November 12, 2025 - Hamilton, Bermuda

Flex LNG Ltd. ("we", "us", "our", "Flex LNG", or the “Company”) today announced its unaudited financial results for the quarter ended September 30, 2025.

A summary of our financial highlights for the quarter are below:

(1)Vessel operating revenues includes $2.0 million income related to European Union Allowances ("EUAs") (Q2 2025: $2.0 million). The EUAs are receivable from our Charterers under the time charter contracts for voyages subject to the European Union's Emissions Trading System ("EU ETS"). An equivalent amount has been recorded under Voyage expenses for the relevant period.

(2)TCE rate, Adjusted EBITDA, Adjusted net income/(loss) and Adjusted earnings/(loss) per share are non-GAAP measures as defined under SEC Regulation G. A reconciliation to the most directly comparable GAAP measure is included at the end of this earnings report.

A summary of key events:

•Declared a dividend of $0.75 per share for the third quarter of 2025.

•Achieved a Time Charter Equivalent rate of $70,921 per day for the third quarter of 2025.

•Achieved an all-time high cash balance of $478.7 million, primarily as a result of the below vessel refinancings.

•Signed and completed a $180.0 million term loan facility in respect of Flex Constellation.

•Signed and completed a $175.0 million sale and leaseback for the vessel Flex Resolute.

•Completed scheduled drydockings for Flex Amber and Flex Artemis in September 2025.

•Delisted the common shares from the Oslo Stock Exchange ("OSE") from September 15, 2025.

“Third quarter revenues came in at $85.7 million, with a TCE rate of ~$70,900 per day. We completed the drydockings of two vessels during the quarter, and Flex Artemis traded in the spot market. The charterer of Flex Volunteer decided not to exercise the one-year option, and we expect her to be redelivered in late December this year. She will then go straight into drydock for her five-year special survey and thereafter be marketed for new employment. While this year’s winter season began on a sluggish note, we are now observing spot rates for modern tonnage in the region of $60,000-70,000 per day.

We have completed all of the four planned drydockings for 2025, on time and within budget. I would like to extend my thanks to our dedicated technical team and the crew onboard for their outstanding efforts in ensuring safe and efficient operations throughout. Looking ahead, we plan to complete three drydockings in 2026: Flex Volunteer, Flex Freedom and Flex Vigilant.

In September, we finalized the refinancing of Flex Constellation and Flex Resolute, marking the completion of our Balance Sheet Optimization Program 3.0. Together with the refinancing of Flex Courageous, the program has delivered an aggregate of $530 million in new financings this year on attractive terms, extending our next debt maturity to 2029 and releasing $137 million in net proceeds. As of the end of the third quarter, we recorded an all-time high cash balance of $479 million.

2025 has seen record-high FIDs for new liquefaction capacity, with nearly 70 MTPA of additional capacity sanctioned, and this is supported by what could be the strongest year for long-term SPA contracting since 2011. In addition, US LNG export volumes are up more than 20% so far this year through an impressive ramp up of new export capacity and higher utilization, which has helped absorb available tonnage. We expect the short- to medium-term freight market to remain challenging, with newbuild deliveries occurring before new export capacity comes online. However, we are finally seeing a notable increase in scrapping activity, among older and less efficient steam vessels, with 14 scrapped year-to-date. With nearly 120 steam vessels either open or rolling off contracts over the next few years, we expect a wave of further retirements ahead. Despite near-term market softness, Flex LNG remains well positioned, supported by a robust balance sheet and a substantial charter backlog.

The Board has again declared an ordinary dividend of $0.75 per share for the 17th consecutive quarter. The dividend corresponds to an annualized dividend yield of approximately 11% and is supported by strong financial performance and position, as well as a minimum charter backlog of 53 years.”

On November 11, 2025, the Company’s Board of Directors declared a cash distribution for the third quarter of 2025 of $0.75 per share. The distribution will be made from the Company’s Contributed Surplus account, which consists of previously paid in share premium transferred from the Company’s Additional Paid In Capital account. The dividend will be paid on or around December 11, 2025. The record date and ex-dividend date on the New York Stock Exchange ("NYSE") will be on or around November 28, 2025.

The Company recorded vessel operating revenues of $85.7 million for the third quarter 2025, or $83.7 million excluding EUAs; compared to $86.0 million in the second quarter 2025. The TCE rate1 was $70,921 per day for the third quarter 2025, compared to $72,012 per day for the second quarter 2025. The decrease in revenue is due to two vessels, Flex Amber and Flex Artemis, entering drydock in the period, thus resulting in offhire days in August and September 2025. In addition to this, Flex Artemis was redelivered and was open post drydock since September 15, 2025. This was partially offset by the increased utilization of two vessels, Flex Aurora and Flex Resolute, which were undergoing drydocks during the second quarter of 2025.

Vessel operating expenses were $18.8 million in the third quarter 2025, compared to $18.2 million in the second quarter 2025. Operating Expenses ("Opex") per day1 was $15,682 per day for the third quarter 2025, compared to $15,363 per day for the second quarter 2025. The increase in vessel operating expenses is due to higher costs related to crew changes. For the nine months ended September 30, 2025, the opex per day was $15,510.

During third quarter 2025, the Company incurred extinguishment costs related to the refinancing of Flex Constellation and Flex Resolute of $2.4 million. This relates to the write-off of unamortized debt issuance costs and prepayment fees.

The Company recorded a net loss on derivatives of $0.2 million in the third quarter 2025, which includes an net unrealized loss of $4.3 million, as a result of the change in fair value of our interest rate swap derivatives and a net realized gain of $4.1 million on interest rate swap settlements in the period.

Net income for the third quarter 2025 was $16.8 million and basic earnings per share were $0.31, compared to a net income of $17.7 million and basic earnings per share of $0.33 for the second quarter 2025. Adjusted net income1 was $23.5 million for the third quarter 2025, compared to $24.8 million for the second quarter 2025.

As of September 30, 2025, the book value of vessels was $2,119.2 million, compared to $2,130.4 million as at June 30, 2025. The movement includes depreciation of $19.4 million and additions of $8.2 million in relation to vessel drydockings.

As of September 30, 2025, total long-term debt was $1,874.6 million, compared to $1,802.2 million as at December 31, 2024. The increase in debt is due to the refinancing of Flex Constellation and Flex Resolute.

The Company released net cash proceeds of $93.7 million from the above refinancings, and as a result, cash and cash equivalents reached an all-time high of $478.7 million as of September 30, 2025. Cash and cash equivalents includes fully drawn revolving tranches under the $270 Million Facility, $290 Million Facility and the Flex Enterprise $150 Million Facility.

As at September 30, 2025, total equity was $738.3 million compared to $762.0 million as at June 30, 2025. This decrease in equity consists of distributions paid of $40.6 million, offset by net income of $16.8 million.

1 Time Charter Equivalent rate, Adjusted net income and Opex per day are non-GAAP measures as defined under SEC Regulation G. A reconciliation to the most directly comparable GAAP measure is included in the end of this earnings report.

In September 2025, we successfully completed our scheduled drydockings of Flex Amber and Flex Artemis. These drydockings resulted in 32 days of offhire, and were completed on-time and on-budget. With the completion of the drydockings of Flex Aurora and Flex Resolute in June and July, respectively, we have now completed all four scheduled drydockings for 2025 at an average cost of $5.6 million per vessel.

Flex Constellation had her short term charter contract extended until late February 2026. Subsequently, the vessel is scheduled to commence a new 15-year time charter in direct continuation.

Flex Artemis now operates on the spot market following redelivery from the long-term contract in August 2025.

In October 2025, the charterer of Flex Volunteer elected not to utilize their extension option. The vessel is expected to be re-delivered from the existing contract late in the fourth quarter of 2025. Following the re-delivery, the vessel will perform her scheduled 5-year drydocking and will subsequently be marketed for short and long-term contracts.

At the date of this report, the firm contract coverage is 92.2% for the remainder of 2025, and the aggregate firm contract backlog for the fleet is 53 years, which could increase to 80 years if our charterers exercise all of the extension options.

We achieved technical uptime excluding offhire for drydocking on our vessels of 99.5% in the third quarter 2025.

The following table sets forth an overview of our fleet as of November 12, 2025:

(1) As used in this report, "HO" means Hanwha Ocean (formerly known as Daewoo Ship building and Marine Engineering Co. Ltd.), "SHI" means Samsung Heavy Industries, and "HSHI" means Hyundai Samho Heavy Industries Co. Ltd. Each shipyard is located in South Korea.

(2) "MEGI" refers to M-type Electronically Controlled Gas Injection propulsion systems and "X-DF" refers to Generation X Dual Fuel propulsion systems. "FRS" and "PRS" refers to Full or Partial Re-liquefaction Systems.

(3) The expiration of our charters is considered the firm period known to the Company as of November 12, 2025, however these are generally subject to re-delivery windows ranging from 15 to 45 days before or after the expiration date.

(4) Where charterers have extension option(s) to be declared on a charter; the expiration provided assumes all extension options have been declared by the charterer for illustrative purposes.

The LNG shipping market entered Q3 2025 with softer sentiment, as geopolitical tensions eased in the Middle East. Two-stroke spot rates held steady at around $38,000 per day through July and August, before dropping to low $20,000 per day by late September, averaging roughly $35,000 per day for the quarter. Weak arbitrage economics and rapid fleet growth exerted downward pressure on day rates throughout the period. While US LNG exports grew by about 16 million tonnes for the first ten months of the year, exports to Asia fell by 11 million tonnes, and shipments to Europe surged by 23 million tonnes. Year-to-date, almost two-thirds of US LNG cargoes have been discharged in Europe, up from around half last year.

The spot market for modern tonnage has tightened markedly in recent weeks, driven by constrained vessel availability. In the Atlantic, shipbrokers report day rates approaching $70,000 per day. Strong growth in export volumes from the US, ongoing inefficiencies in Egypt, and increased liftings from Nigeria and Algeria have collectively supported elevated spot market levels.

Newbuilding activity remains subdued so far this year, with only 18 contracts signed in 2025, the lowest since 2020. According to shipbrokers, six of these have been speculative, reflecting expectations of a vessel shortage later in the decade. Notably, Hanwha Shipping has ordered two LNG carriers from Hanwha Philly – the first to be built in the US since 1980.

Despite slower ordering, the total LNG carrier order book stood at roughly 290 vessels as of the end of October 2025, including 98 tied to QatarEnergy’s fleet renewal program. Among the remaining 180 non-Qatar vessels, less than 30 vessels are uncommitted. There are early signs of late-2025 deliveries slipping into 2026. Newbuild prices for a 174,000 cbm vessel are quoted at around $245 million, with earliest deliveries now scheduled for the second half of 2028. Scrapping activity has accelerated sharply – fourteen steam vessels have been recycled so far in 2025. These ships averaged 26 years of age, with the youngest being 21 years. The combined capacity of scrapped tonnage is equivalent to roughly ten modern 174,000 cbm vessels. We expect that the recycling trend will continue.

The wave of new project FIDs continued through the third quarter of 2025. Earlier in the year, several major projects reached FID, including Louisiana LNG, Corpus Christi Midscale Trains 8–9, CP2 LNG Phase 1 and Argentina FLNG Phase 1a–b, collectively adding around 40 MTPA of new capacity. This momentum carried into late Q3, when NextDecade approved its Rio Grande LNG Train 4 and 5. Sempra has since sanctioned its Port Arthur Phase 2 project, while ENI approved the Coral North FLNG development in Mozambique. Altogether, FIDs year-to-date total roughly 68 MTPA, with the US accounting for around 59 MTPA.

The upcoming surge in LNG supply could place downward pressure on global prices. Lower prices would benefit European industry, which continues to struggle with high energy costs, as well as price-sensitive developing economies in Asia, where demand is showing signs of recovery following the 2020–2022 energy crisis. Increased Atlantic-to-Asia flows would in turn support tonne-mile growth and help absorb the current excess shipping capacity.

In July 2025, we signed a $180.0 million term loan facility in respect of Flex Constellation (the "Flex Constellation $180 Million Facility"). The new facility was drawn down on September 17, 2025. The Flex Constellation $180 Million Facility has a 15.5 year tenor and an interest rate of SOFR plus a margin of 165 basis points. The repayment of the facility is based on a 25-year age-adjusted repayment profile1 for the first 7.5 years, and thereafter follows a 22-year profile until maturity. In August 2025, we prepaid the full amount outstanding relevant to Flex Constellation, under the $320 Million Sale and Leaseback facility. Following this repayment, the $320 Million Sale and Leaseback facility is repaid in full.

In August 2025, we signed a $175.0 million sale and leaseback agreement with an Asian-based lease provider for Flex Resolute (the "Flex Resolute Sale and Leaseback"). The financing was closed on September 24, 2025. Under the terms of the agreement, the vessel was sold for a consideration of $175.0 million, with a bareboat charter back of approximately 10 years. The lease is repaid on an age-adjusted repayment profile1 of approximately 21 years. The Company has the first option to terminate the lease and repurchase the vessel at a fixed price after approximately 7 years. The bareboat lease is comprised of a fixed interest element and a floating interest element based on Term SOFR, plus a margin. In September 2025, the Company repaid the full amount outstanding under the Flex Resolute $150 Million Facility.

In order to reduce the risks associated with fluctuations in interest rates, the Company has entered into interest rate swap transactions, whereby floating rate has been swapped to a fixed rate of interest. In the third quarter 2025, three swaps with an aggregate notional principal of $75.0 million matured. As of September 30, 2025, the Company has fixed interest rates on an aggregate notional principal amount of $775.0 million. The interest rate swaps have a fixed rate of interest based on SOFR, with a weighted average fixed interest rate of 2.46% and a weighted average duration of 3.0 years.

In May 2025, the shareholders approved at the Annual General Meeting to delist the common shares of the Company from the OSE. The last day of listing was September 15, 2025 and the Company's common shares were delisted on September 16, 2025. The Company's common shares are now listed exclusively on the NYSE.

The Company's Board of Directors has authorized a share repurchase program that allows the Company to repurchase up to $15 million of its outstanding common shares from time to time, valid until November 27, 2025. As of November 12, 2025, no repurchases have been made under the program.

1 The age-adjusted repayment profile is a metric that we use to calculate the repayment period of our loans and leases to zero, in years and adjusted for the age of the financed vessel. The metric is used to compare repayment profiles between facilities on vessels of different ages.

The Company also has a dividend reinvestment plan (“DRIP”) and an at-the-market (“ATM”) offering, each authorizing the sale of up to $100 million of its common shares from time to time, and valid until November 15, 2025.

In November 2025, the board of Directors authorized to extend the DRIP, enabling shareholders receiving dividends to invest them in new ordinary shares. The share repurchase program and the ATM program have not been renewed, although the Company may reinstate similar programs at its discretion in the future.

Any transaction made under the above referenced offerings, including sale or repurchase of shares will be at the discretion of the Company and the timing, including the amount of any sale or repurchase of shares (as applicable), will depend on, among other things, legal requirements, market conditions, stock price, alternative uses of capital, capital availability, and other factors. Company is not obligated under the terms of any board authorization, including in respect of the ATM, DRIP or share repurchase program, to issue, sell or repurchase any number of shares and the foregoing may be amended, suspended or reinstated at any time at the Company's discretion and without further notice.

Flex LNG will release its financial results for the third quarter 2025 on Wednesday November 12, 2025.

In connection with the earnings release, we will host a video webcast at 3:00 p.m. CET (9:00 a.m. EST). In order to attend the webcast use the following link:

https://events.webcast.no/flexlng/IqCHF6PFRyOkoOhpdu6c/cpHdmkPKO8fNiEKinryT

A Q&A session will be held after the conference/webcast. Information on how to submit questions will be given at the beginning of the session.

The presentation material which will be used in the conference/webcast can be downloaded on www.flexlng.com and replay details will also be available at this website. None of the information contained on the Company's website is incorporated into or forms a part of this report.

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the impact of public health threats, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of the Company’s vessels, the market for the Company’s vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercial useful lives of LNG tankers, customers' increasing emphasis on environmental and safety concerns, potential liability from pending

or future litigation, global and regional economic and political conditions or developments, armed conflicts, including the war between Russia and Ukraine, and possible cessation of such war in Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attack in the Red Sea and Gulf of Aden, threats by Iran to close the Strait of Hormuz, trade wars, tariffs, embargoes and strikes, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the European Union on the United States, business disruptions, including supply chain disruption and congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, or political events, potential cybersecurity or other privacy threats and data security breaches, vessel breakdowns and instances of offhire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission (“Other Reports”). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports.

Unaudited Interim Financial Information Condensed Consolidated Interim Balance Sheets
(figures in thousands of $, except per share data)
						September 30,			June 30,						December 31,
						2025			2025						2024
ASSETS
Current assets
Cash and cash equivalents						478,726			412,681						437,154
Restricted cash						76			56						49
Inventory						7,784			4,805						4,824
Other current assets						53,548			51,923						31,666
Receivables due from related parties						158			515						686
Total current assets						540,292			469,980						474,379
Non-current assets
Derivative instruments						19,581			23,668						40,090
Vessels and equipment, net						2,119,184			2,130,428						2,154,465
Other fixed assets						—			—						5
Other non-current assets						—			3,487						—
Total non-current assets						2,138,765			2,157,583						2,194,560
Total Assets						2,679,057			2,627,563						2,668,939
EQUITY AND LIABILITIES
Current liabilities
Current portion of long-term debt						108,182			105,914						106,708
Derivative instruments						415			250						—
Payables due to related parties						1,141			826						523
Accounts payable						9,238			2,465						2,002
Other current liabilities						55,348			56,313						49,544
Total current liabilities						174,324			165,768						158,777
Non-current liabilities
Long-term debt						1,766,372			1,696,278						1,703,529
Other non-current liabilities						85			3,493						—
Total non-current liabilities						1,766,457			1,699,771						1,703,529
Total Liabilities						1,940,781			1,865,539						1,862,306
Equity
Share capital (September 30, 2025, June 30, 2025 and December 31, 2024: 54,520,325 shares issued, par value $0.01 per share)						545			545						545
Treasury shares at cost (September 30, 2025, June 30, 2025 and December 31, 2024: 432,557)						(4,224)			(4,224)						(4,224)
Additional paid in capital						704,344			704,344						904,268
Contributed Surplus						261,837			302,403						183,535
Accumulated deficit						(224,226)			(241,044)						(277,491)
Total equity						738,276			762,024						806,633
Total Equity and Liabilities						2,679,057			2,627,563						2,668,939

For the nine months ended September 30, 2025:

For the nine months ended September 30, 2024:

Movements in the nine months ended September 30, 2025 for vessels and equipment, net is summarized as follows:

As of September 30, 2025, the Company's capital commitments related to long-term debt obligations are summarized as follows:

(1) Sale and leasebacks, which are classified as financing arrangements, include loan amortization and the final amounts payable in connection with repurchase obligations payable at the end of their respective charters.

As of September 30, 2025, the Company's long-term debt obligations, net of debt issuance costs, are summarized as follows;

(1) Flex Constellation $180 Million facility and Flex Resolute Sale and Leaseback were signed and completed in the third quarter of 2025.

Our interest rate swap contracts as of September 30, 2025, of which none are designated as hedging instruments, are summarized as follows:

Movements in the nine months ended September 30, 2025 for the derivative instrument assets and liabilities is summarized as follows:

Gain/(Loss) on derivatives as recorded on the Company's unaudited condensed consolidated statements of operations is summarized as follows:

In this appendix we present additional information and measures intended to supplement investors’ understanding of our operating performance, by providing information regarding our ongoing performance that exclude items we believe do not directly affect our core operations and enhancing the comparability of our ongoing performance across periods. These measures are not items recognized by U.S. GAAP, and should not be considered in isolation or used as alternatives to our operating performance or liquidity calculated in accordance with U.S. GAAP. Our management considers these measures to be useful to investors, because such performance measures provide information regarding the profitability of our core operations and facilitate comparison of our operating performance to that of our peers. Additionally, our management use these measures when reviewing the Company’s operating performance. While we believe these measures are useful to investors, the definitions used by us may not be comparable to similar measures used by other companies.

EBITDA is defined as net income plus net interest expense, write-off of debt issuance costs, income tax expense / (benefit) and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude the items set forth in the table below, which represent items that we believe are not indicative of the ongoing performance of our core operations. EBITDA and Adjusted EBITDA are used by analysts in the shipping industry as common performance measures to compare results across peers.

The table below reconciles net income, the most directly comparable U.S. GAAP measure, to EBITDA and Adjusted EBITDA.

Adjusted net income represents earnings before write-off and accelerated amortization of unamortized loan fees, fees in relation to the extinguishment of long-term debt, foreign exchange gains/loss and Change in assets/liabilities of derivative instruments. Adjusted Earnings Per Share ("EPS") represents earnings attributable to shareholders of the Company adjusted for the above items, divided by the weighted average number of shares outstanding. We believe that adjusted net income and adjusted EPS assist our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our ongoing financial and operational strength in assessing whether to purchase and/or to continue to hold our common shares.

Time charter equivalent rate ("TCE rate") represents the weighted average daily TCE income of our entire operating fleet. TCE rate is a measure of the average daily income performance. Our method of calculating TCE rate is determined by dividing TCE income by onhire days during a reporting period. We define TCE income as vessel operating revenues less voyage expenses. Onhire days are calculated on a vessel by vessel basis and represent the net of available days and offhire days for each vessel (owned or chartered in) in our possession during a reporting period. Available days for a vessel during a reporting period is the number of days the vessel (owned or chartered in) is in our possession during the period. Offhire days for a vessel during a reporting period is the number of days the vessel is in our possession during the period but is not operational as a result of unscheduled repairs, scheduled drydockings or special or intermediate surveys and lay-ups, if any.

The table below reconciles Vessel operating revenues to Time Charter Equivalent rate.

Operating Expenses ("Opex") per day represents the weighted average daily vessel operating expenses of our entire operating fleet. Opex per day is a measure of the average daily operating performance. Our method of calculating Opex per day is determined by dividing vessel operating expenses by the available days during a reporting period. Available days for a vessel during a reporting period is the number of days the vessel (owned or chartered in) is in our possession during the period. Consistent with general practice in the shipping industry, we use Opex per day as a measure to compare Opex to compare the relative performance of the Companies technical performance with other industry peers.

The table below reconciles Vessel Operating Expenses to Opex per day.