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  • GasLog Ltd. Announces Further Details On Long-Term Charters With Cheniere And Newbuilding Orders At Samsung Heavy Industries
    édité le 09/01/2019 - Plus de news de "GasLog" - Voir la fiche entreprise de "GasLog"


GasLog Ltd. Announces Further Details On Long-Term Charters With Cheniere And Newbuilding Orders At Samsung Heavy Industries
GasLog Ltd. is pleased to provide further detail on the new charter party agreements (the “Charters”), each for a firm period of seven years, with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), originally announced on December 26, 2018.

To fulfil the Charters, two 180,000 cubic meter LNG carriers (HN 2311 and HN 2312) with low pressure two stroke (“LP-2S”) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries in South Korea, with expected delivery 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 ("GasLog Partners", NYSE:GLOP) owned GasLog Sydney, which is currently on a multi-year time charter.

The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.

GasLog Partners has the right to acquire the vessels delivered into the Charters pursuant to the omnibus agreement between GasLog and GasLog Partners. As a result, GasLog Partners’ potential dropdown pipeline will increase to 12 LNG carriers with charter length of five years or longer and the Partnership is well positioned to announce a further dropdown acquisition within the first quarter of 2019.

Paul Wogan, Chief Executive Officer of GasLog, stated, “I am delighted to build further on our existing relationship with Cheniere. The four newbuilds that we now have on order for them will provide further support for their leading position in US LNG exports.

We announced seven newbuild orders in 2018, all equipped with the latest advancements in propulsion and boil-off technology. Six of these newbuilds have long-term charters attached, cementing our status as a leading owner and operator of LNG carriers. Attractive LNG shipping market fundamentals, the strong liquidity position of the GasLog group and increasing debt capacity due to scheduled amortization underpin the funding strategy for our newbuild program. As a result of our activities in 2018, we have made substantial progress towards meeting our target of more than doubling consolidated EBITDA over the 2017-2022 period.”

About GasLog

GasLog (NYSE:GLOG) is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated owned fleet consists of 32 LNG carriers (25 ships on the water and seven on order). GasLog also has an additional LNG carrier which was sold to a subsidiary of Mitsui & Co. Ltd. and leased back under a long-term bareboat charter. GasLog’s consolidated fleet includes 13 LNG carriers in operation owned by GasLog Partners. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.

About Cheniere

Cheniere Energy, Inc. (NYSE American: LNG), a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.

About Samsung Heavy Industries

Samsung Heavy Industries has successfully completed diverse projects With the aim of securing global leadership in various sectors including shipbuilding, offshore, machinery & electric systems.
Most notably, it has achieved unbeatable leadership in the high-tech high-value shipbuilding sector by maintaining the world’s No. 1 share in the drill ship, LNG carrier and FPSO markets.


Origine : Communiqué GasLog

Voir la fiche entreprise de "GasLog"



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