Flex LNG owns and operates a fleet of 13 modern LNG carriers, transporting liquefied natural gas between export and import terminals under long-term time charter contracts. The fleet consists entirely of modern two-stroke vessels — nine MEGI carriers and four X-DF carriers — all built between 2018 and 2021, making them among the most fuel-efficient LNG carriers available. Under Flex LNG's time charter model, customers pay a fixed daily rate and cover voyage costs like fuel and port fees, while Flex LNG covers vessel operating costs. This structure provides highly predictable revenue. As of early 2026, 10 of 13 vessels are on time charters, with the remaining three trading in the spot market. The company's contract backlog stands at roughly 50 years of firm minimum coverage, potentially growing to 75 years if all charterer options are exercised. The fleet earns a fleet average time charter equivalent rate of roughly $70,000-$75,000 per day across its mix of long-term and spot fixtures. Flex LNG outsources technical ship management to a related party, Flex LNG Fleet Management, while managing commercial operations in-house. The company's capital allocation approach prioritizes a consistent quarterly dividend of $0.75 per share. Flex LNG's growth outlook centers on an anticipated tightening of the LNG shipping market in the late 2020s, driven by a wave of new liquefaction capacity coming online in the U.S. and Qatar, with several Flex LNG charters expiring in 2027-2029 to capture potential re-contracting upside.