Centrica Starts Buying Cheniere LNG
British multinational energy and services company Centrica has loaded its first liquefied natural gas (LNG) cargo from the fifth LNG train at the Sabine Pass liquefaction plant in Louisiana under the agreement signed in 2013 with Cheniere Energy Partners, L.P.The gas was loaded onto the GasLog Ltd chartered Skagen vessel over the weekend and will be transiting the Atlantic to land in Europe in early October.Commenting on the first cargo, Jonathan Westby, Co-Managing Director of Centrica Energy Marketing & Trading and Global Head of LNG…
Global LNG Demand 16% Up in Q2
Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year, according to Poten.Natural gas…
GasLog Orders New LNG Carrier from SHI
GasLog Ltd. today announces that it has signed a time charter party with Centrica plc. ("Centrica") to charter a vessel for a period of seven years. The vessel, a 180,000 cubic meter LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries ("Samsung") in South Korea. Centrica will charter the vessel from GasLog for a period of seven years commencing in the second half of 2019. The daily charter rate is in line with GasLog's average long-term charter rate. GasLog Partners LP ("GasLog Partners"…
GasLog Mulls Issuance of Bonds
GasLog Ltd. ("GasLog" or the "Company") (NYSE:GLOG) is contemplating the issuance of new five year senior unsecured bonds in the Norwegian bond market. Proceeds will be used to partly refinance the Company's existing bonds maturing in June 2018. DNB Markets, Nordea Markets and SEB have been appointed as joint lead managers in connection with the potential transaction.
Directors Elected at Gaslog AGM
GasLog Ltd. (the "Company" (NYSE:GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announced the election of ten directors at the Company's annual general meeting of shareholders held in Monaco today. The elected directors are Peter G. Livanos, Bruce L. Blythe, David P. Conner, William M. Friedrich, Dennis M. Houston, Donald J. Kintzer, Julian R. Metherell, Anthony S. Papadimitriou, Philip Radziwill and Paul A. Wogan. Each director was elected…
SHI Delivers Gaslog Greece
GasLog Ltd. an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announces the delivery of the GasLog Greece. The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174,000 cubic meter tri-fuel diesel electric ("TFDE") LNG carrier. This delivery marks the first of GasLog's eight "G-Class" vessels, which will deliver over the next 3 years. Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Royal Dutch Shell plc ("Shell").
As Freight Rates Fall, LNG Shippers Brace Consolidation
Faltering LNG demand, growing tanker fleet drag on freight rates. Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand. Companies that manage to weather the shakeout in one of the key sectors in the global shipping industry should be in a prime position, however, to benefit from a string of new LNG projects expected to start trickling online by the end of next year.
GTT, Cryovision Install SloShield on GasLog Singapore
GTT, the world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas), announces that it has completed, with its partner Cryovision, the first installation of its innovative sloshing monitoring system, SloShield. The SloShield solution was designed to monitor impacts caused by sloshing of the liquid cargo. It provides the crew with real time information. As part of a cooperation agreement signed with the ship-owner GasLog Ltd.…
Dynagas, GasLog, Golar LNG Team up to Operate LNG Carrier Pool
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the LNG Carrier Pool is to serve the transportation requirements of a rapidly growing LNG shipping market by providing customers with reliable…
GasLog Post Robust 2Q Results
GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas carriers, today reported its financial results for the quarter ended June 30, 2015. Agreement with BG Group plc to charter three newbuildings for approximately 10-year charters at attractive rates with an option to charter an additional six newbuildings. Announced the completion of the dropdown of three vessels to GasLog Partners LP (“GasLog Partners”) for $483.0 million – the recommended…
GasLog Orders Two LNG Carriers
GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea. The vessels are expected to be delivered in the second half of 2017, and marks GasLog’s first orders from the world’s largest shipbuilder. The vessels have been ordered with proven tri-fuel diesel electric (TFDE) propulsion with GasLog’s option to change to two stroke diesel engines with low-pressure gas injection (“LP-2S”). The two vessels will have a boil off rate of 0.09% and relatively low fuel consumption will…
GasLog Partners To Buy Three Vessels
GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities that own and charter the liquefied natural gas (“LNG”) carriers the Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally. GasLog’s fully-owned fleet consists of 19 LNG carriers (including 11 ships in operation and 8 LNG carriers on order), and GasLog has four LNG carriers operating under its technical…
GasLog Partners in $ 483 mi Acquisition Deal
GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner, 100% of the shares in the entities that own and charter the Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for an aggregate purchase price of $483 million (the “Acquisition”), which includes $3 million for positive net working capital balances to be transferred with the vessels.
GasLog Shareholders Elect Directors
GasLog Ltd. announced the election of ten directors at the Company’s annual general meeting of shareholders held in New York today. The elected directors are Peter G. Livanos, Bruce L. Blythe, Paul J. Collins, William M. Friedrich, Dennis M. Houston, Donald J. Kintzer, Julian R. Metherell, Anthony S. Papadimitriou, Philip S. Radziwill and Paul A. Wogan. Each director was elected to hold office until the next annual general meeting of shareholders or until his successor has been duly elected and qualified.
GasLog Prices 8.75% Series A Cumulative Redeemable Perpetual Preference Shares
GasLog Ltd. an international owner, operator and manager of LNG Carriers, announced today that it priced its public offering of 4.0 million shares of 8.75% Series A Cumulative Redeemable Perpetual Preference Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series A Preference Shares”) at $25.00 per share. The Company intends to file an application to list the Series A Preference Shares on the New York Stock Exchange. The net proceeds from the offering after deducting underwriting discounts and commissions are expected to be approximately $96.85 million.
GasLog Acquires 2 BG Carriers
GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014. This transaction completes the third acquisition of ships from BG by GasLog in the last twelve months, with eight vessels acquired in total. The two ships subject to today’s announcement will be chartered back to MSL for nine and eleven year initial terms. MSL has options to extend the term of the time charters for each vessel for three or five years at its election.
GasLog Post 4Q 2014 Results
GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31, 2014. • Agreement to acquire two additional LNG carriers from a subsidiary of BG Group plc (“BG Group”) for $460.0 million that will be chartered back to the same subsidiary of BG Group with average charters of 10 years, adding $590 million to our contracted revenue. • 16% increase…
GasLog Ltd. to Buy 2 LNG Vessels
GasLog Ltd. has entered into an agreement with Methane Services Ltd. an affiliate of BG Group, to acquire two modern tri-fuel diesel electric LNG carriers for a cost of $460 million. The two vessels, Methane Becki Anne and Methane Julia Louise, will be chartered back to BG for periods of nine and eleven years with further options by the charterer to extend the term of the time charter for each vessel by either three or five years. The nine and eleven year charters are very much in line with our expectations.
GasLog Appoints New Director
GasLog Ltd. today announced that the Board has appointed Mr. Donald Kintzer as a new independent member of the Board of GasLog effective 27 October, 2014. Donald Kintzer has also been appointed a member of the Audit & Risk Committee of the Company. Mr. Kintzer will remain a member of the Board and Chairman of the Audit Committee of GasLog Partners LP. Mr. Kintzer was a partner with PricewaterhouseCoopers LLP ("PwC"), having retired in 2008, after an association of over 31 years. From 2005 to 2008…
GasLog Closes First Option Vessels Dropdown
GasLog Ltd. announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea, to GasLog Partners LP for an aggregate price of $328 million (the “Transaction”). The purchase price was paid by a combination of cash and assumed debt. This milestone transaction marks the first dropdown after the Initial Public Offering (“IPO”) in May of assets from GasLog to the Partnership and is a significant step for both companies.
