LNG carrier GasLog attributes Q1 loss to charter expirations
Greece-headquartered LNG carrier GasLog Partners said May 6 the 5% year-on-year decline in revenues in the first quarter was due to a loss in time charters, though profits showed a marked improvement.
GasLog reported $87mn in revenues during Q1, compared with $91.4mn y/y. Profits of $35mn in Q1, however, represented a 150% improvement over last year.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
“A robust spot market for LNG carriers during the 2020/21 Northern Hemisphere winter, combined with our focus on cost reductions and lower interest expense bolstered the partnership’s financial results in the first quarter of 2021, largely offsetting the impact from the expiration of three initial multi-year steam turbine propulsion vessel charters” CEO Paul Wogan said.
The time charters were held by Royal Dutch Shell.
The profit increase was attributable in part to a $6.1mn decrease in financial costs.
Operating costs per vessel for GasLog for the three-month period ending March 31 was $14,132/day, compared with $14,987/day for the same period last year. The company added that it paid down $36mn of debt in Q1.
Private equity firm BlackRock's Global Energy & Power Infrastructure took on a 45% stake in GasLog in February, saying it wanted to capitalise on the growing global demand for LNG, particularly from the Asian economies.
The transaction is expected to close in the second quarter of 2021, subject to shareholder approval.