GasLog Completes Methane Sisters Dropdown

first_imgzoom NYSE-listed liquefied natural gas (LNG) transporter GasLog Partners LP has completed the USD 483 million purchase of three LNG carriers from GasLog Ltd.The three carriers are the Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally. All three carriers were built in 2007, and have a capacity of 145,000 cubic meters each.GasLog Ltd had acquired the three LNG carriers from an affiliate of BG Group (BG) in June 2014.The vessels are currently operating under long-term time charters with BG with terms of 4.5 years, 5 years and 5.5 years remaining, respectively. BG has the option to extend two of the three charters for an additional period of either three or five years following the initial charter period.GasLog Partners estimates that the carriers will annually generate around USD 72 million of incremental contracted revenue over their initial charter terms, assuming full utilization, and approximately USD 50.8 million of estimated EBITDA for the first 12 months after the closing of the purchase agreement.GasLog Partners LP’s fleet now consists of eight LNG carriers with an average carrying capacity of 148,750 cbm, each of which has a multi-year time charter.”Following this transaction, GasLog Partners continues to have an identified dropdown pipeline of twelve additional vessels at GasLog, providing a highly visible path to sustainable growth. We believe GasLog Partners is well positioned to execute our strategy and continue growing cash distributions for our unitholders at a 10-15% CAGR from the IPO for the next several years,” said Andy Orekar, Chief Executive Officer of GasLog Partners.GasLog Ltd’s fully-owned fleet now consists of 19 LNG carriers (including 11 ships in operation and 8 LNG carriers on order), and the company has four LNG carriers operating under its technical management for third parties.last_img

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