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Editor in chief: Angelo Scorza
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07/01/19 12:05

Livanos once again buys in South Korea

Monaco-based gas carriers Gaslog places at Samsung a new order for 2 LNG carriers

GasLog has ordered 2 more 174,000 cu m LNG carriers from Samsung Heavy Industries at a price of 378 million USD.

The Monaco-based gas carriers company owned by Greek tycoon Peter Livanos is already an old established client of the shipyard based in South Korea.

Gaslog decided for the new order after Cheniere Energy, though subsidiary Cheniere Marketing International LLP, exercised the option to charter 2 more newbuildings from GasLog, each one securing a 7-year firm charter period, as part of a wider contract dealt with in August 2018 when the Monegasque shipowner ordered a pair of 174,000 cubic meter LNG carriers (with low pressure and two stroke propulsion), due in late 2020, for a consideration of 367 million USD.

In late December GasLog announced that its Board of Directors approved the payment of a special dividend in the amount of 0.40 USD per common share and, in addition, authorized to establish a share repurchase program of up to 50 USD million covering period January 1, 2019 to December 31, 2021. In approving the special dividend, the Board considered liquidity following recent financing and corporate transactions by and with GasLog Partners LP, forecast debt amortization and capex commitments. “The Board believes that the LNG shipping market is in the early stages of a multi-year upcycle underpinned by positive LNG supply and demand fundamentals” CEO Paul stated. “The payment of the special dividend and the authorization of a share repurchase program enables us to deliver on the prospect of enhanced shareholder returns communicated at our Investor Day in April and reiterated at our recent quarterly results. The special dividend underscores our positive outlook for LNG shipping markets and rewards shareholders for their trust in the GasLog investment case. Continued execution of our strategy against a strong market backdrop is expected to deliver the financial capacity to fund charter-backed fleet growth and to consider the scope for further special dividends and share repurchases”.

GasLog is owns, operates and manages LNG carriers whose consolidated owned fleet consists of 32 LNG carriers (including 25 ships on water and 7 on order) and has 1 LNG carrier which was sold to Mitsui and leased back under a long-term bareboat charter. GasLog's consolidated fleet includes 14 LNG carriers in operation owned by GasLog's subsidiary, GasLog Partners.

Angelo Scorza

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