GasLog Orders More LNG Carriers from Samsung

q-max lng carrier shipbuilding
Building a Q-max lng carrier, file image (c) Shutterstock/Oleksandr Kalinichenko

In an exchange filing today, Samsung Heavy Industries announced the winning of a KRW 419.5 billion ($410 million) order for two new LNG carriers.

The other party to the contract was is GasLog who notes in a statement on their website the two ships will be 174,000 cubic meter in capacity and will be delivered, in August 2017.

The ships are sister vessels to those ordered in 2013, the company notes.

As part of the order, GasLog has two options for more ships with delivery dates in late 2017 and early 2018, plus two additional options should they exercise the first two options.

Paul Wogan, GasLog’s CEO, commented on the deal:

“We are delighted to be ordering additional highly attractive LNG carriers. These orders reinforce our strategy of building high quality ships at competitive prices at first class LNG shipyards. It also positions GasLog to continue to benefit from the long-term secular growth of the LNG market. We have once again ordered new vessels from Samsung because of their solid track record for delivering our vessels on time and on budget.”