GasLog reports financial results for the quarter ended June 30, 2018
GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, today reported its financial results for the quarter ended June 30, 2018.
Highlights
• Signed a multi-year charter party with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica plc (“Centrica”), for a newbuild LNG carrier. The vessel, a 180,000 cubic meter (“cbm”) LNG carrier to be built by Samsung Heavy Industries Co., Ltd. (“Samsung”) with dual fuel two stroke engine propulsion (“LP-2S”), is scheduled for delivery in the third quarter of 2020.
• Completed the sale of the GasLog Gibraltar to GasLog Partners LP (“GasLog Partners” or the “Partnership”) for $207.0 million on April 26, 2018. Part of the consideration was satisfied by the private issuance of $45.0 million of common units in GasLog Partners to GasLog.
• Completion of the dry-docking of, and installation of reliquefaction modules on, the GasLog Santiago and the GasLog Sydney, enhancing the commercial competitiveness of both vessels.
• GasLog Partners announced a new time charter for the GasLog Sydney for 18 months with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), scheduled to commence between September and December 2018.
• Revenues of $132.8 million (Q2 2017: $129.9 million), Profit of $14.2 million (Q2 2017: $6.9 million) and Loss per share of $0.08(1) (Q2 2017: Loss per share of $0.12) for the quarter ended June 30, 2018.
• EBITDA(2) of $92.6 million (Q2 2017: $87.4 million) and Adjusted EBITDA(2) of $92.9 million (Q2 2017: $87.4 million), Adjusted Profit(2) of $14.8 million (Q2 2017: $14.4 million) and Adjusted Loss per share(2) of $0.07(1) (Q2 2017: Adjusted Loss per share of $0.03) for the quarter ended June 30, 2018.
