Flex charters LNG newbuild to Gunvor

Flex LNG, the company controlled by billionaire John Fredriksen and an emerging player in the LNG shipping business, entered into a long-term time charter with Gunvor for its LNG newbuild. 

The charter deal is for a total period of 10 years with the first five years of the deal being firm.

Flex LNG noted in its statement that the vessel to serve the deal is will be the hull 2479 currently under construction at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea. Once built the vessel will be named as Flex Artemis.

Commencement of the time charter will be in connection with the delivery of the ship ex yard which is scheduled for August 2020.

The time charter will have elements of variable rate of hire across the charter period, Flex LNG said.

Hull 2479 is a 173,400-cbm LNG carrier fitted with a high-pressure two-stroke slow-speed propulsion system (ME-GI).

The vessel is also equipped with a full reliquefaction system (FRS) enabling a very high level of operational flexibility given the low boil-off rate of 0.035 percent per day.