GasLog, Cheniere extend LNG carrier charter deal

Greek LNG shipping firm GasLog has extended a charter deal for one of its vessels with a unit of US LNG exporter Cheniere.

GasLog revealed the new charter deal in its fourth quarter results report.

During the fourth quarter, the Peter Livanos-led company, which last year completed its merger with GasLog Partners, extended by one year the time charter agreement of Methane Jane Elizabeth, a steam turbine propulsion LNG carrier, with Cheniere Marketing International.

The charter for the 2006-built 145,000-cbm LNG carrier will now expire in March 2025, according to GasLog.

Back in February 2021, Cheniere Marketing International took this LNG carrier on a two-year charter and extended the charter for one more year in the fourth quarter of 2022.

Besides this LNG carrier, GasLog also secured new charter deals during the fourth quarter of last year for the 2010-built 155,000-cbm, GasLog Singapore, with New Fortress Energy, and for the 2013-built 155,000-cbm, GasLog Santiago, with a “major energy exploration company”.

It also signed a new five-year sustainability-linked credit facility in the amount of $2.8 billion.

GasLog reported revenues of $229.9 million for the quarter ended December 31, 2023, down from $244.8 million in the same quarter in 2022.

The firm said the decrease in revenues is mainly attributable to the decrease in available days and the net decrease in revenues from its vessels operating in the spot and short-term markets in the fourth quarter of 2023.

Profit for the period was $31.4 million, down from $68.7 million in 2022, and GasLog attributed the decline to the increase of $34 million in financial costs, which includes an increase of $27 million of write-off of unamortized loan fees due to the facility refinancing.

As of February 15, 2024, GasLog’s owned fleet consisted of 24 vessels while its bareboat fleet consisted of nine vessels.

South Korea’s Hanwha Ocean, previously known as DSME, is also building four LNG carriers for GasLog. The shipbuilder recently launched the first two vessels in this batch.

Most Popular

TotalEnergies targets Mozambique LNG restart by mid-year, CEO says

France's TotalEnergies and its partners in the giant Mozambique LNG project are planning to restart construction on the 12.8 mtpa project by the middle of this year, according to Patrick Pouyanne, CEO of TotalEnergies.

Chinese yard moving forward with Golar FLNG conversion

China's CIMC Raffles is moving forward with the conversion of Golar LNG's 148,000-cbm Moss-type carrier, Fuji LNG, into an MKII FLNG with a capacity of 3.5 mtpa.

Three dead in accident at Port Arthur LNG site

Sempra Infrastructure and Bechtel confirmed that an incident took place on Tuesday at the Port Arthur LNG construction site in Texas, resulting in three fatalities and two injuries.

More News Like This

Cheniere’s Corpus Christi expansion project 82.5 percent complete

The Stage 3 expansion project at Cheniere’s Corpus Christi LNG export plant in Texas is 82.5 percent complete.

Cheniere to start site preparation for two more Corpus Christi LNG trains

US LNG exporting giant Cheniere is seeking approval from the US FERC to start site preparation activities for two more midscale trains at its Corpus Christi LNG plant in Texas.

Port of Corpus Christi says Q1 LNG volumes up 12.3 percent

The US Port of Corpus Christi in Texas reported a 12.3 percent year-on-year increase in its liquefied natural gas (LNG) volumes in the first quarter of this year.

Cheniere progresses commissioning of second Corpus Christi expansion train

US LNG exporting giant Cheniere is moving forward with commissioning activities at the second train of the Corpus Christi Stage 3 expansion project in Texas following the substantial completion of the first unit.