GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) and GasLog
Partners LP (“GasLog Partners”) (NYSE:GLOP) today announced that
GasLog has agreed to charter to Methane Services, Ltd. (“MSL”), a
subsidiary of BG Group plc (“BG”), three of GasLog’s uncontracted
newbuilds that are currently under construction. MSL also has an
option to elect to charter an additional six newbuilds provided it
makes that election within 2015. The highlights of this transaction
are as follows:
- MSL will charter three newbuildings
commencing mid-2018 and early 2019 for average initial terms of
approximately 9.5 years at attractive rates
- These charters will add approximately
$845 million of fixed rate revenue to GasLog’s existing contracted
revenue backlog
- MSL has an option exercisable within
2015 to charter an additional six newbuildings for average initial
terms of approximately 10 years
- The six option vessels would add
approximately $1.8 billion of fixed rate contracted revenue(1)
should MSL exercise its option
The three firm ships to be chartered by MSL will be modern
174,000 cubic meter LNG carriers with low-pressure, two-stroke
propulsion technology. Two of the vessels will be delivered from
Hyundai Heavy Industries. One vessel will be delivered from Samsung
Heavy Industries.
Together with MSL’s entry into the 9.5 year average charters on
the three GasLog newbuild vessels, and as part of MSL’s overall
portfolio management, the three existing charters on the GasLog
Shanghai, GasLog Santiago and GasLog Sydney (all owned by GasLog
Partners) will be adjusted. MSL will lengthen two of the existing
charters by approximately 4 months and shorten one charter by 8
months. MSL retains the existing extension options of two
consecutive periods of three or four years on all three
vessels.
MSL also has an option to elect to charter an additional six
newbuilds from GasLog, with average initial terms of ten years at
rates consistent with the three firm charters, provided it makes
that election within 2015. If MSL makes that election, MSL would
take earlier delivery of the three firm newbuilds described above
immediately upon their delivery from the shipyards in 2017.
If MSL exercises the options, the three charters of the GasLog
Shanghai, GasLog Santiago and GasLog Sydney would be further
adjusted by a potential shortening of a maximum 31 months in total,
with the aim of redelivering these ships to coincide with the
newbuild deliveries in 2017. This would be at a time when
management believes there will be a tightening of the supply-demand
balance for LNG carriers, as currently indicated by new vessel
orders and prospective LNG projects. This option is currently
exercisable only within 2015 and the parties are discussing a
possible extension of such option beyond the end of 2015.
If MSL does not exercise the extension options referenced above
on the GasLog Shanghai, GasLog Santiago and GasLog Sydney and
GasLog Partners does not enter into a third-party charter on such
vessels, GasLog and GasLog Partners intend to enter into a bareboat
arrangement that is designed to guarantee the total cash
distribution from each vessel. However, if they are unable to agree
on such bareboat arrangement, GasLog will enter into a time charter
with GasLog Partners on equivalent terms to the existing MSL time
charters for any period of shortening.
Paul Wogan, CEO of GasLog, commented, “This is another
transformational transaction for GasLog, potentially adding nine
long-term charters to our fleet. The three firm vessels will add
$845 million of fixed contracted revenue(1) at attractive day
rates. This transaction will also provide long-term charters for
three of our unfixed newbuilds that are currently scheduled to
deliver in late 2017. The transaction also further extends the
pipeline of vessels we have available to drop down into GasLog
Partners and we believe enhances our sum-of-the-parts
valuation.”
Andy Orekar, CEO of GasLog Partners, commented, “Today’s
transaction adds up to nine vessels under long-term contracts to
GasLog Partners’ dropdown pipeline, giving us additional visible
growth for multiple years. The immediate addition of three firm
charters brings our total current pipeline to 15 LNG carriers,
which would increase further to 21 vessels if MSL exercises its
option for the six additional newbuildings. With this enhanced
pipeline of vessels and the agreement by GasLog to compensate for
any shortening of existing charters, GasLog Partners continues to
be well positioned for future growth.”
Poten Capital Services (UK) advised GasLog on this
transaction.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. GasLog’s fully-owned fleet includes 22 LNG carriers
(including 13 ships in operation, nine LNG carriers on order) and
GasLog has four LNG carriers operating under its technical
management for third parties. GasLog Partners LP, a master limited
partnership formed by GasLog, owns a further five LNG carriers.
GasLog’s principal executive offices are at Gildo Pastor Center, 7
Rue du Gabian, MC 98000, Monaco. GasLog’s website is
http://www.gaslogltd.com.
About GasLog Partners LP
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
long-term charters. GasLog Partners’ fleet consists of five LNG
carriers with an average carrying capacity of 151,000 cbm, each of
which has a multi-year charter. GasLog Partners’ executive offices
are located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000,
Monaco. GasLog Partners’ website is http://www.gaslogmlp.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 dividend payments, future
capital expenditures and drydocking costs and newbuild 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 of LNG and LNG shipping,
technological advancements and opportunities for the profitable
operation 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 with respect to GasLog in its Annual
Report filed with the SEC on March 26, 2015 and with respect to
GasLog Partners in its Annual Report filed with the SEC on February
17, 2015. Copies of each Annual Report, as well as subsequent
filings, are available online at http://www.sec.gov. We do not
undertake to update any forward-looking statements as a result of
new information or future events or developments except as may be
required by law.
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(1) Contracted revenue calculations assume:
(a) 365 revenue days per annum, with 30
off-hire days when the ship undergoes scheduled drydocking;
(b) all LNG carriers on order are delivered
on schedule;
(c) no exercise of any option to extend the
terms of charters.
GasLog Ltd.Paul Wogan, Phone: +44 203 388 3106(CEO)
GasLogorAndy Orekar, Phone: +1 212 223 0847(CEO) GasLog
PartnersorSimon Crowe, Phone: +44 203 388 3108(CFO) GasLog and
GasLog PartnersorJamie Buckland, Phone: +44 203 388 3116(Investor
Relations) GasLog and GasLog Partners
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