 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 50,000,000 | |||||||
$629 million term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 629,000,000 | |||||||
$375 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 375,000,000 | $ 375,000,000 | ||||||
$250 Million Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 250,000,000 | |||||||
Floating rate long-term debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 1,056,257,000 | 1,157,523,000 | ||||||
Floating rate long-term debt | $250 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||
Total debt | 0 | 220,313,000 | ||||||
Floating rate long-term debt | $50 million term loan under $100 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 0 | $ 106,800,000 | 44,080,000 | |||||
Floating rate long-term debt | Flex Rainbow Sale and Leaseback | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 0 | 131,906,000 | ||||||
Floating rate long-term debt | $629 million term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 597,565,000 | 613,512,000 | ||||||
Floating rate long-term debt | Flex Amber Sale and Leaseback | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 143,367,000 | 147,712,000 | ||||||
Floating rate long-term debt | $320 Million Sale and Leaseback | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 315,325,000 | 0 | ||||||
Fixed rate long- term debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 421,203,000 | 430,829,000 | ||||||
Fixed rate long- term debt | Hyundai Glovis Sale and Charterback | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 265,019,000 | 271,381,000 | ||||||
Fixed rate long- term debt | Volunteer Sale and Leaseback | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 156,184,000 | 159,448,000 | ||||||
Line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 250,000,000 | 64,080,000 | ||||||
Line of credit | $50 million revolving tranche under $100 Million Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 0 | 64,080,000 | ||||||
Line of credit | $250 Million Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 250,000,000 | $ 0 |
SHORT TERM AND LONG-TERM DEBT_2
SHORT TERM AND LONG-TERM DEBT - Capital Commitments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Sale & Leaseback | |
1 year | $ 47,594 |
2 years | 48,770 |
3 years | 49,893 |
4 years | 51,140 |
5 years | 52,458 |
Thereafter | 630,040 |
Total | 879,895 |
Period repayment | |
1 year | 31,874 |
2 years | 31,874 |
3 years | 31,874 |
4 years | 32,374 |
5 years | 38,743 |
Thereafter | 173,825 |
Total | 340,564 |
Balloon repayment | |
1 year | 0 |
2 years | 0 |
3 years | 0 |
4 years | 257,000 |
5 years | 0 |
Thereafter | 250,000 |
Total | 507,000 |
Total | |
1 year | 79,468 |
2 years | 80,644 |
3 years | 81,767 |
4 years | 340,514 |
5 years | 91,201 |
Thereafter | 1,053,865 |
Total | $ 1,727,459 |
SHORT TERM AND LONG-TERM DEBT_3
SHORT TERM AND LONG-TERM DEBT - Narrative (Details) | 1 Months Ended | 6 Months Ended | |||||||||||||||
Sep. 30, 2022 USD ($) | May 31, 2022 USD ($) | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) subsidiary | Mar. 31, 2021 USD ($) | Jun. 30, 2020 USD ($) subsidiary | Feb. 29, 2020 USD ($) vessel ship | Jul. 31, 2019 USD ($) vessel | Apr. 30, 2019 USD ($) vessel | Jul. 31, 2018 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2020 USD ($) | Aug. 31, 2019 USD ($) | Jun. 30, 2019 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | $ 1,727,460,000 | $ 1,652,432,000 | |||||||||||||||
Long-term debt | 879,895,000 | ||||||||||||||||
Proceeds of revolving credit facility | $ 313,421,000 | $ 181,448,000 | |||||||||||||||
Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Book equity ratio | 1 | ||||||||||||||||
Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Book equity ratio | 0.25 | ||||||||||||||||
$375 Million Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 375,000,000 | ||||||||||||||||
$250 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||||||||||
$375 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 375,000,000 | $ 375,000,000 | |||||||||||||||
Basis spread on variable rate (percent) | 2.10% | ||||||||||||||||
Proceeds of revolving credit facility | $ 250,000,000 | ||||||||||||||||
Debt instrument, age adjusted, term | 22 years | ||||||||||||||||
$375 Million Facility | Forecast | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds of revolving credit facility | $ 125,000,000 | ||||||||||||||||
$100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||||||
Term | 5 years | ||||||||||||||||
$50 million term loan under $100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 50,000,000 | ||||||||||||||||
$50 million revolving tranche under $100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 50,000,000 | ||||||||||||||||
$629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 629,000,000 | ||||||||||||||||
Number of vessels owning subsidiaries | vessel | 5 | ||||||||||||||||
Number of buildings under financing | ship | 5 | ||||||||||||||||
$125 Million Term Loan Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 125,000,000 | ||||||||||||||||
Term | 6 years | ||||||||||||||||
Percentage of commitment allocated to borrower | 33.33% | ||||||||||||||||
$250 Million Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of commitment allocated to borrower | 33.33% | ||||||||||||||||
Face amount | $ 250,000,000 | ||||||||||||||||
$100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||||||
LIBOR | $100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (percent) | 2.25% | 2.25% | |||||||||||||||
Line of credit facility, accordion feature, increase limit | $ 20,000,000 | ||||||||||||||||
Flex Rainbow Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of unsecured debt | $ 128,000,000 | ||||||||||||||||
$320 Million Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Gross price | $ 320,000,000 | ||||||||||||||||
Sale and leaseback agreement, amount due under financing arrangement | 312,300,000 | ||||||||||||||||
Basis spread on variable rate (percent) | 2.50% | ||||||||||||||||
Sale and charterback agreement, charter period | 10 years | ||||||||||||||||
Sale and leaseback agreement, consideration transferred | 317,100,000 | ||||||||||||||||
Debt instrument, age adjusted, term | 20 years | ||||||||||||||||
Number of separate sale and bareboat agreements | 2 | ||||||||||||||||
Sale and leaseback, consideration paid | $ 160,000,000 | ||||||||||||||||
Sale and leaseback agreement, lease period | 10 years | ||||||||||||||||
Sale leaseback transaction, repurchase period | 3 years | ||||||||||||||||
Sale and leaseback agreement, option to repurchase vessel | $ 66,500,000 | ||||||||||||||||
Hyundai Glovis Sale and Charterback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of vessel owning subsidiaries | vessel | 2 | ||||||||||||||||
Sale and charterback agreement, sale price | $ 210,000,000 | ||||||||||||||||
Sale and charterback agreement, consideration transferred | 150,000,000 | 137,000,000 | |||||||||||||||
Sale and charterback agreement, non-amortizing and non-interest bearing seller's credit | $ 60,000,000 | ||||||||||||||||
Sale and charterback agreement, charter period | 10 years | ||||||||||||||||
Sale and charterback agreement, sale back consideration | $ 75,000,000 | ||||||||||||||||
Sale and charterback transaction, amount due under financing arrangement | 263,300,000 | 269,500,000 | |||||||||||||||
Flex Amber Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Sale leaseback, term | 10 years | ||||||||||||||||
Sale and leaseback agreement, amount due under financing arrangement | 141,800,000 | 146,000,000 | |||||||||||||||
Basis spread on variable rate (percent) | 3.20% | ||||||||||||||||
Number of vessel owning subsidiaries | subsidiary | 1 | ||||||||||||||||
Sale and leaseback agreement, sale price | $ 206,500,000 | ||||||||||||||||
Sale and leaseback agreement, consideration transferred | 156,400,000 | ||||||||||||||||
Sale and leaseback agreement, advance hire adjustment | 50,100,000 | ||||||||||||||||
Sale and leaseback agreement, purchase price obligation | $ 69,500,000 | ||||||||||||||||
Flex Volunteer Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Sale leaseback, term | 10 years | ||||||||||||||||
Gross price | $ 215,000,000 | ||||||||||||||||
Sale and leaseback agreement, amount due under financing arrangement | 154,300,000 | 157,400,000 | |||||||||||||||
Number of vessel owning subsidiaries | subsidiary | 1 | ||||||||||||||||
Sale and leaseback agreement, consideration transferred | $ 160,000,000 | 80,000,000 | |||||||||||||||
Sale and leaseback agreement, charterers' down payment | $ 55,000,000 | ||||||||||||||||
Floating rate long-term debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | 1,056,257,000 | 1,157,523,000 | |||||||||||||||
Floating rate long-term debt | Flex Rainbow Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Sale and leaseback agreement, amount due under financing arrangement | 0 | 131,100,000 | |||||||||||||||
Total debt | 0 | 131,906,000 | |||||||||||||||
Floating rate long-term debt | $250 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | 250,000,000 | ||||||||||||||||
Number of vessels owning subsidiaries | vessel | 2 | ||||||||||||||||
Amount outstanding | $ 125,000,000 | $ 125,000,000 | |||||||||||||||
Term | 5 years | ||||||||||||||||
Total debt | 0 | 220,313,000 | |||||||||||||||
Long-term debt | 0 | 219,200,000 | |||||||||||||||
Floating rate long-term debt | $250 million Secured Term Loan Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | 217,200,000 | ||||||||||||||||
Floating rate long-term debt | $100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of vessels owning subsidiaries | vessel | 1 | ||||||||||||||||
Floating rate long-term debt | $50 million term loan under $100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | $ 106,800,000 | 0 | 44,080,000 | ||||||||||||||
Long-term debt | 0 | 108,100,000 | |||||||||||||||
Floating rate long-term debt | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | 597,565,000 | 613,512,000 | |||||||||||||||
Floating rate long-term debt | LIBOR | $250 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (percent) | 2.35% | ||||||||||||||||
Floating rate long-term debt | Flex Rainbow Sale and Leaseback | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Sale leaseback, term | 10 years | ||||||||||||||||
Gross price | $ 210,000,000 | ||||||||||||||||
Advance for hire | $ 52,500,000 | ||||||||||||||||
Floating rate long-term debt | Flex Rainbow Sale and Leaseback | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Sale leaseback interest rate (percent) | 3.50% | ||||||||||||||||
Fixed rate long- term debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | 421,203,000 | 430,829,000 | |||||||||||||||
Commercial loan | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 250,000,000 | $ 10,000,000 | |||||||||||||||
Commercial loan | LIBOR | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (percent) | 2.35% | ||||||||||||||||
Guaranteed loan | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term | 6 years | ||||||||||||||||
Face amount | $ 189,100,000 | ||||||||||||||||
Guaranteed loan | LIBOR | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (percent) | 1.20% | ||||||||||||||||
Direct loan | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term | 12 years | ||||||||||||||||
Face amount | $ 189,900,000 | ||||||||||||||||
Direct loan | LIBOR | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (percent) | 2.25% | ||||||||||||||||
Accordion option | $375 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 125,000,000 | ||||||||||||||||
Accordion option | $375 Million Facility | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Period in which company may elect accordion feature | 36 months | ||||||||||||||||
Accordion option | $629 million term loan facility | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 10,000,000 | ||||||||||||||||
Secured debt | $629 million term loan facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 587,400,000 | 602,100,000 | |||||||||||||||
Line of credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | 250,000,000 | 64,080,000 | |||||||||||||||
Line of credit | $375 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 250,000,000 | ||||||||||||||||
Line of credit | $50 million revolving tranche under $100 Million Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | 0 | 64,080,000 | |||||||||||||||
Line of credit | $250 Million Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total debt | $ 250,000,000 | $ 0 | |||||||||||||||
Loan covenant | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term | 6 months | ||||||||||||||||
Face amount | $ 25,000,000 | ||||||||||||||||
Loan covenant, percent | 5% |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) derivative_instrument | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | ||
Number of interest rate derivatives entered into | derivative_instrument | 19 | |
Derivative, notional amount | $ 849,688 | |
Interest rate swap | ||
Derivative [Line Items] | ||
Derivative, notional amount | 849,700 | $ 677,800 |
Derivative liability | 0 | 4,800 |
Derivative asset | $ 49,900 | $ 5,900 |
Terminated interest rate swap agreements | ||
Derivative [Line Items] | ||
Number of interest rate derivatives entered into | derivative_instrument | 3 | |
Derivative, notional amount | $ 125,000 | |
Derivative, average fixed interest rate | 1.43% | |
Derivative, term | 2 years 7 months 6 days | |
Derivative instrument 18 and 19 | ||
Derivative [Line Items] | ||
Number of interest rate derivatives entered into | derivative_instrument | 2 | |
Derivative, term | 10 years | |
Derivative instrument 18 | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 25,000 | |
Derivative, fixed interest rate | 1.09% | |
Derivative Instrument 19 | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Derivative, fixed interest rate | 2.75% |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Derivative Notional Amounts (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Derivative [Line Items] | |
Derivative, notional amount | $ 849,688 |
Derivative Instrument 2.15% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 50,000 |
Derivative, fixed interest rate | 2.15% |
Derivative Instrument 1.38%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 1.38% |
Derivative Instrument 1.39%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 75,000 |
Derivative, fixed interest rate | 1.39% |
Derivative Instrument 1.43%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 75,000 |
Derivative, fixed interest rate | 1.43% |
Derivative Instrument 1.38%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 50,000 |
Derivative, fixed interest rate | 1.38% |
Derivative Instrument 1.38%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 1.38% |
Derivative Instrument 0.35%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 45,625 |
Derivative, fixed interest rate | 0.35% |
Derivative Instrument 0.35%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 22,813 |
Derivative, fixed interest rate | 0.35% |
Derivative Instrument 1.22%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 1.22% |
Derivative Instrument 0.37%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 0.37% |
Derivative Instrument 1.03%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 35,000 |
Derivative, fixed interest rate | 1.03% |
Derivative Instrument 1.22%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 1.22% |
Derivative Instrument 0.41%, Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 46,250 |
Derivative, fixed interest rate | 0.41% |
Derivative Instrument 0.35% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 0.35% |
Derivative Instrument 1.82% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 50,000 |
Derivative, fixed interest rate | 1.82% |
Derivative Instrument 1.80% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 50,000 |
Derivative, fixed interest rate | 1.80% |
Derivative Instrument 1.09% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 25,000 |
Derivative, fixed interest rate | 1.09% |
Derivative Instrument 2.75% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 75,000 |
Derivative, fixed interest rate | 2.75% |
Derivative Instrument 1.26% Fixed Rate | |
Derivative [Line Items] | |
Derivative, notional amount | $ 100,000 |
Derivative, fixed interest rate | 1.26% |
FINANCIAL INSTRUMENTS - Sched_2
FINANCIAL INSTRUMENTS - Schedule of Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Change in fair value of derivative instruments | $ 48,764 | $ 13,467 |
Realized Gain/(Loss) On Derivative Instruments | (2,406) | (3,315) |
Realized gain/(loss) on derivative instruments | $ 46,358 | $ 10,152 |
FAIR VALUE OF FINANCIAL ASSET_3
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying value of asset (liability) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Cash, cash equivalents | $ 283,658 | $ 200,652 |
Restricted cash | 47 | 518 |
Derivative instruments receivable | 49,862 | 5,862 |
Derivative instruments payable | 0 | (4,764) |
Carrying value of asset (liability) | Floating rate long-term debt | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Floating rate and fixed rate long-term debt | (1,291,592) | (1,206,522) |
Carrying value of asset (liability) | Fixed rate long- term debt | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Floating rate and fixed rate long-term debt | (417,621) | (426,897) |
Fair value asset (liability) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Cash, cash equivalents | 283,658 | 200,652 |
Restricted cash | 47 | 518 |
Derivative instruments receivable | 49,862 | 5,862 |
Derivative instruments payable | 0 | (4,764) |
Fair value asset (liability) | Floating rate long-term debt | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Floating rate and fixed rate long-term debt | (1,306,257) | (1,221,603) |
Fair value asset (liability) | Fixed rate long- term debt | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Floating rate and fixed rate long-term debt | $ (425,320) | $ (465,287) |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Payables due to related parties | $ (225) | $ (348) |
Sloane Square Capital Holdings Ltd | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 7 | 0 |
Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 356 | 228 |
Affiliated entity | Seatankers Management Norway AS | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 16 | 18 |
Affiliated entity | Frontline Ltd | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 0 | 162 |
Affiliated entity | Frontline Management (Bermuda) Limited | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 282 | 0 |
Payables due to related parties | 0 | (85) |
Affiliated entity | Frontline Management AS | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 12 | 1 |
Affiliated entity | SFL Corporation Ltd | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 2 | 0 |
Payables due to related parties | 0 | (1) |
Affiliated entity | Northern Ocean Limited | ||
Related Party Transaction [Line Items] | ||
Receivables due from related parties | 37 | 47 |
Affiliated entity | Seatankers Management Co. Ltd | ||
Related Party Transaction [Line Items] | ||
Payables due to related parties | (43) | 0 |
Affiliated entity | Frontline Corporate Services Ltd | ||
Related Party Transaction [Line Items] | ||
Payables due to related parties | (24) | (30) |
Affiliated entity | Flex LNG Fleet Management AS | ||
Related Party Transaction [Line Items] | ||
Payables due to related parties | $ (158) | $ (232) |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Front Ocean Management AS | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | $ 200 | |
Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 2,196 | $ 2,250 |
Affiliated entity | Seatankers Management Co. Ltd | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 43 | 22 |
Affiliated entity | Seatankers Management Norway AS | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 28 | 44 |
Affiliated entity | Frontline Management (Bermuda) Limited | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 206 | 133 |
Affiliated entity | Frontline Management AS | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 130 | |
Revenue from transactions with related party | 10 | |
Affiliated entity | Flex LNG Fleet Management AS | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 1,721 | 1,666 |
Affiliated entity | FS Maritime SARL | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 32 | 257 |
Affiliated entity | Northern Ocean Limited | ||
Related Party Transaction [Line Items] | ||
Revenue from transactions with related party | 4 | 2 |
Affiliated entity | Front Ocean Management AS | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 106 | 0 |
Affiliated entity | Front Ocean Management Ltd | ||
Related Party Transaction [Line Items] | ||
Total related party transactions | 82 | 0 |
Affiliated entity | Sloane Square Capital Holdings Ltd | ||
Related Party Transaction [Line Items] | ||
Revenue from transactions with related party | 6 | 0 |
Affiliated entity | Avance Gas Trading Ltd | ||
Related Party Transaction [Line Items] | ||
Revenue from transactions with related party | $ 2 | $ 0 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 CHF (SFr) | Jun. 30, 2021 USD ($) | |
Front Ocean Management AS | |||
Related Party Transaction [Line Items] | |||
Total related party transactions | $ 0.2 | ||
Frontline Management | |||
Related Party Transaction [Line Items] | |||
Total related party transactions | 0.2 | $ 0.3 | |
Flex LNG Fleet Management AS | Technical Management | |||
Related Party Transaction [Line Items] | |||
Total related party transactions | 1.7 | 1.7 | |
Flex LNG Fleet Management AS | Consultancy Services | |||
Related Party Transaction [Line Items] | |||
Total related party transactions | $ 0 | $ 0.3 | |
Flex LNG Fleet Management AS | Consultancy Services | Maximum | |||
Related Party Transaction [Line Items] | |||
Total related party transactions | SFr | SFr 437,995 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Share capital | $ 5,411 | $ 5,411 |
Ordinary shares issued (in shares) | 54,110,584 | 54,110,584 |
Par value (in dollars per share) | $ 0.10 | $ 0.10 |
TREASURY SHARES (Details)
TREASURY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Treasury stock (in shares) | 967,509 | 980,000 |
Treasury stock | $ 9,329 | $ 9,449 |
Average cost per share (in USD per share) | $ 9.64 |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2022 $ / shares shares | Apr. 30, 2022 kr / shares $ / shares shares | Apr. 30, 2022 kr / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Treasury shares (in shares) | 967,509 | 980,000 | |||
Share options outstanding (in shares) | 650,000 | 615,000 | |||
Weighted average exercise price (in USD per share) | $ / shares | $ 13.89 | $ 14.21 | |||
Weighted average remaining contractual term | 4 years 2 months 12 days | 4 years 7 months 6 days | |||
Share options vested and expected to vest, outstanding (in shares) | 0 | 0 | |||
April 2020 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share options exercised in period (in shares) | 15,000 | 15,000 | |||
Treasury shares (in shares) | 12,491 | 12,491 | |||
Share options, exercice price (in USD or NOK per share) | (per share) | $ 4.90 | kr 42.84 | |||
Cash dividend (in USD per share) | $ / shares | $ 2.70 | ||||
Share price (in NOK per share) | kr / shares | $ 256.20 | kr 256.20 | |||
May 2022 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share options exercised in period (in shares) | 50,000 | ||||
Share options, exercice price (in USD or NOK per share) | $ / shares | $ 25 | ||||
Term of award | five-year | ||||
Stock option vesting period | 3 years | ||||
May 2022 | Year one | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share option vesting schedule | 25% | ||||
May 2022 | Year two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share option vesting schedule | 35% | ||||
May 2022 | Year three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share option vesting schedule | 40% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) derivative_instrument | Jun. 30, 2022 USD ($) derivative_instrument | Aug. 23, 2022 $ / shares | |
Subsequent Event [Line Items] | ||||
Number of interest rate derivatives entered into | derivative_instrument | 19 | |||
Derivative, notional amount | $ 849,688 | |||
Subsequent event | Dividend declared | ||||
Subsequent Event [Line Items] | ||||
Dividends payable (in USD per share) | $ / shares | $ 0.75 | |||
Subsequent event | Dividend declared, special dividend | ||||
Subsequent Event [Line Items] | ||||
Dividends payable (in USD per share) | $ / shares | $ 0.50 | |||
Terminated interest rate swap agreements | ||||
Subsequent Event [Line Items] | ||||
Number of interest rate derivatives entered into | derivative_instrument | 3 | |||
Derivative, notional amount | $ 125,000 | |||
Derivative, average fixed interest rate | 1.43% | |||
Derivative, term | 2 years 7 months 6 days | |||
Terminated interest rate swap agreements | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Number of interest rate derivatives entered into | derivative_instrument | 2 | |||
Derivative, notional amount | $ 50,000 | $ 96,300 | ||
Derivative, average fixed interest rate | 0.91% | |||
Derivative, term | 1 year 10 months 24 days | 3 years 2 months 12 days | ||
Derivative, fixed interest rate | 2.15% | |||
Derivative instrument 21 and 22 | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Number of interest rate derivatives entered into | derivative_instrument | 2 | |||
Derivative, term | 10 years | |||
Derivative instrument 21 | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Derivative, notional amount | $ 50,000 | |||
Derivative, fixed interest rate | 1.91% | |||
Derivative instrument 22 | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Derivative, notional amount | $ 50,000 | |||
Derivative, fixed interest rate | 2.15% | |||
Derivative instrument 23 | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Derivative, notional amount | $ 50,000 | |||
Derivative, term | 10 years | |||
Derivative, fixed interest rate | 2.27% |