Greece’s GasLog has signed charter deals for two of its TFDE LNG carriers with units of Shell and New Fortress Energy.
The Peter Livanos-led LNG shipping firm revealed these charters in its first-quarter report issued on Thursday.
Gaslog chartered the 2010-built 155,000-cbm, GasLog Singapore, for about two years to NFE Transport Partners.
This charter will last until June 2025, while NFE has the right to extend the charter by an additional period of 90 days, according to GasLog.
GasLog signed this charter deal during the first quarter of this year.
As per the second charter, Shell’s unit decided to extend the charter agreement for the 2016-built 174,000-cbm, GasLog Gibraltar, owned by GasLog Partners.
The charter deal, which was signed after the first quarter, now will last until October 2028, while Shell has the right to extend the charter by an additional three years.
A unit of Shell also also exercised its option to extend the contract for the 174,000-cbm GasLog Geneva for another five years, GasLog Partners said last month.
With this move, Shell will use this 2016-buit TFDE carrier to ship LNG until September 2028.
GasLog Partners entered into a merger agreement with GasLog in April this year and this deal is expected to close by the end of the third quarter.
GasLog currently owns 30.2 percent of the common units of the partnership.
LNG carrier sale
GasLog confirmed it completed the sale and lease-back of the 2014-built 155,000-cbm, GasLog Saratoga, with China Development Bank Financial Leasing (CDB Leasing).
The firm said that the deal worth $144 million with a unit of CDB Leasing has no repurchase option or obligation.
Also, the completion of the transaction resulted in the recognition of a non-cash impairment loss of $6.1 million and of a loss on disposal of $0.6 million, it said.
As previously reported, GasLog Partners also completed the sale and lease-back of the 2013-built 155,000-cbm, GasLog Sydney, with CDB Leasing.
Revenues climb
GasLog said its revenues reached $231.3 million for the first quarter, compared to $213.7 million for the same period in 2022.
It attributed the increase mainly to a net increase in revenues from its vessels operating in the spot and short-term markets in the first quarter of 2023, under time charters that were executed in 2022.
This net increase was partially offset by a decrease in revenues from the off-hire days due to the scheduled dry-docking of its vessels in the first quarter of 2023 and the sale of the LNG carrier Methane Shirley Elisabeth in the third quarter of 2022, it said.
Profit reached $45 million, a drop when compared to $71 million for the same period in 2022.
GasLog attributed this to the decrease in gain from marked-to-market valuation of its derivative financial instruments carried at fair value through profit or loss due to changes in the forward yield curve and the increase in financial costs.