Samsung Bags Two LNG Carriers from GasLog

GasLog Ltd. has ordered two new 174,000 cubic meter LNG carriers from Samsung Heavy Industries Co., Ltd. in South Korea.

The vessels are expected to be delivered in 2017 and are sister vessels to the four ordered in 2013 for delivery in 2016. The vessels have been ordered with the proven tri-fuel diesel electric (TFDE) propulsion with the option to change to two stroke diesel engines with low-pressure gas injection (LP-2S). The vessels will also benefit from a low boil off rate of 0.09%.

In addition, GasLog has secured two additional priced options from Samsung with delivery dates in late 2017 and early 2018. Further, if the company exercises these two options, Samsung has agreed to grant the company two additional options.

Paul Wogan, CEO, said: “These orders reinforce our strategy of building high quality ships at competitive prices at first class LNG shipyards. It also positions GasLog to continue to benefit from the long-term secular growth of the LNG market.

We have once again ordered new vessels from Samsung because of their solid track record for delivering our vessels on time and on budget.”

[mappress]

Press Release, May 09, 2014