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", NYSE:GLOP) has the right to acquire the vessel pursuant to the omnibus agreement between GasLog and GasLog Partners.
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"). Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years.
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 increase by GasLog Partners’ management in the Partnership’s distribution exceeds the 25% incentive distribution rights (“IDR”) threshold.
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 management for third parties.GasLog Partners LP’s fleet consists of eight LNG carriers with an average carrying capacity of 148,750 cbm, each of which has a multi-year time charter.
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. The three vessels subject to the Acquisition are modern liquefied natural gas carriers built in 2007, each with a capacity of 145,000 cubic meters.
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. The two vessels…
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 in quarterly distribution from GasLog Partners LP (“GasLog Partners”) which exceeds the first Incentive Distribution Right (“IDR”) threshold…
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. They add approximately $580 million…
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, he was the managing partner of PwC’s West Region (US) Advisory practice, including the San Francisco/Silicon Valley market and was a member of PwC’s national leadership team.
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. GasLog continues to seek opportunities to grow its fleet through a combination of newbuildings and attractive, accretive acquisitions.
GasLog Partners' First Option Vessels Acquisition for $328 mi
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 and the Partnership’s majority unitholder, 100% of the shares in the entities that own and charter the Methane Jane Elizabeth and Methane Rita Andrea, modern liquefied natural gas carriers built in 2006, each with a capacity of 145,000 cubic meters, for an aggregate purchase price of $328 million. The Acquisition is subject to the Partnership obtaining the funds necessary to pay the purchase price and the satisfaction of certain other closing conditions.
Shell Launches US Pipeline IPO
Royal Dutch Shell Plc said it would spin off some of its U.S. pipelines into a master limited partnership (MLP) and take it public, becoming the first of the industry majors to use such a structure to monetize assets. Shell Midstream Partners LP filed with U.S. regulators on Wednesday to raise up to $750 million in an initial public offering of common units. Companies holding midstream assets, such as pipelines and storage facilities, and structured as MLPs have found favor with investors as they distribute most of their earnings to shareholders. The listing of two MLPs, PBF Logistics LP and GasLog Partners LP, in May stood out in a lackluster IPO market.
GasLog Partners Announce Closing of its IPO
GasLog Partners LP, an international owner, operator and manager of LNG carriers, today announced the closing of its initial public offering of 9,660,000 common units representing limited partner interests (the “common units”), including 1,260,000 common units issued upon the exercise in full by the underwriters of their option to purchase additional units. The public offering price was $21.00 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, were approximately $186 million.
