LNG carrier owners and operators GasLog and GasLog Partners have decided to assume commercial control of their vessels 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 LNG, focusing exclusively on spot fixtures of up to 12 months in duration.
Golar’s recently unveiled intention to spin off its spot LNG vessels, coupled with the group’s belief that robust LNG commodity supply and demand fundamentals will lead to a tightening LNG shipping market and increased multi-year charter opportunities, has led it to decide to withdraw its vessels from The Cool Pool.
As explained, 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 and GasLog Partners said.