GasLog expands with new LNG carriers

GasLog CEO Paul Wogan GasLog CEO Paul Wogan

GasLog is expanding its fleet with two new 174,000m³ LNG carriers to be built by South Korea’s Hyundai Heavy Industries (HHI).

The vessels have been ordered with proven tri-fuel diesel-electric propulsion with GasLog’s option to change to two-stroke diesel engines with low-pressure gas injection. They will have a boil off rate of 0.09% and relatively low fuel consumption. GasLog says this will put the vessels, when delivered, amongst the most efficient in the world.

“The vessels are scheduled for delivery in the second half of 2017 at a time which we believe will be very favourable for LNG shipping as additional liquefaction capacity comes on stream,” said Paul Wogan, CEO.

“We will look to place these vessels on long-term contracts with first-class counterparties and so further increase the pipeline of drop down candidates for GasLog Partners LP,” he added.

In addition, the company has secured up to four additional priced options from HHI with delivery dates in 2017 and 2018.

These orders are the first vessels GasLog have ordered from HHI and says it looks forward to developing its relationship with the shipbuilder. GasLog is currently involved in an initiative alongside HHI, DNV GL and GTT that aims to develop the next generation of LNG carriers.

Elsewhere, the company has acquired three LNG carriers from an affiliate of BG Group plc, completing the second acquisition of ships from BG by GasLog in 2014.

The three vessels will be chartered back to BG for six-year initial terms on average.

“The acquisition increased the size of our wholly-owned fleet to 22 vessels with 11 of these ships currently on the water,” added Mr Wogan.

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