More gas-fuelled LNG carriers for GasLog

The two new ships will be of 174,000m³ capacity and are scheduled for delivery in the third and fourth quarter of 2016. They will be of a similar design to two vessels ordered from the same builder in February 2013, but as a result of building a series, GasLog says that the new ships will have a lower delivered cost than their two sister ships. Gas Log says that it has secured options for up to six more ships, with an agreed price for four, with delivery dates through 2017.

The order brings the total GasLog fleet to 14 ships, all of which are powered by tri-fuel diesel electric propulsion systems, enabling operation on LNG, cargo boil-off gas, HFO and distillate fuels. Six of these ships are currently in operation under charter, and further charters have already been agreed, with BG Group and Shell, for the eight ships still to be delivered.

According to GasLog CEO Paul Wogan: “These contracts reinforce our strategy of building high quality ships at competitive prices for charter to strong, creditworthy customers. It also supports our view that GasLog, as one of the world’s leading LNG shipowners, is well placed to continue to benefit from the long-term secular growth of the LNG market. We are very pleased to be building the new vessels at Samsung with their solid track record for delivering vessels on time and on budget for GasLog. As well as being tri-fuel and fitted with four stage compressors the vessels will have a Boil Off Rate of 0.09% and have a number of fuel saving devices that make them extremely efficient.”