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Mon 12 May 2014, 19:41 GMT

Tri-fuel LNG carriers ordered


Vessels are expected to be delivered in 2017.

GasLog Ltd. has confirmed the order of two new 174,000-cubic-metre LNG carriers from Samsung Heavy Industries Co., Ltd. in South Korea.

The vessels are expected to be delivered in 2017 and are sister vessels to the four ordered in 2013 for delivery in 2016.

The ships have been ordered with tri-fuel diesel electric (TFDE) propulsion with the option to change to two stroke diesel engines with low-pressure gas injection (LP-2S). The vessels will also benefit from a low boil off rate of 0.09%.

GasLog says it has achieved "very attractive commercial terms" for the vessels, adding that it has also secured two additional priced options from Samsung with delivery dates in late 2017 and early 2018. Further, if the company exercises these two options, Samsung is said to have agreed to grant two additional options.

Paul Wogan, GasLog CEO, said: "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."

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