Greek LNG shipping company GasLog is planning to order LNG carriers from China.
GasLog has signed a letter of intent with a Chinese shipyard for the construction of 2+2 LNG carriers, according to TradeWinds.
Sources estimate that each vessel will cost approximately US$230 million to build, with the total value of the four vessels, including the option vessels, amounting to approximately US$920 million. The first two vessels are expected to be delivered in 2028.
It is worth noting that GasLog previously relied on placing orders with South Korean shipyards for shipbuilding. If the above-mentioned order rumors are true, it will be the first time GasLog has placed an order with a Chinese shipyard for LNG carriers, and it will also be the first large LNG carrier order received by Chinese shipyards this year.
Currently, GasLog operates a fleet of 22 LNG carriers, including wholly or partially owned vessels and vessels operated under bareboat charters. This year, GasLog will also take delivery of two newly built LNG carriers from Hanwha Ocean.
Since the beginning of this year, the LNG carrier market has slowed down significantly due to various factors. So far, there are only 4 new vessels ordered for large LNG carriers in the global new shipbuilding market, and all of them are accepted by Korean shipyards, namely Hanwha Ocean 2, HD Hyundai Samho 1, and Samsung Heavy Industries 1. In contrast, about 80 large LNG carriers will be ordered in 2024.