Flex LNG Charters New LNG Carrier to Enel

By Aiswarya Lakshmi April 18, 2018

Flex LNG , a global shipping company specializing in the ownership of LNG carriers, announced that through a separate wholly-owned subsidiary, it has entered into a time-charter agreement with Enel Trade, a company of the Enel Group, a multinational power company and one of the world's leading integrated electricity and gas operators.

The time charter period of 12 months will commence during the second half of 2019. Enel also has the option to extend the contract by an additional 12 months subsequent to the firm period.

Flex LNG intends to employ the LNG carrier Flex Enterprise for this business, however the Company also has the option to nominate one of its sister vessels.

Flex Enterprise is a 173,400 cbm LNG carrier with MEGI propulsion built in 2018.

Jonathan Cook, Chief Executive Officer, commented: "We are pleased to announce a time-charter agreement with Enel for one of our new MEGI vessels and we look forward to working closely with them throughout the charter period. This charter is in line with our strategy of adding incremental revenue as the market for LNG shipping continues to improve and provides important earnings visibility for the Company."

Flex LNG aims to become a leading supplier of LNG Carriers and Floating Storage & Regasification Units (FSRUs) by providing safe, reliable, and cost effective logistic solutions in the LNG shipping industry, utilizing only the newest and most environmentally friendly vessels.

Flex has a fleet of six highly efficient MEGI LNG carriers consisting of two existing vessels and four newbuildings under construction at industry-leading shipyards in South Korea for delivery in 2018 and 2019.

The introduction of two-stroke MEGI propulsion for LNG ships has provided significant savings to Charterers in form of reduced fuel consumption and lower boil-off rates by using the latest technologies.