GasLog starts share buyback bolstered by LNG shipping market upturn
Monaco-based LNG shipper GasLog pounced on the positive outlook in the LNG shipping market authorizing a special dividend payment as well as a share repurchase program.
The company approved a dividend in the amount of $0.40 per share to its shareholders and authorized a share repurchase program of up to $50 million over the period from January 1, 2019, to December 31, 2021.
GasLog’s board believes that the LNG shipping market is in the early stage of a multi-year upcycle underpinned by positive LNG supply and demand fundamentals, the company said in a statement.
Commenting on the decision, GasLog’s CEO Paul Wogan said, “the special dividend underscores our positive outlook for LNG shipping markets.”
GasLog’s consolidated owned fleet consists of 32 LNG carriers including 25 ships on the water and seven on order.