GasLog takes newbuild LNG tanker delivery, agrees $1 bln refinancing

Greece-based LNG shipping company GasLog has taken delivery of GasLog Westminster from the South Korean Samsung Heavy Industries shipyard.

The vessel has a 180,000 cubic meter cargo capacity and features X-DF propulsion and Mark III Flex containment system.

GasLog noted in its statement that the LNG tanker was delivered on time and on budget and will immediately commence a seven-year charter with a unit of Centrica.

The GasLog Westminster is the third of seven vessels scheduled to deliver during 2020-21. GasLog said.

GasLog, together with its New York-listed spinoff GasLog Partners signed three new loan agreements totaling $1.03 billion.

These loans are set to refinance the group’s debt maturities due in 2021.

The three new credit facilities are signed and expected to close by the end of July 2020. They fully refund the $266 million due on the Five Vessel Refinancing credit facility. These will also refund the majority of the $724 million due on the Legacy Facility Refinancing.

GasLog said it is currently in documentation to refinance the remaining balance of the Legacy Facility Refinancing, secured by the GasLog Chelsea, later in the third quarter.

The company is further continuing its organizational changes. Its plans to relocate more of its employees, including several members of senior management to Pireaus, Greece, from November 2019, is in full swing.

The headcount in the company’s London office has been reduced to 9 from 27, materially concluding the organizational changes.

The plan is expected to generate annualized savings of approximately $6.0 million beginning in 2021.