Flex LNG has strong time charters on its books
Bermuda-registered shipper Flex LNG said November 16 that it had a strong portfolio of commitments for its charters, assuming they are all declared.
Flex LNG's tankers all have capacities of around 174,000 m3 and are fitted with dual-fuel, two-stroke propulsion, making them "particularly ideal for large parcel, long-haul transportation with the industry's lowest carbon footprint and unit transportation cost."
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In April, the company entered into a series of time-charter agreements with the international marketing arm of US LNG producer Cheniere Energy. Cheniere operates the Corpus Christi and Sabine Pass LNG terminals and has reserved some of the long-term capacity for its own use.
“The company has now secured attractive long-term time charters with a mixed portfolio of market rate and fixed rate contracts and at the date of this report, our fleet has an aggregate of 33 years firm periods and with charterer’s options this could extend to over 69 years, if declared,” Flex LNG said in its statement for the third quarter.
The company reported revenues of $81.9mn and net income of $32.8mn during the third quarter, compared with $65.8mn and $12.7mn, respectively, for the same period last year.