GasLog enters deal to sell steam LNG carrier

Peter Livanos-led LNG shipping firm GasLog has entered into a deal to sell a 2006-built liquefied natural gas carrier with a steam turbine propulsion.

The firm revealed in its fourth-quarter results report that GasLog Hellas-2 Special Maritime Enterprise, the vessel-owning entity of the 145,000-cbm GasLog Athens, entered into a memorandum of agreement to sell the vessel to an “unrelated third party.”

According to GasLog, the deal was signed on January 17 and is expected to be completed upon redelivery of the vessel from its current charterer.

GasLog did not reveal any further information regarding the sale.

VesselsValue data suggests that the LNG carrier is worth about $73 million.

Previously known as Methane Lydon Volney, GasLog Athens was renamed in August 2022 after it started its contract with Greece’s DESFA, the operator of the Revithuossa LNG import terminal located west of Athens.

The LNG carrier serves as a floating storage unit near the terminal on the island of Revithuossa and it received its first cargo of LNG in November last year.

DESFA chartered GasLog Athens for a period of one year until June 2023, but the firm has the right to extend the charter by six additional months, according to GasLog.

GasLog’s consolidated fleet currently consists of 38 LNG carriers, out of which four 174,000-cbm LNG carriers are under construction at South Korea’s Daewoo Shipbuilding and Marine Engineering.

Of these 34 vessels, GasLog owns 15 ships, while it sold and leased back 5 of the vessels.

The company’s unit GasLog Partners owns the remaining 12 LNG carriers, while it sold and leased back two vessels as well.

GasLog sent a buyout offer to NYSE-Listed GasLog Partners in January this year.

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