GasLog Marks Up a Good Q2 2013 Financial Result
GasLog Ltd. an international owner, operator and manager of liquefied natural gas (LNGLF) (LNG) carriers, report its financial results for the quarter ended June 30, 2013.
- Contracted 2 LNG newbuildings at Samsung Heavy Industries (010140.KS) for delivery in 2016. Vessels chartered out to BG Group (BRGXF) for minimum 7 years with charterer’s option to extend.
- Delivery of GasLog Sydney in May and GasLog Skagen in July ahead of schedule with concurrent delivery to the charterer.
- For the second quarter, GasLog reports Profit of $20.4 million, EBITDA(1) of $33.8 million and earnings per share (“EPS”) of $0.32.
- Adjusted Profit of $7.1 million, Adjusted EBITDA of $20.4 million and Adjusted EPS was $0.11 for the second quarter.
- Quarterly dividend of $0.11 per common share is payable on September 13, 2013.
- GasLog issued a senior unsecured bond of NOK 500,000,000 ($83.2 million) that will mature on June 27, 2018.
- Strong industry fundamentals, supported by recent positive developments for LNG exports from USA.
Mr. Paul Wogan, Chief Executive Officer, stated “This has been yet another good quarter for GasLog. Not only did we continue to execute on our existing business plan that we outlined to investors at the time of our initial public offering (“IPO”), we have once again been able to add further growth at attractive returns. The latest 2 newbuildings that we have ordered from Samsung and which, on delivery, will commence 7 year charters to BG, clearly demonstrates the ability of GasLog’s LNG shipping platform to continue to add accretive growth in what we believe will be a positive long term secular trend for the LNG industry."