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Corporate Presentation

December, 2019

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FORWARD-LOOKING STATEMENTS

MATTERS DISCUSSED IN THIS PRESENTATION MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR
PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS
INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER
THAN STATEMENTS OF HISTORICAL FACTS.
FLEX LNG LTD. (“FLEX LNG” OR “THE COMPANY”) DESIRES TO TAKE ADVANTAGE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND IS INCLUDING
THIS CAUTIONARY STATEMENT IN CONNECTION WITH THIS SAFE HARBOR LEGISLATION. THE WORDS "BELIEVE," "EXPECT," "ANTICIPATE," "ESTIMATE," "INTEND," "PLAN," "TARGET," "PROJECT,"
"LIKELY," "MAY," "WILL," "WOULD," "COULD" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS.
THE FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING
WITHOUT LIMITATION, MANAGEMENT’S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN THE COMPANY’S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES.
ALTHOUGH FLEX LNG BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND
CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND THE COMPANY’S CONTROL, THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL ACHIEVE OR
ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. FLEX LNG UNDERTAKES NO OBLIGATION, AND SPECIFICALLY DECLINES ANY OBLIGATION, EXCEPT AS REQUIRED BY LAW, TO PUBLICLY
UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
IN ADDITION TO THESE IMPORTANT FACTORS, OTHER IMPORTANT FACTORS THAT, IN THE COMPANY’S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE
FORWARD-LOOKING STATEMENTS INCLUDE: UNFORESEEN LIABILITIES, FUTURE CAPITAL EXPENDITURES, THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS,
INCLUDING FLUCTUATIONS IN CHARTER RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE LNG TANKER MARKET, CHANGES IN THE COMPANY’S OPERATING EXPENSES, INCLUDING BUNKER
PRICES, DRY-DOCKING AND INSURANCE COSTS, THE FUEL EFFICIENCY OF THE COMPANY’S VESSELS, THE MARKET FOR THE COMPANY’S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING,
ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH THE COMPANY, CHANGES IN
GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, INCLUDING THOSE THAT MAY LIMIT THE COMMERCIAL USEFUL LIVES OF LNG TANKERS, POTENTIAL
LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR
POLITICAL EVENTS, VESSEL BREAKDOWNS AND INSTANCES OF OFF-HIRE, AND OTHER FACTORS, INCLUDING THOSE THAT MAY BE DESCRIBED FROM TIME TO TIME IN THE REPORTS AND OTHER
DOCUMENTS THAT THE COMPANY FILES WITH OR FURNISHES TO THE U.S. SECURITIES AND EXCHANGE COMMISSION (“SEC”).
FOR A MORE COMPLETE DISCUSSION OF CERTAIN OF THESE AND OTHER RISKS AND UNCERTAINTIES ASSOCIATED WITH THE COMPANY, PLEASE REFER TO THE REPORTS AND OTHER DOCUMENTS
THAT FLEX LNG FILES WITH OR FURNISHES TO THE SEC.
THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL.

2
BRAND NEW STATE-OF-THE-ART FLEET

High Pressure Low pressure

ME-GI with Partial ME-GI with Full


ME-GI Reliquefaction System X-DF
Reliquefaction System

Ranger (2018) Endeavour (2018) Artemis (2020) Aurora (2020)

Rainbow (2018) Enterprise (2018) Resolute (2020) Amber (2020)

Constellation (2019) Freedom (2020) Volunteer (2021)

Courageous (2019)
Vigilant (2021)

Initial Flex LNG vessels Acquired in 2017: Acquired in 2018:


$210M equity $329m equity raised $300m equity raised
$257.5m debt raised $550m debt raised $629m ECA financing secured for the five 2020 newbuildings

1) Source: Company 3
Source: Company
DEVELOPING A FIRST CLASS LNG SHIPPING COMPANY

HARDWARE: PEOPLE:
13 state-of-the-art LNG carriers: Recruited mgt teams and in-house
• Six delivered by Aug 2019 ship mgt. from October 2019
• Seven for delivery 2020/21 • Commercial and operations
• >170,000 cbm cargo size • Technical and crewing
• Efficient 2-stroke engines • Finance and accounting

SOFTWARE: FINANCING:
• Systems and routines • Raised $629m equity 2017/18
• Process and integration • Raised approx. $1.4bn debt
• Best practices from Seatankers • OSE and NYSE listing

4
RECENT DEVELOPMENTS

 Delivered Revenues of $29.8m vs. $19.0m for Q2-19


 Achieved Time Charter Equivalent(1) rate of $58.2kpdr in line with guidance of ~$60kpdr
 Delivered Adjusted EBITDA(1) of $21.8m vs. $11.3m for Q2-19
 Executed $525m of loans for Flex Endeavour/Enterprise/Ranger/Courageous during Q3-19
 Secured new attractive $629m financing for five newbuildings
 Q4-19 booked with Revenue guidance of ~$50m to ~$55m
 Flex LNG Fleet Management received Document of Compliance (DOC) in October
 Implemented Sustainability Accounting Standards Board (SASB) reporting in relation to ESG
 Dividend of $0.10 per share declared for Q3-19
 Entered into a TCP with Gunvor for Flex Artemis ex yard, scheduled delivery Aug 2020
 Period is for up ten years of which first five years are firm with elements of variable rate of hire across the charter period

1) Time Charter Equivalent rate and Adjusted EBITDA are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the Q3-19 earnings report 5
MARKET FOR SEABORNE LNG TRANSPORT MATURING

“LNG 1.0” : 2000: ≈100MMtpa “LNG 2.0” : 2010: ≈200MMtpa “LNG 3.0” : 2020: ≈400MMtpa

• 1960s to mid-2000s • Mid-2000s to yesterday • The way of the future


• Traditional liner model (P2P) • Portfolio players • Commoditization of LNG
• Back2back contracts 20yr+ • Term contracts (7-15yrs) • Shorter term contracts (1-7yrs)
• Steam engine • DFDE/TFDE engine (4 stroke) • DF-2 stroke slow speed engine

Fuel Consumption Kg/CBM


1.50

1.00 -38%
-58%
0.50

-
1) Source: Poten 6
138 ST (2.Gen) 160k TFDE 174k SS-2S
LNG 3.0: THE GRANULAR VIEW
80
LNG 2.0
70
3rd/4th gen D/TFDE + QMAX/FLEX + Hybrid ~230 ships

60

LNG 3.0
50 LNG 1.0
5th gen MEGI/XDF+Arc7 ~170 ships
# of Vessels

st nd
1 /2 gen steam ~200 ships
40

30

20

10

STGE/RHST/UST DFDE/TFDE SSD MEGI/X-DF Steam

• Older steam tonnage becoming increasingly obsolete both commercially and economically, but also environmentally

1) Source: Poten, Company 7


$629,000,000 FINANCING SECURED FOR 2020 NEWBUILDINGS

• $629m attractive debt financing secured for five newbuildings delivering in 2020
ECA lender/guarantor: • Korea Eximbank (KEXIM) to provide $379m in direct loans and guarantees
• Commercial banks to provide $250m loan
• Accordion up-size option of up to $50m ($10m per vessel) in case of long-term charter(1)
• $379m KEXIM commitment is for up to 12 years(2)
ECA Coordinator: • Commercial bank loan tenor of 5 years from final drawdown, expected November 2020
• Average repayment profile of 20 years for facilities
• Average margin(3) ~2.2% p.a. above LIBOR, i.e. all-in interest cost of ~4% p.a.
Facility Agent: • Attractive cash breakeven level of ~$43,000/day per vessel(4)
• No requirement for firm employment and financial covenants linked to balance sheet:
• Book equity > 25%; Min available liquidity > $25m & > 5% NIBD; positive consolidated working capital
• Financing subject to final documentation and customary closing conditions expected to
be fulfilled prior to delivery of newbuildings

1) Accordion is uncommitted and subject to acceptable TCP and credit approval by banks
2) According to OECD framework for ECA financing with profile 12 years. Tenor is subject to rollover of commercial bank loan at acceptable terms, otherwise maturity at same time as commercial bank loan 8
3) Including KEXIM guarantee premium
4) Based on 5-year interest rate swap of 1.70% p.a. and vessel operating expense of $13,000 per day, excluding general admin costs
ATTRACTIVE LONG-TERM FINANCING SECURED
Endeavour/Enterprise - $300m Sale and Charterback Constellation/Courageous - $250m Term Loan Facility
• 10-year sale and charterback transaction maturing July 2029 • Five-year bank facility maturing August 2024
• All-in cost of ~6% p.a. • Interest at LIBOR + 2.35% p.a.
• 20 year annuity style repayment profile (21.5 years age-adjusted) • 20 year repayment profile
Rainbow - $157.5m Sale and Leaseback Ranger - $100m Term Loan and Revolving Credit Facility
• 10-year sale and leaseback transaction maturing July 2028 • Five-year bank facility maturing July 2024
• Interest at LIBOR + 3.50% p.a. • Interest at LIBOR + 2.25% p.a.
• 20 year repayment profile • 17.9 year repayment profile (19 years age-adjusted)

Amortization Schedule(1)
$m
400

300

200

100

-
4Q 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

$300M Sale and Charterback $157.5M Sale and Leasback $100M Term Loan $250M Term Loan $629M ECA Facility
1) Assumes $50m revolving facility under $100m term loan fully drawn. The $629m ECA facility remains subject final documentation and customary closing conditions. Repayment schedule for $629m ECA facility based on scheduled delivery dates for the 9
five newbuildings. The 12-year ECA tranche under the $629m ECA facility will mature at same time as the $250m commercial tranche if commercial tranche is not refinanced on terms acceptable to the ECA lenders.
LIMITED REMAINING CAPEX AND ATTRACTIVE CASH BREAKEVEN LEVELS
$m
1,400 Limited remaining capex(1)
1,200
349 • Remaining capex of $126m per
1,000 vessel for Flex Vigilant and Flex
800 Volunteer scheduled for delivery in
600 1,286 629 2021
400 56
• In line with recent bank financings
200 126
and well below Hyundai Glovis sale
126 and charterback of $150m per
-
Newbuilding capex Pre-paid capex Financing 2020 NBs Net capex 2020 NBs Capex 2021 NBs vessel

$/day per
vessel
49,000
Attractive cash breakeven levels(2)
48,000
• Cash breakeven level projected to
47,000
decline over next years due to
46,000
attractive terms on recent
45,000
financings, reduced leverage and
44,000
lower interest expenses
43,000
42,000
4Q 2019 2020 2021 2022 2023
1) The $629m ECA facility for the 2020 newbuildings remains subject final documentation and customary closing conditions. 10
2) Based on 5-year interest rate swap of 1.70% p.a., vessel operating expense of $13,000 per day and scheduled delivery of 2020 newbuildings. Excluding general admin expenses.
DÉJÀ VU IN FREIGHT MARKET
200 000 Spot market development 21 Japan, South Korea and China Imports

180 000

19
160 000

140 000 Severe weather in China


17 amounts to ~35% of drop
120 000
USD/ Day

Nov, 113 200

MT
100 000 15

Sep, 66 875
80 000

13
60 000
Jul, 60 750 Aug, 67 600

40 000
11

20 000

- 9
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 TFDE 5Y Average TFDE 174 CBM 2-S 2019 5Y-High/Low 5Y Average 2019
1) Source: Clarkson SIN, KPLER 11
1)
# of Vessels

0
2
4
6
8
10
12
14
16
18
20
Jan-18
Jan-18
Feb-18
Feb-18

Source: Affinity, Clarksons


Mar-18
Mar-18
Mar-18
Apr-18
Apr-18
May-18
May-18
Jun-18
Jun-18
Jul-18
Jul-18
Aug-18
Aug-18
Aug-18
Sep-18
Sep-18
Oct-18
Oct-18
Nov-18
Nov-18
Dec-18

Total Open Vessels - LHS Dec-18


LACK OF AVAILABLE SHIPS DRIVING RATES

Jan-19
Jan-19
Feb-19
Feb-19
Mar-19
Mar-19
Available vessels / % of Fleet

Mar-19
Apr-19
% of Fleet - RHS

Apr-19
May-19
May-19
Jun-19
Jun-19
Jul-19
Jul-19
Aug-19
Aug-19
Aug-19
Sep-19
Sep-19
Oct-19
Oct-19
Nov-19
Nov-19
Nov-19, 1.11%

12
0.0%
0.5%
1.5%
2.0%
2.5%
3.0%
4.0%
4.5%
5.0%

1.0%
3.5%

% of Fleet
MORE CARGOES GOING EAST AGAIN

Current trading pattern affects vessel multiplier US Exports by Region


9M 2018 vs. 9M 2019
10 1.9 25

9 Latin America
1.8
8
20 Middle East
7 1.7

# Vessel /Year
6
1.6
5 15
MMt

Europe

MMt
1.5
4 Latin America
Middle East
3 1.4 10
Europe
2
1.3 +15 %
1
5 Asia
0 1.2 Asia
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3
2016 2017 2018 2019
0
Asia Europe Middle East Latin America Weighted Multiplier
9M-2018 9M-2019
1) Source: Poten, KPLER 13
RETURN OF FLOATING STORAGE

LNG Prices Floating storage2


14.0 35

Oil price is the price basis


12.0 for about 71% of cargoes¹ 30

10.0 25

# of Vessels
$ / MMbtu

8.0 20

6.0 15

4.0 10

2.0 5

0.0 0
34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

Week #
Atlantic MEI Asia
JKM Asia TTF Europe Henry Hub USA
TTF Future JKM Future Henry Hub Future
JCC 13%

1) Source: Bloomberg, CME, Poten 14


2) Source: KPLER
COMPETITIVE NEWBUILDING SLOTS

Order book for large LNG Carriers New ships will replace old ships
16
Committed
14 Flex
Uncommitted
12

7
10
7 7
# Vessels

8
8

7 1 5
6
5 1
4
1
4
1
6 6
5 5 1 5
2 4 4
3 3 3 3
2 2
0
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr1
2019 2020 2021 2022 2023

1) Source. Poten, Clarkssons SIN 15


LNG VOLUMES GROWING AS EXPECTED
360 Global LNG Exports Oct-19, 358.59
New nameplate capacity
(12m rolling-sum)
40.0 90
340
Oct-18, 320.43 35.0 80
320 70
30.0
14.3
60
300 Oct-17, 293.15 25.0
50

MMtpa
20.0
280 15.4 40
15.0 11.0
CAGR: 10,6% 30
260 16.8
10.0 1.2 2.2 20
240 4.5
5.0 8.6 7.8 10
1.0 3.8
1.5
0.0 0.5 0.5 0
220
2018 2019 2020 2021
Argentina Australia
200 Cameroon Indonesia
Malaysia Russia
US Accum Production

1) Source: KPLER 16
RECORD NUMBER OF NEW VOLUMES SANCTIONED
MMtpa
Volume
70 Golden Pass: 15,6 Mmtpa, brownfield
Sabine Pass T6: 4,5 Mmtpa, brownfield, Likely FIDs Country (Mmtpa) Time
Mozambique : 12,9 Mmtpa, greenfield
60 Calcasieu Pass : 10,8 Mmtpa, greenfield
Arctic LNG-2: 19.8 Mmtpa, greenfield 12.9 Woodfibre LNG 2.1 2019
50 Rovuma LNG 15.2 2020

40 19.8 Qatargas expansion 33-50 2020

30 2 1.5 Pluto Train 2 5.0 2020


3.6
20 1.2 2.4 2.5
0.9 Energia Costa Azul I 3.3 2020
16.5 30.9
29.3 9 30.3
10 18.5 18.5 Driftwood LNG Phase 1 16.6 2020
8.5 8.9 9 3.8
0 2.5 3.4 Nigeria LNG Train 7 7.7 2020
2011
2010

2012

2013

2014

2015

2016

2017

2018

2019
PNG T3/Papua LNG 8.0 2020

Australia North America Russia Africa Southeast Asia Total FID volumes 91-108

1) Source: BNEF, Company 17


COMPELLING LONG-TERM OUTLOOK

1) Source: McKinsey 18
SUMMARY

• Significantly improved market conditions


impacting financial results positively
• Attractive long-term financing secured for five
of remaining seven newbuildings
• Industry leading cash break-even levels
• Very strong capitalization, liquidity position and
track record on raising attractive financing
• In-house technical ship management in place
• Flex LNG very well positioned for a long term
fundamental positive LNG outlook
• Dividend of $0.10 per share declared for Q3-19

19
www.flexlng.com
20
INCOME STATEMENT

Unaudited Figures in thousand of $


Three months ended • Revenues of $29.8m vs. $19.0m for Q2-19
Sept 30, 2019 Jun 30, 2019
• Adjusted EBITDA(1) of $21.8m vs. $11.3m for Q2-19
Vessel operating revenues 29,814 19,018
Voyage expenses -994 -1,113 • Administrative expenses impacted by costs associated
Vessel operating expenses -4,618 -5,165 with NYSE listing and establishment of in-house
Administrative expenses -2,286 -1,506 technical ship management
Depreciation -7,840 -6,308
Operating income/(loss) 14,076 4,926 • Increase in interest expense due to drawdown of
$250m facility for Flex Constellation and Flex
Finance income 264 204
Interest expense -9,437 -6,853
Courageous in June and August, respectively, and
(Loss)/gain on derivatives -915 -2,229 increased leverage on Flex Endeavour and Flex
Write-off of debt issuance costs -3,388 - Enterprise following closing of $300m Hyundai Glovis
Other financial items -133 33 sale and charterback in July
Income/(loss) before tax 467 -3,919
• Unrealized non-cash loss on interest rate swaps of
Income tax credit/(expense) 1 -
Net income/(loss) 468 -3,919
$0.9m in Q3-19 compared to $2.2m in Q2-19
• Non-cash write-off of debt issuance cost of $3.4m
relating to re-financing of $315m facility

1) Adjusted EBITDA is a non-GAAP measure. A reconciliation to the most directly comparable GAAP measure is included in the Q3-19 earnings report 21
BALANCE SHEET

Unaudited Figures in thousand of $ Sept 30, 2019 Jun 30, 2019 • Assets consist of six vessels in operation and seven
newbuildings under construction as per Sep 30, 2019
Assets • Increase in Vessels and equipment due to delivery of
Current assets
Flex Courageous
Cash, restricted cash and cash equivalents 56,554 26,444
Other current assets 16,570 9,899 • Vessel purchase prepayments of $349.5m relates to
Non-current assets remaining seven newbuildings
Vessels and equipment 1,155,835 982,459 • Total interest bearing debt of $737.2m, of which
Other fixed assets 5 5 $34.3m is due next 12 months
Vessel purchase prepayment 349,472 385,472
Derivative instruments receivable 269 - • Solid liquidity situation quarter end:
Total Assets 1,578,705 1,404,279 • $56.5m free cash
Liabilities and Equity • $50m available RCF under $100m facility
Current liabilities
Current portion of long-term debt 34,261 29,996 • $270m available under Sterna RCF
Derivative instruments payable 3,521 2,257 • Equity ratio of 52%
Other current liabilities 17,272 15,107
Non-current liabilities
Long-term debt 702,893 536,762
Other non-current liabilities 3 1
Total equity 820,755 820,156
Total Equity and Liabilities 1,578,705 1,404,279 22
CASHFLOW

Unaudited Figures in thousand of $


Three months ended • Net cash flow from operating activities of $8.4m
Sept 30, 2019 Jun 30, 2019
• Newbuilding capex of $145.2m relates to final
Net income/(loss) 468 -3,919 payment upon delivery of Flex Courageous
Working capital adjustments -4,506 4,685
Other non-cash items 12,461 8,612 • Prepayment of long-term debt relates to $315m
Net cash flow from operating activities 8,423 9,378 facility
Purchase of other fixed assets -3 - • Proceeds from long-term debt:
Newbuilding capex -145,214 -146,199 • $125m drawdown Flex Courageous
Net cash flow used in investing activities -145,217 -146,199
• $300m from Hyundai Glovis SCB
Repayment of long-term debt -9,078 -5,906
Repayment of revolving credit facility -50,000 - • $100m from refinancing Flex Ranger
Prepayment of long-term debt -294,000 -
Proceeds from long-term debt 525,000 123,537
Financing costs -5,014 -
Other -4 18
Net cash flow from financing activities 166,904 117,649
Net cash flow 30,110 -19,172
Cash balance at the beginning of period 26,444 45,616
Cash balance at the end of period 56,554 26,444

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IMPLEMENTING SASB ESG REPORTING

• Flex LNG has implemented the Sustainability Accounting Standards Board (SASB) guidelines and
will publish a yearly ESG report based on this framework. The report includes information about:
» Environmental Footprint of Fuel Use
» Ecological Impacts
» Business Ethics
» Health & Safety

• The ESG report also includes valuable information about our commitment to the UN’s
Sustainable Development Goals: Estimated emission reduction vs. coal (1)

» Good Health and Well-Being


» Life Below Water
» Place, Justice and Strong Institutions

• The ESG report can be found on www.flexlng.com/ESG


1) Source: : Texas A&M University 24

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