SHI Delivers Gaslog Greece
GasLog Ltd. an international owner, operator and manager of liquefied natural gas (LNGLF) ("LNG") carriers, announces the delivery of the GasLog Greece.
The GasLog Greece, which has been constructed at Samsung Heavy Industries (010140.KS) 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 (RYDAF) ("Shell").
Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years. Committed bank financing has been secured for all of the eight newbuild vessels, through the $1.3bn newbuild facility announced in October 2015.
GasLog Partners LP (GLOP) ("GasLog Partners", NYSE: GLOP) has the right to acquire the GasLog Greece pursuant to the omnibus agreement between GasLog and GasLog Partners.
Paul Wogan, Chief Executive Officer of GasLog Ltd. (GLOG), commented, "The GasLog Greece is the first of four newbuilding deliveries for GasLog in 2016. All of these vessels have firm, long-term contracts with a very high quality counterparty. They will contribute significant revenue and EBITDA growth to GasLog as each vessel begins operating under its charter."
