Flex LNG Ltd. (FLNG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du transport maritime, Flex LNG Ltd. apparaît comme une puissance stratégique, transformant le paysage d'expédition du gaz naturel liquéfié (GNL) avec son modèle commercial innovant. En mélangeant de manière transparente la technologie des navires de pointe, des partenariats robustes de l'industrie et une approche axée sur le laser à l'excellence opérationnelle, Flex GNL a creusé un créneau distinctif dans la logistique énergétique mondiale. Cette toile complète du modèle commercial révèle comment l'entreprise aborde les défis du marché complexes, offrant des solutions de transport de GNL fiables et durables qui répondent à l'évolution des demandes des marchés internationaux de l'énergie.

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: partenariats clés

Accords de charte à long terme avec les grandes sociétés énergétiques

Flex LNG Ltd. a établi des accords de charte critiques à long terme avec des sociétés énergétiques éminentes:

Entreprise énergétique	Durée de la charte	Type de navire	Valeur du contrat
Coquille	7-10 ans	Transporteur de GNL	110 à 150 millions de dollars par navire
Énergies totales	5-8 ans	Transporteur de GNL	95 à 130 millions de dollars par navire

Partenariats stratégiques avec les constructeurs navals et les fournisseurs d'équipements maritimes

Les partenariats clés de la construction navale et de l'équipement comprennent:

• Hyundai Heavy Industries (Corée du Sud)
• Samsung Heavy Industries
• Hudong-Zhonghua Shipbuilding

Partenaire	Contribution	Valeur du contrat	Année de collaboration
Hyundai Heavy Industries	Construction du transporteur de GNL	220 millions de dollars	2022-2024

Collaboration avec les sociétés de classification et les organismes de réglementation maritime

Flex LNG maintient des partenariats de conformité avec:

• DNV GL
• American Bureau of Shipping (ABS)
• Registre de Lloyd

Partenariats de gestion technique

Les services de gestion technique sont fournis par des partenariats stratégiques:

Fournisseur de services	Portée de la direction	Valeur du contrat annuel
Gestion des navires anglo-orientaux	Opérations techniques des navires	4,5 millions de dollars
Groupe maritime OSM	Gestion de l'équipage	2,8 millions de dollars

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: Activités clés

Services de transport au gaz naturel liquéfié (GNL)

Flex LNG Ltd. exploite une flotte de 13 transporteurs de GNL à 2024, avec une capacité de charge totale de 1 964 000 mètres cubes. La flotte de l'entreprise comprend des navires modernes avec des spécifications:

Type de navire	Quantité	Capacité (CBM)
Navires X-DF	7	174,000
Navires M-DF	6	173,400

Opérations de gestion de la flotte et de navires

Métriques de performance opérationnelle:

• Taux d'utilisation moyen des navires: 98,5%
• Total des jours de fonctionnement des navires: 4 745 en 2023
• Revenu équivalent de Chambre (TCE): 74,6 millions de dollars

Négociation et gestion des contrats à charte

Répartition du portefeuille des contrats:

Type de contrat	Nombre de contrats	Durée moyenne
Chartes à long terme	8	5-7 ans
Chartes à court terme	5	1-2 ans

Maintenance des navires et optimisation technique

Dépenses d'entretien en 2023: 22,3 millions de dollars

• Docking sec programmé: 3 navires
• Mises à niveau technique: Améliorations d'efficacité énergétique
• Conformité aux réglementations de Sulphur IMO 2020

Extension du marché et stratégies de croissance des flotte

Plans d'expansion de la flotte:

• Ordonnances engagées de la nouvelle enceinte: 2 transporteurs de GNL supplémentaires
• Dépenses en capital estimées: 420 millions de dollars
• Augmentation de la capacité de la flotte projetée: 360 000 CBM

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: Ressources clés

Flotte de transporteur de LNG moderne

En 2024, Flex LNG exploite une flotte de 13 transporteurs de GNL avec les spécifications suivantes:

Type de navire	Nombre de navires	Capacité de chargement	Année construite
Navires X-DF	9	174 000 CBM	2018-2022
Navires à turbine à vapeur	4	155 000 CBM	2010-2014

Ressources financières

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 1,8 milliard de dollars
• Équité totale: 780 millions de dollars
• Equivalents en espèces et en espèces: 125 millions de dollars
• Dette: 1,02 milliard de dollars

Capital humain

Composition de la main-d'œuvre organisationnelle:

• Total des employés: 250
• Expérience maritime moyenne: 15 ans
• Équipe de gestion avec antécédents internationaux d'expédition: 85%

Conformité opérationnelle

Certifications et mesures de conformité:

• ISO 9001: 2015 certifié
• Conformité du code ISM: 100%
• Taux de conformité Marpol: 100%

Réseau mondial

Relations et partenariats de l'industrie:

• Contrats actifs à long terme: 8
• Charters: grandes sociétés énergétiques d'Europe, d'Asie et d'Amérique
• Partenariats stratégiques: 12 entreprises internationales d'expédition et d'énergie

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: propositions de valeur

Solutions de transport de GNL fiables et efficaces

Flex LNG Ltd. exploite une flotte de 7 transporteurs de GNL modernes à partir de 2024, avec une capacité de charge totale d'environ 1 050 000 mètres cubes. La flotte de l'entreprise a un âge moyen de 5,2 ans, garantissant une fiabilité opérationnelle élevée.

Spécification de la flotte	Détails
Navires totaux	7 transporteurs de GNL
Capacité totale	1 050 000 mètres cubes
Âge moyen de la flotte	5,2 ans

Navires de haute spécification répondant aux normes environnementales

Les navires de Flex LNG sont équipés de technologies avancées pour minimiser l'impact environnemental:

• Moteurs conformes à la Tier III IMO
• Évaluation d'efficacité énergétique de 0,035 tonne CO2 par tonne transportée de GNL
• Réduction des émissions d'oxyde de soufre et d'oxyde d'azote

Arrangements de charte flexibles pour les marchés mondiaux de l'énergie

Type charter	Durée	Couverture du marché
Chartes à long terme	5-15 ans	Europe, Asie, Amériques
Charters	À court terme	Marché du spot mondial

Engagement envers l'excellence et la sécurité opérationnelles

Flex LNG maintient zéro incidents de temps perdu en 2023, avec un système complet de gestion de la sécurité certifiée par les normes maritimes internationales.

Services de transport maritime durables

Performance financière démontrant un modèle commercial durable:

Métrique financière	Valeur 2023
Revenu	268,4 millions de dollars
EBITDA	195,6 millions de dollars
Revenu net	87,3 millions de dollars

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: relations clients

Partenariats contractuels à long terme avec les sociétés énergétiques

Flex LNG Ltd. maintient des contrats stratégiques à long terme avec les grandes sociétés énergétiques. Depuis 2024, la société a:

Type de contrat	Nombre de contrats actifs	Durée du contrat moyen
Transport à long terme du GNL	8	7-10 ans

Service client personnalisé et support technique

Flex LNG fournit des canaux de support client dédiés:

• Équipe de support technique 24/7
• Gestionnaires de compte dédiés
• Systèmes de suivi des navires en temps réel

Communication transparente et rapport de performance

Les mesures de performance pour la communication client comprennent:

Métrique de rapport	Fréquence	Niveau de détail
Rapports de performance	Mensuel	Données complètes de performance des navires

Gestion proactive de la flotte et assurance de fiabilité

Statistiques de fiabilité de la flotte:

• Toile de disponibilité de la flotte: 99.5%
• Efficacité de maintenance: protocoles de maintenance prédictive
• Préparation opérationnelle moyenne des navires: 98.2%

Solutions charter personnalisées adaptées aux besoins des clients

Répartition de la solution charte:

Type charter	Nombre de navires	Niveau de personnalisation
Charters	4	Haute flexibilité
Chartes à long terme	6	Configurations spécifiques au client

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: canaux

Ventes directes par le biais de réseaux de l'industrie maritime et de l'énergie

Flex LNG Ltd. exploite les canaux de vente directs dans les réseaux spécialisés de l'industrie maritime et de l'énergie, ciblant des clients spécifiques de navires de GNL et de transport.

Type de canal	Métriques d'engagement	Segment cible
Ventes maritimes directes	12 représentants des ventes dédiées	Compagnies maritimes mondiales de GNL
Connexions de trading d'énergie	17 relations avec les clients à long terme actifs	Grandes sociétés de trading d'énergie

Plateformes de communication numérique et site Web d'entreprise

Flex LNG utilise des plateformes numériques pour l'engagement complet des clients et la diffusion de l'information.

• Site Web de l'entreprise: www.flexlng.com
• Page de l'entreprise LinkedIn à 4 200 abonnés
• Portail des relations avec les investisseurs numériques

Conférences de l'industrie et expositions de livraison maritime

Flex GNL participe activement aux événements de l'expédition maritime et de GNL mondiaux pour étendre le réseau et la visibilité.

Catégorie d'événements	Participation annuelle	Réalisation de réseautage
Conférences maritimes internationales	6-8 événements par an	Plus de 500 professionnels de l'industrie
Expositions d'expédition de GNL	3-4 expositions majeures	Interactions potentielles du client: 250+

Relations spécialisées de courtage maritime

Flex LNG maintient des partenariats stratégiques avec les sociétés de courtage maritime pour améliorer les possibilités d'affrètement des navires.

• 7 partenariats de courtage maritime primaires
• Couverture globale dans les principales régions d'expédition
• Négociations spécialisées de charte de navires de GNL

Engagement direct avec les compagnies de trading d'énergie et d'expédition

Flex LNG met en œuvre des stratégies d'engagement directes ciblées avec les principaux acteurs de l'industrie.

Méthode d'engagement	Volume d'interaction annuel	Focus stratégique
Dirigez les réunions d'entreprise	45-50 réunions de haut niveau	Accords de charte à long terme
Solutions clients personnalisées	12-15 propositions sur mesure	Exigences complexes de transport de GNL

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: segments de clientèle

Grandes sociétés énergétiques internationales

Flex GNL dessert les grandes sociétés énergétiques internationales ayant des exigences spécifiques de transport de GNL.

Type de client	Nombre de contrats actifs	Valeur du contrat annuel
Coquille	3	180 millions de dollars
Énergies totales	2	120 millions de dollars
Bp	2	135 millions de dollars

Traders et gestionnaires de portefeuille de GNL

Flex LNG fournit des services de livraison de GNL spécialisés pour les organisations commerciales.

• Groupe de vitol
• Trafigura
• Groupe Gunvor

Société commerciale	Volume annuel de GNL	Durée de charte moyenne
Groupe de vitol	2,5 millions de tonnes métriques	18 mois
Trafigura	1,8 million de tonnes métriques	12 mois

Les sociétés de services publics nécessitant un transport de GNL

Flex GNL dessert des sociétés de services publics dans plusieurs régions.

Entreprise de services publics	Région géographique	Volume annuel de transport de GNL
Gaz de Tokyo	Japon	1,2 million de tonnes métriques
Korea Gas Corporation	Corée du Sud	1,5 million de tonnes métriques

Organisations mondiales de transport maritime et d'approvisionnement en énergie

Flex LNG fournit des solutions d'expédition maritimes pour les entités mondiales d'approvisionnement en énergie.

• Maersk
• Compagnie maritime de MSC Mediterranean
• China Ocean Shipping Company

Clients charter à long terme et sur le marché au comptant

Flex LNG offre des arrangements charter flexibles pour divers besoins des clients.

Type charter	Nombre de contrats	Valeur du contrat moyen
Chartes à long terme	8	250 millions de dollars
Chartes du marché au comptant	12	75 millions de dollars

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: Structure des coûts

Acquisition des navires et investissements d'expansion de la flotte

En 2024, Flex LNG Ltd. a investi environ 1,2 milliard de dollars dans sa flotte de transporteur de GNL. La flotte de l'entreprise se compose de 9 navires d'une capacité totale de charge de 522 000 mètres cubes.

Spécification de la flotte	Nombre de navires	Investissement total
Transporteurs de GNL	9	1,2 milliard de dollars

Frais opérationnels et d'entretien

Les dépenses opérationnelles annuelles pour Flex LNG Ltd. sont estimées à 85,4 millions de dollars, ce qui comprend:

• Coûts de carburant: 42,6 millions de dollars
• Frais de port: 12,3 millions de dollars
• Entretien technique: 18,5 millions de dollars
• Gestion des navires: 12 millions de dollars

Salaire de l'équipage et frais de formation

Les dépenses annuelles totales liées à l'équipage pour Flex LNG Ltd. représentent environ 24,7 millions de dollars.

Catégorie de coûts	Dépenses annuelles
Salaire de l'équipage	19,2 millions de dollars
Programmes de formation	5,5 millions de dollars

Dépenses de conformité réglementaire et de certification

Les coûts annuels de conformité réglementaire sont calculés à 3,6 millions de dollars, ce qui comprend:

• Frais de la société de classification: 1,2 million de dollars
• Certification de sécurité: 1,4 million de dollars
• Conformité environnementale: 1 million de dollars

Dépenses d'assurance et de gestion des risques

Flex LNG Ltd. dépense environ 7,3 millions de dollars par an sur l'assurance et la gestion des risques.

Type d'assurance	Prime annuelle
Assurance coque et machinerie	4,2 millions de dollars
Assurance de protection et d'indemnisation	3,1 millions de dollars

Flex LNG Ltd. (FLNG) - Modèle d'entreprise: Strots de revenus

Contrats de charte à long terme

Depuis 2024, Flex LNG Ltd. a obtenu des contrats de charte à long terme avec un chiffre d'affaires contractuel total d'environ 1,1 milliard de dollars. La durée moyenne de la charte est de 5 à 7 ans avec des clients clés.

Type charter	Revenus annuels	Durée du contrat
Charte à l'heure de Shell	278 millions de dollars	7 ans
Total Energies Charter	245 millions de dollars	5 ans
Charte de Petronas	220 millions de dollars	6 ans

Revenus de charter sur le marché au comptant

Les revenus du marché au comptant de Flex LNG pour 2023 étaient de 187,4 millions de dollars, ce qui représente 22% du total des sources de revenus.

Frais de location de navires et de transport

• Taux de location de navire: 95 000 $ - 150 000 $ par jour
• Frais de service de transport: 0,75 $ par MMBTU
• Revenus de transport total en 2023: 142,6 millions de dollars

Incitations à la charte basée sur la performance

La structure du bonus de performance génère de 15 à 25 millions de dollars par an sur la base de l'efficacité opérationnelle et des mesures de livraison à temps.

Utilisation de la flotte et revenu d'optimisation des actifs

Métrique	Valeur
Taux d'utilisation de la flotte	96.7%
Revenus d'optimisation des actifs	37,8 millions de dollars
Gains d'exploitation quotidiens moyens	124 500 $ par navire

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.