Flex LNG a shipping company with a fleet of thirteen fuel efficient, fifth generation LNG carriers, seals a deal with Cheniere Marketing International, for the extension of time charter agreements for three LNG carriers.
The new agreement extends the charter periods of Flex Endeavour, Flex Ranger and Flex Vigilant, for up to an additional 19 years in aggregate.
The New York and Oslo-listed firm, said that prior to this agreement, the three ships have about six years in aggregate of the remaining firm charter period.
Now, Cheniere Marketing International has declared the original 1+1-year optional periods for all three vessels. Additionally, both parties have agreed to an extension of the existing time charter agreements, for the vessels Flex Endeavour and Flex Vigilant. As the company states, the new period is for up to 1,800 days, (additional approximate five years), for both Flex Endeavour and Flex Vigilant.
The Flex Ranger will be redelivered to Flex LNG, in the period between March or April 2027, after completing her original 5.5-year time charter, with Cheniere Marketing International.
The CEO of Flex LNG Management AS, Øystein Kalleklev, commented on the announced extension, that “CMI will continue to charter these three ships for an aggregate period of up to 25 years with a minimum period of around 20 years in aggregate. In addition, there is about 6.5 years of minimum backlog for Flex Volunteer and Flex Aurora with CMI with an additional 4 years of optional backlog for these two ships. Together with CMI we will thus ensure safe and low emission transportation of LNG to a fuel starved world”.
As he pointed out, “we are further increasing earnings visibility and our minimum contractual backlog. Following this agreement our minimum contractual backlog is about 63 years or about 5 years on average per ship”.
Source: Flex LNG