Monaco-headquartered GasLog has sealed a ten-year time charter with Sinolam LNG Terminal for the provision of a LNG floating storage unit.

The FSU will be used to receive, store and send out LNG to a gas-fired power project being developed in Panama.

GasLog is planning the conversion of 155,000 cu m LNG carrier  GasLog Singapore. The conversion will see the vessel become FSU ready, but also still be able to trade as an LNG carrier. The conversion is scheduled for the third quarter of 2020, at the same time as the vessel’s regular dry-docking.

The charter in Panama will commence in November 2020.

Paul Wogan, chief executive officer of GasLog, stated: “The 10-year FSU charter once again demonstrates GasLog’s ability to execute on our strategic objectives of locking in long-term stable revenues and full utilization on one of our existing open vessels. Owning and operating an FSU will also expand GasLog’s service offering. We look forward to partnering with Sinolam to deliver gas-fired power to Panama, thereby displacing coal, oil and oil products in the country’s energy mix with cleaner natural gas.”