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LNG carrier company GasLog orders new ship, citing 'robust' demand

The international LNG carrier company GasLog Ltd. ordered a 180,000-cubic-meter vessel from Samsung Heavy Industries, with delivery set for the second quarter of 2020.

The unchartered Flex Plus LNG vessel has X-DF propulsion, a dual-fuel technology that allows for the burning of gas and liquid fuel simultaneously in LNG carriers. The Monaco-based company's deal with Samsung also includes options for additional new-build vessels, according to a March 12 news release.

"Given that the outlook for LNG shipping demand remains robust, and with increasing evidence that newbuild prices are starting to rise, we have moved to lock in a very attractive price for our second newbuild order in 2018," said Paul Wogan, CEO of GasLog. "We remain confident that the unit freight cost advantage offered by the latest generation vessels will make this ship highly attractive to customers looking for the most competitive solution to their LNG shipping requirements."

GasLog owns 29 LNG carriers, with 23 in operation and six on order.