GasLog Partners in Cheniere charter deal

GasLog Partners, the New York-listed spinoff of LNG shipper GasLog, said on Tuesday it entered into a new multi-year time charter for tanker GasLog Sydney with a unit of US LNG export player Cheniere.

The contract is scheduled to start in 2018. Cheniere has options to extend the charter for up to two consecutive periods at “escalating rates,” according to a GasLog Partners statement.

GasLog Sydney is a 155,000-cbm tri-fuel diesel electric liquefied natural gas carrier built in 2013 and currently on a multi-year time charter with a unit of the Hague-based LNG giant Shell through September 2018.

The vessel is currently undergoing a scheduled dry-docking during which GasLog Partners “is enhancing its future marketability through the installation of a reliquefaction module,” the statement reads.

Andy Orekar, Chief Executive Officer of GasLog Partners, said in the statement he was very pleased with this charter agreement with Cheniere, the Partnership’s second agreement this year with a new and “high-quality” counterparty.

“The execution of the charter further diversifies our customer base and increases our contracted revenue visibility, supporting our year-on-year distribution growth guidance of 5% to 7% in 2018,” Orekar said.

GasLog Partners’ fleet currently consists of 13 LNG carriers with an average carrying capacity of about 156,000-cbm, according to the company’s website.