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Flex LNG announces time charters

Published by , Assistant Editor
LNG Industry,

Flex LNG Ltd has agreed two-time charter agreements with a minimum firm period of three years for each of its two existing LNG carriers, Flex Resolute and Flex Courageous. The charterer, an energy major, will have the option to extend each ship by two additional two-year periods bringing the total period to seven years under each of the time charters.

Under the time charters, the vessels will be delivered to the charterer during 1Q22 in direct continuation of their existing time charters. Both ships are large LNG carriers with ME-GI propulsion and a cargo capacity of 173 400 m3. Furthermore, Flex Couragous is equipped with a partial reliquefaction system while Flex Resolute is equipped with full reliquefaction system bringing the active boil-off rate down to 0.075% and 0.035% respectively. This makes the ship very flexible and fuel efficient for transportation of large LNG parcels with close to 0% methane slip from the main engines.

The time charters remain subject to final documentation and certain closing conditions.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented: “We are pleased to announce another pair of attractive time charter contracts this time with an energy major. Since April we have thus secured long-term fixed hire employment for eight, possibly nine of our ships in line with our communicated strategy of securing attractive revenue backlog once the market has improved. Our firm contract backlog is now about 33 years with a further 36 years of optional backlog. This highlights the attractiveness of owning and operating highly efficient ships with significantly lower carbon footprint than the older generation ships.”

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