Gaslog LNG carrier announces $1.05 billion ECA backed debt

(Hellenic Shipping News, Cyprus, 17 December 2019) LNG carrier GasLog Ltd. announced that it has signed an Export Credit Agency-backed debt financing of $1.05 billion with twelve international banks for its current newbuilding programme (the “Newbuild Facility”). The Newbuild Facility covers the balance due to the shipyard on delivery and consequently the final instalments of the seven newbuildings are fully funded. Five of these seven newbuildings are scheduled to deliver from the yards into firm multi-year charters in 2020 and the remaining two into firm multi-year charters in 2021. GasLog’s owned fleet consists of 32 vessels, with 25 liquefied natural gas carriers on the water and seven LNG carriers on order. This includes 13 LNG carriers in operation that are owned by its New York-listed unit GasLog Partners.The deal is backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who are either directly lending or providing cover for over 60% of the facility. Gaslog's latest tanker acquisition was recently launched at the South Korean Samsung Heavy Industries shipyard.

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