Gas Log has secured its second long-term newbuilding charter in as many weeks.
This time, the Paul Wogan-led LNG player fixed a 180,000-cbm gas carrier to Japan's JERA for a 12-year period starting April 2020.
"We are honoured to add JERA, one of the world’s largest LNG buyers and a very high-quality counterparty, to our customer list," Wogan said in a statement.
He pointed out that GasLog is one of the first non-Japanese gas carrier owners to do business with JERA.
The yet-unnamed ship was the last remaining GasLog newbuild without work.
The company did not disclose the rate, only saying that it was "in line with mid-cycle rates."
Last week, that meant between $70,000 per day and $75,000 per day when the company announced a charter for the 180,000-cbm GasLog Warsaw with Spanish utility Endsea beginning in 2021.
That ship is due for delivery in July and will work in the spot market until the Endsea charter starts. The deal is for eight years with two six-year extension options.
The two charters, Wogan said, "demonstrates that our strategy of ordering these latest generation vessels at cyclically low yard prices was well times, allowing us to capture accretive returns and to further diversity our customer base.
"As we execute on our strategy, we continue to make excellent progress toward our target of more than doubling consolidated run-rate EBITDA over the 2017 to 2022 period. Furthermore, we continue to be focused on the scope to deliver enhanced returns to our shareholders against the backdrop of what we expect to be a strong LNG shipping market, especially during the 2019/2020 and 2020/2021 winters.”
At the start of the charter with JERA, GasLog Partners will have the right to acquire the ship, bringing GasLog Partners' dropdown pipeline to 13 LNG carriers.
