GasLog Ltd. announces the acquisition of a new LNG carrier
06 Septembre 2013 - 11:09AM
Business Wire
GasLog Ltd. ("GasLog" or the "Company") (NYSE: GLOG)
today announced that it has signed a memorandum of agreement to
acquire the STX Frontier, a 2010-built, 153,600 cubic meter LNG
carrier from STX Pan Ocean LNG PTE. Ltd. ("STX Pan Ocean"), a
Singapore based company. The intention is that GasLog will take
over the vessel from STX Pan Ocean early in the fourth quarter of
2013 in Spain, which makes her well positioned to take advantage of
the current tight supply of tonnage for this winter in the
Atlantic.
Paul Wogan, CEO; said, "We are delighted to announce this
acquisition. We believe this modern asset will provide great value
for our shareholders based on the attractive purchase price and our
expectations for the charter market going forward.
We are also extremely pleased that we have now demonstrated our
ability to execute on the two separate growth strategies that we
have been articulating to our investors since becoming a public
company. Including this latest purchase with the four ships we
ordered earlier this year we have been able to grow our owned fleet
by 50%. We have accomplished this by adding the previously
announced medium to long term chartered newbuildings at attractive
rates and now with the opportunistic acquisition of a secondhand
ship.
The acquisition cost of the vessel is in the vicinity of USD 160
million, which we feel is a very attractive price. The opportunity
to acquire the vessel at this price was a consequence of the
well-publicized difficulties, which STX Pan Ocean has been
encountering. The price reflected the ability of GasLog to acquire
the ship at short notice and without a committed charter, hence
enabling the vendor to use the funds positively as part of their
own reconstruction. This speaks to the strength of the operation
and financial platform, which the Company has created.
With this acquisition we are further building a strategic mix of
potentially more opportunistic vessels that complement our existing
portfolio of medium- to long term fixed vessels. We think this
mixed portfolio is the best way to maximize risk adjusted returns
to our shareholders in what we believe will be a very positive
long-term LNG transportation market."
Simon Crowe, CFO; said, "Our current financial position and bank
financing commitments should allow us to complete our newbuilding
program and to fund this vessel without the need to issue
additional GasLog common shares.
As our portfolio mix develops and grows, it will allow us to be
more innovative with our capital structure as we asses the
different financial alternatives we have available to us. This
ensures that we maximize value for our shareholders.
The strength of the underlying business, with over $2.2 billion
of contracted revenue, combined with our operational platform mean
that we are well placed to take advantage of further opportunities
and to optimize our charter portfolio in what we currently see as a
tight short term market."
The transaction has been approved by the Korean Courts and the
Board of Directors of GasLog, and remains subject to customary
closing conditions, including satisfactory documentation.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. Following this announcement, GasLog’s fleet consists of
15 wholly-owned LNG carriers, including two ships delivered in
2010, four ships delivered in 2013 and eight 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. All statements, other than statements of historical
facts, that address activities, events or developments that the
Company expects, projects, believes or anticipates will or may
occur in the future, including, without limitation, future
operating or financial results and future revenues and expenses,
future, pending or recent acquisitions, general market conditions
and shipping industry trends, the financial condition and liquidity
of the Company, cash available for dividends payments, future
capital expenditures and dry-docking costs and new build vessels
and expected delivery dates, are 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 Annual Report filed March 28, 2013. Copies of the
Annual Report, 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.
Paul Wogan (CEO), Phone: +377 97975120orThor Knappe (SVP),
Phone: +377 9797 5117orRay Posadas, (Solebury Communications, NYC),
Phone: +1 203-428-3231orEmail: ir@gaslogltd.com
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024