The company’s vessel operating revenues reached $106.8 million, marking its strongest quarterly performance since late 2021. Average Time Charter Equivalent rates rose to $86,119 per day, up from $65,729 in the first quarter, as geopolitical instability in the Middle East created trading inefficiencies that benefited the firm’s spot-exposed fleet, specifically the Flex Volunteer and Flex Artemis.
Operational stability was bolstered by the full-quarter contributions of the Flex Aurora and Flex Constellation, both of which are now locked into long-term charters. Despite a backdrop of increasing fleet supply—with roughly 55 vessels delivered in the first seven months of the year—management remains confident in its outlook. The firm reaffirmed its full-year revenue guidance of $345 million to $370 million, citing robust contract backlogs and a healthy cash position of $397 million. Consequently, the Board declared a dividend of $0.75 per share, the twentieth consecutive payout at this level, underscoring a commitment to returning capital to investors as the company faces a complex, yet potentially profitable, second half of the year.
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