GasLog Partners to sell steam LNG carrier for $54 million

LNG shipper GasLog Partners said it has entered into a deal to sell one of its LNG carriers featuring a steam turbine propulsion for $54 million.

The LNG carrier in question is the 2007-built Methane Shirley Elisabeth with a capacity of 145,000 cbm.

The NYSE-listed limited partnership controlled by Greece’s GasLog did not reveal the name of the buyer in its second-quarter results report released on Thursday.

Gaslog Partners only said the buyer is an “unrelated third party”.

Also, the deal would result in the reclassification of the vessel as held for sale and the recognition of an impairment loss of $14.7 million as of June 30, 2022, it said.

GasLog Partners expects to close the deal in the third quarter of 2022.

Second sale

In addition to this deal, Gaslog Partners is “pursuing an agreement for the sale and lease-back of another steam vessel within the next 12 months,” it said.

The firm said it has not reached a definitive agreement. Such as the first contract, this deal would also result in the reclassification of that vessel as held for sale and the recognition of an impairment loss of $13.3 million.

GasLog Partners has five LNG carriers with a steam turbine propulsion and ten TFDE carriers in its fleet. One vessel is on a bareboat charter.

Two charter deals

Besides these sales, the firm rechartered the 2006-built LNG carrier Methane Rita Andrea, which also features a steam turbine propulsion, to an “energy major” for one year.

GasLog Partners also signed a new multi-month time charter agreement for the 2013-built GasLog Seattle.

It said that a “major trading house” had chartered the TFDE LNG carrier with a capacity of 155,000 cbm.

CEO Paolo Enoizi said that the two new charters would add about $50 million of incremental Ebitda to the company’s contract portfolio.

Moreover, Enoizi expects the sale of the LNG carrier Methane Shirley Elisabeth to contribute about $20 million of incremental net liquidity to the company’s balance sheet.

The company’s revenues rose 21 percent to 84.9 million in the second quarter, while profit dropped to 0.8 million from $14.7 million last year due to the impairment loss of $28 million, GasLog Partners said.

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