Gaslog Ltd. Announces New Orders and Charters
08 Février 2013 - 11:55AM
Business Wire
GasLog Ltd. ("GasLog" or the "Company")
(NYSE:GLOG) today announced that it has ordered two new 174,000
cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy
Industries Co., Ltd. ("Samsung") in South Korea. The vessels are
expected to be delivered in Q1 and Q2 2016, respectively, and upon
delivery will commence firm ten-year charters with a subsidiary of
BG Group plc ("BG Group"). The two vessels are expected to have a
combined fully delivered cost of approximately US$410-$420million
and are expected to generate a combined annualized EBITDA1 of
approximately US$47–$48million over the first twelve months of
operation. In addition, GasLog has secured a total of four options
from Samsung at similar prices and terms until the end of July
2013.
GasLog has also agreed to modify and extend the
charter currently in place for its Hull Number 2017, chartered to a
subsidiary of BG Group and scheduled for delivery in Q3 2013. Under
the new arrangement the ship will deliver into an eight year
charter in which the first three years remain as previously
contracted. The subsequent five years are a seasonal charter under
which the ship is committed to BG Group for seven consecutive
months for which it will pay a fixed monthly charter hire and
available to accept other charters for the remaining five months.
This seasonal charter is expected to generate approximately
US$14-16 million of EBITDA1 during the seven months on hire and
will provide GasLog with the opportunity to secure additional
upside in a period of potentially strong demand.
Following the successful delivery of the GasLog
Shanghai into a BG Group charter on January 29, 2013, GasLog now
has a twelve-ship fully owned fleet, of which three ships have been
delivered and are on charter and nine ships are either under
construction or to be constructed through Q2 2016. The strength of
GasLog’s existing fleet commitments and the addition of these new
long term charters allow GasLog to look at a range of charter
periods for its two open vessels, scheduled for delivery at the end
of 2014 and beginning of 2015. In particular, these factors allow
GasLog to be opportunistic in placing these vessels into
shorter-term charters if the Company determines such charters would
be beneficial to the overall earnings of the fleet.
Due to the support of Samsung Heavy Industries
and the consequently attractive terms achieved, GasLog does not
currently foresee the need to raise new equity within the next few
years to fund these two new orders. In addition, as previously
announced, we are currently reviewing our capital structure to
ensure that we are able to finance these vessels in a way that
maximizes shareholder value.
Paul Wogan, CEO, said “It is very pleasing to
be able to conclude these significant contracts with our largest
customer. These contracts reinforce our strategy of building high
quality ships at competitive prices for charter to strong,
creditworthy customers. The seasonal charter also demonstrates our
flexibility in meeting customer needs whilst also being able to
capitalize on opportunities in the LNG spot market during a period
where we expect increased demand for shipping from planned
liquefaction projects. We are very pleased to be building the new
vessels at Samsung as they have a solid track record for delivering
vessels on time and on budget for GasLog and the options we have
secured show a strong commitment between GasLog and Samsung to
continue to support each other’s growth ambitions. We believe that
these new orders further enhance our position as one of the worlds
leading LNG ship owners.”
About GasLog Ltd.
GasLog is an international owner, operator and
manager of LNG carriers. Following this announcement, GasLog’s
fleet consists of 12 wholly-owned LNG carriers, including two ships
delivered in 2010, one delivered in January 2013 and nine LNG
carriers on order. In addition, GasLog currently has 12 LNG
carriers operating under its technical management for third
parties. GasLog’s principal executive offices are located at Gildo
Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog’s website
is http://www.gaslogltd.com.
Forward Looking Statements
This press release contains “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. The reader is cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual
results could vary materially from our expectations and
projections. Risks and uncertainties include, but are not limited
to, general LNG and LNG shipping market conditions and trends,
including charter rates, ship values, factors affecting supply and
demand and opportunities for the profitable operations of LNG
carriers; our continued ability to enter into multi-year time
charters with our customers; our contracted charter revenue; our
customers’ performance of their obligations under our time charters
and other contracts; the effect of the worldwide economic slowdown;
future operating or financial results and future revenue and
expenses; our future financial condition and liquidity; our ability
to obtain financing to fund capital expenditures, acquisitions and
other corporate activities, and funding by banks of their financial
commitments; future, pending or recent acquisitions of ships or
other assets, business strategy, areas of possible expansion and
expected capital spending or operating expenses; our ability to
enter into shipbuilding contracts for newbuilding ships and our
expectations about the availability of existing LNG carriers to
purchase, as well as our ability to consummate any such
acquisitions; our expectations about the time that it may take to
construct and deliver newbuilding ships and the useful lives of our
ships; number of off-hire days, drydocking requirements and
insurance costs; our anticipated general and administrative
expenses; fluctuations in currencies and interest rates; our
ability to maintain long-term relationships with major energy
companies; expiration dates and extensions of charters; our ability
to maximize the use of our ships, including the re-employment or
disposal of ships no longer under multi-year charter commitments;
environmental and regulatory conditions, including changes in laws
and regulations or actions taken by regulatory authorities; risks
inherent in ship operation, including the discharge of pollutants;
availability of skilled labor, ship crews and management; potential
disruption of shipping routes due to accidents, political events,
piracy or acts by terrorists; and potential liability from future
litigation. A further list and description of these risks,
uncertainties and other factors can be found in our Prospectus
filed April 2, 2012. Copies of the Prospectus, as well as
subsequent filings, are available online at www.sec.gov or on
request from us. We do not undertake to update any forward-looking
statements as a result of new information or future events or
developments.
EXHIBIT I
Non-GAAP Financial Measures:
EBITDA represents earnings before interest
income and expense, taxes, depreciation and amortization. EBITDA,
which is a non-GAAP financial measure, is used as a supplemental
financial measure by management and external users of financial
statements, such as investors, to assess our financial and
operating performance. We believe that this non-GAAP financial
measure assists our management and investors by increasing the
comparability of our performance from period to period. We believe
that including EBITDA assists our management and investors in (i)
understanding and analyzing the results of our operating and
business performance, (ii) selecting between investing in us and
other investment alternatives and (iii) monitoring our ongoing
financial and operational strength in assessing whether to continue
to hold our common shares.
EBITDA has limitations as an analytical tool
and should not be considered as an alternative to, or as a
substitute for, profit, profit from operations, earnings per share
or any other measure of financial performance presented in
accordance with IFRS. This non-GAAP financial measure excludes
some, but not all, items that affect profit, and this measure may
vary among companies. This non-GAAP financial measure may not be
comparable to similarly titled measures of other companies in the
shipping or other industries.
Projected EBITDA for the two new vessels
ordered by GasLog for the first twelve months of operation is based
on the following assumptions:
- Delivery in Q1 and Q2 2016,
respectively, and timely receipt of charter hire specified in the
charter contracts;
- Utilization of 363 days, no
drydocking;
- Vessel operating and supervision costs
per current internal estimates; and
- General and administrative expenses per
current internal estimates.
We consider the above assumptions to be
reasonable as of the date of this report, but if these assumptions
prove to be incorrect, our actual EBITDA for the vessels could
differ materially from the information included in this
release.
1 EBITDA, which represents earnings before
interest income and expense, taxes, depreciation and amortization,
is a non-GAAP financial measure. Please refer to Exhibit I for
guidance on the underlying assumptions used to derive EBITDA.
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