GasLog Marks Up a Good Q2 2013 Financial Result

MarineLink.com
Tuesday, August 20, 2013
Image courtesy of GasLog

GasLog Ltd. an international owner, operator and manager of liquefied natural gas (LNG) carriers, report its financial results for the quarter ended June 30, 2013.

Highlights

  • Contracted 2 LNG newbuildings at Samsung Heavy Industries for delivery in 2016. Vessels chartered out to BG Group 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.

CEO Statement
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."
 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

CMA-CGM to Call Port of Baltimore

International container shipping company CMA-CGM of France announced that it will begin service within the next couple of weeks to the Helen Delich Bentley Port of Baltimore.

Hapag-Lloyd Expands Feeder Network in Scandinavia

Baltic Express Service (BAX) to include Oslo / Two weekly departures from Gothenburg and Helsingborg in SDX and GTE / Connection via Hamburg and Bremerhaven to

Mercury Marine Begins HQ Expansion

Mercury Marine announces 45,000 square foot EDP parts expansion to Fond du Lac global headquarters   Mercury Marine will add a 45,000 square foot expansion to

Tanker Trends

Bahri Orders VLCC Newbuilds

Bahri ordered five newbuild very large crude carriers from Hyundai Samho Heavy Industries   The National Shipping Company of Saudi Arabia (Bahri) today signed

Tankers Switch to Digital Navigation

In July 2015 international regulation requires all tankers to be compliant with IMO rules for the use of ECDIS and ENCs. As many shipping companies start planning

Tanker Demand Picks-up in Canada

Canada’s role in the oil industry has changed dramatically in recent years driven by synthetic crude oil production in the oil sands of Alberta.   New plans for Energy East,

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

LNG

Construction Starts on Crowley’s 2nd LNG ConRo Ship

Construction begins on Crowley’s second Commitment Class, LNG-powered ConRo ship for use in the Puerto Rico trade   Shipbuilder VT Halter Marine, Inc. has officially

Hoegh LNG Bags FSRU Deal in Chile

Oslo-based Höegh LNG said it has signed an Floating Storage and Regasification Unit (FSRU)contract with Chilean Octopus LNG for the Penco-Lirquén LNG import terminal to be located in Concepción Bay,

CNPC Eyes Myanmar for LNG Terminal

China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in  a terminal in Kyaukphyu in Myanmar  to receive imported Liquefied natural gas (LNG).

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3308 sec (3 req/sec)