GasLog pens new LNG carrier charter deals

Peter Livanos-led LNG shipping firm GasLog has signed new charter deals for two of its TFDE liquefied natural gas carriers.

GasLog said in its quarterly results report it had signed a two year-agreement with Tokyo LNG Tanker, a unit of Japan’s Tokyo Gas, for the 2013-built 155,000-cbm GasLog Skagen.

This charter will last until September 2024.

The firm did not reveal any additional information regarding the deal.

Earlier this year, GasLog completed the sale and lease-back of this LNG carrier with a unit of China Development Bank Leasing.

Besides the charter deal for this vessel, GasLog said in the third-quarter report it had extended its current charter with Clearlake Shipping, a unit of trader Gunvor, for the 2015-built GasLog Salem.

The charter is for a period of three years and will last until March 2026.

GasLog did not provide further information.

The LNG shipping firm extended the time charter of GasLog Salem with Gunvor’s unit earlier this year for an additional twelve months and until March 2023.

GasLog also signed a sale and lease-back deal for this this LNG carrier with a unit of China Development Bank Leasing.

The company’s consolidated fleet 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.

Revenues climb on strong spot market

GasLog said its revenues rose in the third quarter mainly due to its vessels operating in the spot market as freight rates surged.

Revenues rose to $241.9 million for the quarter ended September 30, 2022, compared to $208.2 million for the same quarter last year.

“The increase in revenues is mainly attributable to our vessels operating in the spot market in the third quarter of 2022, in line with the improvement of the LNG shipping spot and term market,” it said.

Profit for the period was $109.1 million for the quarter under review, compared to $48.5 million in the same period last year.

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