GasLog posts higher profit

Monaco-based LNG shipper GasLog said its profit for the second quarter of this year rose to $16.7 million, as compared to $3.5 million in 2014.

The company’s profit rose mainly due to “the increase in operating days and the increase in gain on swaps,” GasLog said on Thursday.

Revenues were $104.4 million for the quarter ended June 30, as compared to $73.2 million for the same period in 2014.

“Despite a challenging short-term market, we have been active during the quarter and have placed our vessels on a number of short-term fixtures adding a number of  new customers,” GasLog’s CEO Paul Wogan said.

“We believe that GasLog remains well positioned to continue growing into attractive future markets for LNG shipping and with seven of its eight undelivered vessels on long-term contracts of between seven and ten years, we have a solid financial and operational platform on which we can continue to build,” Wogan concluded.

LNG World News Staff; Image: GasLog