Flex Lng Ltd. (FLNG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do transporte marítimo, a Flex LNG Ltd. surge como uma potência estratégica, transformando o cenário de remessa de gás natural liquefeito (GNL) com seu modelo de negócios inovador. Ao misturar perfeitamente a tecnologia de embarcações de ponta, parcerias robustas da indústria e uma abordagem focada em laser à excelência operacional, o Flex LNG conquistou um nicho distinto na logística de energia global. Esse modelo abrangente de negócios revela como a empresa navega com desafios complexos do mercado, oferecendo soluções de transporte de GNL confiáveis ​​e sustentáveis ​​que atendem às demandas em evolução dos mercados internacionais de energia.

Flex LNG Ltd. (FLNG) - Modelo de negócios: Parcerias -chave

Acordos de fretamento de longo prazo com grandes empresas de energia

A Flex LNG Ltd. estabeleceu acordos críticos de fretamento de longo prazo com empresas de energia proeminentes:

Empresa de energia	Duração da fretamento	Tipo de embarcação	Valor do contrato
Concha	7-10 anos	Transportadora de GNL	US $ 110-150 milhões por embarcação
Energias totais	5-8 anos	Transportadora de GNL	US $ 95-130 milhões por embarcação

Parcerias estratégicas com construtores de navios e fornecedores de equipamentos marítimos

Principais parcerias de construção naval e equipamentos incluem:

• Hyundai Heavy Industries (Coréia do Sul)
• Samsung Heavy Industries
• Hudong-Zhonghua Shipbuilding

Parceiro	Contribuição	Valor do contrato	Ano de colaboração
Hyundai Heavy Industries	Construção da transportadora de GNL	US $ 220 milhões	2022-2024

Colaboração com sociedades de classificação e órgãos regulatórios marítimos

O Flex LNG mantém parcerias de conformidade com:

• Dnv gl
• American Bureau of Shipping (ABS)
• Registro de Lloyd

Parcerias de gerenciamento técnico

Os serviços de gerenciamento técnico são fornecidos por meio de parcerias estratégicas:

Provedor de serviços	Escopo de gerenciamento	Valor anual do contrato
Gerenciamento de navios anglo-Orientes	Operações técnicas de embarcação	US $ 4,5 milhões
Grupo Marítimo do OSM	Gerenciamento da tripulação	US $ 2,8 milhões

Flex LNG Ltd. (FLNG) - Modelo de negócios: Atividades -chave

Serviços de transporte de gás natural liquefeito (GNL)

A Flex Lng Ltd. opera uma frota de 13 portadores de GNL a partir de 2024, com uma capacidade total de carga de 1.964.000 metros cúbicos. A frota da empresa inclui embarcações modernas com especificações:

Tipo de embarcação	Quantidade	Capacidade (CBM)
Vasos X-DF	7	174,000
Vasos m-df	6	173,400

Gerenciamento de frota e operações de embarcações

Métricas de desempenho operacional:

• Taxa média de utilização de embarcações: 98,5%
• Dias de operação de embarcações totais: 4.745 em 2023
• Receita do Equivalente a Time Charter (TCE): US $ 74,6 milhões

Negociação e gerenciamento de contrato de fretamento

Breakdown do portfólio de contratos:

Tipo de contrato	Número de contratos	Duração média
Cartas de longo prazo	8	5-7 anos
Cartas de curto prazo	5	1-2 anos

Manutenção de embarcações e otimização técnica

Despesas de manutenção em 2023: US $ 22,3 milhões

• Docking a seco programado: 3 navios
• Atualizações técnicas: melhorias de eficiência de combustível
• Conformidade com os regulamentos de enxofre da IMO 2020

Estratégias de expansão de mercado e crescimento da frota

Planos de expansão da frota:

• Ordens comprometidas de Newbuild: 2 transportadoras de GNL adicionais
• Despesas de capital estimadas: US $ 420 milhões
• Aumento da capacidade da frota projetada: 360.000 CBM

Flex LNG Ltd. (FLNG) - Modelo de negócios: Recursos -chave

Frota de transportadora de GNL moderna

A partir de 2024, o Flex LNG opera uma frota de 13 transportadoras de GNL com as seguintes especificações:

Tipo de embarcação	Número de embarcações	Capacidade de carga	Ano construído
Vasos X-DF	9	174.000 CBM	2018-2022
Vasos de turbinas a vapor	4	155.000 CBM	2010-2014

Recursos financeiros

Métricas financeiras a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,8 bilhão
• Equity Total: US $ 780 milhões
• Caixa e equivalentes em dinheiro: US $ 125 milhões
• Dívida: US $ 1,02 bilhão

Capital humano

Composição da força de trabalho organizacional:

• Total de funcionários: 250
• Experiência marítima média: 15 anos
• Equipe de gerenciamento com histórico internacional de remessa: 85%

Conformidade operacional

Certificações e métricas de conformidade:

• Certificado ISO 9001: 2015
• Conformidade do código ISM: 100%
• Marpol Taxa de conformidade: 100%

Rede global

Relacionamentos e parcerias do setor:

• Contratos ativos de longo prazo: 8
• Cretadores: grandes empresas de energia da Europa, Ásia e Américas
• Parcerias estratégicas: 12 empresas internacionais de remessa e energia

Flex Lng Ltd. (FLNG) - Modelo de negócios: proposições de valor

Soluções de transporte de GNL confiáveis ​​e eficientes

A Flex LNG Ltd. opera uma frota de 7 portadores de GNL modernos a partir de 2024, com uma capacidade total de carga de aproximadamente 1.050.000 metros cúbicos. A frota da empresa tem uma idade média de 5,2 anos, garantindo alta confiabilidade operacional.

Especificação da frota	Detalhes
Vasos totais	7 portadores de GNL
Capacidade total	1.050.000 metros cúbicos
Idade média da frota	5,2 anos

Navios de alta especificação que atendem aos padrões ambientais

Os navios da Flex LNG estão equipados com tecnologias avançadas para minimizar o impacto ambiental:

• Motores compatíveis com IMO III
• Classificação de eficiência de combustível de 0,035 toneladas de CO2 por tonelada de transporte de GNL
• Óxido de enxofre reduzido e emissões de óxido de nitrogênio

Arranjos de fretamento flexíveis para mercados globais de energia

Tipo de fretamento	Duração	Cobertura de mercado
Cartas de longo prazo	5-15 anos	Europa, Ásia, Américas
Cartas de ponto	Curto prazo	Mercado Spot Global

Compromisso com a excelência e segurança operacionais

O Flex LNG mantém Zero incidentes de tempo perdido Em 2023, com um sistema abrangente de gerenciamento de segurança certificado pelos padrões marítimos internacionais.

Serviços de transporte marítimo sustentável

Desempenho financeiro demonstrando modelo de negócios sustentável:

Métrica financeira	2023 valor
Receita	US $ 268,4 milhões
EBITDA	US $ 195,6 milhões
Resultado líquido	US $ 87,3 milhões

Flex LNG Ltd. (FLNG) - Modelo de negócios: Relacionamentos do cliente

Parcerias contratuais de longo prazo com empresas de energia

A Flex Lng Ltd. mantém contratos estratégicos de longo prazo com as principais empresas de energia. A partir de 2024, a empresa possui:

Tipo de contrato	Número de contratos ativos	Duração média do contrato
Transporte de GNL de longo prazo	8	7-10 anos

Atendimento ao cliente personalizado e suporte técnico

O Flex LNG fornece canais de suporte ao cliente dedicados:

• Equipe de suporte técnico 24/7
• Gerentes de conta dedicados
• Sistemas de rastreamento de embarcações em tempo real

Comunicação transparente e relatório de desempenho

As métricas de desempenho para comunicação do cliente incluem:

Métrica de relatório	Freqüência	Nível de detalhe
Relatórios de desempenho	Mensal	Dados abrangentes de desempenho da embarcação

Gerenciamento proativo de frota e garantia de confiabilidade

Estatísticas de confiabilidade da frota:

• Tempo de atividade da frota: 99.5%
• Eficiência de manutenção: protocolos de manutenção preditiva
• Prontidão operacional média de embarcações: 98.2%

Soluções de charter personalizadas adaptadas às necessidades do cliente

Remoção da solução fretada:

Tipo de fretamento	Número de embarcações	Nível de personalização
Cartas de ponto	4	Alta flexibilidade
Cartas de longo prazo	6	Configurações específicas do cliente

Flex Lng Ltd. (FLNG) - Modelo de negócios: canais

Vendas diretas através de redes da indústria marítima e de energia

Flex LNG Ltd. Aproveita os canais de vendas diretos em redes de indústria marítima e de energia especializados, direcionando clientes específicos de fretamento e transporte de embarcações de GNL.

Tipo de canal	Métricas de engajamento	Segmento de destino
Vendas marítimas diretas	12 representantes de vendas dedicados	Companhias de transporte globais de GNL
Conexões de negociação de energia	17 relacionamentos ativos de clientes de longo prazo	Grandes empresas de comércio de energia

Plataformas de comunicação digital e site corporativo

O Flex LNG utiliza plataformas digitais para o envolvimento abrangente do cliente e a disseminação de informações.

• Site corporativo: www.flexlng.com
• Página da empresa do LinkedIn com 4.200 seguidores
• Portal de relações com investidores digitais

Conferências do setor e exposições marítimas de remessa

O Flex LNG participa ativamente de eventos globais de remessa marítima e de GNL para expandir a rede e a visibilidade.

Categoria de evento	Participação anual	Alcance de rede
Conferências marítimas internacionais	6-8 eventos anualmente	Mais de 500 profissionais do setor
Exposições de transporte de GNL	3-4 grandes exposições	Interações potenciais do cliente: 250+

Relacionamentos especializados de corretagem marítima

O Flex LNG mantém parcerias estratégicas com as corretoras marítimas para aprimorar as oportunidades de fretamento de embarcações.

• 7 parcerias de corretagem marítima primária
• Cobertura global nas principais regiões de remessa
• Negociações especializadas em navios da embarcação de GNL

Engajamento direto com empresas de negociação de energia e transporte

O Flex LNG implementa estratégias direcionadas de engajamento direto com os principais participantes do setor.

Método de engajamento	Volume anual de interação	Foco estratégico
Reuniões corporativas diretas	45-50 reuniões de alto nível	Acordos de fretamento de longo prazo
Soluções de clientes personalizadas	12-15 Propostas personalizadas	Requisitos de transporte de GNL complexos

Flex LNG Ltd. (FLNG) - Modelo de negócios: segmentos de clientes

Grandes empresas internacionais de energia

O Flex LNG atende às principais empresas internacionais de energia com requisitos específicos de transporte de GNL.

Tipo de cliente	Número de contratos ativos	Valor anual do contrato
Concha	3	US $ 180 milhões
Energias totais	2	US $ 120 milhões
Bp	2	US $ 135 milhões

Comerciantes de GNL e gerentes de portfólio

O Flex LNG fornece serviços especializados de remessa de GNL para organizações comerciais.

• Grupo Vitol
• Trafigura
• Grupo Gunvor

Empresa comercial	Volume anual de GNL	Duração média da fretamento
Grupo Vitol	2,5 milhões de toneladas métricas	18 meses
Trafigura	1,8 milhão de toneladas métricas	12 meses

Empresas de serviços públicos que exigem transporte de GNL

O Flex LNG serve empresas de serviços públicos em várias regiões.

Empresa de serviços públicos	Região geográfica	Volume anual de transporte de GNL
Gas de Tóquio	Japão	1,2 milhão de toneladas métricas
Coréia da Coréia	Coréia do Sul	1,5 milhão de toneladas métricas

Organizações globais de transporte marítimo e compras de energia

O Flex LNG fornece soluções de remessas marítimas para entidades globais de compras de energia.

• Maersk
• MSC Mediterrânea Shipping Company
• Companhia de transporte marítimo da China

Clientes fretados de mercado de longo prazo e spot

O Flex LNG oferece acordos de fretamento flexíveis para diversas necessidades do cliente.

Tipo de fretamento	Número de contratos	Valor médio do contrato
Cartas de longo prazo	8	US $ 250 milhões
Cartas de mercado à vista	12	US $ 75 milhões

Flex Lng Ltd. (FLNG) - Modelo de negócios: estrutura de custos

Aquisição de embarcações e investimentos em expansão de frota

A partir de 2024, a Flex LNG Ltd. investiu aproximadamente US $ 1,2 bilhão em sua frota de transportadora de GNL. A frota da empresa consiste em 9 navios com uma capacidade total de carga de 522.000 metros cúbicos.

Especificação da frota	Número de embarcações	Investimento total
Transportadoras de GNL	9	US $ 1,2 bilhão

Despesas operacionais e de manutenção

As despesas operacionais anuais da Flex LNG Ltd. são estimadas em US $ 85,4 milhões, o que inclui:

• Custos de combustível: US $ 42,6 milhões
• Cobranças portuárias: US $ 12,3 milhões
• Manutenção técnica: US $ 18,5 milhões
• Gerenciamento de embarcações: US $ 12 milhões

Salários da tripulação e custos de treinamento

As despesas anuais totais relacionadas à tripulação para a Flex LNG Ltd. são de aproximadamente US $ 24,7 milhões.

Categoria de custo	Despesa anual
Salários da tripulação	US $ 19,2 milhões
Programas de treinamento	US $ 5,5 milhões

Despesas regulatórias de conformidade e certificação

Os custos anuais de conformidade regulatória são calculados em US $ 3,6 milhões, que incluem:

• Taxas da Sociedade de Classificação: US $ 1,2 milhão
• Certificação de segurança: US $ 1,4 milhão
• Conformidade ambiental: US $ 1 milhão

Gastos de seguro e gerenciamento de riscos

A Flex LNG Ltd. gasta aproximadamente US $ 7,3 milhões anualmente em seguro e gerenciamento de riscos.

Tipo de seguro	Premium anual
Seguro de casco e máquinas	US $ 4,2 milhões
Seguro de proteção e indenização	US $ 3,1 milhões

Flex LNG Ltd. (FLNG) - Modelo de negócios: fluxos de receita

Contratos de fretamento de longo prazo

A partir de 2024, a Flex LNG Ltd. garantiu contratos de fretamento de longo prazo com receita total contratada de aproximadamente US $ 1,1 bilhão. A duração média da Carta é de 5 a 7 anos com os principais clientes.

Tipo de fretamento	Receita anual	Duração do contrato
Carta do tempo da concha	US $ 278 milhões	7 anos
Carta de Energias Totais	US $ 245 milhões	5 anos
Carta de Petronas	US $ 220 milhões	6 anos

Spot Market Charter Receitas

A receita do mercado à vista da Flex LNG em 2023 foi de US $ 187,4 milhões, representando 22% do total de fluxos de receita.

Taxas de serviço de arrendamento e transporte de embarcações

• Taxas de arrendamento de embarcações: US $ 95.000 - US $ 150.000 por dia
• Taxas de serviço de transporte: US $ 0,75 por MMBTU
• Receita total de transporte em 2023: US $ 142,6 milhões

Incentivos de fretamento baseados em desempenho

A estrutura de bônus de desempenho gera US $ 15-25 milhões adicionais anualmente com base na eficiência operacional e nas métricas de entrega no tempo.

Utilização da frota e renda de otimização de ativos

Métrica	Valor
Taxa de utilização da frota	96.7%
Receita de otimização de ativos	US $ 37,8 milhões
Ganhos operacionais médios diários	US $ 124.500 por embarcação

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.