FSRUs key to enabling new LNG markets

GasLog is upbeat about future LNG market prospects GasLog is upbeat about future LNG market prospects
Industry Database

The increasing role of Floating Storage Regasification Units is making some feel very upbeat about the LNG market.

Monaco's GasLog, is one which has just filed a profit of US$6.9 million in its second quarter, which it largely puts down to good progress with its FSRU strategy.

“We continue to make progress with our FSRU strategy where we are actively involved in a number of projects. In particular, the The Front-End Engineering and Design (FEED) study for the Alexandroupolis project in Greece, should be completed later in the third quarter,” said Paul Wogan, chief executive officer, GasLog.

Commenting on the charter market in general, Mr Wogan said that although in the short-term, spot rates continue to be low, GasLog is seeing a return to a more seasonal market pattern, as well as round-trip economics on many spot charters.

“We expect that increased LNG supply and demand, coupled with historically low new vessel orders, should lead to an upturn in the LNG shipping market, from which GasLog is very well positioned to benefit,” he said.

GasLog currently has five LNG carriers on order. It has three newbuildings on order at Samsung Heavy Industries Co Ltd and two newbuildings on order at Hyundai Heavy Industries Co Ltd.

The first Samsung vessel and the two Hyundai vessels are on schedule to be delivered in the first quarter of 2018. The other two Samsung vessels are scheduled for delivery in the first and second quarters of 2019.

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