GasLog Partners completes acquisition of GasLog Seattle LNG carrier

GasLog Partners, the master limited partnership formed by GasLog, said it has completed the acquisition of the 155,000-cbm LNG carrier GasLog Seattle from the partnership’s sponsor. 

According to the initial agreement, the acquisition is priced at US$189 million, which includes $1 million for positive net working capital balances transferred with the vessel.

GasLog Seattle is a tri-fuel diesel electric LNG carrier built in 2013 and operated by GasLog since delivery, a statement by GasLog Partners reads.

The vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell through December 2020. Shell has two consecutive 5-year extension options, which if exercised, would extend the charter for a period of either 5 or 10 years.

GasLog Partners’ fleet consists of nine LNG carriers with an average carrying capacity of approximately 149,500-cbm, each of which has a multi-year time charter.