Monaco-based GasLog has pulled its five vessels from the Cool Pool, the LNG carrier pooling agreement between GasLog and Golar LNG focused exclusively on spot fixtures of up to 12 months in duration.
The move comes after Golar LNG revealed plans to spin off its fleet of tri-fuel diesel electric (TFDE) propulsion ships into a new pure-play LNG shipping entity.
GasLog will assume commercial control of its five vessels from the pool, as will GasLog Partners with its one. GasLog says the move will allow greater flexibility to pursue longer-term time charter opportunities.
Paul Wogan, chief executive officer of GasLog, commented: “I would like to thank our Cool Pool partners for their collaboration over the past four years. However, with Golar’s declared intention to spin off its LNG vessels and a tightening of the LNG carrier market now underway, we believe it is the right time to assume control of our vessel marketing as we seek to place more vessels on longer-term charters to optimize the earnings of our fleet through the cycle. This move is underpinned by increasing levels of customer enquiry in multi-month and multi-year charters.”
Golar LNG says it is in talks with other owners to join the new shipping entity.
“It is expected that Golar’s spot traded TFDE carriers, the Golar Tundra together with Golar Power’s available TFDE carriers and any further tonnage within the new shipping entity will continue to trade within the Cool Pool after a formal launch of the spin-off. Transfer of the Cool Pool to this new shipping entity is expected to create the leading independent provider of available on-the-water TFDE LNG carriers,” the company said in a statement.