Flex LNG’s top executives have sold stock worth $3.3m in the past week.
Chief executive Oystein Kalleklev offloaded $2.2m shares.
On Monday, the CEO exercised 87,500 options. Later on Monday and Tuesday, Kalleklev sold 87,500 shares on the New York Stock Exchange for an average price of $25.17 per share.
The total sale was $2.2m. Kalleklev paid about $597,000 for the share options.
Following the sale, the CEO owns 50,000 common shares and has 100,000 share options in the John Fredriksen-controlled company.
Finance chief Knut Traaholt exercised 42,000 options and sold 42,000 shares at the same average price as Kalleklev, bringing him approximately $1.1m.
The CFO paid about $287,000 for the options. Traaholt has 48,000 share options in the company after the transaction.
Flex LNG shares closed at $25.51 in New York on Wednesday. The stock has fallen about 12% this year.
The Baltic LNG shipping index slipped to a two-year low last week.
Baltic Exchange analysts described a spot market that has struggled to see activity pick up after the Easter holidays, with a dearth of fixtures reported and full inventories at LNG receiving terminals, giving little need to move cargoes, TradeWinds reported.
The market is becoming increasingly long on ships and interest in period charters is limited.
Last week, Flex LNG also secured an extension to an existing charter on one of its LNG carriers.
Flex LNG said the charterer of the 173,400-cbm Flex Endeavour (built 2018) — previously reported as Cheniere Marketing International — exercised an option to extend the firm hire period by 500 days.
The charter was extended from the third quarter of 2030 to the first three months of 2032.
