GasLog Ltd. Announces Sale and Leaseback of GasLog Salem

Rhea-AI Summary

GasLog Ltd. announced the completion of the sale of GasLog Salem to a subsidiary of China Development Bank Leasing for $128 million. This transaction provides the company with approximately $22 million in incremental liquidity. Concurrently, GasLog will bareboat charter-in the vessel for five years, concluding in October 2026, without an obligation to buy the vessel afterward. The GasLog Salem is a 155,000 cubic meter LNG carrier built in 2015 and currently chartered to Clearlake Shipping until March 2022.

Positive

• Completed the sale of GasLog Salem for $128 million, enhancing liquidity by $22 million.
• Secured a five-year bareboat charter, ensuring continued use of the vessel without purchase obligation.

Negative

• None.

Hamilton, Bermuda, Oct. 13, 2021 (GLOBE NEWSWIRE) -- GasLog Ltd. (“GasLog” or “Company”) today announced the completion of the sale of GasLog Salem to a wholly owned subsidiary of China Development Bank Leasing (“CDBL”) for $128 million, releasing approximately $22 million of incremental liquidity. Concurrent with the sale, GasLog will bareboat charter-in the vessel from CDBL for a period of 5 years, ending in October 2026, with no obligation to purchase the vessel at the end of the lease.

The GasLog Salem is a 155,000 cubic meter LNG carrier with tri-fuel diesel electric propulsion built in 2015. The vessel is currently on charter to Clearlake Shipping Pte. Ltd., a subsidiary of Gunvor Group Ltd. until March 2022.

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, 16 are owned by GasLog, four have been sold and leased back by GasLog under long-term bareboat charters and the remaining 15 LNG carriers are owned or chartered-in by the Company’s subsidiary, GasLog Partners.

FAQ

What is the sale price of GasLog Salem?

GasLog Salem was sold for $128 million.

How much liquidity did GasLog gain from the sale of GasLog Salem?

GasLog gained approximately $22 million in incremental liquidity.

What are the charter terms for GasLog Salem?

GasLog will bareboat charter-in GasLog Salem for five years, ending in October 2026.

Who purchased GasLog Salem?

GasLog Salem was purchased by a wholly owned subsidiary of China Development Bank Leasing.

What is the size and capacity of GasLog Salem?

GasLog Salem is a 155,000 cubic meter LNG carrier.