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GasLog Inks Agreements for LNG Carriers

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GasLog Partners has inked new multi-month time charter agreements securing employment for three liquefied natural gas (LNG) carriers.

The US-listed owner and operator has fixed the 2013-built tri-fuel diesel electric (TFDE) GasLog Shanghai to Woodside Energy Shipping Singapore for two years, while a one-year charter has been agreed with an undisclosed energy major for the 2014-built TFDE carrier Solaris. Both ships have a capacity of 155,000 cubic meters.

In addition, GasLog Partners says it had sealed a deal to charter out its 2007-built 145,000 cubic meter steam turbine vessel, Methane Heather Sally, to a southeast Asian player for three years.

A $50m sale and lease-back has also been executed for the same vessel, with no repurchase option or obligation. The deal is expected to complete in the fourth quarter and release around $17m of incremental net liquidity.

Paolo Enoizi, the company’s chief executive, said: “The charters should add about $134m of incremental Ebitda and improve cash flow visibility.”

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