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


GasLog announced that it plans to offer 4,250,000 of its common shares to the public. The company plans to use the net proceeds of the Public Offering to fund a portion of the purchase price of the Company’s purchase of three LNG carriers from MSL, an affiliate of BG Group and for general corporate purposes. These ships are additional to the three LNG carriers that the Company has purchased from MSL on similar terms.


The LNG shipping industry is under great pressure to secure the crews necessary to accommodate a major expansion in fleet size. In terms of numbers the current orderbook of 125 vessels represents 32% of the existing world fleet of 393 LNG carriers. Over 90% of this orderbook is due for delivery over the 2014-2016 period and the total orderbook is likely to require an additional 2,000 LNGC officers.

Tsakos
has ordered four tanker vessels (112,700 dwt) at Daewoo Mangalia (Romania) at the price of USD 51 million with delivery in 2016-17. Greece’s Nomikos ordered two bulk carriers (61,000 dwt) at Nantong Cosco (China) with delivery set for 2015. The price is undisclosed. Eletson ordered two gas carriers (22,000 dwt) at Sinpacific Offshore (China) for USD 55 million. Delivery is scheduled for 2016.
Solvang has entered into a new fixed rate timecharter contract for the Clipper Sirius, a Panamax VLGC, for 2 years from January 1st 2015 and throughout 2016, with the addition of 1+1 optional year after 2016.




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