LNG duo sell for $328m

GasLog Partners is to pay $325m to acquire two 145,000-cbm LNG carriers under a “dropdown” deal with its sponsoring company.

The move to acquire the 2006 built Methane Jane Elizabeth and Methane Rita Andrea is the first transaction since GasLog Partners IPO in May and should add $47.7m per year to revenues.

The deal lifts the GasLog Partners fleet to five vessels with chief executive, Andy Orekar, predicting the acquisition from GasLog Ltd will add $262m to contracted revenues and increase the average contracted term of the company’s charters to five years.

GasLog Partners is planning a new $450 million credit refinancing facility with Citibank.

The two LNG carriers are currently on long-term time charter to BG for between five and six years. BG holds options to extend the charters for a further three or five years.

Gaslog Partners said the acquisition of the two vessels should boost the quarterly distribution by 15% so investors could look forward to a payout of between $0.43125 to $0.43750 per unit per quarter.