GasLog posts USD 10.4 mln profit in Q2

GasLog posts USD 10.4 mln profit in Q2

GasLog, an international owner, operator and manager of liquefied natural gas carriers, reported its financial results for the quarter ended June 30, 2014.

EBITDA for the Q2 was $46.5 million compared to $20.9 million in Q2 2013. Profit of $3.5 million is lower compared the Q2 2013, when the company showed a profit of $20.4 million, primarily due to the impact of non-cash loss on swaps.

Adjusted EBITDA for Q2 was $46.6 million, more than double compared to $20.4 million for the same period in 2013. Adjusted Profit of $10.4 million has also seen a rise in comparison to Q2 2013 when the company earned $7.1 million.

Paul Wogan, Chief Executive Officer, stated “I am very pleased with the achievements of GasLog in the second quarter of 2014. We executed on a large number of planned initiatives that have continued to drive the growth of the company.”

Wogan also added that the company doubled the size of it’s fleet with the acquisition of 6 vessels from BG Group, launched a partnership, the GasLog Partners Master Limited Partnership that will provide an alternative funding source for the company’s ambitious growth plans.

“Also in the quarter, we placed our first order with Hyundai, for two modern, tri-fuel diesel electric propulsion vessels with the option to change to two stroke diesel engines with low-pressure gas injection.We remain very optimistic about the long-term outlook of the LNG shipping market with LNG capacity already showing positive signs of growth ahead of a significant ramp-up in activity expected over the next few years. At GasLog, we have a strong balance sheet, a high level of contract coverage and a long track record of owning and operating LNG vessels for some of the world’s leading LNG players. We have significant built-in growth, but will continue to look at further consolidation opportunities that are attractive and accretive to expand the business further,” said Wogan.

 

Press Release, August 20, 2014; Image: GasLog