GasLog goes lower
New York-listed GasLog has seen fourth quarter earnings hit by higher financial costs.
The Greek LNG carrier owner said its net profit to 31 December was $9.94m, down from $21.44m a year ago.
Revenue grew to $98.96m from $59.33m as the fleet expanded, but finance expenses rose to $24.5m against $10.5m the year before.
The full-year profit was $50.76m compared to $56.92m in 2013.
CEO Paul Wogan: “We continued to execute well on our business plan in what proved to be an active fourth quarter for GasLog.”
He reiterated the company’s plan to expand the fleet to 40 ships by 2017.
“Through adding vessels with attractive, long-term contracts with strong counterparties, our aim is to continue to add to our $3.2bn of contracted revenue,” he added.
Looking ahead, the company said it expects that even in the prevailing lower oil-price environment, 2015 will see significant new LNG liquefaction projects coming online.
source:www.tradewindsnews.com