Mon, Jun. 22, 4:33 PM
- GasLog Partners (NYSE:GLOP) -4.7% AH after agreeing to acquire three liquefied natural gas vessels from GasLog Ltd. (NYSE:GLOG) for $483M.
- GLOP says the acquisition is immediately accretive and consistent with its strategy to grow cash distributions for unitholders through accretive drop downs and third-party acquisitions, and estimates the vessels will generate ~$72M/year of incremental contracted revenue over their initial charter terms.
- To fund the deal, GLOP launches a public offering of 7.5M common units, with an underwriters option to purchase up to an additional 1.125M units.
Tue, Apr. 21, 12:55 PM
- GasLog (GLOG +7.5%) is surging after agreeing to charter three uncontracted newbuilds currently under construction to BG Group unit Methane Services, which also has an option to charter an additional six newbuilds provided a decision is reached in 2015.
- GLOG says the three charters will add ~$845M of fixed rate revenue to its existing contracted revenue backlog, and will commence in mid-2018 and early 2019 for average initial terms of ~9.5 years at "attractive rates."
- GLOP +6.6%.
Dec. 8, 2014, 12:43 PM
- GasLog (GLOG -4.3%) has not been helped by Stifel's upgrade to Buy from Hold with a $24 price target, as the firm believes shares are unjustifiably weak.
- GLOG's chairman indicated last week that he expects the company to announce a substantial contract before the end of the year, which firm believes could be employment for the four 2017 built vessels on order or a new sale leaseback agreement with an oil major for existing vessels.
Dec. 3, 2014, 12:45 PM
Dec. 3, 2014, 11:32 AM
- The energy sector (XLE +1.5%) continues its momentum from yesterday, leading the way again as the best performing sector in early trading with crude oil rising 1.2% so far today and reports that U.S. well permits fell 40% last month.
- Top performers include Clayton Williams (CWEI +7.7%), Transocean Partners (RIGP +10.6%), Gaslog (GLOG +13.8%) and Energy XXI (EXXI +15.7%).
- Other leading energy names are showing stronger recoveries as they clear last Friday's bearish gap zone: XOM +0.2%, CVX +0.4%, COP +2.5%, OXY +2.5%, DVN +2.9%, EOG +2.5%, HES +2.2%, MUR +1.5%, NBL +2.3%, PXD +4.2%, SU +3%, CNQ +1.9%.
- Some analysts warn that the worst may not be over, however, as much of the advance is being driven by investors repurchasing ETFs they used to make short bets; investors also could opt to sell oil shares at a loss in coming weeks to reduce tax burdens.
Oct. 1, 2014, 5:36 PM
Aug. 20, 2014, 8:55 AM
- 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.
May 7, 2014, 3:38 PM
- After a rough stretch for IPOs, GasLog Partners priced its IPO at $21, the high end of its $19-$21 marketed range; GLOP continues to gain ground as its first day of trading winds down, advancing ~25% to $26.30.
- An MLP offering regular income in the form of dividend-like distributions, GasLog Partners, which owns ships carrying liquefied natural gas, seems perfectly timed as investors have been veering away from high-growth sectors.
- GasLog Ltd. (GLOG -2.4%) will retain ~1.42M common units if the underwriters option to purchase additional common units is not exercised, or will retain ~162K common units if the option is exercised in full.
Apr. 10, 2014, 5:39 PM
Apr. 10, 2014, 4:43 PM
- GasLog (GLOG) agrees to purchase an additional three liquified natural gas carriers from BG Group for ~$468M, which will be chartered back to BG for six-year initial terms on average, after completing an earlier purchase of three ships.
- To pay for part of the purchase, GLOG plans a public offering of 4.25M common shares.
- Shares -3.6% AH.
Feb. 28, 2014, 9:14 AM
Feb. 20, 2014, 3:18 PM
- GasLog (GLOG +4.7%) is initiated with an Overweight rating and a $26 price target while gas shipping peer Golar LNG Partners (GMLP -3.6%) is downgraded to Equal Weight with a $33 target at Morgan Stanley.
- GLOG offers relatively low downside, having most of its fleet locked in solid long-term charters with strong counterparties and a reputation as a top quality operator, the firm says; GLOG's ability to identify attractive acquisition opportunities, not only by ordering newbuilds but also secondhand vessels, suggests stable growth potential.
- The firm sees lower upside for GMLP due to the anticipated difficulty of its parent, Golar LNG (GLNG +1%), to secure long-term contracts for its newbuilds during the next 12 months; however, even with the $33 price target, GMLP still offers 10%-15% total return including a 6.7% yield.
Jan. 16, 2014, 9:10 AM
Jan. 15, 2014, 5:39 PM
Jan. 15, 2014, 4:42 PM
- GasLog (GLOG) -7.3% AH on plans for a public offering of 8.4M common shares and a private placement of ~$30M worth of common shares to certain of its directors and officers and one of its major shareholders.
- GLOG plans to use the net proceeds of the public offering and private placement to fund part of the $468M purchase of three LNG carriers from an affiliate of BG Group.
Jan. 13, 2014, 9:53 AM
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