Golar LNG (GLNG +3.3%) moves higher after reporting better than expected Q2 revenues and noting that recent weeks have shown a moderate improvement in chartering demand.
GLNG says rates took a downward turn near the end of the quarter despite a flurry of fixtures with steam vessels fixing at a daily average of $48K during June and TFDEs averaging of $61K; reports wide variations in rates depending on delivery and redelivery positioning requirements.
As fundamentals remain challenging, GLNG expects H2 operating results to be generally in line with H1, with Q3 results likely to show some minor improvement over Q2.
Golar LNG's (GLNG +1.6%) ambitions to build several floating liquefied natural gas vessels remains the dominant variable for GLNG shares, Wells Fargo says, with the company providing significantly more color on its move in its Q3 report.
The firm believes the potential for positive FLNG conversion and commercial updates throughout 2014 should continue to help break down the stock's correlation with spot LNG earnings, keeping it as buyers of the stock despite what it sees as a softer LNG carrier rate environment in 2014.
Golar LNG (GLNG) falls 4.7% premarket after reporting a Q2 loss of $0.6M on revenue of $74M (+33% Y/Y). Vessel utilization increased to 97%, from 91% the previous quarter, adding to the top-line result. The firm sees the market for tankers designed to carry natural gas for long hauls as "structurally tight."
: Looks like a strong buy and hold for the next few yrs. Safe money with a Dividend
Jul 3, 12:14 PM
bd4uandu+ FollowFollowing- Unfollow|Send Message25 Jun
Quite a move by $GLNG today up 8% ... $4.46 to $59.76. A few months ago it was in the low 40's.
Jun 25, 6:49 PM
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Golar LNG Ltd is a midstream LNG company engaged primarily in the transportation, regasification and liquefaction and trading of LNG. It is engaged in the acquisition, ownership, operation and chartering of LNG carriers.