GasLog Orders New LNG Carrier from SHI

Image Courtesy: GasLog

Owner and operator of LNG carriers GasLog Ltd. has placed an order for a 180,000 cubic meter liquefied natural gas (LNG) carrier with XDF propulsion at South Korea’s shipbuilder Samsung Heavy Industries.

The company signed a time charter party with UK-based utility company Centrica plc. to charter the vessel, starting from the second half of 2019, for a period of seven years.

GasLog said that the daily charter rate is in line with its average long-term charter rate.

“I am delighted to secure a new charter with Centrica, one of the leading European energy companies. This new charter is consistent with GasLog’s strategy of securing long-term contracts with high quality counterparties and further extends the dropdown pipeline to GasLog Partners,” Paul Wogan, Chief Executive Officer of GasLog Ltd., said.

GasLog Partners LP has the right to acquire the vessel pursuant to the omnibus agreement between GasLog and GasLog Partners.

The seven-year charter contract extends GasLog Partners’ dropdown pipeline of future vessels from thirteen to fourteen.

Following this charter, GasLog has five newbuildings with contracts of between 7 and 10 years, which deliver over the next three years providing significant inbuilt revenue and EBITDA growth.

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