GasLog Ltd. Reports Financial Results for the Quarter Ended June 30, 2014 - 500 Beiträge pro Seite | Diskussion im Forum

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GasLog Ltd. and its subsidiaries (“GasLog” or “Group” or “Company”) (NYSE:GLOG) , an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, today reported its financial results for …

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another LNG-Player...

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GasLog obtains bond terms amendment

GasLog said that it has received approval from its Norwegian Bondholders to amend the bond agreement entered into with the Nordic Trustee ASA in June 2013.

GasLog said in a statement it has grown significantly since the initial launch of the bond in June 2013, adding vessels and further fixed rate revenue whilst also increasing access to the capital markets, through the initial public offering of GasLog Partners.

The company has been successful in obtaining an amendment to the bond terms to allow it greater flexibility to make dividend payments or distributions in any given year.

In return for this greater flexibility the company has agreed to certain additional customary financial covenants should dividends exceed a specified proportion of consolidated net profit, GasLog added.

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GasLog posts USD 31.0 million Q3 profit

Monaco-based GasLog, an international owner, operator and manager of LNG tankers, said its profit was $31.0 million for the quarter ended September 30, compared to $9.2 million for the same quarter in 2013.

This increase is mainly attributable to the increase in revenues which were $99.4 million for the quarter, as compared to $43.2 million for the quarter ended September 30, 2013.

Paul Wogan, Chief Executive Officer, stated “GasLog has made good progress this quarter as we continue to execute on our business plan resulting in a $0.02 increase per common share in our quarterly dividend. The dropdown of two ships into GasLog Partners creates value for our shareholders as we recycle capital through the MLP to grow our business. This initial transaction could increase the distribution received by GasLog from the MLP by approximately 15%, subject to MLP Board approval. It would also mean the payments to GasLog move into the first tier of incentive distribution rights (“IDRs”). This ensures that GasLog will obtain a greater share of future incremental cash distributions.”
He added that during the third quarter and in recent weeks, the company has been encouraged by the increase in rates and the number of fixtures concluded in the short term market. During this period, PNG LNG informed GasLog that they would extend the GasLog Chelsea charter for an additional 75 days at the same rate.

“Whilst there has recently been significant volatility in global stock markets and commodity prices, GasLog has continued to perform strongly both from an operational and financial standpoint, with 14 of our 15 on-the-water vessels on long-term contracts. We remain well placed to grow the business further, through both newbuilding options and on-the-water acquisitions,” adds Wogan.

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GasLog said it has been delivered the fully owned LNG carrier GasLog Saratoga, from Samsung Heavy Industries.

The vessel has secured a charter to a first-class counter-party for her maiden voyage and will proceed accordingly, GasLog said in a statement.

The vessel is a 155,000 cubic meter tri-fuel Diesel Electric (TFDE) LNG carrier that sets new standards for efficient performance and environmental protection. The vessel is classified to the ABS ENVIRO+ notation, signifying the highest level of environmental protection and energy conservation. Furthermore, the vessel is equipped with a new type of cargo compressor that will reduce the release of greenhouse gasses and offer enhanced cargo and heel management.

GasLog has one LNG carrier newbuilding due for delivery in 2015, four in 2016 and four in 2017.

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GasLog buys two LNG carriers from BG

GasLog said it has entered into an agreement with Methane Services, a unit of BG Group, to acquire two modern tri-fuel diesel electric LNG carriers for a cost of $460 million.

The two vessels, Methane Becki Anne and Methane Julia Louise, will be chartered back to BG for periods of nine and eleven years with further options by the charterer to extend the term of the time charter for each vessel by either three or five years.

According to GasLog, the nine and eleven-year charters are very much in line with the company’s expectations. They add approximately $580 million of contracted revenue over the charter period and are expected to provide a combined annual EBITDA of approximately $46 million. Upon completion of the acquisition, the consolidated GasLog group will have total contracted revenues of approximately $3.3 billion.

Due to the length of the charters, both vessels will be eligible for dropdown into GasLog Partners, potentially increasing future distributions to GasLog in respect of its limited partner and general partner interests in GasLog Partners. On commencement of the charters the transaction is expected to be immediately accretive to Gaslog’s earnings per share.

The two vessels were built at Samsung Heavy Industries and delivered in 2010. GasLog supervised their construction and has technically managed both ships since delivery. They have TFDE propulsion, a cargo capacity of 170,000 cubic meters and have onboard reliquefaction plants, which enable reduced consumption of natural gas at lower speeds.

In connection with the transaction, GasLog has obtained commitments from DNB Bank ASA, for a $325 million secured credit facility and a $135 million subordinated two-year loan facility at rates in line with recent GasLog financings.

Paul Wogan, CEO of GasLog, said, “This is the third accretive transaction we have been fortunate enough to enter into with BG Group in 2014. These ships will be added to the Gaslog Partners drop down pipeline, extending the built-in growth for longer. Including this transaction, we will have added twelve ships to the GasLog fleet in 2014.”
GasLog expects the transaction to close in the first quarter of 2015. The charter commencement is expected to take place at the same time.

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GasLog prices shares offering

GasLog, an international owner, operator and manager of LNG carriers, said that it priced its public offering of 4.0 million shares of 8.75% series A cumulative redeemable perpetual preference shares.

The company placed a par value $0.01 per share, liquidation preference $25.00 per share at $25.00 per share, according to a company statement.

The company intends to file an application to list the series A preference shares on the New York Stock Exchange.

The net proceeds from the offering after deducting underwriting discounts and commissions are expected to be approximately $96.85 million. The company plans to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments.

The company has also granted the underwriters a 30-day option to purchase up to 600,000 additional series A preference shares to cover over-allotments, if any.

UBS Securities, Morgan Stanley & Co. and Stifel are acting as joint book-running managers of the offering, which was made under an effective shelf registration statement. Credit Suisse Securities (USA) is acting as joint lead manager.

The offering is expected to close on or about April 7, 2015.

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Antwort auf Beitrag Nr.: 49.472.237 von R-BgO am 01.04.15 10:03:07

GasLog buys two more LNG carriers from BG Group

GasLog said that it has completed the acquisition of two LNG carriers from Methane Services Limited, a BG Group unit, which was agreed on December 22, 2014.

This completes the third acquisition of ships from BG by GasLog in the last twelve months, with eight vessels acquired in total, the company informed in a statement.

The two ships will be chartered back to MSL for nine and eleven year initial terms. MSL has options to extend the term of the time charters for each vessel for three or five years at its election. The two vessels, built in 2010, are the Methane Becki Anne and Methane Julia Louise and each have a cargo capacity of 170,000 cubic meters and have on-board reliquefaction plants, which enable the vessels to operate in a more fuel efficient manner at a greater range of speeds than would otherwise be achievable.

Due to the length of the charters, both vessels will be eligible for drop down into GasLog Partners, that has 3 years in which to exercise its options to purchase these ships from GasLog at fair market value. This will potentially increase future distributions to GasLog in respect of its limited partner and general partner interests in the Partnership.

To complete the transaction, GasLog has drawn down on a $460 million credit facility led by DNB Bank, which comprises a $325 million secured credit facility and a $135 million subordinated two-year loan facility at rates in line with recent GasLog financings.

Poten Capital Services advised GasLog on this transaction.

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GasLog rakes in over USD 111 mln in public offering

GasLog, an international owner, operator and manager of LNG carriers, said it has closed its public offering of the Series A preference shares.

GasLog offered 4.6 million shares of 8.75% Series A cumulative redeemable perpetual preference shares, par value $0.01 per share, liquidation preference $25.00 per share priced at $25.00 per share, including 600,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional Series A preference shares, the company said in a statement.

The net proceeds from the offering after deducting underwriting discounts and commissions are approximately $111,337,500.

UBS Securities, Morgan Stanley & Co. and Stifel are acting as joint book-running managers of the offering. Credit Suisse Securities (USA) is acting as joint lead manager.



Notiz derzeit bei 25,77$

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Antwort auf Beitrag Nr.: 49.524.881 von R-BgO am 09.04.15 11:56:41

habe mir heute mal ein paar von den Preferreds geholt zu $25,35

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Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd.

have entered into an agreement to establish and operate an LNG Carrier Pool

Published: 13:01 CEST 18-08-2015 /GlobeNewswire /Source: Golar LNG / : GOL /ISIN: BMG9456A1009



Monaco - August 18, 2015 -

Dynagas Ltd. ("Dynagas"), GasLog Ltd. ("GasLog", NYSE: GLOG) and Golar LNG Ltd ("Golar", NASDAQ: GLNG) today jointly announce 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.

All three owners have expressed enthusiasm for the benefits the pool is anticipated to deliver to charterers and participants alike. 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.


"zusammen sind wir stark"

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GasLog secures financing for eight LNG newbuilds

Monaco-based LNG shipper GasLog informed that it has completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks for its current LNG newbuilding programme.

The newbuild facility covers eight vessels, which will be delivered between 2016 and 2019, GasLog said on Monday.

Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a BG Group unit following delivery.

GasLog’s outstanding capital expenditure for its eight-vessel newbuild programme is approximately $1.5 billion, with $1.3 billion of debt provided by the newbuild facility, representing all planned financing for the vessels, the company said.

As the vessels deliver over the next four years it is intended that the outstanding balance will be funded by cash on GasLog’s balance sheet and operational cash flow, it added.

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Antwort auf Beitrag Nr.: 49.743.768 von R-BgO am 08.05.15 20:11:31

aufgestockt und eigenen

Thread: Gaslog Ltd. preferred eröffnet

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GasLog completes refinancing for six LNG carriers

Monaco-based LNG shipper GasLog and GasLog Partners on Thursday completed the re-financing of six vessels.

According to the company’s statement, GasLog signed and executed a $576.5 million five vessel refinancing for debt maturities, which were due in 2016 and 2017, leaving it with no refinancing requirements until 2018.

The vessels covered by the five vessel re-financing are the GasLog-owned Methane Lydon Volney and Methane Becki Anne and the GasLog Partners-owned Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, GasLog said.

During the week, GasLog’s unit GAS-twenty six, signed a deal with a Mitsui unit for the sale and leaseback of the sixth vessel, the Methane Julia Louise.

Under the agreement, Mitsui can on-sell and leaseback the vessels. GasLog agreed to lease back the vessel for a period of up to 20 years with the option to re-purchase the vessel on pre-agreed terms no earlier than the end of year 10 and no later than the end of year 17 of the bareboat charter.

GasLog Partners retains its option to purchase the special purpose entity that controls the charter revenues of this vessel, GasLog said.

Methane Julia Louise remains under the 11 year charter with Methane Services, which is now a unit of Royal Dutch Shell following the completion of the Shell-BG deal.

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GASLOG LTD. ANNOUNCES THE APPOINTMENT OF BRUNO LARSEN AS HEAD OF FSRU DEVELOPMENT

MONACO, March 16, 2016 (GLOBE NEWSWIRE)

-- GasLog Ltd. (“GasLog”) (NYSE:GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announces that it has appointed Bruno Larsen as Head of Floating, Storage and Regasification Unit (“FSRU”) Development. Mr. Larsen has extensive experience in the LNG and FSRU sectors and will be responsible for leading GasLog’s commercial FSRU activities.

Mr. Larsen has 30 years of international experience in the global oil and gas industry, especially within the LNG sector, including LNG production, LNG shipping, floating production storage and offloading vessels, floating offshore import terminals and new technology.

Prior to joining GasLog, Mr. Larsen held a number of senior LNG roles at WorleyParsons, BW Offshore, Hamworthy, Hoegh LNG and Total.

GasLog is currently evaluating a number of FSRU opportunities as well as undertaking a front-end engineering and design (“FEED”) study at the Keppel shipyard in Singapore. The study is focused on the potential conversion of GasLog’s and GasLog Partners LP’s existing steam and tri-fuel diesel electric LNG carriers into FSRU vessels.

Speaking on his appointment, Mr. Larsen commented, “I am delighted to join GasLog, one of the leading LNG transportation companies in the world. GasLog has the technical expertise and the platform to become a leading player in the FSRU market and I am excited around the future opportunities for the company.”

Paul Wogan, Chief Executive Officer of GasLog Ltd. commented, “We are very happy to welcome Bruno to GasLog to lead our FSRU development. He brings a wealth of experience and joins us at an exciting time in the development of the FSRU market. Given the significant volumes of new LNG production due to come online over the next few years, we expect FSRU’s will play an increasingly important role in creating new markets for LNG. Bruno’s knowledge and experience will further enhance GasLog’s capabilities as we move into this growing sector of the market.”

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GasLog Greece starts 10-year charter with Shell

GasLog, the Monaco-based owner of LNG carriers announced on Thursday the delivery of its 174,000 cbm LNG carrier GasLog Greece.

The tri-fuel diesel electric (TFDE) LNG carrier was built by Samsung Heavy Industries of South Korea.

This delivery marks the first of GasLog’s eight “G-Class” vessels, which will deliver over the next 3 years, GasLog said in its statement.

Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Hague-based LNG giant Shell.

Seven of the eight G-Class vessels have long-term contracts of between 7 and 10 years. Committed bank financing has been secured for all of the eight newbuild vessels, through the $1.3bn newbuild facility announced in October 2015, GasLog said.

GasLog Partners has the right to acquire the GasLog Greece pursuant to the omnibus agreement between parent company GasLog and the partnership.

Paul Wogan, Chief Executive Officer of GasLog, commented, “The GasLog Greece is the first of four newbuilding deliveries for GasLog in 2016. All of these vessels have firm, long-term contracts with a very high quality counterparty. They will contribute significant revenue and EBITDA growth to GasLog as each vessel begins operating under its charter.”

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GasLog posts Q1 loss

GasLog, the owner and operator of liquefied natural gas carriers posted a US$15.9 million loss compared to the $4.3 million profit for the corresponding period the previous year.

Paul Wogan, Chief Executive Officer said that during the quarter, GasLog took delivery of the GasLog Greece, the first of the eight newbuilding vessels on order.

The vessel has a ten-year contract with a subsidiary of Shell and is one of seven vessels with multi-year contracts due to be delivered between now and 2019.

“Through these long-term charters with Shell, GasLog has contracted revenue for 74% of the available days through to the end of 2018 giving significant revenue and cash flow visibility,” Wogan said.

He added that the short-term LNG shipping market continues to be challenging with a number of vessels waiting to service projects that have either been delayed or out of action in recent months. This resulted in low levels of overall fleet utilization.

GasLog’s revenues were at $104.4 million for the first quarter compared to the $97.3 million during the same quarter last year. The increase is due to new acquisitions and deliveries, although it has been partially offset by the adverse impact of the current weak spot market.

With projects coming online in Australia and the start of LNG exports from the United States, GasLog noted encouraging levels of tendering activity for vessels to transport these increased LNG volumes, with charterers considering on-the-water and newbuilding vessels for medium and long-term employment.

The long-term supply and demand outlook for LNG shipping is also positive as a future shortfall of vessels required for the new projects coming online is expected.

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GasLog completes bond issuance in Norwegian market

Monaco-based LNG shipper completed the issuance of NOK750 million (approx. US$90 million) new unsecured bonds in the Norwegian market.

Earlier in the week GasLog informed it is considering the bond issuance as it looks to refinance its existing bonds, maturing in June 2018.

According to the statement released following the issuance on Tuesday, GasLog noted the bonds will mature in May 2021 and will have a coupon of 6.9 percent over 3 month NIBOR, and the transaction is expected to settle on June 27.

Simon Crowe, GasLog CFO, speaking about the bond issuance added the company is looking to extend the maturity of half of its existing bonds and position the company for further growth as the LNG shipping markets recover.

DNB Markets, Nordea Markets and SEB acted as joint lead managers and bookrunners, and Arctic Securities as co-manager in connection with the transaction, GasLog said.

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GasLog secures $1.05 bln LNG carriers refinancing

Monaco-based owner and operator of liquefied natural gas carriers, GasLog secured debt financing ofUS$1.05 billion to refinance eight on-the-water vessels, delivered between 2010 and 2015.

Under the $1.05 billion financing, GasLog secured $960 million to refinance bank debt across six legacy facilities, a $100 million revolving credit facility, extended the maturity of the existing facilities to 2021, GasLog said in its statement on Monday.

The legacy facility, launched with a number of international banks, is expected to close early in the second half of 2016.

The eight vessels covered by the facility are, GasLog Savannah, GasLog Singapore, GasLog Chelsea, GasLog Skagen, GasLog Seattle, Solaris, GasLog Saratoga, and GasLog Salem all with a cargo capacity of 155,000 cbm, except the GasLog Chelsea which has the capacity to transport 153,600 cbm.

Speaking of the facility, the company’s chief financial officer, Simon Crowe, said the refinancing simplifies GasLog’s bank facilities and creates additional liquidity for the company that is looking to pursue a number of growth opportunities in the LNG carrier and FSRU sectors.

Citibank, Credit Suisse and Nordea Bank are acting as mandated lead arrangers and joint bookrunners.

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GasLog charters LNG newbuild to Total

Monaco-based owner and operator of LNG carriers, GasLog said on Monday it has signed a time charter party with a unit of French energy giant Total to charter “Hull 2801” for a period of seven years.

According to GasLog, Hull 2801 was the shipping company’s only newbuild vessel without a multi-year contract.

The vessel is currently under construction at Hyundai Heavy Industries in South Korea and is due to be delivered in 2018.

The charter with Total Gas & Power Chartering Limited will start in mid-2018 at a date to be finalized ahead of the commencement of the charter, GasLog said, adding that a further option period of three years has been granted at the charterer’s option.

Following the charter of this vessel, all of GasLog’s six remaining newbuild vessels have firm, long-term charters of between 7 and 10 years.

“The daily charter rate is in line with GasLog’s average long-term charter rate and the gross contracted revenue from the contract is approximately $190 million over the seven-year firm period,” the shipping company said.

GasLog Partners has the right to acquire Hull 2801 pursuant to the omnibus agreement between GasLog and GasLog Partners. Securing a seven-year charter on this vessel extends GasLog Partners’ dropdown pipeline of future vessels from twelve to thirteen.

“The charter rate is consistent with long-term industry averages, demonstrating the resilience of long term charter rates against the volatility of the short term market. The contracted EBITDA from this vessel means that GasLog has over $180 million of annualized in-built EBITDA from its eight newbuilds, two of which have already been delivered this year,” said Paul Wogan, Chief Executive Officer of GasLog.


=> 190.000.000 / (365x7) = ca. 74.000 p.T.

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GasLog pens charter deal with Centrica, orders LNG carrier at SHI


Monaco-based LNG shipper GasLog, signed a time charter party with Centrica, a UK-based energy company, to charter a newbuild LNG carrier for a period of seven years.

The vessel, with the capacity to transport 180,000-cbm of LNG, featuring XDF propulsion, has been ordered at South Korean shipbuilder Samsung Heavy Industries.

Under the agreement, the seven-year charter deal will start in the second half of 2019, GasLog said in a statement.

GasLog Partners has the right to acquire the vessel pursuant to the omnibus agreement between GasLog and GasLog Partners. Securing a seven-year charter on this vessel extends GasLog Partners’ dropdown pipeline of future vessels from thirteen to fourteen.

Following this charter, GasLog has five newbuilds with contracts of between 7 and 10 years, which deliver over the next three years.

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GASLOG PARTNERS LP ANNOUNCES ACQUISITION OF GASLOG SEATTLE FROM GASLOG LTD. FOR $189 MILLION


MONACO, Oct. 27, 2016 (GLOBE NEWSWIRE) --

GasLog Partners LP (NYSE:GLOP) ("GasLog Partners" or the "Partnership") and GasLog Ltd. (NYSE:GLOG) ("GasLog") announced today that they have entered into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Seattle (the "Acquisition"). The aggregate purchase price for the Acquisition will be $189 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of GasLog Seattle's existing debt. The Acquisition is expected to close in the fourth quarter of 2016 and is subject to satisfaction of certain closing conditions.

GasLog Seattle is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas ("LNG") carrier built in 2013 and operated by GasLog since delivery. The vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc ("Shell") through December 2020. Shell has two consecutive 5-year extension options, which if exercised, would extend the charter for a period of either 5 or 10 years.

The Partnership believes the Acquisition will be immediately accretive to unitholder distributions and consistent with its strategy to grow cash distributions through dropdown and third-party acquisitions. GasLog Partners estimates that, assuming full utilization, GasLog Seattle will add approximately $20 million to EBITDA(1) and $10 million to distributable cash flow(1) in the first 12 months after closing. Accordingly, the Acquisition purchase price represents a multiple of approximately 9.4x estimated EBITDA. The Board of Directors of GasLog, the Board of Directors of GasLog Partners (the "Board"), and the Conflicts Committee of the Board have approved the Acquisition.

Following the completion of the Acquisition, the Partnership's management intends to recommend to the Board an approximately 5% annualized increase in the Partnership's cash distribution per unit. Any such increase would be conditioned upon, among other things, the closing of the Acquisition, the approval of such increase by the Board, and the absence of any material adverse developments or potentially attractive opportunities that would make such an increase inadvisable.

Andy Orekar, Chief Executive Officer of GasLog Partners, stated, "I am very pleased to announce the Partnership's third accretive dropdown transaction. Acquiring this strategically attractive vessel and its multi-year charter to Shell highlights GasLog Partners' differentiated business model, which provides cash flow stability with growth through acquisitions. The Acquisition extends our average remaining charter duration and is consistent with our track record of delivering a 10-15% CAGR from IPO in cash distributions.

After closing the Acquisition, GasLog Partners will have a dropdown pipeline of thirteen vessels and a strong balance sheet, providing a highly visible path to future distribution increases."

Paul Wogan, Chief Executive Officer of GasLog, stated, "I am delighted that, despite challenging market conditions, we continue to execute on our strategy of dropping vessels into GasLog Partners and recycling the capital to GasLog. This transaction continues to strengthen our balance sheet and provides further funding for future profitable growth. We also benefit from increases in GasLog Partners' distribution through our unit ownership and incentive distribution rights, which should continue to enhance our valuation."

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Antwort auf Beitrag Nr.: 52.007.618 von R-BgO am 18.03.16 07:25:10

GASLOG LTD. ANNOUNCES ORDER OF FSRU LONG LEAD ITEMS FOR LNG CARRIER CONVERSION

MONACO, Dec. 05, 2016 (GLOBE NEWSWIRE) --


GasLog Ltd. ("GasLog", NYSE: GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, today announces that Keppel Shipyard Limited ("Keppel") has begun ordering long lead items ("LLI's") required for the conversion of a GasLog or GasLog Partners LP ("GasLog Partners", NYSE: GLOP) LNG carrier to a floating storage and re-gasification unit ("FSRU").

The LLI's include pumps, vaporizers, heat exchangers and low duty compressors, which are vital equipment for the conversion process. The LLI's take approximately 12 months to deliver at a total cost of around $16 million.

Ordering the LLI's reduces the time necessary to convert an LNG carrier from between 18-20 months to 6-8 months once the LLI's are delivered.

Keppel is the world's leading shipyard for FSRU conversions, having carried out 3 successful conversion projects in the past.

Securing the LLI's at this time, puts GasLog in a position to offer a fast track solution for FSRU projects in the future. GasLog is working on a number of potential projects where the LLI's could be used in a vessel conversion and has a number of well suited candidates for conversion in its fleet of LNG carriers.

Paul Wogan, Chief Executive Officer of GasLog Ltd., stated: "GasLog's success in developing both its FSRU capability and its industry relationships has allowed the early ordering of the LLI's. This is a reflection of the progress we are making with a number of different projects around the world."

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Monaco - February 9, 2017 -

GasLog Ltd. ("GasLog", NYSE: GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, today announces that it has closed the sale and purchase agreement ("SPA") to acquire a twenty percent (20%) shareholding in Gastrade S.A. ("Gastrade"). Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure.

Following an initial announcement on December 22, 2016, where GasLog announced it had entered into the SPA, all conditions required to close the SPA acquisition have now been satisfied and GasLog has become a 20% shareholder in Gastrade.

Gastrade is a private limited company, incorporated in Greece and formed by Asimina-Eleni Copelouzou. Gastrade has been involved in the development of this FSRU project over a number of years. GasLog, as well as being a shareholder, will provide operations and maintenance ("O&M") services for the FSRU through an O&M agreement.

Gastrade is currently in discussions with a number of additional potential investors, including DEPA, the Greek state owned gas company, Bulgarian Energy Holding (BEH), the holding company of the Bulgarian Ministry of Energy and major gas suppliers. Other large scale international companies have expressed an intention to participate in the ownership and development of the terminal. A number of companies have also expressed interest in supplying LNG to the project.

This FSRU project would provide a new route and a vital source of gas diversification to a number of countries that are currently highly dependent on pipeline gas in South East and Central Europe. As well as enhancing security of supply in the region, it will promote competition and pricing flexibility. The project has the backing of the Greek and the Bulgarian Governments as well as the support of the EU. It has been assigned the status of an EU Project of Common Interest ("PCI"), that is further designated as a priority EU energy infrastructure project. The front-end engineering and design ("FEED") study is expected to be part-funded by an EU grant, and is scheduled to commence in the coming weeks.

Gastrade targets to take final investment decision ("FID") by the end of 2017 with the Project scheduled to be operational by end of 2019.

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MONACO - March 13, 2017 -

GasLog Ltd. ("GasLog" or the "Company") (NYSE:GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announced today that it plans to offer $250 million aggregate principal amount of senior unsecured notes due 2024 (the "Notes") in a public offering under its effective shelf registration statement.

The Company plans to use the net proceeds from the offering for repayment of debt and general corporate purposes, including working capital.

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Antwort auf Beitrag Nr.: 54.525.470 von R-BgO am 13.03.17 13:26:50

GASLOG LTD. ANNOUNCES THE CLOSING OF ITS PUBLIC OFFERING OF 8.875% SENIOR NOTES DUE 2022

MONACO - March 22, 2017 -

GasLog Ltd. ("GasLog" or the "Company") (NYSE:GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announced today the closing of its public offering of $250.0 million aggregate principal amount of 8.875% Senior Notes due 2022 (the "Notes") at a public offering price of 100% of the principal amount.

The net proceeds from the offering after deducting the underwriting discount and estimated offering expenses are expected to be approximately $245,280,750. The Company plans to use the net proceeds from the offering for repayment of debt and general corporate purposes, including working capital.

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dropdown:

GASLOG PARTNERS LP ANNOUNCES ACQUISITION OF GASLOG GREECE FROM GASLOG LTD. FOR $219 MILLION

MONACO - March 23, 2017 -

GasLog Partners LP (NYSE:GLOP) ("GasLog Partners" or the "Partnership") and GasLog Ltd. (NYSE:GLOG) ("GasLog") announced today that they have entered into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Greece (the "Acquisition"). The aggregate purchase price for the Acquisition will be $219 million, which includes $1 million for positive net working capital balances to be transferred with the vessel.

GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of $151 million of GasLog Greece's existing debt. The Acquisition is expected to close in the second quarter of 2017 and is subject to satisfaction of certain customary closing conditions. The Board of Directors of GasLog, the Board of Directors of GasLog Partners (the "Board"), and the Conflicts Committee of the Board have approved the Acquisition.

GasLog Greece is a 174,000 cubic meter tri-fuel diesel electric liquefied natural gas ("LNG") carrier built in 2016 and operated by GasLog since delivery. The vessel is currently on a long-term time charter with a wholly owned subsidiary of Royal Dutch Shell plc ("Shell") through March 2026. Shell has the option to extend the charter for a further five years.

The Partnership believes the Acquisition will be immediately accretive to unitholder distributions and consistent with its strategy to grow cash distributions through dropdown and third-party acquisitions. GasLog Partners estimates that, assuming full utilization, GasLog Greece will add approximately $24 million to EBITDA(1) and $13 million to distributable cash flow(1) in the first 12 months after closing. Accordingly, the Acquisition purchase price represents a multiple of approximately 9.1x estimated EBITDA.

Upon closing, the Acquisition will be supportive of GasLog Partners' guidance to grow unitholder distributions at a 10% to 15% compound annual rate since IPO. In conjunction with today's announcement, the Partnership affirms this growth guidance, which would result in an annualized distribution of $2.09 per unit or higher by the fourth quarter of 2017.

Andy Orekar, Chief Executive Officer of GasLog Partners, stated, "I am very pleased to announce the Partnership's fourth accretive dropdown transaction. Acquiring this strategically attractive vessel and its charter to Shell with nine years remaining highlights GasLog Partners' differentiated business model, which provides cash flow stability with growth through acquisitions.

The Acquisition expands the Partnership's fleet to ten wholly owned LNG carriers, extends our average remaining charter duration and significantly increases our EBITDA and distributable cash flow. After closing the Acquisition, GasLog Partners will have a dropdown pipeline of twelve vessels, providing a visible path to future distribution increases."

Paul Wogan, Chief Executive Officer of GasLog, stated, "I am delighted that we continue to execute on our strategy of dropping vessels into GasLog Partners and recycling the capital to GasLog. The proceeds from the sale, which values GasLog Greece at a premium to book value, will strengthen our balance sheet and provide further funding for future profitable growth. We also benefit from increases in GasLog Partners' distribution through our unit ownership and incentive distribution rights, which should continue to enhance our cash flow, growth prospects and valuation. Based on the Partnership's growth guidance, GasLog's annualized distributions received from GasLog Partners are expected to equal approximately $25 million or higher by the fourth quarter of 2017."

(1)EBITDA and distributable cash flow are non-GAAP financial measures. Please refer to Exhibit I for guidance on the underlying assumptions used to derive EBITDA and distributable cash flow.

[R-BgO]

Antwort auf Beitrag Nr.: 54.617.567 von R-BgO am 27.03.17 08:39:59

nächster dropdown:

GasLog Partners to buy GasLog Geneva LNG carrier

GasLog Partners, the New York-listed spinoff of LNG shipper GasLog has agreed to buy GasLog Geneva LNG carrier from its parent company for $211 million.

The partnership informed it expects to finance the acquisition with cash on hand, including proceeds from its recent preference unit offering, and the assumption of $155 million of GasLog Geneva’s existing debt.

The acquisition is expected to close in the third quarter of 2017.

GasLog Geneva is a 174,000 cubic meter tri-fuel diesel electric liquefied natural gas carrier built in 2016 and operated by GasLog since delivery.

The vessel is currently on a long-term time charter with a unit of Royal Dutch Shell through September 2023. Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or eight years.

[R-BgO]

Antwort auf Beitrag Nr.: 55.066.702 von R-BgO am 02.06.17 12:50:04

und oben wird nachgefüllt:

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GasLog adds XDF LNG carrier to its fleet

A naming ceremony for GasLog’s newest liquefied natural gas (LNG) carrier with XDF propulsion was recently held at the Samsung Heavy Industries’ shipyard in South Korea.

The 174,000-cbm newbuild GasLog Genoa was named on March 27 and delivered to its owner on March 29, the Monaco-based LNG shipping company said on Tuesday.

The LNG carrier powered by a low-pressure dual-fuel engine has been previously chartered for a long-term period by the Hague-based LNG giant Shell.

According to GasLog, the vessel has a low boil-off rate of 0.085% and is equipped with an onboard reliquefaction plant.

The vessel data provided by VesselsValue shows that the LNG tanker is currently worth at around $188.8 million.

With the latest addition, GasLog’s total fleet consists of 27 LNG carriers with 23 vessels on the water and 4 on order, according to the shipping company’s website.

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sie fühlen sich aktuell offenbar recht wohl:

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GASLOG LTD. ANNOUNCES TWO FURTHER LONG-TERM CHARTERS WITH CHENIERE AND PLACES NEWBUILDING ORDERS AT SAMSUNG HEAVY INDUSTRIES

Monaco, Dec. 26, 2018 (GLOBE NEWSWIRE) --

GasLog Ltd. ("GasLog") (NYSE:GLOG) is pleased to announce that, as referenced in the GasLog press release of August 20, 2018, Cheniere Marketing International LLP has exercised its option for two new charter party agreements each for a firm period of seven years.

To fulfil the Charters, two LNG carriers have been ordered from Samsung Heavy Industries in South Korea.

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Antwort auf Beitrag Nr.: 59.519.110 von R-BgO am 28.12.18 09:42:27

bei der Gelegenheit:

(hatte ich bisher übersehen)

GASLOG LTD. AND GASLOG PARTNERS LP ANNOUNCE AGREEMENT TO MODIFY INCENTIVE DISTRIBUTION RIGHTS

Monaco, Nov. 16, 2018 (GLOBE NEWSWIRE) --

GasLog Ltd. ("GasLog" or “the General Partner”) (NYSE:GLOG) and GasLog Partners LP ("GasLog Partners" or “the Partnership”) (NYSE:GLOP) today announce an agreement to modify the partnership agreement with respect to the General Partner’s incentive distribution rights (“IDR”).

The modification will have the effect of reducing the General Partner’s IDRs on quarterly distributions above $0.5625 per unit from 48% to 23%. GasLog has further agreed to waive IDR payments resulting from any asset or business acquired by GasLog Partners from a third party. In exchange for these modifications, the Partnership will pay $25.0 million to GasLog which will be sourced from available cash.

The Board of Directors of GasLog, the Board of Directors of GasLog Partners (the "Board") and the Conflicts Committee of the Board have each approved the exchange of the IDRs and the modification of the partnership agreement described above, subject to execution of definitive documentation. Evercore advised the Conflicts Committee of the Board.

The highlights of the transaction are:

* Proactive reduction of expected future IDR payments to support GasLog Partners’ continued growth;
* Accretive to the Partnership’s estimated distributable cash flow per LP unit in 2019 and beyond;
* Reduction in cost of capital for future acquisitions from the General Partner;
* Meaningfully enhances competitiveness when pursuing acquisitions from third parties;
* No incremental common units or new debt to be issued by the Partnership in connection with the IDR modifications; and
* Reiteration of GasLog Partners’ distribution growth guidance of 5 to 7% in 2018 and 2% to 4% in 2019.

Paul Wogan, Chief Executive Officer of GasLog, stated, “Since its inception in 2014, GasLog Partners has recycled over $700 million in equity to GasLog, supporting our growth initiatives. As the Partnership’s largest LP unitholder, we are pleased to announce the IDR modifications, positioning GasLog Partners for continued success and enabling the wider GasLog group to continue executing on its strategy. GasLog believes the elimination of the 48% IDR tier and waiver of IDRs from third-party acquisitions constitute a meaningful first step and, over time, we expect to consider further IDR modifications in support of the Partnership’s future growth.”

Andy Orekar, Chief Executive Officer of GasLog Partners, stated, “As we are addressing our future IDR payments prior to entering the highest tier, we are undertaking these modifications from a position of strength, underscoring the commitment of GasLog to the Partnership.

The transaction is expected to be accretive to GasLog Partners’ distributable cash flow per LP unit, and accordingly we reiterate our distribution growth guidance of 5% to 7% for 2018 and 2% to 4% for 2019.

Today’s IDR modifications reduce our expected cost of equity capital, facilitating dropdown acquisitions from GasLog and enabling the Partnership to compete more effectively for third-party acquisitions."

[R-BgO]

Antwort auf Beitrag Nr.: 59.519.110 von R-BgO am 28.12.18 09:42:27

GASLOG LTD. ANNOUNCES FURTHER DETAILS ON LONG-TERM CHARTERS WITH CHENIERE AND NEWBUILDING ORDERS AT SAMSUNG HEAVY INDUSTRIES


Monaco, Jan. 09, 2019 (GLOBE NEWSWIRE) --

(A summary of this press release was originally issued on December 26, 2018. This version expands on the original)

GasLog Ltd. ("GasLog") (NYSE:GLOG) is pleased to provide further detail on the new charter party agreements (the “Charters”), each for a firm period of seven years, with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), originally announced on December 26, 2018.

To fulfil the Charters, two 180,000 cubic meter LNG carriers (HN 2311 and HN 2312) with low pressure two stroke (“LP-2S”) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries in South Korea, with expected delivery in mid-2021. The Charters build on GasLog’s existing relationship with Cheniere, which now totals four newbuilds on order and the GasLog Partners LP ("GasLog Partners", NYSE:GLOP) owned GasLog Sydney, which is currently on a multi-year time charter.

The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.

GasLog Partners has the right to acquire the vessels delivered into the Charters pursuant to the omnibus agreement between GasLog and GasLog Partners. As a result, GasLog Partners’ potential dropdown pipeline will increase to 12 LNG carriers with charter length of five years or longer and the Partnership is well positioned to announce a further dropdown acquisition within the first quarter of 2019.

Paul Wogan, Chief Executive Officer of GasLog, stated, “I am delighted to build further on our existing relationship with Cheniere. The four newbuilds that we now have on order for them will provide further support for their leading position in US LNG exports.

We announced seven newbuild orders in 2018, all equipped with the latest advancements in propulsion and boil-off technology. Six of these newbuilds have long-term charters attached, cementing our status as a leading owner and operator of LNG carriers. Attractive LNG shipping market fundamentals, the strong liquidity position of the GasLog group and increasing debt capacity due to scheduled amortization underpin the funding strategy for our newbuild program. As a result of our activities in 2018, we have made substantial progress towards meeting our target of more than doubling consolidated EBITDA over the 2017-2022 period.”

[R-BgO]

[profiteppich]

mittlerweile Bermudas registriert mit Head Office in Piräus, richtig?

[anfaenger85104]

Hallo, gibt es News? Weil es seit Tagen Berg ab geht?