GasLog Ltd. Announces Landmark 12-Year Charter With JERA for Existing Uncommitted Newbuild Vessel HN 2274
28 Mars 2019 - 12:00PM
- 12-year fixed-term charter to Japanese energy company JERA, at
attractive returns, for existing uncommitted newbuild vessel, HN
2274, commencing on delivery in April 2020
- GasLog is one of the first non-Japanese owners to secure a
long-term charter with JERA, one of the largest LNG buyers
globally
GasLog Ltd. ("GasLog" or “the Company”) (NYSE:GLOG) is very
pleased to announce that a wholly owned subsidiary of the Company
has signed a ground-breaking long-term time charter party agreement
with LNG Marine Transport Limited (“LMT”), the principal LNG
shipping entity of Japan’s JERA Co., Inc (“JERA”), for its existing
uncommitted newbuild vessel, HN 2274. JERA is one of the largest
LNG buyers globally by volume.
GasLog is scheduled to take delivery of the vessel, a 180,000
cubic meter Mark III Flex Plus design with low pressure two stroke
propulsion, from Samsung Heavy Industries in April 2020, at which
point it will commence the 12-year fixed-term time charter. The
vessel offers industry leading unit freight costs to JERA.
Paul Wogan, Chief Executive Officer of GasLog, stated “We are
honored to add JERA, one of the world’s largest LNG buyers and a
very high-quality counterparty, to our customer list. Furthermore,
GasLog is one of the first non-Japanese LNG carrier owners to
secure a long-term charter with JERA, again showing the advantage
we can obtain from our differentiated operating capabilities,
safety standards and commercial relationships. We look forward to
expanding our relationship with JERA and developing our position as
a provider of LNG transportation services to Japan’s LNG market,
which remains the largest globally at more than 80 million tonnes
in 2018.
Within the last week we have announced new charters for our
uncommitted newbuilds to two very high-quality new customers in
JERA and Endesa, S.A. This demonstrates that our strategy of
ordering these latest generation vessels at cyclically low yard
prices was well timed, allowing us to capture accretive returns and
to further diversify our customer base.
We have now ordered and fixed seven newbuild vessels on
long-term contracts with four high quality counterparties since our
April 2018 investor day. As we execute on our strategy, we continue
to make excellent progress toward our target of more than doubling
consolidated run-rate EBITDA over the 2017 to 2022 period.
Furthermore, we continue to be focused on the scope to deliver
enhanced returns to our shareholders against the backdrop of what
we expect to be a strong LNG shipping market, especially during the
2019/2020 and 2020/2021 winters.”
HN 2274 is scheduled to be delivered to JERA in April 2020 for a
fixed 12-year term. The rate of hire for the charter is in line
with mid-cycle rates and is expected to deliver attractive returns
for GasLog’s shareholders.
Following the commencement of the 12-year charter to JERA,
GasLog Partners LP ("GasLog Partners", NYSE:GLOP) will have the
right to acquire HN 2274 pursuant to the omnibus agreement between
GasLog and GasLog Partners. As a result, GasLog Partners’ potential
dropdown pipeline will increase to 13 LNG carriers with charter
length of five years or longer.
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 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 JERA
JERA is an energy company with global reach that has industry
leading expertise and scale in the entire fuel and power supply
chain, from participation in LNG and other fuel resource projects
and fuel procurement, through fuel transportation to power
generation. Established in 2015, JERA is an equal joint venture of
TEPCO Fuel & Power, Incorporated and Chubu Electric Power
Company. JERA’s mission is to contribute to an internationally
competitive supply of power and energy and to invigorate the
standard of living, industry and economy around the world. JERA is
by volume one of the largest importers of LNG in the world,
importing c.35mtpa annually. LMT is 70% owned by JERA (with
Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) each
owning 15%) and is the principal LNG shipping entity of JERA.
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