GasLog posts USD 50.8 million profit in 2014

February 27, 2015

Monaco-based GasLog, an international owner, operator and manager of LNG tankers, posted a profit $50.8 million for the year ended December 31, 2014, compared to $56.9 million in 2013.

The company posted a $9.9 million for the quarter compared to $21.4 million for the quarter ended December 31, 2013.

The decrease in profit was affected by the non-cash write-off of unamortized loan fees of $5.8 million and $9.0 million for the quarter and the year ended December 31, 2014, respectively, related to the refinancing of the GasLog Partners’ loan facilities, as well as an increase of non-cash loss on swaps by $12.8 million and $31.7 million for the quarter and the year ended December 31, 2014, respectively, GasLog said in a statement.

Paul Wogan, Chief Executive Officer, stated “We continued to execute well on our business plan in what proved to be an active fourth quarter for GasLog. We launched the ‘GasLog 40:17’ Vision at our Capital Markets Day in December, which sets out our ambition to increase the consolidated fleet to 40 vessels by the end of 2017. Through adding vessels with attractive, long-term contracts with strong counterparties, our aim is to continue to add to our $3.2 billion of contracted revenue.”

The fourth quarter saw a fall in the oil price which negatively impacted the global energy sector. However, even against this volatile backdrop, the company immediately made progress in realizing its ‘GasLog 40:17” Vision by contracting to acquire two 170,000 cbm tri-fuel diesel electric vessels from a BG Group unit with average charters of 10 years. This transaction, revealed on December 22, 2014, is expected to close by the end of March 2015 and will increase the consolidated fleet to 27 vessels.

The company expects that even in the prevailing lower oil-price environment, 2015 will see significant new LNG liquefaction projects coming online.

“GasLog will continue to use its operational and financial platform to take advantage of further attractive opportunities in the market,” concluded Wogan.

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Image: GasLog