GasLog Partners has revealed another charter extension for one of its tri-fuel diesel-electric (TFDE) LNG carriers.
In a quarterly update, the New York-listed master limited partnership (MLP) said it agreed to charter the 155,000-cbm GasLog Seattle (built 2013) to TotalEnergies for another 12 months.
GasLog Partners, a spin-off of Greece-based LNG shipowner GasLog, had previously chartered the 155,000-cbm TFDE ship GasLog Sydney (built 2013) to the energy major for a year.
The MLP had also recently extended the charter for the 155,000-cbm TDFE ship Solaris (built 2014) with Shell for eight months, and fixed out the 145,000-cbm steam turbine vessel Methane Heather Sally (built 2007) to Cheniere for one to three years.
“Within the last month we took advantage of a strong LNG shipping market and booked four new multi-month charters with leading customers at attractive rates,” GasLog Partners chief executive Paul Wogan said.
Exact rate levels were not disclosed.
Following the recent deals, the MLP has secured charter coverage for the rest of 2021 and 69.2% for next year.
“This fixed charter coverage along with the cash flows generated during the first half of 2021 more than covers all the partnership’s operating, overhead, dry-docking and debt service requirements for 2021 and 2022,” Wogan added.
The charter coverage was revealed as GasLog Partners reported a 79% increase in second-quarter profit to $14.7m.
Revenue from its fleet of 15 LNG carriers rose to $84.4m from $70.4m in the second quarter of 2020.
Wogan said the MLP’s vessels were almost fully utilised and transported about 1m tonnes of LNG between April and June.
But Stifel said the results were below the Wall Street's consensus estimates.
“Ebitda was slightly low, but the big driver of the miss was primarily due to changes in derivatives,” the investment bank said. “With the weaker results than expected, we expect the units to trade flat to down on the open.”
GasLog Partners has declared a cash distribution of $0.01 per common unit for the second quarter.
