GasLog posts Q1 profit, amends LNG tanker charter deal

LNG tanker GasLog Seattle (Image courtesy of GasLog)

Monaco-based LNG shipper GasLog on Friday reported first-quarter net income of $8.8 million, after reporting a loss in the same period a year ago.

The shipping company posted revenue of $128.3 million in the quarter as compared to $104.4 million the year before.

“GasLog had another active quarter, achieving record revenues and EBITDA for the company,” GasLog’s CEO Paul Wogan said.

“In the short-term shipping market, spot rates fell from the highs seen during the Northern Hemisphere winter. We believe this rate sensitivity to seasonal changes in demand demonstrates that the market is tightening. We expect the current marginal vessel oversupply to be absorbed in the coming months as new liquefaction projects come online, leading to a recovery in rates in 2018,” Wogan said.

GasLog Skagen charter deal amended

On April 28, 2017, the group signed an amendment to the GasLog Skagen seasonal time charter agreement, replacing the seasonal charter of the vessel by a continuous time charter for a duration of 2.4 years ending in August 2019.

The amended continuous charter will cover the same number of fixed days as the previous seasonal charter and will eliminate redelivery risk at the beginning and end of each seasonal period. In addition, the amended charter will provide assurance of revenue through August 2019.

GasLog additionally has three newbuilds on order at South Korea’s Samsung Heavy and two at Hyundai Heavy. Together with the newbuilds and ten LNG carriers owned by GasLogPartners, the company’s fleet includes 27 vessels.

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