GasLog signs 7-year charter party

Photo: GasLog
Photo: GasLog

Monaco-based GasLog has signed a time charter party with Centrica to charter a vessel for a period of seven years.

The vessel, a 180,000 cubic metre LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries in South Korea. Centrica will charter the vessel from GasLog for a period of seven years starting in the second half of 2019. The daily charter rate is in line with GasLog’s average long-term charter rate.

Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, “I am delighted to secure a new charter with Centrica, one of the leading European energy companies. This new charter is consistent with GasLog’s strategy of securing long-term contracts with high quality counterparties and further extends the dropdown pipeline to GasLog Partners.

“Centrica is an important new customer for GasLog and we look forward to providing them with first-class LNG shipping services as they continue to expand their LNG activities.”

Following this charter, GasLog has five new builds with contracts of between seven and 10 years, which deliver over the next three years providing significant inbuilt revenue and EBITDA growth.

Through its wholly-owned subsidiary, GasLog LNG Services, the company operate 24 LNG carriers including 19 owned vessels as well as five vessels owned or leased by Royal Dutch Shell plc.