LNG

March 21 (LNGJ) - Chart Industries, the LNG and industrial gas equipment-maker, said it had joined with fleet owner GasLog LNG Services to study the development of a commercial-scale liquid hydrogen (LH2) supply chain leveraging GasLog’s latest development of a liquid hydrogen vessel and Chart’s experience in cryogenics and large-scale liquefaction solutions.

   “This collaboration with Chart Industries is our commitment to explore and support the use of hydrogen, via liquid form, to benefit industries and users globally,” explained GasLog Chief Executive Paolo Enoizi. “I have confidence that our combined experience from the cryogenic industries will ensure the safety and efficiency of novel liquid hydrogen supply chains across the world,” added Enoizi.

GasLog, the LNG shipping company with a fleet of 34 carriers in the Group, benefited from the vibrant spot charter market during the third quarter to increase revenues and profits and signed new time charter agreements.

Greece, the leading nation in liquefied natural gas shipping, has held a ceremony attended by the Greek and Bulgarian prime ministers marking the advancement of the Alexandroupolis floating storage and regasification unit (FSRU) and revealing that a second FSRU was planned.

Gastrade SA, the Greek company developing an offshore LNG import terminal to serve eastern Greece and the Balkan nations, said a positive final investment decision has been taken to proceed with the joint venture.

GasLog Ltd, the Greek LNG shipping company, has announced executive changes at the top with the decision of Chief Executive Paul Wogan to retire from his position on March 9, 2022.

“He will remain, in an advisory role until June 30, 2022 to ensure a smooth transition,” said GasLog.

The GasLog board named Paolo Enoizi, currently Chief Operating Officer of GasLog Ltd and CEO of US affiliate GasLog Partners LP. As the new CEO of GasLog Ltd, effective March 10, 2022.

GasLog is currently expanding its fleet and has ordered four newbuild 174,000 cubic metres capacity vessels for delivery in 2024 and 2025.

GasLog Ltd ordered the vessels from South Korea shipyard Daewoo Shipbuilding and Marine Engineering.

The four newbuilds will have latest generation M-type Electronically Controlled, Gas Injection (MEGI) propulsion system.

GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.

Structure

GasLog’s ownership structure has three main shareholders in both companies, parent GasLog Ltd and subsidiary GasLog Partners LP.

They are the Greek Livanos family with 55 percent, the Monaco-based Onassis Foundation with 12 percent and BlackRock’s Global Energy and Power infrastructure fund (GEPIF), holder of 45 percent of the equity.

GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.

Subsidiary GasLog Partners LP owns 15 LNG carriers, including 10 tri-fuel-diesel-electric (TFDE) ships and five steam-turbine vessels.

The GasLog business has undergone a substantial overhaul in recent years to improve efficiency and to reduce overheads.

This followed its decision in November 2019 to move its headquarters from Monaco to the Greek port of Piraeus, home of its operational platform.

GasLog, the Greek LNG shipping company, is expanding its fleet by ordering four newbuild 174,000 cubic metres-capacity for delivery in 2024 and 2025.

GasLog Ltd is ordering the vessels from South Korea shipyard Daewoo Shipbuilding and Marine Engineering.

The four newbuilds will have latest generation M-type Electronically Controlled, Gas Injection (MEGI) propulsion system.

GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.

The GasLog’s ownership structure has three main shareholders in both companies, parent GasLog Ltd and subsidiary GasLog Partners LP.

They are the Greek Livanos family with 55 percent, the Monaco-based Onassis Foundation with 12 percent and BlackRock’s Global Energy and Power infrastructure fund (GEPIF), holder of 45 percent of the equity.

GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.

GasLog Ltd subsidiary, GasLog Partners LP and whose Chief Executive since August 2021 has been Paolo Enoizi, owns 15 LNG carriers, including 10 tri-fuel-diesel-electric (TFDE) ships and five steam-turbine vessels.

GasLog Partners in November 2021 reported a third-quarter increase in revenues and profits as global demand gathered pace.

The partnership said income jumped 11 percent to $80.53M from $72.8M in the same quarter to the end of September in 2020.

At the end of October GasLog Partners said it completed the sale and lease-back of the “GasLog Shanghai”, with 155,000 cubic metres capacity, to China Development Bank Leasing.

GasLog noted that headline spot rates in the third quarter benefited from LNG demand growth from Asia as well as longer than average wait times at the Panama Canal.

GasLog Partners, the Greek LNG shipping company with a fleet of 15 vessels, reported a third-quarter increase in revenues and profits as global demand gathered pace.

GasLog Ltd, which controls an LNG carrier fleet of 35 vessels, has made its first major foray into the debt securities market to lower interest on financing since the merger in mid-2021 with a unit of giant US investment US fund BlackRock.

GasLog Ltd entered into a Note Purchase Agreement with the US investment funds, the Carlyle Group and EIG Global Energy Partners, for a $325 million credit facility.

The Notes carry an interest rate of 7.75 percent and are due in 2029.

Carlyle’s global credit platform made the investment with capital primarily from its Infrastructure Credit Fund.

EIG extended its funding through various funds and accounts in the investment group’s direct lending division.

“GasLog anticipates drawing down the Facility in March 2022. The proceeds of the facility will be used to refinance the company’s 8.875 percent Senior Notes due in March 2022,” said GasLog.

“Any remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the private placement and/or general corporate purposes,” added the company, whose corporate headquarters are in Hamilton, Bermuda and operational base is in the Greek port of Piraeus.

GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.

The GasLog’s ownership structure has three main shareholders in parent GasLog Ltd and subsidiary GasLog Partners LP.

The Greek Livanos family owns 55 percent, the Monaco-based Onassis Foundation holds 12 percent and BlackRock Global Energy and Power infrastructure fund (GEPIF) owns 45 percent.

The GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.

GasLog Ltd subsidiary, GasLog Partners LP and whose Chief Executive since August 2021 has been Paolo Enoizi, owns 15 LNG carriers, including 10 TFDE ships and five steam-turbine vessels.

The contracted revenue backlog at the end of June 2021 for the Partnership’s fleet was more than $660M and the average age of the vessels was nine years.