GasLog Partners to buy GasLog Geneva LNG carrier

GasLog Partners, the New York-listed spinoff of LNG shipper GasLog has agreed to buy GasLog Geneva LNG carrier from its parent company for $211 million. 

The partnership informed it expects to finance the acquisition with cash on hand, including proceeds from its recent preference unit offering, and the assumption of $155 million of GasLog Geneva’s existing debt.

The acquisition is expected to close in the third quarter of 2017.

GasLog Geneva is a 174,000 cubic meter tri-fuel diesel electric liquefied natural gas carrier built in 2016 and operated by GasLog since delivery.

The vessel is currently on a long-term time charter with a unit of Royal Dutch Shell through September 2023. Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or eight years.