GasLog taps Samsung Heavy for LNG newbuild construction

Monaco-based LNG shipper GasLog placed an order with the South Korean shipbuilder Samsung Heavy Industries for the construction of a new liquefied natural gas carrier. 

The vessel will be capable of transporting 180,000 cubic meters of liquefied natural gas and will feature XDF propulsion from Samsung Heavy Industries, GasLog said on Monday.

The newbuild, currently only known as Hull No. 2274, is scheduled for delivery in the second quarter of 2020 and is yet to be tied up under a charter deal.

GasLog noted that it has agreed options with the South Korean shipbuilder for additional vessels.

Speaking of the order, GasLog’s CEO Paul Wogan said, “Given that the outlook for LNG shipping demand remains robust, and with increasing evidence that newbuild prices are starting to rise, we have moved to lock in a very attractive price for our second newbuild order in 2018.”

GasLog fully-owned fleet includes 29 LNG carriers currently with 23 ships in operation and six on order. The company also operates an LNG carrier it had previously sold to Mitsui and leased back under a long-term charter.