GasLog secures financing for eight LNG newbuilds

GasLog secures financing for eight LNG newbuilds

Monaco-based LNG shipper GasLog informed that it has completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks for its current LNG newbuilding programme.

The newbuild facility covers eight vessels, which will be delivered between 2016 and 2019, GasLog said on Monday.

Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a BG Group unit following delivery.

GasLog’s outstanding capital expenditure for its eight-vessel newbuild programme is approximately $1.5 billion, with $1.3 billion of debt provided by the newbuild facility,  representing all planned financing for the vessels, the company said.

As the vessels deliver over the next four years it is intended that the outstanding balance will be funded by cash on GasLog’s balance sheet and operational cash flow, it added.

Image: GasLog

Share this article

Follow LNG World News

Events>

<< Apr 2020 >>
MTWTFSS
30 31 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

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >