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Cool Pool chills Gaslog Q3 results

Cool Pool chills Gaslog Q3 results
Gaslog saw its profits decrease 85% in Q3 2015 versus Q3 2014, blaming weak LNG carrier spot rates and higher finance costs.

The company booked $4.8m during the quarter, compared with $31m in the same period in the previous year. The result is also a drop from the $16.7m profit reported in Q2 2015, before the formation of the so-called Cool Pool with Dynagas and Golar LNG announced in August, despite similar revenues of $105,791m ($104.4m in Q2).

Finance costs, which incorporated higher interest-related expenses, increased to $24.4m in Q3 versus $17.7m in the same period in 2014.

 “GasLog continued to execute on its long-term strategy during the quarter," said Paul Wogan, ceo. "Our contracted vessels performed strongly and we have been pleased by the performance of the Cool Pool in its initial weeks of operation.”  

During Q3 GasLog also completed its largest financing to date, raising $1.3bn to fund its eight-vessel newbuild programme. “This financing demonstrates the banks’ strong appetite to lend to high quality companies with good assets and strong contracts,” said Wogan. "As the vessels deliver over the next four years, it is anticipated that the equity component of the newbuilding program will be funded by cash on GasLog’s balance sheet and operational cash flow.”