GasLog Ltd. Reports Financial Results for the Quarter Ended June 30, 2018

Monaco, Aug. 02, 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 June 30, 2018.

Highlights

Signed a multi-year charter party with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica plc (“Centrica”), for a newbuild LNG carrier. The vessel, a 180,000 cubic meter (“cbm”) LNG carrier to be built by Samsung Heavy Industries Co., Ltd. (“Samsung”) with dual fuel two stroke engine propulsion (“LP-2S”), is scheduled for delivery in the third quarter of 2020.
   
Completed the sale of the GasLog Gibraltar to GasLog Partners LP (“GasLog Partners” or the “Partnership”) for $207.0 million on April 26, 2018. Part of the consideration was satisfied by the private issuance of $45.0 million of common units in GasLog Partners to GasLog.
   
Completion of the dry-docking of, and installation of reliquefaction modules on, the GasLog Santiago and the GasLog Sydney, enhancing the commercial competitiveness of both vessels.
   
GasLog Partners announced a new time charter for the GasLog Sydney for 18 months with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), scheduled to commence between September and December 2018.
   
Revenues of $132.8 million (Q2 2017: $129.9 million), Profit of $14.2 million (Q2 2017: $6.9 million) and Loss per share of $0.08(1) (Q2 2017: Loss per share of $0.12) for the quarter ended June 30, 2018.
   
EBITDA(2) of $92.6 million (Q2 2017: $87.4 million) and Adjusted EBITDA(2) of $92.9 million (Q2 2017: $87.4 million), Adjusted Profit(2) of $14.8 million (Q2 2017: $14.4 million) and Adjusted Loss per share(2) of $0.07(1) (Q2 2017: Adjusted Loss per share of $0.03) for the quarter ended June 30, 2018.
   
Quarterly dividend of $0.15 per common share payable on August 23, 2018, 7.1% higher than the second quarter of 2017.

(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS are net of the profit attributable to the non-controlling interests of $17.8 million and the dividend on preferred stock of $2.5 million for the quarter ended June 30, 2018 ($14.4 million and $2.5 million, respectively, for the quarter ended June 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: “We continued to execute our long-term strategy in the second quarter with the announcement of a new seven-year time charter party with a wholly owned subsidiary of Centrica. Against this, we ordered a newbuild 180,000 cbm LNG carrier with LP-2S propulsion from Samsung for delivery in the third quarter of 2020. We now have five newbuilds on order for delivery in 2019 and 2020, three of which have committed multi-year charters, while the two uncommitted newbuilds are expected to deliver into an attractive LNG shipping market.

As we anticipated, there was seasonal weakening in demand for LNG and for LNG shipping in the second quarter. LNG shipping spot rates troughed in late April but then more than doubled through June, driven by counter seasonal strength in LNG demand and Asian pricing that provided a clear arbitrage opportunity between the Atlantic and Pacific Basins. If this recent momentum is maintained through the 2018/19 winter, we expect the future financial performance of our spot vessels to show significant improvement on the second quarter of 2018.

The longer-term supply and demand fundamentals for LNG remain very positive, with China’s LNG imports, in particular, increasing 50% year-on-year in the first half of 2018. On the back of these robust fundamentals, Cheniere took a final investment decision (“FID”) on Corpus Christi Train 3 which was the first new liquefaction FID since June 2017. We have seen momentum pick up for new, long-term offtake contracts which should encourage further new liquefaction FIDs within the next 12 to 18 months. GasLog is well positioned to capitalize on the shipping requirements for any new LNG supply.

LNG Market Update and Outlook

Demand for natural gas and LNG remains robust, underpinned in the second quarter by significant increases in demand from major Asian consumers. According to Poten, LNG imports into China, South Korea and India during the first half of 2018 increased 50%, 14% and 10%, respectively, year-on-year, marginally offset by a 3% reduction in Japan’s LNG imports. In particular, the growth in China’s LNG demand is attributed to the secular driver of coal-to-gas switching, strong industrial demand and constrained domestic gas production. The backdrop for growth in global LNG demand remains favorable, with Wood Mackenzie estimating compound annual growth of 6% over the 2017-2023 period.

Wood Mackenzie estimates that during the second quarter of 2018 global LNG supply increased by 8% year-over-year, but declined 3% from the first quarter of 2018. The year-on-year increase was driven by the start-up of new liquefaction capacity in the United States (“US”), Russia and Australia, while the sequential decline is attributed to normal seasonal weakness in the spring shoulder months, supply disruptions from PNG LNG following an earthquake earlier this year, underperformance from projects in Algeria and Trinidad and unplanned downtime of facilities in the United Arab Emirates. These disruptions offset new liquefaction startups in the quarter which included Cameroon Floating LNG, Cove Point and Wheatstone LNG Train 2. In the second quarter of 2018, 75 cargoes were exported from the US, with around half of these cargoes delivered to Asia. Data from the second quarter of 2018 suggests that 1.91 vessels were required for each million tonnes of LNG exported from the US, compared to an average of 1.86 ships per million tonnes of LNG since the start-up of Sabine Pass.

Progress was made during the quarter on projects that underpin Wood Mackenzie’s 2018 LNG supply growth forecast of 9%. Commissioning cargoes were introduced to the Ichthys and Prelude facilities, while Yamal Train 2 (Russia) and Elba Island (US) are also expected onstream before year-end. A further 41 million tonnes per annum (“mtpa”) of new supply, or 13% growth, is expected in 2019, principally driven by additions in the US and the ramp-up of Ichthys and Prelude in Australia.

In May, Cheniere announced a FID on Train 3 at the Corpus Christi Liquefaction Project, the first approval of a new liquefaction project since June 2017 and the first in the US since 2015. According to Wood Mackenzie and press reports, in the second quarter of 2018, 15 mtpa of long-term supply contracts were agreed or signed, bringing the total volume of long-term supply contracts concluded since the beginning of 2017 to 52 mtpa. Buyers include Asian and European utilities as well as portfolio suppliers and traders. Several recent offtake contracts for projects yet to reach FID have been for a duration of 20 years or more, giving these projects greater visibility on cashflows which may de-risk the financing required for FID. LNG Canada, which is targeting 24 mtpa of capacity in a phased approach and where Petronas took a 25% stake in May, may take FID later in 2018, while FID on the Golden Pass project (16 mtpa capacity) in the US may be taken in early 2019. Mozambique Area 1 LNG (13 mtpa capacity) and the Calcasieu Pass (10 mtpa capacity) project in the US have also made progress in the second quarter towards potential FIDs in 2019.

During the second quarter, Panama became the 42nd country to import LNG after commencing operations at its Costa Norte terminal. Plans have also progressed to import LNG into eastern Australia’s gas market to alleviate potential shortages in the future. Pakistan’s Ambassador to the US outlined plans in early July to import more gas from the US, claiming that the country is on its way to becoming “one of the world’s largest gas importers”. In May, Chinese gas distributor ENN was reportedly seeking a commissioning cargo for the country’s first privately owned LNG regasification terminal. The Zhoushan terminal has a planned capacity of 3 mtpa and is expected to come onstream in the coming months.

Headline daily spot tri-fuel diesel electric (“TFDE”) LNG shipping rates as reported by Clarksons averaged $54,000 in the second quarter, compared to $34,000 in the second quarter of 2017. During the period, rates exhibited counter-seasonal strength, rising to $87,000 per day in late June from $38,000 per day in late April. This recent, sharp increase in headline spot rates was driven by increased vessel demand, as LNG suppliers sought to capitalize on the arbitrage between the Atlantic basin and Asian markets, which was widened by counter-seasonal strength in Asian LNG prices (as measured by the Platts Japan-Korea Marker (“JKM”) assessment). As a result, the number of spot fixtures rose to 110 during the second quarter of 2018, an all-time high and an increase over the 70 and 78 fixtures in the first quarter of 2018 and second quarter of 2017, respectively. Spot TFDE shipping rates have moderated in recent weeks, with a current Clarksons assessment of $75,000 per day, as softening Asia LNG prices have narrowed the near-term arbitrage opportunity. However, based on current JKM pricing, the arbitrage between the Atlantic and Pacific Basins is expected to remain open for the 2018/19 Northern Hemisphere winter, suggesting that the recent increase in LNG shipping rates could potentially be sustained throughout the remainder of 2018 and into early 2019.

According to Poten and press reports, 26 firm orders for LNG carriers have been made so far in 2018, of which three are GasLog vessels. The pace of firm newbuild orders has recently increased, as shipowners look to lock in attractive yard pricing against a positive backdrop for LNG vessel demand. However, even after taking into account the current orderbook, we believe that the LNG shipping market could be short of vessels as soon as 2019 based on current supply and demand projections. The earliest a newbuilding can now be delivered is 2021, which points towards a tighter market in 2019 and 2020, again underpinning the outlook for shipping rates. Based on our analysis and excluding the current orderbook, 28-56 additional vessels may be needed by 2022 to satisfy projected market growth, with this range increasing to 105-137 additional vessels by 2025.

Additional Vessel

On May 30, 2018, GasLog confirmed the order of a 180,000 cbm GTT Mark III Flex LNG Carrier with LP-2S propulsion (Hull No. 2262) from Samsung that is scheduled to be delivered in the third quarter of 2020. The vessel will be chartered to Pioneer Shipping Limited, a wholly owned subsidiary of Centrica, for an initial period of seven years.

Completion of Dropdown of the GasLog Gibraltar

On April 26, 2018, GasLog completed the sale of 100% of the ownership interest in GAS-fourteen Ltd., the entity which owns the GasLog Gibraltar, to GasLog Partners, for an aggregate purchase price of $207.0 million, which includes $1.0 million of positive net working capital. In connection with the sale, GasLog was issued $45.0 million of newly issued, privately placed common units (1,858,975 common units at a price of $24.21 per unit) of GasLog Partners as partial consideration.

Alexandroupolis Project Update

During the quarter, Gastrade S.A. (“Gastrade”) and the stakeholders in the Alexandroupolis project continued their efforts to move the project towards FID. The parties have finalized the majority of the terms under which both the Greek national gas utility DEPA and Bulgarian Energy Holding (“BEH”) would take a shareholding in the project. Preparations have been ongoing during the quarter for the launch of a market test for potential users and the invitation to tender for various elements of the project, with both expected to commence in the near-term. Gastrade and its partners continue to target an end-2018 FID.

New Charter Agreements

On June 18, 2018, GasLog Partners entered into a new time charter for the GasLog Sydney for 18 months with Cheniere Marketing International LLP, a wholly owned subsidiary of Cheniere, scheduled to commence between September and December 2018. The charterer has options to extend the charter for up to two consecutive periods of six months at escalating rates. The GasLog Sydney is a 155,000 cbm TFDE LNG carrier built in 2013 and currently concluding a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc (“Shell”) in September 2018. The vessel recently completed a scheduled dry-docking during which its commercial competitiveness was enhanced through the installation of a reliquefaction module.

In addition, GasLog entered into an agreement with a major LNG producer for an approximately seven-month charter for the GasLog Houston, a 174,000 cbm low pressure, LP-2S propulsion, which commenced in June 2018 and ends on delivery of the vessel into her long-term charter with Shell in the beginning of 2019.

GasLog Partners’ At-the-Market Common Units Equity Offering Programme (the “ATM Programme”)

On May 16, 2017, GasLog Partners commenced an ATM Programme under which the Partnership may, from time to time, raise equity through the issuance and sale of new common units having an aggregate offering price of up to $100.0 million in accordance with the terms of an equity distribution agreement entered into on the same date. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC agreed to act as sales agents. On November 3, 2017, the size of the ATM Programme was increased to $144.0 million and UBS Securities LLC was included as a sales agent.

Since the commencement of the ATM Programme through June 30, 2018, GasLog Partners has issued and received payment for a total of 2,738,425 common units, with cumulative gross proceeds of $62.9 million at a weighted average price of $22.97 per unit, representing a discount of 0.5% to the volume weighted average trading price of GasLog Partners’ common units on the days on which new common units were issued. As of June 30, 2018, the cumulative net proceeds were $61.2 million.

In the second quarter of 2018, GasLog Partners issued and received payment for an additional 1,020 common units at a weighted average price of $24.25 per common unit for total gross and net proceeds of $0.02 million.

Dividend Declaration

On May 11, 2018, the board of directors declared a dividend on the Series A Preference Shares of $0.546875 per share, or $2.5 million in aggregate, payable on July 2, 2018 to holders of record as of June 29, 2018. GasLog paid the declared dividend to the transfer agent on June 28, 2018.

On August 1, 2018, the board of directors declared a quarterly cash dividend of $0.15 per common share, or $12.1 million in the aggregate, payable on August 23, 2018 to shareholders of record as of August 13, 2018.

Financial Summary

 Amounts in thousands of U.S. dollars except per share data   For the three months ended  
    June 30, 2017     June 30, 2018  
Revenues   $ 129,930     $ 132,824  
EBITDA(1)   $ 87,409     $ 92,564  
Adjusted EBITDA(1)   $ 87,352     $ 92,947  
Profit for the period   $ 6,904     $ 14,212  
Adjusted Profit(1)   $ 14,419     $ 14,788  
Loss attributable to the owners of GasLog   $ (7,515 )   $ (3,620 )
EPS, basic   $ (0.12 )   $ (0.08 )
Adjusted EPS(1)   $ (0.03 )   $ (0.07 )

(1) Adjusted Profit, EBITDA, Adjusted EBITDA 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 IFRS. For definitions and reconciliations of these measurements 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.

There were 2,249 operating days for the quarter ended June 30, 2018, as compared to 2,081 operating days for the quarter ended June 30, 2017. The increase in operating days resulted mainly from the deliveries of the GasLog Houston, the GasLog Hong Kong and the GasLog Genoa on January 8, 2018, March 20, 2018 and March 29, 2018, respectively, partially offset by the off-hire days from the dry-dockings of the GasLog Santiago and the GasLog Sydney.

Revenues were $132.8 million for the quarter ended June 30, 2018 ($129.9 million for the quarter ended June 30, 2017). The increase was mainly driven by the new deliveries in our fleet (the GasLog Houston, the GasLog Hong Kong and the GasLog Genoa), partially offset by the decreased revenues from vessels operating in the spot market, the increased off-hire days due to dry-dockings (two extended dry-dockings in the second quarter of 2018 as opposed to no dry-dockings in the second quarter of 2017) and the decrease due to the expiration of the long-term time charter of the GasLog Shanghai and her entering into the spot market.

Net pool allocation was $7.0 million for the quarter ended June 30, 2018 ($0.5 million for the quarter ended June 30, 2017). The increase was attributable to the movement in the adjustment of the net pool results generated by the GasLog vessels in accordance with the pool distribution formula. GasLog recognized gross revenues and gross voyage expenses and commissions of $5.0 million and $2.2 million, respectively, from the operation of its vessels in the Cool Pool during the quarter ended June 30, 2018 (June 30, 2017: $8.0 million and $1.7 million, respectively). The increase in GasLog’s total net pool performance compared to the quarter ended June 30, 2017 was driven by higher spot rates and higher utilization achieved by all vessels trading in the Cool Pool. GasLog’s total net pool performance is presented below:

Amounts in thousands of U.S. Dollars       For the three months ended  
      June 30, 2017     June 30, 2018  
Pool gross revenues (included in Revenues)     $ 8,023   $ 5,047  
Pool gross voyage expenses and commissions (included in Voyage expenses and commissions)       (1,682 )   (2,165 )
GasLog’s adjustment for net pool allocation (included in Net pool allocation)       492     6,958  
GasLog’s total net pool performance     $ 6,833   $ 9,840  

Voyage expenses and commissions were $4.6 million for the quarter ended June 30, 2018 ($3.3 million for the quarter ended June 30, 2017). The increase resulted mainly from the increased voyage expenses of the vessels operating in the spot market and an increase in bunkers consumed during off-hire and unchartered periods for the remaining vessels of the fleet.

Vessel operating and supervision costs were $32.7 million for the quarter ended June 30, 2018 ($29.8 million for the quarter ended June 30, 2017). The increase was mainly attributable to the deliveries of the GasLog Houston, the GasLog Hong Kong and the GasLog Genoa operating in our fleet for the full second quarter in 2018, partially offset by one-off savings in certain crew expenses.

Depreciation was $38.8 million for the quarter ended June 30, 2018 ($34.5 million for the quarter ended June 30, 2017). The increase resulted from the deliveries of the GasLog Houston, the GasLog Hong Kong and the GasLog Genoa on January 8, 2018, March 20, 2018 and March 29, 2018, respectively.

General and administrative expenses were $10.4 million for the quarter ended June 30, 2018 ($10.2 million for the quarter ended June 30, 2017).

Financial costs were $42.0 million for the quarter ended June 30, 2018 ($37.1 million for the quarter ended June 30, 2017). The increase was attributable to the increased weighted average debt outstanding as a result of the debt drawdowns for the vessels delivered in 2018 and the increased weighted average interest rate deriving from the upward movement of the USD London Interbank Offered Rate (“LIBOR”) rates. An analysis of the financial costs is set forth below.

Amounts in thousands of U.S. dollars       For the three months ended    
          June 30, 2017   June 30, 2018    
Financial costs                      
Amortization and write-off of deferred loan/bond issuance costs/premium     $ (2,978 ) $ (3,232 )  
Interest expense on loans       (21,099 )   (28,066 )  
Interest expense on bonds and realized loss on cross-currency swaps (“CCS”)       (8,451 )   (7,442 )  
Finance lease charge       (2,722 )   (2,634 )  
Loss arising on NOK bond repurchase at a premium       (1,459 )      
Other financial costs       (369 )   (626 )  
Total         $ (37,078 ) $ (42,000 )  

Gain on derivatives was $1.2 million for the quarter ended June 30, 2018 ($9.7 million loss for the quarter ended June 30, 2017). The increase in gain on derivatives in the second quarter of 2018, as compared to the second quarter of 2017, is mainly attributable to the $4.4 million decrease in loss that was reclassified from equity to the statement of profit or loss, an increase of $3.6 million in gain from mark-to-market valuation of our derivative financial instruments carried at fair value through profit or loss, derived mainly from the higher LIBOR yield curve which was used to estimate the present value of the estimated future cash flows compared to the agreed fixed interest rates and an increase of $3.2 million in realized gain on interest rate swaps held for trading. An analysis of gain on derivatives is set forth below.

Amounts in thousands of U.S. dollars       For the three months ended    
          June 30, 2017   June 30, 2018    
(Loss)/gain on derivatives                      
Realized (loss)/gain on interest rate swaps held for trading     $ (2,226 )   $ 1,003    
Realized gain on forward foreign exchange contracts held for trading       361       357    
Unrealized (loss)/gain on derivative financial instruments held for trading       (3,487   )   74    
Recycled loss of cash flow hedges reclassified to profit or loss       (4,368   )      
Ineffective portion of cash flow hedges             (267 )  
Total         $ (9,720   ) $ 1,167    

There was a profit of $14.2 million for the quarter ended June 30, 2018 ($6.9 million profit for the quarter ended June 30, 2017). This increase in profit is mainly attributable to the increase in gain on derivatives and the increase in profit from operations due to the factors mentioned above, partially offset by the increase in financial costs.

Adjusted Profit(1) was $14.8 million for the quarter ended June 30, 2018 ($14.4 million for the quarter ended June 30, 2017) adjusted for the effects of the non-cash gain on derivatives, the write-off of unamortized loan fees as well as the net foreign exchange gains/losses.

Loss attributable to the owners of GasLog was $3.6 million for the quarter ended June 30, 2018 ($7.5 million loss for the quarter ended June 30, 2017). The decrease in loss attributable to the owners of GasLog resulted mainly from the respective movements in profit mentioned above, partially offset by the increased amount allocated to third parties as a result of GasLog Partners’ ATM Programme initiated in May 2017, the preference unit issuances in May 2017 and January 2018, and the sale of four vessels to GasLog Partners.

EBITDA(1) was $92.6 million for the quarter ended June 30, 2018 ($87.4 million for the quarter ended June 30, 2017). The increase in EBITDA was driven by the increase in net revenues, partially offset by the increase in vessel operating expenses as discussed above.

Adjusted EBITDA(1) was $92.9 million for the quarter ended June 30, 2018 ($87.4 million for the quarter ended June 30, 2017).

Loss per share was $0.08 for the quarter ended June 30, 2018 (a loss of $0.12 for the quarter ended June 30, 2017). The decrease in loss per share is mainly attributable to the respective movements in loss attributable to the owners of GasLog discussed above.

Adjusted Loss per share(1) was $0.07 for the quarter ended June 30, 2018 (a loss of $0.03 for the quarter ended June 30, 2017), adjusted for the effects of the non-cash loss on derivative financial instruments and the net foreign exchange gains/losses.

(1) Adjusted Profit, EBITDA, Adjusted EBITDA 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 IFRS. For definitions and reconciliations of these measurements 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.

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase from $486.0 million for the fiscal year 2017 to $548.8 million for the fiscal year 2019, based on contracts in effect as of June 30, 2018, without including any extension options. As of June 30, 2018, the total future firm contracted revenue stood at $3.2 billion (1), including the vessels owned by GasLog Partners but excluding the vessels operating in the spot market.

(1) Contracted revenue calculations assume: (a) 365 revenue days per annum, with 30 off-hire days when the ship undergoes scheduled dry-docking (every five years) and ten additional off-hire days for the enhancement of one vessel; (b) all LNG carriers on order are delivered on schedule; and (c) no exercise of any option to extend the terms of charters.

Liquidity and Capital Resources

As of June 30, 2018, GasLog had $314.4 million of cash and cash equivalents, of which $189.2 million was held in time deposits and the remaining balance in current accounts. Moreover, as of June 30, 2018, GasLog had $26.0 million held in time deposits with an initial duration of more than three months but less than a year that have been classified as short-term investments and $2.3 million in restricted cash, which consisted of a guarantee held for a vessel with respect to the enhancement of its operational performance.

As of June 30, 2018, GasLog had an aggregate of $2.9 billion of indebtedness outstanding under its credit facilities and bond agreements, of which $182.6 million was repayable within one year, and a $209.8 million finance lease liability related to the sale and leaseback of the Methane Julia Louise, of which $6.5 million was repayable within one year.

As of June 30, 2018, there was undrawn available capacity of $100.0 million under the revolving credit facility of the credit agreement of up to $1.1 billion entered into on July 19, 2016 (the “Legacy Facility Refinancing”).

As of June 30, 2018, the total remaining balance of the contract prices of the five LNG carriers on order was $875.9 million that GasLog expects to be funded with the $165.8 million undrawn capacity under the financing agreement entered into on October 16, 2015, as well as cash balances, cash from operations and borrowings under new debt agreements.

As of June 30, 2018, GasLog’s current assets totaled $389.6 million, while current liabilities totaled $324.7 million, resulting in a positive working capital position of $64.9 million.
               
During the second quarter, GasLog terminated, extended or signed new interest rate swap agreements maintaining the total notional amount as of June 30, 2018 at $1.2 billion. GasLog has hedged 46.2% of its expected floating interest rate exposure on its outstanding debt (excluding the finance lease liability) as of June 30, 2018.

Future Deliveries

GasLog has five newbuildings on order at Samsung which are on schedule and within budget:

LNG Carrier   Year Built(1)    

 

Shipyard

  Cargo
Capacity
(cbm)
  Charterer    

 

Propulsion

  Estimated Charter Expiration(2)    
Hull No. 2131   Q1 2019   Samsung   174,000   Shell   LP-2S   2029
Hull No. 2212   Q3 2019   Samsung   180,000     LP-2S  
Hull No. 2213   Q2 2020   Samsung   180,000   Centrica   LP-2S   2027
Hull No. 2274   Q2 2020   Samsung   180,000     LP-2S  
Hull No. 2262   Q3 2020   Samsung   180,000   Centrica   LP-2S   2027

____________
(1)      Expected delivery quarters are presented.  
(2)      Charter expiration to be determined based upon actual date of delivery.

Conference Call

GasLog will host a conference call to discuss its results for the second quarter of 2018 at 8:30 a.m. EDT (1:30 p.m. BST) on Thursday, August 2, 2018. Paul Wogan, Chief Executive Officer, and Alastair Maxwell, Chief Financial Officer, will review the Company’s operational and financial performance for the period. Management’s presentation will be followed by a Q&A session.

The dial-in numbers for the conference call are as follows:
+1 855 253 8928 (USA)
+44 20 3107 0289 (United Kingdom)
+33 1 70 80 71 53 (France)
+852 3011 4522 (Hong Kong)

Conference ID: 8436589

A live webcast of the conference call will also be available on the investor relations page of the Company’s website at <a href="https://www.globenewswire.com/Tracker?data=iBiWiWiJIuu2-AHnu4N

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