GasLog’s third quarter profit plunges

GasLog's third quarter profit plunges

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 Savannah

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

Share this article

Follow LNG World News

Posted on November 5, 2015 with tags .

Events>

<< Jan 2020 >>
MTWTFSS
30 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

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Houston / Feb 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >