Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. have entered into an agreement to establish and operate an LNG Carrier Pool
August 18 2015 - 7:02AM
Monaco - August
18, 2015 - Dynagas Ltd. ("Dynagas"), GasLog Ltd. ("GasLog",
NYSE: GLOG) and Golar LNG Ltd ("Golar", NASDAQ: GLNG) today jointly
announce that they have entered into an LNG carrier pooling
agreement (the "LNG Carrier Pool") to market their vessels, which
are currently operating in the LNG shipping spot market.
The LNG Carrier Pool allows the
participating owners to optimise the operation of the pool vessels
through improved scheduling ability, cost efficiencies and common
marketing. The objective of the LNG Carrier Pool is to serve the
transportation requirements of a rapidly growing LNG shipping
market by providing customers with reliable, more flexible, and
innovative solutions to meet their increasingly complex shipping
requirements.
The LNG Carrier Pool - to be named
"The Cool Pool" - will initially consist of 14 modern, high quality
and essentially equivalent vessels powered by fuel efficient Tri
Fuel Diesel Electric ("TFDE") propulsion technology. The
three owners' initial vessels eligible for contribution to The Cool
Pool will be as follows: Dynagas: 3 vessels; Gaslog: 3 vessels; and
Golar: 8 vessels. Each vessel owner will continue to be fully
responsible for the manning and technical management of their
respective vessels.
Tony Lauritzen has agreed to take
overall responsibility for the running of The Cool Pool and Morten
Nielsen has been appointed as Pool Manager, with the mandate to
schedule employment for each pool vessel. The Cool Pool will focus
exclusively on charters of 12 months duration or less. The
scheduling of employment opportunities in excess of 12 months will
remain the mandate of the respective vessel owner. If a pool vessel
is scheduled by an owner for a charter that exceeds 12 months in
duration such vessel will cease to form part of the LNG Carrier
Pool's fleet.
All three owners have expressed
enthusiasm for the benefits the pool is anticipated to deliver to
charterers and participants alike. The LNG Carrier Pool provides
the opportunity to deliver benefits, including COAs and other
contract forms not previously executed in LNG shipping. Importantly
all three vessel owners are experienced LNG Carrier operators with
substantial track records offering potential charterers the best
available level of safe and reliable ship management.
It is anticipated that The Cool
Pool will commence operation in September 2015.
About Dynagas Ltd.
Dynagas Ltd is an operating,
trading and ship-management company established in 2004 performing
commercial management and ship management services for Dynagas
Holding Ltd and Dynagas LNG Partners LP (NYSE: DLNG). Dynagas Ltd's
website is http://www.dynagas.com.
About GasLog
Ltd.
GasLog is an international owner,
operator and manager of LNG carriers. GasLog's fully-owned fleet
includes 19 LNG carriers (including 11 ships in operation and 8 LNG
carriers on order) and GasLog has four LNG carriers operating under
its technical management for third parties. GasLog Partners LP, a
master limited partnership formed by GasLog, owns a further eight
LNG carriers. GasLog's principal executive offices are at Gildo
Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog's website
is http://www.gaslogltd.com.
About Golar LNG
Ltd.
Golar is one of the world's
largest independent owners and operators of LNG carriers with over
40 years of LNG industry experience. Golar LNG together with Golar
Partners own and manage a fleet of 26 LNG Carriers and FSRUs.
Golar's innovation delivered the world's first Floating Storage and
Regasification Units (FSRU) based on the conversion of existing LNG
carriers. Golar's latest strategic move is to extend its
business model further upstream by deploying its floating
liquefaction technology (GoFLNG). The objective is to become the
industry's leading integrated midstream LNG services provider,
supporting resource owners, gas producers and gas consumers.
Contacts:
Dynagas Ltd.
Tony Lauritzen
Phone: +33 640 619 925
lngcoordination@dynagas.com
GasLog Ltd.
Jamie Buckland
Head of Investor Relations
Phone: +44-203-388-3116
Email: ir@gaslogltd.com
Golar LNG Ltd.
Brian Tienzo
Stuart Buchanan
Phone: +44-207-063-7911
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
HUG#1946251
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