Flex LNG announced that it has entered into a time-charter contract for the LNG carrier newbuilding ‘Flex Endeavour’ with Germany-based energy company Uniper Global Commodities.
Currently under construction at DSME, South Korea, Flex Endeavour is a 173,400 m3 cargo capacity LNG carrier equipped with the new high efficiency MEGI propulsion system.
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, Flex LNG informed 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.”
