Samsung Delivers LNG Carrier to GasLog

Greek shipowner GasLog has taken delivery of a newbuild liquefied natural gas (LNG) carrier from Korean shipbuilder Samsung Heavy Industries. 

The 180,000-cubic-meter-capacity GasLog Wales will operate on a 12-year time charter agreement with the principal LNG shipping entity of Japan’s JERA, GasLog said in its latest quarterly report.

The handover follows the April 1 delivery of Samsung-built sister ship GasLog Windsor, now on a seven-year charter with a wholly owned subsidiary of British energy company Centrica.

GasLog said both newbuilds feature the latest technological developments in cargo containment, boil off gas management and dual fuel medium speed propulsion X-DF propulsion.

The vessels were delivered on time and on budget despite industrial disruptions in South Korea caused by the coronavirus pandemic, GasLog said.

The shipowner has another five newbuilds on order at Samsung scheduled to be delivered through the third quarter of 2021. The first, a 180,000-cubic meter-capacity vessel due in the third quarter, will be chartered for seven years to Centirca, followed by two 174,000- and two 180,000-cubic-meter vessels to be chartered to a wholly owned subsidiary of U.S.-based Cheniere, also for seven years each.

The vessel deliveries are scheduled amid an uncertain future for LNG demand and near-term shipping needs as COVID-19 and oil's price fall continue to weigh on demand for gas.

GasLog, whose consolidated fleet consists of 35 LNG carriers, including the vessels on order, said its vessels operating in the spot and short-term market are currently chartered through to at least June 2020, and that the company has not experienced disruption to the charter parties, including contracted revenues, for its term- or spot-chartered vessels.