Flex announced on Wendesday that it has received notice from the charterer, a supermajor, of the vessels Flex Resolute and Flex Courageous.
The charterer decided to exercise the second extension option of 730 days under the original time charter contracts for the period Q1 2027 to Q1 2029 for both ships.
UK-based energy giant BP is the charterer of the 2019-built 173,400-cbm Flex Courageous and the 2020-built 173,400-cbm Flex Resolute.
In November 2024, BP extended the original contracts, which comprised three firm years plus two two-year extension options, by adding a further three firm years for the period Q1 2029 to Q1 2032.
BP also holds additional extension options of up to seven years per vessel from 2032.
With today’s announcement, both vessels will be employed on a firm contract with the supermajor until at least Q1 2032, according to Flex LNG.
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 extension options.
Flex Constellation starts 15-year charter
Flex LNG also announced that the 2019-built vessel Flex Constellation commenced its 15-year time charter contract in March 2026 with a large Asian utility and asset-backed LNG trader.
Thus, Flex Constellation will now be on a firm contract until at least 2041.
In November 2024, Flex announced this charter contract for the 174,000-cbm vessel.
VesselsValue data suggests that Japan’s Jera is the charterer of Flex Constellation.
Marius Foss, CEO of Flex LNG Management, welcomed the new contract extension and the start of the new charter for Flex Constellation.
“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,” he said.
“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,” he said.
“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,” Foss said.
