GasLog Partners to buy LNG trio

GasLog Partners have entered into an agreement with its parent company, GasLog, to buy three 145,000 cbm LNG tankers, namely the Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally.

The acquisition is priced at $483 million, which includes $3 million for positive net working capital balances to be transferred with the vessels.

The acquisition is subject to the partnership obtaining the funds necessary to pay the purchase price and the satisfaction of certain other closing conditions, GasLog Partners said in a statement.

The partnership expects to finance the acquisition with a combination of equity and the assumption of the vessels’ existing credit facilities.

GasLog acquired the three LNG tankers, built in 2007, from an affiliate of BG Group in June 2014.

The company supervised the construction of each vessel and has provided technical management for the ships since delivery.

The vessels are currently operating under long-term time charters with BG with terms of 4.5 years, 5 years and 5.5 years remaining, respectively.

BG has the option to extend two of the three charters for an additional period of either three or five years following the initial charter period.