GasLog (GLOG-PA) F-3 Shelf registration (foreign)

Exhibit 12.1

	COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
	Year Ended December 31,													Quarter Ended March 31,
	2008			2009			2010			2011		2012		2013
Earnings
Pre-tax (loss)/income before  income from equity investee		(25,928,057	)		3,774,572			8,131,264			12,410,708		3,142,762		5,505,183
Add:
Fixed charges		4,865,475			5,293,617			8,575,607			9,741,706		11,729,724		3,964,742
Amortization of capitalized interest		—			—			179,423			343,572		344,513		84,716
Distributed income of equity investee		550,000			625,000			1,570,000			1,286,787		750,000		390,027
Non-controlling interest  in loss of subsidiaries that have not incurred fixed charges		—			—			257,905			316,973		—		—
		(20,512,582	)		9,693,189			18,714,199			24,099,746		15,966,999		9,944,668
Less:
Interest capitalized		(4,768,335	)		(5,199,980	)		(3,392,808	)		—		—		—
Total Earnings		(25,280,917	)		4,493,209			15,321,391			24,099,746		15,966,999		9,944,668
Fixed Charges
Interest expensed and capitalized(1)		4,459,700			4,726,438			7,696,842			8,772,063		10,780,678		3,578,132
Amortization of capitalized expenses relating to indebtedness		308,635			473,542			665,085			708,151		725,528		336,105
Interest portion of rental expense		97,140			93,637			213,680			261,492		223,518		50,505
Total Fixed Charges		4,865,475			5,293,617			8,575,607			9,741,706		11,729,724		3,964,742
Ratio of Earnings to Fixed Charges		(2)—			(2)—			1.79			2.47		1.36		2.51
Dollar Amount of the Coverage Deficiency		30,146,392			800,408			n/a			n/a		n/a		n/a

⁽¹⁾ Interest expense includes interest on swaps.

⁽²⁾ The ratio coverage was less than 1:1.