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Flex LNG Announces Significant Contract Extensions and Fleet Updates

Flex LNG Ltd. has recently made headlines with their strong performance and strategic decisions regarding their fleet of liquefied natural gas (LNG) carriers. In a significant development, the company has exercised contract extensions for two of its vessels, Flex Resolute and Flex Courageous, marking a pivotal moment in its operational timeline.

This announcement comes as Flex LNG reported receiving notice from the charterer, a major industry player, confirming the extension of work for these ships for an additional 730 days under the original time charter agreements. The new contract period will span from the first quarter of 2027 to the first quarter of 2029 for both vessels. This extension is not an isolated move; it follows a prior agreement made in late 2024, where the charterer opted to add three more firm years to their original contracts, extending operations through at least 2032. Notably, further extension options may push the operational timeframe up to seven additional years per vessel beyond this period.

Marius Foss, CEO of Flex LNG Management AS, expressed his satisfaction with the charterer’s continued trust in their capabilities. He stated, “We are pleased that the charterer of Flex Resolute and Flex Courageous acknowledges our high-quality service of safe and reliable operations, whereby the charterer has again exercised extension options for both ships.” This sentiment reflects the confidence the market has in Flex LNG's commitment to quality service and efficient operations.

In addition to the contract extensions for Flex Resolute and Flex Courageous, Flex LNG also reported that the Flex Constellation has commenced its 15-year time charter contract with a large Asian utility and asset-backed LNG trader as of March 2026. With this agreement, Flex Constellation is set to be in service until 2041, reinforcing the company’s long-term strategic positioning within the global energy market.

Current Market Conditions and Future Outlook

Flex LNG is navigating through a landscape characterized by volatility, particularly due to the ongoing conflict in Iran affecting LNG exports from the Gulf States. The current conditions present both challenges and opportunities; while trading in a firm spot market, the dynamics around natural gas pricing allow for more extended sailing distances, which provides a potential boost to Flex LNG’s operational focus.

Foss noted that the market's nature might change rapidly due to factors such as the potential restart of export capacities in the Middle East and the unpredictable nature of geopolitical developments affecting key maritime routes like the Strait of Hormuz. Flex LNG continues to manage its three open vessels in response to shifting market conditions, aiming to capitalize on the current favorable trading environment.

About Flex LNG

Flex LNG operates within the expanding LNG market landscape, boasting a fleet of thirteen state-of-the-art LNG carriers. The company’s vessels are built with modern two-stroke propulsion systems, providing enhanced fuel efficiency and a reduced carbon footprint compared to traditional LNG carriers. With a solid commitment to sustainability and innovation, Flex LNG positions itself as a leader in LNG shipping.

As Flex LNG progresses in 2026 with these contract extensions and fleet updates, the company's focus remains steadfast on adapting to market changes while delivering safe and efficient LNG transport solutions. Investors and stakeholders alike will be watching closely as the company’s strategic decisions unfold over the coming years, ensuring they remain at the forefront of the LNG shipping industry.