Flex LNG launches penultimate newbuild

Norwegian shipowner Flex LNG has launched the 174,000m³ Flex Volunteer, the sixth of seven carriers on the firm's orderbook.

The vessel, scheduled for delivery in the fourth quarter of this year, is set to operate on the spot charter market, with only one of Flex's ordered newbuilds tied to a term charter agreement.

Flex has four ordered carriers with X-DF propulsion, including the Flex Volunteer, and three with MEGI propulsion and full reliquefaction.

But delivery of the vessels, six of which are scheduled for this year and the seventh in the first quarter of 2021, will significantly increase the owner's exposure to the spot LNG freight market.

Half of Flex's current six-vessel fleet is tied to term charters, with the remaining three vessels operating on the spot charter market. The delivery of the six newbuild carriers this year is set to increase the number of Flex vessels operating on the spot market to nine, rising to 10 by the first quarter of 2021 when the 174,000m³ Flex Vigilant is scheduled for delivery, with only four vessels tied to term charters.

And the 174,000m³ Flex Rainbow's charter could end in the third quarter of this year, should the charterer not take up its option to extend to the first quarter of 2021, suggesting the vessel will join others operating on the spot market.

By Samuel Good