GasLog Ltd. Announces Eight-Year Charter With Endesa for Existing Uncommitted Newbuild Vessel GasLog Warsaw
21 Mars 2019 - 12:00PM
- Eight year fixed-term charter to new customer Endesa for
existing uncommitted newbuild vessel, the GasLog Warsaw1,
commencing in May 2021
- Latest generation vessel will be available for charter to other
customers during a period of expected strong LNG carrier demand
prior to commencement of term charter to Endesa
- Combination of initial spot exposure and fixed-term charter to
Endesa expected to generate attractive returns for GasLog
shareholders
GasLog Ltd. ("GasLog") (NYSE:GLOG) is pleased to announce the
signing of a new long-term charter party agreement with a wholly
owned subsidiary of Endesa, S.A. (“Endesa”) for its existing
uncommitted newbuild vessel, the GasLog Warsaw. GasLog is scheduled
to take delivery of the 180,000 cubic meter Mark III Flex Plus
vessel with low pressure two stroke propulsion (“LP-2S”) from
Samsung Heavy Industries in July 2019. The eight year fixed-term
charter to Endesa will commence in May 2021.
Paul Wogan, Chief Executive Officer of GasLog, stated “We are
delighted to charter this vessel to Endesa, a leading European
utility and very high-quality counterparty. This charter expands
our customer base and we look forward to further developing our
relationship with Endesa.
Before commencing its long-term charter to Endesa in May 2021,
the vessel will be available during a period when we expect the
spot market to be strong, especially during the 2019/2020 and
2020/2021 winters. The combination of the vessel’s size, highly
efficient LP-2S propulsion and industry-leading low natural
boil-off rate of 0.07% all combine to produce an extremely
competitive transportation cost that should make it particularly
attractive to potential charterers.
Combined with the recent delivery of the GasLog Gladstone2,
which immediately commenced its 10-year charter to a wholly owned
subsidiary of Royal Dutch Shell Plc., it has been a very successful
start to the year for GasLog. Since our April 2018 Investor Day, we
have ordered or chartered six newbuild vessels on long-term
contracts with three high quality counterparties, further
strengthening our confidence in delivering the target we announced
that day to more than double consolidated run-rate EBITDA by 2022.”
José Bogas, Chief Executive Officer of Endesa stated
“Contracting the GasLog Warsaw on long-term charter represents
another important step in delivering a flexible and competitive LNG
carrier solution to service our contracted LNG volumes over the
next 20 years. We are pleased to partner with GasLog and look
forward to developing this relationship further.”
The GasLog Warsaw is scheduled to deliver to Endesa in May 2021
for a fixed eight-year term, with two optional periods of six years
each. The rate of hire for the charter is in line with mid-cycle
rates. GasLog expects that the combination of the vessel’s
near-term earnings in the spot market and the earnings from the
Endesa time charter will deliver attractive returns for its
shareholders.
Following the commencement of the eight-year charter to Endesa,
GasLog Partners LP ("GasLog Partners", NYSE:GLOP) will have the
right to acquire the GasLog Warsaw 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.
1 Previously HN 22122 Previously HN 2131
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 26 ships on the water
and eight 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. Upon closing of the sale of the
GasLog Glasgow, GasLog's consolidated fleet will include 15 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
About Endesa
Endesa is an energy and utility company, present in both power
and gas markets. The company is the second largest gas marketer in
Spain with a market share in 2018 of 16.3%. Endesa’s gas sales in
2018 reached 103 Terawatt hours (“TWh”), a 2% increase from 2017,
of which 75 TWh was sold to the retail market, 12 TWh to wholesale
markets and 16 TWh to Combined Cycle Gas Turbine power plants for
power production. Endesa’s total customers increased by 3% in 2018,
reaching 1,604,000.
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
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