APPROVAL AND PUBLICATION OF PROSPECTUS
FLEX LNG LTD. APPROVAL AND PUBLICATION OF PROSPECTUS
The Norwegian Financial Supervisory Authority (Nw. Finanstilsynet) has approved
the prospectus of FLEX LNG Ltd. (the Company) relating to the listing of
172,938,947 new shares in the Company (the Shares), issued in a private
placement completed on 11 October 2018 (the Private Placement).
The Shares will become registered on the Companys ordinary ISIN BMG359471031
following approval of the prospectus and become freely tradable on Oslo Børs
under the trading symbol FLNG at the same time.
For more information, please refer to the prospectus which will, subject to
regulatory restrictions in certain jurisdictions, be available at the following
website: www.flexlng.com. Hard copies of the prospectus may be obtained free of
charge by contacting DNB Markets Oslo office.
Contacts:
Øystein M Kalleklev, CEO
Tel.: +47 23 11 40 58
Additional information about the Company can be found at: http://www.f
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Redigert 20.01.2021 kl 06:03
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Volf
23.11.2018 kl 09:58
1531
FLEX LNG Currently little exposure to spot Based on the current contract portfolio and options granted, FLEX LNG would only have two of four vessels in the spot market in Q1 2019e, out of a total of four delivered and 13 in total including ships on order. It would not have three vessels in the spot market until Q2 2019e, ahead of two further deliveries in H2 2019e. So while spot rates have appreciated considerably, its cash generation would not (yet) follow this path; thus longterm contracts (at new highs) should be catalysts for the stock price. BUY and NOK22.3 target price reiterated.
We have trimmed our 2018e EBITDA by 1% to USD40.7m ahead of the Q3 report due 28 November, as we expect the two spot vessels to have spent time off-hire in the challenging third quarter. Our 2018e EBIT is reduced by 2% to USD23.6m, while net profit is down by 6% to USD8.1m. Our 2019 and 2020 forecasts are unchanged. 6% below consensus on Q3e EBITDA. We forecast Q3 EBITDA of USD12.7m, 6% above consensus at USD12m and net profit of USD1.8m (77% above consensus of USD1.0m). We forecast MEGI spot rates of USD60,000/day in Q3, but due to off-hire in the quarter, we forecast the company sailed-in TCE to be somewhat lower. Q4 spot rates could be USD100,000/day, but key is Q1 guidance. In the LNG market it is key to adjust for spot market utilisation, and with our USD100,000/day TCE rate for Q4e, a key focus in the Q3 report will be what sort of spot market utilisation one should apply to current LNG spot rate quotes of USD175k–200k/day. Two out of four vessels delivered in the spot market for Q1 2019 out of a total 13. Although FLEX LNG has taken delivery of four vessels out of a total of 13 vessels delivered, it would only have two vessels operating in the spot market in Q4 as two vessels are on fixed contracts, but a three-month option was granted for FLEX Rainbow, leading us to believe that it would not be able to capitalise fully on the strong Q1, hence FLEX LNG will not have three vessels operating in the spot market until Q2 2019, with two more vessels scheduled for delivery in H2 2019. Reiterate BUY and NOK22.3 target price, based on 8x Q4 2020e run-rate EPS, better reflecting the earnings potential of the FLEX LNG fleet, with five vessels due in 2020.
We have trimmed our 2018e EBITDA by 1% to USD40.7m ahead of the Q3 report due 28 November, as we expect the two spot vessels to have spent time off-hire in the challenging third quarter. Our 2018e EBIT is reduced by 2% to USD23.6m, while net profit is down by 6% to USD8.1m. Our 2019 and 2020 forecasts are unchanged. 6% below consensus on Q3e EBITDA. We forecast Q3 EBITDA of USD12.7m, 6% above consensus at USD12m and net profit of USD1.8m (77% above consensus of USD1.0m). We forecast MEGI spot rates of USD60,000/day in Q3, but due to off-hire in the quarter, we forecast the company sailed-in TCE to be somewhat lower. Q4 spot rates could be USD100,000/day, but key is Q1 guidance. In the LNG market it is key to adjust for spot market utilisation, and with our USD100,000/day TCE rate for Q4e, a key focus in the Q3 report will be what sort of spot market utilisation one should apply to current LNG spot rate quotes of USD175k–200k/day. Two out of four vessels delivered in the spot market for Q1 2019 out of a total 13. Although FLEX LNG has taken delivery of four vessels out of a total of 13 vessels delivered, it would only have two vessels operating in the spot market in Q4 as two vessels are on fixed contracts, but a three-month option was granted for FLEX Rainbow, leading us to believe that it would not be able to capitalise fully on the strong Q1, hence FLEX LNG will not have three vessels operating in the spot market until Q2 2019, with two more vessels scheduled for delivery in H2 2019. Reiterate BUY and NOK22.3 target price, based on 8x Q4 2020e run-rate EPS, better reflecting the earnings potential of the FLEX LNG fleet, with five vessels due in 2020.
really
23.11.2018 kl 12:38
1434
Dette oppfatter jeg som en rimelig korrekt analyse for Q3. FLNG har levert under forventning i Q1 og Q2 på grunn av off-hire og det er ingen grunn til å tro at det er vesentlig bedre i Q3 da ratene fortsatt var temmelig lave. De to skipene på kontrakt ga imidlertid både cash flow og positiv NIBT.
Det virker som de bommet litt på hvor kraftig oppgangen ble allerede i høst og leide ut i hvert fall ett av skipene på for lav rate. De antas å ha en snitt rate på 70 000 på skipene på kontrakt, så for å oppnå 100 000 i snitt for flåten må de øvrige snitte 130 000. Om de klarer det avhenger av hvor lenge inn i kvartalet de gikk på gamle rater.
Det virker som de bommet litt på hvor kraftig oppgangen ble allerede i høst og leide ut i hvert fall ett av skipene på for lav rate. De antas å ha en snitt rate på 70 000 på skipene på kontrakt, så for å oppnå 100 000 i snitt for flåten må de øvrige snitte 130 000. Om de klarer det avhenger av hvor lenge inn i kvartalet de gikk på gamle rater.
Volf
23.11.2018 kl 12:43
1421
SHIPPING:3 TRADINGHUS I MARKEDET FOR LNGC-PERIODEKONTRAKTER -TRADEWINDS
Oslo (TDN Direkt): Tre tradinghus har fremsatt behov for LNGC-tonnasje for charter-perioder på flere år, ettersom det ventes å være knapphet på skip inn i 2020, ifølge Tradewinds torsdag kveld.
Aktører sier Gazprom Marketing & Trading (GM&T) er på jakt etter en LNGC på rund 180.000 kubikkmeter (cbm), med opsjon på skip nummer to, for en periode på fem år, melder bransjeavisen.
Det sies at GM&T er åpne for å forlenge kontrakten til opptil åtte år, med opsjonsperioder. Selskapet ønsker et MEGI- eller et XDF-skip, med foretrukket levering i 2020, selv om skip som er klare i 2021 også vil bli vurdert.
Meglere sier til Tradewinds at GM&T sikter mot noen av de spekulative LNGC-nybyggene som ble bestilt i år.
Videre har Vitol uttrykt behov for en LNGC for en periode på to til tre år, med ønsket levering fra 2019 eller inn i 2020, ifølge bransjeavisen.
Det sies også at JERA er i markedet for et LNGC-nybygg.
HH, finans@tdn.no
TDN Direkt, +47 21 95 60 70
Oslo (TDN Direkt): Tre tradinghus har fremsatt behov for LNGC-tonnasje for charter-perioder på flere år, ettersom det ventes å være knapphet på skip inn i 2020, ifølge Tradewinds torsdag kveld.
Aktører sier Gazprom Marketing & Trading (GM&T) er på jakt etter en LNGC på rund 180.000 kubikkmeter (cbm), med opsjon på skip nummer to, for en periode på fem år, melder bransjeavisen.
Det sies at GM&T er åpne for å forlenge kontrakten til opptil åtte år, med opsjonsperioder. Selskapet ønsker et MEGI- eller et XDF-skip, med foretrukket levering i 2020, selv om skip som er klare i 2021 også vil bli vurdert.
Meglere sier til Tradewinds at GM&T sikter mot noen av de spekulative LNGC-nybyggene som ble bestilt i år.
Videre har Vitol uttrykt behov for en LNGC for en periode på to til tre år, med ønsket levering fra 2019 eller inn i 2020, ifølge bransjeavisen.
Det sies også at JERA er i markedet for et LNGC-nybygg.
HH, finans@tdn.no
TDN Direkt, +47 21 95 60 70
I det markedet, så må det jo bli bra rater.