to our LNG second welcome will where and presenting be quarter you today's webcast Flex we Thank results.
Knut today I'm Flex Øystein the before our numbers joined the later you Q&A session. we LNG of will CFO, by presentation Management, and a and Kalleklev, I will through the talk Traaholt, who CEO conclude in the walk bit be with
than to chat ask a can by function. or like question, ask you either If the teleconference use you
have last a May the delivered shortly. I and we period of delivery. On our which time to to the today, return plan XX, will cover was addition picture fleet, a minimum commenced of is charter recent page three on She immediately to that according our ship with years, Vigilant, and a Flex Cheniere thirteenth and for with
So remind will completeness among forward-looking presentation, statements, disclaimer non-GAAP regards you of detail. the we and to before disclaimer with others, I measures start the of
presentation together the that recommend is today. earnings also with report we released read We also which the
the saw when energy oil is price XXXX $XX of decade, spot equivalent seasonal at go X, averaged million And in a highest a if LNG in prices, kind highlights. oil And market booming. think is This actually The we Brent mind, price we is per barrel anything, LNG are number let's price hot. Asian implies too at JKM, the prices $XXX. Slide and bit nearly about in keep of The above these moment per $XX LNG So prices. LNG back btu. the
to $XX inventory past at at something to will gas by prices Low year. TTS carbon gas million European are Meanwhile, premium refer this premium big for with above market pay $XX, gas as I driver million our the room in a ample inventories coal levels. cargo about gas European at Hence the oil. prices with prices, we is currently are in levels prices prices and pointed well supported low the be trading are to high LNG to very gas the $XX have all-time rates as would which the of high market driven So freight there section. to
and in we however, year quarter skewed not the cooling the is QX traditionally tend when due in season at generally it's the winter year heating demand same the this deliveries is, our less we out the year, case is level the lowest early time, start newbuilding weakest and this generally year. see the year. also of more which of the at second case surprisingly are too start of is to the quarter to for also demand, At the towards combination gas is be the demand. that and these The it's as coming This there in
We have May -- of was last as newbuildings, I delivery on last three vigilance delivered taken our newbuilding XX. and mentioned the
and revenues. on We completed [ph] investment all have generating billion carriers XX approximately LNG state-of-the-art program now the just have $X.X water,
freight market strong As execute of of a degree a exposure. presentation securing to company's thus have the and higher our represented visibility quarter our May, first we on derisking in in freight utilized strategy employment
to of COVID-XX contracts vessels six, the of comes pandemic still XX this crew further and our Asia, out for Delta to possibly operate our and secured complication this about challenges change inspection continued difficult have six and region. with performance. operational hire and Europe, for Despite carry term recently levels in have created particularly safety variant where to vaccination in operations, crew have imposed seven when excellent ships. years services, employment the to we lags with changes, it means We ships is The U.S. attractive our fixed the minimum by
working are our crew, no on we say to on-time now which crew contract, is of personnel able we and to diligent pleased more maintain the have being XX% I'm overdue on been overdue. XX days with and minimizing However, than
great for done despite very job personnel and a So, a these obstacles. to onshore good seafarers thanks our
of to million say second of approximately financial, the that with pleased in $XX.X terms am we In revenues guidance I quarter, the delivered of million. $XX line for
change on million really particularly down through to this the backlog. stocks don't pile $X stock quite $XXX we at we reasons are Our income, half have year-to-date liquidity earnings. of is the are healthy $XXX attractive adjusted traded in time that some actually today a equivalent above $XX,XXX given tend interest the we Board this rate derivatives, consider million taking in reasonably our building back delivering about our a how have adjusted earnings numbers comfortable, earnings, raising Despite $X.XX by the line adjusted of million $XX guidance. or normal dividend QX which of the dividend is comprehend our to bit given is the decided translates our with. fluctuate, was QX; and the our income for for is charter QX, $X.XX. of cash This $XX.X net quarter, the into $XX newbuilding TCE an a $XX,XXX I quarter-end. Hence, in an in higher, In number GAAP year of number derisked which result annualized has which which for was $X.XX million with pay to basis we grew very QX, satisfied to net our and is with our to cash of delivery million first million and yield profitable a position buying number brings of the prices value this business in provides for XX% slightly as
ships As our stock we with stock. value attractive find continue on therefore and buy back to it trade is and the continuing of considerable value below both, being book financing replacement all to fleet despite to our attractive particularly, water backlog;
the November. back bought at per since shares an XXX,XXX buyback average we $X.X last have of we far program price So announced share
outlook decided improved Board the has to share. buyback the and threshold recent $XX backlog, from to raise $XX per Given
three we is on general contracts; year. for redelivery are on recently Gunvor market have XXXX on another So, means years. is QX our Artemis, TCP and contracts with X. long-term have spot until where earnings. our the Slide fourth with hire year also early Flex by now earnings [ph] This ships let's which review we to linked the quarter with contract higher variable Today, Then on portfolio options valuable was another Amber five Flex Flex Enterprise Amber being next Flex this extended
charter X period, Then of these minimum take three in we portfolio will TC year, fixed or one with Flex to shortly. May All next Cheniere Ranger, years. the period have Flex fixed minimum vessel Flex purposes Flex us provide Courageous to and charter on Freedom with get have X.X to and we a end years, Flex assumed now five option April, period this to trader Flex time Resolute fixed was was year the next performing were was to booked this the the on option charter adding next time an connection period, a of is which XX-month we third charters. are to a ships. which overview, in the Cheniere, year. the for Constellation in year. ships bringing five them But six minimum months on with recently we next period Flex where player the fixed QX more has expect on and ship we to be our quarter a and and either and Flex been the which QX year. a portfolio. years. a which higher In last the ships some optional on have as this ships expires of a been time Aurora delivery X.X The where higher time fixed three declared in than on year. Cheniere or charter in have on ships of on initial have substantially charter illustrative for Moving a Rainbow, on commenced the for Flex extend will have five ship commencing shorter-term back three in also with to time of in i.e., firm a final have at flexibility Flex has Vigilant short-term more four But also charter Cheniere ranging total from years. the and firm nominating hire periods QX option minimum Endeavor, year. a delivered Then, XX-month by to we time which Cheniere Aurora these in vessels these Courageous of extended vessel five. Flex year, the charter the
a contract is our Volunteer, spot Finally, the bit are will which as later think the attractive XX%. hence this market we as be a the be will portfolio, Flex develops year tied cover our determined which very will the spot how four earnings But earnings trading the I With mentioned, spot presentation. of market; market, the ships which our year in this for the full for explain we in charter have half to period. market partly second are of is in by in
see the the is guidance than depending last providing On next the variation the market where the very also of on also in from with for to earnings mentioned. couple guidance. Revenue past. the covers can four more ships the you thus our linked charter is in stable healthy graph, X to spot As years, the similar as us Slide is earnings is presentation
in than the using as guidance. the to However, this analysts prefer we accommodated some revenue seems have graph to the adding them a of lines rather range the in ruler grid it estimate
makes adversely if a do the even hope expression lines So visual easier is job we the somewhat bit analyst grid impacted. these
in voyage-related quarter. income As the with revenues about -- the from deducting down was of Time equivalent million. we number ended first $XX.X up $XXX,XXX mentioned revenues about actual we of May, in expected in we $XX.X $XX.X presentation expect the we after $XX million charter expenses. of in million, million, QX And
case, can and softest it's can market. to except to in third be million. do shipping highlights, our you bounce how with where higher having mind, second to from predict quarter benefited similar in QX flow more be increase is the slightly Keep revenues spot accurately the costs which of around resulted in slightly any day. revenues In to QX our the industry tend given back are year, around case are this resulting $XX,XXX strongest in we on be the all fixed liquidity expect quarter, a long we see. TCE cash and basically low higher an QX, the when QX. tends the levels on we cold expected into in ships our to we around getting us winter will QX revenues, In for in the and generating see than numbers per water, also ample $X X, you free as $X With in from variability cash QX as quarter have water $XX jump as go the breakeven in expect QX graph, difficult and as high now, level revenue to with i.e. in our our winter -- quarter, in the mentioned position. thus, in revenues LNG dividend As capacity ships be increase rates
our a cash X; the discuss our $X it of calculation, Slide dividend, charter speaking annual by rates number a and close $X,XXX million. dividend -- back-of-envelope increased increase let's As to philosophy. in flow
program investment the invest we completed. new is so. moment, to future, ships As our We no do mentioned, at in plans the have but now in might
an been of the been [indiscernible] During last a of has delivery and large taking in have secure ships, ships and have while our management years, ships. in-house investment management our for primarily investment close an in ultra-modern with the experienced financing X.X LNG to software contracts we period billion for to $X.X carriers. major been all This and attractive technical phase, for building top this focus our
about upbeat are less in LNG share have our scheme. Last phase, our announcing We, November, rebound line prospect, flow became COVID-XX increased therefore, our $X.XX now we incrementally a dividend the with moving cash reinstate in we next buyback into the we the a given concerns decided dividend while and to demand. As increasingly generation. also
in of and coupled in Our the hike In generated $X.XX. the to QX, level turned for with of dividend the generated stands Keep $X.XX. connection cash our EPS, payout a this out flow hiked represent accurate, ratio is this, on XX% we an to this to buyback, maintain XX-month delivery all-time adjusted with the us. the in pretty QX. of that newbuildings today dividend we has and is million, we cash outlook have enabling assessment This associated thus kept these $XXX cash a period. high CapEx seven at have with delivery. Hence, mind $X.XX EPS, and balance $X.XX adjusted we decided during dividend with us for serious to quarters, QX in four of on throughout balance Despite of -- again period which going we taken
are have second expected our and more be explained half flow of to of fixed, in previous our the have EPS of example, XX% level not dividend dividend. do increase will a or the on sort And year. are minimum as policy guided, We cash revenues some As the capacity, we costs with, slide. as I or to of formal for paid dividend considerably grow less this free this dividend as
affiliated to markets. which a and record in companies all very track dividend philosophy similar good is in we Golden Frontline, capital the have have Ocean Our our shipping what SFL,
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next into a positions, more level, in book As backlog covenant mentioned of mentioned, makes position, XX% already In significant outlook assess about dividend financial level This outlook prediction requirement QX dividend we are as this relates higher major in have a easy under to future also also our the the our have years, level. how with our this consideration confidence our the last relation the market of covenants Having dividend. and all-time year, for we influenced considering also high our when liquidity such couple financial currently at general, a bank backlog as easier. plays we of to the the twice I take part financial to and level And and the assessing When of is loans. which than assessment. compound.
our X% cash $XX is total about XX%. million leases, level we to a about lease loans, and million. of $XX book to liquidity Under flying required of passing than our of maintain no net XX% debt, while are We equity higher have we with and under need is bank above colors. are liquidity assets, Hence, this of tests and currently requirement position covenant
events no us, for big maturities all risk of the is issued bucket newbuildings, of long-term our Given fact uncertainty. item which have debt have consideration concern bonds. Other have all and we list for debt delivery we a can secured our ships, and and taken CapEx is since for we create no particularly
variant The other COVID-XX at and possible theme of Black for X/XX, think COVID-XX. in Brothers I light-not-being-dark and reason main Delta is Lehman mutation the moment. the this Monday,
of vaccine rollouts Greenlight, like surprisingly So turned the are earnings our new his our in will rollout just coupled chasing further green parameters All like the with McConaughey, dark also expect way, do which is, readable are and all we book, revenues a Matthew the of of have in we lights. second vaccine year, improved by and green. half green, that Nearly lights hands. turn out all book,
be Building. well-thought our flow a will free time Empire we rest a to the in convenient update belongs view, In think fully for shareholders short Knut, and cash market our management And are that, and financials in With you, used more I assured, So details. shareholders. certainly discuss have a with it's the I to to revert by afterwards. approach with not dividends, we aligned will
