Flex LNG's treasury shares hit 900,000 this week after another round of buy backs.
The John Fredriksen-backed gas carrier owner disclosed on Friday that it bought nearly 6,000 of its own shares on the Oslo Stock Exchange on Monday at an average price of NOK 121.48 ($13.74) per share.
The repurchase boosted its ownership to 1.66%.
It follows on two other tranches of repurchases made recently, with Flex dipping into the market between 18 June and 21 June and grabbing 27,344 shares for an average of NOK 119.76 and between 7 July and 9 July for 66,694 shares at an average of NOK 120.86.
Both sets of shares were bought on the Oslo exchange. Flex is also traded on the New York Stock Exchange.
The $31m share repurchase plan was put in place in November 2020 and as of May saw it spend $6.9m for 800,000 shares.
'Great shape'
At the time of its inauguration, chief executive Oystein Kalleklev said Covid-19 had negatively impacted investor sentiment for the LNG segment, despite the company being in "great shape" and posting strong guidance.
Since announcing the repurchase plan, Flex's New York-listed shares have risen from $7.45 on 19 November, 2020 to $13.39 on Friday.
In Oslo, shares closed at NOK 120.30, having started at NOK 65.90 on 19 November.
Alongside the buyback plan, LNG carriers have enjoyed strong demand thanks to a colder than usual winter paired with inventory restocking.
It was identified by Kalleklev as the right time to begin putting ships on time charter, with Flex fixing five to Cheniere Energy in April and the chief executive expecting a strong market for the rest of the year.
