The day after pumping up LNG's long-term prospects, Flex LNG chief executive Oystein Kalleklev saw his holding in the New York and Oslo-listed company grow.
John Fredriksen-backed Flex disclosed on Friday that Kalleklev acquired 5,000 shares in the gas carrier owner for NOK 41.80 ($4.31) each, bringing his total to 45,000.
Kalleklev has a further option on 60,000 Flex shares with a strike price of $14.10 per share, or roughly NOK 137 each, as part of the company's share option scheme.
The shares vest equally at one-third over a three-year period and expire in September 2024.
Flex shares were trading at NOK 42.16 on the Oslo Stock Exchange on Friday, down NOK 2.36, or 5.3%.
In early trading on the New York Stock Exchange, Flex was down $0.14, or 3%, to $4.50.
Results
On Thursday, Flex reported its first-quarter results, posting a net loss of $14.9m as the northern hemisphere recorded its hottest winter on record on top of the impact of Covid-19.
Revenue doubled year over year to $38.2m, with its six-ship fleet earning an average of $68,000 per day, though Flex's performance was dragged down by a loss on derivatives of $21.9m.
On the earnings call, Kalleklev said Europe's onshore LNG storage would be full by July and August, with the spring oil price collapse working its way into LNG price contracts.
The combination of a lack of storage and cheap product will boost demand and support rates, he said.
"We expect another round of massive floating storage once we are approaching autumn," Kalleklev said.
"This should, in our view, be supportive of the trade market."
