The strong revenue reflects the continued 100% utilization of our existing fleet. Our construction program at Samsung Heavy Industries is on time and on budget, with the first ship currently undergoing outfitting for delivery in January 2013. We are optimistic about the prospects for our two open vessels as well as additional growth opportunities we see going forward from ongoing project developments and increasing demand for LNG. We believe that GasLog, with its technical platform and customer relations, is well placed to take advantage of the projected growth in the LNG trade. ”
Revenues were $16.7 million (which eliminates $1.1 million of intercompany revenue) for the quarter ended June 30, 2012 ($16.5 million for the quarter ended June 30, 2011). The increase is mainly attributable to an increase in revenues in the vessel ownership segment, with GasLog’s existing fleet performing at 100% utilization.
Vessel operating and supervision costs were $3.2 million for the quarter ended June 30, 2012 ($3.1 million for the quarter ended June 30, 2011). The increase is mainly attributable to organizational growth in GasLog’s vessel management segment.General and administrative expenses were $6.3 million for the quarter ended June 30, 2012 ($3.7 million for the quarter ended June 30, 2011). The increase is primarily attributable to increases in personnel expenses, directors’ fees, travel expenses, legal and professional expenses and foreign exchange rate movements, as well as equity-settled compensation expense related to the accelerated vesting of all remaining outstanding manager shares and subsidiary manager shares prior to and in connection with the initial public offering ("IPO") and staff bonuses. This increase is generally in line with GasLog’s planned growth and the reporting and compliance requirements of being a public company. Financial costs were $2.9 million for the quarter ended June 30, 2012 ($2.4 million for the quarter ended June 30, 2011). The increase is primarily a result of increased interest expense as a result of swapping floating rate interest for fixed rate interest in connection with the outstanding indebtedness related to the vessel GasLog Savannah. Adjusted EBITDA was $8.4 million for the quarter ended June 30, 2012 ($10.0 million for the quarter ended June 30, 2011). The decrease in Adjusted EBITDA is mainly attributable to higher general and administrative expenses.
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