GasLog pens three LNG carrier charter deals

Peter Livanos-led GasLog said it has signed charter deals for three LNG carriers, including for one vessel it ordered from South Korea’s Daewoo Shipbuilding and Marine Engineering.

In December last year, GasLog placed an order for four ME-GI LNG carriers at DSME with deliveries scheduled in 2024 and 2025.

Two of these four 174,000-cbm LNG carriers will go on charter to Australia’s LNG prodcuer Woodside and one ship will serve Japan’s trading house Mitsui & Co.

GasLog said in its first-quarter report released this week it has chartered the fourth vessel in this batch for a period of seven years.

The LNG shipper signed the deal with a “multinational oil and gas company” in April.

GasLog said the charter would start upon delivery of the vessel scheduled for the third quarter of 2024, but it did not provide any additional information.

Gunvor and Singapore LNG deals

Besides this newbuild deal, GasLog revealed charter contracts for the 2015-built 155,000-cbm GasLog Salem and the 2010-built 155,000-cbm GasLog Singapore.

GasLog extended the time charter of GasLog Salem with a unit of trader Gunvor Group for an additional twelve months. This charter will end in March 2023.

In addition, the Greek firm signed a new one-year time charter deal for GasLog Singapore with Singapore LNG Corporation, the operator of the LNG import terminal on Jurong Island.

GasLog and Singapore’s Sembcorp completed the conversion of this LNG carrier to a floating storage unit last year.

The firm previously signed a 10-year time charter with Sinolam LNG Terminal for a gas-fired power project in Panama.

Under the deal, the FSU will receive, store and send LNG to a power plant located near Colon, Panama. Sinolam Smarter Energy LNG Power, a unit of private Chinese investment group Shanghai Gorgeous Investment Development, is the developer of the project.

The completion of the power plant was initially scheduled for the second quarter of 2020 but has since been “significantly delayed” as a result of Covid-19 related impacts to the construction schedule, GasLog said.

Subject to receipt of firm notice by the end of 2023, GasLog expects to deliver the FSU to Sinolam LNG Terminal no later than twelve months thereafter.

GasLog Skagen sale

GasLog also said in the quarterly report that it has completed the sale and lease-back of the 2013-built 155,000-cbm GasLog Skagen with a unit of China Development Bank Leasing.

This released $21.5 million of incremental net liquidity to the group.

The LNG shipper said the bareboat charter with CDBL is for a period of five years with no repurchase option or obligation, and it resulted in the recognition of a noncash impairment loss of $9.5 million and of loss on disposal of $0.6 million.

GasLog added that the vessel remains on its charter with Chevron Asia Pacific Shipping, a unit of the US energy giant. The charter expires in September 2022.

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