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GasLog CEO explains strong Q3 LNG results

LNG Industry,

GasLog CEO Paul Wogan reported strong third quarter results for the liquefied natural gas (LNG) carrier fleet operator.

The company earning’s before major deductions stood at US$ 27.9 million, with profits of US$ 9.2 million for Q3.

Wogan 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 US$ 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% utilisation of our on-the water fleet.

“As previously reported we contracted two 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 six options into the first quarter of 2014.”

Acquisition of GasLog Chelsea

In September this year, GasLog entered into an agreement to acquire the STX Frontier, a 153 600 m3 LNG carrier from STX Pan Ocean LNG Pte. Ltd. An advance payment of US$ 16 million was paid for the vessel, which was delivered on 4th October 2013 and renamed GasLog Chelsea.

Commenting on the acquisition, Wogan added: “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.

LNG market outlook

GasLog believes the current supply and demand dynamics of the LNG industry are positive for shipping. There continues to be progress on new LNG production projects, and the new volumes and potentially longer voyage distances should create increased requirements for LNG carriers.

“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,” Wogan concluded.

Adapted from press release by Katie Woodward

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