Independent Greek shipowners have been scouring shipyards for LNG carrier newbuilding berths as a tonnage shortfall beckons in the face of what is turning into an exceptionally tight winter market.
Shipbuilding sources said GasLog has been in talks with Daewoo Shipbuilding & Marine Engineering for four vessels.
GasLog has also been talking about two slots with Samsung Heavy Industries, where it has been a loyal customer.
One source said the shipowner has signed a letter of intent.
On its third-quarter results call in October, GasLog LNG Partners chief executive Paolo Enoizi spoke about the possibility of acquiring additional LNG carriers from parent GasLog. But he added: “We may also acquire vessels or other LNG infrastructure assets from shipyards or other owners.”
A spokesman said GasLog does not comment on market speculation.
More names
Compatriot Minerva Marine is also said to be on the hunt for tonnage.
Sources said the company was also talking about two slots at SHI, where it last contracted its LNG tonnage.
Greece's Alpha Gas was also among the shipowning names mentioned that have been tyre-kicking on LNG carrier slots. It is said to have turned to Chinese yards in its berth search.
Details of the LNG carrier negotiations emerged days after Maria Angelicoussis-led Maran Gas Maritime signed two newbuildings at DSME and Capital Gas a trio of vessels at Hyundai Samho Heavy Industries.
Invisible
Those following the LNG newbuilding sector, however, said there is not only limited berth space available but also little visibility about what space there may be.
They said yards are holding their cards close to their chests on any slots that they may still be holding for 2025-delivery dates, with some of these being shown only to preferred customers.
One observer said there has been talk of 2026 slots. But booking this far forward could prove financially risky for yards and owners.
Prices are also strong at about $210m per ship, up from around $185m at the start of 2021.
Project pulling power
Shipyards are particularly challenged for 2025 due to QatarEnergy's huge LNG carrier slot reservation deal, under which they are obliged to hold berths open for the producing giant.
Qatar was expected to have firmed up some of the newbuildings it requires, but that now looks set to drift into 2025 delivery positions.
In addition, SHI and Hyundai Heavy Industries are sitting on a total of 17 newbuilding berths for the TotalEnergies-led Mozambique LNG project. These berths have been shunted into 2025 slots after TotalEnergies negotiated delays to them.
Spot and term charter rates for LNG carriers continue to firm to red-hot levels ahead of what is traditionally the stronger winter demand season.
Brokers have said 2022 is virtually sold out for modern tonnage from independent owners.
This immediate vessel dearth is being projected forward on the back of upbeat market forecasts through into 2025 and beyond, with owners and charterers becoming increasingly aware of a potential vessel supply gap, which they are keen to fill.
