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Flex LNG receives time charter extension for Flex Courageous

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LNG Industry,

Flex LNG Ltd has received notice that the charterer of Flex Courageous, a super major, has exercised its first extension option. Flex Courageous was fixed on a three-year time charter on 1 November 2021, together with Flex Resolute, which was also recently extended by two years until 2027. The commencement of the time charter for Flex Courageous was February 2022. Under the time charter, the charterer has the option to extend the period by two consecutive two year periods. Following this first option declaration, Flex Courageous will be firm until 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 Courageous has decided to extend the time charter in line with what was recently done for Flex Resolute. This means that earliest redelivery for the ship is 2027 where the charterer has a further option to extend her until 2029. Flex LNG has approximately 94% charter coverage for the remaining part of 2024, so we remain well positioned with only one ship, Flex Constellation, coming open during 2Q24 which is usually when the freight market starts to tighten again after the seasonal adjustment coming out of the winter.”

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