Strengthening asset values and LNG carrier rates have pushed Jefferies to upgrade GasLog Partners.

Analyst Randy Giveans said in a note published on Friday that the New York-listed shipowner has its entire fleet fixed through the end of the first quarter of 2022 and has 75% of days locked in for the full year, opening up the possibility they can capture higher rates next year.

Alongside a new buy rating, he raised the company's target price $1.50 to $6.50.

"[Gaslog Partners] is one of the few remaining US-listed pure-play LNG carrier names and should benefit from the much-improved investor sentiment in the sector," Giveans said.

On Friday, TradeWinds reported that Shell had chartered the 160,000-cbm Palu LNG (built 2014) for $200,000 per day.

Brokers said rates could go even higher, with charterers looking to take ships on period charter, further firming the spot market ahead of the northern hemisphere winter.

Giveans said one of GasLog Partners' recent fixtures was index-linked, giving the owner more stable cash flow that the company said it intends to use to pay down debt and lower breakeven rates.

He added that GasLog Partners trades 30% below its net asset value.

"With a combination of vessels on long-term charters, vessels with spot exposure, no near-term debt maturities, and possible distribution increases in 2022, we believe [GasLog Partners] will benefit from increased investor interest from those who want exposure to the rapidly improving LNG shipping sector," he said.