The LNG carrier market came under pressure in 2024 due to an oversupply of vessels and limited growth in demand for liquefied natural gas (LNG). Spot market freight rates saw a significant drop, declining by 56% year-on-year, impacting the revenues of shipping companies.

Financial Results of Gaslog Partners

Despite the challenges, Gaslog Partners, a subsidiary of the Gaslog group owned by Peter Livanos, managed to increase its profits. Specifically:

• Revenue reached $356.2 million, down by $41.5 million compared to 2023.

• Profits rose to $150.9 million, up from $138.7 million the previous year.

The company operates a fleet of 10 owned LNG carriers and 4 additional vessels chartered on a bareboat basis, providing flexibility in market management.

Geopolitical and Environmental Developments

Geopolitical tensions and natural obstacles affected LNG shipping in 2024:

• Houthi attacks in the Red Sea forced vessels to bypass the Suez Canal, increasing transportation costs.

• Transits through the Panama Canal decreased due to drought, further exacerbating the situation.

Market Outlook

Despite the challenges, Gaslog Partners expects market stabilization through new projects and vessel recycling. LNG imports from China and South Asia remain strong, offering prospects for recovery.