Flex LNG has 51 years of firm backlog after new charter deals

Hamilton-based Flex LNG shipowner has sealed a new time charter contract with a large Asian LNG importer, for the vessel Flex Constellation.

The shipowner, which has thirteen LNG carriers on the water, has revealed that the charter already commenced on May 7, with a minimum period of 312 days, until the end of the first quarter of 2025.

As the owner reported, the charterer has the option to extend the charter by an additional one-year period until the end of the first quarter of 2026.

The 173,400 cbm LNG carrier, Flex Constellation, was delivered from Hanwha Ocean in South Korea to Flex LNG in June 2019.

It is equipped with modern two-stroke propulsion and partial reliquification system which enable the ship to reduce the active boil-off rate to an attractive level of 0.075%.

The vessel was redelivered from a three-year time charter at end of first quarter this year.

Subsequently, she carried out her scheduled five-year special survey in drydock in Singapore on schedule and budget.

Following this drydocking she has been engaged in the spot market until commencement of the new time charter.

Øystein Kalleklev, chief executive of Flex LNG Management AS, said: “We are pleased to announce our fourth contract so far this year.

“Earlier this year we have announced two-year contract extensions for both Flex Resolute and Flex Courageous from 2025 to 2027 as well as a 500-days extension of Flex Endeavour from 2030 to 2032.

“With this new time charter, we have added 6.2 years of firm backlog so far this year and have secured 100 per cent charter coverage for the remainder of the year.

“In total, we now have 51 years of firm backlog which may increase to 70 years in the event the charterers are utilizing all of their extension options.”