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Flex Lng News

07 Feb 2024

Edda Wind Names Øverlie CFO

Hovland Øverlie (Photo: Edda Wind)

Norwegian offshore wind vessel owner Edda Wind announced it has appointed Hermann Hovland Øverlie as its new chief financial officer (CFO) following the resignation of Tom Johan Austrheim. Øverlie will join Edda Wind March 1, 2024.Øverlie is currently senior vice president of business development at Flex LNG and was previoulsy CFO at Amar Group. Øverlie has also extensive experience from financial/liquidity planning, risk management and financial analysis from Knutsen NYK Offshore Tankers and DnB. He holds a master’s degree in financial economics from BI Norwegian School of Management.

06 Jun 2023

SeaTankers Taps Danelec for Ship Performance Monitoring

(Image: Danelec Marine)

Denmark-based maritime safety, data collection and ship performance monitoring company Danelec Marine reports it has completed a turnkey project from installation to commissioning of a cloud-connected ship performance monitoring solution on +120 merchant ships operated by SeaTankers Group (Frontline, Golden Ocean Group, SFL Corp, Avance Gas, FlexLNG).The solution, which combines Danelec’s Kyma Shaft Power Meter, Vessel Remote Server (VRS) and DanelecConnect maritime IoT infrastructure…

24 Jun 2022

Flex LNG Adds $750M to Backlog with New Long-term LNG Carrier Charters

Flex LNG has secured charters for for Flex Rainbow, Flex Enterprise and Flex Amber LNG carrires, adding $750 million of fixed backlog in total.Flex LNG and the charterer of Flex Enterprise and Flex Amber, an unnamed "supermajor", have agreed to replace the existing variable time charters which are due October 2023 and March 2024 with new fixed hire time charters. The duration of each of the new time charters is seven years. The new time charters will start in the third quarter of 2022, end expire in the third quarter of 2029.Additionally, Flex LNG and the charterer of Flex Rainbow, which Flex LNG said was a "large global trading company"…

01 Apr 2022

Cheniere Declares Option for the 5th LNG Carrier from Flex LNG

Flex LNG announced on Friday that Cheniere has declared it option to employ a fifth liquefied natural gas (LNG) carrier under a time charter deal announced in April 2021. Flex Aurora will commence a 3.5-year time charter during third quarter of 2022.Earlier this month the U.S. Energy Department authorized additional LNG exports from Cheniere's Sabine Pass, La. and Corpus Christi, Texas terminals In addition, Cheniere and Flex LNG agreed that Flex Volunteer will be the fourth ship under the agreement and that this ship will be delivered to Cheniere mid-April 2022 rather than during third quarter of 2022 as originally agreed. The 3.5-year time charter has therefore been extended by about 2.5 months to facilitate early delivery.Last year…

01 Nov 2021

Flex LNG Secures Long Term Charters for LNG Carrier Duo

Flex LNG has secured two charter deals with a minimum firm period of three years for each of its two LNG carriers Flex Resolute and Flex Courageous. The Oslo-listed firm said Monday that the charterer was an energy major. The charterer will have the option to extend each ship by two additional two-year periods bringing the total period to seven years under each of the charter deals.Under the contracts, the vessels will be delivered to the client during the first quarter of 2022 in direct continuation of their existing charters. "Both ships are large LNG carriers with ME-GI propulsion and a cargo capacity of 173,400 cbm. Furthermore,…

20 Oct 2021

LNG Carrier Rates More Than Double in Two Weeks

© Wojciech Wrzesień / Adobe Stock

Tanker rates to ship liquefied natural gas (LNG) have more than doubled since the start of the month as a power crisis in Asia and Europe drives up demand for vessels, industry sources said on Tuesday.The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic meters of LNG to Pacific basin ports rose to $202,500 a day on Tuesday, the highest since Jan. 15, according to data from Spark Commodities.For the same type of ship moving in the Atlantic basin…

03 Sep 2021

Off the Boil: LNG Tankers Burn More Oil as Gas Prices Soar

© Anatoly Kolodey / Adobe Stock

Liquefied natural gas (LNG) tankers are burning more dirty fuel oil than normal after the price of their super-chilled cargo soared above that of oil, trade and shipping sources said.LNG tankers often use some of their cargo, stored in liquid form at minus 163 degrees Celsius, for power, as a small portion tends to evaporate or "boil off" during transit and needs to be removed from the tanks anyway to avoid a build up of pressure.Older LNG tankers run on steam turbines that burn a combination of fuel oil and boil-off gas…

17 May 2021

Flex LNG Bags 3-year Charter for Flex Constellation LNG Carrier

Flex LNG has secured a charter deal with a minimum firm period of three years on a prompt basis for the LNG carrier Flex Constellation, with an unnamed client.Flex LNG said the charter was a leading trading house which has the option to extend the period by up to three more years.Flex Constellation is a 173,400 cbm LNG Carrier delivered from DSME to Flex LNG in 2019. The LNG carrier is fitted with MEGI propulsion system and Partial Reliqufaction System (PRS).Øystein M Kalleklev, Chief Executive Officer of Flex LNG Management AS, said: "We are pleased to announce another attractive time charter with a leading LNG player for one of our existing ships."This is very much in line with our communicated strategy of securing attractive term charters to improve our earnings visibility.

14 Apr 2021

Flex LNG and Cheniere Enter into Time Charter Party Agreements

(Photo: Flex LNG)

Liquefied natural gas (LNG) shipping company Flex LNG announced Wednesday it has entered into time charterparty agreements with Cheniere for four LNG carriers with the option for a fifth.Under the agreements, Flex LNG will employ newbuild Flex Vigilant which will be delivered to Cheniere ex-yard in May 2021. In addition, Flex LNG will deliver two of its existing LNG carriers to Cheniere during the third quarter of 2021, and a third existing LNG carrier during the third quarter of 2022.

16 Oct 2020

New LNG Carrier Delivered to FLEX LNG

(Photo: FLEX LNG)

Shipping company FLEX LNG said it has taken delivery of its latest newbuild, Flex Amber, from Hyundai Samho Heavy Industries in South Korea.Flex Amber is a large liquefied natural gas (LNG) carrier with 174,000 cubic meters of cargo space. The Marshall Islands-flagged ship is equipped with a highly efficient dual fuel slow speed two stroke engine (X-DF).The 297-meter Flex Amber is the sister vessel of Flex Aurora delivered on July 29, and Flex Volunteer and Flex Vigilant scheduled…

26 Feb 2020

Global LNG Exports Reach 362MT in 2019

During the fourth quarter of 2019, spot LNG freight rates continued to strengthen with average reported headline rates for MEGI/X-DF LNG carriers increasing by 66% from $74,800 per day to $123,800 per day, according to Flex LNG.Rates increased steadily due to higher demand preparing for winter in Northern Asia, as well as continued floating storage, Flex LNG said.Trading patterns and LNG pricing however, continue to favor Europe as the main destination for incremental uncommitted LNG volumes due to the low spread in gas prices between Asia and Europe, as well as greater infrastructure capacity in Europe for regasification and storage.According to industry sources…

04 Feb 2020

Qatargas Delivers LNG Cargo to Indian Terminal

Doha-based liquefied natural gas (LNG) producer Qatargas has supplied a commissioning LNG cargo for India's newest LNG receiving terminal, Mundra.The cargo was loaded in Ras Laffan on 17 January 2020 on the Q-Flex LNG vessel, Murwab, with an overall cargo carrying capacity of 216,000 cubic meters. It arrived at Mundra terminal on 22 January 2020.Mundra is the second LNG terminal that Qatargas helped commission in India within the past year. It followed an earlier commissioning cargo which was delivered by the Company to the Ennore LNG receiving terminal, near the southern Indian city of Chennai, in February 2019.The Mundra terminal is located in Adani Ports and Special Economic zone in the Kutch district of the western Indian state of Gujarat.

15 Jan 2020

Flex LNG Tallies Contract Extension

Flex LNG on Wednesday said it secured an extension of the time-charter agreement for its 173,400-cubic-meter-capacity liquefied natural gas (LNG) carrier Flex Enterprise.The extension stretches the firm period of the time charter into first quarter 2021, and the charterer also has extension options, Flex LNG said. The time charter rate is variable.Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management said, “Flex LNG Fleet Management took over ship management responsibilities for this ship in November 2019 so we are particularly pleased that the charterer has elected to extend this time charter.”

06 Jan 2020

Flex LNG Launches New LNG Carrier

Norway-based player in LNG Shipping with a focus on LNG Carriers and FSRUs (Floating Storage Regasification Units) Flex LNG has launched the 173,400m³ Flex Resolute LNG carrier at South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) shipyard.According to LinkedIn post of Flex LNG, the new-building number 2480, to be named Flex Resolute, has been launched on January 5.Flex Resolute is a 173,400 cbm two-stroke vessel fitted with a full re-liquefaction system (MEGI-FRS) giving a boil off rate (BOR) of 0.035 percent.The company said that once fully refurbished and mobilized the vessel will be available for business in the third quarter of 2020.

19 Dec 2019

Flex LNG Tanker Wins Endesa Charter

Norway-based shipowner Flex LNG announced that it has entered into a new time charter with the Spanish utility Endesa for the vessel Flex Ranger.Endesa is a leading company in the Spanish electricity sector and the second largest operator in the Portuguese market as well as a subsidiary of Enel Group.The firm period under the new time charter is 12 months and will commence in direct continuation of an existing time charter with Enel which expires on or about June 2020, said a press release from the liquefied natural gas (LNG) transportation company.Endesa will also have the option to extend the time charter by an additional 12 months subsequent to the firm period maturing on or about June 2021.Øystein M.

25 Nov 2019

Gunvor to Charter Flex LNG Newbuild

Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG, is under construction at Korean yard Daewoo Shipbuilding & Marine Engineering."We look forward to taking delivery of one of the most technologically advanced LNG vessels in the world to serve our long term portfolio…

20 Nov 2019

Flex LNG Swings to Profit, Adds to Fleet

Norwegian LNG carrier owner Flex LNG posted a net income of USD 0.5 million for the third quarter of this year, compared to a net loss of $3.9 million for the second quarter 2019.It  reported revenues of $29.8 million for the third quarter 2019, compared to $19.0 million for the second quarter 2019.Øystein M Kalleklev, CEO of Flex LNG Management AS, said: “In line with our expectations, the freight market has become increasingly tighter in the second half of 2019 resulting in much more favorable market conditions despite low gas prices. Flex LNG has been very well positioned for the stronger market with ships available in the spot market…

07 Oct 2019

Nakilat Acquires Four Q-Flex LNG Carriers

Graphic: Nakilat

Nakilat has acquired the full ownership of four Q-Flex liquefied natural gas (LNG) carriers from its joint-venture partner International Seaways, following execution of a sale and purchase agreement for the acquisition of the remaining 49.9% ownership interest in these vessels from INSW. This brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels.With a cargo carrying capacity of 217…

22 Sep 2019

Petrobangla Gets 1st Q-Flex LNG cargo from Qatargas

Qatargas made its first liquefied natural gas (LNG) cargo delivery (LNG) on a Q-Flex vessel to the Floating Storage and Regasification Unit (FSRU) named ‘Excellence’ and known as Moheshkali LNG Terminal (MLNG), located offshore Bangladesh.According to a press release from the Qatargas Operating Company, the cargo, aboard Qatargas-chartered ‘Al Thumama’, was loaded at Ras Laffan on 4th September and delivered to MLNG on 20th September 2019. This is the first commercial open water ship-to-ship transfer involving a Q-Flex vessel. MLNG is a project jointly developed by Excelerate Energy and the Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) on a build…

21 Aug 2019

LNG Market Recovers in Q2, Says Flex LNG

During the second quarter 2019, spot liquefied natural gas (LNG)  freight rates stabilized and started gradually to recover, says Flex LNG, the owner of LNG carrier vessels and floating storage regasification units (FRSUs).Unseasonably slow demand in Asia over the winter due to fewer heating days caused by warmer weather, and cooler weather than normal in key demand areas early in the summer coupled with ample supply growth from new liquefaction continued to weigh on global LNG prices.The on-going trade dispute between the U.S. and China is adversely affecting Chinese procurement from the US, it said.According to industry sources, US exports to Asia have stabilized at around one million tonnes per month…

23 Jul 2019

Qatargas Delivers First Q-Flex LNG Cargo

The world’s largest liquefied natural gas (LNG) producer Qatargas Operating Company Limited (Qatargas) has delivered the first LNG cargo onboard a Q-Flex vessel to Greece’s Revithoussa LNG terminal.Doha-based global energy operator said in a press release that  this is for the first time that a Q-Flex LNG vessel has called at the terminal ever since it underwent an expansion drive late last year.The cargo, which was loaded at the Ras Laffan Terminal in Qatar on 3rd July 2019, arrived at the Revithoussa Terminal on board the Q-Flex vessel, 'Al Gharrafa', on 20th July 2019.The Q-Flex cargo is part of yet another multi-port delivery executed by Qatargas.

31 May 2019

Spot LNG Freight Rates Plummets in Q1: Flex LNG

During the first quarter 2019, spot LNG freight rates plummeted from the record levels seen in the previous quarter, said Flex LNG, the company controlled by billionaire John Fredriksen.Asia winter demand came in lower than expected due to an unseasonably mild weather in northern Asia, coupled with Japanese nuclear power plants restarting as well as an oversupplied LNG market due to start-up of new LNG production, said the emerging player in the LNG shipping.Asian LNG prices moved lower, trading closer to or at par with key US and European LNG markers, preventing arbitrage opportunities between the markets. Despite significant growth in liquefaction and exported volumes…

08 May 2019

Q-Flex LNG Carrier reaches 10 Years of Safety

Photo: Nakilat

Nakilat’s Q-flex LNG Carrier Al Ghashamiya has recently achieved a significant safety milestone of over 10 years without lost time injury (LTI) or Total Recordable Case (TRC), equivalent to nearly 3 million safe man-hours. Al Ghashamiya is one of 18 vessels being operated and managed in-house by Nakilat, with the fleet comprising of 14 LNG and four LPG carriers.Earlier in April, another Nakilat-managed vessel, LPG carrier Bu Sidra achieved 7 years LTI-free with 1.6 million safe man-hours.