Gaslog Order Two New LNG Carriers

Press Release
Sunday, February 10, 2013
'Gaslog Shanghai': Photo credit Gaslog

GasLog Ltd. orders two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries Co., Ltd.

The vessels are expected to be delivered in Q1 and Q2 2016, respectively, and upon delivery will commence firm ten-year charters with a subsidiary of BG Group plc.

Following the successful delivery of the GasLog Shanghai into a BG Group charter on January 29, 2013, GasLog now has a twelve-ship fully owned fleet, of which three ships have been delivered and are on charter and nine ships are either under construction or to be constructed through Q2 2016.

The strength of GasLog’s existing fleet commitments and the addition of these new long term charters allow GasLog to look at a range of charter periods for its two open vessels, scheduled for delivery at the end of 2014 and beginning of 2015. In particular, these factors allow them to be opportunistic in placing these vessels into shorter-term charters if thought beneficial to the fleet.

Paul Wogan, CEO, said “It is very pleasing to be able to conclude these significant contracts with our largest customer. These contracts reinforce our strategy of building high quality ships at competitive prices for charter to strong, creditworthy customers. The seasonal charter also demonstrates our flexibility in meeting customer needs whilst also being able to capitalize on opportunities in the LNG spot market during a period where we expect increased demand for shipping from planned liquefaction projects."

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