US-based Excelerate Energy has confirmed plans to convert the steam-powered liquefied natural gas (LNG) carrier “Methane Alison Victoria”, which acquired in July, into a floating storage and regasification unit (FSRU).
The original owner of the “Methane Alison Victoria” was Greece’s GasLog Partners, which announced during its second quarter 2025 financial results conference that it had sold the vessel to an undisclosed third party for approximately US$27 million, resulting in an impairment loss of US$29 million.
GasLog Partners added that the non-cash impairment loss was recognised because the vessel was sold at a discount to its book value, coupled with low current market interest rates and the continued decline in valuations of steam-powered vessels.
Although GasLog Partners did not disclose the buyer’s information, according to Equasis and other shipping databases, the LNG carrier was renamed “Excelerate Shenandoah” in early August and registered under Excelerate Energy.
The “Excelerate Shenandoah”, built in 2007 with a cargo capacity of 145,000 cubic meters, is Excelerate Energy’s first owned vessel to undergo conversion. Once converted, it will be renamed the “Excelerate Shenandoah” FSRU and will serve an Atlantic Basin supply agreement.