GasLog Ltd. Signs 10-Year Time Charter For Provision Of An LNG Floating Storage Unit To Panama Power Project
04 Septembre 2019 - 1:00PM
GasLog Ltd. ("GasLog") (NYSE: GLOG) today announces that one of its
subsidiaries has signed a 10-year time charter with Sinolam LNG
Terminal, S.A. for the provision of a liquefied natural gas (“LNG”)
floating storage unit (“FSU”) to a gas-fired power project being
developed in Panama.
The time charter is expected to be fulfilled through the
conversion of the GasLog Singapore, a 155,000 cubic meter, tri-fuel
diesel electric (“TFDE”) LNG carrier built in 2010. The required
modifications are such that, as well as being FSU ready, the vessel
will still be able to trade as an LNG carrier following the
conversion works. The GasLog Singapore’s conversion will take place
in conjunction with the vessel’s scheduled 5-year special survey in
the third quarter of 2020, enabling both time and cost synergies
with the vessel’s regular dry-docking. The charter commences on
delivery of the FSU in Panama, which is scheduled for November
2020.
Since September 2016, the GasLog Singapore has been trading in
the LNG carrier spot market. The FSU contract is for a fixed
period, thereby delivering 100% utilization for the duration of the
charter. The FSU will also incur a lower opex than if the vessel
was trading as an LNG carrier, with GasLog estimating that the
charter will generate approximately $20 million of EBITDA per annum
over its 10-year life.
The FSU will receive, store and send out LNG to a gas-fired
power plant currently being developed near Colón, Panama, by
Sinolam Smarter Energy LNG Power Company (“Sinolam”), a subsidiary
of private Chinese investment group Shanghai Gorgeous Investment
Development Company. The power project has signed long-term power
purchase agreements with leading Panamanian utility companies as
well as a 15-year LNG sale and purchase agreement with Royal Dutch
Shell plc.
Paul Wogan, Chief Executive Officer, stated: “The 10-year FSU
charter once again demonstrates GasLog’s ability to execute on our
strategic objectives of locking in long-term stable revenues and
full utilization on one of our existing open vessels. Owning and
operating an FSU will also expand GasLog’s service offering. We
look forward to partnering with Sinolam to deliver gas-fired power
to Panama, thereby displacing coal, oil and oil products in the
country’s energy mix with cleaner natural gas.”
Kenneth Zhang, Chief Executive Officer of Sinolam Smarter
Energy, stated: “The LNG Floating Storage Unit is a key element of
our integrated power project, and we are very pleased to welcome
GasLog as a strategic partner for our commercial operations.
GasLog’s entry into the project is a vote of confidence in our
business platform and the attractiveness of Panama as an investment
opportunity.”
Contacts:
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 fleet
consists of 35 LNG carriers. Of these vessels, 19 (12 on the water
and seven on order) are owned by GasLog, one has been sold to a
subsidiary of Mitsui Co. Ltd. and leased back by GasLog under a
long-term bareboat charter and the remaining 15 LNG carriers are
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. Visit GasLog’s website at
http://www.gaslogltd.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 the Company expects,
projects, believes or anticipates 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;
- increased exposure to the spot market and fluctuations in spot
charter rates;
- our ability to maximize the use of our vessels, including the
re-deployment or disposition of vessels which are not under
multi-year 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;
- 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 or orders for ships
or other assets, business strategy, areas of possible expansion and
expected capital spending;
- the time that 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 event; and
- other risks and uncertainties described in the Company’s Annual
Report on Form 20-F filed with the SEC on March 5, 2019 and
available at http://www.sec.gov.
We 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, except as required by
applicable law. 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.
The declaration and payment of dividends are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Bermuda
law and such other factors as our board of directors may deem
relevant.
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