GasLog Takes New LNGC From South Korea
Monaco-based shipowner GasLog has taken receipt of the 180,000-m3 GasLog Warsaw LNG tanker – the first of eight such vessels ordered from South Korea’s Samsung Heavy Industries (SHI).
“This is the first vessel with 0.07% boil off rate and reliquefaction providing the customer with lowest unit freight cost and maximum flexibility,” GasLog said in a brief social media message on August 1.
GasLog Warsaw will be dispatched immediately to serve US-based Cheniere Energy under a charter running until May 2021. After that Spanish power utility Endesa will take control of the vessel under an eight-year charter that includes two optional six-year extensions.
SHI has been commissioned to produce a total of eight vessels for GasLog, with the remaining seven scheduled for delivery in 2020 and 2021.
GasLog booked a $26mn loss in its second-quarter results published on August 1, compared with a $3.6mn loss a year earlier, after being stung by a drop in shipping rates. Its revenues were down 13.9% at $132.8mn. The company’s New York-listed subsidiary Gaslog Partners fared better in the period, achieving a profit of $19.1mn, down from $29.6mn in 2018’s second quarter.