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 September 30, 2012.
|•||For the third quarter, GasLog reports Adjusted EBITDA (1) of $9.7 million, Adjusted Profit (1) of $4.0 million and Profit of $2.9 million.|
|•||Adjusted EPS (1) of $0.06 and EPS of $0.05 for the third quarter of 2012.|
|•||Quarterly dividend of $0.11 per common share is payable on December 17, 2012.|
|•||Continued strong fundamentals for the LNG industry.|
|•||100% utilization of GasLog Savannah and GasLog Singapore during the third quarter of 2012.|
The eight LNG newbuildings are on schedule and within budget.
|•||62% of the floating interest rate exposure on our fully funded debt program has been hedged at a weighted average interest rate of approximately 4.3% (including margin) as of September 30, 2012.|
Chairman & CEO Statement
Mr. Peter G. Livanos, Chairman and Chief Executive Officer, stated “We are pleased with our third quarter results, which exceeded internal expectations, reflecting lower general and administrative expenses. We are announcing today our first dividend as a public company. The 11 cents per share, as earlier promised, will be paid in the fourth quarter. 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. The first ships are currently undergoing outfitting and will be delivered in the first quarter of 2013. Concurrently with the delivery to us by the shipyard they will commence their charters to the BG group. We see additional new requirements for LNG ships emerging that support our optimism regarding our 2 open vessels. We are studying a number of alternative financial structures, including an MLP, that we feel could be beneficial to our growth aspirations and shareholder value. We believe our high quality technical platform and customer relations positions us well to take advantage of the growth in the LNG trade.”
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