Flex LNG is sitting on a growing pile of cash, but chief executive Oystein Kalleklev is committing to only one use right now.

He said the long lead time for newbuildings makes new ships unattractive, teased consolidation and trumpeted the company’s ability to continue cutting dividends at Marine Money’s New York Ship Finance Forum on Thursday.

“We might do some M&A [mergers and acquisitions], but M&A in shipping is difficult,” he said.