Monaco: GasLog 3Q Profit at USD 9.2 Mln

GasLog, an international owner, operator and manager of LNG carriers, reported its financial results for the quarter ended September 30, 2013.

Highlights

• Quarterly dividend raised to $0.12 per common share payable on December 9, 2013.
• Acquisition of GasLog Chelsea, a 2010-built 153,600 cubic meters, TFDE LNG Carrier followed by immediate conclusion of $100 million financing and spot charter.
• EBITDA of 27.9 million, earnings per share of $0.15 and Profit of $9.2 million for the third quarter.
• Adjusted EBITDA of $30.2 million, Adjusted EPS of $0.18 and Adjusted Profit of $11.4 million for the third quarter.

Mr. Paul Wogan, Chief Executive Officer, stated: “I am very pleased to report on what has been another strong quarter for GasLog. I am also pleased to report that as a result of our growing business and strengthening cash flows, we are able to reward our shareholders by raising the quarterly dividend to $0.12. We continued to execute on our business plan with the delivery of the GasLog Skagen ahead of schedule and on budget as well as the continued 100% utilization of our on-the water fleet. As previously reported we contracted 2 new buildings, during the quarter, at Samsung Heavy Industries Co. Ltd. for delivery in 2016 with associated seven year charters to the BG Group and secured options for the construction of up to six additional new buildings.

Our strong relationship with Samsung enabled us to extend the 6 options into the first quarter of 2014. In addition, the strength of our underlying business allied with our close banking relationships allowed us to move quickly to secure the purchase of the GasLog Chelsea at what we believe was a very competitive price. Our highly efficient and effective operating platform enabled us to take possession of the ship and quickly place it on its first short term charter. We continue to be excited about further potential consolidation and fleet growth opportunities and feel we are well placed to take advantage of these opportunities due to our operational platform allied with the ongoing development of our capital structure.”

[mappress]
LNG World News Staff, November 14, 2013