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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Jet Edge Celebrates 30 Years in Waterjet Industry

Waterjet systems manufacturer Jet Edge, Inc. celebrated its 30th anniversary Sept. 3 with a special open house celebration. Jet Edge’s anniversary event included

TITAN Salvage Receives NAMEPA Award

The North American Marine Environment Protection Association (NAMEPA) announced earlier this month that Houston-based TITAN Salvage, a subsidiary of Crowley Maritime Corp.

MM&P Hopes to Pad Ranks with Brown Water Mariners

New York Harbor Tug Boat Captains and Crews, Staten Island Ferry Workers, Circle Line and Other Tourist Boat Crews Vote on Joining New Union Uniting with the International Organization of Masters,

Tanker Trends

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.

Finance

NRC Program Targets Vessel Operating Costs, Safety

Canada’s NRC creating solutions for the growing Canadian shipbuilding, military vessels, marine commercial transportation and offshore resource industries As

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

LNG

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1730 sec (6 req/sec)