Flex LNG - New Time Charter for Flex Constellation
Rhea-AI Summary
Flex LNG, announced a new Time Charter agreement with a large Asian LNG importer for the vessel Flex Constellation. The charter commenced on May 7 with a minimum duration of 312 days, extendable up to first quarter 2026. The ship is equipped with modern technology to reduce boil-off rates. The company's CEO highlighted the addition of 6.2 years of firm backlog this year, securing 100% charter coverage for the remainder of the year.
Positive
Secured a new Time Charter agreement with a large Asian LNG importer, providing firm backlog and 100% charter coverage for the year.
The vessel, Flex Constellation, equipped with modern technology, reduces active boil-off rates to 0.075%, enhancing operational efficiency.
Negative
Dependence on charter agreements for revenue generation, subject to market fluctuations and charterer decisions.
Potential risks associated with extended charter periods, impacting flexibility and adaptability to market changes.
News Market Reaction – FLNG
On the day this news was published, FLNG gained 2.30%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Flex Constellation is a large 173,400 cbm LNG carrier delivered from Hanwha Ocean in
Flex Constellation 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
Øystein Kalleklev, CEO of Flex LNG Management AS, commented:
"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."
Please find the updated contract overview attached.
For more information please contact:
Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: IR@flexlng.com
About FLEX LNG
Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/flex-lng/r/flex-lng---new-time-charter-for-flex-constellation,c3975325
The following files are available for download:
Flex LNG - Contract coverage 8 May 2024 |
View original content:https://www.prnewswire.com/news-releases/flex-lng--new-time-charter-for-flex-constellation-302139318.html
SOURCE Flex LNG
FAQ
What is the new Time Charter agreement announced by Flex LNG?
Flex LNG announced a new Time Charter agreement with a large Asian LNG importer for the vessel Flex Constellation, effective from May 7 for a minimum period of 312 days.
Who is the CEO of Flex LNG?
Øystein Kalleklev is the CEO of Flex LNG Management AS.
How many years of firm backlog does Flex LNG have?
Flex LNG currently has 51 years of firm backlog, potentially increasing to 70 years if charterers utilize all extension options.