Flex LNG - Announces 15-year Time Charter for Flex Constellation
Flex LNG (NYSE: FLNG) has secured a new 15-year Time Charter Agreement for Flex Constellation, commencing in Q1/Q2 2026 with maturity in 2041 and extension option until 2043. The vessel, built in 2019, is a 173,400 cbm LNG carrier currently on a 10-month charter until Q1 2025. After the current charter ends, the vessel will trade spot/short-term for approximately 12 months before starting the new long-term charter. The new charter rate aligns with existing rates. Following this agreement, Flex LNG has 64 years of firm backlog, potentially extending to 98 years with extension options. The company has 11.2 out of 13 ships on firm Time Charter at an average rate of $80,000 per day.
Flex LNG (NYSE: FLNG) ha stipulato un nuovo contratto di charter a lungo termine di 15 anni per Flex Constellation, che avrà inizio nel Q1/Q2 del 2026 e scadenza nel 2041, con un'opzione di estensione fino al 2043. La nave, costruita nel 2019, è un trasportatore di GNL da 173.400 cbm, attualmente in charter per 10 mesi fino al Q1 del 2025. Una volta terminato il contratto attuale, la nave opererà nel mercato spot/breve termine per circa 12 mesi prima di iniziare il nuovo contratto a lungo termine. La nuova tariffa di charter è in linea con quelle esistenti. Con questo accordo, Flex LNG ha 64 anni di backlog certo, potenzialmente estendibili a 98 anni con opzioni di estensione. L'azienda ha 11,2 su 13 navi in charter a lungo termine a una tariffa media di 80.000 dollari al giorno.
Flex LNG (NYSE: FLNG) ha asegurado un nuevo contrato de alquiler a largo plazo de 15 años para Flex Constellation, que comenzará en el Q1/Q2 de 2026 y tendrá vencimiento en 2041, con opción de prórroga hasta 2043. El buque, construido en 2019, es un transportista de GNL de 173.400 cbm, actualmente en un contrato de alquiler de 10 meses hasta el Q1 de 2025. Tras la finalización del contrato actual, el buque operará en el mercado spot/corto plazo durante aproximadamente 12 meses antes de iniciar el nuevo contrato a largo plazo. La nueva tarifa de alquiler se alinea con las tarifas existentes. Con este acuerdo, Flex LNG tiene 64 años de backlog firme, potencialmente extendiéndose a 98 años con opciones de prórroga. La compañía tiene 11.2 de 13 barcos en contratos de alquiler firmes a una tarifa promedio de 80,000 dólares por día.
Flex LNG (NYSE: FLNG)는 Flex Constellation에 대해 15년짜리 새로운 시간 차터 계약을 체결했습니다. 이 계약은 2026년 1분기/2분기에 시작되어 2041년에 만료되며, 2043년까지 연장 옵션이 있습니다. 이 선박은 2019년에 건조된 173,400 cbm의 LNG 운반선으로 현재 2025년 1분기까지 10개월간의 차터 중입니다. 현재 차터가 종료된 후, 선박은 약 12개월 동안 스팟/단기 거래를 한 후 새로운 장기 차터를 시작할 것입니다. 새로운 차터 요금은 기존 요금과 일치합니다. 이번 계약에 따라 Flex LNG는 64년의 확정된 백로그를 보유하고 있으며, 연장 옵션을 통해 최대 98년까지 연장될 수 있습니다. 회사는 평균 하루 80,000달러의 요금으로 13척 중 11.2척을 확정된 시간 차터로 운영하고 있습니다.
Flex LNG (NYSE: FLNG) a sécurisé un nouveau contrat de charter à long terme de 15 ans pour Flex Constellation, qui débutera au T1/T2 2026 et se terminera en 2041, avec option de prolongation jusqu'en 2043. Le navire, construit en 2019, est un transporteur de GNL de 173 400 cbm actuellement sous contrat pour 10 mois jusqu'au T1 2025. Après la fin du contrat actuel, le navire fera de la place au marché des contrats spot/court terme pendant environ 12 mois avant de commencer le nouveau contrat à long terme. Le nouveau tarif de charter est en phase avec les tarifs existants. Suite à cet accord, Flex LNG dispose d'un carnet de commandes solides de 64 ans, pouvant potentiellement s'étendre à 98 ans avec des options de prolongation. L'entreprise a 11,2 des 13 navires en contrat de time charter ferme à un tarif moyen de 80 000 dollars par jour.
Flex LNG (NYSE: FLNG) hat einen neuen 15-jährigen Zeitchartervertrag für Flex Constellation gesichert, der im Q1/Q2 2026 beginnt und im Jahr 2041 endet, mit Verlängerungsoption bis 2043. Das 2019 gebaute Schiff ist ein LNG-Transporter mit einem Fassungsvermögen von 173.400 cbm, der derzeit für 10 Monate bis zum Q1 2025 gechartert ist. Nach Ablauf des aktuellen Charters wird das Schiff etwa 12 Monate lang im Spot-/Kurzfristbetrieb tätig sein, bevor es den neuen langfristigen Chartervertrag aufnimmt. Der neue Chartertarif entspricht den bestehenden Tarifen. Nach diesem Vertrag hat Flex LNG 64 Jahre feste Auftragslage, potenziell erweiterbar auf 98 Jahre mit Verlängerungsoptionen. Das Unternehmen hat 11,2 von 13 Schiffen im festen Zeitcharter zu einem durchschnittlichen Satz von 80.000 Dollar pro Tag.
- Secured new 15-year Time Charter Agreement extending to 2041 with option until 2043
- 64 years of firm backlog, potentially extending to 98 years
- 90% of income days for 2025 already covered
- 11.2 out of 13 ships on firm Time Charter at ~$80,000 per day average rate
- 12-month gap period with spot/short-term trading exposure from Q1 2025 to Q1/Q2 2026
Insights
This 15-year charter agreement represents a significant strategic win for Flex LNG, substantially enhancing their long-term revenue visibility. The deal secures
The company's robust contract coverage, with
The charter rate alignment with the vessel's existing rate suggests strong market fundamentals for modern LNG carriers with ME-GI propulsion systems. This contract structure, combined with the charterer being an existing client, indicates strong industry relationships and asset quality validation.
Flex Constellation, built 2019, is a advanced 173,400 cbm LNG carrier with ME-GI two stroke propulsion and partial reliquefaction system (PRS) making her ideal for the current requirements. She is currently on a 10-month TC with a large Asian utility and asset backed LNG trader until end of first quarter 2025. The current charterer is a subsidiary of the new charterer.
As communicated in connection with our third quarter results on November 12, the existing charterer of Flex Constellation did not exercise its one-year extension option. Hence, Flex Constellation will be open for trading spot and/or short-term TC from the end of first quarter 2025 for a period of approx. 12 months before commencing this new 15-year TC.
Øystein Kalleklev, CEO of Flex LNG Management commented:
"We are pleased to announce another substantial long-term charter, this time for Flex Constellation which will be fixed for a firm period of minimum 15 years from 2026 to 2041 with possibility of extension to 2043. We really much appreciate returning customer who appreciate the service and quality level that Flex LNG delivers.
"With this Time Charter, we further increase our backlog and earnings visibility with a charter rate for the new period in line with the existing charter rate for the vessel. Following this agreement, Flex LNG has in total 64 years of firm backlog which may increase to 98 years in the event charterers utilize all their extension options.
"Consequently, Flex LNG is very well positioned to navigate near term market weakness with 11.2 out of our 13 ships on firm Time Charter for the next year at an average Time Charter rate of close to
Please find the updated contract overview attached.
For further information, please contact:
Media contact: Mr. Øystein Kalleklev, Chief Executive Officer of Flex LNG Management
Investor and Analyst contact: Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
This information constitutes inside information pursuant to article 7 in the EU Market Abuse Regulation, was published by Petter Eng, Senior Vice President Finance, on the date and at the time indicated above, and is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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The following files are available for download:
https://mb.cision.com/Public/22886/4073445/b52f8e7978764ebb.pdf | Flex LNG - Contract Overview 29 November 2024 |
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SOURCE Flex LNG
FAQ
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