GasLog posts USD 31.0 million Q3 profit

Monaco-based GasLog, an international owner, operator and manager of LNG tankers, said its profit was $31.0 million for the quarter ended September 30, compared to $9.2 million for the same quarter in 2013.

This increase is mainly attributable to the increase in revenues which were $99.4 million for the quarter, as compared to $43.2 million for the quarter ended September 30, 2013.

Paul Wogan, Chief Executive Officer, stated “GasLog has made good progress this quarter as we continue to execute on our business plan resulting in a $0.02 increase per common share in our quarterly dividend. The dropdown of two ships into GasLog Partners creates value for our shareholders as we recycle capital through the MLP to grow our business. This initial transaction could increase the distribution received by GasLog from the MLP by approximately 15%, subject to MLP Board approval. It would also mean the payments to GasLog move into the first tier of incentive distribution rights (“IDRs”). This ensures that GasLog will obtain a greater share of future incremental cash distributions.”

He added that during the third quarter and in recent weeks, the company has been encouraged by the increase in rates and the number of fixtures concluded in the short term market. During this period, PNG LNG informed GasLog that they would extend the GasLog Chelsea charter for an additional 75 days at the same rate.

“Whilst there has recently been significant volatility in global stock markets and commodity prices, GasLog has continued to perform strongly both from an operational and financial standpoint, with 14 of our 15 on-the-water vessels on long-term contracts. We remain well placed to grow the business further, through both newbuilding options and on-the-water acquisitions,” adds Wogan.

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Press Release; Image: GasLog