Shipping

kodenavn
31.05.2019 kl 08:51 4430

USD12k/day outperformance on superior vessel efficiency. Sailed-in TCE for the quarter is calculated to ~USD52k/day. This compares to the Cool Pool (Golar LNG) reporting ~USD40k/day for the quarter. Flex has MEGI’s and Golar has TFDE’s, hence we believe the ~USD12k/day diff is due to vessel specs more than market outperformance, showing the vessels superior efficiency.
Positioning for a market upturn. CEO Øystein Kalleklev states that "We in Flex LNG have deliberately elected to sail against the current to be able to position us for the shift in currents expected to take place in the second half of the year", indicating that increased cost could be a willing action to position the ships better for a market upturn.

The results should not prompt any estimate changes in our view, as challenging market H1 should already have been incorporated into analysts’ models.

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