GasLog Ltd. places orders for two new LNG carriers with Samsung Heavy Industries
GasLog Ltd. ("GasLog" or the "Company") on May 9 announced that it has ordered two new 174,000 cubic meter LNG carriers from Samsung Heavy Industries Co., Ltd. ("Samsung") in South Korea, the Company said in a press release. The vessels are expected to be delivered in 2017 and are sister vessels to the four ordered in 2013 for delivery in 2016. The vessels have been ordered with the proven tri-fuel diesel electric (TFDE) propulsion with the option to change to two stroke diesel engines with low-pressure gas injection (“LP-2S”). The vessels will also benefit from a low boil off rate of 0.09%.
GasLog has achieved what we believe to be very attractive commercial terms for these vessels. In addition, GasLog has secured two additional priced options from Samsung with delivery dates in late 2017 and early 2018. Further, if the Company exercises these two options, Samsung has agreed to grant us two additional options.
Paul Wogan, CEO, said “We are delighted to be ordering additional highly attractive LNG carriers. These orders reinforce our strategy of building high quality ships at competitive prices at first class LNG shipyards. It also positions GasLog to continue to benefit from the long-term secular growth of the LNG market. We have once again ordered new vessels from Samsung because of their solid track record for delivering our vessels on time and on budget.”
About GasLog Ltd.
Monaco headquartered GasLog is an international owner, operator and manager of LNG carriers. Following the recently announced agreement to purchase three additional LNG carriers from an affiliate of BG Group, GasLog’s fleet will include 23 wholly owned LNG carriers (including 14 ships delivered and nine LNG carriers on order) and GasLog will have 6 LNG carriers operating under its technical management for third parties. In connection with the recently announced initial public offering of GasLog Partners LP, three of GasLog’s vessels in operation will be contributed to GasLog Partners LP upon closing of the initial public offering.
