v3.26.1
SHORT TERM AND LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Short-term and long-term debt SHORT TERM AND LONG-TERM DEBT
(in thousands of $)June 30,December 31,
20262025
U.S. dollar denominated floating rate debt
$66 million term tranche under the Flex Enterprise $150 Million Facility
29,478 34,391 
$140 million term tranche under the $290 Million Facility
92,792 100,054 
$90 million term tranche under the $270 Million Facility
65,486 73,658 
$330 Million Sale and Leaseback
270,500 279,000 
Flex Rainbow $180 Million Sale and Leaseback(1)
151,182 155,966 
Flex Endeavour $160 Million Sale and Leaseback(1)
146,182 150,292 
Flex Courageous $175 Million Sale and Leaseback(1)
166,875 171,325 
Flex Resolute $175 Million Sale and Leaseback(1)
169,123 173,604 
Flex Constellation $180 Million Facility
172,500 177,500 
Total U.S. dollar floating rate debt1,264,118 1,315,790 
U.S. dollar denominated fixed rate debt
Flex Volunteer Sale and Leaseback127,310 131,143 
Total U.S. dollar denominated fixed rate debt127,310 131,143 
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 revolving tranche under the $270 Million Facility
180,000 180,000 
Total U.S. dollar denominated revolving credit facilities413,675 413,675 
Total debt1,805,103 1,860,608 
Less
Current portion of debt(112,688)(111,614)
Long-term portion of debt issuance costs(9,567)(10,416)
Long-term debt1,682,848 1,738,578 
(1)These sale and leaseback agreements are comprised of a fixed rate of interest and a floating element based on Term SOFR, plus a margin.
As of June 30, 2026, the Company's only capital commitments relate to long-term debt obligations, summarized below;
(figures in thousands of $)
Sale & LeasebackPeriod repaymentBalloon repaymentTotal
1 year52,104 60,584 — 112,688 
2 years45,592 69,353 — 114,945 
3 years47,126 62,880 290,154 400,160 
4 years48,743 46,752 180,000 275,495 
5 years50,447 31,180 — 81,627 
Thereafter516,636 303,552 — 820,188 
Total760,648 574,301 470,154 1,805,103 
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 applicable facility exceeds the aggregate value of the debt commitment outstanding.

As of June 30, 2026, all financial covenants have been met accordingly.