Flex LNG Expands Fleet, Changes CEO
Oslo-listed shipowner Flex LNG is acquiring two new LNG carriers, plus a new CEO, and sees the market improving from its recent trough.
The company said May 29 that its CEO Jonathan Cook decided the previous day to step down, and that an interim CEO, Marius Hermansen, has been appointed while it recruits a new permanent CEO. It also hired Marius Foss as commercial chief, who comes from a similar role at Golar LNG.
Flex LNG has agreed to acquire two 174,000 m3 capacity LNG carriers under construction by South Korean shipbuilder Hyundai Heavy Industries for an attractive price of $ 184mn each, of which 20% on signing, and 80% on delivery. On May 28 it was cleared by creditors to sell and lease-back its newbuild LNG carrier Flex Rainbow, with an Asian lessor.
The company reported May 29 a $1.8mn net loss in 1Q, compared with $1mn in 1Q2017. It began a time-charter to Uniper during 1Q2018; on April 18 it entered a separate 12-month time charter with Italy’s Enel that run until 2H2019, with the option for Enel of a further 12 months. (Banner photo shows Flex Endeavour, courtesy of the company)