Bermuda-based Flex LNG Ltd has reported net income of $12.7 million and earnings per share of $0.24 for the second quarter of the year, compared to net income of $47.2 million and earnings per share of $0.88 for the first quarter.

The liquefied natural gas shipping company reported revenues of $65.8 million for the second quarter, compared to $81.3 million for the first quarter.

Flex LNG had an average time charter equivalent rate of $57,780 per day for the second quarter, compared to $75,399 per day for the first quarter.

Adjusted EBITDA was $46.8 million for the second quarter, compared to $64 million for the first quarter.

Adjusted net income was $15.7 million for the second quarter, compared to $34.2 million for the first quarter.

Adjusted earnings per share were $0.29 for the second quarter, compared to $0.64 for the first quarter.

Since April, the company said it has secured long-term time charter contracts for six vessels with aggregate firm periods of 20 years with charterer's options which could extend this to 40 years.

In May, the company completed its newbuilding programme following successful delivery of its 13th newbuilding LNG carrier, Flex Vigilant.

This month, an option was declared extending the variable rate time charter with an international energy major for Flex Amber, by an additional one year.

Also this month, the board of directors authorised to increase the maximum amount to be paid per share under the share buyback programme announced in November 2020, from $14 to $15.

To date, the company said it has repurchased 900,000 shares at an aggregate cost of $8.3 million, or $9.22 per share, in accordance with the share buyback programme.

The board of directors has declared a cash dividend for the second quarter of $0.40 per share.

Øystein M Kalleklev, CEO of Flex LNG Management AS, said: “We are pleased to announce second quarter results in line with our guidance with revenues and adjusted net income of $65.8m and $15.7m respectively.

“In the second quarter we took delivery of our last newbuilding Flex Vigilant on May 31, which commenced a minimum three-year charter following delivery. We thus have 13 state-of-the-art large LNG carriers on the water.

“As the market and outlook have significantly improved recently due to strong LNG demand, we have acted on opportunities to add substantial length to our charter backlog with six new attractive long-term charters executed during the second quarter with an aggregate minimum duration of 20 years.

“As of today, we have booked 96 per cent of the available days for the year but remain exposed to the general market through one ship trading spot and three ships on variable hire.

“As ships are rolling onto new contracts, we do expect revenues to grow steadily in the second half of the year. With a very healthy cash position, industry low cash break-even levels and high earnings visibility we thus remain well positioned.”