GasLog swings to loss in 2016, plans next dropdown in first half this year
Monaco-based LNG shipper GasLog on Friday reported fourth-quarter profit of $31.3 million and a loss of $21.5 million for the full-year of 2016.
This compares to $5.5 million in the same quarter last year and a $10.8 million profit for the full-year of 2015.
The shipping company posted revenue of $126.5 million in the fourth quarter as compared to $107.5 million the year before.
For the full-year of 2016, Gaslog’s revenue rose to $466 million when compared to $415 million in 2015.
“Looking forward, we expect to drop down another vessel into GasLog Partners in the first half of 2017, providing GasLog with additional capital,” said Paul Wogan, Chief Executive of GasLog.
“This, along with all the achievements of 2016, places the company in a strong position to take advantage of opportunities we expect to arise as the LNG shipping market supply and demand balance continues to tighten,” Wogan added.
GasLog has three newbuildings on order at South Korea’s Samsung Heavy and two at Hyundai Heavy. Through its unit, GasLog LNG Services, the company operates 26 LNG carriers including 12 wholy-owned vessels, 9 vessels owned by GasLog Partners, and 3 vessels owned or leased by Shell.