GasLog Greece starts 10-year charter with Shell

GasLog, the Monaco-based owner of LNG carriers announced on Thursday the delivery of its 174,000 cbm LNG carrier GasLog Greece.

The tri-fuel diesel electric (TFDE) LNG carrier was built by Samsung Heavy Industries of South Korea.

This delivery marks the first of GasLog’s eight “G-Class” vessels, which will deliver over the next 3 years, GasLog said in its statement.

Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Hague-based LNG giant Shell.

Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years. Committed bank financing has been secured for all of the eight newbuild vessels, through the $1.3bn newbuild facility announced in October 2015, GasLog said.

GasLog Partners has the right to acquire the GasLog Greece pursuant to the omnibus agreement between parent company GasLog and the partnership.

Paul Wogan, Chief Executive Officer of GasLog, commented, “The GasLog Greece is the first of four newbuilding deliveries for GasLog in 2016. All of these vessels have firm, long-term contracts with a very high quality counterparty. They will contribute significant revenue and EBITDA growth to GasLog as each vessel begins operating under its charter.”

 

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