GasLog Partners secures two LNG charter deals

Image courtesy of GasLog

New York-listed GasLog Partners, a unit of LNG shipper GasLog, said it had entered into two charter deals with an unnamed new customer.

The deal includes options for an additional two charters.

Under the new deals, GasLog Partners will charter the 155,000-cbm tri-fuel diesel electric LNG carrier GasLog Santiago for a period of three and a half years begining in the third quarter od 2018, it said in its statement on Friday.

The carrier built in 2013 is currently on a multi-year time charter with a unit of Shell through July 2018.

The vessel will undergo a scheduled drydocking during the second quarter of 2018, at which time the company intends to enhance the vessel’s future marketability through the installation of a reliquefaction module ahead of commencing its new charter, the statement said.

As part of the second charter deal, the MLP will charter a 145,000-cbm steam vessel, either Methane Jane Elizabeth or Methane Alison Victoria, for one year starting in the fourth quarter of 2019.

The two vessels built in 2006 and 2007, respectively, are currently also on a time charter with a unit of Shell. Methane Jane Elizabeth’s charter ends in October 2019 while Methane Alison Victoria’s charter concludes in December 2019.

The unnamed charterer has options to extend the GasLog Santiago charter for up to an additional seven years and the steam vessel charter for up to an additional four years, both at “escalating rates”, GasLog Partners said.

Andy Orekar, Chief Executive Officer of GasLog Partners said in the statement he was pleased to announce the signing of these charter agreements with a new, “high-quality counterparty.”

“These charters will provide continuous employment for GasLog Santiago and either Methane Jane Elizabeth or Methane Alison Victoria, increase the partnership’s contracted revenue visibility, diversify our customer base and support our year-on-year distribution growth guidance of 5% to 7% in 2018,” Orekar added.