MONACO–(BUSINESS WIRE)–Aug. 3, 2015– GasLog Ltd. (NYSE:GLOG) (“GasLog” or “GasLog Ltd.”) is pleased to announce the completion of the LNGreen joint industry project. The LNGreen joint industry project brought together experts from GasLog, DNV GL, GTT and Hyundai Heavy Industries (“HHI”) to develop a state-of-the-art, next-generation, LNG carrier. Each of the project partners contributed their unique know-how and experience to develop the LNG carrier of tomorrow using the latest technology within the bounds of existing shipbuilding methods. The vessel concept has a significantly improved environmental footprint, a higher level of energy efficiency, an improved boil-off rate, and improved cargo capacity. Applying 2-stroke propulsion technology makes the vessels very well suited to future LNG trading patterns.
The LNGreen project focused on improving the efficiency and performance of the modern LNG carrier by analyzing actual operational performance data, focusing on further optimization through reassessment of vessel hydrodynamics, machinery and systems configuration. These improvements will lead to greater efficiency and cargo capacity without any compromise to the safety or quality of the vessels.
The outcome of the project was a concept design, which is close to 10% more energy efficient than vessels of the same type and size currently being built and with an increased cargo capacity of approximately 5% within the same physical dimensions.
GasLog contributed to the project the extensive experience it has built up over fifteen years of building and operating LNG carriers around the world. Specifically, GasLog conducted an analysis of historical fleet data and identified a number of operational parameters and restrictions that should be included in the design of the next generation LNG carrier, such as average sailing speeds, operation times and compatibility issues. The project also looked at forecast future trading patterns so that future vessel designs are developed to obtain maximum efficiency in a number of likely, realistic trading scenarios.
GTT and HHI used their extensive industry expertise and experience to focus on cargo containment optimization in parallel with hull shape improvement. The tank shape, necessary reinforcements and boil off rate calculations were examined to develop alternative cargo tank designs that could yield additional cargo capacity, whilst also taking into consideration recently introduced regulatory and compatibility restrictions.
Following a model-based approach through the usage of high tech DNV GL Cossmos software, various configurations in terms of propulsion options (both 2-stroke and 4-stroke) and mechanical energy saving devices (economizers, shaft generators) were assessed prior to concluding the proposed optimized design.
Once all projected operating parameters and trading patterns were considered, the 2-stroke propulsion configuration was selected as the most suitable for the GasLog operating profile, compared with 4-stroke and other alternatives. This validates the recent newbuilding orders GasLog has placed with this propulsion with both HHI and Samsung Heavy Industries. For GasLog’s operating profile, management believes that the 2-stroke propulsion system has a number of key benefits, including low fuel consumption, reduced complexity, expected high reliability and safety, IMO Tier III compliance in gas mode, and relatively low capex and opex costs.
Theodoros Katemidis, General Manager of Newbuilding, Technology & Projects of GasLog commented, “GasLog is proud to be working with a number of leading players in the LNG shipping industry to design the next generation LNG carrier. Combining the considerable industry expertise of the project partners has created an LNG carrier that will bring enhanced performance and significant improvements in efficiency, which will ultimately benefit GasLog and its customers. LNGreen utilizes existing technology which can be applied to existing and new vessels today. GasLog continues to be at the forefront of technological innovation in the LNG shipping sector to improve the service for our existing and future customers.”
GasLog is an international owner, operator and manager of LNG carriers, providing support to international energy companies as part of their LNG logistics chain. GasLog’s owned fleet consists of nineteen wholly-owned LNG carriers, including eleven ships on the water and eight ships to be delivered. GasLog Partners LP a master limited partnership formed by GasLog owns a further eight LNG carriers. Through the wholly owned subsidiary GasLog LNG Services operate twenty-two LNG carriers, which include owned ships as well as three ships owned or leased by BG Group, and one additional LNG carrier in which GasLog has a 25% interest.
About DNV GL
Driven by its purpose of safeguarding life, property and the environment, DNV GL enables organisations to advance the safety and sustainability of their business. We provide classification and technical assurance services along with software and independent expert advisory services to the maritime, oil & gas and energy industries. We also provide certification services to customers across a wide range of industries. Operating in more than 100 countries, our 16,000 professionals are dedicated to helping our customers make the world safer, smarter and greener.
GTT (Gaztransport & Technigaz) is the world leader in cryogenic membrane containment systems used for the transport and the storage of LNG (Liquefied Natural Gas). For over 50 years, GTT has offered to its customers technologies which allow them to optimize storage space and reduce the construction and operation costs of ships or tanks equipped with these systems. GTT operates in several sectors: LNGCs (Liquefied Natural Gas Carriers) and VLECs (Very Large Ethane Carriers), Multi-gas carriers, FLNGs (Floating Liquefied Natural Gas units), FSRUs (Floating Storage and Regasification units), onshore storage tanks and the use of LNG as a fuel. GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is included in SBF 120 and MSCI Small Cap indices.
Hyundai Heavy Industries, Co. Ltd. the world’s biggest shipbuilder and a leading integrated heavy industry company, is building a global network in the heavy industries arena that includes businesses in shipbuilding, offshore and engineering, industrial plant and engineering, engine and machinery, electro electric systems, construction equipment, and green energy. As the world’s leading shipyard since the 1980s, HHI can deliver about 80 ships or 7 million GT annually from 10 dry docks. HHI becomes the first shipbuilder in the world to reach 100 million GT in ship production in March 2012 and to deliver its 2,000th ship in May 2015. HHI has been playing a leading role in developing new ship designs, advancing shipbuilding technology, and enhancing ship performance.
Jamie Buckland, Phone: +44-203-388-3116
Head of Investor Relations