Oystein Kalleklev | Chief Executive Officer |
Knut Traaholt | Chief Financial Officer |
Good day and thank you for standing by. Welcome to the Flex LNG Q3 2021 Earnings Presentation. [Operator Instructions] Please be advised today's conference is being recorded at Tuesday, 16th of November 2021. I'd now like to hand the conference over to CEO, Mr. Oystein Kalleklev. Mr. ahead, go please Kalleklev, sir. Oystein
Flex you. Hi, our before our to Oystein CFO, our everyone I'll QX of welcome with Knut presentation Traaholt walk a hi, Flex thanks, Kalleklev, joined LNG's into by CEO am numbers thank the the I third and webcast, bit we And in will And conclude quarter today management. session. LNG who Q&A the be XXXX later
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me. will before the of among and Slide X However, details. you not remind others measures it with is disclaimer presentation, forward-looking start with COVID regards I completeness the bear but disclaimer of non-GAAP from statements, we please
earnings We also we the held releasing presentation are is recommend with that report also which today. the together
Okay, begin the summary so recent with let's highlights. the
very market. in the noted here out possibility LNG tight hovering rates as though we sentiment. very premium buoyant September market been was and At spot the spot has our term elevated the in the presentation pay since are should in prices, market blow-out the therefore should we not a and disconnect and we time with to rates highlighted around second all of same we we market create spot the August, rates, have levels. share ample at nevertheless for quarter end room Even As the with that expected, now create cargo season, between high of rates. the time, played argued certainly of there's and with start Charters and the at economics just are for with that effects the spillover already This market both rates We high winter LNG all markets tight public has booming. blow-out freight prices LNG hear that
also have we of [Indiscernible] continued out and together maintain the charters, the on charters ships during the term fixed the year. this means ship. tally new as April on And to ships This premium optional to the position thus with fifth awarded two XX% start half today also are early for ships we after likely state which well we next At art nine that delivery eight a up to announcement which year, of All build in exposure we to the with market. backlog have water time, LNG will quarter. will recent last very We most of have declare thus time since handsomely we first XX same expect cover the of carriers three I be its Cheniere are spot taking the fourth the shortly. the
with continued challenge are restrictions fuel less thus in excellent Asia, in carrier it fleet Not comes with more years. age out have quarter fuel first prevalent, to All when ending are operate news getting in Third continue to attention fitted engines, shipping. these average all ships to but cargoes our days quarter up is is the of performance. latest the in COVID-XX three withstanding issues a fleet these operation. LNG four are where efficient and we the media a two with only challenges, are be MEGI/XDF field particularly LNG of Approximately changes. ships
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$XX million financials, million. guidance In quarter are again of according the delivering once revenues $XX with in approximately terms to of we guidance; for our line were
per in the share $XX out of $X which into earnings approximately adjust $XX million adjusted $X.XX we you This million derivative Our gain or or per quarterly $X.XX if earnings booked of earnings translates were share. million quarter.
environment. financed profile our now very midst we we will financing aim also as for at the million our the And stood fixed we guidance million fourth expected financing. to optimize million. quarter mentioned. given our revenues $XXX details. about it which are With million healthy be outlook an The $X.XX liquidity Flex significantly better the are sale our earnings dividend advantage estimating for our leaseback strong to think long-term credit short lift of to Talking cash our finance about per will Hence, this will a from refinancing and This outlook, benefiting and increase last similar our spot raise gives by $XX in LNG lift are credit $XXX even we earnings. into order million strong better in share. $XX all add originally vessel in XX% year, on $XX based had revising But means we decided was have to taking therefore earnings some level we to as $XXX to aim charter level than be today, revenues paying and investors improved of makes thus which spot of more million Flex this improved therefore improved the of interest from Knut per Volunteer, market, of board our terms yield X%. the we We than which comfortable not compelling XX%, last fourth and details in attractive more our at explain section. sheet about also already optimize and $XXX ship the visibility. our our translate continue higher think of that all-in-cost to costs the this dollar exposure, opportunistically of earnings, in all of cover and announcing is share This the And a given to positive are sense refinancing pile, approximately long to financing and we dividend million This the very about should in low situation, million. a will increase are the revenue coverage outlook balance of markets in with Knut to I $XXX existing for the in in from $X.XX loans quarter. today a COVID-XX rate crisis with
intensity ship that Lastly, project. new for on fleet renewal in we the new that shipping will decarbonization do us. chartering for creating ships or and rules opportunities see into to comes energy see the In force. growth we or EEXI efficiency index are the And it carbon business come focused XXXX, the do indicator are charters more existing when
in time the as new two might market. has contract and major for declared, particularly existing this time low This March level ships the Resolute ships attractive continuation X, that out periods options XX ships delivery to slide point next is Week to X. total and year. announced result in the with in there this are contract there will we the two old to a benefit, create of ships. seven theses been for replace and On Yes, spot coming the bringing Charter the minimum i.e. historically for energy ships this both is will charter touch of for If spot the of odd of Flex upon two year. years. to usually middle Flex for further at of think the this start and year time new period, let's will to direct you we lot have as of a Our in additional the if February the us opportunity continuation year. also user soften announcement of period coming ships the years, Charter, Having the year to are fruition. variable a at idle be lock the so which as Courageous for time our market option November direct in around March And recent worldwide on additional the Charter three the of tends end of redelivered expected end time are
altogether. However, this we avoid risk
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they time but X.X quarter In the year to X have early the total us our April, ship Endeavor declare As expect the mentioned. option this period. X.X and big years, In we delivery charter fifth with Cheniere of taken with deal Ranger mentioned where nine third Cheniere will ship duration term for with on increasing fifth Vigilant, to of originally the Flex we take ship as announced Flex will of Flex we longer which ship next with later years. ships. Endeavor Flex number one was already again to a the
of three two fourth the ships a now this and recently quarter Flex for period Flex next Constellation for ships, mentioned we minimum charter. during Resolute which some period May, going it being lastly, are years. Flex as Freedom for given option period years with of as deliver forming have portfolio Volunteer Courageous, which three we ship Aurora of to in our us will year. another with nominating and years And for big that our the major three the to for five booked player fixed I house Flex before first planning We Fled In energy a trading year a minimum Flex contract, fifth have be option announced for and pumps flexibility pursuing a we
Another slide, on we This back, slide. now level This the TCE so three when XX% expect spot we exposure was But of with $XX,XXX. to be number bring versus to out used booked previously which we the fourth quarter XX% the is about sold to had our at TCE the quarter ago years QX, do also fourth year. XXXX. in this for where we managed we
have for Resolute duration solid ship coming can utilize when as previous during highlight we we we already previous covered are As the backlog Flex the Flex from year. had are Freedom longer of charter sales the would that the with earnings. ships a one and on shorter I backlog only year. of in several time mentioned time slide, the see, to charters significant ship slide. What is The strong longer term charters on commencing the higher year to eight add started one But contracts with first a than is market you
for higher levels months end charter longer. periods better a So at extend for is of currently months option i.e. XX stronger Rainbow longer period. has nearing for the than at we charter rate XX revising substantially the another the initial are thus months the XX term our portfolio Flex to time and
already, is Flex As This and we now XX% highlighted of December four Volunteer which is spot in the exposure with ships. end or which the have early market to spot of book trading our kept to market is January.
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have we spot the the means general ships contracts. earnings hire This to three linked variable are Additionally, earnings. market on
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expenses, $XX,XXX by placing of year. day As the nine $XXX already long-term per the this of The about driven the directly level. came the COVID TCE first year-to-date, to day per earnings are maintain the and related the announced $XX,XXX expect is months. the day quarter contracts per cost, mainly around by mentioned, in OpEx in at $XX,XXX That was day. our and means impacted per in costs per quarter, and operating less OpEx rates, market improvement half quarter for for of increase some in the On $XX,XXX day seasonal year-to-date for per COVID to it's effect the we we day and
$XX the per revenue guided came have see pleased increase to the Gross remains the the revenues day. $XX not now XX the below at million We $X.XX slightly came includes for of COVID and and of on million of derivatives in then income expenses, operating million adjusted interest rate are that the which per year-on-year earnings cost underlying level million. of vessels for $XX,XXX share at $X guided earnings fleet share. and our demonstrate level quarter $XX $X.X million fully numbers operational. above Adjusted adjusted gain potential in adjusted was about gains The million EBITDA $XX unrealized net per
balance now moving on plain and interest On the drawn financing, to in reflecting Then slightly third earlier a QX. interest up quarter Vigilant straightforward. debt which sheet Flex for on expenses are the is
vessels only since million, qualified our was just at billion. but The vessels. next of shy on $X.X asset the will we charter on XXth the is $X.X last $XXX the increase the in account of change of cash the working On consequently normal explained cash recorded books development material cash related of however, not depreciation and The assets current have capital. first of quarter-on-quarter quarter September, October million And and slide. on be received the account on is payment to of side,
of well turn possibly XX quarter; let's book Then which therefore against ratio solid with rate international banks times for of equity long-term Book rate we We, have slide in existing rates, hedge And equity to XX. of increasing higher refinancing XX%. On to to capital, tradeshow existing fixed gives operations timing to during interest of tend working increase swaps a the financing. X.XX% will side institution. hedged leases, negative are hedge cash this have rate And adding including is the generating Volunteer million of capital interests $XXX quarter, average flow billion we the down $XXX and fluctuate million, we charter the about although free and we $X.X long-term hire interest of a depending working $X.X $XX up a and the interest that however the all-in-all flow on the announced rate is ratio fixed XX%, of from rate of the Volunteer of million as debt portfolio interest a termination for an rates. liability and million negative less cash have net financial quarter. related from QX during reminder
the amortizations. export are note we higher in loan schedule to QX please our had During due amortizations in annual quarter, $XX that semi has that QX installments. million and And Korea
share at us also of payments. to and Volunteer, closing $XX as cash million in dividend $XX.X with by balance the of cash which quarter. Of further end $XX cash million refinancing position million comfortable the is the our we $X.X where the million. shareholders We million of distributed left $XXX boost the mid-December, of buybacks approximately expected That the will
million. market with So signed duration lease let's years profile. for $XXX a XX further to will And long $XXX financing up million lease term maturity million the at adding that is adjusted of interest is transaction charter in transaction profile look that amount that based year a The have the for the results attractive has year repayment transaction They're $XX the repayment have an an At We as $XXX X%. The brokers and rate today fixed transaction net Volunteer, booked depth and $XX XX be XX of the value the of years. the length on million mentioned. in profile. all million silent back of we age reflects maturity as And provider. XX and cash in frees a is from repayment is of debt. for at Asian announced Of existing years refinancing. Volunteer balloon base the agreement term,
optimization the the We this million charter us transaction conditions. Flex based and clauses the have solid program. Volunteer of the credit and $XXX company. this earnings vessels under has funding profile. try this secure aim of original is long-term agreement mentioned, and of therefore debt contracts debt takes and nine derisks And improved We Bareboat increased the the until a to program. expect sheet mid-December. our long-term on optimize done slide series funding visibility certain that contracts company And is a purpose last in customer conclude with MOA by reflect backlog months, market refinancing And and next having secured. with the is which signed remaining The the during to was spot we the the as to to first balance flexibility the the the our were attractive to The of
and is target optimize cost of in and vessels of nine to the long- variable is debt and debt. eight debt reduce further level. million, been breakeven of room on The test industry terms air on maintain now have to leading fixed contract. possibly both up size As term There cost three our $XXX contracts the free
related looking the further considered therefore of commercial XXXX debt flexibility maturities. a to supportive us under ECA under will debt KEXIM, have attractive to remain under the to commercial envision commitment. with profile be with And a immediate We the tranche debt funding optimize facility where maturity The matures that funding $XXX facilities maturities due debt we with we utilize file a pushed to is ECI Hence, platform will we a of addressed solid even is refinanced the will gives room for the tranches program. be have to long-term lending ECI this which this be and that later. out. rise, the facility aim likely number group it no at program on the the and million XXXX the that and this All-in-all
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close with to set Chimerica you, China the Thank presentation, the half half. We very Chimerica in our lessons section the XX% than two expect lost without around don't X full year a with exports. estimate X nameplate the much tons about accelerate growth export the start in they expected more US million million to first last Slide dominate This superpowers the as due to of means XX, to this side, folded. the XXXX in tons second last Knut. XX in EIA is year is to is about market ago This Particularly higher headline capacity set million than for growth on exports US Qatar. of now two tons America. That year. to such the number at reasons staggering line will on was solid actual exports and in our US are X.X base US compared cancellations tons. Australia export while the goal and is The still case. and in million
total export most global the pandemic it XXX and a US to has reason to also were being the this in commercial to the Texas cargoes million year, total of volumes of due in cancellation season, market outside all obvious the been XX the of outbreak the cancellation winter seven have and called lack five last time the uneconomically due for and at been COVID-XX January flexible available First, approximately gas therefore reported first wave cargoes commercial tons cargoes about cancelled. a of with This ever no plummeted, of due of the have made prices a exports. Avoidance does two US add year to cancellations, tight Freeze of ships given cancel in route there Big time.
go. We estimated all we with in second export X% spot X about XX%, a would half first to resulting thus showed the we the reason two QX that ramp of about X%. tons. of growth or in August, second is to year accelerate presentation But about XXXX new last commissioned on X%. in was which know that export up estimate months during capacity, our million half growth In in which year our of exports The overall adds the was the goal
months have the there last few however, was these track forecast in bullish normalize the past what in two below to -- extremely Although XX growth top rate. estimates remaining rise as assaulted then Qatar on very export the again presented for ton XXXX. is cancellations at a this in million slower pace, our year its project. presentation goals Australia say we surpass were Eventually, cargo trenching year. than will a an capacity as like in tons Qatar I That to million two XX In Qatar. bullish about time. months Australia has million for capacity XX expansion million XX outages QX, biggest Qatar supply and exporter nameplate were XXXX facilities the will Toulouse of Australia Gorgon a ton for in with estimate at million the with time first huge versus ago, with XXXX a higher the goal, as X extremely tons at tonne year
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at imports. have equation, let's export look So of the the side a other then
a Korea October China China the Japan previous biggest as grown China tolerance of with their the affecting just alluded adversely growth compared growth also market an surpassed LNG given has tonnes As importer. is world's a tonnes. strong October to adding slide, import XXX% Gold, tons in the X to by X.X has XX million is company factor restriction which This to staggering of the still high --. is by in XX% lot by means by the are last first impressive due now growth that policy. other has of COVID-XX XX% its being zero compared to been October; from There outliers, year. in XXXX. imports with a balances million LNG million million quite tons imports drought to has grown two Brazil, South This Brazil in demand X.X going I largest end a caused The hydro
The pipeline exports. prices for evidenced for due energy The reason were bottom demand have as outlier other XX%. as by gas XXXX by is to declined crisis where in European were Putin being the core Europe, Russian energy encase and rock imports This at to is, is high soft and advantage Europe, firstly, buyers in prices European take imports gas to very low able of buy that storage. not
An Europe LNG European September The ordering This below three coned this not XX% state source it do memories to has the when that inventory back is year. the LNG secure Mario energy the there companies being XXXX to of inventories around willing is famous in cargo the been the the brought it is well owned fierce the bond whatever Europe. are XX, to scarce China higher that similar word Europe global to second to Draghi companies and on reason euro enough XX% words, all normal able versus of competition result been price with pay from value crisis takes example a levels, takes, last for have with and markets and thus levels in whatever fuel. of of LNG thing
European drive of prices a winter the in in inventories cold big this very for over gas the with summer gas out volatility gas -- the prices end in depletion can the gas restocking delay do inventories, Europe and in hence high of of gas the rapid slides. at bang will I future next and in both We approval low And result recover on this heating spot to gas reflected is today, remain tight. thus markets take of XXXX. process will surging see few prices due Another prices season, which as high
prices means LNG Btu to prices prices and and This $XXX urging oil million than prices, there oil. let's elevated to into step the in that petrol that get twice exports more at of a Asia prices Spot remained spot level price but diving $XX, the before in become. X.X in despite price US. current down also in such at at OPEC in per order high are LNG elevated particularly from is the Saudis the million Btu per prices Biden President back approximately So is barrel around down peaks the with as how oil of being digest increase gas barrel, have come October have of
to However, it's the on as varies say the that natural slide. show depending greatly price of next on fair will I location, gas
mentioned, As was million where liquefaction. in have Hub $XX you natural add value of for of is A simplistic $X. US XX% US, or we in large measured This on a price does of gas fact. gas cargo Henry depends LNG Today, about price the are. of the million $XX if this top the on by Hub Henry illustrating about
value the highest. cargo prices for region very are all are average million. is per import MMBtu. at are of where cost $X In giving cargo and to XX% a Europe, in the cargoes In These XX% $X cargoes, the natural Asia, $XXX which price also share, values would spend The and about the the short large gas about value addition, are In is thus of Asia, $XX trader term to attractive, million. as main buyers. however, $XX, is cost tolling profits giving of which market the arbitrage a a of there LNG cost about a prefer with of mentioned about shipping cargo same $XXX about imports the
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which not year the proxy before the has been long for So is last here spot months. rate market, charter one future market last in term we also best X the the slide conclude, earnings time for X,X,
per shorter rate delivery time, slots. at closer ago. for one also running pushing charter the on positive year odds market to quoting new more to also were time day, currently The mentioned, ship why contracts firm Affinity up That in was market. hovering also did than months case XXXX turned maybe new to are is sentiment chart which rates the the rate At the new The billing per day. same market rate Since spot one shifting buildings time more was for we transit, is $XXX,XXX moving year lock close at the the the fixed also $XX,XXX charter which with has the three April, a year $XXX -- in XX higher low time year than too And but prior For one any steadily also to are April. year as is $XXX,XXX longer on link Flex rate is day not we rates term charter building tonnage rate upwards means case the requiring have of Artemis the This prices this this surprising been doubled. abruptly million, per until term of was start was TC the most one time ships except on XXXX. as around not reason a variable contract
XXXX minimum the within have option. possibly ships with a We of for of redelivery end coming depending pay open ships on two
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all that's third QX briefly million quarter, four earnings for from guidance to line $XXX with million in have market. hiked spot super So $XX the we presentation; to million spot the about strong today's on revenue our revenues all reflecting let's summarize $XXX $XX ships guidance, million to exposed
build this is almost our to investors to backlog, $X.XX, provides dividends an spice spot which but enables exposure us And continued with. XX% from and successfully we level effective to are have up yield our earnings. annualized double attractive to quality high We dividend maintaining a comfortable this all also $X.XX
term leaseback shorter newer will are you already longer As attractive up, with heights. cash finally, already our and our sale new probably sheet outlook just pile and and to picked better both balance getting remains grow positive keeps which big an
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Instructions] [Operator
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for you Thank all participating. you. today. our This concludes Thank conference
disconnect. a everyone You and good may day Have all safe. stay