This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Flex LNG Ltd operates a fleet of thirteen modern liquefied natural gas (LNG) carriers, constituting its entire business. The company is a pure-play LNG shipping operator, providing essential midstream transportation infrastructure for fossil fuels by moving LNG from export terminals to import markets. This activity directly enables the expansion of global natural gas production and consumption.
The company’s own reporting frames its operations as providing environmental benefits through emissions reductions compared to other fuels. However, its business model is fundamentally tied to the lifecycle of fossil fuel infrastructure, with limited near-term replaceability for clean alternatives. The company’s significant debt load and exposure to volatile charter markets underscore its deep integration into the fossil fuel supply chain.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.