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Flex LNG slips into first-quarter loss

first_imgThe uncertainties surrounding the development and effects of the COVID-19 pandemic has affected LNG prices globally. The Asian benchmark prices (“JKM”) averaged 3.23 $/MMBtu in the first quarter of 2020, compared to 5.3 $/MMBtu for the same period last year. Flex LNG also reported a revenue of $38.2 million for the first quarter of 2020, which compares to $52 million for the previous quarter. The severity and duration of the COVID-19 pandemic and associated demand is difficult to predict, but it’s reasonable to assume that energy demand will pick up again once the pandemic is under control. There is also a political impetus to support cleaner energy sources post COVID-19, which means that the long term positive outlook for the LNG industry remains. Courtesy of Flex LNG Commenting on the quarter, Flex CEO Øystein Kalleklev said, “the LNG market has been very challenging this year due to another mild winter and the global COVID-19 pandemic. We have witnessed unprecedented demand destruction due to shut-downs of all major economies and more specifically shut-ins of cargoes due to historically low gas prices. These factors have adversely affected the demand for shipping and thus consequently freight rate levels”. Average time charter equivalent (TCE) rate of $67,740 per day for the first quarter of 2020, compared to $94,000 per day for the fourth quarter of 2019. The company reported a $14.9 million loss in the first quarter of the year, compared to a net income of $23.9 million in the previous quarter. Average European LNG prices came in at 2.77 $/MMBtu in the first quarter of 2020, compared to 5.14 $/MMBtu for the same period last year. The low LNG price environment poses a challenge for the trade of uncontracted volumes and the economics in floating price contracts. A significant portion of floating price contracts are linked to crude oil prices. The severe correction in crude oil prices during the first quarter may affect end-user demand as local gas prices in key markets will fall. Looking at large importing regions such as Asia and Europe, industry sources report of a healthy year on year import growth numbers of 16 percent and 30 percent respectively, compared to the first quarter 2019, partly driven by European buyers increasing their storage levels. Flex LNG, the company controlled by billionaire John Fredriksen and an emerging player in the LNG shipping business, slipped into the red in the first quarter. last_img read more


Abercrombie Kent rewards loyal customers

first_imgAbercrombie & Kent rewards loyal customersLuxury travel company Abercrombie & Kent has launched its loyalty programme, Marco Polo Club, to acknowledge and reward its valued frequent travellers. Guests are eligible upon making a deposit on their third booking with A&K Australia (applicable bookings go back as far as 2012) and entry is free.Membership benefits include:5% savings* for the member and immediate family travelling with them, when they make a new booking within nine months of returning from an A&K journey (or within nine months of club launch)50% off the published single supplement on selected journeysMembers-only onboard reception on A&K’s Luxury Expedition CruisesVIP acknowledgement and gifts when travellingPriority waitlist on sold-out journeysExclusive member communications and eventsVarious travel partner savings and benefitsAutomatic enrolment for spouses*Savings apply on bookings of seven nights or more on A&K private and small group journeys (except Private Jet journeys and Inspiring Expeditions by Geoffrey Kent). Not valid on international and internal air, select promotional offers and non-A&K services (travel insurance, visas etc.).To book your A&K itinerary today or to enquire further please contact Abercrombie & Kent on 1300 590 317 or visit www.abercrombiekent.com.auAbercrombie & Kent is the world’s leading luxury travel business.  Founded as a luxury safari company in Africa in 1962, A&K has grown into a respected international travel company employing over 3000 staff in more than 100 countries. A&Korganises private, tailored and escorted travel to every corner of the globe and has a wholly owned portfolio of cruise boats, luxury lodges, tented camps, hotels, and all-terrain vehicles. As part of its global commitment, A&K Australia brings a wealth of expertise, experience and attention to detail to any travel arrangements. Whether travelling solo, as a couple, with a family or in an escorted group, A&K is expert in providing luxury, experiential and memorable travel experiences.Abercrombie & Kent. Inspiring Experiences.Source = Abercrombie & Kentlast_img read more