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Bermuda-headquartered liquefied natural gas (LNG) shipping company Flex LNG has revealed a contract extension for two LNG carriers and the start of an assignment for another vessel.
While disclosing the exercise of contract extensions for two ships and an update on its fleet status, Flex LNG announced the receipt of notice from an undisclosed charterer, said to be a supermajor, for the exercise of the second extension option of 730 days for the Flex Resolute and Flex Courageous vessels under the original time charter contracts for the period Q1 2027 to Q1 2029 for both ships.
The charterer, which extended the original contracts that entailed three firm years plus two two-year extension options by adding a further three firm years for the period Q1 2029 to Q1 2032, also holds additional extension options of up to seven years per vessel from 2032. Both vessels will be employed on a firm contract with the unnamed supermajor until at least Q1 2032.
Marius Foss , CEO of Flex LNG Management, commented: “We are pleased that the charterer of Flex Resolute and Flex Courageous acknowledge our high-quality service of safe and reliable operation whereby the charterer has again exercised extension options for both ships. Consequently, the ships are now on firm contract to minimum 2032.”
Following the exercise of these options, Flex LNG’s firm contract backlog is 53 years and may increase to 74 years if the charterers exercise the remaining extension options. The company’s Flex Constellation vessel began its 15-year time charter contract in March 2026 with a large Asian utility and asset-backed LNG trader. As a result, the ship will now be on firm contract until minimum 2041.
Foss continued: “Currently, the energy markets in general, and gas markets specifically, are experiencing significant volatility following the ongoing conflict in Iran and the implications for LNG export from the Gulf States. We continue trading our three open vessels into what is presently a firm spot market, supported by natural gas price dynamics that incentivize longer sailing distances.
“However, the market conditions may shift rapidly. The restart of existing LNG export capacity in the Middle East and the re-opening of the Strait of Hormuz remain highly uncertain at present.”