Flex LNG seals sale and charterback with Hyundai Glovis for LNG carrier pair

Flex LNG seals sale and charterback with Hyundai Glovis for LNG carrier pair

John Fredirksen’s Flex LNG has sold 2018-built LNG carrier pair Flex Endeavour and Flex Enterprise to Hyundai Glovis for $420m.

Hyundai Glovis is paying $300m and providing a seller’s credit of $120m. It will time charter the vessel back to Flex LNG for a period of ten years. Flex LNG has options to acquire the vessels during the charters, and the right to acquire the vessels at the end of the charter for a total of $150m, net of the $120m seller’s credit.

Flex LNG also finalised a $250m bank facility agreement for Flex Constellation and Flex Courageous, initially announced in February.

Øystein Kalleklev, CEO of Flex LNG, commented: “We are pleased to announce a partnership with Hyundai Glovis, a top-tier global logistics and distribution company. The transaction secures us long-term financing at attractive terms and will significantly boost our cash position by more than $100m. With the two financings we are very well capitalized to take delivery of our remaining newbuildings. Cash break-even levels of less than $50,000 on average for these two financings demonstrate our ability to raise competitive and long-term financing from a diverse set of funding sources.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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