Biden claims his memory is fine, calls Egypt’s Sisi ‘president of Mexico’

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The US leader has disputed a claim in a Justice Department report that his recollection of events is deteriorating

US President Joe Biden has angrily denied assertions that he is unable to remember key events, despite a report by the Justice Department describing him as an “elderly man with a poor memory.” The US leader issued a rebuke on Thursday after Special Counsel Robert Hur declined to prosecute him for mishandling classified information.

A 345-page document released by Hur’s office detailed the investigation into materials that Biden retained at his personal properties after leaving the office of vice president in 2017. Some of the documents were shared with the ghostwriter of his memoirs.

The special counsel declined to prosecute the US leader, predicting that the Justice Department would not secure a conviction.

“At trial, Mr. Biden would likely present himself to a jury… as a sympathetic, well-meaning, elderly man with a poor memory,” the report stated.

Biden treated the materials as memorabilia and personal property that he was entitled to keep, perceiving himself as a “historic figure,” Hur wrote. The report cited former President Ronald Reagan, who kept his personal diaries at home even though they contained classified information, instead of submitting them to the National Archives.

The document listed several examples of Biden’s memory failing him during interviews with Hur’s team. He did not remember when he served as vice president or when his second term in that office started, and failed to recollect “even within several years, when his son Beau died”. Records of his conversation with a ghostwriter in 2017 indicated that Biden’s memory already had “significant limitations.”

“I am well-meaning, I am an elderly man and I know what I am doing,” Biden insisted at a press conference when asked about the report.

“My memory is so bad I let you speak,” he added when pressed by journalists. “Look, my memory is fine. Take a look at what I’ve done since I became president.”


READ MORE:
Biden recalls recent meeting with long-dead French leader

Minutes later, Biden appeared to erroneously call Egyptian President Abdel Fattah el-Sisi the leader of Mexico, when discussing the situation in Gaza and Washington’s efforts to get humanitarian aid into the Palestinian enclave.

The gaffe was the latest case of Biden confusing foreign dignitaries. In the past several days alone, he has misnamed French President Emmanuel Macron as Francois Mitterrand and former German Chancellor Angela Merkel as Helmut Kohl, when recalling his participation at the 2021 G7 summit in England. While Mitterrand and Kohl had led their respective nations, both were dead by the time of the G7 gathering.

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Ukraine conflict, fallout of NATO expansion, relations with US: Key takeaways from Putin’s interview with Tucker Carlson

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HomeRussia & FSU

The Russian leader spoke on a variety of burning topics in the much-anticipated interview, focusing on the Ukraine conflict

Conservative American journalist Tucker Carlson has released a much-anticipated interview that he conducted with Russian President Vladimir Putin in the Kremlin on Tuesday.

The interview mainly centered on the conflict between Russia and Ukraine.

In a video on X on Tuesday, Carlson claimed that Western media outlets “lie to their readers and viewers” by promoting Kiev’s position while downplaying Russia’s. “That’s wrong. Americans have the right to know all they can about a war they are implicated in,” he said.

The more than two-hour-long interview has garnered more than 46 million views on Carlson’s X account and just under a million views on YouTube in the first hours since its release. Here are the key takeaways:

Ukraine ‘started the war in 2014. Our goal is to stop this war’ – Putin  Moscow did not start the war in 2022, but is trying to stop the war that Ukraine started in 2014, Russian President Vladimir Putin said. Putin announced the military operation in Ukraine on February 24, 2022, following eight years of Kiev’s suppression of the Donbass population.

Commenting on the 2014 and 2015 Minsk agreements that sought to end the hostilities in Donbass, Putin said he sincerely believed that the crisis in the region could have been settled if the local population had been convinced to return to Ukraine, and if Kiev agreed to fulfil its social welfare commitments. Policymakers in Kiev, however, wanted to quell the uprising by force, he added.  Russia and Ukraine were close to ending the hostilities in the early days of the conflict, Putin said. However, once Moscow pulled its troops away from the area near the Ukrainian capital in the spring of 2022, Kiev ditched all diplomacy, caving in to Western pressure to fight Moscow until the very end, according to the president.

‘Just threat mongering’ – Putin on claims that Russia wants to attack NATO Russia would only engage in a military conflict with a NATO nation such as Poland or Latvia if it is attacked, Putin said. Any Western claims to the contrary are “just threat mongering.” Speculation that Russia would use nuclear weapons against Ukraine or cause some kind of escalation of the conflict are “just horror stories for people in the street in order to extort additional money from US taxpayers and European taxpayers in the confrontation with Russia,” he claimed.

‘Unlike the US, Russia is not afraid of China’ Unlike the US, Russia is not afraid of the rise of China, Putin said, calling Carlson’s suggestion that BRICS risks being “completely dominated by the Chinese economy” a “boogeyman story.”  He went on to say that Beijing’s foreign policy is aimed at finding compromises, not aggression, adding that Russia has created balanced trade turnover with China.

‘If you want an end to the conflict, stop sending arms to Ukraine’ If the US wants to stop the Ukraine conflict, it should stop sending arms to Kiev, Putin said, adding that if this happened, the hostilities would end within weeks. Putin went on to say it was “ridiculous and very sad” that Kiev listened to then-UK Prime Minister Boris Johnson and refused to sign a draft truce with Russia that was agreed on during peace talks in 2022. The conflict continues on to this day, while Johnson himself is no longer in office, he noted.

Relations with the WestPutin said Russia accepted the collapse of the Soviet Union and expected that once all ideological differences were eliminated, it could engage in cooperation with the West.  But this never happened, and the US and its “satellites” supported separatism and terrorism in the northern Caucasus in the 1990s by providing political, informational, financial, and military support to insurgents. The West was also involved in the coup d’etat in Ukraine in 2014.

Putin on NATO expansion NATO promised that it would not expand its territory eastwards, but quickly broke this promise by bringing all of Eastern Europe and Baltic states into the fold, Putin said. The US-led military bloc now intends to drag Ukraine in, he added.

Putin called the West’s approach to Ukraine a colossal political mistake, pointing to NATO’s 2008 promise to accept the country into the bloc, as well as the Western-supported coup d’etat in Kiev in 2014. The new Ukrainian government’s campaign to persecute those who opposed the coup was a threat to Crimea, forcing Moscow to take the region under its own protection, he added. Putin noted that he had asked former US President Bill Clinton about whether Russia could join NATO, but Clinton said it would not be possible. If, however, the US leader had said yes, it would have ushered in a period of rapprochement between Moscow and the military alliance, Putin stated.

‘Who blew up Nord Stream?’ – Carlson to Putin

Asked by Carlson who he believes blew up the Nord Stream gas pipelines linking Russia and Germany through the Baltic Sea, Putin replied: “You,” referring to the US and its allies. When pressed whether he has any proof of CIA or NATO involvement, the Russian leader said that in cases like this, one should first look for those who would benefit from the attacks, and who had the capability to carry them out.

Elon Musk ‘cannot be stopped’ – PutinBillionaire Elon Musk, who is pushing forward technical progress, including by implanting a neurochip into a human brain, “cannot be stopped,” Putin said, adding that agreements and regulations on this technology should be reached. The president compared recent achievements in artificial intelligence and genetics to the development of nuclear weapons in the 20th century, explaining that when nations across the world started to sense the danger, they forged agreements to regulate the new technology.

Putin does not rule out the release of Gershkovich

Asked whether Moscow is prepared to release US journalist Evan Gershkovich (who was arrested on espionage charges in Russia last year) as a gesture of goodwill, Putin said that Russia has been prepared to work with the West, but this has not been reciprocated. However, Putin did not rule out the release of Gershkovich, adding that this would require flexibility from Western intelligence services.

‘The US-led West’ will always support those who antagonize Russia – Putin on ZelenskyZelensky was elected president on a platform of peace, but allied himself with “neo-Nazis and nationalists” after taking office, Putin said. He gave two reasons for this. The first is that people like this are “aggressive and… you can expect anything from them,” and the second is that “the US-led West supports them and will always support those who antagonize Russia.” It was “beneficial and safe” for Zelensky, but obviously betrayed the promises he made to voters, Putin said, adding: After the collapse of the Soviet Union, Ukraine went on a quest to find its national identity, but found no better option other than promoting “false heroes” who collaborated with the Nazis during WWII.

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Eidesvik nets contract extension for LNG-powered PSV

Energy News Beat

Norway’s Eidesvik Offshore has secured a contract extension for one of its LNG-powered PSVs.

According to a statement by Eidesvik, compatriot energy firm Aker BP has declared an option to extend the contract for the supply vessel Viking Lady.

The contract extension runs from February 2025 in direct continuation of the current contract, extending the firm period to February 2026.

Eidesvik did not provide any additional information regarding the contract.

Built in 2009, Viking Lady is 92.2 meters long and 21 meters wide.

Besides LNG propulsion, the PSV features a battery hybrid system.

Eidesvik announced back in September 2021 a three-year contract with Aker BP for Viking Lady.

The contract was awarded in direct continuation of the previous charter under the companies’ frame agreement.

In addition to this PSV, Eidesvik also has four additional LNG-powered PSVs in its fleet, including the 2012-built, Viking Prince, which also serves Aker BP under a charter deal.

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Himalaya’s LNG bulkers earned about $28,400 per day in January

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LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $28,400 per day in January.

Tor Olav Trøim’s Himalaya said in a commercial update that the company’s six vessels trading on a fixed time charter earned $28,600 per day, gross, including average daily scrubber and LNG benefits on five vessels of about $2,800 per day.

Moreover, the company’s three vessels trading on index-linked time charters earned about $28,000 per day, gross, including average daily scrubber and LNG benefits of about $3,000 per day.

The index linked vessels were delivered to their respective charterers to start their time charters between the 8th and the 15th of January, Himalaya said.

Himalaya said the company’s cash break-even TCE is estimated to be about $24,600 per day.

The Baltic 5TC Capesize Index averaged $20,565 during January 2024.

In December, Himalaya achieved average time charter equivalent earnings of about $34,900 per day.

In January, Himalaya took delivery of three 210,000-dwt Newcastlemax LNG dual fuel newbuildings from China’s New Times Shipyard.

Following these deliveries, the company now welcomed 9 of twelve vessels from New Times.

Himalaya’s three newest vessels are Mount Bandeira, Mount Hua, and Mount Elbrus

The firm said in the update that it has agreed to convert its index linked charters to fixed rate time charters for Mount Bandeira and Mount Hua from February 1 to June 30, 2024.

Following the conversion of the charters for these two vessels, the company will have five vessels trading on a fixed time charter of $24,852 per day, gross, in February and March, while two vessels will earn an average of $26,866 per day, gross, from April to June.

In addition, two vessels will continue to earn a fixed scrubber premium of $2,500 per day from February 1 to March 31.

The remaining three vessels will continue to earn scrubber premium according to the terms of their existing time charter agreements.

Himalaya said its board has approved a cash distribution of $0.01 per share for January.

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Spot LNG shipping rates rise for first time since November

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Spot charter rates for the global liquefied natural gas (LNG) carrier fleet rose for the first time since mid-November 2023, while European prices decreased this week compared to the week before.

Last week, the Atlantic rate dropped 1 percent week-on-week to $52,750 per day and the Pacific rate decreased 3 percent to $53,250 per day.

Qasim Afghan, Spark’s commercial analyst, told LNG Prime on Friday that the Spark30S Atlantic increased by $1,750 (3 percent) to $54,500 per day, whilst the Spark25S Pacific increased by $4,250 (8 percent) to $57,500 per day.

“The opening of the US arb to NE-Asia, coupled with the increased voyage time from the diversion of cargoes unable to transit Suez, are both likely contributory factors to this increase,” he said.

Image: Spark

LNG ships, including Qatari vessels delivering LNG shipments to Europe, are now favoring the Cape of Good Hope for safer passage.

Kpler said in a report last week that the Suez Canal has witnessed no LNG transits since January 17.

Vessels face an extra 21-day voyage time on a round-trip basis via the Cape of Good Hope as opposed to the Suez Canal, according to Kpler.

The firm said on Thursday that Qatar’s LNG export rose in January despite Red Sea disruptions.

“Despite a temporary halt in Red Sea transit, Qatar’s LNG exports soared in January to 7.58 million tonnes, up from December’s 7.11 million tonnes, securing its position as the world’s second-largest exporter after the US,” Kpler said.

“With increased shipments to Asia and a strategic shift in shipping routes, Qatar showcases resilience amidst challenges and shipped 5 percent more LNG to Asia in January than it did the month prior,” it said.

In Europe, the SparkNWE DES LNG front month dropped compared to the last week.

The NWE DES LNG for March delivery was assessed last week at $8.561/MMBtu and at a $0.64/MMBtu discount to the TTF.

“The SparkNWE DES LNG price for March delivery is assessed at $8.172/MMBtu and at a $0.60/MMBtu discount to the TTF,” Afghan said.

He said this is a $0.389/MMBtu decrease in DES LNG price, and a $0.04/MMBtu narrowing of the discount to the TTF.

Image: Spark

Levels of gas in storages in Europe remain high for this time of the year due to mild weather.

Data by Gas Infrastructure Europe (GIE) shows that gas storages in the EU were 67.87 percent full on February 7.

This week, JKM, the price for LNG cargoes delivered to Northeast Asia, dropped slightly when compared to the last week, according to Platts data.

JKM for March settled at $9.450/MMBtu on Thursday.

State-run Japan Organization for Metals and Energy Security (JOGMEC) said last week that demand remained weak with high inventory levels across Northeast Asia, although daily price declines have stimulated buying interest from China, India, Thailand, and other Asian countries.

JOGMEC did not publish the arrival-based or the contract-based monthly spot LNG price in January as there were less than two companies that imported spot LNG.

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Our Drunken Sailors’ Credit Card Balances, Burden, Delinquencies, and Available Credit

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Credit cards are the dominant payment method, from reimbursed business travel to ecommerce and bar tabs. And some people use them to borrow.

By Wolf Richter for WOLF STREET.

Credit cards are a measure of spending, not a measure of borrowing; they’re the dominant consumer payments method in the US, having largely replaced checks and cash. They’re used for anything, from bar tabs to business trips that get reimbursed – and those can be large amounts. Credit cards were used for $5.8 trillion in transactions in 2022, including those business trips, according to latest available the Nielsen Report. The new data, when it comes out, will show that consumers ran over $6 trillion through their credit cards in 2023 – very little of it got stuck as interest-bearing debt, while most of it was paid off by due date. And that’s what we’re seeing here.

Credit card balances (red line in the chart below) – so these are the statement balances before payments are made – rose by $50 billion in Q4 from Q3, to $1.13 trillion, according to the New York Fed’s Household Debt and Credit report. Year-over-year, credit card balances rose 14.3% on much higher spending on goods and services, including “revenge spending” on travels, restaurants, and entertainments – drunken sailors, we’ve come to call them lovingly and facetiously, but not so drunken because their income has risen even faster than their spending, and they were able to save a little.

“Other” consumer loans (blue line), such as personal loans, payday loans, and Buy-Now-Pay-Later (BNPL) loans, rose by $25 billion in Q4 from Q3, and by $47 billion, or 9.3% year-over-year. BNPL loans are short-term loans, subsidized by the merchant, that are interest-free for the customer; payments are due every week, and the entire loan has to be paid off in four or five weeks. They’ve been around forever; but they’ve gotten a lot more convenient.

These “other” consumer loan balances have barely risen over the past 20 years, which is interesting in light of the growth of the population, income, and spending over the period:

Credit-card balances to disposable income. 

Credit card balances and “other” consumer debt combined, at $1.68 trillion, rose to 8.2% of disposable income (income from all sources except capital gains, minus taxes and social insurance payments; the income consumers have left over to spend).

This measure of the burden of credit card balances and other consumer loans, in relationship to disposable income, has come up from those free-money record lows and is in the range of the Good Times before the pandemic.

Note something else: 20 years ago, that ratio was 14%, and consumers got in serious trouble during the Great Recession – it seems, many learned a lesson:

Credit is not tightening – except for subprime.

Despite all the hoopla last year about credit tightening for consumers – now forgotten, and even the Fed has axed this language from its January meeting statement – credit has not tightened in the arena of credit cards. Banks are trying as aggressively as ever to get people to set up new accounts, and they have raised the credit limits, and the aggregate credit limit has surged from record to record last year and in Q4 hit $4.79 trillion, while credit card balances ticked up to $1.23 trillion.

And the total available unused credit surged to a record $3.66 trillion. There was a credit crunch during and after the Great Recession, visible by the sharp drop in unused credit (blue line), as banks cut credit limits, closed accounts, and licked their wounds.

Subprime is always in more or less trouble, which is why it’s subprime. And the subprime segment is tightening, which we’ve already seen with auto loans. But for everyone else: banks are eager to lend them money:

Delinquencies left the free-money trough behind.

Reality is setting in for some people. Credit card balances that are 30 days or more past due – that transitioned into delinquency at the end of the quarter – rose to 8.5% in Q4. In 2019, the rate was about 7.0%. Before the Great Recession, 8.5% was around the record low (red line).

“Other” consumer credit transitioning into delinquency – including BNPL – rose to 7.5%, just a hair above where it was in 2018 and 2019 (blue).

How many adult Americans are behind on their credit cards?

The New York Fed’s study in November, based on Equifax data and its own Consumer Credit Panel data, found that only 2% of credit-card holders were 30-plus days delinquent. So 98% of credit-card holders were current. But those are cardholders.

Only about 166 million adult Americans had credit cards, that’s 64% of the 260 million adults (18 and over) had credit cards, according to TransUnion (Feb 2023 report). The remaining 36% of adults didn’t have credit cards; they had only debit cards (the second biggest payment method) or no card at all. And those Americans cannot be behind on their credit cards because they don’t have one.

So the percentage of adults – not “cardholders” – who are 30-plus days delinquent on credit card balances is around 1.7%. That may be tough for the 1.7%, but not for the economy.

We already discussed our drunken sailors’ mortgages, delinquencies, and foreclosures: Here Come the HELOCs: Mortgage Balances, Delinquencies, and Foreclosures. And their auto loans and delinquencies:  Auto Loan Balances, Subprime, Delinquencies, and Income: Who Are those Drunken Sailors?

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Japan’s Jera inks LNG pact with Indonesia’s PLN

Energy News Beat

Japan’s power firm and LNG trader, Jera, has signed a memorandum of understanding with a unit of Indonesia’s state power company PLN to collaborate on liquefied natural gas procurement.

Besides LNG procurement and optimization, the MoU with PLN Energi Primer Indonesia (PLN EPI) provides for collaboration in the development and operation of LNG receiving terminals in anticipation of growing demand for LNG in Indonesia, according to a statement by Jera.

By utilizing Jera’s LNG expertise, Jera and PLN EPI will establish an LNG value chain for the power segment in Indonesia and will also study the possibility of converting to a hydrogen and ammonia value chain, the joint venture of Tokyo Electric and Chubu Electric said.

PLN EPI is a fuel procurement and transportation operator for PLN, Indonesia’s largest power company.

Jera said Indonesia is expected to see continued increases in its demand for electricity due to its robust economic growth.

On the other hand, the country is highly dependent on coal-fired power generation, and there is concern about the increase in greenhouse gas emissions that will accompany the increase in electricity demand and accordingly importance of LNG as an energy transition fuel is increasing, the firm said.

Jera recently also signed a deal with Indonesia’s state-owned energy firm Pertamina to invest in LNG infrastructure.

Jera’s unit in Indonesia launched its operations in August last year.

According to its website, Jera handles about 40 million tons of LNG annually, among the largest transaction volumes in the world.

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India doesn’t trust Washington – US presidential candidate

Energy News Beat

Republican hopeful Nikki Haley has claimed New Delhi is close to Moscow as it views the Biden White House as weak

India has fostered close ties with Russia as it views the Biden White House as weak and does not trust it as a leader, US presidential candidate Nikki Haley, who is of Indian descent, said in a televised interview with Fox Business News on Wednesday.

On the topic of New Delhi’s purchase of Russian crude despite Western sanctions pressure, Haley insisted that India wants to be partners with the US rather than Moscow. “I have dealt with India too, I have talked with Modi,” asserted Haley, a former South Carolina Governor and former US ambassador to the United Nations in the Donald Trump government.

“The problem is India doesn’t trust us to win. They don’t trust us to lead. They see right now that we’re weak,” she asserted. She went on to argue that India has stayed close to Russia because “that is where they get a lot of their military equipment.”

Russia supplied 65% of India’s weapons purchases of more than $60 billion during the last two decades, according to the Stockholm International Peace Research Institute. The military cooperation between the two nations dates back to the Soviet era, with Moscow having supplied New Delhi with helicopters and fighter jets, frigates, and even nuclear-powered submarines, as well as tanks, air defense systems, and other weaponry.

Together, the two countries develop and produce a range of military systems, including BrahMos supersonic cruise missiles for maritime, aerial, and land-based platforms that India now exports to third countries.

Grilled on the efficacy of the unprecedented US sanctions against Moscow, Haley claimed that Russia “hasn’t suffered” because Biden has not ensured that sanctions are being imposed. “No one should be able to get oil from Russia,” Haley underlined, who has repeatedly insisted that helping Ukraine is part of US “national interests.”

Her comments come in the wake of New Delhi ramping up purchases of Russian crude in the past 2 years, arguing that it was a “pragmatic decision” in the interest of the nation. In 2023, bilateral trade between the two nations reached $50 billion – a historic high.

Indian Foreign Minister Subrahmanyam Jaishankar, speaking to Italian newspaper Corriere della Sera last year, described the anti-Russia sanctions as “levers” that advanced economies have at their disposal “based on mechanisms, powers and tools built over many years.” The wider world does not “accept the concept of sanctions in the same way,” the top Indian diplomat has argued.

During Jaishankar’s visit to Moscow in December, he stressed that India’s relationship with Russia remains “very steady” and “very strong.” “[The relationship is] based on our strategic concerns, our geopolitical interests, and because they are mutually beneficial,” he said, emphasizing these strong sentiments are shared at all levels, from the top leadership to ordinary people.

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US public debt forecast to hit 116% of GDP

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Liabilities held by the public could exceed the country’s annual output as early as next year, according to the Congressional Budget Office

US debt held by the public is expected to hit an all-time high within the next ten years, the Congressional Budget Office (CBO) warned in its latest Budget and Economic Outlook, released on Wednesday.

According to the CBO, federal public debt amounted to $26.2 trillion at the end of the 2023 fiscal year, accounting for 97% of GDP. That figure is expected to reach 99% this year and exceed the country’s annual economic output in 2025 at 101.7% of GDP.

By 2028, public debt is on pace to exceed the World War II record high of 106% of GDP, reaching $48.3 trillion by 2034, an unprecedented 116% of economic output and nearly two and a half times its average over the past 50 years.

According to the CBO, the surge in public debt is the direct result of burgeoning budget deficits. The federal budget deficit in 2024 is projected to rise to $1.5 trillion, or 5.3% of GDP, and climb further over the next decade. The cumulative deficit is projected to total $20.0 trillion over the period of 2025-2034, and continue to grow, pushing debt levels to a staggering 172% of GDP by 2054.

Debt held by the public is the largest part of the total US national debt, which also includes intragovernmental debt. Debt held by the public consists mostly of securities that the Treasury issues to fund the federal government’s operations and to pay off its maturing liabilities.

Total US national debt topped $34 trillion for the first time in history in late December of last year. It currently amounts to $34.2 trillion, or about $101,800 per US citizen. Last month, US Treasury Secretary Janet Yellen said that the level of US debt looks like “a scary number” and urged the government to take steps “to make sure that our deficits come down.”

Jamie Dimon, head of JPMorgan, the nation’s largest bank, also recently warned that the US economy is on its way towards a major crisis unless Washington gets the debt pileup under control.

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Flex LNG’s 2023 revenue climbs, net income down

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Norwegian shipping firm Flex LNG, the owner of 13 liquefied natural gas carriers, reported higher revenue and lower net income in 2023.

The shipping firm controlled by billionaire John Fredriksen said on Wednesday that vessel operating revenues were $371 million for the January-December period, a rise of $23.1 million compared to $347.9 million in 2022.

Vessel operating revenues of $97.2 million for the fourth quarter of 2023 were almost flat compared to $97.9 million in the same quarter in 2022, while they rose compared to $94.6 million in the prior quarter.

On the other hand, the company’s 2023 net income of $120 million dropped $68 million compared to $188 million in 2022, while net incomed dropped to $19.4 million in the fourth quarter compared to $41.4 million in the same quarter last year and $45.1 million in the previous quarter.

Flex LNG noted it had higher expenses in the fourth quarter due to engine maintenance on its 2018 and 2019-built vessels, and recorded a net loss on derivatives of $11.6 million.

Average time charter equivalent (TCE) rate was $81,114 per day in the fourth quarter of 2023, and compares to $79,207 per day for the third quarter and $81,669 per day in the fourth quarter in 2022.

In 2023, the average rate was $79,500 per day.

Flex LNG a declared a dividend for the fourth quarter of $0.75 per share.

Flex LNG has 12 LNG carriers on fixed hire time charters, including to US LNG exporter Cheniere, and one ship, Flex Artemis, on a variable time charter.

Last month, Flex LNG secured a charter extension for its 2020-built 173,400-cbm LNG carrier, Flex Resolute.

The firm also said that the 2019-built 173,400-cbm, Flex Constellation, will be available for charter later this year after a trading house decided not to utilize its extension option.

Flex LNG’s backlog for its time charters is for an aggregate of 50 years, which may increase to 71 years with declaration of charterer’s options, it said.

“Over the next two years, we do see a somewhat more challenging freight market as there are more ships for delivery compared to the expected new export volumes,” CEO Øystein Kalleklev said.

“Hence, we think Flex LNG is very well positioned as we have 94 percent charter coverage for 2024 and 50 years minimum firm charter backlog,” he said.

Additionally, Flex LNG’s fleet consists entirely of large LNG carriers fitted with the most modern two-stroke propulsion system resulting in “significant” fuel savings compared to older generation tonnage, he said.

“Reduced fuel consumption is also good for the environment and with EU Emission Trading System coming into force from 2024, this further enhances the premium which our ships can achieve in the market given the costs associated with such carbon emissions,” the CEO said.

“Lastly, we have a very strong balance sheet where all the LNG carriers are financed with attractive long-term debt while our cash balance at year-end was a comfortable $411 million, giving us a high degree of financial flexibility,” Kalleklev said.

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