Flex LNG Extends Charters for Two Carriers Through 2032
Flex LNG has secured multi-year charter extensions for two LNG carriers and confirmed a long-term contract for a third vessel, strengthening its fleet utilization amid volatile gas markets.
(P&GJ) — Flex LNG has secured new long-term charter commitments for multiple vessels, extending its contract coverage into the next decade and reinforcing fleet utilization during a volatile LNG market.
The company said charterers exercised extension options for the LNG carriers Flex Resolute and Flex Courageous, adding 730 days to each contract and pushing firm employment for both vessels through at least the first quarter of 2032.
The extensions build on previously agreed terms that already lengthened the contracts and include additional optional periods that could extend employment even further beyond 2032.
Following the latest extensions, Flex LNG said its firm contract backlog totals 53 years and could increase to 74 years if all remaining options are exercised.
Separately, the company confirmed that the Flex Constellation has entered service under a 15-year time charter agreement with an Asian utility and LNG trader. The vessel began the contract in March and is now committed through at least 2041.
Marius Foss, CEO of Flex LNG Management AS, commented:
“We are pleased that the charterer of Flex Resolute and Flex Courageous acknowledge our high-quality service of safe and reliable operation whereby the charterer has again exercised extension options for both ships. Consequently, the ships are now on firm contract to minimum 2032.
Equally, we are pleased to confirm that Flex Constellation has been delivered to the charterer and commenced the 15-year time charter contract. We look forward to providing safe and reliable transportation of LNG for the Asian based charterer until minimum 2041.
Currently, the energy markets in general, and gas markets specifically, are experiencing significant volatility following the ongoing conflict in Iran and the implications for LNG export from the Gulf States. We continue trading our three open vessels into what is presently a firm spot market, supported by natural gas price dynamics that incentivize longer sailing distances. However, the market conditions may shift rapidly. The restart of existing LNG export capacity in the Middle East and the re-opening of the Strait of Hormuz remain highly uncertain at present.”
The updates come as LNG shipping markets remain tight, with geopolitical disruptions and shifting trade flows continuing to influence vessel demand and contract activity.