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Flex LNG extends Flex Resolute’s time charter agreement

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LNG Industry,

Flex LNG Ltd has received notice that the charterer of Flex Resolute, a super major, has exercised its first extension option. Flex Resolute was fixed on a three-year time charter on 1 November 2021, with commencement of the time charter in January 2022. Under the time charter, the charterer had options to extend the period by up to four additional years in two-year periods. Following this option declaration, Flex Resolute is on a fixed hire contract until at least 1Q27. The charterer will then have a final option to extend the time charter by another two years until 2029.

Øystein Kalleklev, CEO of Flex LNG Management AS, commented: “We are pleased that the charterer of Flex Resolute has decided to extend the time charter. This means that earliest redelivery for the ship is 2027 where the charterer has a further option to extend her until 2029. Flex LNG is well positioned with 95% charter coverage for 2024 and about 50 years of firm backlog. We have one ship, Flex Constellation, coming open this year during 2Q24 when the freight market usually starts to tighten again after the seasonal adjustment coming out of the winter.”

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