GasLog revenue rises as LNG fleet expands
Monaco-based LNG shipper GasLog posted higher revenue in the third quarter of 2016, driven by new deliveries to its fleet.
According to the company’s statement on Thursday, GasLog recorded revenue of US$120.7 million, an increase compared to the $105.8 million in the corresponding quarter in 2015.
The shipper attributed the increase in revenue to new deliveries to is fleet, namely the GasLog Greece in March, GasLog Glasgow in June and GasLog Geneva in September, the 174,000-cbm TDFE LNG carriers, and increased revenues from vessels operating in the spot market and fewer off-hire days due to drydocking.
GasLog reported a loss of $16.4 million for the quarter ended September 30, 2016, compared to a $4.9 million profit for the quarter ended September 30, 2015.
Adjusted profit was $19.5 million for the quarter ended September 30, 2016, up from the $10.8 million for the quarter ended September 30, 2015, adjusted for the effects of the non-cash loss on swaps, the write-off of unamortized loan fees, as well as the net foreign exchange losses.
Paul Wogan, CEO of GasLog said that the company took delivery of one more newbuild in October, the GasLog Gibraltar, which, together with GasLog Geneva, commenced seven-year charter with Shell.
He added that in recent weeks the company signed long-term charter deals with Total and Centrica bringing the number of eligible vessels for dropdown up to 13, “providing a strong pipeline of growth for GasLog Partners and the opportunity to continue to recycle capital into GasLog.”
GasLog has three newbuildings on order at Samsung and two newbuildings on order at Hyundai, scheduled for delivery through 2018 and 2019.
The company’s contracted charter revenues are estimated to increase from $412.5 million for the fiscal year 2015 to $476.9 million for the fiscal year 2017, based on contracts in effect as of September 30, 2016, without including any extension options.