Gaslog Partners Lp News

GasLog signed an Export Credit Agency-backed debt financing of $1.05 billion with 12 international banks for its current newbuilding program.The LNG carrier owner and operator has seven LNG carriers on order at South Korean shipyard Samsung Heavy Industries (SHI), five of which are for delivery in 2020 with two more due in 2021.The Newbuild Facility covers the balance due to the shipyard on delivery and consequently the final installments of the seven newbuildings are fully funded.Five of these seven newbuildings are scheduled to deliver from the yards into firm multi-year charters in 2020 and the remaining two into firm multi-year charters in 2021.The facility has a tenor of up to 12 years with an amortization profile of 18 years from vessel delivery.

Monaco-based international owner, operator and manager of liquefied natural gas (LNG) carriers GasLog has announced plans to relocate more of its people and most of the senior management to the Piraeus, Greece office, home of its operational platform.As a result, GasLog will close the Monaco office, whilst the London office will focus primarily on chartering activities and company secretarial duties. The offices in Singapore, Korea and the US will be unaffected by the changes.GasLog CEO, Paul Wogan, and  COO, Paolo Enoizi, are already located in Greece along with other members of the senior management team.The CFO, Alastair Maxwell, and Head of Commercial, Jasper Heikens, will relocate to Greece in early January 2020.

Monaco-based liquefied natural gas (LNG) shipper GasLog has agreed a 12-year charter contract with world’s largest LNG buyer, Japan’s JERA.The LNG vessel owner said in a press release that the charter party agreement was signed  with LNG Marine Transport Limited (LMT), the principal LNG shipping entity of JERA, for its existing uncommitted newbuild vessel, HN 2274. GasLog is scheduled to take delivery of the vessel, a 180,000 cubic meter Mark III Flex Plus design with low pressure two stroke propulsion, from Samsung Heavy Industries in April 2020, at which point it will commence the 12-year fixed-term time charter. The vessel offers industry leading unit freight costs to JERA.Paul Wogan…

Monaco-based liquefied natural gas (LNG) shipper GasLog Ltd signed a new long-term charter deal with a unit of the Spanish utility company Endesa for its newbuild vessel, the GasLog Warsaw.The International owner and operator of LNG carriers said that it is scheduled to take delivery of the 180,000 cubic meter Mark III Flex Plus vessel with low pressure two stroke propulsion (LP-2S) from Samsung Heavy Industries in July 2019. The eight year fixed-term charter to Endesa will commence in May 2021.Paul Wogan, Chief Executive Officer of GasLog, stated “We are delighted to charter this vessel to Endesa, a leading European utility and very high-quality counterparty.

The Monaco-based international owner, operator and manager of liquefied natural gas (LNG) carriers, GasLog Ltd said that two 180,000 cubic meter LNG carriers with low pressure two stroke (LP-2S) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries (SHI) in South Korea.The newbuilding ordered to fulfil the Charters Gaslog signed with the wholly owned subsidiary of Cheniere Energy, Inc each for a firm period of seven years.Gaslog expects delivery of the vessels in mid-2021."The Charters build on GasLog’s existing relationship with Cheniere, which now totals four newbuilds on order and the GasLog Partners LP owned GasLog Sydney…

Monaco-based LNG shipper GasLog  has ordered two 174,000 cubic meter LNG carriers (HN 2300 and HN 2301) with low pressure two stroke (“LP-2S”) propulsion at Samsung Heavy Industries in South Korea, with expected delivery in late 2020.GasLog will use these vessels to fullfill the two new charter party agreements, each for a firm period of seven years, that it had signed with a wholly owned subsidiary of Cheniere Energy.The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.In addition to the Charters, GasLog has agreed with Cheniere an option for the charter…

Monaco-based LNG shipper GasLog signed a seven-year charter deal with the UK-based energy company Centrica for a newbuild LNG carrier it has ordered at the South Korean shipbuilder Samsung Heavy Industries. A 180,000 cubic meter LNG carrier (HN 2262) with low pressure two stroke (“LP-2S”) propulsion has been ordered from Samsung Heavy Industries in South Korea, with expected delivery in the third quarter of 2020. The rate of hire for the Charter is broadly in line with mid-cycle rates. Further, GasLog and Centrica have separately agreed optionality in relation to the actual vessel to be delivered into the Charter. This optionality allows…

GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to  deliver in the third quarter  of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market. Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, "I am very pleased to announce this expansion in our fleet. GasLog is an international owner, operator and manager of LNG carriers. GasLog's fully-owned fleet includes 15 LNG carriers (including 10 ships in operation and 5 LNG carriers on order) and GasLog.

Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd. The aggregate purchase price for the Acquisition will be $219 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of $151 million of GasLog Greece's existing debt. The Acquisition is expected to close in the second quarter of 2017 and is subject to satisfaction of certain customary closing conditions.

GasLog Partners LP today announced the closing of its public offering of 3,750,000 common units representing limited partner interests (the "common units"). The public offering price was $20.50 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, and including approximately $1.57 million received from GasLog Ltd. (NYSE: GLOG) to maintain its 2.0% general partner interest in the Partnership, were approximately $77.06 million. The Partnership plans to use the net proceeds from the public offering for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital.

GasLog Partners LP  and GasLog Ltd. announced the closing of the Partnership's acquisition from GasLog of 100% of the shares in the entity that owns and charters GasLog Seattle. GasLog Seattle is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas (LNG) carrier built in 2013 and operated by GasLog since delivery. The vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc (Shell) through December 2020. Shell has two consecutive 5-year extension options, which if exercised, would extend the charter for a period of either 5 or 10 years. GasLog Partners is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters.

GasLog Ltd. today announces that it has signed a time charter party with Centrica plc. ("Centrica") to charter a vessel for a period of seven years. The vessel, a 180,000 cubic meter LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries ("Samsung") in South Korea. Centrica will charter the vessel from GasLog for a period of seven years commencing in the second half of 2019. The daily charter rate is in line with GasLog's average long-term charter rate. GasLog Partners LP ("GasLog Partners", NYSE:GLOP) has the right to acquire the vessel pursuant to the omnibus agreement between GasLog and GasLog Partners. Securing a seven-year charter on this vessel extends GasLog Partners' dropdown pipeline of future vessels from thirteen to fourteen.

GasLog Partners LP has released its financial results for 2Q16, boasting a profit of US$17.38 million – 38% higher than in 2Q15. Its demand outlook for LNG carriers with long-term charters remains positive. The company also generated US$49.64 million in revenue – 51% higher than 2Q15 – and an EBITDA of US$35.56 million – also 51% higher than 2Q15. Gaslog Partners LP says for Q2, gaslog partners has declared a cash distribution of $0.478 per unit. Its says quartely earnings per unit $0.52. The CEO of the company, Andrew Orekar, said: “We are pleased to report another quarter of strong financial results for GasLog Partners. Revenue, EBITDA, and distributable cash flow were in line with our expectations and include the impact of Methane Rita Andrea's scheduled dry-docking.

GasLog Ltd. an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announces the delivery of the GasLog Greece. The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174,000 cubic meter tri-fuel diesel electric ("TFDE") LNG carrier. This delivery marks the first of GasLog's eight "G-Class" vessels, which will deliver over the next 3 years. Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Royal Dutch Shell plc ("Shell"). Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years. Committed bank financing has been secured for all of the eight newbuild vessels, through the $1.3bn newbuild facility announced in October 2015.

GasLog Ltd has appointed Bruno Larsen as head of floating storage and regasification unit (FSRU) development. Larsen has previous experience in both the LNG and FSRU sectors, and will take the lead in the company’s commercial FSRU activities. He has previously served in senior roles for WorleyParsons, BW Offshore, Hamworthy, Hoegh LNG and Total. GasLog is currently evaluating a number of FSRU opportunities as well as undertaking a front-end engineering and design (FEED) study at the Keppel shipyard in Singapore. The study is focused on the potential conversion of GasLog’s and GasLog Partners LP’s existing steam and tri-fuel diesel electric LNG carriers into FSRU vessels. Larsen said: “I am delighted to join GasLog, one of the leading LNG transportation companies in the world.

GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers,  increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis. It has acquired three LNG carriers from GasLog Ltd. for $483.0 million ($480.0 million net of working capital) with attached multi-year charters to a subsidiary of BG Group plc. Andrew Orekar, Chief Executive Officer, commented: “GasLog Partners’ operating and financial performance this quarter has been strong. We achieved our highest ever quarterly results following the second successful drop-down acquisition since our initial public offering (“IPO”).

Peter Livanos-backed Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has completed a USD 1.3 billion credit facility with fourteen international banks to finance the construction of eight 174,000 cbm newbuilds. New York-listed GasLog says 14 banks, plus two export credit agencies, have supported the facility. The Export Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation (K-Sure) are either directly lending or providing cover for over 60% of the facility, GasLog said. GasLog  has eight 174,000-cbm LNG carriers under construction in Korea, of which six are being built at Samsung and two at Hyundai Heavy Industries. Half the vessels are scheduled to arrive next year, three will follow in 2018 and another in 2019.

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea. The vessels are expected to be delivered in the second half of 2017, and marks GasLog’s first orders from the world’s largest shipbuilder. The vessels have been ordered with proven tri-fuel diesel electric (TFDE) propulsion with GasLog’s option to change to two stroke diesel engines with low-pressure gas injection (“LP-2S”). The two vessels will have a boil off rate of 0.09% and relatively low fuel consumption will, when delivered, be amongst the most efficient vessels in existence and are therefore expected to be extremely attractive to potential charterers.

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31, 2014. •         Agreement to acquire two additional LNG carriers from a subsidiary of BG Group plc (“BG Group”) for $460.0 million that will be chartered back to the same subsidiary of BG Group with average charters of 10 years, adding $590 million to our contracted revenue. •        16% increase in quarterly distribution from GasLog Partners LP (“GasLog Partners”) which exceeds the first Incentive Distribution Right (“IDR”) threshold, resulting in higher quarterly distributions to GasLog by $0.6 million.

GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014. This transaction completes the third acquisition of ships from BG by GasLog in the last twelve months, with eight vessels acquired in total. The two ships subject to today’s announcement will be chartered back to MSL for nine and eleven year initial terms. MSL has options to extend the term of the time charters for each vessel for three or five years at its election. The two vessels, built in 2010, are the Methane Becki Anne and Methane Julia Louise and each have a cargo capacity of 170…

GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner, 100% of the shares in the entities that own and charter the Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for an aggregate purchase price of $483 million (the “Acquisition”), which includes $3 million for positive net working capital balances to be transferred with the vessels. The three vessels subject to the Acquisition are modern liquefied natural gas carriers built in 2007, each with a capacity of 145,000 cubic meters.

GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities that own and charter the liquefied natural gas (“LNG”) carriers the Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally. GasLog’s fully-owned fleet consists of 19 LNG carriers (including 11 ships in operation and 8 LNG carriers on order), and GasLog has four LNG carriers operating under its technical management for third parties.GasLog Partners LP’s fleet consists of eight LNG carriers with an average carrying capacity of 148,750 cbm, each of which has a multi-year time charter.

GasLog Ltd. has entered into an agreement with Methane Services Ltd. an affiliate of BG Group, to acquire two modern tri-fuel diesel electric LNG carriers for a cost of $460 million. The two vessels, Methane Becki Anne and Methane Julia Louise, will be chartered back to BG for periods of nine and eleven years with further options by the charterer to extend the term of the time charter for each vessel by either three or five years. The nine and eleven year charters are very much in line with our expectations. They add approximately $580 million of contracted revenue(1) over the charter period and are expected to provide a combined annual EBITDA of approximately $46 million(2).