GasLog Partners has tied up a new charter for one of its existing tri-fuel diesel-electric (TFDE) LNG carriers and secured an extension on a second.
Both deals are with energy majors.
The New York-listed shipowner said on Tuesday it has fixed the 155,000-cbm GasLog Sydney (built 2013) to TotalEnergies — which changed its name from Total in May — for a one-year charter that starts this week.
The company, a spin-off of Gaslog, said the ship has been operating in the spot market.
Rate rise
Brokers said the deal was concluded at a daily rate in the mid-$70,000 range. But one said levels have risen since with another TFDE notching up $90,000 per day in a 10-month deal.
On Tuesday, Clarksons quoted improved rates for a one-year charter of a TFDE LNG carrier at $86,000 per day, with two-stroke, gas-injection vessels attracting $96,000 per day.
The market has seen an unseasonal second quarter rush on LNG tonnage to give charterers winter coverage after some were caught without vessels during a period of high demand last year.
GasLog Partners also said it has secured an eight-month time charter for its 155,000-cbm TFDE LNG carrier Solaris (built 2014) from Shell through to the end of the first quarter of 2022.
The charter is in direct continuation of an earlier multi-year deal with Shell, which expires in late July 2021.
The Solaris is a 155,000-cbm TFDE LNG carrier built in 2014 currently operating under its initial multi-year time charter with Shell.
Open tonnage
“The agreements are at fixed daily rates of hire at returns in line with the historic long-term average, underscoring the strengthening LNG carrier spot market observed so far this year," said GasLog Partners chief executive Paul Wogan.
“Together they improve the partnership’s revenue and cash flow visibility, further balancing its operational and financial leverage.”
Speaking in a results briefing in February, Wogan said GasLog Partners has five vessels available for recharter this year. These comprised two steamships and a TFDE vessel that are currently trading in the short-term market.
They also included the 155,000-cbm TFDE ship GasLog Seattle (built 2013) and the Solaris, both of which are on charter to Shell.
Wogan said at the time that the company will look for long-term employment for them while also trying to maximise their use in the spot market.
