GasLog charters steam LNG carrier to Cheniere

Greece-based shipping firm GasLog has chartered one of its LNG carriers featuring a steam turbine propulsion to a unit of US export player Cheniere.

Peter Livanos-led GasLog chartered the 2006-built 145,000 cbm Methane Jane Elizabeth to Cheniere Marketing for a period of two years.

The vessel previously worked for trader Trafigura under a one-year deal which ended in November last year, according to GasLog.

The company’s chief executive Paul Wogan told analysts during GasLog’s fourth-quarter conference call on Monday that the firm chartered the 15-year old vessel at a fixed rate.

Wogan did not reveal any further information only saying that with this new deal, the company boosted its 2021 charter coverage to about 80%.

GasLog will have five vessels available for recharter this year, two steam vessels and one TFDE vessel currently trading in the short term market.

This also includes two TFDE vessels, GasLog Seattle and Solaris that will end their initial Shell charters later this year.

“We will look for longer-term employment for these vessels, whilst also aiming to maximize their utilization in the growing spot and short-term market,” Wogan said.

To remind, GasLog revealed a merger deal on Monday with BlackRock’s Global Energy & Power Infrastructure Fund, which would see the NYSE-listed LNG shipping firm go private.

GEPIF will pay $5.8 per share in cash to get about 45% shares in GasLog. Blenheim Holdings and the Onassis Foundation will continue to have a 55% stake in the LNG shipper.

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