reports
- Jørgen Lian
Flex LNG Minor model adjustments
We have updated our estimates to factor in the Q1 results, the updated guidance, and recent market developments. We still believe Flex LNG is well-placed to navigate what we expect to be a soft freight market near-term and maintain its USD0.75 DPS, for a 10% run-rate yield. Additionally, we see potential upside to rates on new contracts due to elevated and sticky newbuild prices, implying a parity rate above USD100k/day, compared with our average fleet-wide TCE of cUSD80k/day for 2024–2026e. We ...
- Jørgen Lian
Cool Company Minor model adjustments
We have updated our estimates, owing to the Q1 report, and trimmed our 2024–2026e revenue. We still believe contracting of vessels set to come open remains the key to solidifying the valuation. We see upside potential on fixing available TDFE spot earnings days at current TC rates (USD65k/day) and the second newbuild securing a broadly similar rate as the recently announced contract, which would lift our average 2025–2026e dividend yield from c8% to 12%. We do not consider these changes to be ma...
- Jørgen Lian
Navigating a near-term lull
We expect a daunting orderbook to dent freight markets in the coming years, before the next wave of LNG export projects returning the market to healthy levels. Our BUYs on the LNGC names we cover reflect earnings visibility and attractive long-term rates underpinned by high newbuild prices, as we see the potential for a re-rating on still-building backlogs towards a brighter long-term future.
- Jørgen Lian
Yard response and dry bulk qualms
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
A brewing challenge for the yards
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
Cool Company (Buy, TP: NOK155.00) - All about contract execution
Cool Company’s contract backlog leaves exposure to what we believe will be a soft spot market in the years ahead due to a heavy delivery schedule, only partly countered by export growth. However, we still estimate a 10% average 2025–2026 dividend yield on our cUSD43k/day TFDE spot rate, and calculate upside potential to a c15% dividend yield on the current implied 2025–2026e TC rate. Thus, we reiterate our BUY, but have cut our target price to NOK155 (166), on our average 2025–2026e to reflect t...
- Jørgen Lian
Cool Company (Buy, TP: NOK166.00) - Undervalued potential
Despite the spot exposure to what we believe should be a challenging market in 2024–2025 given a hefty delivery schedule only countered by modest export growth, we find Cool Company undervalued, trading at a c12% dividend yield on our 2025 estimates, with a prudent USD43k/day TDFE spot rate assumption. Applying a spot rate equal to the five-year average implies a cNOK22 DPS for 2025, and cNOK180/share on a 12% dividend yield. We reiterate our BUY, but have lowered our target price to NOK166 (180...
- Jørgen Lian
Flex LNG (Buy, TP: NOK340.00) - Bankable dividend stream
Due to its sizeable backlog, we find Flex LNG well positioned to maintain a healthy USD0.75 quarterly DPS despite a challenging outlook for LNGC spot markets. In fact, we believe the long-term freight market, reflective of elevated and sticky newbuild prices, should stay above its current backlog and provide a backstop with potential upside to favourable extension options and new contracts. Thus, we believe yesterday’s share price drop was unwarranted and have upgraded to BUY (HOLD) and raised o...
- Jørgen Lian
Flex LNG (Hold, TP: NOK331.00) - Stable earnings backlog
Flex LNG’s solid contract backlog with only one vessel open from Q2 2024 and all other vessels on contracts until at least Q1 2027 (assuming options are exercised) should support its quarterly USD0.75 DPS for a c10% (12% excluding excess cash) run-rate dividend yield, and mitigate the risk to a possibly weak freight market due to hefty vessel deliveries and modest export growth near-term. However, we expect c22% global export growth in 2026–2027e to alleviate supply headwinds, which fits well wi...
Flex LNG - Flex Resolute Time Charter extended by two years from 2025 ...
Flex LNG - Flex Resolute Time Charter extended by two years from 2025 to 2027 Hamilton, Bermuda.January 18, 2024 Flex LNG Ltd. («Flex LNG» or «Company») (NYSE/OSE: FLNG) has received notice that the charterer of Flex Resolute, a super major, has exercised its first extension option. Flex Resolute was fixed on a three-year Time Charter on November 1, 2021, with commencement of the Time Charter in January 2022. Under the Time Charter, the charterer had options to extend the period by up to four additional years in two-year periods. Following this option declaration, Flex Resolute is on a f...
Flex LNG - Redelivery of Flex Constellation in 2024
Flex LNG - Redelivery of Flex Constellation in 2024 Hamilton, BermudaJanuary 8, 2024 Flex LNG Ltd. («Flex LNG» or «Company») (NYSE/OSE: FLNG) has received notice that the charterer of Flex Constellation, a trading house, has decided not to utilize its extension option. Flex Constellation was fixed on a three-year Time Charter on May 17, 2021, where the charterer had the option to extend the period by up to three years. Hence, Flex LNG expect to take redelivery of the ship during the second quarter of 2024. Øystein Kalleklev, CEO of Flex LNG Management AS, commented:“We note that we will h...
Flex LNG - Mandatory notification of trade by PDMR
Flex LNG - Mandatory notification of trade by PDMR Hamilton, Bermuda December 7, 2023 Flex LNG Ltd. (the "Company") has received trade notifications from the following persons discharging managerial responsibilities ("PDMRs"): Susan Sakmar, Director, has on December 6, 2023 purchased aggregate 5,000 shares on New York Stock Exchange for an average price of USD 28.50 per share. Following the purchase, Mrs. Sakmar owns 10,000 shares in the Company. This notification has been publicly disclosed in accordance with Article 19 of the Market Abuse Regulation section 5-12 of the Norwegian Secur...
- Jørgen Lian
Cool Company (Buy, TP: NOK180.00) - Potential to unlock value
The spot perception of Cool Company is weighing on its valuation. We find the stock attractively valued, considering the low hurdle to switch investor focus from spot rate concerns to steady yield and appealing value. With the potential for favourable long-term contracts diminishing, we highlight execution risk as the main risk factor to our valuation as we approach an uncertain 2024–2025 on considerable vessel deliveries outpacing demand growth prospects. We reiterate our BUY, but have cut our ...
Flex LNG - Ex Date Q3 2023
Flex LNG - Ex Date Q3 2023 November 27, 2023Hamilton, Bermuda The shares in Flex LNG Ltd. (Ticker: FLNG) will be traded ex dividend of USD 0.875 per share for the third quarter of 2023 as of today, November 27, 2023. The dividend will be paid on or about December 5, 2023. Due to the implementation of CSDR in Norway, dividends payable to shares registered with Euronext VPS will be distributed on or about December 8, 2023. About Flex LNGFlex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and...
Flex LNG - Presentation at the Danske Bank Gas Seminar
Flex LNG - Presentation at the Danske Bank Gas Seminar November 22, 2023Hamilton, Bermuda Please find attached the LNG market presentation to be presented by our CFO Knut Traaholt at the Danske Bank Gas Seminar held in Oslo today. The presentation is also available on our web page For further information, please contact: Knut TraaholtChief Financial OfficerFlex LNG Management ASTelephone: Email: About Flex LNGFlex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our...
- Jørgen Lian
Flex LNG Minor model adjustments
We have updated our estimates following the Q3 report and reiterated 2023 guidance. We expect earnings to remain stable given Flex LNG’s significant contract backlog, with the first vessel only likely to be open in 2027. We believe this would coincide with meaningful LNG export growth offsetting vessel deliveries, providing support for recontracting potential given elevated long-term rates implied in current newbuild prices. In addition, the company has ~NOK60/share in excess liquidity and a str...
Flex LNG - Key information relating to the cash dividend for the third...
Flex LNG - Key information relating to the cash dividend for the third quarter 2023 November 8, 2023Hamilton, Bermuda Key information relating to the cash dividend for the third quarter 2023 Dividend amount: $0.875Declared currency: USD. Dividends payable to shares registered with Euronext VPS will be distributed in NOK.Last day including right: November 24, 2023Ex-date: November 27, 2023Record date: November 28, 2023Payment date: On or about December 5, 2023. Due to the implementation of CSDR in Norway, dividends payable to shares registered with Euronext VPS will be distributed ...
Flex LNG - Third Quarter 2023 Presentation
Flex LNG - Third Quarter 2023 Presentation November 8, 2023Hamilton, Bermuda Please find enclosed the presentation of Flex LNG Ltd.’s third quarter 2023 results which will be presented in a live video webcast today at 15:00 CET (9:00 a.m. ET). In order to watch the webcast, use the following link: A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session. In conjunction with the quarterly results, we have published a short video in which Øystein Kalleklev, CEO of Flex LNG, discusses the highlights of t...
Flex LNG - Third Quarter 2023 Earnings Release
Flex LNG - Third Quarter 2023 Earnings Release November 8, 2023Hamilton, Bermuda Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its unaudited financial results for the three months and nine months ended September 30, 2023. Highlights: * Vessel operating revenues of $94.6 million for the third quarter 2023, compared to $86.7 million for the second quarter 2023. * Net income of $45.1 million and basic earnings per share of $0.84 for the third quarter 2023, compared to net income of $39.0 million and basic earnings per share of $0.73 for the second quarter 2023. * Average...
- Jørgen Lian
Flex LNG (Hold, TP: NOK360.00) - Steady dividend
We expect Flex LNG to stay on course, with steady dividends from its solid contract backlog for all vessels until at least Q1 2027 (assuming in-the-money options) – supporting the quarterly DPS of USD0.75 for a run-rate dividend yield of 10%. However, a towering orderbook at above 50% of the fleet poses a threat to the freight market and sentiment in the medium term. We reiterate our HOLD and NOK360 target price.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.