GTSI revealed the LNG carrier acquisition in a stock exchange filing on Thursday.
The company purchased the 2006-built 145,000-cbm LNG carrier from GAS–Seventeen, a part of GasLog’s GasLog Partners.
According to GTSI, on October 13, the handover of the LNG vessel, which will be renamed Danaputri 1, was completed.
The process of acquiring the vessel and registering it under the flag of Indonesia is estimated to be completed within one month from the date of signing the sale and purchase agreement.
GTSI said the transaction value amounts to $24.5 million, representing 36.92 percent of GTSI’s total equity as of December 31, 2024.
GTSI’s main shareholder is Humpuss Maritim Internasional with an 84.8 percent share.
Back in February 2021, Cheniere Marketing International, a unit of US LNG exporter Cheniere, took this LNG carrier on a two-year charter and extended the charter for one more year in the fourth quarter of 2022.
The most recent one-year charter with Cheniere ended earlier this year.
Growth
The vessel purchase aligns with GTSI’s growth and business development strategy as a shipping company, it said.
According to GTSI, the acquisition aims to enhance efficiency and modernize the company’s LNG carrier fleet.
It also supports the company’s effort to diversify its operations within the integrated energy sector, particularly in relation to the conversion of the vessel Ekaputra into an FSRU, as part of the company’s fleet rejuvenation program, thereby strengthening its position in the LNG supply chain.
Moreover, this acquisition is expected to increase market share, boost revenue and net profit, and contribute positively to the company’s consolidated financial performance going forward.
GSTI believes that this transaction will not have a “significant negative impact” on its financial performance.
This is because part of the funding comes from IPO proceeds already allocated for this purpose, and the company has “carefully assessed the potential revenue from the vessel’s operation.”
