Presentation

GasLog was founded in 2001 by majority shareholder Peter G. Livanos, who owns 41.3% of the shares outstanding. The company is listed on the New York Stock Exchange and has a market capitalization of USD 300m, with net debt of USD 3.1bn as of Q2’20. Through its 30.8% stake in GasLog Partners, GasLog controls a consolidated fleet of 35 LNG carriers (including one vessel on a long-term bareboat charter) with carrying capacities ranging from 145,000 m3 to 180,000 m3. Among these are four X-DF 180,000 m3 newbuildings with expected deliveries over the coming twelve months.

GasLog’s fleet is employed on a mix of spot contracts and long-term charters. All the brand-new X-DF vessels (including the newbuildings) are employed on firm TCs with solid counterparties through at least 2025. However, the TFDEs and Steams are increasingly rolling off contracts and are being exposed to a depressed LNGC market.

Gaslog has been able to grow rapidly through the downturn, with solid relationships with the major LNG producers globally enabling the company to secure long-term contracts on its newer tonnage. But as older tonnage continues to roll off contracts, GasLog is increasingly exposed to the spot market where pressure on rates remains significant. With relatively high leverage we do not believe in dividend increases anytime soon, despite the company’s recent refinancing and equity issue.