GasLog Withdraws from Golar 'Cool Pool'

The owner and operator of liquefied natural gas (LNG) carriers GasLog and spin-off GasLog Partners are withdrawing their LNG carriers from their pooling joint venture with Golar LNG.

The Cool Pool was launched in September 2015 with 14 tri-fuel diesel engine (TFDE) LNG carriers contributed by three owners: three ships from Dynagas Ltd, three from GasLog Ltd  and eight from Golar LNG Ltd.

Golar LNG Limited announced in a press release that due to the potential spin-off of its TFDE fleet into a new pure-play LNG shipping entity, GasLog has decided to withdraw its six vessels from the Cool Pool.  

Golar, or, subject to interim market conditions, the spin-off entity, will assume ownership of the Cool Pool following GasLog's departure in June.  There will be a ramp down period to allow for conclusion of existing GasLog vessel charter contracts.

Golar are in talks with other owners of similar tonnage 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.

Formal launch of the spin-off and the transfer of the shares in Cool Pool thereto remains subject to satisfactory market and other closing conditions.