NYSE-listed GasLog Partners revealed three new charter deals, including for one LNG carrier with a unit of Australia’s Woodside.
The limited partnership controlled by Greece’s GasLog said in its quarterly report that it had entered into a new two-year charter deal for the 155,000-cbm TFDE LNG carrier, GasLog Shanghai, with Woodside Energy Shipping Singapore.
Besides this LNG carrier, GasLog Partners signed a one-year time charter for the 155,000-cbm TFDE vessel, Solaris, with an energy major.
The firm did not provide any additional information regarding these charters.
Charter and sale
GasLog Partners also entered into a three-year time charter agreement for the 145,000-cbm Methane Heather Sally, a steam turbine propulsion LNG carrier with a Southeast Asian charterer.
The LNG firm executed a sale and lease-back agreement in October for the same vessel, with no repurchase option or obligation, for $50 million.
According to the LNG shipping firm, the completion of the transaction would release about $17 million of incremental net liquidity to the partnership, while the vessel remains on its new three-year charter with the charterer.
GasLog Partners did not reveal the name of the Asian company. It expects to complete the sale and lease-back transaction in the fourth quarter of 2022.
The firm also said it completed the previously announced sale of the 2007-built Methane Shirley Elisabeth with a capacity of 145,000 cbm for $54 million to “an unrelated third party”.
A unit of Indonesia’s Sillo Maritime purchased this vessel, now renamed Golden Isaia.
Three charters to add about $134 million of incremental Ebitda
GasLog Partners reported third-quarter revenues, profit, adjusted profit, and adjusted Ebitda of $95.7 million, $42.7 million, $39.8 million, and $73.3 million, respectively.
Also, the firm declared cash distribution of $0.01 per common unit for the third quarter.
“GasLog Partners delivered strong operating results for the third quarter of 2022, driven by favorable dynamics in the LNG shipping market,” CEO Paolo Enoizi said.
He said that the firm has “successfully captured the strength of the market” by securing period charters for three of its vessels.
“Combined, these charters are expected to add approximately $134 million of incremental Ebitda, thus improving our cash flows visibility,” Enoizi said.