FLEX LNG Ltd. (FLNG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del transporte marítimo, Flex Lng Ltd. surge como una potencia estratégica, transformando el panorama de envío de gas natural licuado (GNL) con su innovador modelo de negocio. Al combinar a la perfección la tecnología de embarcaciones de vanguardia, las asociaciones de la industria robustas y un enfoque centrado en el láser para la excelencia operativa, Flex LNG ha forjado un nicho distintivo en la logística energética global. Este lienzo de modelo comercial integral revela cómo la compañía navega por los complejos desafíos del mercado, ofreciendo soluciones de transporte de GNL confiables y sostenibles que satisfacen las demandas evolutivas de los mercados de energía internacional.

Flex Lng Ltd. (FLNG) - Modelo de negocio: asociaciones clave

Acuerdos de chárter a largo plazo con las principales compañías energéticas

Flex Lng Ltd. ha establecido acuerdos de chárter críticos a largo plazo con empresas de energía prominentes:

Compañía de energía	Duración de la carta	Tipo de vaso	Valor de contrato
Caparazón	7-10 años	Transportista de GNL	$ 110-150 millones por barco
Energías totales	5-8 años	Transportista de GNL	$ 95-130 millones por barco

Asociaciones estratégicas con constructores navales y proveedores de equipos marítimos

Las asociaciones clave de construcción naval y equipos incluyen:

• Hyundai Heavy Industries (Corea del Sur)
• Samsung Heavy Industries
• Construcción naval Hudong-zhonghua

Pareja	Contribución	Valor de contrato	Año de colaboración
Industrias pesadas de Hyundai	Construcción del transportista de GNL	$ 220 millones	2022-2024

Colaboración con sociedades de clasificación y cuerpos regulatorios marítimos

Flex LNG mantiene asociaciones de cumplimiento con:

• DNV GL
• Oficina Americana de envío (ABS)
• Registro de Lloyd

Asociaciones de gestión técnica

Los servicios de gestión técnica se proporcionan a través de asociaciones estratégicas:

Proveedor de servicios	Alcance de gestión	Valor anual del contrato
Gestión de buques anglo-oriental	Operaciones técnicas de embarcación	$ 4.5 millones
Grupo marítimo de OSM	Gestión de la tripulación	$ 2.8 millones

Flex Lng Ltd. (FLNG) - Modelo de negocio: actividades clave

Servicios de transporte de gas natural licuado (GNL)

Flex Lng Ltd. opera una flota de 13 portadores de GNL a partir de 2024, con una capacidad de carga total de 1,964,000 metros cúbicos. La flota de la compañía incluye buques modernos con especificaciones:

Tipo de vaso	Cantidad	Capacidad (CBM)
Buques X-DF	7	174,000
Buques M-DF	6	173,400

Gestión de la flota y operaciones de embarcaciones

Métricas de rendimiento operativo:

• Tasa de utilización de buques promedio: 98.5%
• Días de operación total de la embarcación: 4,745 en 2023
• Ingresos de Time Charter equivalente (TCE): $ 74.6 millones

Negociación y gestión del contrato de la carta

Desglose de la cartera de contratos:

Tipo de contrato	Número de contratos	Duración promedio
Cartas a largo plazo	8	5-7 años
Cartas a corto plazo	5	1-2 años

Mantenimiento de embarcaciones y optimización técnica

Gastos de mantenimiento en 2023: $ 22.3 millones

• Dibujo seco programado: 3 recipientes
• Actualizaciones técnicas: mejoras de eficiencia de combustible
• Cumplimiento de las regulaciones de azufre de la OMI 2020

Estrategias de expansión y crecimiento de la flota del mercado

Planes de expansión de la flota:

• Órdenes comprometidas de nueva construcción: 2 transportistas de GNL adicionales
• Gasto de capital estimado: $ 420 millones
• Aumento de la capacidad de la flota proyectada: 360,000 cbm

Flex Lng Ltd. (FLNG) - Modelo de negocio: recursos clave

Flota de transportista de GNL moderna

A partir de 2024, Flex LNG opera una flota de 13 transportistas de GNL con las siguientes especificaciones:

Tipo de vaso	Número de embarcaciones	Capacidad de carga	Año construido
Buques X-DF	9	174,000 cbm	2018-2022
Recipientes de turbina de vapor	4	155,000 CBM	2010-2014

Recursos financieros

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 1.8 mil millones
• Equidad total: $ 780 millones
• Efectivo y equivalentes de efectivo: $ 125 millones
• Deuda: $ 1.02 mil millones

Capital humano

Composición de la fuerza laboral organizacional:

• Total de empleados: 250
• Experiencia marítima promedio: 15 años
• Equipo de gestión con experiencia en envío internacional: 85%

Cumplimiento operativo

Certificaciones y métricas de cumplimiento:

• ISO 9001: 2015 certificado
• Cumplimiento del código ISM: 100%
• Tasa de cumplimiento de Marpol: 100%

Red global

Relaciones y asociaciones de la industria:

• Contratos activos a largo plazo: 8
• Charterers: principales compañías energéticas de Europa, Asia y América
• Asociaciones estratégicas: 12 empresas internacionales de envío y energía

Flex Lng Ltd. (FLNG) - Modelo de negocio: propuestas de valor

Soluciones de transporte de GNL confiables y eficientes

Flex Lng Ltd. opera una flota de 7 portadores de GNL modernos a partir de 2024, con una capacidad de carga total de aproximadamente 1,050,000 metros cúbicos. La flota de la compañía tiene una edad promedio de 5.2 años, lo que garantiza una alta confiabilidad operativa.

Especificación de la flota	Detalles
Buques totales	7 transportistas de GNL
Capacidad total	1,050,000 metros cúbicos
Edad de flota promedio	5.2 años

Buques de alta especificación que cumplen con los estándares ambientales

Los buques de Flex LNG están equipados con tecnologías avanzadas para minimizar el impacto ambiental:

• IMO Motores compatibles con el nivel III
• Calificación de eficiencia de combustible de 0.035 toneladas CO2 por tonelada transportada de GNL
• Emisiones reducidas de óxido de azufre y óxido de nitrógeno

Arreglos de chárter flexibles para los mercados de energía global

Tipo de afición	Duración	Cobertura del mercado
Cartas a largo plazo	5-15 años	Europa, Asia, América
Chárter	Corto plazo	Mercado global

Compromiso con la excelencia operativa y la seguridad

Flex GNG mantiene cero incidentes de tiempo perdido en 2023, con un sistema integral de gestión de seguridad certificado por estándares marítimos internacionales.

Servicios de transporte marítimo sostenibles

Rendimiento financiero que demuestra un modelo de negocio sostenible:

Métrica financiera	Valor 2023
Ganancia	$ 268.4 millones
Ebitda	$ 195.6 millones
Lngresos netos	$ 87.3 millones

Flex Lng Ltd. (FLNG) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo con compañías energéticas

Flex Lng Ltd. mantiene contratos estratégicos a largo plazo con las principales compañías energéticas. A partir de 2024, la compañía tiene:

Tipo de contrato	Número de contratos activos	Duración promedio del contrato
Transporte de GNL a largo plazo	8	7-10 años

Servicio al cliente personalizado y soporte técnico

Flex LNG proporciona canales de atención al cliente dedicados:

• Equipo de soporte técnico 24/7
• Gerentes de cuentas dedicados
• Sistemas de seguimiento de buques en tiempo real

Informes de comunicación y rendimiento transparentes

Las métricas de rendimiento para la comunicación del cliente incluyen:

Métrica de informes	Frecuencia	Nivel de detalle
Informes de rendimiento	Mensual	Datos de rendimiento de buques integrales

Gestión de la flota proactiva y garantía de confiabilidad

Estadísticas de confiabilidad de la flota:

• Tiempo de actividad de la flota: 99.5%
• Eficiencia de mantenimiento: protocolos de mantenimiento predictivo
• Preparación operativa promedio de embarcaciones: 98.2%

Soluciones de chárter personalizadas adaptadas a las necesidades del cliente

Desglose de la solución de la carta:

Tipo de afición	Número de embarcaciones	Nivel de personalización
Chárter	4	Alta flexibilidad
Cartas de tiempo a largo plazo	6	Configuraciones específicas del cliente

Flex Lng Ltd. (FLNG) - Modelo de negocio: canales

Ventas directas a través de redes de la industria marítima y energética

Flex Lng Ltd. Aprovecha los canales de ventas directos dentro de las redes especializadas de la industria marítima y energética, dirigida a clientes específicos de alquiler de buques de GNL y transporte.

Tipo de canal	Métricas de compromiso	Segmento objetivo
Ventas marítimas directas	12 representantes de ventas dedicados	Empresas navieras de GNL globales
Conexiones de comercio de energía	17 Relaciones activas de clientes a largo plazo	Grandes corporaciones de comercio de energía

Plataformas de comunicación digital y sitio web corporativo

Flex LNG utiliza plataformas digitales para la participación integral del cliente y la difusión de información.

• Sitio web corporativo: www.flexlng.com
• Página de la compañía LinkedIn con 4.200 seguidores
• Portal de relaciones con inversores digitales

Conferencias de la industria y exposiciones de envío marítimo

Flex LNG participa activamente en eventos globales de envío marítimo y GNL para expandir la red y la visibilidad.

Categoría de eventos	Participación anual	Alcance de red
Conferencias marítimas internacionales	6-8 eventos anualmente	Más de 500 profesionales de la industria
Exposiciones de envío de GNL	3-4 Exposiciones importantes	Interacciones potenciales del cliente: 250+

Relaciones especializadas de corretaje marítimo

Flex LNG mantiene asociaciones estratégicas con empresas de corretaje marítimo para mejorar las oportunidades de alquiler de embarcaciones.

• 7 Partnio de corretaje marítimo primario
• Cobertura global en regiones de envío clave
• Negociaciones especializadas de la carta de la embarcación de GNL

Compromiso directo con las compañías de comercio de energía y navegantes

Flex LNG implementa estrategias de participación directa dirigidas con actores clave de la industria.

Método de compromiso	Volumen de interacción anual	Enfoque estratégico
Reuniones corporativas directas	45-50 reuniones de alto nivel	Acuerdos de la carta a largo plazo
Soluciones de cliente personalizadas	12-15 propuestas a medida	Requisitos de transporte de GNL complejos

Flex Lng Ltd. (FLNG) - Modelo de negocio: segmentos de clientes

Grandes compañías internacionales de energía

Flex LNG sirve a las principales compañías internacionales de energía con requisitos específicos de transporte de GNL.

Tipo de cliente	Número de contratos activos	Valor anual del contrato
Caparazón	3	$ 180 millones
Energías totales	2	$ 120 millones
BP	2	$ 135 millones

Comerciantes de GNL y gerentes de cartera

Flex LNG ofrece servicios de envío de GNL especializados para organizaciones comerciales.

• Grupo vitol
• Traficigura
• Grupo de pistoleros

Compañía comercial	Volumen anual de GNL	Duración promedio de la carta
Grupo vitol	2.5 millones de toneladas métricas	18 meses
Traficigura	1.8 millones de toneladas métricas	12 meses

Empresas de servicios públicos que requieren transporte de GNL

Flex LNG sirve a compañías de servicios públicos en múltiples regiones.

Empresa de servicios públicos	Región geográfica	Volumen de transporte anual de GNL
Gas Tokio	Japón	1.2 millones de toneladas métricas
Corea de Gas Corporation	Corea del Sur	1.5 millones de toneladas métricas

Organizaciones globales de envío marítimo y adquisición de energía

Flex LNG proporciona soluciones de envío marítimo para entidades globales de adquisición de energía.

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

Clientes de la carta de mercado a largo plazo y de mercado

Flex LNG ofrece arreglos de chárter flexibles para diversas necesidades del cliente.

Tipo de afición	Número de contratos	Valor de contrato promedio
Cartas a largo plazo	8	$ 250 millones
Cartas del mercado spot	12	$ 75 millones

Flex Lng Ltd. (FLNG) - Modelo de negocio: Estructura de costos

Adquisición de embarcaciones e inversiones de expansión de la flota

A partir de 2024, Flex LNG Ltd. ha invertido aproximadamente $ 1.2 mil millones en su flota de operadores de GNL. La flota de la compañía consta de 9 buques con una capacidad de carga total de 522,000 metros cúbicos.

Especificación de la flota	Número de embarcaciones	Inversión total
Transportista de GNL	9	$ 1.2 mil millones

Gastos operativos y de mantenimiento

Los gastos operativos anuales para Flex Lng Ltd. se estiman en $ 85.4 millones, lo que incluye:

• Costos de combustible: $ 42.6 millones
• CARACIONES PORTO: $ 12.3 millones
• Mantenimiento técnico: $ 18.5 millones
• Administración de buques: $ 12 millones

Salarios de la tripulación y costos de capacitación

Los gastos anuales relacionados con la tripulación total para Flex Lng Ltd. son aproximadamente $ 24.7 millones.

Categoría de costos	Gasto anual
Salario de la tripulación	$ 19.2 millones
Programas de capacitación	$ 5.5 millones

Gastos de cumplimiento y certificación regulatoria

Los costos anuales de cumplimiento regulatorio se calculan en $ 3.6 millones, lo que incluye:

• Tarifas de la sociedad de clasificación: $ 1.2 millones
• Certificación de seguridad: $ 1.4 millones
• Cumplimiento ambiental: $ 1 millón

Gastos de gestión de seguros y riesgos

Flex Lng Ltd. gasta aproximadamente $ 7.3 millones anuales en gestión de seguros y riesgos.

Tipo de seguro	Prima anual
Seguro de casco y maquinaria	$ 4.2 millones
Protección y seguro de indemnización	$ 3.1 millones

Flex Lng Ltd. (FLNG) - Modelo de negocio: flujos de ingresos

Contratos de la carta de tiempo a largo plazo

A partir de 2024, Flex Lng Ltd. ha obtenido contratos de la carta de tiempo a largo plazo con ingresos contratados totales de aproximadamente $ 1.1 mil millones. La duración promedio de la carta es de 5 a 7 años con clientes clave.

Tipo de afición	Ingresos anuales	Duración del contrato
Carta de tiempo de shell	$ 278 millones	7 años
Carta total de energías	$ 245 millones	5 años
Carta de Petronas	$ 220 millones	6 años

Ingresos de la Carta del Mercado Spot

Los ingresos del mercado spot de Flex LNG para 2023 fueron de $ 187.4 millones, lo que representa el 22% de las fuentes de ingresos totales.

Tarifas de servicio de arrendamiento y transporte de embarcaciones

• Tasas de arrendamiento de embarcaciones: $ 95,000 - $ 150,000 por día
• Tarifas de servicio de transporte: $ 0.75 por MMBTU
• Ingresos totales de transporte en 2023: $ 142.6 millones

Incentivos de la carta basados ​​en el rendimiento

La estructura de bonificación de rendimiento genera $ 15-25 millones adicionales anuales en función de la eficiencia operativa y las métricas de entrega a tiempo.

Ingresos de utilización de la flota y optimización de activos

Métrico	Valor
Tasa de utilización de la flota	96.7%
Ingresos de optimización de activos	$ 37.8 millones
Ganancias operativas diarias promedio	$ 124,500 por barco

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.