GasLog +3% after Q2 report, strong outlook

|About: GasLog (GLOG)|By:, SA News Editor

GasLog (NYSE:GLOG) +3% premarket after reporting in-line Q2 earnings, better than expected Q2 revenues, and a strong outlook for coming years.

GLOG says it estimates contracted charter revenues to rise from $145.4M for FY 2013 to $424.2M for FY 2017 based on contracts in effect as of June 30, 2014 for the eight LNG carriers delivered in 2010, 2013 and through June 30, six LNG carriers acquired from a subsidiary of BG Group and four LNG carriers on order for which time charters have been secured.

GLOG says it has 15 vessels on the water vs. eight at the end of Q1; of the 15, 14 are on multi-year charters.

Sees the medium to long-term outlook for LNG shipping as very positive, and anticipates significant opportunities as the expected ramp-up of new liquefaction capacity around the world is projected to outstrip the number of ships currently on order.