Norwegian controlled LNGC owner, Flex LNG has signed a new 15 year timecharter agreement for ‘Flex Constellation’.
The new charter will commence during the first or second quarters of 2026 ending in 2041 with an extension option for another two years to 2043.
‘Flex Constellation’, built 2019, is a 173,400 cu m LNGC fitted with ME-GI 2-stroke propulsion and a partial reliquefaction system (PRS) making her ideal for the current requirements, Flex LNG said.
She is currently employed on a 10-month charter with a large Asian utility and an asset backed LNG trader until end of first quarter of 2025.
The current charterer is a subsidiary of the new charterer.
Her existing charterer did not exercise its one year extension option, hence, she will be open for trading spot and/or short-term from the end of first quarter of next year for about 12 months before commencing her new 15-year charter.
Øystein Kalleklev, Flex LNG Management CEO, 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 timecharter, 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 utilise 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 timecharter for the next year at an average rate of close to $80,000 per day.
“Additionally, we also have one ship on variable hire until minimum 3Q25, but where the charterer has the option to extend this variable hire to 2030. Hence, close to 90% of our income days for 2025 is already covered with backlog stretching all the way into 2041,” he concluded.
