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which good have to We are million, on portfolio ahead inflation interest rolling hedges, of being compared curve gained good those very certainly with this $XX and have entered so rate swaps. Federal Governors fiscal of the We of about our all year Reserve. stimulus the far into started this job so
the about about the months talk X% a LNG up of volumes is seven let's in XXXX. market. Global bit So first
side driven half past, of LNG U.S. additional months first exports. in this As by of of despite tons is most seven the Russia, with growth growth year the Russia, is the U.S. this export on in Russian continue is X there still contributing about all the the And Russian exports its and oil from have the offload on older sanction of Russians interested. Asian sanctions bracket year. Russia seen exports half is for is go. side, Yamal will here LNG import course, on Europe we've no able gas as are about level. to European buyers, really has so LNG the X particularly Malaysia, More probably some the million gas, Australia of increasing tons if of to million been first XXX the The added of gobbling spot not to to have cargos up these volumes buyers us unprecedented brings an month the the of and tons. in mostly interestingly which seven where been on million that up And are
because two year, in could one in economy U.S. of and in have have last three lower lockdowns by Chinese year. compared about LNG So In XX%. some is cool lucky driven ended three out to you than COVID the in has more by far up resulted demand cargos the China, Chinese sense Europe Europe year say this from this imports down been down
February, pretty are a more European been into to just able buyers is the European Chinese European gas of compared the down gas. quarter pipeline European of import rapid imports prior seeing third of the by the been more low to of by SOFR LNG pipeline And the Russia very Nevertheless, flow this in which kind COVID these to back is gas to given economy actually coming actually aggregated at X If has the and exports, gas normal in from year the we were in panic the crisis, down this in And Ukraine level XXXX gas came levels the is a of but cargos, modern levels imports XX% get been we driven into is Europe and to have of Europe access million consumption half in difficult of looking the this have inventories XX%, innovation Russia compared especially the the in tons was actually in normal mostly out market. put running lot brought which low XXXX. their in was further the levels XX% if approaching levels. down would winter Russian and September. then the increase with So end in the Europe, are inventory levels capacity. from first
time there flows. market during is not Russian been not difficult very replace LNG will gas the Europe a alleviated pipeline winter to crisis with the in the has in enough the reduction pipeline flows, However, the face Russian the as
look price barrel the if per one-year pricing, rocketed. of of $XXX have to oil So we day Europe equating hit some of per hub TTF, bottlenecks. we per Dutch somewhere gas close Btu. The the glut forward is the to Monday also at into is the has LNG equivalent. barrel of numbers equivalent are seeing German LNG the electricity equated from $X,XXX price These which then of price to and however, $XX when million This close close oil
ever. see we prices and pipeline the widest LNG Europe between gas So spread in
immensely are the these on around around And to or mind from oil, sold But profitable of million price are $XX the market pipeline with either into interesting so the here into Northwest gas the keep to If season, of in more about driving $XX, gas so also for or contract are gas than in where Europe $XX, though with being spread certainly the tapping cargos on winter, the compared cargo. is of is $XXX Hub above a arbitrage around long-term JKM, marginal so our XX-year and that stay. to cargos million mostly The it's at the is ex-ship way these LNG Europe Europe. export two-thirds still peak prices price. LNG for which spot price prices Henry U.S. is cargos linked $XX LNG cargos in per is gives for high is par European discount delivered prices, in benchmark up spot Btu. a Asia which for usually oil a in Asia price. price of Even at price our are So price we the then contracts The the cargo now winter. that to the are less to future per all the Northwest at Asia, are is Asian forward shipped mostly looking the Asia high the price we price
in the the the where can is still is now here price see level to low why very it's also linked at the of the QX premium but given Asia, to than Hub price oil, in incentivized line bottom high Europe at spot the a and market capacity. price rather the for area into driver are European strong is are Europe premium mentioned, JKM, this gas The price has the spot was So does gray been the U.S. which contract to to leading from TTF high the in the at future U.S. fairly QX. for Asia the increases prices which price LNG on $XX, pricing LNG. I spot you spot when in which hub prices that export XX-year long-term in very soft comparing for Asian to main and U.S., the longer is of a shipping as on or our the sold and and absorb entails sailing you distances is Atlantic graph, has following market The more lower in shale our vast Lately, Henry price Europe, resources
gas mentioned, price Europe big the is TTF Europe. a in I price the spread price as LNG and between However, there in
cargos Asia see import do we America enough shipped So to Europe. Latin into and is cargos really these capacity there some not being to as
actually gas modern may So than substantially prices years efficient more older carriers they for ships high electric higher LNG ago. are about generation, more XX% efficient are the carriers. or our All that potential LNG enforce diesel earnings than steam popular tri-fuel was XX very the and
and on on have charter We fuel, Keep propulsion cargo the have from at LNG we our different to the the rate, a boil more utilizing as LNG your prices. off mind utilize LNG the efficient mostly that are to ship here the means you that sensitivity bigger given having fuel cargo cargo highlighted ship destination. ship in of the sell tanks as
So per it's basically day, per a $XX for example, are which $XX,XXX steamship level. is of if prices if million OpEx at, making today spot looking is we Btu,
bringing You can on $XXX,XXX. a because ship, can and but efficient add a day rate $XX,XXX ship a to larger two-stroke of MEGI much you add premium steam another that than ship the of charter of a premium bit per $XXX,XXX a more tri-fuel like for X-DF day a is top for ship, per this generally
But numbers in that modern on where the Of course, a steamship pay you theory, these ship. $XX consumption based is $XXX,XXX this size. with $XX,XXX, fuel could cargo LNG the parcel price, means theoretical a a for making are and
LNG tight a can increase the ships even market. in the command that market all premium all-in-all, So
released highest strong into actually the European lot distances. in spot we and at LNG QX gas shorter ever in So crisis, was rates shift the XX% the available a down resulted the the trade at and QX, the for where ships let's from had sailing mentioned, Europe year. ships. this fell I of rates market. a market of spot spot look of a start with to freight distances market, saw driving this The Asia in as lot QX, But Sailing we this super have from
quickly, middle XX back Freeport rates Freeport had with However, spot a above export annual very plant LNG recovery March. million production. $XXX,XXX rather the June usually during the market bounce around of market of back before May ton the back plant the were closed down and time bounce the We strong bounce this of this bit LNG market we U.S., in into export has quicker
a this again freight in $XXX,XXX. releasing $XX,XXX, So the plummeted XX of thus around in bouncing a back a ships $XX,XXX to in of market. lot rates around on resulted loss the monthly And available to to more basis, strongly with around cargos relets market, especially before recently back XX
expectation Some now of loading back from been explained probably up that pushed This start the back by the would has bounce to Freeport October. again, November.
this have probably a rates yesterday, rates learned then future have we can to for strong one uptick guidance why or also explain month rates delay the but QX see a and linked we range super so, range $XXX,XXX are in the market. spot the by as our in might ship for we a bit we As LNG where spot the EBITDA revenue again QX,
with the and in spot time day. let's a period has three-year above day. at even less market, period. market are per the around market this is term charter The look $XXX,XXX strong remained ships MEGI $XXX,XXX very X-DF One-year rate has weakness. per been whole So firm rate term volatile The have which for
driven of ships high these by are these prices market, a period high tonnage. LNG modern extremely are So a tight modern mentioned, as premium. And high course, rates I LNG for where commanding
ship, The ship. the year increase materials of carriers factor our slots big to higher our a We in if from have making driven because LNG newbuilding the XXXX ship, in yard really prices seen fairly but scarce. higher from Today, much are $XXX so, balance XXXX up. want last at at been the when around price steel, but were container of is did we ships in you deliveries. million also is talking labor prices, by investment Another yards you the order prices the orders glut newbuilding and carriers, prices, not nickel and also which both XXXX or picking only tighter of have LNG per
the delivery actually upstream for So of most export than is our LNG ship longer LNG now time the plants.
for to has up $XXX which now this price five-year price recent a charter defend investment five-year doubled the has driven report, have during higher approaching the and With to last a per rates also to the also newbuilding, from of XX rate higher With a CapEx, mid-XXs $XXX,XXX need the up day, that which almost is now on now further fleet. months million SSY the time recontracting pegging rate. gives our is in us you comfort
is factor older LNG usually illustrated; a lot all see of that will as I in course, tonnage, to which XXXX And replacement inefficient of trade coming now onwards. Russian new the at XXX previously and the there high MEGI the growth really and and steamship that new shortly. market there also But the ships still being we the carrier this of ice one, for as the trade, are second been new specialized Looking trade in is come MEGI which from for the structure, of back fleet market. the two ones driven is LNG the ships is – is I lot here doesn't of do type, purple Arctic the order The the is mentioned, there's by This orders the exports book main and ships. I a LNG around factors; especially X-DF. ordinary
ships around ships, all I ordered few speculation, book, at have but contracts XXX have on or new mentioned almost looking the order renewal. ordered of towards fleet them been of So been as very these
in of and XXX XX out plus only new period few available charters until XXXX. there very of them for ships, are these ships So the
gives graph a contracts And us a ship once of back but have have EEXI to of market newer recontract inefficient rolling face contracts, XXXX. our high also LNG steamships CII, and XX XX that which obsolete, ships are term. will of of legacy for typically steamships, coming from because IMO with then maybe continue the in a longer to for forward replaced lot average some we to too comfort are now. are to dinosaur in efficiency next with new couple efficient our making off this regulation, with only not will And opened because These with ships legacy ships ships. the were the put them we are are in coming And we existing by ability XX be steamships, the years going the spike contracts big very price these XXX open. a also January, XX this hard ships. there to time age think stringent years. the So will economically Heading called of more which duration will already A which in of trade years. of much very steamships older of a even There type on requirement result the the they
gas creating new also the global interest As volumes. mentioned, is for crunch
for We have seen our uptick LNG. in contracting
were import of half than early they in are LNG its year more volumes more more of probably living with signing this the are China the and XX%, in even think being in China, would new Japan have big year, people the should the in buyers, the tons Europe, than than many though million volumes had months has almost during phases. last import reduction the buyers is actually, as LNG XXX they but you China. This up European signed of And China a We these about XX that gas actually up. crunch LNG in XXx because story
will as China do expect We reflating then of signing probably once Russian SBAs their to getting pipeline are are also European need and to for up amount they more economy. continue buyers So LNG, with COVID huge a grow to replace control with gas also the and renewables. be they
contracts. we but not for coming. sure them, LNG have a wave of new to is there So going I'm of all through recent capacity new list some a go of export
with let's our million, these $XX we $XX QX to per I'm gains, highlights. $XX first on slide, in million than just to income for $X.XX Adjusted a million, repeat them, guidance. in or of share $X.XX came respectively. then going million. healthy So with higher earnings at line $XX the derivative of finish revenues the QX Net translating
have new firm three has of contracts years backlog now XX our recently We of announced fleet, adding to further backlog. revenue which
the as in $XX one bit we quarter to we remains still ship the than we affecting a million QX. strongest revenues the guidance revenues $XXX revenue will expect we of million same market higher be And updated in expect index. QX we slightly recently QX $XX depending believe have spot on then million of on Our the
we that, also which happy of ever today's per shareholders. $X.X around XX%, yield biggest we are for XX months of attractive with special presentation. with today, conclude This gives the dividend a should share I And last that, think to be announce the dividend. $X.XX So including our share, dividend or $X.XX our
will We now up open for some questions.
at the answer or shortly. ir@flexlng.com, function an email of try to the will use most please chat and send to we anytime So you. questions Thank
