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GasLog full year profits slide

GasLog full year profits slide
GasLog has reported a $50.8m profit in 2014, down from $56.9m in the previous year as its fleet grew significantly over the year.

Operating days in 2013 totalled and 2014 had 4,392 operating days as newbuilds and secondhand acquisitions joined the GasLog fleet.
Contracted charter revenues were $321m for 2014, a figure the company expects to grow to $423.6m for the fiscal year 2017, excluding options. Total contracted revenue is $2.6bn for firm contracts, excluding two vessels whose acquisition was recently announced.
In December the company set itself the target of owning a fleet of 40 vessels by 2017, a programme it is calling "Gaslog 40:17".
Paul Wogan, ceo, commented  “The fourth quarter saw a fall in the oil price which negatively impacted the global energy sector. However, even against this volatile backdrop, we immediately made progress in realising this 'GasLog 40:17' vision by contracting to acquire two 170,000 cu m tri-fuel diesel electric (“TFDE”) vessels from a subsidiary of BG Group with average charters of 10 years. This transaction, announced on 22 December 2014, is expected to close by the end of March 2015 and will increase the consolidated fleet to 27.25 vessels.