GasLog Ltd. Announces New Orders
25 Juin 2014 - 12:00PM
Business Wire
GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) today
announced that it has ordered two new 174,000 cubic meter LNG
carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in
South Korea. The vessels are expected to be delivered in the second
half of 2017, and marks GasLog’s first orders from the world’s
largest shipbuilder. The vessels have been ordered with proven
tri-fuel diesel electric (TFDE) propulsion with GasLog’s option to
change to two stroke diesel engines with low-pressure gas injection
(“LP-2S”). The two vessels will have a boil off rate of 0.09% and
relatively low fuel consumption will, when delivered, be amongst
the most efficient vessels in existence and are therefore expected
to be extremely attractive to potential charterers. The delivered
cost of the vessels will be in line with similar recent vessel
orders.
In addition, GasLog has secured up to four additional priced
options from Hyundai with delivery dates in late 2017 and early
2018.
GasLog’s strategy on these two vessels will be to look to place
them on long-term contracts to leading counter parties ahead of
their delivery.
These orders are the first vessels GasLog has ordered from
Hyundai and we look forward to developing our relationship with
Hyundai further. GasLog is currently involved in an initiative
alongside Hyundai, DNV GL and GTT that aims to develop the next
generation of LNG carriers. A link to this initiative can be found
below:
http://www.dnvgl.com/news-events/news/dnv-gl-leads-new-lng-carrier-concept-project.aspx
Paul Wogan, CEO, commented, “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.”
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. Following today’s new orders, GasLog’s fleet consists of
22 wholly-owned LNG carriers, including eleven ships in operation
and eleven LNG carriers on order, and GasLog has six LNG carriers
operating under its technical management for third parties. GasLog
Partners LP a master limited partnership formed by GasLog owns a
further three LNG carriers. GasLog’s principal executive offices
are located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000,
Monaco. GasLog’s website is http://www.gaslogltd.com.
Forward Looking Statements
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The reader is cautioned not to rely on these forward-looking
statements. All statements, other than statements of historical
facts, that address activities, events or developments that the
Company expects, projects, believes or anticipates will or may
occur in the future, including, without limitation, future
operating or financial results and future revenues and expenses,
future, pending or recent acquisitions, general market conditions
and shipping industry trends, the financial condition and liquidity
of the Company, cash available for dividends payments, future
capital expenditures and dry-docking costs and new build vessels
and expected delivery dates, are forward looking statements. These
statements are based on current expectations of future events. If
underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially
from our expectations and projections. Risks and uncertainties
include, but are not limited to, general LNG and LNG shipping
market conditions and trends, including charter rates, ship values,
factors affecting supply and demand, technological advancements and
opportunities for the profitable operations of LNG carriers; our
ability to enter into time charters with our existing customers as
well as new customers; our contracted charter revenue; our
customers’ performance of their obligations under our time charters
and other contracts; the effect of volatile economic conditions and
the differing pace of economic recovery in different regions of the
world; future operating or financial results and future revenues
and expenses; our future financial condition and liquidity; our
ability to obtain financing to fund capital expenditures,
acquisitions and other corporate activities, funding by banks of
their financial commitments, and our ability to meet our
obligations under our credit facilities; future, pending or recent
acquisitions of ships or other assets, business strategy, areas of
possible expansion and expected capital spending or operating
expenses; our expectations relating to dividend payments and our
ability to make such payments; our ability to enter into
shipbuilding contracts for newbuildings and our expectations about
the availability of existing LNG carriers to purchase, as well as
our ability to consummate any such acquisitions; our expectations
about the time that it may take to construct and deliver
newbuildings and the useful lives of our ships; number of off-hire
days, drydocking requirements and insurance costs; our anticipated
general and administrative expenses; fluctuations in currencies and
interest rates; our ability to maintain long-term relationships
with major energy companies; expiration dates and extensions of
charters; our ability to maximize the use of our ships, including
the re-employment or disposal of ships no longer under time charter
commitments; environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory
authorities; requirements imposed by classification societies;
risks inherent in ship operation, including the discharge of
pollutants; availability of skilled labor, ship crews and
management; potential disruption of shipping routes due to
accidents, political events, piracy or acts by terrorists; and
potential liability from future litigation. A further list and
description of these risks, uncertainties and other factors can be
found in our Annual Report filed March 27, 2014. Copies of the
Annual Report, as well as subsequent filings, are available online
at www.sec.gov or on request from us.
We do not undertake to update any forward-looking statements as a
result of new information or future events or developments.
GasLog Ltd.Paul Wogan, Phone: +377 9797 5115(CEO)orSimon
Crowe, Phone: +377-9797-5115(CFO)orJamie Buckland, Phone: +377 9797
5118(Investor Relations)
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