Flex LNG Extends Charter for 2018-Built LNG Carrier

Bermuda-based LNG carrier owner Flex LNG has extended a time charter agreement for Flex Enterprise, a 173,400 cbm vessel.

With this extension, the firm period under the time charter is until the end of the first quarter of 2021. The charterer also has remaining extension options.

The time charter rate is variable as a function of the overall market conditions, according to the company.

“Flex LNG Fleet Management took over ship management responsibilities for this ship in November 2019 so we are particularly pleased that the charterer has elected to extend this time charter,” Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management, commented.

Back in 2018, Flex LNG entered into a time charter agreement for the 96,000 dwt Flex Enterprise with gas and power utility company Enel Trade. The carrier was hired for a period of twelve months that commenced in the second half of 2019.

In 2019, Flex LNG completed the sale-and-charterback transaction with Hyundai Glovis for the 2018-built vessels Flex Enterprise and Flex Endeavour. The ships were sold for USD 420 million and chartered back on a time-charter basis to subsidiaries of Flex LNG for a period of ten years and the company has options to acquire the LNG carrier duo during the term of the charters.