GasLog orders additional LNG carriers

GasLog Ltd announced today that it has ordered two new 174 000 m3 LNG carriers from Samsung Heavy Industries Co., Ltd. (SHI) in South Korea. 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). They will also benefit from a low boil-off rate of 0.09%.

GasLog has achieved what it believes to be highly attractive commercial terms for these vessels. In addition, the company has secured two additional priced options from SHI with delivery dates in late 2017 and early 2018. Furthermore, if GasLog exercises these two options, Samsung has agreed to grant the company two additional options.

"Long-term growth"

Paul Wogan, CEO of GasLog, 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.” In January, GasLog announced that it was selling shares to fund the purchase of LNG carriers from BG Group.

Adapted from press release by Ted Monroe

Read the article online at: https://www.lngindustry.com/lng-shipping/09052014/gaslog_orders_two_new_lng_carriers_from_samsung_heavy_industries/