GasLog Greece Kick Starts Gaslog’s 2016 Newbuilding Deliveries

  • Business & Finance

Owner and operator of LNG carriers GasLog Ltd. has taken delivery of its first of eight “G-Class” vessels, the GasLog Greece.

The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174,000 cubic meter tri-fuel diesel electric (TFDE) LNG carrier. The remaining units of the series are to join Gaslog’s fleet over the next 3 years.

“The GasLog Greece is the first of four newbuilding deliveries for GasLog in 2016. All of these vessels have firm, long-term contracts with a very high quality counterparty. They will contribute significant revenue and EBITDA growth to GasLog as each vessel begins operating under its charter,” says Paul Wogan, Chief Executive Officer of GasLog Ltd.

Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Royal Dutch Shell plc.

Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years. Committed bank financing has been secured for all of the eight newbuild vessels, through the USD 1.3bn newbuild facility announced in October 2015.

GasLog Partners LP has the right to acquire the GasLog Greece pursuant to the omnibus agreement between GasLog and GasLog Partners.

GasLog’s fully-owned fleet includes 18 LNG carriers including 11 ships in operation and 7 LNG carriers on order.

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