GasLog orders two LNG carriers

GasLog Ltd has ordered two new LNG carriers from Hyundai Heavy Industries Co. Ltd. (HHI). The 174 000 m³ LNG carriers are expected to be delivered in the second half of 2017. They are GasLog’s first orders from HHI.

The LNG carriers have been ordered with proven tri-fuel diesel electric (TFDE) propulsion, and GasLog has the option to change to two stroke diesel engines with low-pressure gas injection (LP-2S). The two LNG carriers will have a boil off rate of 0.09% and relatively low fuel consumption. The delivered cost of the LNG carriers will be in line with similar recent vessel orders.

GasLog has also secured up to four additional priced options from HHI with delivery dates in late 2017 and early 2018.

LNG carrier strategy

GasLog’s aims to place these two LNG carriers on long-term contracts to leading counter parties ahead of their delivery.

GasLog is currently involved in an initiative alongside Hyundai, DNV GL and GTT that aims to develop the next generation of LNG carriers.

Paul Wogan, CEO of GasLog,  said: “I am delighted that we have ordered two additional newbuildings. The vessels are scheduled to deliver in the second half 2017 at a time which we believe will be very favourable for LNG shipping as additional liquefaction capacity comes on stream. We will look to place these vessels on long-term contracts with first class counterparties and so further increase the pipeline of drop down candidates for GasLog Partners LP.”

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/lng-shipping/25062014/gaslog_orders_two_lng_carriers_846/