GasLog Ltd. Announces Delivery of the GasLog Wales and Commencement of 12-Year Charter with JERA
GasLog Ltd. (NYSE: GLOG) announced the delivery of the GasLog Wales, a new LNG carrier with a capacity of 180,000 cubic meters. The vessel has begun a 12-year charter with Jera Co., Inc., a major LNG buyer in Japan, which is expected to generate approximately $145 million in incremental EBITDA annually once all seven vessels are delivered. CEO Paul Wogan highlighted the successful delivery amid COVID-19 challenges and recognized the contributions of the team and partners.
- Delivery of the GasLog Wales strengthens long-term relationship with Jera Co., Inc.
- Estimated incremental EBITDA of $145 million per annum from seven vessels.
- Successful delivery achieved despite COVID-19 challenges.
- None.
Piraeus, Greece, May 12, 2020 (GLOBE NEWSWIRE) -- GasLog Ltd. (“GasLog” or “the Company”) (NYSE: GLOG) yesterday took delivery of the GasLog Wales, a 180,000 cubic meter cargo capacity LNG carrier with dual fuel medium speed propulsion (“X-DF”) and Mark III Flex Plus containment system. The vessel immediately commenced a 12-year charter with the principal LNG shipping entity of Japan’s Jera Co., Inc. (“JERA”).
Paul Wogan, Chief Executive Officer of GasLog, stated “I am very pleased to announce the delivery of the GasLog Wales and commencement of her 12-year charter to JERA, one of the world’s largest LNG buyers. The vessel is the second of seven vessels we will be taking delivery of through the third quarter of 2021, representing approximately
I want to thank our crew, site team and shore staff as well as our partners at Samsung for their hard work and dedication in delivering the GasLog Wales safely and on budget, despite the many challenges presented by the COVID-19 pandemic.”
Contacts:
Joseph Nelson
Head of Investor Relations
Phone: +1 212-223-0643
Email: ir@gaslogltd.com
About GasLog
GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog’s consolidated fleet consists of 35 LNG carriers. Of these vessels, 19 (14 on the water and five on order) are owned by GasLog, one has been sold to a subsidiary of Mitsui & Co., Ltd. and leased back to GasLog under a long-term bareboat charter and the remaining 15 LNG carriers are owned by the Company’s subsidiary, GasLog Partners. GasLog’s principal executive offices are at 69 Akti Miaouli, 18537 Piraeus, Greece. Visit GasLog’s website at http://www.gaslogltd.com.
Forward Looking Statements
All statements in this press release that are not statements of historical fact are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial position, liquidity and cash available for dividends or distributions, plans, strategies, business prospects and changes and trends in our business and the markets in which we operate. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this press release, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ include, but are not limited to, the following:
• general LNG shipping market conditions and trends, including spot and multi-year charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, including geopolitical events, technological advancements and opportunities for the profitable operations of LNG carriers;
• fluctuations in charter hire rates, vessel utilization and vessel values;
• increased exposure to the spot market and fluctuations in spot charter rates;
• our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels which are not under multi-year charters, including the risk that certain of our vessels may no longer have the latest technology at such time which may impact our ability to secure employment for such vessels as well as the rate at which we can charter such vessels;
• changes in our operating expenses, including crew wages, maintenance, dry-docking and insurance costs and bunker prices;
• number of off-hire days and dry-docking requirements including our ability to complete scheduled dry-dockings on time and within budget;
• planned capital expenditures and availability of capital resources to fund capital expenditures;
• our ability to maintain long-term relationships and enter into time charters with new and existing customers;
• potential disruption to the LNG, LNG shipping and financial markets caused by global shutdown as a result of the COVID-19 pandemic;
• fluctuations in prices for crude oil, petroleum products and natural gas;
• changes in the ownership of our charterers;
• our customers’ performance of their obligations under our time charters and other contracts;
• our future operating performance and expenses, financial condition, liquidity and cash available for dividends and distributions;
• our ability to obtain debt and equity financing on acceptable terms to fund capital expenditures, acquisitions and other corporate activities, funding by banks of their financial commitments, and our ability to meet our restrictive covenants and other obligations under our credit facilities;
• future, pending or recent acquisitions of or orders for ships or other assets, business strategy, areas of possible expansion and expected capital spending;
• the time that it may take to construct and deliver newbuildings and the useful lives of our ships;
• fluctuations in currencies and interest rates;
• the expected cost of and our ability to comply with environmental and regulatory conditions, including with respect to emissions of air pollutants and greenhouse gases, as well as future changes in such requirements or other actions taken by regulatory authorities, governmental organizations, classification societies and standards imposed by our charterers applicable to our business;
• risks inherent in ship operation, including the discharge of pollutants;
• the impact of environmental liabilities on us and the shipping industry, including climate change;
• our ability to retain key employees and the availability of skilled labour, ship crews and management;
• potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists;
• potential liability from future litigation;
• any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity event; and
• other risks and uncertainties described in the Company’s Annual Report on Form 20-F filed with the SEC on March 6, 2020 and available at http://www.sec.gov.
We undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, a change in our views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
The declaration and payment of dividends are at all times subject to the discretion of our board of directors and will depend on, amongst other things, risks and uncertainties described above, restrictions in our credit facilities, the provisions of Bermuda law and such other factors as our board of directors may deem relevant.
FAQ
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