GasLog Partners sells LNG carrier to Excelerate amid Q2 loss

In its Q2 2025 earnings presentation, the Greek LNG shipowner announced it had agreed to sell 2007-built, 145,000-m³ Methane Alison Victoria to an undisclosed third party.

According to Equasis, the vessel has already been renamed Excelerate Shenandoah and is now listed under Excelerate Energy.

The vessel was sold for approximately US$27.0M according to GasLog Partners, resulting in the recognition of an impairment loss of US$29.1M. 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.

The company also recognised a non-cash impairment loss of US$5.5M related to Methane Jane Elizabeth, as of 30 June 2025, in compliance with International Financial Reporting Standards.

GasLog Partners currently owns 14 LNG carriers, according to its website. Methane Alison Victoria was among the oldest in the fleet, surpassed only by 2006-built Methane Rita Andrea and Methane Jane Elizabeth.

Decline in revenue and profit

GasLog Partners reported Q2 2025 revenues of US$70.2M, down from US$87.3M in the same period last year. The decline was primarily attributed to lower charter rates on fixtures in 2024 and 2025, reflecting persistent market weakness.

The company also posted a net loss of US$17.9M for the quarter, compared with a net profit of US$38.6M in Q2 2024. The downturn was driven by non-cash impairment losses related to Methane Alison Victoria and Methane Jane Elizabeth, lower revenues, and an increase in voyage expenses.

For the first half of 2025, revenues totalled US$150.5M, compared with US$185.3M in the same period of 2024. Net profit for the period dropped to US$8.0M, down significantly from US$88.5M last year.