Flex LNG lands 15-year time charter on LNG carrier

Flex LNG has landed a new time-charter agreement for its 2019-built LNG carrier Flex Constellation.

The company said the current vessel charterer had not extended the existing contract on the vessel, which had an option for a one-year extension. 

Currently on charter with a large Asian utility and asset-backed LNG trader, Flex Constellation’s contract will be complete at the end of the first quarter in 2025, and its new time-charter contract will not begin until the "first or second quarter of 2026," according to Flex LNG. The current charterer is a subsidiary of the new charterer, Flex LNG said. 

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"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 [time charter] from the end of first quarter 2025 for a period of approximately 12 months before commencing this new 15-year [time charter]," the company said.

Flex Constellation has ME-GI two stroke propulsion and a partial reliquefaction system (PRS).

Flex LNG Management CEO Øystein Kalleklev said “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."

The company said it has covered close to 90% of vessel earning days for 2025. The company’s fleet list shows 13 vessels, built between 2018 and 2021.