GasLog’s first-quarter profit soars

GasLog's first-quarter profit soarsImage courtesy of GasLog

Monaco-based LNG shipper GasLog’s profit in the first quarter more than doubled during the first quarter of 2018 compared to the first quarter of 2017. 

Profit attributable to the owners of GasLog was $19.3 million for the quarter ended March 31, 2018, compared to $8.8 million in the corresponding period of 2017.

The increase was attributed to the rise in profit from operations which was boosted the higher number of operating days due to the vessels’ deliveries in the first quarter of 2018 and the increased contribution of the company’s vessels operating in the spot market.

During the quarter, the company took delivery of three newbuilds, the GasLog Houston, the GasLog Genoa and the GasLog Hong Kong

The company noted in its report its quarterly revenues reached record figures at $138.5 million

Paul Wogan, CEO of GasLog added that the figures were boosted by the stronger performance of the vessels operating in the Cool Pool.

GasLog added that during the quarter global LNG supply continued to increase, with Wood Mackenzie forecasting 9 percent growth in volumes during 2018.

“As expected, LNG carrier spot rates experienced a seasonal decline from the multi-year highs of the fourth quarter 2017,” Wogan said.

“However, headline spot rates remain higher year-on-year, and there are signs that rates have bottomed out as buyers now look to source supply for cooling demand in the Northern Hemisphere summer and heating demand in the Southern Hemisphere winter,” he said adding the company expects rates to strengthen in the second half of this year.

This positive outlook and the perceived requirement for new ships have resulted in 18 firm newbuild LNG carrier orders so far in 2018, of which two are GasLog vessels.

GasLog added it expects between 35 and 62 additional LNG carriers will be needed by the end of 2022 and potentially as many as 117 vessels by 2025 to satisfy projected market growth

Share this article

Follow LNG World News

Posted on May 4, 2018 with tags .

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Gas to Power APAC Congress 2019

The Gas to Power APAC Congress will bring together regional government officials and senior representatives from regulators…

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year from 19-20 February 2019 in Tokyo, Japan…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >