Excelerate Energy to convert former GasLog LNG carrier to FSRU

US-based Excelerate Energy has confirmed it purchased the 2007-built, steam-powered liquefied natural gas carrier Methane Alison Victoria from Greece’s GasLog Partners in July and will be converting the LNG carrier into an FSRU.

Excelerate said, once its conversion is complete, the renamed Excelerate Shenandoah FSRU will be used in conjunction with an Atlantic Basin supply deal. 

In its Q2 2025 earnings presentation, Peter Livanos-led LNG shipowner GasLog Partners announced it had agreed to sell the 145,000-m³ Methane Alison Victoria to an undisclosed third party. According to Equasis and other shipping databases, the vessel had already been renamed Excelerate Shenandoah by early August and listed under Excelerate Energy.

The vessel was sold for approximately US$27M according to GasLog Partners, resulting in the recognition of an impairment loss of US$29M. The owner added the non-cash impairment loss was recognised due to the vessel being sold below its carrying value, combined with low current market rates and declining shipbroker valuations for steam-powered vessels.

Excelerate has capitalised on asset purchases from LNG-based businesses in recent months, with New Fortress Energy selling its Montego Bay, Jamaica, LNG import terminal for just over US$1Bn to offset debt amid nearly US$200M in losses for Q1 2025.

In May 2025, Excelerate completed its acquisition of the integrated LNG and power platform in Jamaica, including the Montego Bay and Old Harbour LNG terminals, the Clarendon combined heat and power plant, and small-scale LNG storage and regasification sites across the island. The company said in its Q2 earnings report that it has begun "optimising these assets to drive near-term growth".

“This transaction represents an important milestone in the execution of Excelerate’s downstream growth strategy. It will expand and diversify our platform, while positioning Excelerate as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market,” Excelerate president and chief executive Steven Kobos said at the time. “These assets complement our existing operational expertise and our long-term LNG supply agreements, while offering the potential for future growth opportunities as natural gas becomes an increasingly essential part of Jamaica’s energy mix.”