GASLOG LTD. ANNOUNCES A CHARTER TO CENTRICA FOR SEVEN YEARS AND PLACES A NEWBUILDING ORDER AT SAMSUNG HEAVY INDUSTRIES
GASLOG LTD (GLOG)
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gaslogltd.com
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Source: GlobeNewswire
Monaco, May 30, 2018 (GLOBE NEWSWIRE) -- GasLog Ltd. (“GasLog”) (NYSE:GLOG) is pleased to announce the signing of a seven year time charter party (the “Charter”) with a wholly owned subsidiary of Centrica plc. (“Centrica”) for a newbuild LNG carrier. A 180,000 cubic meter LNG carrier (HN 2262) with low pressure two stroke (“LP-2S”) propulsion has been ordered from Samsung Heavy Industries in South Korea, with expected delivery in the third quarter of 2020. The rate of hire for the Charter is broadly in line with mid-cycle rates. Further, GasLog and Centrica have separately agreed optionality in relation to the actual vessel to be delivered into the Charter. This optionality allows, instead of HN 2262, either HN 2212 or HN 2274 to be delivered into the Charter, both currently uncommitted GasLog newbuild LNG carriers due for delivery in Q3 2019 and Q2 2020, respectively. GasLog Partners LP ("GasLog Partners", NYSE:GLOP) has the right to acquire the vessel delivered into the Chart
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