GasLog adds more LNG ships

New York-listed GasLog has lined up an additional six LNG newbuildings in Korea.

The Peter Livanos-backed owner said two firm 174,000-cbm vessels will be delivered in the second half of 2017 from Hyundai Heavy Industries, its debut order with the yard.

There are options for four more vessels which would be completed in late 2017 and early 2018.

The ships will come with “proven” tri-fuel diesel electric (TFDE) propulsion, with low fuel consumption.

GasLog said they will be among the most efficient vessels in existence and are “therefore expected to be extremely attractive to potential charterers.”

It wants long-term deals for the ships. The price is in line with recent orders, it added.

GasLog has 11 LNG carriers on order at Samsung in Korea.

“We look forward to developing our relationship with Hyundai further,” it said.

CEO Paul Wogan added: “The vessels are scheduled to deliver in the second half 2017 at a time which we believe will be very favourable for LNG shipping as additional liquefaction capacity comes on stream.”

They could be dropped down to spin-off GasLog partners in future, he said.