Greek LNG shipping firm GasLog has extended a charter deal for one of its vessels with a unit of US LNG exporter Cheniere.
GasLog revealed the new charter deal in its fourth quarter results report.
During the fourth quarter, the Peter Livanos-led company, which last year completed its merger with GasLog Partners, extended by one year the time charter agreement of Methane Jane Elizabeth, a steam turbine propulsion LNG carrier, with Cheniere Marketing International.
The charter for the 2006-built 145,000-cbm LNG carrier will now expire in March 2025, according to GasLog.
Back in February 2021, Cheniere Marketing International took this LNG carrier on a two-year charter and extended the charter for one more year in the fourth quarter of 2022.
Besides this LNG carrier, GasLog also secured new charter deals during the fourth quarter of last year for the 2010-built 155,000-cbm, GasLog Singapore, with New Fortress Energy, and for the 2013-built 155,000-cbm, GasLog Santiago, with a “major energy exploration company”.
It also signed a new five-year sustainability-linked credit facility in the amount of $2.8 billion.
GasLog reported revenues of $229.9 million for the quarter ended December 31, 2023, down from $244.8 million in the same quarter in 2022.
The firm said the decrease in revenues is mainly attributable to the decrease in available days and the net decrease in revenues from its vessels operating in the spot and short-term markets in the fourth quarter of 2023.
Profit for the period was $31.4 million, down from $68.7 million in 2022, and GasLog attributed the decline to the increase of $34 million in financial costs, which includes an increase of $27 million of write-off of unamortized loan fees due to the facility refinancing.
As of February 15, 2024, GasLog’s owned fleet consisted of 24 vessels while its bareboat fleet consisted of nine vessels.
South Korea’s Hanwha Ocean, previously known as DSME, is also building four LNG carriers for GasLog. The shipbuilder recently launched the first two vessels in this batch.
