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.
