Key Highlights

  • Revenue reached $97.4 million for the third quarter of 2026, or $95.2 million excluding EUAs.
  • Fleet-wide time charter equivalent Earnings were close to $79,000 per day, and adjusted EPS was $0.65.
  • The board declared a $0.75 quarterly dividend, the 21st consecutive ordinary quarterly payment at that level.
  • Management expects the spot freight market to remain muted but potentially volatile through the rest of 2026.

Flex LNG Ltd. (NYSE:FLNG) reported its unaudited results for the quarter ended September 30, 2026, on November 11, 2026, with Revenue of $97.4 million and adjusted EBITDA of $72.1 million. The Hamilton, Bermuda-based company owns and operates liquefied Natural Gas carriers, and its earnings depend heavily on freight rates and on how many of its vessels are employed on spot charters rather than longer contracts. Management described the quarter as the highest third-quarter revenue in the company’s history.

Adjusted Net Income was $35.0 million, equal to $0.65 per share, a figure the company arrived at after excluding certain items. The results come at a time when the LNG shipping market is shaped by geopolitical events and by new vessel deliveries.

Spot Exposure and Vessel Employment

Two vessels, Flex Volunteer and Flex Artemis, contributed to quarterly results through spot charters. Both are being marketed for long-term employment and will continue to trade in the spot and short-term markets until suitable long-term contracts are secured. That strategy gives the company the chance to benefit from higher rates while it waits, but it also exposes earnings to the weakness that spot markets can show.

Fleet-wide time charter equivalent earnings of close to $79,000 per day show the earnings power of the fleet in the quarter. Because TCE rates move with the spot market, investors should view them as an indicator of the period’s conditions rather than a guaranteed level for future quarters.

Quarterly earnings in the LNG shipping Business can swing sharply with the number of vessels on spot charters. Investors who expect steadier results will look for more long-term employment, which reduces exposure to daily rate movements but usually comes with lower peak earnings.

Market Risks and Near-Term Swing Factors

Management expects the spot freight market to remain muted, but potentially volatile, through the rest of 2026. It identified several drivers, including additional vessel deliveries, reduced exports of LNG from the Middle East, the reopening of the Strait of Hormuz and the normalization of Qatari LNG supply. Each of these factors could shift rates in either direction.

The company also pointed to the potential effects of the El Niño weather pattern and to the upcoming winter season, both of which can affect Demand for LNG shipping. Because these events are largely outside its control, the outlook remains uncertain, and short-term rates may move sharply.

The company’s approach to employing its two spot vessels will therefore be an important decision. A longer-term charter can lock in cash flow, while waiting for a better spot rate may keep earnings higher if the market improves but leaves the vessels exposed if it does not.

Dividend and Capital Returns

The board declared another quarterly Dividend of $0.75 per share, equivalent to an aggregate distribution of about $41 million. The payment marks the 21st consecutive ordinary quarterly dividend at that level. Including special dividends, the company said it has returned more than $900 million to shareholders since 2021.

Maintaining a fixed dividend requires Cash Flow that holds up through slower spot periods. Investors will watch whether the company can keep its payments steady if freight rates soften, and whether its long-term charters are secured on terms that support the dividend.

Final Word

Flex LNG posted higher third-quarter revenue and maintained its quarterly dividend of $0.75 per share. The results depend on spot rates, which management expects to remain muted and volatile into the close of 2026. Investors will look for progress on long-term charters for its two spot-trading vessels and for signs of how freight rates respond to changes in global LNG flows.