GasLog, through one of its subsidiaries, has entered into a 10-year time charter with Sinolam LNG Terminal for the provision of an LNG floating storage unit (FSU) to a gas-fired power project being developed in Panama.
The time charter is expected to be fulfilled through the conversion of GasLog Singapore, a 155,000-cubic-metre, tri-fuel diesel electric (TFDE) LNG carrier built in 2010. The required modifications are such that, as well as being FSU ready, the vessel will still be able to trade as an LNG carrier following the conversion works.
GasLog Singapore's conversion will take place in conjunction with the vessel's scheduled five-year special survey in the third quarter of 2020.
The charter will commence on delivery of the FSU in Panama, which is scheduled for November 2020.
The FSU will receive, store, and send out LNG to a gas-fired power plant currently being developed by Sinolam Smarter Energy LNG Power Company (SSE) near Colón, Panama.