v3.25.2
SHORT TERM AND LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Short-term and long-term debt SHORT TERM AND LONG-TERM DEBT
(in thousands of $)June 30,December 31,
20252024
U.S. dollar denominated floating rate debt
Flex Courageous $175 Million Sale and Leaseback
175,000 — 
$90 million term tranche under the $270 Million Facility
81,828 90,000 
Flex Endeavour $160 Million Sale and Leaseback
154,345 158,190 
$320 Million Sale and Leaseback
129,613 268,576 
Flex Resolute $150 Million Facility
130,264 134,211 
Flex Enterprise $150 Million Facility
39,304 44,217 
Flex Rainbow $180 Million Sale and Leaseback
160,642 165,218 
$330 Million Sale and Leaseback
287,500 296,000 
$140 million term tranche under the $290 Million Facility
107,317 114,579 
Total U.S. dollar floating rate debt1,265,813 1,270,991 
U.S. dollar denominated fixed rate debt
Flex Volunteer Sale and Leaseback134,973 138,656 
Total U.S. dollar denominated fixed rate debt134,973 138,656 
U.S. dollar denominated revolving credit facilities
$84 million revolving tranche under the Flex Enterprise $150 Million Facility
83,675 83,675 
$150 million revolving tranche under the $290 Million Facility
150,000 150,000 
$180 million term tranche under the $270 Million Facility
180,000 180,000 
Total U.S. dollar denominated revolving credit facilities413,675 413,675 
Total debt1,814,461 1,823,322 
Less
Current portion of debt(108,267)(108,906)
Long-term portion of debt issuance costs(9,916)(10,887)
Long-term debt1,696,278 1,703,529 
As of June 30, 2025, the Company's only capital commitments relate to long-term debt obligations, summarized below;
(figures in thousands of $)
Sale & LeasebackPeriod repaymentBalloon repaymentTotal
1 year59,678 48,589 — 108,267 
2 years62,045 48,589 — 110,634 
3 years63,801 48,589 — 112,390 
4 years65,627 37,379 392,786 495,792 
5 years67,569 16,457 180,000 264,026 
Thereafter723,352 — — 723,352 
Total1,042,072 199,603 572,786 1,814,461 
Loan covenants
Certain of our financing agreements discussed above, have, amongst other things, the following financial and vessel covenants, as amended or waived, which are tested quarterly, the most stringent of which require us (on a consolidated basis) to maintain:

• a book equity ratio of minimum of 0.20 to 1.0;
• a positive working capital;

• minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of:
(i) $25 million; and (ii) an amount equal to five percent (5%) of our total interest bearing financial indebtedness net
of any cash and cash equivalents; and

•collateral maintenance test, ensuring that the aggregate value of the vessels making up the facility in question exceeds the aggregate value of the debt commitment outstanding.

As of June 30, 2025, all financial covenants have been met accordingly.