| Øystein M. Kalleklev | CEO |
| Harald Gurvin | Principal Financial Officer |
| Unidentified Analyst - |
Good afternoon ladies and gentlemen and thank you for standing by. Welcome to the Flex LNG Q3 2020 Earnings Presentation Conference Call. At this time all participants will be in a listen-only mode. After the speaker presentation there will a question-and-answer session. [Operator Instructions]. that now is conference like your Mr. you and recorded over advise speaker, would I to must this being conference today to I turn the Øystein Kalleklev. you. Thank go Please ahead.
A quarter to I'm will and CEO go of Gurvin, as available today of replay I numbers LNG’s welcome by Øystein Management. the and well LNG through our be flexlng.com. you name is at the will thank XXXX Okay, financial webcast as who third also will presentation. Flex our My Kalleklev, Harald updates. Flex the providing joined CFO, be
disclaimer So, is regards, the Slide number read earnings report together presentation and as X is and the details. in others, a measures, statements, with XX-F And the completeness we available of Annual well Report. with non-GAAP as recommend presentation forward-looking the our is disclaimer full among that
the New record however Surprisingly storm Iota XXXX top demand The to a U.S. in the from picked The Orleans. market became tropical Gulf resulting the breaking temporary the due market the the of was in season prices devastated activity number the improvement the delayed record in affected adversely of name the Hurricane as tropical highlights. Nevertheless, of names storm freight export weak Katrina Slide on the cargoes. cancellation of U.S. started when flexible shutdowns economic in resulting somewhat summer fallout turgid XX in thereby Mexico. the easily So, the and [ph] by by on of plants tropical and derailed market the to most LNG were record active hurricane during for of storms gas flurry eased and up. spot restrictions natural This spring pandemic. X, and August improve stayed incentivizing low COVID-XX
prices to $X to Norway during the floating rally gas time bumped or Australia industry. The gas However, as gas today. tend caused continued which the disruptions that challenges our safety and have have record. due prices see and the due off this summer the we to vanished strong as [ph] TCs about has BTU with all excellent pushed Cargoes at with less again incredibly and in cargo customers. a in demand to our operate strong gas by the from the spilled to say big sell many being the has the gas summer and up. other rally. typically places price during Asia about the increased of Hence in per the with markedly of October. storage from global JKM we with together going been floating to strong for year $X [ph] despite confined economics ships with liquidated significantly tapering to prices more disruption when million more to or pandemic, our has floating pull well supply like U.S. autumn delivered $X pleased without that seasonal and thus for cancellations to this $X gas storage would [indiscernible] improved expectations delays strong I'm together resulted LNG effectively $XXX,XXX The rally by prices this uptime storage build have the XXX% lows The
and equivalent time bit a delivered budget XX have Yarl's through with as QX thus million. QX our business. XX After million from $XX,XXX be as charter go October delivery of planned I per TCE of have additional provide fleet as would LNG will more going from color been about the on shortly. QX during Revenues presentation In carriers the July taken in Korea compared [ph] new earnings We August is in South in our we QX to also four day. operations of we on revenues that guided to higher new
as was utilized profit was TCE higher that is changes without for similar depleting with favorable X.X any price estimate mobilizing than despite U.S. These means have day. tough previous was quarter through cost was profit navigate QX able due derivatives rate QX, This exactly of in the we was our our in bit. to adjusted In the in accurate for the associated at guided three per quarter. QX inter pandemic income in in QX $XXX,XXX. with a by financial the same valuation to as interest to cash. caused recently QX million indeed been X.X our hedge we and net about portfolio which $XX,XXX have TCE adjusted million, rates expenses. thus instruments and very to interest conditions market picked fluctuate also to took very was be expected that QX This QX the delivery The and overall QX the our interest a third We level in up of new buildings
the of with we trading TCE we the handouts of with the to since financial as fact cope prior illustrates support of from QX economic the have a $XX,XXX. have the global governments to virus good delivered the going downturn best businesses In on Depression, scale, how we viral not consequences a Given results pandemic. certainly been fairly through this or Great that worst any the received
market generating of have well year. despite can the are the looked around this is $XX,XXX well we have do illustrates guidance we in level tailwinds. $XX,XXX enjoying of to where breakeven above our support win good how order per should day, the $XX,XXX in for a we year cash per QX this This Overall, also year. which $XX,XXX to about at we faced With day pretty results we headwinds for are just
our to three actually the delivery million have to in now and taken XXX remaining have Amber of agreement October, time about in quarter Flex in the in reduced subsequent approximately CAPEX in fit available [indiscernible]. this to into We move to or other the Amber paid charter, an variable for part we the end have As as million for XXX XXX delivery for. million August CAPEX have mid-October. we been the to of to secured ships we reduced following delivery debt schedule order of the which prepayments from XX This as million
Given to substantial cash about during the this will we Amber very given cash we today. Hence financed connection fact Flex at continue around with balance Chinese million million the cash to which flow end million $XXX.X by build XX in a generate QX we expect provided we delivery. of have healthy position guidance as or improved up lease quarter XX
have utilize ships to book that pleased freight January have the in which year. available was thus we market the but have our portion Flex nevertheless, Freedom first these we two our more new front booked expect of on includes thirds of quarter able February. next to in two a our also page first strong ships which to available of been Hence we about fleet two and to presentation In Flex are add we significant already buildings. We Volunteer days quarter
the this next cash with earnings vaccines. guide levels, add in year, reinstate when too able several with provide fully for be dividend. early breakeven therefore strong to we comes to when Hence in the coupled to given ships, year. visibility QX on recent progress, but decided comes generation financed lowest next the ships as presentation industry's the it numbers board the good has and light color As as well February TCE to during our on will it cash on hire, more next variable fleet tunnel it's COVID-XX of QX The consisting to position, entirely our we
suspended given by COVID-XX and for have the dividend pandemic. the last two the the We quarters, uncertainty risk created
are well, pleased dividend, risk to QX can which again reinstate $X.XX manage per Board has Now, share. we set that we thus haven't and demonstrated the we at for this very the
overview of four, So fleet moving our to on composition. slide which provides
Resolute. total, the as under utilization three fixed In Flex two As Flex delivery variable have extended Endesa variable while TCs. This ships operating Aurora Flex a we X higher charger and months be of soft we three commenced Aurora time also currently on market. to and in respectively. September, Resolute, July described May. TCs Flex has ships insurance were These total of XX and ships is TCs. on shorter-term Ranger, which Spanish The on utility in markets and UTC could to of recently Flex these of higher been to both we the Today, end have what exposure provide fixed months similar in maintain with took XX TCs overall with us we at freight today
under delivered well the Enterprise, to long contacts been increased earnings The ships in Gunvor As Flex from just we higher benefiting such August QX, rates Flex we've as now. these Flex spot market, October which also variability are Courageous. spot operating term Flex improved ships Flex of which in on Artemis, are was Constellation, delivery subsequent serving we currently bullish on quarter ships the we fees considerably Endeavor, With ships and trading have are market. Amber, spots in pleased four as took The Flex are Flex to Rainbow, in end. to our
three rates For rates we have visibility. a to and add thus and additional do find ships earnings delivery these ships maximizing pay for like we do year as also next balance to between try
year, already days thus of two next We quarter have that are thirds available booked first we pleased in mentioned. as
our ships Flex Freedom XX year postponing and She into was for with end originally making agreed slip We her delivery vintage. this have of thus all ships we her [indiscernible] vintage, three scheduled XX next year. By vintage, four two dry the November to docks being XX ships XX vintage. spreading ships four out vintage, and XX January XX remaining to being are with
January end out to gas now February. Freedom her also and Flex early year she for have are marketing take is of Volunteer of can already and clients. be delivery available potential expect next early carried but we scheduled Flex delivery We the trials actively sea and
our last be water on scheduled the of May. with Our LNG second on With new for carriers large which year. new end will Vigilant Flex water quarter is program delivery XX ultra-modern Flex complete the the is of by Vigilant building building next
XX% fourth year, who to compared all year. our buildings income will equity capacity thus a income start earnings new finally numbers this contrast all of attention for of generates XXXX, in generating by tied and to been when equity and those will up the Our have quarter in portion increase large pay XXXX invested those. of And a XXXX down on next equity to which early very thus lot dragging return zero
the COVID-XX financial to X, situation, upon this of over with handing due year our on even for I Slide to touch to before important always matter, want so our top implications. more the its So very Harald is which review, but all agenda, a
repatriation the seafarers countries resulted of seafarers. for the XXX,XXX X.X and of and safety and up a locked have report of described there of significant of be join XXX,XXX contract a for seafarers COVID-XX, seafarers. XXX,XXX changes outbreak restrictions on concern the put those lot only travel September can the another number. as IMA and has According staggering overdue impediments and what the on at This humanitarian million from with With in ships. crew home a to third unable to seafarers, depressing one is the crisis were
XX% international not While in have sea they to been as has order seafarers. domestic being to essential workers employees flowing, in restrictions have about as the other shielded food, of at goods this the XX% that goods transported the deemed for transportation ensure on ships. are medicines, been from Close and case sector in well cargo as been is aviation
so are categorize it's last While to said, and a And are the been offered are large the use goods consumers, That has on. shipping take are seafarers to also makes transportation deemed on the essential discrepancy shipping offloaded unless to port being the see can't the context there [ph] word place realizing transporting standards. ships port. some mile this it's more and of countries that go btw that these last to workers, to double workers at we is essential world here, attempting that not mile in positive
we say coped So we given in very been have limitations, let's these have the Flex busy. situation how just with
testing strict sometimes implemented COVID in tests. sense or PCR operations unreliable crew operating have order safeguard society. minimum the can with to for standard that operating or in We procedure a a as and of recent controlled signing tests This includes negative standard be Elon Musk's quarantine procedures joining test regime crew and
has any We in been management plan avoiding been shared key through ships. The our outbreak outbreak also we emergency been involved response clients procedures have which have third stress outbreak on an positive. also tested parties plan critical has drills. and developed with These very in have management
we sure ships, board. needed visit senior and ensure receive regularly officers the to ability changes make to coordinate videoconference morale meeting carried our have they impeded out have COVID-XX As crew attention board regular with on a to on
to have focused contracts. We overdue been to out possible opportunity seeking changes carry every minimize crew on
and ensure changes, time which our crew contracts. you i.e., on the unfortunate I'm XX% which something our overdue overdue would their to very their take are could these our crew carried the six think period avoided is to dedication, I I X% onshore not That out can not if organizing crew impressive. on results thank with us crew be successful regard during XX in operations. the say patience, I May work straightforward. leaves In have contract. October, been of months that in much for they reticent. is to this opportunity crew on happy are hard change personnel to our like and we and This of
as I X% than am days, to that very minimizing is the we is less remaining However, are say and the while mentioned, days. of overdue less XX overdue by days, on than pleased XX XX% focused
we XX possible. to hope do days to bring With down these no staying seafarers zero concessional than fast more easing on So as restrictions some we as overdue. have numbers crew
faced or by ship restriction travel regular the we SIRE. program issue call report is conducting Another inspection what
required at limitations year have connection than work us even on usually with made months, last out stopped regularly But to carry business like are least inspection. this finding the working six a in to last these ways new, conservative remote this has every in discharge. inspections travel decade, not it's difficult the from With society extremely been carry We shipping. progress to more smart as out
the to had to date. we up keep So far, have about remote order two in SIRE certificates
remote carried We as ships as of also the change [ph]. period, annual two during out of this service have two well management remote of our
to able see that worked the get it's all despite to are the personnel thrown So them. impressive obstacles technical on at
relation to Harald building budget team manning over gratitude my obstacles plans to handing review. Despite logistical mobilized faced extend also our new to before in of I for like new challenges to also building Our team been according have would to our have buildings. ships new our delivered delivery and our and and so financial
Øystein. you Thank
Then previous up million the quarter. million. unrealized equivalent the of quarter X.X per XX,XXX days. Looking from Adjusted at quarters relating Slide in quarter. Slide September the share X, The quarter net loss loss per for quarter. million on This due to net of for an end, as of was was X.X an derivatives from million Adjusted time X.X a quarter. $X.XX interest XXX X.X the million, into results both the the rate vessels our XXth quarter, share the to gain sheet swaps, during previous the the includes the COVID-XX up the million longer-term significant XX.X XXXX quarter XX.X of number interest was our The to of of unrealized. for non-cash interest or quarter to in for At on of swaps which at balance income revenues or million quarter entered on X.X The $X.XX interest in in is a Net to in rate at during the came first of approximately in the quarter income due of pandemic. charter an which previous loss XX.X rate again interest quarter million average quarter net million million, in was three moving X. the gain X.X previous compares statement on the swaps per includes half EBITDA was million drop a rate delivery XXX,XXX the we per a result up the and adjusted X.X%. X.X following of had increasing increase was XX.X rates from on totaling the income for for to previous during vessel day, rate compared increase of
buildings consisted aggregate of the the of an quarter of at value new billion. assets vessels three with delivery our on end X.X Following nine water
per purchase million including connection at for with October. postpone the billion, that's end Amber on to XX%. the XXX to XX was strong to a have which vessel the in quarter of quarter over million In the liabilities. we totaling were to XXX delivered still the prepayments next payment of equity represents on addition, total the under facility million million, giving delivery the XX.X be new debt ratio four drawn Total end. XXX and tranches in February. XX entered buildings these Increasing X.X classified as booked months Flex prepaid we equity is XXX the million into ECA This In of quarter advance vessel deliveries, July three to relating approximately as by million current we end first due
new million XXX and facility building for for XXX also million new and three on CAPEX mainly ECA million fees increase on the to the in installments fourth quarter. was upfront the operations the Flex relating million costs X Looking new commitment the capital XX from facility in Volunteer. to Total buildings financed following at XXX loan liquidity. of million in with our flow was positive to ECA quarter quarter Slide This due XXX X.X by X.X Scheduled prepaid was drawdown were market our mainly the working from the flow and a million funded of third the we adjustments under million XXX This addition remaining an had million hire stronger during in quarter. cash the facility, XX compared third includes financing part of million. X, close cash to delivered million the
during purchase Flex towards for July. is which net million the cash buildings mentioned, XX This total payments new fees million, decrease under paid reason quarter as quarter for to the XX main agreement Amber the in end. and million XX.X XX financing brings at to in the we addition, In million
early million whereby the giving cash XXX.X on delivery million prepaid of payable amount sale effect on XX.X leaseback was thus in final just was net July quarter boosting million, liquidity The end. Amber Flex As over the positive to million mentioned, from post the XXX deducted the a was October, delivered financing XX.X executed. from
our Moving end. secured buildings four for Slide new delivered all we at be still the including financing quarter now to X, on are vessels, to
quarter million in and positive of Amber, quarter remaining was Following the approximately giving cash delivery new buildings financing compared secured to CAPEX million four of XXX on XXX Flex million the third end three prepayment for the the the at of vessels contribution end. net remaining quarter a at XX
We debt maturity July in maturity due have comfortable XXXX. first a with profile very the
Our debt gives of mitigating maturity and risk. staggered also ECA refinancing between bank split diversified funding financing, us sources loans, financing lease profile,
raise We back our attractive will I that, pool update funding institutions a includes the ability our on financing an have diversified different but sources, only also of which it not with in hand give market. to will captive And who market. to Øystein challenging lenders, our financial now XX demonstrating over
Thank you Harald.
recap shipping XX. LNG by for on So Slide a start of let's market the spot quick
have caused XXXX to usual spring the during demand compared for and pattern, due the COVID-XX, by most as to the much despite lockdowns. lost So but previous part years softer with followed the seasonal summer
plenty cargo of conditions. and scale in there have ships the this has Given [indiscernible] as ballast of bonus market as well cancellation, the been
achieved term economics than so sum, higher on variation it the we second indicating even and sentiment starting on ballast presentation spot earnings or of [ph] the being border lot while better about a right, voyages in doing with condition achieve to in we headline spot In bonus with now better to bonus -- particularly and were rebound presentation the even glass that were means QX half to expecting in down comes the long par headline stated put if TCE rates market rates better. our comes or we are market enjoy leg to August, the laden in This we of ballast are typically on shaving in a fruition being the done to that when condition. rates. we our as However, quarter that only spot the
on of the idle only worldwide very In days, as was available risk very addition, limited availability of in a ships during now idling, we resulting vessel Clarkson while the a have market in quoting Friday. we saw market lot summer strong with three
Given levels vessel than for in more $XXX,XXX last the to tonnage now of limited year. the day and are spot rates excess availability, similar seen a per
than when XXX,XXX. supply our So typical of caused you disruption, in to why which some not ship before in it month reason didn't are rally the rates which now Keep sail than seasonal is season U.S. of sites QX guidance a is rates TCE the wonder takes in [ph]. Spot end higher to might is to often of that mind bit in in XX,XXX than later delayed active that QX XX,XXX from a a hurricane usual. time this start booked to October, about really U.S. unusual Asia in the The advance are in uptick ships as excess more the
December So the loads This Pacific typically quoted November next positive in the for for thus year. XXXX. now rates in early are or December of a start loadings in late January U.S. signal or is being
winter warm the to lockdowns resulted year, next plummeting year, implemented COVID rule Nina after this due the in This prognosis and August. of the have about will hold highlighted as weather, And consequently rates and market The spot shape as out with buildings XXXX in next with winter XX winter in in most with together New our however, of winter August. Year. the futures of on trajectory together drivers La February this relative we last China spot spot very key market something explore influencing recovery project experienced I the up in in In be have, we QX. also from rates economic detail year, for delivery two cold in in presentation the is the a more also extremely XXXX, mild However, presentation the and our up set the signal new market LNG in held will well in experienced QX, we we will slide. that winters mentioned
year doom. seasonal economic COVID-XX experienced the activity been outbreak already This So Slide prices. the storage China well as due economic trade warm to to gas amplify XX, demand generally and due we a story winters pre-existing of the reduced gloom level, impacting global to Asian prices consecutive and Due pandemic in gas have and lockdowns the following in two resulted very as weak gas slowdown in crash further with U.S. general war these the conditions following prices. The a low
gas during below to are record some time which unprecedented. of the We per trading seeing low prices equates summer is around with European actually per million gas BTU per oil $X BTU, million for $X barrel. $X
in spot at periods Hub and Asian below $X been prices the for low have Henry trading XX-year hit $X.XX. short June
point, As peak our continued presentation gas is This and is COVID-XX and now season. cheap with rally are TCs levels on JKM higher prices Fed more August, historical currently in level have which the winter gas summer. recover a an QX and absolute at during price $X started Asian seasonal to respectively. and than market rock prices and than this the $X much still that prices bottom with about above during well represented the in at for last conductive levels
XX% also still linked price we to crash outbreak contractual virus LNG Oil the saw corona about represents of an affecting the market. LNG price oil Following linked the of oil.
as levels with The the as LNG to are X.X LNG delay, in barrel about oil output linked U.S. base shale cut big have linked these similar spot industry in so the the cancellations, typically six to LNG million there production at from oil prices are months Russia, OPEC price price oil LNGs lower been by with today. priced cuts compared are cargo well to with While in minuscule the
prices for future up in stay pay of Henry derivative at hold about economic markets about shouldn't U.S. and Since already levels with these trolling The levels $X. As the cargo next next thus having a affect mixed the per of cargo there XX, mentioned available the two If Hub import winter mentioned, of Europe, as capacity key to be prices. about determinant the Slide lifted have in highly of massive and XX% Gas economic record of to fee prices TCs being Asia not will the gas that TCs earlier, [ph] market. shape of is actual a and incentives the between for avoid their prices gas injection position a really any year. future hedge future will storage summer, XXXX cancellation spreads is predicting up the similar review liquid, during which main predict which year. as players repeat the of market LNG, together recovery can markets impacting $X.X well as cancellation a makes gas cargo of the demand. the are
last LNG. its early of this some and buyers in the lows details XXXX the winter similar definitely is exhausted regard, also import what Asia corona later. the through last to Europe effect by I global In buyer piling warm in ample of the up, the capacity, happened rescue So absorbing European and cancellation, LNG continent. of XXXX-XXXX of In resort, very available summer took phase crisis by caused After storage came Nino. to after acting and became a U.S. new more provide will wave prices which a inventories this lockdowns gas were to European resulting caused the El on the as
with third recovery competition we contain forward continues million autumn, connected China the access roll [ph] to off out looks have And gas The notwithstanding market. reforms it took and in together sounder city using much summer. gas as heating stimulating V shaped another than gas Asian with demand industry, the China, was where party grew what the virus. households X is to penetration far international a is particularly liberalizing new the being in company. driven by which during this Asian approaching go, avoiding with also to balanced tanks case yet pushing season. Furthermore, managed quickly China thus now pipeline the are the demand Europe However, to
when smooth tied storage in up the LNG carriers logistics. non-economic out in order this floating of lot Now a to were
XXXX first the drives to cargo whether half freight trending quarter were the floating it XX% in demand. are exports buyers so also as of model The the to in first positive and shipping the webinar proxy marginally ships have curve. and by of of XX, the cancellation which Basin Global July export trajectory million in beginning in about below the also differentiate year, Slide QX. as ahead increased the only So XX we really thus and sales in voyage distances and increase volumes not export and The during Atlantic recent for the of cargo XX% lack About upwards half model big first disruption being expecting QX between numbers. the to Please model to this grabbed cargoes in demand. while better last consumed about -- import operations growth of have market, year, tons with depending it in period due demand. Asia XX% is from supply note model about involves mostly number shipping of the on with in numbers illustrates its gas is U.S. it's the we volumes Increased exports that X% increased with to the time. X% passage result from introduced XXXX, [ph] updated for important storage, a demand. and community puts At export European in and export to model this our due Export let's numbers. October demand associated of been fell which and was -- XX% we in as in length year exports supply Asian into of sailing this another more freight Asia, a thus review this generating September
During injecting by initially volumes mentioned and caught Europe up gas second up storage earlier. these quarter, as soaked Asian demand cheap for
However, cancellation during and low incentivized ended August, June, August July cancellation prices export thus the and as declined. up and months. July cargo volumes gas peak
Melkoeya expect Australia go half market rather to expected the we in -- to expect cargo and have the not have growth and final U.S. reason related continue and now we to disruptions to Norway July been supply will The X has the due the cargoes we more and them in been July million caused shutdown did have XXXX. and off. are cancellation compared cargoes which a assumption the cargo estimates Gorgon shortfall of compared the XX been As total the provide U.S. gas in and in related in fact main this some of the has Bintulu reasons the Prelude were tons we lost cancelled is the of total X and XXX of shortfall autumn. unforeseen flat Malaysia the the XXX tons cancellations to been export prices in XXXX. in expected seconds, tailed will the I This U.S. for On only cancellation, that million we doom energy season in of be expose expect hurricane XXXX shortfall. FLNG has postponed cargo recovered, main Despite this, on shortly. that the for details growth In the when of in on year and further have for to growth top as were gloom, million around
given gas the the a even expand to cargoes And potential the next contrast I bit of year. which the will grow this in sharp export all and pipelines, year LNG also has given to cargoes this of transported year, considerably curtailment further. and hydrocarbons is managed the despite higher, curtailment However, for pandemic
take So closer at U.S. a Slide exports. XX, look
prior and days contracts more cancellation July the base due flexibility As our we where highlighted notify U.S. in of cost cargo producers the months and to the $X.X of our can cargoes to around at to webinar spring for tends economic BTU. per for risk operators flexibility their typically which cancel a during enable by be to XX lot cancellations This tolling reasons. cargo inherently are customers the million summer fixed loading fee, paying
them. this U.S. volumes into similar as it prices where fee prices global were selling as have not either are were and at they buyers rather tolling sense During a some key all Asian are of gas lifting could they financial but prices as not different determinant. European the market canceled, can be the didn't regulated and cargoes said, hedged take to That period delivery or incentives paying cargoes, gas and avoid these gas levels make just
U.S. hurricane could way recovering, day. levels tons on hit goes and of XX.X big billion see Laura, had way back exports that record record have the at global is these were to we and the earlier by move Delta for August, graph capacity. annualized export tropical back season about this pretty to XXXX. on feet the about the all did when in hand to on being side, around today, which now liquefaction, most active U.S. exports, out this U.S. And as during XX XX per cubic equates -- left record. canceling economic of these about back the million U.S. plants. feedgas that export them feedgas feedgas Particularly we volumes storm prices this three which and are nameplate or of the were high we disrupted subtropical delivered mentioned, Beta, for impact gas bouncing Adjusting were But So time, cargoes. at utilized for of XX% incentive U.S. pointed
Slide our on the of largest XXXX. and an So we overview output in exporters XX, expected XX provide
million to in the below LNG. cancellations Qatar, it those export annual This of FLNG Australia of operation Vexillology then exports that say, that expect Prelude maintenance. shortly X.X due to again with and have we been due market exporter issues capacity main then tons due Gorgon cargo world was million an COVID-XX exports, volumes is fond the size million tons Furthermore, capacity growth shortfall main about rest mentioning tons as mentioned. produce export the to has to be For to punch it of the despite the is of Trinidad, follows flag, X.X in At its excess Oman. XXX Indonesia, May too Russia, commence train compared not the U.S. capacity is Despite XXXX. Tobago, worth suspended in of with of sorted tons. since export of might multicolored output to XX XX Australia, expect and reason XXXX. for to Malaysia, Prelude weight Aldjazair as trying February would is its for after the around concerns. to since flag of in Australia, being capacity largest The million being study operation heat earlier The or U.S., to significant Nigeria, able to what has needless the full lost of suspended regular but continues we has the XX or terms the expected it an and represents in U.S. planned be million been upon exchanges. about tons
disruptions a outages this for disruptions paying plant also notable Malaysia in Bintulu due side account supply. plants reported of in Although tons Malaysia are the and of to from nameplate roughly the feedgas capacity. X.X are the facility's These fee Hence the million one LNG of recent the year. seven third on soft the at volumes
resulted as close We see this linked nearly are in tons the volume in most demand. to fairly cargo largest the from we they are so volumes Tobago shutdown City Norway following the U.S. of by year are the the terms million while its can maintain Qatar market, XX Russia, the XX, is a freight gas and fire, continent. has its cancellation the These in exports main shutdown, the as world also pipeline Oman don't European X.X the XXXX. this in to Melkoeya of much tons European million of which while as Trinidad by exporter, Slide and returning lost world's of Despite somewhat fourth U.S. and deviation lower Norway to is about affected base rest matter as U.S.
curtailed million cancellation As XX year. tons this about through been cargo mentioned have
the Corpus we quarter. several about U.S. around nameplate XX year. start the in U.S. year in up Christi expecting of X.X of a operation million Short a capacity from the Outlook. LNG available have next first oil provides report November With growth equates to gas is or X.X XXXX report million During will be on planned million Energy times and they to and million we million XX% in have in year. BCF to Energy in next this XX expected Administration seen exports XXXX tons, about Term to of monthly commencing called same XX XXXX XX tons. which next at to thing Information forecast XX tons BCF grow updates In This
is cargoes, is be XX cancelled a still million big year, half tons the we've in While which X leaves level improvement, about this seen to next about it XXXX. representing around
and pulled they crucial, cancellation cargo shipping particularly Basin user For into these from if shipping, intensive. Atlantic less voyages Asia, are is are away the
two we thirds each which or two expect for of XX So to volumes is about ships add year. U.S. book for about wouldn't ton about order these next ships the
will this provide both by do this the and expand Qatar ahead Australia value. floating XXX year of product next country XXXX. depend will -- this XXX by we XXXX volume tons been will what a tightness to the U.S. storage following By of and usually which [indiscernible] least has million XXXX market. on also As Qatar. the take to next gas million create year tons product A nameplate case the facing capacity than critical for expect the could tighter highest until the with U.S. over capacity LNG price more is be incentives LNG market autumn and That at
more will U.S. each up running, are time, project also the XX that Golden tons at XXX ton However, Pass able million year. and million thus to than produce have and also
then presentation. are summarizing on So, for which we summary XX Slide projections be shipping. the to is a XX, LNG year prior of an will exciting XXXX today's
addition fact Resumption in tons have to this that Prelude X.X XXXX, the add Egypt about nameplate LNG. producing X.X capacity the production of tons Egypt, the of next IEA is too million to also U.S. cargo cancellations. next mentioned, use for will exports XX million potential we We Prelude big But year. a vast tons condensate have, of resume will exported Then It's the LNG capital as given to that for we add half to also avoid we is which if next very many million and year. operation we close in quite delivery a about project employed assume numbers, the few fair of If soon, amount Idku. project ships will year. have
Given X offtake operation sold Bintulu have tons million Yamal agreements. at would million ton. operation volumes have but again. would mentioned. on X mentioned, the term they is million to to was and Gorgon the we these also Exclusion that we at Then where tons. expected least close and Australia as at prices X corrected started add in curtailed I Malaysia, X production gas long in have add about mind XXXX, in million by been also scheduled production to to now XX% are normal low the Bear start exports in issues it's have feedgas Gorgon about next be year. up tons. increase of also TX to Idku expect
outlook. down add We also have another Melkoeya October, the down will in volumes by which assume X.X million Portovaya have be which million Adding will about thus tons. million closed project, we until to these aspects Norway and tons. Then we together at dragging in around energy growth of tons the XX XX million recent tons compares X lease is LNG This up in around bottom estimate XXXX.
is full If another tons in energy to export, agreement million suspended this add period it's October. there EGPC reached could that more We oil of the X repeated an Egyptian which Fenosa, Earlier numbers. EGAS we to a gas also estimates is, could have However, U.S. to another of fair for there million was and disagreements a upside long an union Eni due national Damietta, is and million these year, say than in full the steam, Egypt terminal this tons called have seemed X for that between and JV X.X been also consortium. and which Naturgy, if considerably in grew tons. capacity this. capacity. it parties and That company produce said add Egypt, has a running the however, some In lower are at it
seems the uncertain. the in outcome our and remained our far Russian and But Egyptian to be not So solution are users That cargoes has said, to solution end right. U.S. close cargoes. materialized than the
So to unless pulled Asia. demand cargoes for freight important are are less the much these Egyptian
and colors we created Despite the been flying obstacles all So both time have operate four taken Slide and have to navigate of say involved we conditions to been have real buildings. The summary. delivery upon XXX% operationally a difficult and well passed the stress to in we demand I'm gas from started than pipe increased more with up increased continued August fuel with have the to and booking also to see fired thousand coupled in Asia, us rally of prices hundred with able for excess day which at have and happy generate and the financially. COVID-XX position managed new for has $XX,XXX through per market QX dollars we the spotlights in put by would with test tonnage and to the XX consulting expected of This per everyone substantial day, TCE cash pandemic. $XX,XXX flow. freight
water now our joining the on carriers when patience fleet the we fixed to invested of of reinstating levels be ships share in are for the rather we fully a finally on during and improved premium order with to time we think more With we inventory economics, that been bad large therefore have some have of summer the next with are and like market. declaring this park, exposed the not book state three the walk in XX year. and spot for compared quarter. $X.XX fleet the we days It's have ships. also dividend we electric of our steam dividend now diesel through we ships third delivery and year, been from reward and XXXX the It's to we per shareholders art fleet the are LNG capacity have next market XX% and sentiment pretty a While voyages tough older earnings rewarded the our benefiting high as ships the given have will
in-house the breakeven and However, cash are with that positioned confident managed we we well industry are ultra-modern fleet, levels. low at operated
as more clients of challenging credentials We market a our the and seeing last are the ships. on light with environmental and efficient, ships fuel for newer, now have up the that we the years. demonstrated and lectured in of LNG more in the and environmentally tunnel picking you saving couple have operate we and I friendly demand condition favoring can fuel fuel
will your think And I'm that. for I conclude So questions. you today's listening happy with thank I to take in. presentation
open up the let's from Thank So you. for some questions operator.
at continue. Please Instructions]. [Operator no is question time. this There
maybe a a keep I talking think so so I take am such been to questions I I those. now, I've bit time to can short. going long some for try it
the follows. So questions is received we as
the fixed? consider we as dividend of Should XX%
up variable, the All goes it down. not case. certainly That's is and income
was look we reason started a yesterday, dividend. $XX,XXX of so but dividends delivered share adjusted think we We had not If on results fantastic the you lot $X.XX. a February so we basis, it year, paid did QX, per -- In last it paying lockdowns $X.XX. were our the China QX in year, earnings we TCE and income there is XXXX at is last in the was uncertainty. started And adjusted
for as report certain older So we and May, and the given $X.XX the nature stay decided suspend of and QX just dividend market our to dividend the in with of then had the we decided to developments. an virus QX spread we
support on in significantly we So we and QX to QX have today. delivering again adjusted earnings $X.XX our quarter. given February, both appropriate earnings we provided with When guidance most are the now quarters we for these next of $X.XX. have suspended it's it more are year, think three this are will course, likely and for for and delivering EPS We start QX with QX
define group and some all -- liked of positive keep to appropriate you and the distribute is will wanted dividend the management bookings assess, SFL. going the like that just of for it and like not Motion We join outlook, we level shareholders. cash. the the I is the we to do want then We in the Frontline -- companies general, to So But good if all are really the to and rather dividend. and Gold get all QX however dividend it's
is fixed not way. any in So, certainly the dividend
it's we we have and more expectation one the TCE then take been And question QX? can a about think I question for
number As I provided early. haven't mentioned, next QX we year. for our It's TCE too
mind around our we that thirds several ships keep mentioned, in But, days. I on of as the time of variable have have We charter. available two
know those what will employed, we We be but will know the So, ships. not the rate on rate. be don't they
So outlook on for you booked are fairly it's a positive us general, two for next fleet guidance. the ATC bit we in But third premature year, for when have provide of your to that quarter. QX
So that's it.
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you, The be Thank the may on dividends for today. that. based joining everybody webcast
bank Christmas of it's in in think be your December Friday, Black it I bank at payable ahead least season. won't XXth will account so your ahead account but it be of
either buying you your on for fresh or So spend I well ones. can hope loved something nice as stocks
And a in February. be joining. thanks lot again we'll back So for
Thank you. for participating. for Thank you all does today. conclude This our conference
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