Flex LNG Ltd, the liquefied natural gas shipping company based in Bermuda, has reported a jump in first quarter net income to $33.2 million which compares with net income of $19.4 million for the fourth quarter of 2023.

Adjusted net income was $37.9 million for the quarter, compared with $37.8 million for the fourth quarter 2023.

Adjusted earnings before interest, taxes, depreciation and amortisation were $70.6 million, compared with $76.2 million for the prior quarter.

Vessel operating revenues were $90.2 million, compared with $97.2 million for the prior quarter.

The average time charter equivalent rate was $76,539 per day, compared with $81,114 per day for the prior quarter.

Øystein M Kalleklev, CEO of Flex LNG Management AS, said: “Revenues came in $7 million lower than during the fourth quarter of 2023, but this was as expected as we recorded lower earnings on the single ship, Flex Artemis, on a variable hire rate.

“The fourth quarter is typically the peak of the LNG freight market, so we tend to generate higher earnings for this ship during this quarter compared to first quarter.

“Additionally, we took one ship, Flex Constellation, out of service for scheduled dry docking. That said, the revenues were in line with the revenues achieved in the first quarter of 2023 for very much the same reasons.”