GasLog and GasLog Partners Announce the Time Charter of up to 9 Newbuildings to BG Group plc
Apr 23 15
GasLog Ltd. and GasLog Partners LP announced that GasLog has agreed to charter to Methane Services Ltd., a subsidiary of BG Group plc (“BG”), three of GasLog’s uncontracted newbuilds that are currently under construction. MSL also has an option to elect to charter an additional six newbuilds provided it makes that election within 2015. The highlights of this transaction are as follows: MSL will charter three newbuildings commencing mid-2018 and early 2019 for average initial terms of approximately 9.5 years at attractive rates; These charters will add approximately $845 million of fixed rate revenue to GasLog’s existing contracted revenue backlog; MSL has an option exercisable within 2015 to charter an additional six newbuildings for average initial terms of approximately 10 years; The six option vessels would add approximately $1.8 billion of fixed rate contracted revenue(1) should MSL exercise its option; The three firm ships to be chartered by MSL will be modern 174,000 cubic meter LNG carriers with low-pressure, two-stroke propulsion technology. Two of the vessels will be delivered from Hyundai Heavy Industries. One vessel will be delivered from Samsung Heavy Industries. Together with MSL’s entry into the 9.5 year average charters on the three GasLog newbuild vessels, and as part of MSL’s overall portfolio management, the three existing charters on the GasLog Shanghai, GasLog Santiago and GasLog Sydney (all owned by GasLog Partners) will be adjusted. MSL will lengthen two of the existing charters by approximately 4 months and shorten one charter by 8 months. MSL retains the existing extension options of two consecutive periods of three or four years on all three vessels. MSL also has an option to elect to charter an additional six newbuilds from GasLog, with average initial terms of ten years at rates consistent with the three firm charters, provided it makes that election within 2015. If MSL makes that election, MSL would take earlier delivery of the three firm newbuilds described above immediately upon their delivery from the shipyards in 2017. If MSL exercises the options, the three charters of the GasLog Shanghai, GasLog Santiago and GasLog Sydney would be further adjusted by a potential shortening of a maximum 31 months in total, with the aim of redelivering these ships to coincide with the newbuild deliveries in 2017. This would be at a time when management believes there will be a tightening of the supply-demand balance for LNG carriers, as currently indicated by new vessel orders and prospective LNG projects. This option is currently exercisable only within 2015 and the parties are discussing a possible extension of such option beyond the end of 2015. If MSL does not exercise the extension options referenced above on the GasLog Shanghai, GasLog Santiago and GasLog Sydney and GasLog Partners does not enter into a third-party charter on such vessels, GasLog and GasLog Partners intend to enter into a bareboat arrangement that is designed to guarantee the total cash distribution from each vessel. However, if they are unable to agree on such bareboat arrangement, GasLog will enter into a time charter with GasLog Partners on equivalent terms to the existing MSL time charters for any period of shortening.
GasLog Partners LP Presents at 2nd Annual Capital Link Master Limited Partnership Investing Forum 2015, Mar-05-2015 12:10 PM
Feb 11 15
GasLog Partners LP Presents at 2nd Annual Capital Link Master Limited Partnership Investing Forum 2015, Mar-05-2015 12:10 PM. Venue: Metropolitan Club, One East 60th Street, NY 10022-1054, New York, United States. Speakers: Andy Orekar, CEO.
GasLog Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Write-Off for the Fourth Quarter Ended December 31, 2014
Jan 29 15
GasLog announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company reported fourth quarter net income of $1.146 million, or $0.08 per share against $8,498,258 a year ago. For the same quarter last year, it reported net income of $8.498 million. Total revenue of $33.3 million was just slightly below the estimated $33.19 million, and up from $21.2 million reported in fourth quarter of 2013. Profit from operations was $17,176,069 against $12,734,015 a year ago. EBITDA was $24,287,840 against $16,783,201 a year ago. Adjusted EBITDA was $24,191,091 against $16,786,287 a year ago. Adjusted profit was $11,252,456 against $8,197,125 a year ago. The decrease in Profit was affected by the write-off of the unamortized loan fees of $5.76 million in connection with the repayment of the previously existing debt facilities and an increase of non-cash loss on interest rate swaps by $4.75 million.
For the full year, revenues were $119,040,364 against $64,142,588 a year ago. Profit from operations was $64,700,226 against $37,283,512 a year ago. Profit for the period was $29,168,698 against $26,218,242 a year ago. Earnings per unit for the period, basic and diluted was $0.75. Net cash from operating activities was $78,275,677 against $32,159,026 a year ago. Payments for vessels was $317,950,977 against $452,791,594 a year ago. EBITDA was $48,296,501 and adjusted EBITDA was $48,155,789 for the year. Adjusted profit was $23,842,354.
The company reported write-off of the unamortized loan fees of $5.76 million in connection with the repayment of the previously existing debt facilities in the fourth quarter ended December 31, 2014.