Flex LNG, Ltd. has entered into time charter party agreements with Cheniere Marketing International ("Cheniere") for four LNG carriers with the option for a fifth LNG carrier, according to the company's release.
Under the agreements, Flex LNG will employ newbuild Flex Vigilant which will be delivered to Cheniere ex-yard in May 2021. In addition, Flex LNG will deliver two of its existing LNG carriers to Cheniere during the third quarter of 2021, and a third existing LNG carrier during the third quarter of 2022.
Cheniere will have the option to add a fifth LNG carrier from Flex LNG's existing fleet during the third quarter of 2022. The firm charter period for each of the four initial LNG carriers is between three and three and a half years, with an option for Cheniere to extend each by up to two additional years.
All existing Flex LNG ships are large LNG carriers with a cargo capacity of approximately 173,400 to 174,000 cubic meters (CBM) and fitted with efficient dual-fuel two-stroke propulsion (MEGI/XDF). This makes the ships particularly ideal for large parcel, long haul transportation with the industry's lowest carbon footprint and unit transportation cost.
The Time Charter Party Agreements remain subject to final documentation and certain closing conditions in connection with the delivery and acceptance of the LNG carriers to Cheniere.
About FLEX LNG LTD
Flex LNG is shipping company focused on the growing market for Liquefied Natural Gas (LNG). The fleet consists of twelve LNG carriers on the water and one remaining newbuildings for delivery in May 2021. All vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offers significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships.