NYSE-listed GasLog Ltd has taken delivery of the X-DF propulsion LNG carrier GasLog Windsor “on time and on budget” despite the industrial disruption in South Korea caused by the Covid-19 pandemic
Built by Samsung Heavy Industries, GasLog Windsor has a capacity of 180,000 m3, with WinGD X-DF propulsion and GTT Mark III Flex cargo containment technology. The LNGC is commencing a seven-year charter with a subsidiary of British multinational energy company Centrica plc.
Commenting on the delivery of GasLog Windsor, GasLog chief executive Paul Wogan said, “This vessel is the first of seven newbuildings due to deliver by Q3 2021, representing US$145M of additional aggregate EBITDA.” Added Mr Wogan, “On a fully delivered basis, 60% of GasLog’s directly owned fleet will be modern X-DF vessels on multi-year term charters.”
In response to the Covid-19 outbreak, GasLog and GasLog Partners implemented several actions that have resulted in no known cases of infection within their seagoing or shore-based personnel during Q1 2020. Among those actions were a work-at-home policy for onshore employees and restricting access to all vessels and suspending shore leave and all crew changes for 30 days from mid-March. GasLog also established a Covid-19 task force to monitor and implement any changes needed to keep the shipowner’s operations running efficiently.
“These measures,” said Mr Wogan, “combined with the dedication of employees both onshore and on board the group’s vessels, have delivered fleet availability of close to 100%.”
If there is an upside to the Covid-19 outbreak, the slowdown in the LNG trade in February and March allowed GasLog and GasLog Partners to accelerate drydocking schedules for four vessels, including installing ballast water treatment systems by mid-April.
Presently, all of GasLog’s vessels operating in the spot and short-term market not undergoing drydockings are on charters through to at least May. There has been a marked increase in activity in the spot and short-term market in recent weeks, primarily driven by a resumption in industrial activity in China. As a result, GasLog expects to secure additional employment for its vessels ahead of the conclusion of their current fixtures.
During Q1 2020, GasLog’s tri-fuel diesel electric (TFDE) vessels operating in the spot and short-term market delivered time charter equivalent earnings of US$44,000/day.