Flex LNG lands another two-year LNG carrier charter extension

Flex LNG, the owner and operator of LNG carriers, has received a notice that the charterer of its vessel Flex Courageous will exercise the first extension option.

Together with Flex Resolute, Flex Courageous was fixed on a three-year time charter on November 1, 2021, with the contract commencing in February 2022. The time charter contract came with an option to extend the period by two consecutive two-year periods.

Following the recent announcement that Flex Resolute’s charter was extended by two years until 2027, Flex LNG has now secured an extension for Flex Courageous which will also be on a fixed-hire contract until the first quarter of 2027.

The charterer will then have a final option to extend the contract by another two years until 2029.

As data from VesselsValue indicate, the charterer of Flex Courageous and Flex Resolute is UK-headquartered energy giant BP.

Øystein Kalleklev, CEO of Flex LNG Management AS, commented on the charter extension: “We are pleased that the charterer of Flex Courageous has decided to extend the Time Charter in line with what was recently done for Flex Resolute. This means that earliest redelivery for the ship is 2027 where the charterer has a further option to extend her until 2029.

“Flex LNG has approx. 94% charter coverage for the remaining part of 2024, so we remain well positioned with only one ship, Flex Constellation, coming open during the second quarter which is usually when the freight market starts to tighten again after the seasonal adjustment coming out of the winter.”