GASLOG LTD. ANNOUNCES TWO NEW LONG-TERM CHARTERS WITH CHENIERE AND PLACES NEWBUILDING ORDERS AT SAMSUNG HEAVY INDUSTRIES
August 20 2018 - 7:00AM
GasLog Ltd. (“GasLog”) (NYSE:GLOG) is pleased to announce the
signing of two new charter party agreements (the “Charters”), each
for a firm period of seven years, with a wholly owned subsidiary of
Cheniere Energy, Inc. (“Cheniere”).
To fulfil the Charters, two 174,000 cubic meter LNG carriers (HN
2300 and HN 2301) with low pressure two stroke (“LP-2S”) propulsion
have been ordered from Samsung Heavy Industries in South Korea,
with expected delivery in late 2020.
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.
In addition to the Charters, GasLog has agreed with Cheniere an
option for the charter of one or two additional newbuild
vessels.
GasLog Partners LP ("GasLog Partners", NYSE:GLOP) 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 11
LNG carriers with charter length of five years or longer.
Paul Wogan, Chief Executive Officer of GasLog, stated, “I am
delighted to announce a significant expansion of our relationship
with Cheniere, a high-quality counterparty and a leader in
developing the US LNG export industry. Cheniere’s decision to
partner with GasLog is a vote of confidence in our ability to
deliver a differentiated service to our customers, founded upon our
core principles of operational excellence and an uncompromising
approach to safety.
We continue to expand our fleet with highly competitive vessels
backed by long term contracts, while simultaneously diversifying
our customer base. We anticipate further incremental shipping
capacity will be needed to supply forecast LNG demand growth, and
remain confident in our ability to increase our market share at
attractive returns.”
Contacts:
Alastair MaxwellChief Financial OfficerPhone:
+44 203-388-3105
Phil CorbettHead of Investor RelationsPhone: +44
203-388-3116
Joseph NelsonDeputy Head of Investor
RelationsPhone: +1 212-223-0643
Email: ir@gaslogltd.com
About GasLog GasLog 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. Visit GasLog’s website at http://www.gaslogltd.com.
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