GasLog Partners boosts liquidity with LNG carrier sale as it targets another sale and leaseback deal

US-listed shipowner GasLog Partners has struck a deal with an unrelated third party to sell its 2007-built steam turbine propulsion LNG carrier Methane Shirley Elisabeth for $54m.

The sale of the 145,000 cu m vessel has resulted in the recognition of an impairment loss of $14.7m as of June 30, 2022, and should also result in a contribution of around $20m of incremental net liquidity to GasLog Partners’ balance sheet.

The deal is expected to close in the third quarter of 2022 upon the redelivery of the vessel from its current charterer.

GasLog Partners said it had been pursuing a sale and lease-back deal for another steam vessel. “While no definitive agreement has yet been reached, the agreement is expected to be executed and the sale to be completed within the next 12 months,” the company said in its second-quarter report.

In addition, GasLog Partners rechartered the 2006-built LNG carrier, Methane Rita Andrea, for one year and signed a new multi-month time charter agreement with a major trading house for the 2013-built GasLog Seattle.

“The two new charters are expected to add approximately $50m of incremental Ebitda to our contract portfolio,” remarked Paolo Enoizi, the company’s chief executive. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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