Greek LNG shipping line GasLog announces change at top with decision of CEO Paul Wogan to retire in March
GasLog Ltd, the Greek LNG shipping company, has announced executive changes at the top with the decision of Chief Executive Paul Wogan to retire from his position on March 9, 2022.
“He will remain, in an advisory role until June 30, 2022 to ensure a smooth transition,” said GasLog.
The GasLog board named Paolo Enoizi, currently Chief Operating Officer of GasLog Ltd and CEO of US affiliate GasLog Partners LP. As the new CEO of GasLog Ltd, effective March 10, 2022.
GasLog is currently expanding its fleet and has ordered four newbuild 174,000 cubic metres capacity vessels for delivery in 2024 and 2025.
GasLog Ltd ordered the vessels from South Korea shipyard Daewoo Shipbuilding and Marine Engineering.
The four newbuilds will have latest generation M-type Electronically Controlled, Gas Injection (MEGI) propulsion system.
GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.
Structure
GasLog’s ownership structure has three main shareholders in both companies, parent GasLog Ltd and subsidiary GasLog Partners LP.
They are the Greek Livanos family with 55 percent, the Monaco-based Onassis Foundation with 12 percent and BlackRock’s Global Energy and Power infrastructure fund (GEPIF), holder of 45 percent of the equity.
GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.
Subsidiary GasLog Partners LP owns 15 LNG carriers, including 10 tri-fuel-diesel-electric (TFDE) ships and five steam-turbine vessels.
The GasLog business has undergone a substantial overhaul in recent years to improve efficiency and to reduce overheads.
This followed its decision in November 2019 to move its headquarters from Monaco to the Greek port of Piraeus, home of its operational platform.
LNG fleet owner GasLog makes first major foray into debt securities market since merger with BlackRock
GasLog Ltd, which controls an LNG carrier fleet of 35 vessels, has made its first major foray into the debt securities market to lower interest on financing since the merger in mid-2021 with a unit of giant US investment US fund BlackRock.
GasLog Ltd entered into a Note Purchase Agreement with the US investment funds, the Carlyle Group and EIG Global Energy Partners, for a $325 million credit facility.
The Notes carry an interest rate of 7.75 percent and are due in 2029.
Carlyle’s global credit platform made the investment with capital primarily from its Infrastructure Credit Fund.
EIG extended its funding through various funds and accounts in the investment group’s direct lending division.
“GasLog anticipates drawing down the Facility in March 2022. The proceeds of the facility will be used to refinance the company’s 8.875 percent Senior Notes due in March 2022,” said GasLog.
“Any remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the private placement and/or general corporate purposes,” added the company, whose corporate headquarters are in Hamilton, Bermuda and operational base is in the Greek port of Piraeus.
GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.
The GasLog’s ownership structure has three main shareholders in parent GasLog Ltd and subsidiary GasLog Partners LP.
The Greek Livanos family owns 55 percent, the Monaco-based Onassis Foundation holds 12 percent and BlackRock Global Energy and Power infrastructure fund (GEPIF) owns 45 percent.
The GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.
GasLog Ltd subsidiary, GasLog Partners LP and whose Chief Executive since August 2021 has been Paolo Enoizi, owns 15 LNG carriers, including 10 TFDE ships and five steam-turbine vessels.
The contracted revenue backlog at the end of June 2021 for the Partnership’s fleet was more than $660M and the average age of the vessels was nine years.
GasLog completes transactions to take LNG fleet private after merging with unit of US fund BlackRock
GasLog Ltd, the operator of a fleet of 35 LNG carriers, has completed its merger transaction with the infrastructure unit of the giant US asset management firm BlackRock and the company has now been taken private.
GasLog LNG agrees merger with unit of US fund giant BlackRock in shipping sector’s second major 2021 deal
GasLog Ltd, the Greek-based LNG shipping fleet owner with 35 vessels currently operating or on order, issued quarterly earnings, an event overshadowed by its agreed merger deal on the same day with a unit of US fund giant BlackRock.
LNG fleet owner GasLog posts profits rise and ‘GasLog Georgetown’ to be delivered for new US charters
GasLog Ltd, the Greek LNG fleet owner with 35 carriers split with its US affiliate GasLog Partners, reported an increase in third-quarter profits of more than 13 percent as overall revenues slipped because of the expiry of several charters, offset by new agreements in US and UK.
Greek LNG carrier fleet owner GasLog arranges $1.1Bln in financing amid job cuts and cost reductions
GasLog Ltd, the LNG fleet owner with 35 carriers split with its US affiliate GasLog Partners, said the group had signed three new loan agreements amounting to $1.1 billion arranged by 12 banks as it confirmed jobs cuts, reductions in expenses and the delivery of a new vessel.
Monaco-based GasLog swings to loss despite being key shipper of US LNG from Sabine Pass
GasLog, the Monaco-based LNG shipping company with a fleet of 22 vessels in operation, posted an annual loss even though it was the most active shipper of cargoes from the US Sabine Pass export plant in Louisiana.
