Flex LNG reports fourth quarter profit

first_imgFlex LNG, the company controlled by billionaire John Fredriksen and an emerging player in the LNG shipping business, reported a net profit of $1.3 million for the fourth quarter of 2017. This compares to a net loss of $0.02 million in the corresponding quarter last year, Flex LNG noted in its report. The company’s net loss for the twelve months of 2017 widened to $10.4 million from a net loss of $1.8 million in the previous year.The results for the quarter were positively impacted by charter extensions of its two vessels from September 2017 through the end of the first quarter of 2018Speaking of the results, Jonathan Cook, Flex LNG’s CEO, said the company’s two of it chartered-in vessels were employed in profitable charters throughout the quarter.“In January, we successfully took delivery of the first two of our six newbuildings and secured a 15 to 18-month time charter for one of the vessels in line with our strategy to secure balanced fleet employment as the market continues to improve due to expected tighter supply/demand dynamics in the LNGC market,” Cook said.Flex LNG’s delivered vessels were built by the South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), and the company has further two LNG carriers under construction at Samsung Heavy Industries and are scheduled to be delivered to the company in the second and third quarters of 2018. It also expects to take delivery of two additional LNG carriers in the second and third quarter of 2019.The company said it will continue to evaluate opportunities to charter in third-party LNGCs to the extent that they will provide a positive contribution to earnings, although Flex LNG’s primary commercial focus is to secure attractive employment for its newbuildings.The LNG shipping market continued to tighten throughout the fourth quarter, the company noted in its report.  Seasonality and its winter peak once again brought a boost in demand for LNG shipping. The arbitrage window between European and Asian LNG prices stayed open and increased demand for spot vessels loading out of European ports.Flex LNG expects the coming growth of LNG production and the expected growth in demand for natural gas in combination with the recent limited ordering activity of LNG carriers to gradually tighten the shipping market over the course of the next 12 months.The company will continue to take a proactive approach and explore further accretive transactions.last_img read more

Paysafe board recommends £2.96bn offer from CVC and Blackstone

first_img EFL urges government to rethink gambling sponsorship ban July 3, 2020 Submit Share Major payments provider Paysafe is to be acquired by private equity giants CVC and Blackstone after the company’s board gave a great light to the 590p per share offer that was put on the table last month.The deal values Paysafe at £2.96bn and brings the company, which recently bought affiliate scheme business Income Access, under the ownership of two companies who are increasingly familiar with the gambling industry.CVC has long been involved with betting and currently has stakes in operators Sky Bet, Sisal and Tipico, while Blackstone has only just secured a £600m deal to buy Clarion Events, organiser of ICE Totally Gaming and several other gambling conferences.CVC and Blackstone have already agreed to sell off Paysafe Merchant Services – its Asia business – to Spectrum Global Limited in a long-term deal worth around $308m (£234m).Dennis Jones, Chairman of Paysafe, said: “Paysafe has been on a remarkable journey, undergoing significant transformation and generating substantial shareholder value. The offer from the Consortium represents an opportunity for shareholders to crystallise a certain cash value from their investment in Paysafe. The Paysafe Independent Directors believe that Paysafe will continue to play a key role in payments innovation, leveraging the state of the art technology it has built over a number of years.”Martin Brand, Senior Managing Director of Blackstone, said: “We are delighted that our proposal has been recommended by the Board and excited by the prospect of working with management to develop Paysafe as one of the leading, global providers of online and mobile payment solutions. Paysafe’s innovative alternative payment systems and risk management capabilities form a strong value proposition for consumers and merchants alike. As a leading technology investor, Blackstone believes that Paysafe is an ideal platform for continued innovation in the payments space, and look forward to supporting Paysafe’s growth both organically and through acquisitions.”Peter Rutland, Partner, Global Co-Head of Financial Services of CVC, added: “Paysafe is an important and innovative online payments partner for merchants and customers across the globe. Our investment experience in financial services, and particularly the payments sector, provides us with the ability to understand and value the company and its future growth. We are very grateful to have the opportunity to invest in Paysafe and look forward to helping support its growth going forwards.” Share PokerStars moves to refresh global appeal with ‘I’M IN’ August 18, 2020 Related Articles BGC: Charities win big as bookies take beating in Britannia Stakes June 19, 2020 StumbleUponlast_img read more