FLEX LNG

What FLEX LNG does

FLEX LNG Ltd. is a Bermuda-incorporated, pure-play LNG shipping company listed exclusively on the New York Stock Exchange (NYSE: FLNG) since delisting from Oslo in September 2025. Founded in 2006 and re-domiciled to Bermuda in 2017, the company operates a fleet of 13 LNG carriers — 9 equipped with MEGI (M-type Electronically Controlled Gas Injection) two-stroke propulsion and 4 equipped with X-DF (Generation X Dual Fuel) two-stroke propulsion — all built between 2018 and 2021, with capacities of 173,400–174,000 cubic meters. The fleet is supported by an in-house ship management subsidiary, Flex LNG Fleet Management (FFM), which operates alongside offices in Hamilton, Oslo, Glasgow, London, Newcastle, and Singapore.

The company's core service is seaborne transportation of liquefied natural gas under long-term time charter contracts (typically 2–15 years) negotiated directly with supermajor oil and gas companies, large Asian utilities, and asset-backed LNG traders. Approximately 11.2 of 13 vessels are committed to firm charters, generating contracted cash flows at fleet-wide TCE rates averaging $71,728/day in FY2025, with a firm backlog of 53 vessel-years expanding to 74–82 vessel-years including extension options. The remaining vessels are exposed to the LNG shipping spot market, where rates can surge above $250,000/day during geopolitical disruptions such as Strait of Hormuz closures. Key counterparties include BP (Flex Resolute and Flex Courageous, firm through Q1 2032), a large Asian utility (Flex Constellation, firm through 2041), and an undisclosed supermajor (Flex Aurora).

Revenue is generated through daily charter hire rates under multi-year time charter agreements (subscription/recurring model) supplemented by spot voyage revenue (usage-based) and modest ancillary income from EU Emissions Allowance trading under the EU ETS. The commercial team, led by the CEO/CCO, secures long-term contracts directly with enterprise counterparties; no intermediaries or resale channels are used. The company has returned approximately $810 million to shareholders since 2021 through quarterly dividends of $0.75 per share, maintains a fortress balance sheet with $448M cash and no debt maturities before 2029, and reported zero Lost Time Injury Frequency in both 2024 and 2025. FY2026 guidance is $345–370M revenue and $255–280M adjusted EBITDA.

Name

FLEX LNG

Legal name

Flex LNG Ltd.

Website

https://flexlng.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

FLEX LNG is a Bermuda-incorporated, NYSE-listed pure-play LNG shipping company operating 13 modern MEGI/X-DF-propelled LNG carriers (built 2018–2021) under long-term time charter contracts with supermajors, large Asian utilities, and LNG traders globally.

Ownership category

akta.pro rank

Product category

LNG Shipping Services

NAICS

Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing (532411)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

LNG Shipping & Marine Transportation (LNG Carriers, Chartering) (EUALAFAC)

akta.pro secondary industries

LNG Carrier Operators (TLADABAF), LNG & LPG Marine Shipping (Carriers) (EUALADAF), LNG Shipping & Freight Optimization (Chartering, Boil-off, Routing) (EUAGAHAC)

Keywords

• LNG shipping
• Seaborne LNG transportation
• Time charter services
• LNG carrier vessels
• Two-stroke propulsion

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Time Charter Contracts: FLEX LNG earns the majority of its revenues from long-term time charter agreements with LNG buyers, traders, and utilities. Under time charters, the company provides an LNG carrier with crew and technical management for a fixed daily hire rate over an agreed period (typically 2–15 years). These contracts provide contracted cash flows with high visibility and protect against spot market volatility. Average TCE rates for time-chartered vessels are approximately $71,728 per day (full-year 2025). The company had firm contract backlog of approximately 53 years (potentially 74–82 years including extension options) as of early 2026.
2. Spot Market Trading: A portion of FLEX LNG's fleet (up to three vessels at any time) is exposed to the LNG shipping spot market, where vessels are chartered on short-term/voyage basis. Spot market earnings are highly volatile, driven by geopolitical disruptions (e.g., Iran conflict, Strait of Hormuz closure) and seasonal demand patterns. Spot rates can surge from cyclical lows of ~$60,000–70,000/day to over $250,000/day during supply disruptions. This provides upside exposure when market conditions tighten.
3. EU Emissions Allowance (EUA) Revenue: FLEX LNG earns ancillary revenue from EU Emissions Allowance trading, which is associated with the EU ETS (Emissions Trading System) compliance requirements for its vessels operating in European waters. This represented approximately $1.4 million in Q4 2024 and approximately $2.5–3 million per quarter in certain periods.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

FLEX LNG is a shipping company that engages in the seaborne transportation of liquefied natural gas (LNG). The company operates a fleet of 13 modern LNG carriers equipped with state-of-the-art two-stroke propulsion (MEGI and X-DF engines), providing LNG transportation services primarily under long-term time charter contracts to major energy companies, utilities, and LNG traders worldwide.

Product overview

FLEX LNG is a liquefied natural gas (LNG) shipping company operating a fleet of thirteen modern LNG carriers equipped with state-of-the-art two-stroke propulsion technology (MEGI and X-DF engines). The fleet comprises nine MEGI (M-type, Electronically Controlled, Gas Injection) vessels and four X-DF (Generation X Dual Fuel) vessels, all built between 2018 and 2021. The company provides LNG transportation services primarily under long-term time charter contracts to major energy companies (supermajors), offering vessels with fuel-efficient propulsion systems that significantly reduce carbon footprint compared to older steam and four-stroke propelled ships. FLEX LNG's ship management operations are handled through its in-house subsidiary Flex LNG Fleet Management (FFM), while the company also offers shareholder services including dividend reinvestment plans.

Differentiator

Problem solved

Functional benefit

Products and services

• Flex Endeavour 173,400 cubic meter LNG carrier built in 2018 with MEGI + PRS propulsion system, boil-off rate of 0.075%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Enterprise 173,400 cubic meter LNG carrier built in 2018 with MEGI + PRS propulsion system, boil-off rate of 0.075%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Ranger 174,000 cubic meter LNG carrier built in 2018 with MEGI propulsion system, boil-off rate of 0.085%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Rainbow 174,000 cubic meter LNG carrier built in 2018 with MEGI propulsion system, boil-off rate of 0.085%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Constellation 173,400 cubic meter LNG carrier built in 2019 with MEGI + PRS propulsion system, boil-off rate of 0.075%. Under 15-year time charter commencing 2026 with a large Asian utility and asset-backed LNG trader, with firm commitment to minimum 2041 and options extending to 2043.
• Flex Courageous 173,400 cubic meter LNG carrier built in 2019 with MEGI + PRS propulsion system, boil-off rate of 0.075%. Under long-term charter with supermajor BP, with firm contracts extended through minimum Q1 2032 and options to extend further.
• Flex Aurora 174,000 cubic meter LNG carrier built in 2020 with X-DF propulsion system, boil-off rate of 0.085%. Under 2-year minimum time charter with undisclosed supermajor, with options to extend for additional 2+2+2 years up to 2034.
• Flex Amber 174,000 cubic meter LNG carrier built in 2020 with X-DF propulsion system, boil-off rate of 0.085%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Artemis 173,400 cubic meter LNG carrier built in 2020 with MEGI + Full Reliquefaction System (FRS), boil-off rate of 0.035%. Equipped with a full reliquefaction system making it highly attractive to charterers seeking long-term time charters, as it can manage cargo boil-off more effectively than vessels with partial reliquefaction or gas combustion capabilities.
• Flex Resolute 173,400 cubic meter LNG carrier built in 2020 with MEGI + Full Reliquefaction System (FRS), boil-off rate of 0.035%. Under long-term charter with supermajor BP, with firm contracts extended through minimum Q1 2032 and options to extend further.
• Flex Freedom 173,400 cubic meter LNG carrier built in 2021 with MEGI + Full Reliquefaction System (FRS), boil-off rate of 0.035%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Volunteer 174,000 cubic meter LNG carrier built in 2021 with X-DF propulsion system, boil-off rate of 0.085%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex Vigilant 174,000 cubic meter LNG carrier built in 2021 with X-DF propulsion system, boil-off rate of 0.085%. Part of FLEX LNG's 13-vessel fleet, available for long-term time charter to LNG buyers, traders, and utilities.
• Flex LNG Fleet Management (FFM) In-house LNG ship management company established in 2019, offering safe, reliable, and cost-effective solutions for the LNG shipping industry with over 200 years of combined LNG operational experience. Handles technical management with crew management support from Bernhard Schulte Shipmanagement (BSM), and uses MariApps PAL digital platform for fleet operations management. Offices in Oslo, Newcastle, Singapore, Glasgow, and London.

Quantifiable outcome

• Full-year 2025 adjusted EBITDA of $251.1 million, slightly ahead of guidance (~250M), demonstrating reliable contracted cash flow delivery.
• +6 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Undisclosed Supermajor (charterer of Flex Aurora)coreStrategic or Co-development Partner · 25 March 2026An undisclosed supermajor oil and gas company entered into a new time charter agreement for FLEX LNG's Flex Aurora vessel with a minimum firm period of two years. The charterer holds options to extend for additional 2+2+2 years (up to eight years total), potentially committing the vessel until 2034. The vessel was redelivered from its previous 3.5-year charter in early March 2026 and was promptly re-employed under the new agreement, contributing positively to Q2 2026 earnings.
• Large Asian Utility and Asset-Backed LNG TradercoreStrategic or Co-development Partner · 29 November 2024A large Asian utility and asset-backed LNG trader entered into a 15-year time charter contract for the Flex Constellation LNG carrier. The charter commenced in March 2026 and has a firm period ending in 2041, with options for the charterer to extend up to 2043. This contract significantly extends FLEX LNG's firm backlog to minimum 2041 for that vessel and represents a major long-term commercial relationship in the Asian LNG market.
• BP (charterer of Flex Resolute and Flex Courageous)coreStrategic or Co-development Partner · 7 November 2024BP, a supermajor energy company, is the charterer of FLEX LNG vessels Flex Resolute and Flex Courageous. In November 2024, BP agreed to amend and extend existing time charters by adding a new firm period from 2029 to 2032 (following the last two-year option under the original contract), with additional options for BP to extend each vessel by up to seven years (in periods of two years, two years, and three years) from 2032. In March 2026, BP exercised second extension options of 730 days, securing firm contracts until minimum Q1 2032. This is a multi-year, high-value charter relationship underpinning FLEX LNG's contracted revenue base.
• Bernhard Schulte Shipmanagement (BSM)coreStrategic or Co-development PartnerFLEX LNG uses Bernhard Schulte Shipmanagement for crew management services, sourcing and training high-calibre seafarers in coordination with BSM's crewing service provider network. FLEX LNG's in-house Flex LNG Fleet Management (FFM) handles technical management while BSM supports crewing. Crew retention on FLEX LNG vessels exceeds 95% for the last 18 months, demonstrating a strong working relationship.
• Ernst & Young ASminorOthersErnst & Young AS of Oslo, Norway, serves as FLEX LNG's independent auditor, appointed by shareholders at the Annual General Meeting and authorized to determine their remuneration. EY audited the 2025 consolidated financial statements filed with the SEC in the Form 20-F annual report.
• Computershare (Transfer Agent)minorOthersComputershare Trust Company, NA serves as FLEX LNG's U.S. transfer agent, administering the Dividend Reinvestment and Direct Stock Purchase Plan. Shareholders can contact Computershare for enrollment, share transfer, and dividend payment inquiries. FLEX LNG's F-3 registration statement and plan prospectus are administered through Computershare.

Scale indicators12 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Golar LNG: Golar LNG is a pure-play LNG shipping and FLNG (floating liquefaction) company operating LNG carriers. It competes directly with FLEX LNG for long-term time charter customers and modern tonnage deployment, serving similar supermajor and utility counterparties.
• Cool Company: Cool Company is a pure-play LNG carrier operator spun out from Golar, operating modern LNG carriers under long-term time charters. Directly comparable business model, fleet composition, and customer base to FLEX LNG.
• Awilco LNG: Awilco LNG is an Oslo-listed pure-play LNG shipping company operating LNG carriers on time charter contracts. Smaller than FLEX LNG but with the same pure-play business model and target customer segments.
• New Fortress Energy: New Fortress Energy operates LNG infrastructure and shipping, including its own fleet of LNG carriers servicing its regasification and power projects. Overlaps with FLEX LNG in LNG carrier deployment and serves some of the same end customers.
• Capital Clean Energy Carriers: Capital Clean Energy Carriers (formerly Capital Product Partners) operates a diversified fleet including LNG carriers and LPG vessels. Direct LNG carrier exposure and time charter model overlap with FLEX LNG, though it has broader product mix.
• BW LNG: BW LNG is a wholly-owned subsidiary of BW Group operating one of the world's largest LNG carrier fleets. Direct competitor for long-term time charter business with supermajor and utility customers, with comparable modern vessel specifications.

Broad incumbents

• Cheniere Energy: Cheniere Energy is the largest US LNG exporter and operates a significant LNG carrier fleet serving its own liquefaction terminals. While primarily an LNG producer, it is a major buyer of LNG shipping capacity and a participant in the global LNG carrier market.
• Stolt-Nielsen: Stolt-Nielsen operates a global fleet of tankers including specialized chemical, gas, and clean petroleum carriers. Its gas shipping division overlaps with FLEX LNG in the seaborne transportation of liquid gases including LNG.
• Mitsui O.S.K. Lines (MOL): Mitsui O.S.K. Lines operates one of the world's largest LNG carrier fleets as part of its diversified shipping portfolio. Comparable LNG carrier operations and technology adoption (it has ordered MEGI/X-DF newbuilds), though MOL is a diversified conglomerate versus FLEX LNG's pure-play focus.

Others

• Frontline: Frontline is a major crude oil and product tanker operator chaired by Ola Lorentzon, who also chairs FLEX LNG. While Frontline focuses on oil tankers rather than LNG, the shared chairman and historical relationship between Geveran and Frontline makes it a related shipping industry peer with overlapping governance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCavmpUNT8kVWQyJiZn_FxNg
• LinkedInlinkedin.com/company/flexlng
• Xx.com/lng_flex

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FLEX LNG