Flex LNG Secures New Time Charter with Major Asian LNG Importer For Flex Constellation
Portfolio Pulse from Benzinga Newsdesk
Flex LNG, Ltd. (NYSE:FLNG) has entered into a new Time Charter agreement with a major Asian LNG importer for the vessel Flex Constellation, starting May 7, with a minimum duration until the end of the first quarter of 2025. The charterer has an option to extend for an additional year until the first quarter of 2026. Flex Constellation, delivered in June 2019, features advanced technology for reduced boil-off rates.
May 08, 2024 | 8:16 am
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Flex LNG announces a significant new Time Charter agreement for Flex Constellation, ensuring steady revenue until at least Q1 2025, with potential extension to Q1 2026.
The new Time Charter agreement for Flex Constellation provides Flex LNG with a guaranteed revenue stream for a minimum of 312 days, extending potentially until the first quarter of 2026. This agreement not only secures utilization of one of Flex LNG's vessels but also reflects positively on the company's operational and financial stability. The extension option further adds potential for sustained income beyond the initial period. Given the specifics of the charter and the vessel's advanced technology, this deal is likely to be viewed positively by investors, potentially leading to a positive short-term impact on FLNG's stock price.
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