GasLog Partners Secures Charters for LNG Carrier Pair

Owner and operator of LNG carriers GasLog Partners has inked agreements with an unnamed party for two new charters plus options for an additional two.

The agreements include an approximately three and a half year charter for GasLog Santiago commencing in the third quarter of 2018 and a one year charter for a GasLog Partners’ 145,000 cbm steam vessel beginning in the fourth quarter of 2019.

As informed, the 145,000 cbm vessel will be either Methane Jane Elizabeth or Methane Alison Victoria.

The 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 added.

GasLog Santiago, the 155,000 cbm tri-fuel diesel electric LNG carrier built in 2013, is currently on a multi-year time charter with a subsidiary of Royal Dutch Shell through July 2018. The vessel will undergo a scheduled drydocking during the second quarter of 2018 when a reliquefaction module is to be installed.

Methane Jane Elizabeth and Methane Alison Victoria are also chartered to a subsidiary of Shell, with charters expiring in October and December 2019, respectively.

“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,” Andy Orekar, Chief Executive Officer of GasLog Partners, commented.

Last week, GasLog Partners revealed plans to purchase from GasLog 100% of the shares in the entity that owns and charters the 2016-built GasLog Gibraltar. The acquisition, worth USD 207 million, is expected to be closed in the second quarter of 2018 and is in line with the company’s growth strategy.

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