MONACO - March 12, 2018 - GasLog Ltd.
("GasLog" or "the Company") (NYSE:GLOG), an international
owner, operator and manager of liquefied natural gas ("LNG")
carriers, is pleased to announce the order of a newbuild 180,000
cubic meter Flex Plus vessel with XDF propulsion from Samsung Heavy
Industries ("Samsung"). The newbuild vessel, Hull No. 2274, is
scheduled to deliver in the second quarter of 2020 and is currently
unchartered. The Company has also agreed options with Samsung for
additional newbuild vessels.
Paul Wogan, Chief Executive Officer of GasLog, commented, "Given
that the outlook for LNG shipping demand remains robust, and with
increasing evidence that newbuild prices are starting to rise, we
have moved to lock in a very attractive price for our second
newbuild order in 2018. We remain confident that the unit freight
cost advantage offered by the latest generation vessels will make
this ship highly attractive to customers looking for the most
competitive solution to their LNG shipping requirements."
Contacts:Alastair MaxwellChief Financial OfficerPhone:
+44-203-388-3105
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor
RelationsPhone: +1 212-223-0643
Email: ir@gaslogltd.com
About GasLog
GasLog is an international owner, operator and manager of LNG
carriers. GasLog's fully-owned fleet includes 29 LNG carriers
(including 23 ships in operation and six LNG carriers on order).
GasLog also has an additional LNG carrier which was sold to a
subsidiary of Mitsui Co., Ltd. and leased back under a long-term
bareboat charter. GasLog's consolidated fleet includes 12 LNG
carriers in operation owned by GasLog's subsidiary, GasLog
Partners. GasLog's principal executive offices are at Gildo Pastor
Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog's website is
http://www.gaslogltd.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to the following:
· general LNG shipping market conditions
and trends, including spot and long-term charter rates, ship
values, factors affecting supply and demand of LNG and LNG
shipping, technological advancements and opportunities for the
profitable operations of LNG carriers;
· fluctuations in spot and long-term
charter hire rates and vessel values;
· changes in our operating expenses,
including crew wages, maintenance, dry-docking and insurance costs
and bunker prices;
· number of offhire days and drydocking
requirements including our ability to complete scheduled
drydockings on time and within budget;
· planned capital expenditures and
availability of capital resources to fund capital expenditures;
· our ability to maximize the use of our
vessels, including the redeployment or disposition of vessels no
longer under long term time charter commitments, including the risk
that certain of our vessels may no longer have the latest
technology which may impact the rate at which we can charter such
vessels;
· our ability to maintain long term
relationships and enter into time charters with new and existing
customers;
· increased exposure to the spot market
and fluctuations in spot charter rates;
· fluctuations in prices for crude oil,
petroleum products and natural gas, including LNG;
· changes in the ownership of our
charterers;
· our customers' performance of their
obligations under our time charters and other contracts;
· our future operating performance and
expenses, financial condition, liquidity and cash available for
dividends and distributions;
· our ability to obtain financing to
fund capital expenditures, acquisitions and other corporate
activities, funding by banks of their financial commitments, and
our ability to meet our restrictive covenants and other obligations
under our credit facilities;
· future, pending or recent acquisitions
of or orders for ships or other assets, business strategy, areas of
possible expansion and expected capital spending;
· the time that it may take to construct
and deliver newbuildings and the useful lives of our ships;
· fluctuations in currencies and
interest rates;
· the expected cost of and our ability
to comply with environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory
authorities, governmental organizations, classification societies
and standards imposed by our charterers applicable to our
business;
· risks inherent in ship operation,
including the discharge of pollutants;
· our ability to retain key employees
and the availability of skilled labor, ship crews and
management;
· potential disruption of shipping
routes due to accidents, political events, piracy or acts by
terrorists;
· potential liability from future
litigation;
· any malfunction or disruption of
information technology systems and networks that our operations
rely on or any impact of a possible cybersecurity breach; and
· other
risks and uncertainties described in the Company's Annual Report on
Form 20-F filed with the SEC on February 28, 2018 and available at
http://www.sec.gov.
We undertake no obligation to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events, a change in our
views or expectations or otherwise, except as required by
applicable law. New factors emerge from time to time, and it is not
possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factor on our business or the extent
to which any factor, or combination of factors, may cause actual
results to be materially different from those contained in any
forward-looking statement.
The declaration and payment of dividends are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Bermuda
law and such other factors as our board of directors may deem
relevant.
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