GasLog, GasLog Partners take COVID-19 mitigation measures
- Outlook & strategy
Liquefied natural gas (LNG) shipper GasLog and its New York-listed spinoff, GasLog Partners, have taken COVID-19 mitigation measures to ensure operations.
GasLog noted in its statement there have been no known cases of COVID-19 infection amongst the group’s sea-going or shore-based personnel.
During the first quarter, extensive measures were taken to limit the impact of COVID-19 on GasLog’s and GasLog Partners’ business.
The company established a dedicated COVID-19 task force to implement and constantly review and amend the business continuity plan as required, and other measures include a home policy for all onshore employees and strict guidelines restricting access to all vessels as well as suspending shore leave and all crew changes for 30 days from mid-March.
Measures have ensured fleet availability of close to 100 percent. It has also allowed GasLog and GasLog Partners to accelerate opportunistically their dry-docking schedules during the slowdown of LNG trade in February and March.
Four dry-dockings will have been completed by mid-April, all of which are expected to be on time and within budget, including the installation of ballast water treatment systems.
GasLog noted that the charter parties for all of the group’s term-chartered vessels remain in effect with revenues as per the contract terms.
Presently, all of the group’s vessels operating in the spot and short-term market that are not undergoing dry-dockings are on charters through to at least May.
There has been a marked increase in activity in the spot and short-term market in recent weeks, primarily driven by a resumption in industrial activity in China. As a result, the company expects to secure additional employment for its vessels ahead of the conclusion of its current fixtures.