Monaco-headquartered LNG vessel owner GasLog has signed two new seven-year charter agreements with Cheniere Energy.
To fulfil the charters GasLog has ordered a pair of 174,000 cu m LNG carriers at South Korea’s Samsung Heavy Industries.
The vessels are scheduled for delivery in late 2020, and will then go onto charter with Cheniere at a rate the company said is broadly in line with mid-cycle rates.
Paul Wogan, chief executive officer of GasLog, commented: “I am delighted to announce a significant expansion of our relationship with Cheniere, a high-quality counterparty and a leader in developing the US LNG export industry. Cheniere’s decision to partner with GasLog is a vote of confidence in our ability to deliver a differentiated service to our customers, founded upon our core principles of operational excellence and an uncompromising approach to safety.”
GasLog and Cheniere have also agreed on an option for the charter of one or two additional newbuilds.
GasLog Partners has the right to acquire the vessels pursuant to an agreement between GasLog and GasLog Partners.