Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. Enter into Agreement to Establish and Operate an LNG Carrier Pool
Aug 18 15
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. jointly announced that they have entered into an LNG carrier pooling agreement (the “LNG Carrier Pool”) to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the LNG Carrier Pool is to serve the transportation requirements of a rapidly growing LNG shipping market by providing customers with reliable, more flexible, and innovative solutions to meet their increasingly complex shipping requirements. The LNG Carrier Pool – to be named “The Cool Pool” – will initially consist of 14 modern, high quality and essentially equivalent vessels powered by fuel efficient Tri Fuel Diesel Electric (“TFDE”) propulsion technology. The three owners’ initial vessels eligible for contribution to The Cool Pool will be as follows: Dynagas: 3 vessels; GasLog: 3 vessels; and Golar: 8 vessels. Each vessel owner will continue to be fully responsible for the manning and technical management of their respective vessels. Tony Lauritzen has agreed to take overall responsibility for the running of The Cool Pool and Morten Nielsen has been appointed as Pool Manager, with the mandate to schedule employment for each pool vessel. The Cool Pool will focus exclusively on charters of 12 months duration or less. The scheduling of employment opportunities in excess of 12 months will remain the mandate of the respective vessel owner. If a pool vessel is scheduled by an owner for a charter that exceeds 12 months in duration such vessel will cease to form part of the LNG Carrier Pool’s fleet. The LNG Carrier Pool provides the opportunity to deliver benefits, including COAs and other contract forms not previously executed in LNG shipping. Importantly all three vessel owners are experienced LNG Carrier operators with substantial track records offering potential charterers the best available level of safe and reliable ship management. It is anticipated that The Cool Pool will commence operation in September 2015.
GasLog Ltd. Declares Quarterly Cash Dividend, Payable on August 20, 2015
Aug 6 15
GasLog Ltd. board of directors declared a quarterly cash dividend of $0.14 per common share payable on August 20, 2015 to shareholders of record as of August 17, 2015.
GasLog Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 6 15
GasLog Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $104,440,000 against $73,236,000 a year ago. Profit from operations was $38,880,000 against $30,255,000 a year ago. Profit for the period was $16,701,000 against $3,466,000 a year ago. Attributable to owners of the group was $8,240,000 against $1,476,000 a year ago. Basic and diluted earnings per share were $0.07 against $0.02 a year ago. EBITDA was $66,497,000 against $46,521,000 a year ago. Adjusted EBITDA was $64,495,000 against $46,602,000 a year ago. Adjusted profit was $10,903,000 against $13,630,000 a year ago. The increase in EPS is attributable to the increase in profit partially offset by the increase in profit attributable to non-controlling interest and the dividend on preferred stock. The increase in revenues, vessels operating and supervision costs and depreciation of fixed assets was mainly attributable to the increase in operating days from increased fleet. The increase in profit is mainly attributable to the increase in operating days and the increase in gain on swaps, partially offset by the increase in financial costs due to the increase in average outstanding debt related to vessel deliveries and acquisitions.
For the six months, the company reported revenues of $201,766,000 against $130,307,000 a year ago. Profit from operations was $77,729,000 against $52,928,000 a year ago. Profit for the period was $30,553,000 against $9,815,000 a year ago. Attributable to owners of the group was $12,582,000 against $7,825,000 a year ago. Basic and diluted earnings per share were $0.13 against $0.10 a year ago. Net cash provided by operating activities was $77,961,000 against $61,744,000 a year ago. Payments for tangible fixed assets and vessels under construction were $679,129,000 against $1,156,797,000 a year ago.