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Monaco-based GasLog Ltd. has today (June 27) announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. in South Korea. The vessels are expected to be delivered in the second half of 2017, and the deal represents GasLog’s first orders from the world’s largest shipbuilder.

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).

According to GasLog, the two vessels will have a boil off rate of 0.09% and relatively low fuel consumption and will be "amongst the most efficient vessels in existence and are therefore expected to be extremely attractive to potential charterers."

The delivered cost of the vessels will be in line with similar recent vessel orders, GasLog said.

In addition, GasLog confirmed that it has secured up to four additional priced options from Hyundai with delivery dates in late 2017 and early 2018.

GasLog stated that it will be looking to place the newly ordered vessels on long-term contracts to leading counter parties ahead of their delivery.

"These orders are the first vessels GasLog has ordered from Hyundai and we look forward to developing our relationship with Hyundai further," GasLog said.

GasLog is currently involved in an initiative, along with Hyundai, DNV GL and GTT, that aims to develop the next generation of LNG carriers. A link to further details about the initiative has been provided below:

http://www.dnvgl.com/news-events/news/dnv-gl-leads-new-lng-carrier-concept-project.aspx

Paul Wogan, Gaslog CEO, commented, "I am delighted that we have ordered two additional newbuildings. 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. We will look to place these vessels on long-term contracts with first class counterparties and so further increase the pipeline of drop down candidates for GasLog Partners LP."