Peter Livanos and BlackRock-controlled GasLog has inked new time-charter deals on two of its LNG carriers and extended the hire period with charterers on a further vessel.
In a second quarter results statement on Friday the company detailed that it had signed a multi-month time-charter on its 155,000-cbm GasLog Sydney (built 2013) with Centrica.
The vessel, which was previously listed under GasLog Partners fleet before the company completed its merger with GasLog in July, was sold to China Development Bank Leasing under a sale and leaseback deal.
GasLog said it also fixed its 155,000-cbm TFDE Solaris (built 2014) to an arm of Japanese utility Kansai Electric Power Co — KE Fuel International Co.
The Greek shipowner also extended CNTIC VPower Energy’s time-charter on the 145,000-cbm steam turbine vessel Methane Alison Victoria (built 2007) by one year under the charterer’s extension option.
In addition, the company reiterated that it agreed with energy major Shell to extend the charter on the 174,000-cbm two-stroke GasLog Gibraltar (built 2016) by five years after the major exercised its extension option. This contract was concluded in the first quarter.
The Greek shipowner said it completed the sale of its 145,000-cbm steam turbine-driven LNG carrier GasLog Athens (built 2006) on 17 July logging a $9.3m non-cash impairment on the sale.
TradeWinds has previously reported that this vessel was sold to TMS Cardiff Gas for $55m.
GasLog has four ME-GI LNG carrier newbuilding on order at Hanwha Ocean in South Korea, two of which deliver in 2024 and the remaining pair in the second half of 2025.
The company’s statement details that the first of these is fixed to an oil and gas company, the second to Japanese trader Mitsui & Co and the third and fourth committed to Australia’s Woodside.
GasLog’s second quarter profit shot up to $73.4m during the second quarter of 2023 from $48.4m in the corresponding three months of the previous year.
The company highlighted that 2022’s figure included a non-cash impairment loss.
Second quarter revenue inched higher to $227.8m from $216.1m in the same period a year earlier. The company said this was mainly due to income from its vessels operation in the spot and short-term market but offset by scheduled dry-dockings.
The company flagged that there were 78 dry-docking off-hire days during the quarter.
Its 145,000-cbm LNG carrier Methane Shirley Elisabeth (built 2007) was also sold and conversion started on the 153,600-cbm GasLog Chelsea (built 2010) — now renamed Alexandroupoli — which will be used as the FSRU for the Alexandroupoli terminal in Greece.
Following its merger with previously US-listed GasLog Partners, GasLog now controls a fleet of 24 LNG carriers plus a further six LNG bareboat vessels.
