FLEX LNG Ltd. (FLNG): Business Model Canvas

In der dynamischen Welt des Seetransports entwickelt sich FLEX LNG Ltd. zu einem strategischen Kraftpaket, das mit seinem innovativen Geschäftsmodell die Schifffahrtslandschaft für Flüssigerdgas (LNG) verändert. Durch die nahtlose Verbindung modernster Schiffstechnologie, robuster Industriepartnerschaften und eines zielgerichteten Ansatzes zur betrieblichen Exzellenz hat sich FLEX LNG eine besondere Nische in der globalen Energielogistik geschaffen. Dieses umfassende Business Model Canvas zeigt, wie das Unternehmen komplexe Marktherausforderungen meistert und zuverlässige und nachhaltige LNG-Transportlösungen liefert, die den sich entwickelnden Anforderungen der internationalen Energiemärkte gerecht werden.

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Wichtige Partnerschaften

Langfristige Charterverträge mit großen Energieunternehmen

FLEX LNG Ltd. hat wichtige langfristige Charterverträge mit führenden Energieunternehmen abgeschlossen:

Energieunternehmen	Charterdauer	Schiffstyp	Vertragswert
Muschel	7-10 Jahre	LNG-Tanker	110–150 Millionen US-Dollar pro Schiff
Gesamtenergien	5-8 Jahre	LNG-Tanker	95–130 Millionen US-Dollar pro Schiff

Strategische Partnerschaften mit Schiffbauern und Zulieferern für maritime Ausrüstung

Zu den wichtigsten Partnerschaften im Bereich Schiffbau und Ausrüstung gehören:

• Hyundai Heavy Industries (Südkorea)
• Samsung Heavy Industries
• Hudong-Zhonghua-Schiffbau

Partner	Beitrag	Vertragswert	Jahr der Zusammenarbeit
Hyundai Heavy Industries	Bau von LNG-Tankern	220 Millionen Dollar	2022-2024

Zusammenarbeit mit Klassifikationsgesellschaften und maritimen Regulierungsbehörden

FLEX LNG unterhält Compliance-Partnerschaften mit:

• DNV GL
• American Bureau of Shipping (ABS)
• Lloyd's Register

Technische Managementpartnerschaften

Technische Managementdienstleistungen werden durch strategische Partnerschaften erbracht:

Dienstleister	Managementumfang	Jährlicher Vertragswert
Anglo-östliches Schiffsmanagement	Technischer Schiffsbetrieb	4,5 Millionen US-Dollar
OSM Maritime Group	Crew-Management	2,8 Millionen US-Dollar

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Hauptaktivitäten

Transportdienstleistungen für verflüssigtes Erdgas (LNG).

FLEX LNG Ltd. betreibt ab 2024 eine Flotte von 13 LNG-Tankern mit einer Gesamttragkapazität von 1.964.000 Kubikmetern. Die Flotte des Unternehmens umfasst moderne Schiffe mit folgenden Spezifikationen:

Schiffstyp	Menge	Kapazität (cbm)
X-DF-Schiffe	7	174,000
M-DF-Schiffe	6	173,400

Flottenmanagement und Schiffsbetrieb

Betriebsleistungskennzahlen:

• Durchschnittliche Schiffsauslastung: 98,5 %
• Gesamtzahl der Schiffsbetriebstage: 4.745 im Jahr 2023
• Einnahmen aus Zeitcharteräquivalenten (TCE): 74,6 Millionen US-Dollar

Verhandlung und Management von Charterverträgen

Aufschlüsselung des Vertragsportfolios:

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer
Langfristige Charter	8	5-7 Jahre
Kurzfristige Charter	5	1-2 Jahre

Schiffswartung und technische Optimierung

Wartungsausgaben im Jahr 2023: 22,3 Millionen US-Dollar

• Geplantes Trockendocken: 3 Schiffe
• Technische Upgrades: Verbesserungen der Kraftstoffeffizienz
• Einhaltung der Schwefelvorschriften der IMO 2020

Strategien zur Marktexpansion und Flottenwachstum

Pläne zur Flottenerweiterung:

• Zugesagte Neubauaufträge: 2 zusätzliche LNG-Tanker
• Geschätzte Investitionsausgaben: 420 Millionen US-Dollar
• Geplante Erhöhung der Flottenkapazität: 360.000 cbm

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Schlüsselressourcen

Moderne LNG-Tankerflotte

Ab 2024 betreibt FLEX LNG eine Flotte von 13 LNG-Tankern mit den folgenden Spezifikationen:

Schiffstyp	Anzahl der Schiffe	Frachtkapazität	Baujahr
X-DF-Schiffe	9	174.000 Kubikmeter	2018-2022
Dampfturbinengefäße	4	155.000 Kubikmeter	2010-2014

Finanzielle Ressourcen

Finanzkennzahlen ab Q4 2023:

• Gesamtvermögen: 1,8 Milliarden US-Dollar
• Gesamteigenkapital: 780 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 125 Millionen US-Dollar
• Schulden: 1,02 Milliarden US-Dollar

Humankapital

Zusammensetzung der organisatorischen Belegschaft:

• Gesamtzahl der Mitarbeiter: 250
• Durchschnittliche maritime Erfahrung: 15 Jahre
• Managementteam mit internationalem Versandhintergrund: 85 %

Operative Compliance

Zertifizierungen und Compliance-Metriken:

• ISO 9001:2015 zertifiziert
• Einhaltung des ISM-Codes: 100 %
• MARPOL-Konformitätsrate: 100 %

Globales Netzwerk

Branchenbeziehungen und Partnerschaften:

• Aktive Langzeitverträge: 8
• Charterer: Große Energieunternehmen aus Europa, Asien und Amerika
• Strategische Partnerschaften: 12 internationale Schifffahrts- und Energieunternehmen

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente LNG-Transportlösungen

FLEX LNG Ltd. betreibt ab 2024 eine Flotte von 7 modernen LNG-Tankern mit einer Gesamttragkapazität von rund 1.050.000 Kubikmetern. Der Fuhrpark des Unternehmens weist ein Durchschnittsalter von 5,2 Jahren auf und sorgt so für eine hohe Betriebssicherheit.

Flottenspezifikation	Details
Gesamtzahl der Schiffe	7 LNG-Tanker
Gesamtkapazität	1.050.000 Kubikmeter
Durchschnittliches Flottenalter	5,2 Jahre

Hochwertige Schiffe, die Umweltstandards erfüllen

Die Schiffe von FLEX LNG sind mit fortschrittlichen Technologien ausgestattet, um die Umweltbelastung zu minimieren:

• IMO Tier III-konforme Motoren
• Kraftstoffeffizienzbewertung von 0,035 Tonnen CO2 pro transportierter Tonne LNG
• Reduzierte Schwefeloxid- und Stickoxidemissionen

Flexible Chartervereinbarungen für globale Energiemärkte

Chartertyp	Dauer	Marktabdeckung
Langfristige Charter	5-15 Jahre	Europa, Asien, Amerika
Spot-Charter	Kurzfristig	Globaler Spotmarkt

Verpflichtung zu betrieblicher Exzellenz und Sicherheit

FLEX LNG behält bei Null Unfälle mit Ausfallzeiten im Jahr 2023 mit einem umfassenden Sicherheitsmanagementsystem, das nach internationalen maritimen Standards zertifiziert ist.

Nachhaltige Seetransportdienste

Finanzielle Leistung, die ein nachhaltiges Geschäftsmodell zeigt:

Finanzkennzahl	Wert 2023
Einnahmen	268,4 Millionen US-Dollar
EBITDA	195,6 Millionen US-Dollar
Nettoeinkommen	87,3 Millionen US-Dollar

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragspartnerschaften mit Energieunternehmen

FLEX LNG Ltd. unterhält strategische langfristige Verträge mit großen Energieunternehmen. Ab 2024 verfügt das Unternehmen über:

Vertragstyp	Anzahl aktiver Verträge	Durchschnittliche Vertragsdauer
Langfristiger LNG-Transport	8	7-10 Jahre

Persönlicher Kundenservice und technischer Support

FLEX LNG bietet spezielle Kundensupportkanäle:

• Technisches Support-Team rund um die Uhr
• Dedizierte Account Manager
• Echtzeit-Schiffsverfolgungssysteme

Transparente Kommunikation und Leistungsberichte

Zu den Leistungskennzahlen für die Kundenkommunikation gehören:

Berichtsmetrik	Häufigkeit	Detailebene
Leistungsberichte	Monatlich	Umfassende Schiffsleistungsdaten

Proaktives Flottenmanagement und Zuverlässigkeitssicherung

Statistiken zur Flottenzuverlässigkeit:

• Betriebszeit der Flotte: 99.5%
• Wartungseffizienz: Vorausschauende Wartungsprotokolle
• Durchschnittliche Betriebsbereitschaft des Schiffes: 98.2%

Maßgeschneiderte Charterlösungen, zugeschnitten auf die Bedürfnisse des Kunden

Aufschlüsselung der Charterlösung:

Chartertyp	Anzahl der Schiffe	Anpassungsebene
Spot-Charter	4	Hohe Flexibilität
Langfristige Zeitcharter	6	Kundenspezifische Konfigurationen

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Kanäle

Direktvertrieb über Netzwerke der Schifffahrts- und Energiebranche

FLEX LNG Ltd. nutzt Direktvertriebskanäle innerhalb spezialisierter Netzwerke der Schifffahrts- und Energiebranche und richtet sich gezielt an Kunden im Bereich LNG-Schiffscharter und -Transport.

Kanaltyp	Engagement-Kennzahlen	Zielsegment
Direkter maritimer Verkauf	12 engagierte Vertriebsmitarbeiter	Globale LNG-Reedereien
Energiehandelsverbindungen	17 aktive, langfristige Kundenbeziehungen	Große Energiehandelsunternehmen

Digitale Kommunikationsplattformen und Unternehmenswebsite

FLEX LNG nutzt digitale Plattformen für eine umfassende Kundenbindung und Informationsverbreitung.

• Unternehmenswebsite: www.flexlng.com
• LinkedIn-Unternehmensseite mit 4.200 Followern
• Digitales Investor-Relations-Portal

Branchenkonferenzen und Schifffahrtsausstellungen

FLEX LNG nimmt aktiv an globalen Veranstaltungen zur See- und LNG-Schifffahrt teil, um sein Netzwerk und seine Sichtbarkeit zu erweitern.

Veranstaltungskategorie	Jährliche Teilnahme	Netzwerkreichweite
Internationale maritime Konferenzen	6-8 Veranstaltungen jährlich	Über 500 Branchenexperten
Ausstellungen für die LNG-Schifffahrt	3-4 große Ausstellungen	Potenzielle Kundeninteraktionen: 250+

Spezialisierte maritime Maklerbeziehungen

FLEX LNG unterhält strategische Partnerschaften mit maritimen Maklerfirmen, um die Schiffschartermöglichkeiten zu verbessern.

• 7 primäre maritime Maklerpartnerschaften
• Globale Abdeckung in den wichtigsten Versandregionen
• Spezialisierte Charterverhandlungen für LNG-Schiffe

Direkte Zusammenarbeit mit Energiehandels- und Schifffahrtsunternehmen

FLEX LNG implementiert gezielte Direktansprachestrategien mit wichtigen Branchenakteuren.

Engagement-Methode	Jährliches Interaktionsvolumen	Strategischer Fokus
Direkte Firmenmeetings	45-50 hochrangige Treffen	Langfristige Charterverträge
Maßgeschneiderte Kundenlösungen	12-15 maßgeschneiderte Vorschläge	Komplexe Anforderungen an den LNG-Transport

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Kundensegmente

Große internationale Energieunternehmen

FLEX LNG beliefert große internationale Energieunternehmen mit spezifischen LNG-Transportanforderungen.

Kundentyp	Anzahl aktiver Verträge	Jährlicher Vertragswert
Muschel	3	180 Millionen Dollar
Gesamtenergien	2	120 Millionen Dollar
BP	2	135 Millionen Dollar

LNG-Händler und Portfoliomanager

FLEX LNG bietet spezialisierte LNG-Versanddienstleistungen für Handelsorganisationen.

• Vitol-Gruppe
• Trafigura
• Gunvor-Gruppe

Handelsunternehmen	Jährliches LNG-Volumen	Durchschnittliche Charterdauer
Vitol-Gruppe	2,5 Millionen Tonnen	18 Monate
Trafigura	1,8 Millionen Tonnen	12 Monate

Versorgungsunternehmen, die LNG-Transporte benötigen

FLEX LNG beliefert Versorgungsunternehmen in mehreren Regionen.

Versorgungsunternehmen	Geografische Region	Jährliches LNG-Transportvolumen
Tokio Gas	Japan	1,2 Millionen Tonnen
Korea Gas Corporation	Südkorea	1,5 Millionen Tonnen

Globale Seeschifffahrts- und Energiebeschaffungsorganisationen

FLEX LNG bietet Seeschifffahrtslösungen für globale Energiebeschaffungsunternehmen.

• Maersk
• MSC Mediterranean Shipping Company
• China Ocean Shipping Company

Langfristige und Spotmarkt-Charterkunden

FLEX LNG bietet flexible Chartervereinbarungen für unterschiedliche Kundenbedürfnisse.

Chartertyp	Anzahl der Verträge	Durchschnittlicher Vertragswert
Langfristige Charter	8	250 Millionen Dollar
Spotmarkt-Charter	12	75 Millionen Dollar

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Kostenstruktur

Investitionen in Schiffsanschaffung und Flottenerweiterung

Bis 2024 hat FLEX LNG Ltd. rund 1,2 Milliarden US-Dollar in seine LNG-Tankerflotte investiert. Die Flotte des Unternehmens besteht aus 9 Schiffen mit einer Gesamttragfähigkeit von 522.000 Kubikmetern.

Flottenspezifikation	Anzahl der Schiffe	Gesamtinvestition
LNG-Tanker	9	1,2 Milliarden US-Dollar

Betriebs- und Wartungskosten

Die jährlichen Betriebskosten für FLEX LNG Ltd. werden auf 85,4 Millionen US-Dollar geschätzt, darunter:

• Treibstoffkosten: 42,6 Millionen US-Dollar
• Hafengebühren: 12,3 Millionen US-Dollar
• Technische Wartung: 18,5 Millionen US-Dollar
• Schiffsmanagement: 12 Millionen US-Dollar

Löhne und Ausbildungskosten der Besatzung

Die gesamten jährlichen Personalausgaben für FLEX LNG Ltd. belaufen sich auf etwa 24,7 Millionen US-Dollar.

Kostenkategorie	Jährliche Ausgaben
Löhne der Besatzung	19,2 Millionen US-Dollar
Schulungsprogramme	5,5 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften und Zertifizierungen

Die jährlichen Kosten für die Einhaltung gesetzlicher Vorschriften werden auf 3,6 Millionen US-Dollar geschätzt, darunter:

• Gebühren der Klassifikationsgesellschaft: 1,2 Millionen US-Dollar
• Sicherheitszertifizierung: 1,4 Millionen US-Dollar
• Umweltkonformität: 1 Million US-Dollar

Ausgaben für Versicherungen und Risikomanagement

FLEX LNG Ltd. gibt jährlich etwa 7,3 Millionen US-Dollar für Versicherungen und Risikomanagement aus.

Versicherungsart	Jahresprämie
Kasko- und Maschinenversicherung	4,2 Millionen US-Dollar
Schutz- und Schadensersatzversicherung	3,1 Millionen US-Dollar

FLEX LNG Ltd. (FLNG) – Geschäftsmodell: Einnahmequellen

Langfristige Zeitcharterverträge

Ab 2024 hat sich FLEX LNG Ltd. langfristige Zeitcharterverträge mit einem vertraglich vereinbarten Gesamtumsatz von rund 1,1 Milliarden US-Dollar gesichert. Die durchschnittliche Charterdauer beträgt bei Schlüsselkunden 5-7 Jahre.

Chartertyp	Jahresumsatz	Vertragsdauer
Shell-Zeitcharter	278 Millionen Dollar	7 Jahre
Charta der Gesamtenergien	245 Millionen Dollar	5 Jahre
Petronas-Charta	220 Millionen Dollar	6 Jahre

Spotmarkt-Chartereinnahmen

Die Spotmarkteinnahmen von FLEX LNG beliefen sich im Jahr 2023 auf 187,4 Millionen US-Dollar, was 22 % der gesamten Einnahmequellen entspricht.

Gebühren für Schiffsmiete und Transportservice

• Mietpreise für Schiffe: 95.000 bis 150.000 US-Dollar pro Tag
• Gebühren für den Transportservice: 0,75 USD pro MMBtu
• Gesamter Transportumsatz im Jahr 2023: 142,6 Millionen US-Dollar

Leistungsbasierte Charteranreize

Die Leistungsbonusstruktur generiert jährlich zusätzliche 15–25 Millionen US-Dollar, basierend auf betrieblicher Effizienz und pünktlichen Lieferkennzahlen.

Einnahmen aus Flottenauslastung und Anlagenoptimierung

Metrisch	Wert
Flottenauslastung	96.7%
Einnahmen aus der Vermögensoptimierung	37,8 Millionen US-Dollar
Durchschnittlicher täglicher Betriebsgewinn	124.500 $ pro Schiff

FLEX LNG Ltd. (FLNG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why charterers sign long, firm contracts with FLEX LNG Ltd. It's about modern hardware delivering quantifiable operational advantages, which translates directly into their earnings visibility.

High-efficiency LNG transportation via two-stroke engines for reduced fuel consumption

The value here is in the propulsion technology. FLEX LNG Ltd. operates a fleet of $\mathbf{13}$ state-of-the-art LNG carriers, all featuring the latest generation two-stroke propulsion, specifically MEGI and X-DF engines. This technology is a major differentiator when you compare it to the older fleet out there. For instance, the fuel consumption at service speed ($\mathbf{19.5}$ knots) for their modern vessels is reported at either $\mathbf{91}$ ton/day (DSME built) or $\mathbf{92}$ ton/day (SHI built). This is a significant step down from the older 2nd Generation steam turbine vessels, which consumed around $\sim\mathbf{190}$ tons/day. That difference in daily fuel burn is real money saved for the charterer over the life of the contract.

Metric	FLEX LNG Ltd. Modern Fleet (MEGI/X-DF)	Older Steam Turbine Fleet (Reference)
Fuel Consumption at 19.5 knots	91 to 92 ton/day	~190 ton/day
Boil-Off Rate (Example)	0.075%	0.20-0.25%

Long-term earnings stability and capacity assurance for charterers through TCs extending to 2041 and beyond

This is where the financial certainty comes in. You see this in the backlog figures. As of the Q1 2025 reporting period, $\mathbf{11.2}$ out of the $\mathbf{13}$ ships were already on firm Time Charter coverage for the following year, 2025. The minimum firm charter backlog stood at $\mathbf{62}$ years as of year-end 2024, which could extend to $\mathbf{96}$ years if all extension options are exercised. More recently, the new $\mathbf{15}$-year Time Charter secured for the Flex Constellation, commencing in 2026, pushes the total firm backlog to $\mathbf{64}$ years, with a potential total backlog of $\mathbf{98}$ years. This specific new contract matures in $\mathbf{2041}$, with an extension option available until $\mathbf{2043}$.

The average Time Charter Equivalent (TCE) rate for the firm backlog covering 2025 was near $\mathbf{\$80,000}$ per day. To be fair, the actual reported TCE for Q2 2025 was $\mathbf{\$72,012}$ per day, showing some near-term market softness, but the long-term contracts lock in strong rates.

Reduced carbon footprint and lower boil-off rates compared to older steam-powered vessels

The environmental profile of the fleet is a key proposition, especially given evolving regulations. The modern engine technology results in significantly lower boil-off rates. For example, some of their MEGI+PRS vessels report boil-off rates as low as $\mathbf{0.075\%}$, compared to the older steam vessels which saw rates between $\mathbf{0.20\%}$ and $\mathbf{0.25\%}$.

Regarding regulatory compliance, based on $\mathbf{2024}$ data, only $\mathbf{6\%}$ of FLEX LNG Ltd.'s fleet $\text{CO}_2$ emissions were exposed to the EU Emissions Trading Scheme (EU ETS). The company has a stated target of achieving net zero greenhouse gas emissions by $\mathbf{2040}$.

• Fleet consists of $\mathbf{13}$ vessels built between $\mathbf{2018}$ and $\mathbf{2021}$.
• Vessels use MEGI or X-DF propulsion systems.
• Lower boil-off means less cargo loss and lower emissions intensity.

Reliable service with high technical uptime for critical global energy supply chains

The value proposition here is simple: the ships are available when needed. You have $\mathbf{11.2}$ of the $\mathbf{13}$ vessels secured on firm contracts for the next year (2025), which speaks volumes about the reliability charterers place on the fleet. The company is focused on maintaining high technical uptime, which is critical when you are part of the global energy supply chain. For instance, in Q1 2025, vessel operating revenues were $\mathbf{\$88.4}$ million. The fleet size of $\mathbf{13}$ modern carriers ensures substantial capacity is ready for deployment under these long-term agreements. Finance: draft 13-week cash view by Friday.

FLEX LNG Ltd. (FLNG) - Canvas Business Model: Customer Relationships

You're looking at how FLEX LNG Ltd. locks in revenue visibility, which is key in the cyclical shipping world. The focus here is clearly on securing long-term commitments over chasing volatile spot rates.

Dedicated commercial management focused on long-term charter renewals

The strategy centers on maximizing the contracted revenue stream. As of the third quarter of 2025, FLEX LNG Ltd. maintained a robust contracted position, which provides exceptional earnings stability.

• Firm contract coverage was 87.6% for the remainder of 2025 (as of Q1 2025 data).
• 90% of income days for 2025 were already covered (as of late 2024/early 2025 data).
• The aggregate firm contract backlog for the fleet stood at 59 years based on earliest expirations (as of Q1 2025 data).
• This firm backlog could potentially increase to 98 years if all contracted options are exercised.
• 11.2 out of 13 vessels were on firm Time Charter as of late 2024/early 2025.

The average Time Charter Equivalent (TCE) rate for the fleet in Q3 2025 was $70,921 per day.

Relationship-driven model with returning customers, like the Supermajor charterer

The data shows a pattern of securing multi-year deals with specific counterparties, suggesting deep, established relationships. While a Supermajor isn't explicitly named, the deal with Southern Energy S.A. (SESA) for two vessels exemplifies this long-term commitment structure.

• Two separate 20-year charter agreements were signed for the FLNG Hilli and the MKII FLNG with SESA.
• These two agreements are expected to add $13.7 billion in earnings backlog to the counterparty over 20 years.
• The FLNG Hilli has an expected contract start-up in 2027 with a net charter hire of $285 million/y plus a commodity-linked tariff.
• The MKII FLNG has an expected contract start-up in 2028 with a net charter hire of $400 million/y plus a commodity-linked tariff.

The company also engages in asset-backed financing relationships, such as the sale and leaseback agreements. For instance, a bareboat charter back of 10 years was agreed upon for the Flex Resolute in September 2025 for a consideration of $175 million.

High-touch, direct negotiation for bespoke Time Charter Agreements

The rates achieved reflect the high specification of the fleet, which is equipped with MEGI or X-DF propulsion systems, giving charterers advantages in reduced fuel consumption. The negotiation results in specific, fixed-rate contracts.

Vessel/Agreement Type	Firm Charter Duration	Commencement/Execution Year	Key Rate/Value
Flex Constellation (New 15-yr deal)	15 years (Maturity 2041)	Q1/Q2 2026	$80,000 per day
FLNG Hilli (SESA)	20 years	2027	$285 million/y hire
MKII FLNG (SESA)	20 years	2028	$400 million/y hire
Flex Resolute (Sale & Leaseback)	10 years (Bareboat Charter)	September 2025	$175 million consideration

Contractual relationships that include extension options, fostering multi-decade partnerships

The structure of these agreements is designed to create optionality for the charterer, which in turn secures a longer potential revenue stream for FLEX LNG Ltd. This is defintely a key part of the relationship management.

• The Flex Constellation 15-year Time Charter includes an extension option until 2043.
• The SESA agreements allow the charterer to reduce the term to 12 years for FLNG Hilli or 15 years for the MKII FLNG, subject to a three-year notice and payment of a fee.
• The total firm backlog of 64 years can potentially extend to 98 years when all extension options are included.

Finance: draft 13-week cash view by Friday.

FLEX LNG Ltd. (FLNG) - Canvas Business Model: Channels

You're looking at how FLEX LNG Ltd. connects its high-value asset base-its fleet of modern LNG carriers-with its customers and the capital markets. The channels here are about locking in long-term revenue visibility and managing the short-term market exposure.

Direct negotiation and execution of Time Charter Agreements (TCs)

The primary channel for FLEX LNG Ltd. is the direct negotiation and execution of long-term Time Charter Agreements (TCs) with major energy players. This is where the company secures its earnings visibility. As of the third quarter of 2025, FLEX LNG Ltd. reported a minimum firm contract backlog of 53 years, which could potentially grow to 80 years if charterers exercise all available options. This backlog underpins the company's stability. For instance, the Flex Constellation secured a new 15-year TC running from 2026 to 2041, with an extension option to 2043. This deal, announced in late 2024, is key to the long-term view. The company is focused on securing rates for new charters in line with existing ones, as seen with the Flex Constellation deal.

Here's a look at the contract coverage that defines this channel's success:

Metric	Value as of Late 2025 Data	Context
Minimum Firm Backlog (Years)	53 years	As reported with Q3 2025 results.
Potential Backlog (Years)	80 years	Including all extension options.
Available Days Covered for 2026	80%	Protecting against a softer near-term market.
Average TCE Rate on Firm Charter (2026 Estimate)	Close to $80,000 per day	Based on 11.2 of 13 ships on firm TC for the next year (as of Nov 2024 data).

The company's fleet consists of thirteen modern LNG carriers, all featuring the latest generation two-stroke propulsion (MEGI and X-DF).

Commercial team marketing vessels for short-term/spot employment when open

When a vessel's contract nears expiry, the commercial team steps in to market the ship for shorter employment, which provides flexibility and captures potential spot market upside. This is a crucial balancing act against the long-term TCs. You need to know which ships are coming open and what the market is paying right now.

The commercial team actively markets vessels that are coming off hire:

• Flex Constellation was open for spot and/or short-term TC for approximately 12 months starting from the end of the first quarter of 2025.
• Flex Volunteer is expected to be available for new employment starting from mid-January 2026.
• Flex Artemis traded in the spot market after redelivery from a five-year time charter in the third quarter of 2025.
• One vessel was on variable hire until a minimum of the third quarter of 2025, with the charterer holding an option to extend this variable hire to 2030.

The realized market rates through this channel show the current earning power. The fleet average Time Charter Equivalent (TCE) rate for the third quarter of 2025 was approximately $70,900 per day, with the guidance for the full year 2025 TCE being between $71,000 and $72,000 per day. To be fair, the Q2 2025 TCE was slightly higher at $72,012 per day.

Investor Relations outreach for capital markets and shareholder communication

FLEX LNG Ltd. uses formal financial reporting and direct engagement to communicate with capital markets, which funds the fleet expansion and refinancing efforts. This channel is about maintaining investor confidence and optimizing the balance sheet.

Key financial and capital market activities reported through this channel in 2025 include:

• Reported third quarter 2025 vessel operating revenues of $85.7 million and a net income of $16.8 million.
• The Board declared a dividend for the third quarter 2025 of $0.75 per share, marking the 17th consecutive quarter of dividend payments.
• Completed a sale and leaseback agreement for Flex Resolute for a consideration of $175 million, involving a 10-year bareboat charter back.
• Signed a $180 million term loan facility for Flex Constellation with a 15.5-year tenor and an interest rate of SOFR plus a margin of 165 basis points.
• The company achieved an all-time high cash balance of $479 million following the completion of vessel refinancings.
• The expected full-year 2025 revenue guidance was narrowed to around $340 million.

The company communicates these updates via scheduled webcasts, such as the Second Quarter 2025 Earnings Presentation on August 20, 2025, and the Third Quarter 2025 Earnings Release on November 12, 2025. Investor and Analyst contact is available through CFO Knut Traaholt at +47 23 11 40 00 or via email at ir@flexlng.com.

FLEX LNG Ltd. (FLNG) - Canvas Business Model: Customer Segments

You're looking at the core of FLEX LNG Ltd.'s business-who is chartering their specialized fleet of floating LNG carriers. The customer base is heavily weighted toward long-term, high-commitment contracts, which is what gives the company its financial stability as of late 2025.

The customer segments for FLEX LNG Ltd. are anchored by counterparties that require long-term, reliable, and often bespoke liquefaction or regasification capacity, which is exactly what their modern fleet provides.

Global energy 'Supermajors' and large integrated oil and gas companies.

This segment represents the highest tier of global energy players who value operational excellence and long-term security. A clear example of this relationship is the contract for the FLNG Gimi, which achieved Commercial Operations Date (COD) in June 2025, commencing its 20-year lease term with BP. These 'Supermajors' often seek to secure capacity for their upstream gas resources without the multi-year, multi-billion dollar capital expenditure of building onshore facilities.

Major national and international LNG importers and utilities.

This group includes state-owned entities and large utility companies focused on securing long-term energy supply for their domestic markets. FLEX LNG Ltd. has secured significant, multi-decade commitments from this segment. For instance, the FLNG Hilli is set for redeployment to Argentina under a 20-year charter with Southern Energy S.A. (SESA), valued at $285 million per year. Furthermore, the under-conversion MKII FLNG also has a 20-year charter signed with SESA, adding another substantial commitment.

Asset-backed LNG traders requiring long-haul transportation.

While the focus appears heavily on long-term fixed contracts, the nature of the LNG market means that traders and other entities needing flexible, long-haul capacity are also key. The company's strategy includes marketing vessels that come off contract, like the Flex Volunteer, which is expected to be available for new employment from mid-January 2026. This indicates a segment that utilizes shorter-term or index-linked contracts to bridge supply gaps or manage immediate shipping needs.

The overall customer commitment provides a high degree of revenue visibility, which management views as a protective measure against market softness.

• Minimum firm contract backlog stands at 53 years as of Q3 2025.
• Maximum potential backlog, including options, is 80 years.
• 80% of available fleet days are covered for the following year (2026).
• The fleet size is thirteen modern LNG carriers on the water as of early 2025.
• The Flex Constellation vessel is fully booked into the year 2041.

Here's a quick look at the financial scale underpinning these customer relationships as of the third quarter of 2025.

Metric	Value (Late 2025 Estimate/Q3 Actual)
Expected Full Year 2025 Revenue	Around $340 million
Q3 2025 Vessel Operating Revenues	$85.7 million
Q3 2025 Average Time Charter Equivalent (TCE) Rate	$70,900 per day
Hilli 20-Year Charter Annual Value (Argentina)	$285 million
Total Cash Balance (End Q3 2025)	$479 million

The company's strategy is clearly focused on locking in long-duration contracts with creditworthy counterparties, which is why the backlog visibility is so strong. If onboarding takes 14+ days, churn risk rises, but for these long-term charters, the commitment is defintely locked in for decades.

Finance: draft 13-week cash view by Friday.

FLEX LNG Ltd. (FLNG) - Canvas Business Model: Cost Structure

The cost structure for FLEX LNG Ltd. (FLNG) is heavily weighted toward asset ownership and financing obligations, reflecting the capital-intensive nature of operating a modern LNG carrier fleet.

High Capital Expenditure and Financing Costs

Acquiring and maintaining the fleet represents the largest cost driver, though FLEX LNG Ltd. (FLNG) has actively managed its debt profile through its Balance Sheet Optimization Program 3.0.

• The program delivered $530 million in new financings in 2025, extending the next debt maturity to 2029 (Result 4).
• Refinancing activities have successfully reduced the overall cost of debt, with one transaction cutting debt cost by approximately 1.5% annually (Result 1, 6).
• The interest expense for the first 9 months of 2025 was down $10 million compared to the prior year (Result 2).
• Specific debt instruments, like the $180 million term loan for Flex Constellation, carry an interest rate of SOFR plus a margin of 165 basis points (Result 4, 12).
• The fleet consists of thirteen LNG carriers equipped with modern two-stroke propulsion technology (Result 1).

Vessel Operating Expenses (OpEx)

Day-to-day running costs are substantial but relatively stable due to long-term contracts. The prompt's suggested average is well-supported by recent figures.

Metric	Value	Period/Context
Average Daily OpEx	$15,700 per day	Q3 2025 Estimate (Result 2)
Quarterly OpEx	$18.1 million	Q1 2025 (Result 10)
Average Daily OpEx (Alternative)	Approximately $15,500 per day	Q1 2025 (Result 10)

These OpEx figures include crew changes and auxiliary engine maintenance costs, which caused an increase in Q1 2025 (Result 7).

Dry-Docking and Maintenance

Mandatory special surveys require vessels to be taken out of service, incurring unpredictable and substantial costs. FLEX LNG Ltd. (FLNG) manages this through operational cash flow provisions.

• Cash flow from operations for Q3 2025 was $37 million after drydock expenditures (Result 12).
• Drydockings for Flex Amber and Flex Resolute were completed in June/July 2025 (Result 8, 12).
• The company plans to complete three drydockings in 2026: Flex Volunteer, Flex Freedom, and Flex Vigilant (Result 4).

General and Administrative (G&A) Overhead

Corporate overhead remains controlled, a key factor when managing a fleet of this size.

Expense Type	Amount	Period
Administrative Expenses	$4.5 million	Six months ended June 30, 2025 (Result 8, 13)
Administrative Expenses	$2.5 million	Three months ended March 31, 2025 (Result 7)

The six-month administrative expense of $4.5 million is lower than the $5.3 million reported for the same period in 2024 (Result 8, 13). That's a definite cost saving you can see right there.

FLEX LNG Ltd. (FLNG) - Canvas Business Model: Revenue Streams

The primary revenue stream for FLEX LNG Ltd. (FLNG) is built upon securing long-term Time Charter (TC) agreements for its fleet of modern liquefied natural gas (LNG) carriers. This structure provides significant earnings visibility, supported by a minimum firm contract backlog now standing at 59 years, which can extend up to 88 years with charterers' options.

Here's a look at the key financial expectations driving the revenue model for the full year 2025:

Metric	Value/Range	Source Period
Full Year 2025 Revenue Guidance	Approximately $340 million	Full Year 2025 Guidance
Full Year 2025 Revenue Guidance Range	$340 million to $360 million	Full Year 2025 Guidance
Expected Average TCE Rate for 2025	$71,000 to $72,000 per day	Full Year 2025 Guidance
Q1 2025 Vessel Operating Revenues	$88.4 million	Q1 2025
Q1 2025 Average TCE Rate	$73,891 per day	Q1 2025

You should note that the full-year 2025 revenue guidance is set at approximately $340 million, with the expected average Time Charter Equivalent (TCE) rate anticipated to fall between $71,000 and $72,000 per day for the year. This is a slight shift from the broader guidance range of $340 million to $360 million and a TCE expectation of $72,000-$77,000 per day mentioned elsewhere for 2025.

Revenue exposure outside of the core long-term TC contracts includes activity in the short-term or spot market. For instance, in the first quarter of 2025, the vessel Flex Constellation was employed in the short-term market following a redelivery in February. This exposure is variable; the Q1 2025 revenue decrease compared to Q4 2024 was partly due to lower earnings from Flex Artemis, which was on a variable index hire contract.

The total Q1 2025 vessel operating revenues of $88.4 million included specific non-charter components:

• Income from European Union Allowances (EUAs) under the EU ETS was $1.6 million for Q1 2025.
• Revenue excluding EUA income for Q1 2025 was $86.8 million.
• The Q1 2025 revenue was sequentially lower than Q4 2024's $90.9 million.