For God's sake do not mention the dateline on this release to the Lady attorneys.
They missed last month's St. Tropez regatta and will immediately glom onto Monaco and start thinking of the Primo Cup – Trophée Credit Suisse and the houly will jump as they get new hobnobbing duds and...ugggh.
From the company via Globe Newswire, Nov. 1:
GasLog Ltd. Reports Financial Results for the Quarter Ended September 30, 2018
Monaco, Nov. 01, 2018 (GLOBE NEWSWIRE) -- GasLog Ltd. and its subsidiaries (“GasLog”, “Group” or “Company”) (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, today reported its financial results for the quarter ended September 30, 2018.
Highlights
•Record Revenues of $158.4 million (Q3 2017: $131.2 million), Profit of $39.3 million (Q3 2017: $24.2 million) and Earnings per share of $0.19(1) (Q3 2017: Earnings per share of $0.03) for the quarter ended September 30, 2018. • Record EBITDA(2) of $114.0 million (Q3 2017: $89.6 million), record Adjusted EBITDA(2) of $114.2 million (Q3 2017: $89.7 million), Record Adjusted Profit(2) of $32.3 million (Q3 2017: $21.1 million) and Adjusted Earnings per share(2) of $0.11(1) (Q3 2017: Adjusted Loss per share of $0.00) for the quarter ended September 30, 2018. • Highest ever net pool performance from our vessels trading in the spot market under the LNG carrier pooling agreement (the “Cool Pool”) following a significant increase in LNG shipping spot rates during the third quarter.
•Signed two seven-year charter parties with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), for two newbuild LNG carriers. The vessels, 174,000 cubic meter (“cbm”) LNG carriers with dual fuel two stroke engine propulsion (“LP-2S”) and GTT Mark III Flex Plus containment systems, were ordered from Samsung Heavy Industries Co., Ltd. (“Samsung”) and are scheduled for delivery in late 2020....MUCH MORE
•Post-quarter end, announced the sale of the Methane Becki Anne to GasLog Partners LP (“GasLog Partners” or the “Partnership”) for $207.4 million, with attached multi-year charter to a subsidiary of Royal Dutch Shell plc (“Shell”).
•Continued success of the Partnership’s At-The-Market Common Equity Offering Programme (“ATM Programme”) with net proceeds of $54.0 million raised during the quarter pursuant primarily to an agreement for the sale of 2,250,000 common units to funds managed by Tortoise Capital Advisors, L.L.C. (“Tortoise”), and total net proceeds of $121.4 million raised since inception of the programme.
•Quarterly dividend of $0.15 per common share payable on November 21, 2018, 7.1% higher than the third quarter of 2017.
(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS are net of the profit attributable to the non-controlling interests of $21.0 million and the dividend on preferred stock of $2.5 million for the quarter ended September 30, 2018 ($18.9 million and $2.5 million, respectively, for the quarter ended September 30, 2017).
(2) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP financial measures and should not be used in isolation or as a substitute for GasLog’s financial results presented in accordance with International Financial Reporting Standards (“IFRS”). For the definitions and reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release. CEO Statement
Paul Wogan, Chief Executive Officer, stated: “The LNG shipping market tightened considerably in the third quarter, driving headline spot rates to multi-year highs and delivering a record result for our ships operating in the Cool Pool. This, together with the contribution of our three newbuild vessels delivered earlier in 2018, produced another set of record quarterly results for GasLog. With further strengthening of spot rates in October, we anticipate another significant increase in our spot earnings during the fourth quarter of 2018, despite the time lag for headline rates to manifest themselves in spot vessel earnings. Spot rate strength means our six open vessels are creating significant incremental cash flow which should allow us to consider increasing our returns to shareholders....
The replay of the conference call is available at: the Investor Relations page of the Company's website at http://www.gaslogltd.com/investor-relations.
