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Gunvor to charter Flex LNG vessel for up to 10 years

Mon 25th November, 2019 6:43am
OSLO, Nov 25 (Reuters) - Commodity trader Gunvor Group
 GGL.UL  will charter a liquefied natural gas (LNG) carrier from
shipping firm Flex LNG  FLNG.N  FLNG.OL  for up to 10 years, the
two companies said on Monday.
    Geneva-based Gunvor, which has said it wants to take a lead
in energy transition by investing in cleaner natural gas, last
year became the biggest trader in the burgeoning LNG market.
    The initial contract is for five years, with options to
extend to 10, the firms said. The vessel, with capacity to
transport 173,400 cubic metres of LNG, is under construction at
Korean yard Daewoo Shipbuilding & Marine Engineering 042660.KS .
    "We look forward to taking delivery of one of the most
technologically advanced LNG vessels in the world to serve our
long term portfolio," Gunvor co-head of LNG Kalpesh Patel said
in a statement.
    The vessel, to be called Flex Artemis, is scheduled for
delivery in August of next year. The terms of the time charter
contract were not revealed, except to say that it will partly be
based on a variable rate.
    "We are very pleased to enter into this long-term charter
with a top-tier customer like Gunvor," Flex LNG Management CEO
Oeystein Kalleklev said.
    Listed in New York and Oslo, Flex LNG is controlled by
Norwegian-born billionaire investor John Fredriksen.

 (Reporting by Terje Solsvik; Editing by Kim Coghill)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))
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