Peter Livanos-controlled GasLog has secured long-term charter deals for three of the four LNG carrier newbuildings it ordered last November.
Reporting fourth-quarter figures, the company said that on 2 February it signed a nine-year time charter with Japanese trader Mitsui & Co for one of the four 174,000-cbm newbuildings it contracted at Daewoo Shipbuilding & Marine Engineering in South Korea. The charter will start in the fourth quarter of 2024.
Five days later, GasLog said it had signed 10-year time charter deals with “a major LNG producer” on two more of the quartet.
These charters kick off from delivery of the vessels in the third and fourth quarters of 2025.
TradeWinds understands that these two vessels have been booked by Australia’s Woodside.
Rate details have yet to emerge.
The company lists its earliest delivering vessel at DSME, Hull No 2532, which is scheduled for handover in the third quarter of 2024, as unchartered at present.
GasLog is believed to be sitting on at least two LNG carrier options at DSME.
In the first quarter, it said trader Gunvor extended its time charter on the 155,000-cbm GasLog Salem (built 2015) by 12 months.
The shipowner also inked a heads of agreement with a wholly owned subsidiary of China Development Bank Leasing for the sale and leaseback of its 155,000-cbm GasLog Skagen (built 2013) for five years with no repurchase option.
The deal on the vessel, which is on charter to Chevron Asia Pacific Singapore, is expected to release $21.4m of funds to the group.
GasLog said chief executive Paul Wogan is retiring on 9 March as Paolo Enoizi takes on the role. Wogan will remain in an advisory capacity through the second quarter.
The company reported a fourth-quarter net loss of $60m — a reversal of a $45.9m net profit in the same three months of 2020.
GasLog said this was due to a drop in profit from operations on the back of an increase in recognised impairment losses.
Revenues for the fourth quarter rose to $223.1m from $192.6m a year earlier. The company said the rise was largely due to deliveries of its new vessels and an improved spot market at the end of 2021.
GasLog Ltd controls 16 LNG carriers. Its master limited partnership arm, GasLog Partners, lists 14 LNG carriers plus a further five bareboat vessels.
