GasLog Partners completes acquisition of GasLog Seattle LNG carrier

GasLog Partners completes acquisition of GasLog Seattle LNG carrier
Image courtesy of GasLog

GasLog Partners, the master limited partnership formed by GasLog, said it has completed the acquisition of the 155,000-cbm LNG carrier GasLog Seattle from the partnership’s sponsor. 

According to the initial agreement, the acquisition is priced at US$189 million, which includes $1 million for positive net working capital balances transferred with the vessel.

GasLog Seattle is a tri-fuel diesel electric LNG carrier built in 2013 and operated by GasLog since delivery, a statement by GasLog Partners reads.

The vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell through December 2020. Shell has two consecutive 5-year extension options, which if exercised, would extend the charter for a period of either 5 or 10 years.

GasLog Partners’ fleet consists of nine LNG carriers with an average carrying capacity of approximately 149,500-cbm, each of which has a multi-year time charter.

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