Gaslog paying less for two additional LNG newbuilds

gaslog lngAUGUST 16, 2013 — GasLog Ltd. (NYSE:GLOG) has added two new 174,000 cu. m tri-fuel diesel electric LNG carriers to the two ordered from South Korea's Samsung Heavy Industries Co., Ltd. in February. Those two are expected to be delivered in Q1 and Q2 2016 and to have a combined fully delivered cost of approximately US$410-$420 million.

Gaslog says that "due to the benefits accrued from building a series of ships, these vessels will have a lower delivered cost than the two vessels ordered in February" and says it has secured up to six additional options from Samsung, four of which are priced, with delivery dates through 2017.

Deliveries from the shipbuilder of the two just announced newbuilds are expected in Q3 and Q4 2016 and on delivery they will commence firm seven-year charters with a subsidiary of BG Group plc .

Following the recent successful delivery of the GasLog Skagen into a BG Group charter, GasLog now has a fourteen-ship fully owned fleet, of which six ships have been delivered and are on charter and eight ships are either under construction or to be constructed. Two of the vessels to be delivered will go on charter to Shell and a further four to BG.

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