GasLog Partners buy GasLog Greece

GasLog Partners buy GasLog Greece

GasLog Partners entered into an agreement to buy the LNG carrier GasLog Greece from its parent company, the Monaco-based LNG shipper GasLog, for US$219 million. 

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.

GasLog Greece is a 174,000 cubic meter tri-fuel diesel electric LNG carrier built in 2016 and operated by GasLog since delivery.

The vessel is currently on a long-term time charter with Shell through March 2026, with Shell having the option to extend the charter for a further five years.

Speaking of the acquisition, Andy Orekar, GasLog Partners’ CEO said, “the acquisition expands the partnership’s fleet to ten wholly-owned LNG carriers” and it also extends the partnership’s average remaining charter duration.

He added that once the acquisition closes, the partnership will have “a dropdown pipeline of twelve vessels, providing a visible path to future distribution increases.”

The acquisition is expected to close in the second quarter of 2017, the partnership said on Thursday.

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