Gas
1/2/2013

GasLog announces delivery of GasLog Shanghai



GasLog announced the delivery of the fully owned LNG carrier GasLog Shanghai, from Samsung Heavy Industries. The vessel was delivered on budget and ahead of schedule.


Immediately on delivery she commenced a medium-term charter to Methane Services Ltd. (BG Group).

The vessel is a 155,000 cubic meter Tri-Fuel Diesel Electric LNG carrier that sets new standards for efficient performance and environmental protection. The vessel is classified to the ABS ENVIRO+ notation, signifying the highest level of environmental protection and energy conservation. Furthermore the vessel is equipped with a new type of cargo compressors that will reduce the release of greenhouse gasses and offer enhanced cargo and heel management.

The vessel will be operated by GasLog LNG Services Ltd. in accordance with their Marine Health, Safety, Quality, Environmental & Energy Management system which in December was certified by ABS to be in compliance with ISO50001.

GasLog has a further four LNG carrier newbuildings due for delivery this year, as well as two in 2014 and one in 2015.


Gas

Rates for very large gas carriers are expected to stay volatile and strong through 2015 even though up to 37 ships are slated for delivery this year, as a surge in long-haul US LPG exports and persistent congestion at Indian ports absorb the new vessels, ship brokers said.
Avance Gas says both new build VLGCs recently drydocked, Breeze (83,000dwt, built 2015) and Monsoon (83,000dwt, built 2015), have completed warranty repairs related to defective stern tube bearings.
The LPG coaster shipping market continues to be plagued by excess vessel supply with rates remaining stubbornly below pre-financial crisis levels, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.
BW LPG says first-quarter net profit rose to USD57.5 million this year from USD30.8 million in 2014 on a bigger fleet and firmer rates. Revenues increased to USD167.9 million from USD150.7 million, the company reported.




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