New total contract for Gaslog

Monaco-based GasLog has announced that it has signed a time charter contract with Total Gas & Power Chartering Limited to charter a newbuild, still under construction, for a period of seven years…

Hull 2801 was GasLog’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.

Total will charter the vessel from GasLog for a period of seven years, commencing in mid-2018 at a date to be finalised ahead of the start of the charter. A further option period of three years has been granted at the charterer’s option.

Following the successful charter of this vessel, all of GasLog’s six remaining newbuild vessels have firm, long-term charters of between seven 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.