John Fredriksen-controlled Flex LNG quadrupled its losses in the first quarter of this year in what the company described as "challenging" near term outlook for LNG shipping.

Flex logged a first-quarter net loss of $14.9m for the quarter. which was a jump on the $3.4m of red ink recorded in the same period a year earlier. It also marks a turnaround on the $24m pre-tax profit reported by the company in the last three months of 2019.