Gaslog Ltd News

Ship classification organization ABS said Tuesday it had joined an elite working group comprised of global maritime leaders to study onboard carbon capture technologies.The collaborative project brings together ABS, Diana Shipping Services S.A., Equinor ASA, GasLog LNG Services Ltd., Maran Gas Maritime Inc., Minerva Gas Inc., Neptune Lines Shipping and Managing Enterprises S.A., Norwegian Maritime Authority (NMA), Prime Tanker Management Inc., Solvang ASA, Springfield Shipping Co.

GasLog Ltd. has ordered four new liquefied natural gas (LNG) carriers from South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME).The 174,000 cubic meter capacity newbuilds are scheduled to be delivered in 2024 and 2025.The ships will feature the latest generation MEGI propulsion, "setting the bar for energy efficiency very high with a best in class EEDI," according to Gaslog.The company said its fleet consists of 39 LNG carriers, including 35 on the water and four under construction.

GasLog Partners announced its directors appointed Paolo Enoizi, currently Chief Operating Officer (COO) of the Partnership’s General Partner, GasLog Ltd., and GasLog Partners, as Chief Executive Officer (CEO) of the Partnership, effective August 1. Enoizi will continue to serve as COO of GasLog and GasLog Partners following his appointment as CEO of GasLog Partners. Paul Wogan will step down from his position as the Partnership’s CEO on July 31; however, he will remain CEO of GasLog.In addition, GasLog Partners announced changes to the Board. Paul Wogan will step down as Director of the Partnership, effective July 31. GasLog, the Partnership’s General Partner…

Liquefied natural gas (LNG) ships are set to receive an earnings boost from restocking demand after colder conditions drove a scramble for supplies and record high freight rates, a top LNG tanker player said.A cold snap in Europe and Asia in January and in North America last month increased heating demand, prompting prices to jump in several markets, while inventories fell."You need to replenish stocks because of the cold northern hemisphere winter in both Asia and in Europe.

British multinational energy and services company Centrica has loaded its first liquefied natural gas (LNG) cargo from the fifth LNG train at the Sabine Pass liquefaction plant in Louisiana under the agreement signed in 2013 with Cheniere Energy Partners, L.P.The gas was loaded onto the GasLog Ltd chartered Skagen vessel over the weekend and will be transiting the Atlantic to land in Europe in early October.Commenting on the first cargo, Jonathan Westby, Co-Managing Director of Centrica Energy Marketing & Trading and Global Head of LNG, said:  “This cargo represents a significant milestone in Centrica’s involvement with LNG, which goes…

Liquefied natural gas (LNG) shipping company Gaslog Ltd said on Wednesday it had struck a deal to lease a tanker for 10 years to a gas-to-power project in Panama being developed by a Chinese company and supplied by Royal Dutch Shell.Gaslog will convert the Gaslog Singapore, currently used as a conventional LNG tanker on the short-term spot market, into a floating storage unit (FSU) that will receive and store LNG off the coast of Colon, a port on the mouth of the Panama canal.The…

Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year, according to Poten.Natural gas prices were at multi-year lows in the second quarter of 2019 as the leveling off in demand growth from key LNG consumers in Northeast Asia coupled with elevated inventories and new LNG supply depressed LNG prices in Asia and Europe.However…

The owner and operator of liquefied natural gas (LNG) carriers GasLog and spin-off GasLog Partners are withdrawing their LNG carriers from their pooling joint venture with Golar LNG.The Cool Pool was launched in September 2015 with 14 tri-fuel diesel engine (TFDE) LNG carriers contributed by three owners: three ships from Dynagas Ltd, three from GasLog Ltd  and eight from Golar LNG Ltd.Golar LNG Limited announced in a press release that due to the potential spin-off of its TFDE fleet into a new pure-play LNG shipping entity, GasLog has decided to withdraw its six vessels from the Cool Pool. Golar, or, subject to interim market conditions, the spin-off entity, will assume ownership of the Cool Pool following GasLog's departure in June.

Leaders of the Greek Shipping Industry met to discuss decarbonization, capitalizing on data and digital technologies and vessel automation at the annual ABS Hellenic National Committee meeting.“We have deep relationships across the Greek shipping industry, which reflects our extensive investment in serving the needs of ship owners and operators here. Not only is our office in Piraeus the largest ABS office in Europe, but it is home to our Global Ships  Systems Center and an extensive team of experts on call 24 hours a day to assist with whatever challenges they face,” said Christopher J. Wiernicki, ABS Chairman, President and CEO, who actively participated in the Committee program.ABS…

Monaco-based liquefied natural gas (LNG) shipper GasLog Ltd signed a new long-term charter deal with a unit of the Spanish utility company Endesa for its newbuild vessel, the GasLog Warsaw.The International owner and operator of LNG carriers said that it is scheduled to take delivery of the 180,000 cubic meter Mark III Flex Plus vessel with low pressure two stroke propulsion (LP-2S) from Samsung Heavy Industries in July 2019. The eight year fixed-term charter to Endesa will commence in May 2021.Paul Wogan, Chief Executive Officer of GasLog, stated “We are delighted to charter this vessel to Endesa, a leading European utility and very high-quality counterparty.

The Monaco-based international owner, operator and manager of liquefied natural gas (LNG) carriers, GasLog Ltd said that two 180,000 cubic meter LNG carriers with low pressure two stroke (LP-2S) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries (SHI) in South Korea.The newbuilding ordered to fulfil the Charters Gaslog signed with the wholly owned subsidiary of Cheniere Energy, Inc each for a firm period of seven years.Gaslog expects delivery of the vessels in mid-2021."The Charters build on GasLog’s existing relationship with Cheniere, which now totals four newbuilds on order and the GasLog Partners LP owned GasLog Sydney…

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

GLOG, NM, NAP down early Fri by ~5 pct, ~8 pct and ~3 pct, respectively. Lead analyst Noah Parquette sees most shipping sectors recovering, notes that dry bulk and LNG shipping have progressed furthest but crude tankers' risk trough could be extended to early 2019 on high scrapping activity and low orders. Meanwhile, the Baltic Exchange Dry Index has dropped by ~18 pct since the beginning of the year.

Ship owner GasLog Ltd. announced it has ordered another newbuild liquefied natural gas (LNG) carrier from South Korean shipbuilder Samsung Heavy Industries, with options for additional newbuilds. The 180,000 cubic meter capacity Flex Plus vessel with XDF propulsion is the second LNG carrier ordered by GasLog this year. The two vessels are unchartered and scheduled to be delivered in the third quarter of 2019 and the second quarter of 2020 respectively. “Given that the outlook for LNG shipping demand remains robust…

GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to  deliver in the third quarter  of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market. Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, "I am very pleased to announce this expansion in our fleet. GasLog is an international owner, operator and manager of LNG carriers. GasLog's fully-owned fleet includes 15 LNG carriers (including 10 ships in operation and 5 LNG carriers on order) and GasLog.

Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd. The aggregate purchase price for the Acquisition will be $219 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of $151 million of GasLog Greece's existing debt. The Acquisition is expected to close in the second quarter of 2017 and is subject to satisfaction of certain customary closing conditions.

GasLog Partners LP today announced the closing of its public offering of 3,750,000 common units representing limited partner interests (the "common units"). The public offering price was $20.50 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, and including approximately $1.57 million received from GasLog Ltd. (NYSE: GLOG) to maintain its 2.0% general partner interest in the Partnership, were approximately $77.06 million. The Partnership plans to use the net proceeds from the public offering for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital.

GasLog Partners LP  and GasLog Ltd. announced the closing of the Partnership's acquisition from GasLog of 100% of the shares in the entity that owns and charters GasLog Seattle. GasLog Seattle is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas (LNG) carrier built in 2013 and operated by GasLog since delivery. The vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc (Shell) through December 2020. Shell has two consecutive 5-year extension options, which if exercised, would extend the charter for a period of either 5 or 10 years. GasLog Partners is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters.

GasLog Ltd. today announces that it has signed a time charter party with Centrica plc. ("Centrica") to charter a vessel for a period of seven years. The vessel, a 180,000 cubic meter LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries ("Samsung") in South Korea. Centrica will charter the vessel from GasLog for a period of seven years commencing in the second half of 2019. The daily charter rate is in line with GasLog's average long-term charter rate. GasLog Partners LP ("GasLog Partners", NYSE:GLOP) has the right to acquire the vessel pursuant to the omnibus agreement between GasLog and GasLog Partners. Securing a seven-year charter on this vessel extends GasLog Partners' dropdown pipeline of future vessels from thirteen to fourteen.

Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities. The Legacy Facility Re-financing covers eight on-the-water vessels, which were delivered between 2010 and 2015. Terms of the Legacy Facility Re-financing are in line with GasLog's existing facilities, demonstrating the banks' strong appetite to lend to leading companies in the LNG industry. The Legacy Facility is currently in the documentation stage and is expected to close early in H2 2016. Post the completion of this financing, GasLog will have four debt facilities in total (from nine before today's announcement).

GasLog Ltd. an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announces the delivery of the GasLog Greece. The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174,000 cubic meter tri-fuel diesel electric ("TFDE") LNG carrier. This delivery marks the first of GasLog's eight "G-Class" vessels, which will deliver over the next 3 years. Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Royal Dutch Shell plc ("Shell"). Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years. Committed bank financing has been secured for all of the eight newbuild vessels, through the $1.3bn newbuild facility announced in October 2015.

GasLog Ltd has appointed Bruno Larsen as head of floating storage and regasification unit (FSRU) development. Larsen has previous experience in both the LNG and FSRU sectors, and will take the lead in the company’s commercial FSRU activities. He has previously served in senior roles for WorleyParsons, BW Offshore, Hamworthy, Hoegh LNG and Total. GasLog is currently evaluating a number of FSRU opportunities as well as undertaking a front-end engineering and design (FEED) study at the Keppel shipyard in Singapore. The study is focused on the potential conversion of GasLog’s and GasLog Partners LP’s existing steam and tri-fuel diesel electric LNG carriers into FSRU vessels. Larsen said: “I am delighted to join GasLog, one of the leading LNG transportation companies in the world.

Faltering LNG demand, growing tanker fleet drag on freight rates. Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand. Companies that manage to weather the shakeout in one of the key sectors in the global shipping industry should be in a prime position, however, to benefit from a string of new LNG projects expected to start trickling online by the end of next year. "I see more mergers and acquisitions, more consolidation and a lot more joint ventures as things get tougher," said Andrew Bridson, business development manager at maritime consultancy BMT Asia Pacific. "That is not a bad thing.