GasLog charters LNG newbuild to Total

Monaco-based owner and operator of LNG carriers, GasLog said on Monday it has signed a time charter party with a unit of French energy giant Total to charter “Hull 2801” for a period of seven years.

According to GasLog, Hull 2801 was the shipping company’s only newbuild vessel without a multi-year contract.

The vessel is currently under construction at Hyundai Heavy Industries in South Korea and is due to be delivered in 2018.

The charter with Total Gas & Power Chartering Limited will start in mid-2018 at a date to be finalized ahead of the commencement of the charter, GasLog said, adding that a further option period of three years has been granted at the charterer’s option.

Following the charter of this vessel, all of GasLog’s six remaining newbuild vessels have firm, long-term charters of between 7 and 10 years.

“The daily charter rate is in line with GasLog’s average long-term charter rate and the gross contracted revenue from the contract is approximately $190 million over the seven-year firm period,” the shipping company said.

GasLog Partners has the right to acquire Hull 2801 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 twelve to thirteen.

The charter rate is consistent with long-term industry averages, demonstrating the resilience of long term charter rates against the volatility of the short term market. The contracted EBITDA from this vessel means that GasLog has over $180 million of annualized in-built EBITDA from its eight newbuilds, two of which have already been delivered this year,” said Paul Wogan, Chief Executive Officer of GasLog.

 

 

Share this article

Follow LNG World News

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.

 

More info

read more >