GasLog Reports Higher Profit in 2Q16
GasLog Partners LP has released its financial results for 2Q16, boasting a profit of US$17.38 million – 38% higher than in 2Q15. Its demand outlook for LNG carriers with long-term charters remains positive. The company also generated US$49.64 million in revenue – 51% higher than 2Q15 – and an EBITDA of US$35.56 million – also 51% higher than 2Q15. Gaslog Partners LP says for Q2, gaslog partners has declared a cash distribution of $0.478 per unit. Its says quartely earnings per unit $0.52. The CEO of the company, Andrew Orekar, said: “We are pleased to report another quarter of strong financial results for GasLog Partners. Revenue, EBITDA, and distributable cash flow were in line with our expectations and include the impact of Methane Rita Andrea's scheduled dry-docking.
First LNG Loaded from QCLNG Project in Australia
BG Group began loading the first cargo of LNG from its Queensland Curtis LNG (QCLNG) facility to the vessel Methane Rita Andrea December 28. The second cargo of LNG from the facility will be loaded onto the Methane Mickie Harper, which is expected in Gladstone in the first week of January. QCLNG is the world's first LNG project to be supplied by coal seam gas. The start of production from the plant's first LNG train is the result of more than four years of development and construction on Curtis Island.
BG loads First QCLNG Cargo
BG Group today announced that it has been loading the first cargo of LNG from its Queensland Curtis LNG (QCLNG) facility since 28 December. The vessel being loaded is the Methane Rita Andrea. The second cargo of LNG from the facility will be loaded onto the Methane Mickie Harper which is expected in Gladstone in the first week of January. QCLNG is the world's first LNG project to be supplied by coal seam gas. The start of production from the plant's first LNG train is the result of more than four years of development and construction on Curtis Island. "This is an immense achievement which demonstrates the company's ability to deliver a highly complex LNG project.
Recent Vessel Sales: September 2014
Vessel sales for September 2014 (as of October 1) as prepared by Shipping Intelligence, Inc., New York.
GasLog Closes First Option Vessels Dropdown
GasLog Ltd. announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea, to GasLog Partners LP for an aggregate price of $328 million (the “Transaction”). The purchase price was paid by a combination of cash and assumed debt. This milestone transaction marks the first dropdown after the Initial Public Offering (“IPO”) in May of assets from GasLog to the Partnership and is a significant step for both companies. GasLog continues to seek opportunities to grow its fleet through a combination of newbuildings and attractive, accretive acquisitions. The proceeds…
GasLog Partners' First Option Vessels Acquisition for $328 mi
GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner and the Partnership’s majority unitholder, 100% of the shares in the entities that own and charter the Methane Jane Elizabeth and Methane Rita Andrea, modern liquefied natural gas carriers built in 2006, each with a capacity of 145,000 cubic meters, for an aggregate purchase price of $328 million. The Acquisition is subject to the Partnership obtaining the funds necessary to pay the purchase price and the satisfaction of certain other closing conditions. The Partnership expects to finance the acquisition with a combination of equity and the assumption of the vessels’ existing credit facilities.
