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GasLog announces delivery of new LNG carrier

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LNG Industry,

GasLog Ltd has announced that it has successfully delivered the GasLog Greece – a 174 000 m3 tri-fuel diesel electric (TFDE) LNG carrier. The vessel was constructed at Samsung Heavy Industries in South Korea, and is the first of eight GasLog G-Class vessels. The remaining seven vessels are expected to be delivered over the coming three years.

Following the delivery of the vessel, the GasLog Greece has commenced a 10-year charter with a subsidiary of Royal Dutch Shell. Seven out of eight of the vessels have long-term contracts, which will last between seven and ten years. Through a US$1.3 billion new-build facility announced in October 2015, committed bank financing has been secured for all eight of the vessels.

GasLog Partners LP maintains the right to acquire the newly delivered vessel pursuant to the omnibus agreement between GasLog Partners and GasLog.

The CEO of GasLog Ltd, Paul Wogan, said: “The GasLog Greece is the first of four new-building deliveries for GasLog in 2016. All of these vessels have firm, long-term contracts with a very high quality counterparty. They will contribute significant revenue and EBITDA growth to GasLog as each vessel begins operating under its charter."

Edited from press release by David Rowlands

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