GasLog, an international owner, operator and manager of LNG carriers, said its profit was $21.4 million and $56.9 million for the quarter and the year ended December 31, 2013, respectively ($2.7 million and $4.3 million for the quarter and the year ended December 31, 2012).
This increase is mainly attributable to the delivery of the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, and the GasLog Seattle, and the commencement upon delivery of their charter party agreements. The GasLog Chelsea, delivered on October 4, 2013 also contributed to these profit numbers and has operated on the spot market since delivery.
Paul Wogan, Chief Executive Officer of GasLog, said: “I am delighted to report a strong final quarter of 2013, which concludes a successful year for GasLog. In 2013, we have grown our fleet both through ship acquisitions and the exercise of newbuilding options and I am particularly pleased that whilst delivering this growth, we have also executed on our existing business plan.
“Through 2013, we have increased our backlog of contracted revenue significantly, broadened our financial platform in the capital markets, increased our dividend and entered the spot market, where we have won a number of contracts with new customers. All this has been achieved with 100% utilization of our contracted fleet, and with an excellent safety record.
“With the delivery of the GasLog Seattle in December, we took delivery of five newbuildings in total this year, all of which commenced multi-year charters to subsidiaries of either Shell or BG. The acquisition of the GasLog Chelsea in October and the subsequent charters to highly reputable counterparties means that we now have eight vessels on the water, compared to two at the beginning of the year.
“This exposure to the spot market is a small part of our total fleet but our presence in this developing sector continues to enhance our reputation with new and existing customers. After the end of the quarter, there were two very important developments for GasLog.
“Firstly, we announced our intention to make a confidential submission to the SEC of a draft registration statement for an MLP, which has now taken place. Secondly, we announced the proposed $468m acquisition and charter back of three ships from BG Group, and completed an equity offering to fund part of the acquisition.
“We have talked in the past about potential industry consolidation in LNG shipping and this accretive transaction along with our acquisition of the GasLog Chelsea are great examples of our ability to take advantage of these opportunities. We will look to grow our fleet further through value-accretive opportunities that fit within GasLog’s disciplined growth strategy and ultimately deliver value for our shareholders.”
Press Release, February 28, 2014