Monaco-based LNG tanker owner and operator GasLog posted third-quarter profit of $4.9 million, down from $31 million in 2014.
GasLog said on Thursday that the drop in profit is mainly due to”the increase in loss on swaps, increased financial costs, depreciation and operating expenses.”
According to GasLog, operating expenses rose due to the increased fleet and decreased daily hire rate resulting from the vessels operating in the current weak spot market.
The shipping company’s EBITDA was also down to $65.7 million, as compared to $68.7 million in the same quarter last year.
GasLog said that LNG player BG plans to declare the extension option on the contract of the GasLog Savannah by a further twelve months plus a number of optional periods out to 2023.
The charter extension will be done at rates in line with the current market rates, which will increase during each option period to rates in line with those of the company’s existing contracted fleet.
LNG World News Staff; Image: GasLog