GasLog and GasLog Partners decided to assume commercial control of their ships currently operating in the LNG carrier spot market through The Cool Pool. The Cool Pool is an LNG carrier pooling agreement between GasLog and Golar, focusing on spot fixtures of up to 12 months in duration.
Golar’s intention to spin off its spot LNG vessels, along with Gaslog’s belief that LNG commodity supply and demand fundamentals will lead to a tightening LNG shipping market and risen multi-year charter opportunities, has led it to decide to withdraw its vessels from The Cool Pool.
Assuming commercial control of these vessels will allow the Group greater flexibility and agility in pursuing longer-term time charter opportunities. This will enhance the Group’s ability to deliver on its strategic objective of optimizing fleet employment across spot and term markets and maximizing vessel utilization, earnings and value
GasLog explained.
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It is expected that the five ships that Gaslog owns and the one vessel owned by GasLog Partners currently operating in the spot market will withdraw from The Cool Pool over the upcoming months.
Paul Wogan, Chief Executive Officer of GasLog, stated on the occasion:
With Golar’s declared intention to spin off its LNG vessels and a tightening of the LNG carrier market now underway, we believe it is the right time to assume control of our vessel marketing as we seek to place more vessels on longer-term charters to optimize the earnings of our fleet through the cycle. This move is underpinned by increasing levels of customer enquiry in multi-month and multi-year charters
