Flex LNG Ltd has agreed a new Time Charter Agreement (“TC”) for Flex Constellation for 15-years, according to the company's release.
Commencement of the charter will occur during the first or second quarter of 2026 with maturity in 2041. The TC also include an extension option for the charterer until 2043.
Flex Constellation, built 2019, is a advanced 173,400 cbm LNG carrier with ME-GI two stroke propulsion and partial reliquefaction system (PRS) making her ideal for the current requirements. She is currently on a 10-month TC with a large Asian utility and asset backed LNG trader until end of first quarter 2025. The current charterer is a subsidiary of the new charterer.
The existing charterer of Flex Constellation did not exercise its one-year extension option. Hence, Flex Constellation will be open for trading spot and/or short-term TC from the end of first quarter 2025 for a period of approx. 12 months before commencing this new 15-year TC.