FLEX LNG signs time-charter contract for first LNGC newbuilding

By Vessels

FLEX LNG LTD (FLEX LNG) (OSE:FLNG) Thursday announced that it has entered into a time-charter contract for the LNG carrier newbuilding, FLEX ENDEAVOUR, to Uniper Global Commodities (Uniper), a leading international energy company with operations in more than 40 countries, and headquarter in Germany.

FLEX LNG signs time-charter contract for first LNGC newbuilding

FLEX ENDEAVOUR is a state-of-the-art 173,400 m3 cargo capacity LNG carrier equipped with the new high efficiency MEGI propulsion system. The Vessel is currently under construction at DSME, South Korea. The time charter period is for 15 to 18 months commencing immediately upon the delivery from the shipyard
in January 2018. This charter formalizes the arrangement that was agreed for the extension of the chartered-in vessel from April 2018. This arrangement brings forward the delivery date to coincide with the delivery of the Vessel in H1 January 2018.

In addition the Company is pleased to advise it has fulfilled the closing conditions for the term loan facility for the first three LNGC newbuilding and will utilize the loan facility in connection with the deliveries of these vessels.

Jonathan Cook, Chief Executive Officer, commented: "We are pleased to have secured a time-charter contract ex-yard with a first class charterer for our first newbuilding. The deal will provide FLEX LNG with full utilization of the vessel from day one without idle time or costs normally associated with the maiden voyage for a newbuild LNG carrier. The charter period is in line with our
chartering strategy and brings increased earnings visibility for 2018."

Source: FLEX LNG