Deals this week: DP World, GasLog

30 March 2018 (Last Updated March 29th, 2018 14:04)

DP World has won a 30-year concession to manage and develop a greenfield multi-purpose port at Banana in Democratic Republic of the Congo (DRC).

DP World has won a 30-year concession to manage and develop a greenfield multi-purpose port at Banana in Democratic Republic of the Congo (DRC).

The concession agreement also includes an option to extend the term for an additional 20 years.

DP World will manage and invest in the Port of Banana, through a joint venture (JV) with the Government of DRC.

DP World will hold 70% share in the JV, while the Government of DRC will hold the remaining 30%.

With a total investment of more than $1bn, the construction will start this year and is expected to be completed in 2020.

The greenfield project will be developed in four phases, of which the $350m first phase will include the construction of a 600m-long quay and 25ha yard extension to handle 350,000 twenty-foot equivalent units (TEU) and 1.5 million tonnes of general cargo.

The project allows the Government of DRC to connect Banana with global trade routes and reduce its dependency on the ports of neighbouring countries.

“With a total investment of more than $1bn, the construction will start this year and is expected to be completed in 2020.”

GasLog Partners has entered multiple charter agreements with a new customer for two of its ships, along with an option for an additional two charters.

GasLog Partners will provide its vessel GasLog Santiago, a 155,000m³ tri-fuel diesel electric LNG carrier, for a period of 3.5 years starting from the third quarter of this year.

Built in 2013, GasLog Santiago is currently on a multi-year time charter, which will end in July. It will go through scheduled drydocking and will be equipped with reliquefaction module before the commencement of its new charter.

GasLog Partners’ 145,000m³ steam vessel (either Methane Jane Elizabeth or Methane Alison Victoria as nominated by the Partnership) will also be chartered for one year, commencing in the fourth quarter of next year.

The agreements include options to extend the GasLog Santiago’s charter for up to an additional seven years and the steam vessel’s charter for up to an additional four years, both at escalating rates.

Methane Jane Elizabeth and Methane Alison Victoria are 145,000m³ steam propulsion LNG carriers, which were built in 2006 and 2007 respectively.