• 2018 November 2 17:37

  GasLog reports financial results for the quarter ended September 30, 2018

  

  GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, has reported its financial results for the quarter ended September 30, 2018.

  Highlights
  • Record Revenues of $158.4 million (Q3 2017: $131.2 million), Profit of $39.3 million (Q3 2017: $24.2 million) and Earnings per share of $0.19(1) (Q3 2017: Earnings per share of $0.03) for the quarter ended September 30, 2018.
   
  • Record EBITDA(2) of $114.0 million (Q3 2017: $89.6 million), record Adjusted EBITDA(2) of $114.2 million (Q3 2017: $89.7 million), Record Adjusted Profit(2) of $32.3 million (Q3 2017: $21.1 million) and Adjusted Earnings per share(2) of $0.11(1) (Q3 2017: Adjusted Loss per share of $0.00) for the quarter ended September 30, 2018.
   
  • Highest ever net pool performance from vessels trading in the spot market under the LNG carrier pooling agreement (the “Cool Pool”) following a significant increase in LNG shipping spot rates during the third quarter.
   
  • Signed two seven-year charter parties with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), for two newbuild LNG carriers. The vessels, 174,000 cubic meter (“cbm”) LNG carriers with dual fuel two stroke engine propulsion (“LP-2S”) and GTT Mark III Flex Plus containment systems, were ordered from Samsung Heavy Industries Co., Ltd. (“Samsung”) and are scheduled for delivery in late 2020.
   
  • Post-quarter end, announced the sale of the Methane Becki Anne to GasLog Partners LP (“GasLog Partners” or the “Partnership”) for $207.4 million, with attached multi-year charter to a subsidiary of Royal Dutch Shell plc (“Shell”).
   
  • Continued success of the Partnership’s At-The-Market Common Equity Offering Programme (“ATM Programme”) with net proceeds of $54.0 million raised during the quarter pursuant primarily to an agreement for the sale of 2,250,000 common units to funds managed by Tortoise Capital Advisors, L.L.C. (“Tortoise”), and total net proceeds of $121.4 million raised since inception of the programme.
   
  • Quarterly dividend of $0.15 per common share payable on November 21, 2018, 7.1% higher than the third quarter of 2017.

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