Liquefied natural gas (LNG) shipping specialist Flex LNG has secured financing for the 2019-built carrier Flex Courageous. The company said in a media release it completed a $175 million JOLCO lease financing, which generated net proceeds of approximately $42 million, extending debt maturity to 2035 and reducing the cost of debt by 1.5 percent per year.
The company earlier secured up to 10 years of additional backlog for the vessel. The JOLCO lease financing is the initial step of three anticipated vessel refinancings under the Balance Sheet Optimization Program 3.0, which Flex LNG outlined in its first-quarter 2025 presentation following the acquisition of a combined contract backlog extending up to 37 years for the three vessels.
Flex LNG said it remains on track to complete the refinancing of Flex Resolute and Flex Constellation in the second half of 2025. The combined refinancing efforts are expected to generate $120 million in net proceeds, while also extending debt maturities and reducing the overall cost of debt.
By the conclusion of the first quarter of 2025, Flex LNG had a cash reserve of $410 million.
“We are pleased to have completed our first refinancing of 2025 at very attractive terms. We sincerely appreciate the continued trust and support from our banking partners and lease providers”, Knut Traaholt, CFO of Flex LNG Management AS, said. “With this transaction completed, we now turn our attention to the planned refinancings of Flex Resolute and Flex Constellation, continuing our efforts to further strengthen Flex LNG’s financial platform”.
To contact the author, email andreson.n.paul@gmail.com
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