Stock Monitor: Dynagas LNG Partners Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 1, 2018 / If you want access to our free research report on GasLog Ltd. (NYSE: GLOG), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GLOG as the Company's latest news hit the wire. On May 30, 2018, the Company, which is an international owner, operator, and manager of liquefied natural gas (LNG) carriers, declared that it has signed a seven-year time charter party with a wholly-owned subsidiary of Centrica Plc. for a newbuild LNG carrier. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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This contract marks Centrica's second LNG carrier on long-term charter from GasLog. Paul Wogan, Chief Executive Officer (CEO) of GasLog, expressed his delight on signing this contract with Centrica. He also acknowledged Centrica's confidence in GasLog's ability to deliver high operating and safety standards. The Company looks forward to building its strategic partnership with Centrica.
LNG shipping has good potential, given the robust demand and supply fundamentals of LNG. Therefore, the Company is growing its fleet at attractive returns, and extending the drop-down pipeline for GasLog Partners. This will help the Company proceed towards its growth target set out at the recent Investor Day.
LNG Carrier Ordered From Samsung Heavy Industries
GasLog has already placed an order for 180,000 cubic meter LNG carrier (HN 2262) with low pressure two stroke (LP-2S) propulsion from Samsung Heavy Industries in South Korea. The carrier is expected to be delivered by the third quarter of 2020. The rate of hire for the charter is consistent with mid-cycle rates.
Agreement Provides for Optionality
An important point to note is that GasLog and Centrica have agreed to an optionality clause for the actual vessel to be delivered into the charter. This implies that GasLog has the option to deliver HN 2212 or HN 2274 into the charter, instead of HN 2262. At present, both HN 2212 and HN 2274 are uncommitted, GasLog newbuild LNG carriers due for delivery in Q3 2019 and Q2 2020, respectively.
GasLog Partners' Option to Acquire the Vessel
Pursuant to the omnibus agreement between GasLog and GasLog Partners LP (NYSE:GLOP), GasLog Partners gets the right to acquire the vessel delivered into the charter. Therefore, the potential dropdown pipeline of GasLog Partners will increase to nine LNG carriers, with a charter length of five years or longer.
GasLog Reported Financial Results for Q1 FY18
GasLog reported its financial results on May 04, 2018, for the first quarter ended March 31, 2018.
- GasLog reported record quarterly revenues of $138.48 million in Q1 FY18, up 7.95% from $128.29 million in Q1 FY17. The Company had a profit of $42.54 million in the reported quarter, an increase of 81.86% from $23.39 million in the previous year's same quarter. GasLog's earnings per share (EPS) were $0.21 in Q1 FY18, 162.50% higher than $0.08 in Q1 FY17.
- On an adjusted basis, GasLog had adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $95.53 million in Q1 FY18, an increase of 6.93% from $89.34 million in Q1 FY17. Besides, the Company had an adjusted loss per share of $0.01 in the quarter under review versus $0.06 in the previous year's comparable quarter.
Stock Performance Snapshot
May 31, 2018 - At Thursday's closing bell, GasLog's stock declined 2.44%, ending the trading session at $18.00.
Volume traded for the day: 304.59 thousand shares.
Stock performance in the last month – up 7.78%; previous three-month period – up 7.78%; and past twelve-month period – up 39.00%
After yesterday's close, GasLog's market cap was at $1.49 billion.
Price to Earnings (P/E) ratio was at 90.91.
The stock has a dividend yield of 3.33%.
The stock is part of the Services sector, categorized under the Shipping industry.
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