GasLog Withdraws from Golar 'Cool Pool'
The owner and operator of liquefied natural gas (LNG) carriers GasLog and spin-off GasLog Partners are withdrawing their LNG carriers from their pooling joint venture with Golar LNG.The Cool Pool was launched in September 2015 with 14 tri-fuel diesel engine (TFDE) LNG carriers contributed by three owners: three ships from Dynagas Ltd, three from GasLog Ltd and eight from Golar LNG Ltd.Golar LNG Limited announced in a press release that due to the potential spin-off of its TFDE fleet into a new pure-play LNG shipping entity, GasLog has decided to withdraw its six vessels from the Cool Pool.
Westgarth to Lead V.Group
V.Group, a global provider of ship management and marine support services, has announced the appointment of Graham Westgarth as Chief Executive Officer. Graham has served on V.Group’s board since September 2018 and will take over from Ian El-Mokadem who has informed the Board of his desire to leave the company.Graham has a distinguished track-record in the maritime sector, having worked in the industry for almost 50 years. During his career, he has operated across almost all sectors and functions in the industry…
GasLog, GasLog Partners Name COO Designate
GasLog and GasLog Partners announced that Paolo Enoizi has been appointed as Chief Operating Officer (COO) Designate of GasLog and GasLog Partners.Paolo, who will be based in Piraeus, Greece, will take up his role in August 2019 and initially work alongside current COO Richard Sadler to ensure a smooth transition of responsibilities.On joining GasLog in August 2017 and in addition to his day-to-day responsibilities, Richard indicated his desire to work with the rest of the senior leadership team to identify a long-term successor for the COO role.
GasLog Acquires Glasgow
The liquefied natural gas (LNG) carriers operators GasLog Partners and GasLog announced that the Boards of Directors of both companies and the Conflicts Committee of GasLog Partners have approved entering into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters the GasLog Glasgow.According to a press release from the company, the aggregate purchase price for the Acquisition will be $214 million, which includes $1 million for positive net working capital balances to be transferred with the vessel.
Rising Ship Supply Eases LNG Charter Rates
Limited availability drove LNG shipping rates to highs; but prices now falling as more ship supply becomes available.Inflated spot charter rates for liquefied natural gas (LNG) tankers are easing as more ships becoming available, which could help increase LNG trade if Asian demand rises in coming months.LNG charter rates are a key component of spot LNG trade, dictating the way the super-cooled gas is transported. Charter rates usually follow the price of LNG, which has fallen since September due to sluggish demand from Asian buyers.Rates have remained high for most of this year…
The 2020 Global Sulphur Cap: ABS Aid for Greek Shippers
Leading Greek shipping industry stakeholders joined ABS, a global provider of classification and technical advisory services to the marine and offshore industries, for a workshop on drafting 2020 sulfur limit Ship Implementation Plans (SIP).Intended to help shipping companies and crew ready their vessels for compliance with the required sulfur content limit of 0.50% by 1 January 2020, the ABS workshop identified risks associated with design and operations of vessels in relation to the IMO regulation, including a HAZID study.
Decarbonization: 34 Maritime CEOs Call for Action
A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…
Kongsberg to Deliver Simulator Package to GasLog
Kongsberg Digital (KDI) will deliver to GasLog a comprehensive liquefied natural gas (LNG) simulator package designed to enable new levels of safety and operational training for the owner/operator’s professional crews.GasLog operates 27 LNG vessels through its subsidiary, GasLog LNG Services and has seven ships currently on order. The KDI contract represents a commitment and investment on GasLog’s part to provide a high-level training environment for their crews, solely focused on LNG operation.The scope of supply is based on an integrated…
GasLog Orders LNG Duo at Samsung Heavy Industries
Monaco-based LNG shipper GasLog has ordered two 174,000 cubic meter LNG carriers (HN 2300 and HN 2301) with low pressure two stroke (“LP-2S”) propulsion at Samsung Heavy Industries in South Korea, with expected delivery in late 2020.GasLog will use these vessels to fullfill the two new charter party agreements, each for a firm period of seven years, that it had signed with a wholly owned subsidiary of Cheniere Energy.The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.In addition to the Charters…
GasLog Partners Signs New Charter Agreement with Cheniere Energy
GasLog Partners announced that it has entered into a new multi-year time charter for the GasLog Sydney with a wholly owned subsidiary of Cheniere Energy scheduled to commence in 2018. The charterer has options to extend the charter for up to two consecutive periods at escalating rates. GasLog Sydney is a 155,000 cbm tri-fuel diesel electric liquefied natural gas (LNG) carrier built in 2013 and currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc through September 2018.
Panama Canal Sets Monthly Tonnage Record
Yesterday, for the third time since the inauguration of the Expanded Canal, the Panama Canal set a new monthly tonnage record of 38.1 million tons (PC/UMS) after facilitating the transit of 1,231 vessels in May 2018.The previous record was established in January 2017, when 1,260 vessels transited 36.1 million tons (PC/UMS) through the waterway, just a month after setting the record with 35.4 million tons (PC/UMS) transited by 1,166 vessels in December 2016.The containership segment contributed highest tonnage (36 percent)…
GasLog Sets Charter Deal with Centrica, Orders New LNG Vessel
Monaco-based LNG shipper GasLog signed a seven-year charter deal with the UK-based energy company Centrica for a newbuild LNG carrier it has ordered at the South Korean shipbuilder Samsung Heavy Industries. A 180,000 cubic meter LNG carrier (HN 2262) with low pressure two stroke (“LP-2S”) propulsion has been ordered from Samsung Heavy Industries in South Korea, with expected delivery in the third quarter of 2020. The rate of hire for the Charter is broadly in line with mid-cycle rates.
GasLog Partners Signs Multiple New Charter Agreements
GasLog Partners has announced that it has entered into agreements with a new customer for two new charters plus options for an additional two charters. The agreements include an approximately three and a half year charter for GasLog Santiago commencing in the third quarter of 2018 and a one year charter for a GasLog Partners 145,000 cubic meter (cbm) steam vessel (either Methane Jane Elizabeth or Methane Alison Victoria as nominated by the Partnership) commencing in the fourth quarter of 2019.
GasLog Partners Acquires GasLog Gibraltar
GasLog Partners has agreed to acquire GasLog Gibraltar from GasLog (GLOG) for USD 207 million and to fully repay its USD 45 million unsecured term loan from GLOG. GasLog Partners and GasLog announced that they have approved entering into agreement: "For the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Gibraltar. The Acquisition is expected to close in the second quarter of 2018 and is subject to satisfaction of certain customary closing conditions.
GasLog: New Shipbuilding Order with SHI
GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to deliver in the third quarter of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market. Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, "I am very pleased to announce this expansion in our fleet.
Gastrade Signs LNG Deal with State-owned DEPA
Greece's state controlled natural gas firm DEPA signed a cooperation agreement on Thursday with natural gas company Gastrade to participate in the development of a liquified natural gas terminal in northern Greece, DEPA said. Greece currently has one LNG terminal on an islet off Athens. Gastrade, part of Greek energy group Copelouzos, is planning a second LNG terminal near the northern city of Alexandroupolis. The project has been described as a 'project of common interest' by the European Union.
GasLog Partners Acquires Two Group Firms in Q2
LNG shipper GasLog Partners acquired from GasLog 100% of the shares in the entity that owns and charters the GasLog Geneva on July 3, 2017. The GasLog Geneva is a 174,000 cubic meter (cbm) tri-fuel diesel electric (TFDE) LNG carrier built in 2016 and operated by GasLog since delivery. The vessel is currently on a multi-year time charter with a subsidiary of Shell through September 2023 and Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or eight years.
GasLog Partners buy GasLog Greece
Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd. The aggregate purchase price for the Acquisition will be $219 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of $151 million of GasLog Greece's existing debt.
GasLog LNG Services Selects E-learning Solution
LNG tanker shipmanagement company GasLog LNG Services Ltd. has selected Seagull Maritime’s e-learning material & Competence Management platform for use fleet-wide, in manning offices and online, along with the Crew Evaluation System for its main office in Greece. GasLog LNG Services Ltd. currently operates a fleet of 23 LNG tankers with an extensive new building program underway. “At GasLog we pride ourselves on our outstanding record of safety, both for our people and the environment within which we work.
GasLog Completes $1.05 Bn Financing Facility for Six Vessels
Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities. The Legacy Facility Re-financing covers eight on-the-water vessels, which were delivered between 2010 and 2015. Terms of the Legacy Facility Re-financing are in line with GasLog's existing facilities, demonstrating the banks' strong appetite to lend to leading companies in the LNG industry.
GasLog Posts Good Results
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis. It has acquired three LNG carriers from GasLog Ltd. for $483.0 million ($480.0 million net of working capital) with attached multi-year charters to a subsidiary of BG Group plc. Andrew Orekar, Chief Executive Officer, commented: “GasLog Partners’ operating and financial performance this quarter has been strong.
GasLog Raises $1.3B for Eight LNG Newbuilds
Peter Livanos-backed Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has completed a USD 1.3 billion credit facility with fourteen international banks to finance the construction of eight 174,000 cbm newbuilds. New York-listed GasLog says 14 banks, plus two export credit agencies, have supported the facility. The Export Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation (K-Sure) are either directly lending or providing cover for over 60% of the facility, GasLog said.
Dynagas, GasLog, Golar LNG Team up to Operate LNG Carrier Pool
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the LNG Carrier Pool is to serve the transportation requirements of a rapidly growing LNG shipping market by providing customers with reliable…
Bestobell Bags HHI's Valve Order
Bestobell Marine, a world leading supplier of cryogenic valves for ships, has won a major new order from Hyundai Heavy Industries (HHI) in South Korea to supply valves for two new vessels. Bestobell’s Globe and Check valves will be used within vessels being manufactured for Greek shipowner, Gaslog. This latest order is the result of a number of years of product development by Bestobell Marine to provide flanged Globe and Check valves to meet HHI’s unique specification. This involved a great deal of innovation to create new patterns and tooling for casting and machining the valve bodies…
GasLog Proft Doubles, But Misses Forecast
Monaco-based liquefied natural gas carrier owner GasLog has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging. Group net profits jumped to $13.8 million in 1Q15 from $6.4 million in the same period last year, as revenues rose to $97.3 million from $57 million. “Against a back drop of weak overall energy markets, the first quarter of 2015 saw us take delivery of the Methane Becki Anne and the Methane Julia Louise, bringing our consolidated fleet to 27 vessels,” Paul Wogan, Chief Executive Officer of GasLog said.
The Ballast Water Management Conundrum
U.S. Ten years on, there’s little certain about ballast water management regulations that the industry can chart a course around other than that it will be expensive – possibly the most costly marine retrofit to date. With install estimates running from $500,000 to as much as $5 million per vessel, across some 68,000 commercial ships estimated by the IMO to transfer 7 billion tons of ballast water annually – industry players say we could be looking at as much as an $80 billion market. Eventually, that is, because there is not a lot of activity right now.