GasLog Q3 Revenues at USD 16.9 Million (Monaco)

GasLog Ltd., an international owner, operator and manager of LNG carriers, said its revenues were $16.9 million (which eliminates $1.2 million of intercompany revenue) for the quarter ended September 30 ($15.9 million for the quarter ended September 30, 2011).

The increase is attributable to an increase in revenues in the vessel management segment from external customers of $0.9 million and an increase in revenues in the vessel ownership segment of $0.1 million, with GasLog’s existing fleet performing at 100% utilization.

Vessel operating and supervision costs were $3.6 million for the quarter ended September 30 ($3.1 million for the quarter ended September 30, 2011). The increase is mainly attributable to an increase in employee costs related to new employees hired to fulfill the planned new requirements from our existing customers and an increase in technical maintenance and crew expenses in the vessel ownership segment.

Adjusted Profitwas $4.0 million for the quarter ended September 30 ($4.8 million for the quarter ended September 30, 2011), after excluding the effects of the net loss on interest rate swaps and foreign exchange gains.

Adjusted EBITDAwas $9.7 million for the quarter ended September 30 ($10.3 million for the quarter ended September 30, 2011).

Mr. Peter G. Livanos, Chairman and Chief Executive Officer od GasLog said “We are pleased with our third quarter results, which exceeded internal expectations, reflecting lower general and administrative expenses. We are announcing today our first dividend as a public company. The 11 cents per share, as earlier promised, will be paid in the fourth quarter.

The strong revenue reflects the continued 100% utilization of our existing fleet. Our construction program at Samsung Heavy Industries is on time and on budget. The first ships are currently undergoing outfitting and will be delivered in the first quarter of 2013. Concurrently with the delivery to us by the shipyard they will commence their charters to the BG group.

We see additional new requirements for LNG ships emerging that support our optimism regarding our 2 open vessels. We are studying a number of alternative financial structures, including an MLP, that we feel could be beneficial to our growth aspirations and shareholder value. We believe our high quality technical platform and customer relations positions us well to take advantage of the growth in the LNG trade.”

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LNG World News Staff, November 21, 2012