LNG

GasLog LNG Partners, with an operational fleet of 12 vessels, reported increased revenues and profits as it proceeded with the merger process with affiliate GasLog Ltd.

The company’s quarterly revenues increased 16 percent to $99.07 million from $85.45m in the same three months of 2022.

Net profits rose 4 percent to $36.37M from $34.98M in the prior-year first quarter.

The Partnership’s market overview and outlook said headline spot rates in the first quarter of 2023 for the most modern vessels fell to an average of about $71,560 per day, a fall of 78 percent compared with the average of the fourth quarter of 2022.

Fall in rates

“This fall in rates is mainly due to the seasonal downturn, high inventories, continuing strong flows from the US to Europe and bearish sentiments. This has been compounded by increased availability of relets,” said the Partnership, citing various sources.

One-year time charter rates for tri-fuel diesel-electric propulsion (TFDE) carriers averaged $155,000 per day in the first quarter of 2023, about 18 percent lower than rates in the fourth quarter of 2022, reflecting the seasonal downturn.

Earnings highlights during the first quarter included the Partnership’s sale and bareboat lease-back of the 155,000 cubic metres capacity TFDE vessel “GasLog Sydney”.

The deal was with a wholly-owned subsidiary of China Development Bank Leasing and with no repurchase option or obligation.

The company said a time-charter agreement for the TFDE carrier “GasLog Geneva with a wholly-owned subsidiary of Shell was extended by five years after the exercise of their extension option.

The merger transaction with GasLog Ltd is expected to close by the end of the third quarter of 2023, subject to approval of the holders of a majority of the common units of the Partnership and the satisfaction of certain closing conditions.

GasLog Ltd owns 30.2 percent of the common units of the Partnership and has entered into a support agreement with the Partnership.

“The entering into an Agreement and Plan of Merger with GasLog is a transformative transaction for the Partnership that will enable its unitholders to take advantage of a significant premium to the unit trading price,” said Paolo Enoizi, Chief Executive.

The Partnership’s owned and bareboat fleet comprises the following vessels: “GasLog Sydney”, “GasLog Geneva”, “Methane Rita Andrea”, “Methane Alison Victoria”, “GasLog Gibraltar”, “Solaris”, “GasLog Santiago”, “GasLog Seattle”, “Methane Jane Elizabeth”, “Gaslog Greece”, “GasLog Glasgow” and “Methane Becki Anne”.

GasLog Ltd, the Greek LNG fleet owner with 35 carriers split with its US affiliate GasLog Partners, reported an increase in third-quarter profits of more than 13 percent as overall revenues slipped because of the expiry of several charters, offset by new agreements in US and UK.

Jan 3 (LNGJ) – Seven cargoes will be unloaded at European terminals in the next week. The 145,000 cubic metres capacity “Methane Rita Andrea” is delivering a shipment on January 3 to the Aliaga facility near the port of Izmir in Turkey from the Trinidad plant in the Caribbean, according to shipping data. The 75,000 cubic metres capacity carrier “Cheik Bouamama” is unloading a cargo on January 4 at the Italian Panigaglia terminal near Genoa from the Skikda plant in Algeria. The 141,000 cubic metres capacity vessel “LNG Cross River” will deliver a cargo on January 4 to the Sines terminal in Portugal from the Nigerian plant on Bonny Island.
   The 147,200 cubic metres capacity vessel “Arctic Princess” is scheduled to deliver a shipment on January 5 to the Dunkirk import terminal on the Channel coast of France from the Equinor plant at Hammerfest in Norway. The 216,000 cubic metres capacity vessel “Al Hamla” is scheduled to deliver a Qatargas shipment on January 5 to the Swinoujscie terminal in Poland. The 150,200 cubic metres capacity vessel “Seri Camar” will deliver a cargo on January 9 to the Aliaga facility in Turkey from the US Cove Point plant in Maryland. The 145,000 cubic metres capacity vessel “Milaha Qatar” will unload a Qatargas shipment on January 11 at the Adriatic LNG import facility in Italy.

April 9 (LNGJ) - The 138,000 cubic metres capacity carrier “British Merchant”, operated by BP Shipping, will deliver a cargo on April 10 to the Dominican Republic import terminal in the Caribbean, owned by AES, from the Atlantic LNG plant at Point Fortin in Trinidad, according to shipping data. The 145,000 cubic metres capacity carrier “Methane Rita Andrea”, operated by GasLog, is scheduled to unload a cargo on April 11 at the Altamira import terminal on the Gulf Coast of Mexico from the Nigeria LNG plant at Bonny Island. The 147,200 cubic metres capacity vessel “Arctic Princess” will deliver a cargo on April 14 to the Lithuanian import facility at the Baltic port of Klaipeda from the Hammerfest plant in Norway, operated by Statoil. The 145,000 cubic metres capacity “Seri Angkasa”, owned by Malaysia International Shipping Corp., will unload a Nigerian cargo on April 15 at the Dabhol import terminal in India. The 155,000 cubic metres capacity vessel “British Sapphire” will unload a shipment on April 22 at the Indian Dahej terminal from the Trinidad export plant.