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The company said in its second-quarter results report on Wednesday that the deal was signed with an Asian-based lease provider in August.
Under the terms of the agreement, Flex Resolute will be sold for a consideration of $175 million, with a bareboat charter back of approximately 10 years, according to Flex.
The new financing is expected to be completed in September, subject to final documentation and customary closing conditions.
Last year, Flex agreed with UK-based energy giant BP new charter deals for Flex Resolute and Flex Courageous.
In May, Flex completed the $175 million Jolco (Japanese operating lease with call option) lease financing for its 173,400-cbm LNG carrier, Flex Courageous.
In addition to the sale and leaseback deal for Flex Resolute, the LNG shipping firm also signed a $180 million term loan facility in respect of Flex Constellation with an international shipping bank.
Flex said in the earnings report that the $180 million facility has a 15.5 year tenor and an interest rate of SOFR plus a margin of 165 basis points.
The repayment of the facility is based on a 25-year age-adjusted repayment profile for the first 7.5 years, and thereafter follows a 22-year profile until maturity, when the facility is fully repaid.
In August, Flex prepaid the full amount outstanding relevant to Flex Constellation under the $320 million sale and leaseback.
Flex said the new facility is expected to be drawn down in September.
In November 2024, Flex LNG revealed that it had secured a 15-year time charter deal for Flex Constellation.
This charter deal is with Japan’s Jera.
Results
Flex reported a net income of $17.7 million and basic earnings per share of $0.33 for the second quarter of 2025.
This compares to a net income of $18.7 million and basic earnings per share of $0.35 for the first quarter 2025.
Flex reported vessel operating revenues of $86 million for the second quarter, compared to $88.4 million for the first quarter.
The company achieved average time charter equivalent (TCE) rate of $72,012 per day for the second quarter 2025, compared to $73,891 per day for the first quarter 2025.
Flex declared a dividend for the second quarter of $0.75 per share.
Marius Foss, interim CEO of Flex, said revenues of $86 million were almost unchanged from last year’s second-quarter revenues of $84.7 million.
“Although the second quarter is historically the weakest of the year, spot earnings bottomed out in the first quarter, making 2025 one of the rare years where Q2 rates exceeded Q1 levels,” he said.
“However, the spot market remained soft. This affected the quarterly earnings for Flex Artemis, which is on a variable charter, as well as Flex Constellation, which is trading in the spot market before she commences a 15-year time charter in the first half of 2026,” Foss said.
Special surveys
During June and July, Flex completed the five-year special surveys for Flex Aurora and Flex Resolute.
“Both drydockings were finished well ahead of our guided 20 days of off-hire, demonstrating our ability to minimize off-hire periods,” Foss said.
He noted that Flex Aurora’s drydocking cost “came in slightly above budget due to her five-year special survey being conducted in Denmark, which was a deliberate choice aligned with her loading schedule.”
“This enabled a faster return to service with the charterer, partly offsetting the higher costs,” he said.
Looking ahead, Flex Artemis and Flex Amber are scheduled for their drydockings in Singapore in the third quarter, Foss said.
Based on the two drydockings completed to date, Flex now estimates the average cost of all four to be approximately $5.7 million per vessel.