Flex LNG Ltd, the liquefied natural gas shipping company, has reported record net income of $69.4 million in the fourth quarter of 2021.

That compares with net income of $32.8 million in last year’s third quarter and contributed to 2021 full-year net income of $162 million.

The Bermudian-based company, announcing its unaudited financial results, said it had recorded all-time high revenues of $114.6 million in the fourth quarter, compared with $81.8 million for the third quarter 2021.

Flex LNG reported an average time charter equivalent rate of $95,908 per day for the fourth quarter, compared with $68,341 per day for the third quarter.

It reported all-time high adjusted EBITDA of $95.5 million for the fourth quarter, compared with $64.5 million for the third quarter.

The company said it had all-time high adjusted net income of $62.8 million for the fourth quarter, compared with $32 million for the third quarter.

Flex LNG said it had secured attractive long-term time charters with a mixed portfolio of market rate, spot and fixed-rate contracts.

Its fleet has an aggregate of 32 years firm periods and with charterer’s options this could extend to more than 65 years, if declared.

In December, the company completed the refinancing of the Flex Volunteer, resulting in net proceeds of $37.7 million contributing to its all-time high cash, cash equivalents and restricted cash balance of $201.2 million.

This month, the company received credit approved term sheets for a $375 million term and revolving credit facility, with an option for a $125 million accordion for an additional vessel, increasing this to $500 million.

The facility will be used for the refinancing of existing facilities for the vessels Flex Endeavour, Flex Ranger and Flex Rainbow, while Flex Enterprise is a candidate for the accordion option. Completion of the refinancing is subject to final documentation and customary closing conditions, the company said.

Also this month, the company received credit approved term sheets for a $320 million sale and leaseback agreement for the refinancing of the existing facility for the vessels Flex Constellation and Flex Courageous. Completion of the refinancing is subject to final documentation and customary closing conditions.

The company declared a dividend for the fourth quarter of $0.75.

Øystein M Kalleklev, CEO of Flex LNG Management AS, said: “We are pleased to deliver knockout results for the fourth quarter as guided. Fuelled by four ships exposed to a red-hot spot market, revenues for the fourth quarter jumped from $82 million to $115 million, slightly ahead of our guidance of approximately $110 million.

“Our average time charter equivalent earnings came in at a solid $95,908 per day, beating the $94,000 per day we managed to achieve during fourth quarter 2019 and close to the $97,571 per day achieved in fourth quarter 2018. In the past, we had significantly higher spot exposure so by being able to beat previous trading results also reflects that during 2021 we have secured an outstanding portfolio of fixed-hire time charters.”

He added: “We are guiding revenues for 2022 in line with what we achieved in 2021 despite the soft spot market at the beginning of the first quarter 2022.”