GasLog Partners Takes Another LNG Carrier from GasLog

LNG carrierIllustration, Image Courtesy: LNG Carriers/ Flickr-Kees Torn under CC BY-SA 2.0 license

Owner and operator of LNG carriers GasLog Partners has signed an agreement to acquire the 174,000 cbm tri-fuel diesel electric LNG carrier GasLog Glasgow from GasLog.

The purchase price for the vessel would be USD 214 million, which includes USD 1 million for positive net working capital balances to be transferred with the vessel.

GasLog Partners estimates that the GasLog Glasgow will add around USD 23.5 million to EBITDA in the first 12 months after closing. The 2016-built carrier is currently on a multi-year time charter with a subsidiary of Royal Dutch Shell through June 2026. Shell has the option to extend the charter for a period of five years.

The unit would be financed from GasLog Partners’ available sources of liquidity, including proceeds from its November 2018 shares sale, and the assumption of the GasLog Glasgow’s USD 134 million of existing debt. The transaction is expected to close early in the second quarter of 2019.

With GasLog Glasgow, the Partnership’s fleet would be expanded to 15 wholly-owned LNG carriers.

“We continue to execute on our strategy of dropping vessels into GasLog Partners in order to recycle capital back to GasLog to fund our capital programme. In turn, this leads to further growth opportunities for the Partnership,” Paul Wogan, Chief Executive Officer of GasLog, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >