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Monaco: GasLog Revenue at USD 18.3 Mln

February 27, 2013

GasLog Revenue at USD 18.3 Mln

GasLog, an international owner, operator and manager of liquefied natural gas (LNG) carriers, reported its financial results for the quarter ended December 31, 2012.

Highlights

  • First quarterly dividend of $0.11 per common share was paid on December 17, 2012 and second quarterly dividend of another $0.11 per common share is payable on March 25, 2013.
  • Delivery of GasLog Shanghai on January 28, 2013 ahead of schedule.
  • Contracted 2 LNG newbuildings at Samsung Heavy Industries for delivery in 2016. Vessels chartered out to BG Group for minimum 10 years with charterer’s option to extend the terms of the charter at specified rates.
  • For the fourth quarter, GasLog reports Revenue of $18.3 million, EBITDA of $8.5 million, Adjusted EBITDA of $7.6 million, Profit of $2.7 million and Adjusted Profit of $1.8 million.
  • For full year 2012, GasLog reports Revenue of $68.5 million, EBITDA of $27.8 million, Adjusted EBITDA of $34.0 million, Profit of $4.2 million and Adjusted Profit of $10.5 million.
  • EPS of $0.04 and $0.07 for the fourth quarter of 2012 and the year ended December 31, 2012, respectively and Adjusted EPS(1) of $0.03 and $0.18 for the fourth quarter of 2012 and the year ended December 31, 2012, respectively.

Mr. Paul Wogan, Chief Executive Officer, stated “We are pleased today to release our fourth quarter 2012 results, which reflect a continued solid performance and 100% utilization of our existing fleet. Following the dividend paid in the fourth quarter, we are today announcing the payment of a dividend of 11 cents per share, to be paid in the first quarter.

“At the beginning of February 2013, we announced an order for 2 additional LNG carriers, and their concurrent 10-year charter to a subsidiary of BG. We believe the combination of price and charter terms make this transaction an attractive investment for GasLog and our shareholders. These orders include four additional priced options with similar payment terms, which we believe, are at attractive prices. The transaction reflects our ability to leverage our high quality technical platform and customer relations and we expect the same combination of factors will continue to allow us to take advantage of growth in the LNG trade. We also took delivery of the GasLog Shanghai ahead of schedule, the first of five LNG carriers to be delivered to GasLog in 2013. Upon delivery the vessel commenced her charter with BG. In addition to the three fully-owned ships on the water, we now have 9 LNG carriers on order.

“Concluding these two firm ten year charters allows us to be opportunistic in placing our unfixed new buildings into shorter term charters. We believe that this, along with the new seasonal component for one of our new buildings, gives us the optionality and flexibility to capture incremental value from our portfolio. In addition, Gaslog’s new management team will continue to focus on optimising its capital structure.”

[mappress]
LNG World News Staff, February 27, 2013