GasLog pens charter deal with Centrica, orders LNG carrier at SHI

Monaco-based LNG shipper GasLog, signed a time charter party with Centrica, a UK-based energy company, to charter a newbuild LNG carrier for a period of seven years. 

The vessel, with the capacity to transport 180,000-cbm of LNG, featuring XDF propulsion, has been ordered at South Korean shipbuilder Samsung Heavy Industries.

Under the agreement, the seven-year charter deal will start in the second half of 2019, GasLog said in a statement.

GasLog Partners has the right to acquire the vessel pursuant to the omnibus agreement between GasLog and GasLog Partners. Securing a seven-year charter on this vessel extends GasLog Partners’ dropdown pipeline of future vessels from thirteen to fourteen.

With the seven-year charter on this vessel, GasLog Partners’ dropdown pipeline of future vessels has been extended from thirteen to fourteen.

Following this charter, GasLog has five newbuilds with contracts of between 7 and 10 years, which deliver over the next three years.