John Fredriksen-controlled Flex LNG took a financial knock-back in the first three months of this year as high-interest costs kicked in, variable charter rates on vessels fell and the company put its first two ships through scheduled dry-dockings.

Net income for the first quarter crashed to $16.5m, down from $55.8m in the same period a year earlier.

The company reported a jump in interest expenses up to $26.3m