Yesterday, Flex LNG delivered Q3/22 EBITDA and DPS of USD 71.0m and USD 0.75/sh, respectively. While numbers were in line with ARCe, the latter was somewhat below street expectations. We find the share to be “priced-to-perfection” and see few short-term triggers with its existing fleet. The first vessel will be redelivered (after option) in ’26, and FLNG has an advantage as mid-cycle rates at current NB quotes continue to creep upwards.
