Prnewswire·2026-03-18 06:23Core Viewpoint - Flex LNG has announced contract extensions for two vessels, Flex Resolute and Flex Courageous, ensuring firm contracts until at least Q1 2032, with potential for further extensions [1][2][4]. Contract Extensions - The charterer has exercised the second extension option of 730 days for both Flex Resolute and Flex Courageous, extending their contracts from Q1 2027 to Q1 2029 [1]. - The original contracts included three firm years plus two two-year extension options, which have now been extended by an additional three firm years from Q1 2029 to Q1 2032 [2]. - The charterer holds further extension options of up to seven years per vessel from 2032, potentially increasing the contract duration significantly [2]. Fleet Status - Following the recent contract extensions, the company's firm contract backlog now stands at 53 years, with the possibility of increasing to 74 years if all extension options are exercised [3]. - Flex Constellation has commenced a 15-year time charter contract with a large Asian utility and LNG trader, ensuring its employment until at least 2041 [3][5]. Market Conditions - The energy and gas markets are currently experiencing significant volatility due to ongoing geopolitical conflicts, particularly in Iran, affecting LNG exports from the Gulf States [6]. - The company continues to operate its three open vessels in a firm spot market, driven by favorable natural gas price dynamics that encourage longer sailing distances [6].