GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) and GasLog
Partners LP (“GasLog Partners” or the “Partnership”) (NYSE:GLOP)
will host an Investor Day presentation today in New York.
Senior management from GasLog and GasLog Partners will present
an update on the outlook for the LNG commodity and LNG shipping
markets, and will discuss the long-term strategy of the Company and
the Partnership. The presentation will be followed by a question
and answer session.
The key messages of the presentation are:
- Strong LNG Fundamentals: Forecast LNG demand
growth will drive supply expansion post 2020
- Evolving LNG Shipping Market: Market
fragmentation, inter-basin trading and focus on cargo value
maximisation all increase shipping intensity
- LNG Shipping Market Tightening: Additional
volumes, travelling greater distances, drive strong recovery in
shipping rates
- GasLog Has A Market Leading Platform:
Differentiation from fleet scale and efficiency, safety track
record, operational excellence, commercial relationships, technical
innovation and access to capital, including through GasLog
Partners
- GasLog Is Positioned To Grow Strongly: Visible
path to more than double consolidated EBITDA over the next 5
years
- Enhancement Of Shareholder Returns:
Significant upside potential from increasing asset values,
earnings, cash flows from operations and GasLog Partners, and
shareholder remuneration
Paul Wogan, Chief Executive Officer of GasLog, stated, “Since
the beginning of 2016, GasLog has expanded and upgraded its fleet
of LNG carriers while delivering outstanding operational and safety
performance. This growth has been underpinned by our strong
commercial relationships and a significantly strengthened balance
sheet as a result of the success of GasLog Partners as a funding
vehicle for the group. We are pleased this delivery has been
recognized through a leading total shareholder return relative to
our peers over the period.
The outlook for the LNG shipping remains positive, driven by
growing demand for LNG and an increase in shipping intensity as the
market evolves. Our scale and operational and commercial
capabilities position us well to benefit from an expanding and
tightening market. We are excited by the opportunity to more than
double our consolidated EBITDA(1) over the next five years, and to
unlock significant value upside from an increase in asset values,
cash flows, earnings and shareholder returns.”
Andy Orekar, Chief Executive Officer of GasLog Partners, stated,
"Our growth strategy has delivered strong financial and total
return performance since our IPO in 2014. With clear
alignment of interests between GasLog and GasLog Partners, a
visible, multi-year pipeline of growth opportunities and continued
access to capital, we believe GasLog Partners represents a
differentiated and compelling MLP investment opportunity. Our
recently announced acquisition of GasLog Gibraltar and intercompany
loan repayment are each expected to be accretive to distributable
cash flow per unit, supporting the Partnership’s year-on-year
distribution growth guidance of 5% to 7% in 2018.”
Event details:
Date:
April 10, 2018
Venue:
The Pierre Hotel
Address: 2
East 61st Street, New York, NY 10065
Registration: From 12:00 ET
Start time: 13:00 ET
The presentation will be webcast live on the websites of GasLog
(www.gaslogltd.com) and GasLog Partners (www.gaslogmlp.com). A
replay will be available on both websites following the
presentation.
(1) EBITDA is a non-GAAP financial measure. Please refer to
Exhibit I for guidance on the underlying assumptions used to derive
EBITDA
About GasLog GasLog is an international owner,
operator and manager of LNG carriers providing support to
international energy companies as part of their LNG logistics
chain. GasLog's consolidated owned fleet consists of 29 LNG
carriers (25 ships on the water and 4 on order). GasLog also has an
additional LNG carrier which was sold to a subsidiary of Mitsui Co.
Ltd. and leased back under a long-term bareboat charter. Upon
closing of the GasLog Gibraltar acquisition, GasLog's consolidated
fleet will include 13 LNG carriers in operation owned by GasLog's
subsidiary, GasLog Partners. GasLog's principal executive offices
are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.
Visit GasLog’s website at http://www.gaslogltd.com.
About GasLog PartnersGasLog Partners is a
growth-oriented master limited partnership focused on owning,
operating and acquiring LNG carriers under multi-year charters.
Upon closing of the GasLog Gibraltar acquisition, GasLog Partners'
fleet will consist of 13 LNG carriers with an average carrying
capacity of approximately 156,000 cbm. GasLog Partners' principal
executive offices are located at Gildo Pastor Center, 7 Rue du
Gabian, MC 98000, Monaco. Visit GasLog Partners’ website at
http://www.gaslogmlp.com.
Contacts:
Alastair MaxwellChief Financial OfficerPhone:
+44 203-388-3105
Phil CorbettHead of Investor RelationsPhone: +44
203-388-3116
Joseph NelsonDeputy Head of Investor
RelationsPhone: +1 212-223-0643
Email: ir@gaslogltd.com
This press release summarizes the key highlights of the GasLog
and GasLog Partners 2018 Investor Day being held on April 10, 2018
and should not be read without reference to the complete Investor
Day presentation, which provides further detail on the assumptions
supporting these highlights. The presentation will be webcast
live on the websites of GasLog (www.gaslogltd.com) and GasLog
Partners (www.gaslogmlp.com). A replay will be available on both
websites following the presentation.
Forward-Looking Statements All statements in
this press release that are not statements of historical fact are
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that address activities, events or
developments that GasLog and GasLog Partners expects, projects,
believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
- general LNG shipping market conditions and trends, including
spot and long‑term charter rates, ship values, factors affecting
supply and demand of LNG and LNG shipping, technological
advancements and opportunities for the profitable operations of LNG
carriers;
- fluctuations in spot and long-term charter hire rates and
vessel values;
- changes in our operating expenses, including crew wages,
maintenance, dry‑docking and insurance costs and bunker
prices;
- number of off‑hire days and dry‑docking requirements including
our ability to complete scheduled dry‑dockings on time and within
budget;
- planned capital expenditures and availability of capital
resources to fund capital expenditures;
- our ability to maximize the use of our vessels, including the
re‑deployment or disposition of vessels no longer under long‑term
time charter commitments, including the risk that certain of our
vessels may no longer have the latest technology at such time which
may impact the rate at which we can charter such vessels;
- our ability to maintain long term relationships and enter into
time charters with new and existing customers;
- increased exposure to the spot market and fluctuations in spot
charter rates;
- fluctuations in prices for crude oil, petroleum products and
natural gas, including LNG;
- changes in the ownership of our charterers;
- our customers’ performance of their obligations under our time
charters and other contracts;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- our ability to obtain financing to fund capital expenditures,
acquisitions and other corporate activities, funding by banks of
their financial commitments, and our ability to meet our
restrictive covenants and other obligations under our credit
facilities;
- future, pending or recent acquisitions of ships or other
assets, business strategy, areas of possible expansion and expected
capital spending;
- the time it may take to construct and deliver newbuildings and
the useful lives of our ships;
- fluctuations in currencies and interest rates;
- the expected cost of and our ability to comply with
environmental and regulatory conditions, including changes in laws
and regulations or actions taken by regulatory authorities,
governmental organizations, classification societies and standards
imposed by our charterers applicable to our business;
- risks inherent in ship operation, including the discharge of
pollutants;
- our ability to retain key employees and the availability of
skilled labour, ship crews and management;
- potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists;
- potential liability from future litigation;
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity breach; and
- other risks and uncertainties described in GasLog’s Annual
Report on Form 20-F filed with the SEC on February 28, 2018 and
GasLog Partners’ Annual Report on Form 20-F filed with the
SEC on February 12, 2018, available at http://www.sec.gov.
- GasLog and GasLog Partners undertake no obligation to update or
revise any forward-looking statements contained in this press
release, whether as a result of new information, future events, a
change in our views or expectations or otherwise. New factors
emerge from time to time, and it is not possible for us to predict
all of these factors. Further, we cannot assess the impact of each
such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking
statement.
EXHIBIT I
Non-GAAP Financial Measures
EBITDA
EBITDA is defined as earnings before interest income and
expense, gain/loss on interest rate swaps, taxes, depreciation and
amortization. EBITDA, which is a non-GAAP financial measure,
is used as a supplemental financial measure by management and
external users of financial statements, such as investors, to
assess our financial and operating performance. The Partnership
believes that this non-GAAP financial measure assists our
management and investors by increasing the comparability of our
performance from period to period. The Partnership believes that
including EBITDA assists our management and investors in (i)
understanding and analyzing the results of our operating and
business performance, (ii) selecting between investing in us and
other investment alternatives and (iii) monitoring our ongoing
financial and operational strength in assessing whether to continue
to hold our common units. This increased comparability is achieved
by excluding the potentially disparate effects between periods of
interest, gain/loss on interest rate swaps, taxes, depreciation and
amortization, which items are affected by various and possibly
changing financing methods, financial market conditions, capital
structure and historical cost basis and which items may
significantly affect results of operations between periods.
EBITDA has limitations as an analytical tool and
should not be considered as an alternative to, or as a substitute
for, or superior to profit, profit from operations, earnings per
unit or any other measure of financial performance presented in
accordance with IFRS. Some of these limitations include the fact
that it does not reflect (i) our cash expenditures or future
requirements for capital expenditures or contractual commitments,
(ii) changes in, or cash requirements for, our working capital
needs and (iii) the cash requirements necessary to service interest
or principal payments, on our debt. Although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized will often have to be replaced in the future, and EBITDA
does not reflect any cash requirements for such replacements. It is
not adjusted for all non-cash income or expense items that are
reflected in our statement of cash flows and other companies in our
industry may calculate this measure differently to how we do,
limiting its usefulness as a comparative measure.
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