GasLog Ltd. Announces Further Details On Long-Term Charters With Cheniere And Newbuilding Orders At Samsung Heavy Industries
09 Janvier 2019 - 1:00PM
(A summary of this press release was originally issued on
December 26, 2018. This version expands on the original)
GasLog Ltd. ("GasLog") (NYSE:GLOG) is pleased to provide further
detail on the new charter party agreements (the “Charters”), each
for a firm period of seven years, with a wholly owned subsidiary of
Cheniere Energy, Inc. (“Cheniere”), originally announced on
December 26, 2018.
To fulfil the Charters, two 180,000 cubic meter LNG carriers (HN
2311 and HN 2312) with low pressure two stroke (“LP-2S”) propulsion
and GTT Mark III Flex Plus cargo containment systems have been
ordered from Samsung Heavy Industries in South Korea, with expected
delivery in mid-2021. The Charters build on GasLog’s existing
relationship with Cheniere, which now totals four newbuilds on
order and the GasLog Partners LP ("GasLog Partners", NYSE:GLOP)
owned GasLog Sydney, which is currently on a multi-year time
charter.
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.
GasLog Partners 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 12 LNG carriers with charter
length of five years or longer and the Partnership is well
positioned to announce a further dropdown acquisition within the
first quarter of 2019.
Paul Wogan, Chief Executive Officer of GasLog, stated, “I am
delighted to build further on our existing relationship with
Cheniere. The four newbuilds that we now have on order for them
will provide further support for their leading position in US LNG
exports.
We announced seven newbuild orders in 2018, all equipped with
the latest advancements in propulsion and boil-off technology. Six
of these newbuilds have long-term charters attached, cementing our
status as a leading owner and operator of LNG carriers. Attractive
LNG shipping market fundamentals, the strong liquidity position of
the GasLog group and increasing debt capacity due to scheduled
amortization underpin the funding strategy for our newbuild
program. As a result of our activities in 2018, we have made
substantial progress towards meeting our target of more than
doubling consolidated EBITDA over the 2017-2022 period.”
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 34 LNG carriers (including 25 ships on the water
and nine 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
14 LNG carriers in operation owned by GasLog's subsidiary, 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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