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Home Shipbuilding GasLog Adds One More LNG Carrier to Its Orderbook

GasLog Adds One More LNG Carrier to Its Orderbook

February 19, 2018

Owner, operator and manager of LNG carriers GasLog unveiled a new shipbuilding contract for the construction of a 180,000 cbm LNG carrier.

To feature LP-2S propulsion, the GTT Mark III Flex LNG carrier will be built by South Korean Samsung Heavy Industries. Under the contract signed on January 12, the new vessel is scheduled to join its owner in the second quarter of 2020.

The ship will be chartered to Pioneer Shipping Limited, a wholly owned subsidiary of Centrica, for an initial period of seven years.

GasLog previously ordered a 180,000 cbm LNG Carrier from the shipbuilder. The vessel, which is to be delivered in the third quarter of 2019, is currently without charter.

The company revealed the new order as part of its financial report for 2017, in which it said that its profit for the year surged mainly due to an increase in profit from operations.

The company’s profit for the year ended December 31, 2017, stood at USD 84.2 million, compared to a profit of USD 28.1 million reported in the previous year.

Revenues increased to USD 525.2 million from USD 466.1 million reported in 2016, mainly driven by the full operation of the GasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar and increased revenues from vessels operating in the spot market.

Profit for the fourth quarter of 2017 dropped to USD 29.7 million from USD 46.4 million reported in the same quarter of 2016, due to the decrease in gain on swaps and the increase in financial costs.

GasLog’s quarterly revenues reached USD 135.8 million, compared to USD 126.5 million seen in the fourth quarter of 2016, mainly driven by increased revenues from vessels operating in the spot market.

“GasLog posted another strong quarter, achieving record quarterly and annual results for revenues and EBITDA due to improved earnings from our spot fleet and a strong uptime performance from our ships on charter, including our 2016 newbuild deliveries,” Paul Wogan, Chief Executive Officer of GasLog, said.