Liquidity and Financing
As of September 30, 2012, GasLog had cash and cash equivalents of $26.7 million and short-term investments in time deposits of $211.8 million.
As of September 30, 2012, GasLog had an aggregate of $262.6 million of indebtedness outstanding under two credit agreements, of which $24.7 million is repayable within one year.
GasLog’s current commitments for capital expenditures are related to the eight LNG carriers on order, which have a gross aggregate contract price of approximately $1.55 billion. As of September 30, 2012, the total remaining balance of the contract prices of the eight newbuildings on order was $1.36 billion, for which there are $1.13 billion of undrawn credit facilities and $238.5 million in cash, cash equivalents and short-term investments as of September 30, 2012, which includes proceeds from GasLog’s IPO and concurrent private placement completed on April 4, 2012.Interest Rate Swaps As of September 30, 2012, GasLog has entered into fifteen interest rate swap agreements for a total notional amount of $865.7 million. This is in relation to the outstanding indebtedness of $262.6 million and the new loan agreements of $1.13 billion in the aggregate that will be drawn by GasLog through its subsidiaries upon delivery of the newbuildings. In total 62.2% of GasLog’s expected floating interest rate exposure has been hedged at a weighted average interest rate of approximately 4.3% (including margin) as of September 30, 2012. During the third quarter of 2012, GasLog recognized a loss of $1.7 million on interest rate swaps, primarily attributable to the loss from the mark-to-market valuation of six interest rate swaps agreements signed in 2012 which do not qualify for hedge accounting. Business Update As of September 30, 2012, the eight ships under construction at Samsung Heavy Industries were on schedule and within budget. Of these eight ships, two were launched during Q2 2012 and they are on schedule for delivery during Q1 2013, and a third ship was launched in Q3 2012 and is scheduled for delivery during Q2 2013. Five of the eight ships that have now progressed to the steel cutting stage or beyond are scheduled for delivery in 2013.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV