March 28, 2019 / 11:03 AM / 2 months ago

GasLog signs 12-year LNG charter deal with JERA

LONDON, March 28 (Reuters) -

* Liquefied natural gas (LNG) vessel owner GasLog Ltd has agreed a 12-year charter contract with world’s largest LNG buyer, Japan’s JERA, it said on Thursday.

* The charter for a 180,000 cubic metre new build vessel will start in April 2020 when it is delivered from Samsung Heavy Industries’ shipyard in South Korea.

* The rate for the vessel is “in line with mid-cycle rates,” GasLog said.

* The firm did not disclose the exact price level but said it had previously quoted mid-cycle rates as being between $70,000 per day and $75,000 per day.

* Earlier this year, GasLog concluded long-term charter deals with Spain’s Endesa and United States’ Cheniere but the 12-year deal with JERA is GasLog’s longest current charter.

* GasLog owns 32 LNG carriers, including 25 ships on the water and seven LNG carriers on order.

* Japan’s JERA Co. is a fuel trading joint venture between Tokyo Electric Power and Chubu Electric Power. (Reporting by Ekaterina Kravtsova; editing by Nina Chestney)

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