GasLog Partners buys GasLog Seattle

GasLog Partners buys GasLog Santiago
Image courtesy of GasLog

GasLog Partners said it has entered into an agreement with GasLog to acquire the LNG carrier, GasLog Seattle.

The aggregate purchase price for the vessel will be US$189 million, which includes $1 million for positive net working capital balances to be transferred with the vessel.

The carrier with the capacity to transport 155,000 cubic meters of liquefied natural gas has been built in 2013 by the South Korean shipbuilder Samsung Heavy Industries.

GasLog Partners, the master limited partnership focused on owning, operating and acquiring LNG carriers, expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of GasLog Seattle’s existing debt.

The acquisition is expected to close in the fourth quarter of 2016 and is subject to satisfaction of certain closing conditions.

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