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GasLog Ltd. (NYSE: GLOG) announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preference Shares. This dividend is payable on October 1, 2020, to all shareholders of record as of September 30, 2020.
GasLog operates an international fleet of 35 LNG carriers, supporting energy companies in their LNG logistics. The operational and financial positioning of GasLog remains strong, providing confidence to investors.
GasLog Ltd. (NYSE: GLOG) and GasLog Partners LP (NYSE: GLOP) have announced significant changes in senior management and board of directors. Andy Orekar will step down as CEO of GasLog Partners on September 15, 2020, with Paul Wogan assuming the role from September 16, 2020. The board will reduce its size from seven to five directors, affecting several current members, including Orekar. These changes aim to close the Stamford office and achieve annual cost savings of approximately $3.0 million beginning in 2021.
GasLog Ltd. (NYSE: GLOG) reported Q2 2020 financial results, highlighting revenues of $158.9 million and a loss of $13.3 million, with an adjusted EBITDA of $111.7 million. The company refinanced $1.1 billion in debt, enhancing liquidity by $30.2 million. Notably, the company delivered three LNG carriers, achieving high charter rates with Centrica and JERA. Despite COVID-19 challenges, charter coverage for 2020 remains at 82%. The firm recognized a non-cash impairment loss of $22.5 million, primarily due to the pandemic's impact on LNG demand. A quarterly dividend of $0.05 per share is set for August 27, 2020.
GasLog Ltd. (NYSE: GLOG) and GasLog Partners LP (NYSE: GLOP) will release their financial results for Q2 2020 on August 5, 2020, before market opening. A joint conference call is scheduled for 8:30 a.m. EDT on the same day, where senior management will discuss operational and financial performance, followed by a Q&A session. Dial-in numbers for the call are provided for various countries, and a live webcast will be available on both companies' Investor Relations pages. A replay will also be accessible post-call.
GasLog Ltd. (NYSE: GLOG) announced the sale of 14.4 million common shares at $2.50 each, raising $36 million in total gross proceeds through a private placement. Approximately 75% of the shares were bought by directors and affiliates, including significant purchases by Blenheim Holdings Ltd. and the Onassis Foundation. The company aims to use the net proceeds for general corporate purposes, enhancing liquidity and strengthening its capital structure amidst COVID-19 market disruptions.
The share offering represents 17.8% of shares outstanding prior to the placement.
GasLog Ltd. (NYSE: GLOG) has declared a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preference Shares. This dividend is scheduled for payment on July 1, 2020, to all shareholders on record as of June 30, 2020. The company, based in Piraeus, Greece, operates a fleet of 35 LNG carriers, supporting international energy companies in their LNG logistics. Notably, GasLog owns 19 vessels, with additional capacity under long-term lease agreements.
GasLog Ltd. (NYSE: GLOG) held its annual general meeting on May 14, 2020, where shareholders elected six directors: Peter G. Livanos, Bruce L. Blythe, Donald J. Kintzer, Julian R. Metherell, Anthony S. Papadimitriou, and Paul A. Wogan. These directors will serve until the next annual meeting or until their successors are appointed. Additionally, Deloitte LLP was approved as the independent auditors for the fiscal year ending December 31, 2020. GasLog operates a fleet of 35 LNG carriers, supporting international energy companies in LNG logistics.
GasLog Ltd. (NYSE: GLOG) announced the delivery of the GasLog Wales, a new LNG carrier with a capacity of 180,000 cubic meters. The vessel has begun a 12-year charter with Jera Co., Inc., a major LNG buyer in Japan, which is expected to generate approximately $145 million in incremental EBITDA annually once all seven vessels are delivered. CEO Paul Wogan highlighted the successful delivery amid COVID-19 challenges and recognized the contributions of the team and partners.
GasLog Ltd. (NYSE:GLOG) announced the resignation of CFO Alastair Maxwell effective June 30, 2020, as he opts not to relocate to Greece. Achilleas Tasioulas, currently Deputy CFO, will assume the role starting July 1, 2020. Maxwell's tenure saw significant contributions in capital raising for expansion. Tasioulas, with extensive experience in finance and risk management, aims to enhance GasLog's financial resilience. CEOs of both GasLog and GasLog Partners expressed gratitude towards Maxwell and optimism for Tasioulas's leadership.
