Flex LNG splashes out over $900m on five LNG carrier newbuilds

Flex LNG has announced a $300m private placement, the proceeds of which will be used to acquire five LNG carrier newbuildings from the company’s largest shareholder, John Fredriksen’s Geveran Trading.

The vessels are currently under construction, with three MEGI LNG carriers being built at DSME, scheduled for delivery in 2020, and two X-DF LNG carriers being built at Hyundai Samho, scheduled for delivery in 2021.

Flex is paying $180m for each vessel, with an additional $6m premium on each of the three DSME vessels for the addition of full reliquefaction systems.

Funds from the $300m private placement, which Geveran has guaranteed will be fully subscribed, will be used to place a 30% deposit on the acquisition.

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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