GasLog’s first quarter profit doubles

Monaco-based LNG shipping company GasLog said its quarterly net profit doubled to US$13.9 million, as compared to US$6.3 million a year ago.

The company’s revenues rose to US$97.3 million, compared to US$57.1 million in the first quarter last year.

“Against a back drop of weak overall energy markets, the first quarter of 2015 saw us take delivery of the Methane Becki Anne and the Methane Julia Louise, bringing our consolidated fleet to 27 vessels,” Paul Wogan, Chief Executive Officer of GasLog said.

GasLog continued to make further positive progress in the weeks after quarter end, announcing a transaction with BG to charter up to nine newbuildings, three of which are firm and will be satisfied by the company’s currently uncontracted newbuilds, Wogan said.

“The transaction adds a significant amount of fixed-rate revenue and adds to the potential pipeline of dropdowns for GasLog Partners, which we believe will further enhance the sum of the parts valuation of GasLog,” he added.

LNG World News Staff; Image: GasLog