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GasLog Partners reports lower profit in Q4

Energy News Beat

The company reported a profit of $18 million for the quarter ended December 31, 2024, down 49.6 percent compaed to $35.7 million for the same period in 2023.

Revenues were $85.2 million for the quarter under review, down 15.7 percent from $101.1 million for the same period in 2023.

GasLog Partners said the decrease of $15.9 million is mainly attributable to the 2024 fixtures at lower rates due to the weak market and the 85 idle days in the quarter ended December 31, 2024 .

The firm said the $17.7 million decrease in profit is mainly due to the decrease in revenues and the $8.7 million non-cash impairment loss.

In December 2024, GasLog Partners recognized the loss on two owned steam vessels and one bareboat TFDE vessel in accordance with international financial reporting standards.

“The indications that led to the recognition of a non-cash impairment loss included the current low market rates and the differences between the ship brokers’ valuations of our owned fleet and their carrying values,” the firm said.

Profit was $151 million for the year ended December 31, 2024, a rise compared to $138.7 million in 2023)

GasLog Partners said the increase in profit of $12.3 million is mainly attributable to a decrease of $54.9 million in net financial costs due to a debt prepayment in November 2023, following the refinancing of all of its vessels at the parent level of GasLog.

In 2024, revenues were $356.3 million, down compare to $397.8 million for the same period in 2023.

The decrease of $41.5 million is mainly attributable to the 2023 and 2024 fixtures at lower rates and the 85 idle days in the year ended December 31, 2024, the firm said.

GasLog Partners owns 10 LNG carriers while its bareboat fleet includes four vessels.

Under its existing charters as of December 31, 2024, the firm had contracted revenues of $260.5 million for 2025 and $432.4 million thereafter.

GasLog Partners said spot charter rates have demonstrated a consistent downward trend throughout the year.

Despite logistical challenges arising from the restrictions at the Suez and Panama Canals, market fundamentals indicate a surplus in vessel supply, it said.

“Given minimal growth in LNG trade volumes and limited opportunities for floating cargoes, the market is experiencing an oversupply, which is now reflected in availability lists and declining rates,” GasLog Partners said.

“Spot market activity has been notably high, with the number of spot fixtures increasing by over 70 percent year-on-year, while term fixtures have seen a decline,” it said.

As of December 31, 2024, the global fleet of LNG carriers (>100,000 cbm) consisted of 668 vessels with another 330 on order, GasLog partners cited Poten data.

Poten estimates that a total of 102 LNG carriers are due to be delivered in 2025.

“We believe that the growing global demand for natural gas, especially in Asia, increasing supply from the US and other regions, and other LNG market trends, including increased trading of LNG, should support the existing order backlog for vessels and should also drive a need for additional LNG carrier newbuildings,” GasLog Partners said.

“Finally, the scrapping of older and less efficient vessels, the conversion of existing vessels to floating storage and regasification units or floating storage units and/or employing LNG carriers for short-term storage purposes in order to exploit arbitrage opportunities could reduce the availability of LNG carriers on the water today,” the firm said.

Source: Lngprime.com

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Report: Egypt to deploy Turkish FSRU

Energy News Beat

Kpler said on Thursday, citing unidentified sources, that the most likely candidate is the 170,000-cbm Ertugrul Gazi, owned b Türkiye’s state-owned natural gas and LNG firm, Botas.

This unit is serving the Dortyol facility in the southern province of Hatay.

However, another possibility is the 180,000-cbm Vasant-1, also owned by Botaş and deployed at the Saros LNG terminal.

“Vasant-1 has been significantly underutilized over the past year, making it a potential option for a short-term charter in Egypt,” Kpler said.

Last year, India’s Swan Energy agreed to sell its 2020-built FSRU, Vasant 1, to Botas for $399 million.

Kpler noted that Egypt shifted from being an LNG exporter to an importer early last year due to declining domestic gas production and rising demand for cooling amid multiple heatwaves.

To support its growing need for natural gas, Egypt currently hosts the 170,000-cbm Hoegh Galleon FSRU at the Sumed port in Ain Sokhna, with a second unit, the 160,000-cbm Energos Eskimo, set to arrive in June.

In December 2024, Egypt’s EGAS signed a deal with US LNG player New Fortress Energy to charter a second FSRU.

this deal is for Energos Eskimo, owned by Energos Infrastructure, a part of US asset manager Apollo

EGAS said the charter of the second FSRU will help secure the growing domestic demand for natural gas, especially during peak summer periods, and aligns with directives to ensure stable electricity supplies from natural gas.

Egypt currently imports LNG via Hoegh Evi’s 170,000-cbm FSRU, Hoegh Galleon, which is located in Ain Sokhna.

In May 2024, Norwegian FSRU player Hoegh LNG confirmed it had signed a deal with Australian Industrial Energy (AIE) and EGAS to deploy the 2019-built FSRU Hoegh Galleon to Egypt.

Hoegh said the agreement with EGAS is for an interim period of June 2024 to February 2026 and will help Egypt to address potential gas shortages and fuel power plants during summer months.

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UAE’s Adnoc, India’s BPCL seal LNG supply deal

Energy News Beat

BPCL said on Friday the deal with Adnoc Trading, a unit of Adnoc Gas, is “designed as a medium to long-term agreement, allowing BPCL to broaden its LNG sourcing portfolio and thus ensure competitive and dependable gas supplies to cater to India’s escalating energy needs.”

According to BPCL, this is its first LNG sourcing contract linked to the Henry Hub index.

BPCL said LNG deliveries under this contract are slated to begin in 2025.

However, the firm did not provide further details regarding the deal.

Local reports suggest the deal is for five years and 0.45 million tonnes per year.

Adnoc Gas just signed a 14-year sales and purchase agreement with Indian Oil.

Under this SPA, Adnoc Gas will supply up to 1.2 mtpa of LNG to Indian Oil.

Adnoc Gas said this agreement converts the previous heads of agreement between the parties, with first deliveries to begin in 2026.

Moreover, the agreement is valued in the range of $7 billion to $9 billion over its 14-year term, it said.

State-owned Adnoc owns a 70 percent stake in Adnoc LNG, which currently produces about 6 mtpa of LNG from its facilities on Das Island.

Also, in November 2024, Adnoc Gas said it expects to spend about $5 billion to buy a 60 percent operating interest from its parent company Adnoc in the 9.6 mtpa Al Ruwais LNG export plant.

BP, Mitsui & Co., Shell, and TotalEnergies agreed to buy a 10 percent equity stake in Adnoc’s second LNG export terminal.

The LNG project will more than double Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.

Adnoc is also expanding its international LNG presence. Last year, the firm purchased a stake in the first phase of NextDecade’s Rio Grande LNG export terminal in Texas.

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Macron backs Trump’s call for Europe to step up on defence

Energy News Beat

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Donald Trump’s insistence that Europe shares more of the burden for its own defence is an opportunity, Emmanuel Macron said on Friday, as France pushes for a Europe-first approach in the EU’s defence industry plans.

The French president agrees with his American counterpart’s view that Europe must take more responsibility for its own defence and security, according to an interview published this morning in the Financial Times.

“What Trump is saying to Europe is that it is up to you to carry the burden. And I say, it is up to us to take it on,” Macron told the FT.

The comments come as many European leaders condemned the US administration’s approach to the Ukraine conflict, with the German defence minister calling unforced American concessions to Russia over Ukraine “regrettable”.

Paris has been the loudest advocate for allowing EU funds to be spent exclusively on European arms. It has struggled to gain broad support for its position in current discussions over the EU’s proposed Defence Industrial Programme, which would establish a common spending pot for Europe’s rearmament.

With one of the largest defence industries in Europe, France would benefit extensively from more guaranteed orders being placed by EU countries, while other European countries have advocated for a more pragmatic approach which allows EU purchases from third country allies.

On Thursday, US Secretary of Defence Pete Hegseth emphasised that although the Trump administration “deeply believes in alliances”, Trump would not allow “anyone to turn Uncle Sam into Uncle Sucker”, asking European allies to spend 5% of their GDP on defence.

When asked about the US, which currently spends about 3.5% of its GDP on defence, Hegseth argued the 5% rule should not apply.

Trump wants Europe to spend its increased defence funds on American weapons, Bloomberg reported this week.

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Germany calls for more subsidies, less red tape in EU Clean Industrial Deal

Energy News Beat

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Germany’s stance on the EU’s upcoming Clean Industrial Deal calls for looser state aid rules and deregulation, according to a document seen by Euractiv.

First revealed by Contexte, the document lays out Germany’s position on the EU’s forthcoming plan to drive Europe’s industry toward carbon neutrality and to boost competitiveness.

Berlin says opening the floodgates for state subsidies to companies is key. Germany wants the EU to extend its looser state aid rules – introduced during the energy crisis – to support renewables and clean industry.

Notably, the German government is also asking to keep a loophole that allows it to dish out €32 billion in subsidies to energy-intensive industry “until 2030 and beyond” – and to extend this “to other sectors.”

The document also calls for “ambitious and goal-oriented progress” to integrate the bloc’s single market for capital, a “modernisation” of EU competition law; and for businesses to be “freed” from “the shackles of unnecessary bureaucracy”.

It states that the EU should pursue “ambitious” trade deals with other countries and that Brussels should not “prejudge” any decisions relating to the EU’s seven-year regular budget, negotiations for which are set to open later this year.

Announced by Ursula von der Leyen ahead of her re-election as Commission President in July, the Clean Industrial Deal is one of the EU executive’s flagship initiatives for its first 100 days.

It is due to be formally presented by Teresa Ribera, Brussels’ competition and climate chief, on February 26.

It follows the release of the Commission’s “Competitiveness Compass” last month, which called for an “unprecedented” reduction of red tape to boost the EU’s faltering economy over the next five years.

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Moscow sees India as major market for LNG – deputy energy minister

Energy News Beat

Russia has said that liquified gas supplies to the South Asian country could increase despite sanctions

Russia is increasing liquefied natural gas production and exports despite sanctions and could expand shipments to India, First Deputy Energy Minister Pavel Sorokin told RT at India Energy Week in New Delhi. He stated that Moscow’s biggest crude oil buyer could become a major market for LNG.

India’s primary LNG suppliers are currently Qatar and the US, which together meet about 50% of its demand. However, the country’s natural gas consumption is expected to rise by 60% between 2023 and 2030, doubling its LNG import needs, according to the International Energy Agency (IEA).

“India is one of the furthest points for our LNG. Previously, we didn’t have spare LNG to contract with Indian partners, but this is changing. We are expanding in the LNG market, launching new projects, and hope India will become a major trading partner in this space,” Sorokin said.

He emphasized that Russia offers “competitive pricing” and will continue trading with its partners despite mounting sanctions from Washington and its allies. “We are ready to compete in a free market, as long as it’s not accompanied by illegal measures such as sanctions,” he noted.

India currently has seven LNG import terminals with a total capacity of about 47.7 million metric tons per year. The IEA suggests that surging demand will necessitate additional import capacity in the latter half of the decade.

Russia, one of the world’s largest gas exporters, shipped a record 33.6 million metric tons of LNG last year, over half of which went to the EU, according to analytics firm Kpler. In December, Deputy Prime Minister Alexander Novak told Rossiya-24 that Russia has “big projects ahead.” “New volumes are being built, and LNG supplies go to both European and Asian countries,” he said.

While the EU bans Russian coal, seaborne crude oil, and refined oil products, it has not imposed direct sanctions on gas and LNG due to its reliance on the fuel. However, the US has sanctioned Russia’s major LNG producer, Novatek, and its Arctic LNG 2 project, which was expected to produce nearly 19.8 million metric tons of LNG annually, mainly for Asian markets.

In January, the US sanctioned two Indian entities for allegedly supporting Russia’s Arctic LNG 2 project.

Washington, at the same time, has been pushing India to increase imports of both LNG and oil to reduce the trade imbalance between the two countries. The same pitch was made by US President Donald Trump on Thursday when he met Indian Prime Minister Narendra Modi in the White House.

Speaking to the media after the meeting, India’s Foreign Secretary Vikram Misri said: “I think we purchased about $15 billion in US energy output. There is a good chance that this figure will go up as much as $25 billion.”

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Chantiers gets maintenance deal for two French offshore wind substations

Energy News Beat

The marine energy business unit of French shipbuilder Chantiers de l’Atlantique, Atlantique Offshore Energy, has won contracts to carry out preventive maintenance on two substations for future French offshore wind farms.

The multi-year maintenance contracts will see Atlantique Offshore Energy provide associated services on electrical substations on the Éoliennes en Mer Îles d’Yeu et de Noirmoutier (EMYN) and Eoliennes en Mer Dieppe Le Tréport (EMDT) offshore wind farms.

The two offshore wind farms are developed by Ocean Winds, Sumitomo Corporation, and Banque des Territoires. The trio is joined by Vendee Energie on the EMYN project.

The EMYN project is currently under construction and it is expected to be completed by the end of 2025. It will consist of 61 wind turbines with a capacity of 8MW each. The electrical substation was installed in mid-June 2024.

The wind farm will have a total capacity of 496MW and produce approximately 1.9GWh per year, equivalent to the annual electricity consumption of 800,000 people.

The EMDT offshore wind farm will have 62 8MW wind turbines and the offshore substation is being built by Chantiers de l’Atlantique. Completion of construction is set for the end of 2026.

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UK government funding scheme set to boost offshore wind capacity

Energy News Beat

The UK has announced the Clean Industry Bonus (CIB), a new incentive scheme looking to increase investments in the offshore wind sector and push the country closer to its goal of decarbonising its energy system by 2030.

The scheme will provide an initial £27m ($33.5m) in funding for every gigawatt of capacity from offshore wind projects.

To qualify for the CIB, developers must commit at least £100m per gigawatt for fixed-bottom offshore wind farms and £50m per gigawatt for floating offshore wind farms.

If an application for the project exceeds the minimum investment standards it will be considered for the incentive. The CIB application window will close on April 14. Following the application window, the UK Department for Energy Security and Net Zero will assign a score to submitted CIB extra proposals.

The UK has already revealed plans to expand its current offshore wind capacity from 15GW to between 43GW and 50GW by 2030. The UK’s grid operator did say last year that the government’s target to source 95% of power from clean energy was a major but attainable challenge.

The country will hold more renewable auctions later this year, in which developers will bid for government-backed price guarantees on generated electricity. The new funding will be awarded through the contracts given in these auctions.

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Rewriting Women into Maritime History initiative goes global

Energy News Beat

Europe Operations

The Lloyd’s Register-backed Rewriting Women into Maritime History initiative to uncover and showcase the critical role of women in the maritime sector, past and present has entered a new, international phase.

Launched in the UK and Ireland in 2023, the programme uses archival material held by maritime organisations, as well as oral histories to piece together their stories, showcasing them publicly through the SHE_SEES exhibition. SHE_SEES debuted at the home of the International Maritime Organization (IMO) during London International Shipping Week 2023, and is currently on tour, with a residency at Portsmouth Historic Dockyard until August 2025.

By highlighting the expertise, experience and leadership of women, the programme helps reframe the narrative of a predominantly masculine industry and encourages more people to take up the opportunities offered by a career in the maritime sector today. Figures from the IMO show that women currently account for 29% of the overall industry workforce, and just 2% of seafarers in the crewing workforce.

Now, Rewriting Women into Maritime History and the SHE_SEES exhibition are looking to expand their impact internationally, by telling the stories of women working in the maritime sector in another nine countries around the world. These stories will be captured over the next three years, starting in 2025 with Greece, the Netherlands and India.

The contemporary component of SHE_SEES is led by portrait photographer Emilie Sandy who is encouraging more women to get involved and share their own stories via the participatory photography element, SHE_SEES HER VOICE. This will enable a broader range of women in the sector to connect and be represented, working with a photographer to empower them to share their own stories, and to shape and control their own narrative.

Dr Jo Stanley, a maritime historian specialising in gender and diversity, commented: “Women have been contributing to maritime life for centuries. Seagoing doctors and pirates, laundresses and captain’s deputies, navigation teachers and cartographers. They’ve been overlooked. But from the 1970s, they really took off. And they’re making progress fast. This project encouragingly connects past, present and future.”

Linked to the initiative, a new film – Women in Shipbuilding – has been produced in collaboration with Historic England uncovering the history of women in shipbuilding in the UK, viewable below.

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MOL details trial of laser to remove rust and coatings

Energy News Beat

Japan’s largest shipowner has teamed up with a top yard and tech firm Furukawa Electric to trial a laser system to remove rust and coatings from a bulk carrier.

Mitsui OSK Lines (MOL) worked with Tsuneishi Shipbuilding to use Furukawa’s InfraLaser system when a bulk carrier went in for a regular dry dock.

“During ship repairs, rust and coatings are removed for hull inspection and repainting. However, the current sandblasting method, which removes rust and coatings by blasting abrasive materials against the surface, scatters waste materials and removed paint as debris, necessitating recovery efforts,” MOL explained in a release.

By replacing sandblasting with a laser blasting method that generates minimal waste, dust, and noise, MOL expects to reduce environmental impact and improve occupational health.

MOL said it aims to make the use of laser blasting more common place going forward, also touting the system’s robot, saving labour costs.

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Pecos Country Operating, LLC is a privately owned oil and gas exploration and production company headquartered in Fort Worth. We own and operate wells across the South Central United States with our predominant means of production coming out of West and North Texas.

Current and prospective investors, please call our Pecos Country Operating offices at (817) 581-3877.

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