LNG shipping company GasLog benefits from vibrant spot market and signs various time charter deals
GasLog, the LNG shipping company with a fleet of 34 carriers in the Group, benefited from the vibrant spot charter market during the third quarter to increase revenues and profits and signed new time charter agreements.
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.
Greek shipping company GasLog builds LNG fleet with backing of US BlackRock's infrastructure fund
GasLog, the Greek LNG shipping company, is expanding its fleet by ordering four newbuild 174,000 cubic metres-capacity for delivery in 2024 and 2025.
GasLog Ltd is ordering 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.
The 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.
GasLog Ltd subsidiary, GasLog Partners LP and whose Chief Executive since August 2021 has been Paolo Enoizi, owns 15 LNG carriers, including 10 tri-fuel-diesel-electric (TFDE) ships and five steam-turbine vessels.
GasLog Partners in November 2021 reported a third-quarter increase in revenues and profits as global demand gathered pace.
The partnership said income jumped 11 percent to $80.53M from $72.8M in the same quarter to the end of September in 2020.
At the end of October GasLog Partners said it completed the sale and lease-back of the “GasLog Shanghai”, with 155,000 cubic metres capacity, to China Development Bank Leasing.
GasLog noted that headline spot rates in the third quarter benefited from LNG demand growth from Asia as well as longer than average wait times at the Panama Canal.
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.
