Peter Livanos-controlled GasLog signed charters on two of its tri-fuel diesel-electric LNG carriers, one of which will take the hire period up to 2030.
Announcing results for the three months to the end of December, GasLog said New Fortress Energy has extended its time charter on the 155,000-cbm GasLog Singapore (built 2010) by five years. The contract is now due to expire in 2030.
Its GasLog Partners has signed a multi-year time charter with a “major energy exploration company” on the 155,000-cbm GasLog Santiago (built 2013), which is also a TFDE vessel. The company did not give further details.
The partnership also secured a one-year charter from Cheniere Energy on the 145,000-cbm steam turbine Methane Jane Elizabeth (built 2006) that is due to expire in 2025.
GasLog’s profit for the fourth quarter more than halved to $31.4m, down from $68.7m in the same three months of 2022.
It blamed the drop on a $34m increase in financial costs, including a $27m rise of write-offs from loan fees due to refinancing.
Revenue slimmed to $230m from $244.9m a year earlier.
The company said the falls were largely due to the decrease in available days for its vessels, which dropped to 2,944 for the quarter compared with 3,105 for the same three months of 2022, and a decline in revenue for its vessels operating in the spot and short-term markets.
In particular, it mentioned the conversion of its LNG carrier GasLog Chelsea (built 2010) into the 153,600-cbm floating storage and regasification unit Alexandroupolis and the sale of the 145,000-cbm GasLog Athens (built 2006) in July 2023. A commissioning cargo is due at the newly installed FSRU in Greece this week.
But this was partly offset by a decrease in days for dry-dockings.
GasLog signed a $2.8bn five-year sustainability-linked loan facility on 2 November involving 14 banks, which includes decarbonisation and social performance targets as components of its pricing.
This refinanced outstanding debt of $2.1bn secured by 23 LNG carriers following GasLog’s buyout of GasLog Partners.
GasLog said that at the end of December, its current assets totalled $560.4m, while current liabilities were $622.5m, resulting in a negative working capital position of $62.1m.
It has four newbuildings under construction at Hanwha Ocean in South Korea for delivery in 2024 and 2025, all of which have been chartered out until dates from 2031 through to 2035.
GasLog said that as of 31 December, the remaining balance of the contract prices on the quartet was $576.7m, of which $330.5m is due within 12 months and will be funded by the four sale-and-leaseback agreements signed in July 2022 with CMB Financial Leasing.
GasLog’s fleet comprises 23 LNG carriers and one FSRU, plus nine LNG vessels on bareboat charter.
