GasLog Ltd. and GasLog Partners LP to Assume Commercial Control of LNG Carriers Operating in The Spot Market
06 Juin 2019 - 1:00PM
GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) and GasLog
Partners LP (GasLog Partners or the “Partnership”) (NYSE: GLOP)
(together the “Group”) announced today a decision to assume
commercial control of their vessels currently operating in the LNG
carrier spot market through The Cool Pool.
The Cool Pool is an LNG carrier pooling agreement between GasLog
and Golar LNG Ltd. (“Golar”), focusing exclusively on spot fixtures
of up to 12 months in duration.
Golar’s declared intention to spin off its spot LNG vessels,
coupled with the Group’s belief that robust LNG commodity supply
and demand fundamentals will lead to a tightening LNG shipping
market and increased multi-year charter opportunities, has led it
to decide to withdraw its vessels from The Cool Pool. Assuming
commercial control of these vessels will allow the Group greater
flexibility and agility in pursuing longer-term time charter
opportunities. This will enhance the Group’s ability to deliver on
its strategic objective of optimizing fleet employment across spot
and term markets and maximizing vessel utilization, earnings and
value.
It is anticipated that the five vessels owned by GasLog and the
one vessel owned by GasLog Partners currently operating in the spot
market will withdraw from The Cool Pool over coming months, based
upon current commitments and charter opportunities.
Paul Wogan, Chief Executive Officer of GasLog, stated “I would
like to thank our Cool Pool partners for their collaboration over
the past four years. However, with Golar’s declared intention to
spin off its LNG vessels and a tightening of the LNG carrier market
now underway, we believe it is the right time to assume control of
our vessel marketing as we seek to place more vessels on
longer-term charters to optimize the earnings of our fleet through
the cycle. This move is underpinned by increasing levels of
customer enquiry in multi-month and multi-year charters.”
Andrew Orekar, Chief Executive Officer of GasLog Partners,
stated “The Partnership remains focused on delivering cash flow
visibility for our unitholders, and today’s decision to withdraw
the GasLog Shanghai from The Cool Pool will enhance our ability to
secure an attractive term charter for this vessel.”
Contacts:
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor RelationsPhone: +1
212-223-0643
Email: ir@gaslogltd.com
The GasLog and GasLog Partners LNG carriers
currently operating in The Cool Pool are:
Vessel |
Owner |
Propulsion(1) |
Year built |
Capacity (cubic meters) |
GasLog Singapore |
GLOG |
TFDE |
2010 |
155,000 |
GasLog Chelsea |
GLOG |
TFDE |
2010 |
153,600 |
GasLog Savannah |
GLOG |
TFDE |
2010 |
155,000 |
GasLog Skagen |
GLOG |
TFDE |
2013 |
155,000 |
GasLog Shanghai |
GLOP |
TFDE |
2013 |
155,000 |
GasLog Salem |
GLOG |
TFDE |
2015 |
155,000 |
1. TFDE = Tri-fuel diesel electric
About GasLog Ltd.
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 fleet
consists of 34 LNG carriers and an additional LNG carrier which was
sold to a subsidiary of Mitsui Co. Ltd. and leased back under a
long-term bareboat charter. 20 of these vessels (12 ships on the
water and eight on order) are owned by GasLog with the remaining 15
LNG carriers being owned by the Company’s subsidiary, GasLog
Partners LP. GasLog's principal executive offices are at Gildo
Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.
About GasLog Partners LP
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
multi-year charters. GasLog Partners' fleet consists of 15 LNG
carriers with an average carrying capacity of approximately 158,000
cbm. GasLog Partners’ principal executive offices are located at
Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit
GasLog Partners’ website at http://www.gaslogmlp.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that GasLog and GasLog Partners
expect, project, believe or anticipate will or may occur in the
future, particularly in relation to our operations, cash flows,
financial position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
-
general
LNG shipping market conditions and trends, including spot and
multi-year charter rates, ship values, factors affecting supply and
demand of LNG and LNG shipping, technological advancements and
opportunities for the profitable operations of LNG carriers;
-
fluctuations
in spot and multi-year charter hire rates and vessel values;
-
our
ability to maximize the use of our vessels, including the
re-deployment or disposition of vessels which are not under
multi-year time charters, including the risk that certain of our
vessels may no longer have the latest technology at such time which
may impact the rate at which we can charter such vessels;
-
increased
exposure to the spot market and fluctuations in spot charter
rates;
-
changes
in our operating expenses, including crew wages, maintenance,
dry-docking and insurance costs and bunker prices;
-
number
of off-hire days and dry-docking requirements including our ability
to complete scheduled dry-dockings on time and within budget;
-
planned
capital expenditures and availability of capital resources to fund
capital expenditures;
-
our
ability to maintain long term relationships and enter into time
charters with new and existing customers;
-
fluctuations
in prices for crude oil, petroleum products and natural gas,
including LNG;
-
changes
in the ownership of our charterers;
-
our
customers’ performance of their obligations under our time charters
and other contracts;
-
our
future operating performance and expenses, financial condition,
liquidity and cash available for dividends and distributions;
-
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
restrictive covenants and other 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;
-
the
time it may take to construct and deliver newbuildings and the
useful lives of our ships;
-
fluctuations
in currencies and interest rates;
-
the
expected cost of and our ability to comply with environmental and
regulatory conditions, including changes in laws and regulations or
actions taken by regulatory authorities, governmental
organizations, classification societies and standards imposed by
our charterers applicable to our business;
-
risks
inherent in ship operation, including the discharge of
pollutants;
-
our
ability to retain key employees and the availability of skilled
labour, ship crews and management;
-
potential
disruption of shipping routes due to accidents, political events,
piracy or acts by terrorists;
-
potential
liability from future litigation;
-
any
malfunction or disruption of information technology systems and
networks that our operations rely on or any impact of a possible
cybersecurity breach; and
-
other
risks and uncertainties described in GasLog’s Annual Report on
Form 20-F filed with the SEC on March 5, 2019 and GasLog
Partners’ Annual Report on Form 20-F filed with the SEC on
February 26, 2019, available at http://www.sec.gov.
GasLog and GasLog Partners undertake no
obligation to update or revise any forward-looking statements
contained in this press release, whether as a result of new
information, future events, a change in our views or expectations
or otherwise. New factors emerge from time to time, and it is not
possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factor on our business or the extent
to which any factor, or combination of factors, may cause actual
results to be materially different from those contained in any
forward-looking statement.
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