GasLog inks new LNG carrier charter deals

Greek LNG shipping firm GasLog has signed four charter deals for its LNG carriers, including with Centrica and Shell.

The Peter Livanos-led LNG company, which recently completed its merger with GasLog Partners, revealed these charters in its second-quarter report issued on Thursday.

During the second quarter, GasLog signed a multi-month time charter agreement for the 2013-built TFDE LNG carrier, GasLog Sydney, with Pioneer Shipping, a unit of UK-based energy firm Centrica.

The charter for the 155,000-cbm vessel now expires in May 2024, according to GasLog.

Earlier this year, GasLog Partners completed the sale and lease-back of this LNG carrier with CDB Leasing.

In addition, GasLog and a unit of UK-based LNG giant Shell have extended the time charter agreement for the 2016-built TFDE LNG carrier, GasLog Gibraltar.

The charter for the 174,000-cbm LNG carrier was extended by five years, following the exercise of their extension option, GasLog said.

This contract will expire in October 2028.

Shell exercised its option during the second quarter and GasLog Partners announced this deal in April.

Two more deals

Besides these two agreements, GasLog secured two more charter deals.

Post-quarter end, GasLog has extended the time charter agreement of the 2007-built steam LNG carrier, Methane Alison Victoria, with CNTIC VPower Energy, an independent Chinese energy company.

The deal for this 145,000-cbm LNG carrier was extended by one year, following the exercise of their extension option.

According to GasLog, this contract will expire in October 2024.

Moreover, GasLog agreed to a multi-year time charter agreement for the 2014-built TFDE LNG carrier Solaris, with KE Fuel International, a part of Kansai Electric.

This LNG carrier is currently under charter to an energy major until October 2023 and after that it will serve Kansai Electric until March 2030, GasLog’s quarterly report shows.

GasLog Athens sale completed

GasLog also completed the previously announced sale of the 2006-built steam LNG carrier, GasLog Athens.

The firm completed the sale of the 145,000-cbm LNG carrier with an “unrelated third party” on July 17.

“When the memorandum of agreement was signed, in January 2023, the vessel was reclassified as held for sale and a non-cash impairment loss of $9.3 million was recognized,” GasLog said.

The shipping firm did not provide any further information.

According to VesselsValue data, GasLog sold this LNG carrier to TMS Cardiff Gas for $55 million and the vessel is now named Condor LNG.

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