Flex LNG agrees long-term charter with Gunvor
November 25 2019 - 12:45AM
Flex LNG agrees long-term charter with Gunvor
Hamilton, Bermuda
November 25, 2019
Flex LNG Ltd. (“Flex LNG” or the “Company”) (NYSE/OSE: FLNG)
today announce that one of its subsidiaries has entered into a
long-term time charter with Clearlake Shipping Pte Ltd, a
subsidiary of Gunvor Group Ltd (“Gunvor”). The period under the
time charter is up to ten years where the first five years are
firm.
The vessel to be employed under this time charter will be
the hull 2479 at DSME.
Commencement of the time charter will be in connection with the
delivery of the ship ex yard which is scheduled for August 2020.
The time charter will have elements of variable rate of hire across
the charter period.
Hull 2479 is a large state-of-the-art 173,400 cbm LNG carrier
fitted with a modern high pressure two-stroke slow-speed propulsion
system (ME-GI). The vessel is also equipped with a Full
Reliquifaction System (FRS) enabling a very high level of
operational flexibility given the low boil-off rate of 0.035% per
day. The vessel will be named as Flex Artemis.
Kalpesh Patel, Co-Head of LNG at Gunvor, commented:
“Gunvor is continuously searching for ways to meet our
customer’s requirements in a safe and efficient manner. Working
with a first class Owner like Flex LNG helps us achieve that goal.
This charter builds on our already deep and successful relationship
and we look forward to taking delivery of one of the most
technologically advanced LNG vessels in the world to serve our long
term portfolio.”
Øystein M. Kalleklev, Chief Executive Officer of Flex LNG
Management AS, commented:
“We are very pleased to enter into this long-term charter with a
top-tier customer like Gunvor which has been the most active LNGC
spot trader in the burgeoning LNG trade. We are confident that our
vessel will be very suitable for their trade given the very high
technical specification of this vessel. This charter is also in
line with our strategy of delivering incremental higher level of
backlog as we are growing our fleet of vessels on the water.”
For more info please contact: Øystein M Kalleklev, Chief
Executive Officer.
Telephone +47 23 11 40 00
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act or
the continuing obligations of Oslo Børs
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