GasLog Ltd. (GasLog) (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, today reported its financial results for the quarter ended March 31, 2012.
- GasLog reports Revenue of $16.6 million, EBITDA of $8.4 million and Profit of $2.2 million, for the first quarter of 2012.
- GasLog’s budgeted new building program is fully funded, based on initial public offering “IPO”, concurrent private placement and committed debt.
- The 8 LNG newbuildings are on schedule and within budget.
- 100% utilization of GasLog Savannah and GasLog Singapore during the first quarter of 2012.
- 40% of the floating interest rate exposure has been hedged at a weighted average interest rate of approximately 4.4% (including margin) as of March 31, 2012.
- Continued strong fundamentals for the LNG industry.
Chairman & CEO Statement
Mr. Peter G. Livanos, Chairman and Chief Executive Officer, stated “We were satisfied that the completion of our recent offering has now provided the capital for us to implement the business plan for our committed new ships under construction. In addition to this, and in spite of increased costs related to our becoming a public company, we are pleased to report results that are better than our expectations. Our construction program at Samsung Heavy Industries in Korea is on time and on budget, with the first ship having been launched and undergoing outfitting on schedule for delivery in January 2013. GasLog, with its technical platform and customer relations, continues to be well placed to take advantage of the projected growth in the LNG trade.”Financial Summary Revenues were $16.6 million for the quarter ended March 31, 2012 ($16.3 million for the quarter ended March 31, 2011: +1.9% year over year). The increase is mainly attributable to an increase in revenues in the vessel ownership segment, with GasLog’s existing fleet performing at 100% utilization.