Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Class of Shares | |
Entity Registrant Name | GasLog Ltd. |
Entity Central Index Key | 1,534,126 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Trading Symbol | GLOG |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Common Units/Shares | |
Class of Shares | |
Number of shares outstanding | 80,717,885 |
Preference Units/Shares | |
Class of Shares | |
Number of shares outstanding | 4,600,000 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||
Goodwill | $ 9,511 | $ 9,511 |
Investment in associates | 20,800 | 6,265 |
Deferred financing costs | 17,519 | 12,045 |
Other non-current assets | 428 | 1,824 |
Derivative financial instruments | 16,012 | 7,856 |
Tangible fixed assets | 3,772,566 | 3,889,047 |
Vessels under construction | 166,655 | 96,356 |
Vessel held under finance lease | 214,329 | 222,004 |
Total non-current assets | 4,217,820 | 4,244,908 |
Current assets | ||
Trade and other receivables | 10,706 | 9,256 |
Dividends receivable and other amounts due from related parties | 8,666 | 3,065 |
Derivative financial instruments | 2,199 | 82 |
Inventories | 6,839 | 8,461 |
Prepayments and other current assets | 4,569 | 4,326 |
Short-term investments | 18,000 | |
Restricted cash | 42 | |
Cash and cash equivalents | 384,092 | 227,024 |
Total current assets | 417,071 | 270,256 |
Total assets | 4,634,891 | 4,515,164 |
Equity | ||
Preference Shares | 46 | 46 |
Share capital | 810 | 810 |
Contributed surplus | 911,766 | 966,974 |
Reserves | 18,347 | 10,160 |
Treasury shares | (6,960) | (10,861) |
Accumulated deficit | (5,980) | (21,486) |
Equity attributable to owners of the Group | 918,029 | 945,643 |
Non-controlling interests | 845,105 | 564,039 |
Total equity | 1,763,134 | 1,509,682 |
Current liabilities | ||
Trade accounts payable | 11,526 | 7,255 |
Ship management creditors | 2,394 | 841 |
Amounts due to related parties | 35 | 105 |
Derivative financial instruments | 1,815 | 7,854 |
Other payables and accruals | 93,418 | 93,386 |
Borrowings, current portion | 179,367 | 147,448 |
Finance lease liability, current portion | 6,302 | 5,946 |
Total current liabilities | 294,857 | 262,835 |
Non-current liabilities | ||
Derivative financial instruments | 22,485 | |
Borrowings, non-current portion | 2,368,189 | 2,504,578 |
Finance lease liability, non-current portion | 207,126 | 214,455 |
Other non-current liabilities | 1,585 | 1,129 |
Total non-current liabilities | 2,576,900 | 2,742,647 |
Total equity and liabilities | $ 4,634,891 | $ 4,515,164 |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated statements of profit or loss | |||
Revenues | $ 525,229 | $ 466,059 | $ 415,078 |
Vessel operating and supervision costs | (122,486) | (112,632) | (98,552) |
Voyage expenses and commissions | (8,150) | (15,184) | (14,290) |
Depreciation | (137,187) | (122,957) | (106,641) |
General and administrative expenses | (39,850) | (38,642) | (41,282) |
Profit from operations | 217,556 | 176,644 | 154,313 |
Financial costs | (139,181) | (137,316) | (91,956) |
Financial income | 2,650 | 720 | 427 |
(Loss)/gain on swaps | 2,025 | (13,419) | (10,332) |
Share of profit of associate | 1,159 | 1,422 | 1,216 |
Total other expenses, net | (133,347) | (148,593) | (100,645) |
Profit for the year | 84,209 | 28,051 | 53,668 |
Attributable to: | |||
Owners of the Group | 15,506 | (21,486) | 10,829 |
Non-controlling interests | $ 68,703 | $ 49,537 | $ 42,839 |
Earnings/(loss) per share-basic and diluted | |||
Earnings/(loss) per share-basic and diluted | $ 0.07 | $ (0.39) | $ 0.04 |
Consolidated statements of comp
Consolidated statements of comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated statements of comprehensive income or loss | |||
Profit for the year | $ 84,209 | $ 28,051 | $ 53,668 |
Items that may not be reclassified subsequently to profit or loss: | |||
Actuarial gain/(loss) | (23) | 26 | |
Items that may be reclassified subsequently to profit or loss: | |||
Effective portion of changes in fair value of cash flow hedges, net of amounts recycled to profit or loss | 2,667 | (6,522) | (849) |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | 1,290 |
Other comprehensive income for the year | 7,035 | 16,969 | 467 |
Total comprehensive income for the year | 91,244 | 45,020 | 54,135 |
Attributable to: | |||
Owners of the Group | 22,541 | (4,517) | 11,296 |
Non-controlling interests | $ 68,703 | $ 49,537 | $ 42,839 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Preference Units/Shares | Share capital | Contributed surplus | Reserves | Treasury shares | Retained earnings/(accumulated deficit) | Attributable to owners of the Group | Non-controlling interests | Total |
Balance at beginning of year at Dec. 31, 2014 | $ 810 | $ 923,470 | $ (12,002) | $ (12,576) | $ 29,689 | $ 929,391 | $ 323,646 | $ 1,253,037 | |
Net proceeds from issuance of Preference Shares (Note 4) | $ 46 | 110,607 | 110,653 | 110,653 | |||||
Net proceeds from GasLog Partners' public offerings (Note 4) | 171,831 | 171,831 | |||||||
Dividend paid (common and Preference Shares) (Note 12) | (13,785) | (38,672) | (52,457) | (32,070) | (84,527) | ||||
Share-based compensation, net of accrued dividend | 2,791 | 2,791 | 2,791 | ||||||
Settlement of share-based compensation | (85) | 85 | |||||||
(Loss)/profit for the year | 10,829 | 10,829 | 42,839 | 53,668 | |||||
Other comprehensive income for the year | 467 | 467 | 467 | ||||||
Total comprehensive income for the year | 467 | 10,829 | 11,296 | 42,839 | 54,135 | ||||
Balance at the end of the year at Dec. 31, 2015 | 46 | 810 | 1,020,292 | (8,829) | (12,491) | 1,846 | 1,001,674 | 506,246 | 1,507,920 |
Net proceeds from GasLog Partners' public offerings (Note 4) | 52,299 | 52,299 | |||||||
Dividend paid (common and Preference Shares) (Note 12) | (53,318) | (1,846) | (55,164) | (44,043) | (99,207) | ||||
Share-based compensation, net of accrued dividend | 3,597 | 3,597 | 3,597 | ||||||
Settlement of share-based compensation | (1,577) | 1,630 | 53 | 53 | |||||
(Loss)/profit for the year | (21,486) | (21,486) | 49,537 | 28,051 | |||||
Other comprehensive income for the year | 16,969 | 16,969 | 16,969 | ||||||
Total comprehensive income for the year | 16,969 | (21,486) | (4,517) | 49,537 | 45,020 | ||||
Balance at the end of the year at Dec. 31, 2016 | 46 | 810 | 966,974 | 10,160 | (10,861) | (21,486) | 945,643 | 564,039 | 1,509,682 |
Net proceeds from GasLog Partners' public offerings (Note 4) | 278,226 | 278,226 | |||||||
Dividend paid (common and Preference Shares) (Note 12) | (55,208) | (55,208) | (65,863) | (121,071) | |||||
Share-based compensation, net of accrued dividend | 4,104 | 4,104 | 4,104 | ||||||
Settlement of share-based compensation | (2,952) | 3,901 | 949 | 949 | |||||
(Loss)/profit for the year | 15,506 | 15,506 | 68,703 | 84,209 | |||||
Other comprehensive income for the year | 7,035 | 7,035 | 7,035 | ||||||
Total comprehensive income for the year | 7,035 | 15,506 | 22,541 | 68,703 | 91,244 | ||||
Balance at the end of the year at Dec. 31, 2017 | $ 46 | $ 810 | $ 911,766 | $ 18,347 | $ (6,960) | $ (5,980) | $ 918,029 | $ 845,105 | $ 1,763,134 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Profit for the year | $ 84,209 | $ 28,051 | $ 53,668 |
Adjustments for: | |||
Depreciation | 137,187 | 122,957 | 106,641 |
Share of profit of associate | (1,159) | (1,422) | (1,216) |
Financial income | (2,650) | (720) | (427) |
Financial costs | 139,181 | 137,316 | 91,956 |
Unrealized foreign exchange losses/(gains) on cash and cash equivalents and short-term investments | (772) | 1,020 | 518 |
Unrealized loss/(gain) on derivative financial instruments held for trading including ineffective portion of cash flow hedges (Note 25) | (10,505) | (18,530) | 138 |
Recycled loss of cash flow hedges reclassified to profit or loss (Note 25) | 4,368 | 23,514 | 1,290 |
Non-cash defined benefit obligations | (25) | 26 | |
Share-based compensation (Note 21) | 4,565 | 3,869 | 2,872 |
Adjusted profit/(loss) | 354,424 | 296,030 | 255,466 |
Movements in operating assets and liabilities: | |||
(Increase)/decrease in trade and other receivables including related parties, net | (7,601) | 4,872 | (2,054) |
Decrease/(increase) in prepayments and other assets | (1,465) | (1,807) | 1,924 |
(Increase)/decrease in inventories | 1,622 | (1,964) | (1,543) |
(Increase)/decrease in other non-current assets | 1,396 | 27,133 | (23,172) |
Increase/(decrease) in other non-current liabilities | 299 | (419) | 220 |
(Increase)/decrease in restricted cash | 42 | (42) | |
Increase in accounts payable and other current liabilities | 1,544 | 11,517 | 9,654 |
Cash provided by operations | 350,261 | 335,320 | 240,495 |
Interest paid | (126,631) | (78,788) | (78,916) |
Net cash provided by operating activities | 223,630 | 256,532 | 161,579 |
Cash flows from investing activities: | |||
Payments for tangible fixed assets and vessels under construction | (82,352) | (761,513) | (728,446) |
Dividends received from associate | 1,315 | 1,413 | 1,675 |
Return of contributed capital from associate (Note 5) | 59 | 137 | |
Other investments | (14,125) | (55) | |
Purchase of short-term investments | (37,244) | (19,500) | (74,592) |
Maturity of short-term investments | 55,244 | 7,500 | 97,007 |
Financial income received | 2,504 | 721 | 359 |
Net cash used in investing activities | (74,599) | (771,242) | (704,052) |
Cash flows from financing activities: | |||
Proceeds from bank loans and bonds | 280,000 | 2,274,318 | 606,000 |
Proceeds from sale and finance leaseback | 217,000 | ||
Bank loan and bond repayments | (397,008) | (1,983,576) | (103,709) |
Payment of loan and bonds issuance costs | (8,830) | (44,125) | (25,969) |
Proceeds from issuance of Preference Shares (net of underwriting discounts and commissions) | 111,378 | ||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 141,395 | 52,731 | 172,875 |
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 139,222 | ||
Payment of equity raising costs | (2,032) | (442) | (1,839) |
Payment for cross currency swaps' termination/modification | (20,603) | (31,986) | |
Payment for NOK bonds repurchase at a premium | (1,459) | (2,120) | |
Payment for interest rate swaps' termination | (30,296) | ||
Proceeds from entering into interest rate swaps | 25,465 | ||
Proceeds from stock options' exercise | 1,223 | ||
Dividends paid | (121,071) | (99,207) | (84,527) |
(Increase)/decrease in restricted cash | 62,718 | (39,892) | |
Payments for vessel held under finance lease | (714) | ||
Payments for finance lease liability | (3,572) | ||
Net cash provided by financing activities | 7,265 | 439,766 | 634,317 |
Effects of exchange rate changes on cash and cash equivalents | 772 | (1,020) | (830) |
Increase/(decrease) in cash and cash equivalents | 157,068 | (75,964) | 91,014 |
Cash and cash equivalents, beginning of the year | 227,024 | 302,988 | 211,974 |
Cash and cash equivalents, end of the year | 384,092 | 227,024 | 302,988 |
Non-cash investing and financing activities | |||
Capital expenditures included in liabilities at the end of the year (Note 26) | 3,016 | 2,038 | 12,576 |
Equity raising costs included in liabilities at the end of the year (Note 26) | 364 | 5 | 59 |
Loan issuance costs included in liabilities at the end of the year (Note 26) | $ 1,526 | $ 247 | |
Receivables from stock options exercise included in assets at the end of the year | $ 108 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations GasLog Ltd. ("GasLog") was incorporated in Bermuda on July 16, 2003. GasLog and its subsidiaries (the "Group") are primarily engaged in the ownership, operation and management of vessels in the liquefied natural gas ("LNG") market, providing maritime services for the transportation of LNG on a worldwide basis and LNG vessel management services. The Group conducts its operations through its vessel-owning subsidiaries and through its vessel management services subsidiary. The Group's operations are carried out from offices in Piraeus, London, New York, Singapore and Monaco. The registered office of GasLog is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. GasLog's chairman, Peter G. Livanos, is GasLog's largest shareholder through his ownership of Ceres Shipping Ltd. ("Ceres Shipping"), which controls Blenheim Holdings Ltd. As of December 31, 2017, entities controlled by members of the Livanos family, including GasLog's chairman, are deemed to beneficially own approximately 40.12% of GasLog's issued and outstanding common shares. As a result of his ownership of GasLog's common shares, Mr. Livanos can effectively control the outcome of most matters on which GasLog's shareholders are entitled to vote. On May 12, 2014, GasLog Partners LP ("GasLog Partners" or the "Partnership"), a subsidiary of GasLog, completed its initial public offering (the "GasLog Partners' IPO") with the sale and issuance of 9,660,000 common units (including 1,260,000 units in relation to the overallotment option exercised in full by the underwriters), resulting in net proceeds of $186,029 and representing a 48.2% ownership interest. Concurrently with the GasLog Partners' IPO, the Partnership acquired from GasLog a 100% ownership interest in GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd., the entities that own the GasLog Shanghai , the GasLog Santiago and the GasLog Sydney , in exchange for (i) 162,358 common units and 9,822,358 subordinated units issued to GasLog representing a 49.8% ownership interest and all of the incentive distribution rights ("IDRs") that entitle GasLog to increasing percentages of the cash that the Partnership distributes in excess of $0.43125 per unit per quarter, (ii) 400,913 general partner units issued to GasLog Partners GP LLC (the "general partner"), a wholly owned subsidiary of GasLog, representing a 2.0% general partner interest and (iii) $65,695 of cash consideration paid directly to GasLog from the GasLog Partners' IPO proceeds. Since GasLog Partners' IPO, the Partnership acquired 100% of the ownership interests in the following GasLog subsidiaries that own the vessels listed below: Date Acquisition Completed Subsidiaries Acquired Vessels Purchased Aggregate September 29, 2014 GAS-sixteen Ltd. and GAS-seventeen Ltd. Methane Rita Andrea and Methane Jane Elizabeth $ July 1, 2015 GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally $ November 1, 2016 GAS-seven Ltd. GasLog Seattle $ May 3, 2017 GAS-eleven Ltd. GasLog Greece $ July 3, 2017 GAS-thirteen Ltd. GasLog Geneva $ October 20, 2017 GAS-eight Ltd. Solaris $ As of December 31, 2017, GasLog holds a 25.9% interest (including the 2% interest through general partner units) in GasLog Partners and, as a result of its ownership of the general partner and the fact that the general partner elects the majority of the Partnership's directors in accordance with the Partnership Agreement, GasLog has the ability to control the Partnership's affairs and policies. Consequently, GasLog Partners is consolidated in the Group's financial statements. The accompanying consolidated financial statements include the financial statements of GasLog and its subsidiaries. Unless indicated otherwise, the subsidiaries listed below were 100% held (either directly or indirectly) by GasLog. As of December 31, 2017 the Group's structure is as follows: Name Place of Date of Principal activities Cargo Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. Bermuda February 2008 Holding company — — — GasLog Shipping Company Ltd. Bermuda January 2006 Holding company — — — GasLog Partners GP LLC Marshall Islands January 2014 Holding company — — — GasLog Cyprus Investments Ltd. Cyprus December 2016 Holding company — — — GasLog Services UK Ltd. England and Wales May 2014 Service company — — — GasLog Services US Inc. Delaware May 2014 Service company — — — GasLog Asia Pte Ltd. Singapore May 2015 Service company — — — GasLog LNG Services Ltd. Bermuda August 2004 Vessel management services — — — GasLog Monaco S.A.M. Monaco February 2010 Service company — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Vessel-owning company GasLog Salem April 2015 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company GasLog Glasgow June 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar October 2016 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company Hull No. 2130 Q1 2018 (1) GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company Hull No. 2131 Q1 2019 (1) GAS-twenty four Ltd. Bermuda June 2014 Vessel-owning company Hull No. 2800 Q1 2018 (1) GAS-twenty five Ltd. Bermuda June 2014 Vessel-owning company Hull No. 2801 Q1 2018 (1) GAS-twenty six Ltd. Bermuda January 2015 Finance lease asset company (2) Methane Julia Louise March 2015 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company Methane Becki Anne March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2213 (4) Q2 2020 (1) GAS-twenty nine Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2212 Q3 2019 (1) GAS-thirty Ltd. Bermuda December 2017 Dormant — — — GAS-thirty one Ltd. Bermuda December 2017 Dormant — — — GAS-thirty two Ltd. Bermuda December 2017 Dormant — — — GasLog Shipping Limited BVI July 2003 Dormant — — — 25.9% interest subsidiaries: GasLog Partners LP Marshall Islands January 2014 Holding company — — — GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece March 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva September 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally June 2014 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. ("Gastrade") Greece June 2010 Service company — — — 33.33% joint venture: The Cool Pool Limited (the "Cool Pool") (3) Marshall Islands September 2015 Service company — — — (1) For newbuildings, expected delivery quarters are presented. (2) On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui Co., Ltd. ("Mitsui"). Refer to Note 7. (3) On October 1, 2015, GasLog Carriers, Dynagas Ltd. ("Dynagas") and Golar LNG Ltd. ("Golar") ("Pool Owners") and the Cool Pool Limited signed an LNG carrier pooling agreement (the "LNG Carrier Pool" or "Pool Agreement") to market their vessels, which are currently operating in the LNG shipping spot market. As of December 31, 2017, the LNG Carrier Pool—named the "Cool Pool"—consists of 19 modern, high quality and essentially equivalent vessels powered by fuel efficient tri-fuel diesel electric ("TFDE") propulsion technology. The participation of the Pool Owners' vessels in the Cool Pool is as follows: Dynagas: three vessels; GasLog: five vessels; and Golar: eleven vessels. Each vessel owner continues to be fully responsible for the manning and technical management of their respective vessels. For the operation of the Cool Pool, a Marshall Islands service company named "The Cool Pool Limited" or the "Pool Manager", was incorporated in September 2015 acting as an agent. (4) Refer to Note 29. All entities in the Group have a December 31st year end. During 2017, the Group employed an average of 184 employees (2016: 173 and 2015: 158). GasLog's common shares are traded on the New York Stock Exchange ("NYSE") under the ticker symbol "GLOG". GasLog's 8.75% Series A Cumulative Redeemable Perpetual Preference Shares ("Preference Shares") are traded on the NYSE under the ticker symbol "GLOG PR A". |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Statement of compliance The consolidated financial statements of GasLog and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (the "IFRS") as issued by the International Accounting Standards Board (the "IASB"). Basis of preparation and approval The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Going concern In considering going concern management has reviewed the Group's future cash requirements, covenant compliance and earnings projections. Management anticipates that the Group's primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. The Group may also seek to raise additional equity. Management believes that these sources of funds will be sufficient for the Group to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. The financial statements are expressed in U.S. dollars ("USD"), which is the functional currency of the Group's subsidiaries because their vessels operate in international shipping markets in which revenues and expenses are primarily settled in USD, and the Group's most significant assets and liabilities are paid for and settled in USD. On February 26, 2018, the financial statements were authorized on behalf of GasLog's board of directors for issuance and filing. The principal accounting policies are set out below. Basis of consolidation The consolidated financial statements incorporate the financial statements of GasLog and entities controlled by GasLog (its subsidiaries). Control is achieved where GasLog: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the date control is obtained and up to the date control ceases. Acquisitions of businesses are accounted for using the acquisition method. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. The other investors in subsidiaries in which the Group has less than 100% interest hold a non-controlling interest in the net assets of these subsidiaries. Non-controlling interest is stated at the non-controlling interest's proportion of the net assets of the subsidiaries where the Group has less than 100% interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by the non-controlling interest's share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in the non-controlling interest having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group. Goodwill Goodwill arising in a business combination is recognized as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group's interest in the fair value of the acquiree's identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any), the excess is recognized immediately in the consolidated statement of profit or loss as a bargain purchase gain. Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Investment in associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are included in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. An impairment assessment of investments in associates is performed when there is an indication that the asset has been impaired or the impairment losses recognized in prior years no longer exist. When the Group's share of losses exceeds the carrying amount of the investment, the investment is reported at nil value and recognition of losses is discontinued except to the extent of the Group's commitment. Investment in joint ventures A joint arrangement is an arrangement where two or more parties have joint control. Joint control is established by a contractual arrangement that requires unanimous agreement on decisions made on relevant activities. Without the presence of joint control, joint arrangements do not exist. Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The arrangement is a joint operation when the contractual agreement provides rights to assets and obligations for liabilities for those parties sharing joint control. The joint arrangement is a joint venture when the agreement grants rights to the arrangement's net assets. The Cool Pool is a joint venture. Interests in joint ventures are accounted for using the equity method (see Investment in associates above), after initially being recognized at cost in the consolidated statement of financial position. Leases Lease income from operating leases of vessels where the Group is a lessor is recognized in profit or loss on a straight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their nature under "Tangible fixed assets". Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease's inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments, discounted at the interest rate implicit in the lease, if practicable, or else at the Group's incremental borrowing rate. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as finance lease liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset's useful life or over the shorter of the asset's useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to income are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis as costs are incurred over the duration of the specific project. Accounting for revenues and related operating expenses The Group's revenues comprise revenues from time charters for the charter hire of its vessels, gross pool revenues, management fees, project supervision income and other income earned during the period in accordance with existing contracts. Revenue from vessel management and vessel construction project supervision contracts is recognized when earned and when it is probable that future economic benefits will flow to the Group and such a benefit can be measured reliably. Pool revenues are recognized on a gross basis representing time charter revenues earned by GasLog vessels participating in the pool under charter agreements where GasLog contracts directly with charterers. Revenue is recognized on a monthly basis, when the vessel is made available and services are provided to the charterer during the period, the amount can be estimated reliably and collection of the related revenue is reasonably assured. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer, except for the off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Time charter hires received in advance are classified as liabilities until the criteria for recognizing the revenue as earned are met. Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses and broker's commissions are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents' fees, and extra war risk insurance are paid by the charterer. Accounting for voyage expenses and commissions Vessel operating costs and voyage expenses and commissions are expensed as incurred, with the exception of commissions, which are recognized on a pro-rata basis over the duration of the period of the time charter. Bunkers' consumption represents mainly bunkers consumed during vessels unemployment and off-hire. Furthermore, in relation to the vessels participating in the Cool Pool, voyage expenses and commissions include the net allocation from the pool which represents GasLog's share of the net revenues earned from the other pool participants' vessels less the other participants' share of the net revenues earned by GasLog's vessels included in the pool. Each participant's share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. Financial income and costs Interest income is recognized on an accrual basis. Dividend income is recognized when the right to receive payment is established. Interest expense, other borrowing costs and realized loss on interest rate swaps are recognized on an accrual basis. Foreign currencies Transactions in currencies other than the USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. Deferred financing costs for undrawn facilities Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. Vessels under construction Vessels under construction are presented at cost less identified impairment losses, if any. Costs include shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the acquisition or construction of the vessels. Upon completion of the construction, the vessels are presented on the statement of financial position in accordance with the "Tangible fixed assets: Property, plant and equipment" policy as described below. Tangible fixed assets: Property, plant and equipment Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of an LNG vessel is split into two components, a "vessel component" and a "dry-docking component". Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management's estimation about the amount that the Group would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo dry-docking overhaul every five years to restore their service potential and to meet their classification requirements that cannot be performed while the vessels are operating. The dry-docking component is estimated at the time of a vessel's delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking subsequent to its acquisition, based on the Group's historical experience with similar types of vessels. For subsequent dry-dockings actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessels' last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, dry-docking shipyard expenses, expenses related to hull, external surfaces and decks, and expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as dry-docking. The expected useful lives of all long-lived assets are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Furniture, computer, software and other office equipment 3 - 5 years Leasehold improvements 12 years (or remaining term of the lease) Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives of all assets and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. The residual value is also reviewed at each financial period-end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When assets are sold, they are derecognized and any gain or loss resulting from their disposal is included in profit or loss. Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease All assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset's fair value less cost of disposal and "value in use". The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm's length transaction less the costs of disposal, while "value in use" is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-generating unit. The fair values of the vessels are estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Inventories Inventories represent lubricants on board the vessel and, in the event of a vessel's unemployment, the bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first in, first out basis, and net realizable value. Financial instruments Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. • Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. • Restricted cash Restricted cash comprises cash held that is not available for use by the Group including cash held in blocked accounts in order to comply with the covenants under the Group's credit facilities. • Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. • Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. Bad debts are written off during the period in which they are identified. An estimate is made for doubtful receivables based on a review of all outstanding amounts at each reporting date. • Borrowings Borrowings are measured at amortized cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. • Derivative financial instruments The Group enters into a variety of derivative financial instruments to economically hedge its exposure to interest rate and foreign exchange rate risks, including interest rate swaps, cross currency swaps ("CCSs") and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in the consolidated statement of profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statement of profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. The Group's criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects profit or loss, in the same line item as the recognized hedged item. Hedge accounting is discontinued when the Group terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized in the consolidated statement of profit or loss when the hedged item affects the consolidated statement of profit or loss. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. • Finance lease liabilities Finance lease liabilities are initially measured at the fair value of the leased property or, if lower, the present value of the minimum lease payments—discounted at the interest rate implicit in the lease, if practicable, or else at the entity's incremental borrowing rate—and subsequently measured at amortized cost, using the effective interest rate method. Finance charges in respect of finance leases are recognized in the consolidated statement of profit or loss under "Financial costs". Segment Information The information provided to the Group's chief operating decision maker (the "CODM"), being the Chief Executive Officer, to review the Group's operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Group charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. Share-based compensation Share-based compensation to employees and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 21. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Group's management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments: In the process of applying GasLog's accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the non-controlling interests: The non-controlling interests in the Partnership comprise the portion of the Partnership's common units that are not directly or indirectly held by GasLog (31,017,405 units as of December 31, 2017). Under the terms of the partnership agreement, the Partnership is required to distribute 100% of available cash (as defined in the partnership agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the Partnership's board of directors to (i) provide for the proper conduct of the business of the Partnership (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the non-controlling interests in the Partnership should be classified as liabilities or equity interests, management has considered the wide discretion of the board of directors of the Partnership to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the Partnership's board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the non-controlling interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Vessel lives and residual value: Vessels are stated at cost, less accumulated depreciation. The estimates and assumptions that have the most significant effect on the vessel carrying amount relate to the estimation of the useful life of an LNG vessel of 35 years and the residual value. An increase in the estimated useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and an increase in the estimated useful life of a vessel would also extend the annual depreciation charge into later periods. A decrease in the useful life of a vessel or its residual value would have the effect of increasing the annual depreciation charge. Management estimated residual value of its vessels to be equal to the product of its lightweight tonnage ("LWT") and an estimated scrap rate per LWT. Effective December 31, 2017, following management's annual reassessment, the estimated scrap rate per LWT was decreased. This change in estimate is expected to increase the future annual depreciation by $873. The estimated residual value of the ships may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. Management might revise its estimate of the residual values of the ships in the future in response to changing market conditions. If regulations place significant limitations on t |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill | |
Goodwill | 3. Goodwill Goodwill resulted from the acquisition in 2005 of Ceres LNG Services Ltd., the vessel management company, which represents a cash-generating unit. On September 30, 2011, Ceres LNG Services Ltd. was renamed "GasLog LNG Services Ltd." As of December 31, 2017, the Group assessed the recoverable amount of goodwill, and concluded that goodwill associated with the Group's vessel management company was not impaired. The recoverable amount of the vessel management operations is determined based on a value-in-use calculation which uses cash flow to be generated based on financial budget for the year ending December 31, 2018, approved by management. The key assumptions used in the value-in-use calculations (2018 and beyond) are as follows: (i) Average inflation of 1.0% per annum; (ii) A pre-tax discount rate of 12.2% per annum; (iii) Annual growth rate of 1.0%; and (iv) 1 Euro = USD 1.20. Growth is based on the number of vessels expected to be under management based on the shipbuilding contracts in place at the end of the year and the long-term strategy of the Group. Management believes that any reasonably possible further change in the key assumptions on which recoverable amount is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable amount. |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Equity Transactions | |
Equity Transactions | 4. Equity Transactions GasLog's offerings On April 7, 2015, GasLog completed a public offering of 4,600,000 Preference Shares (including 600,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional Preference Shares), par value $0.01 per share, liquidation preference $25.00 per share, which priced at $25.00 per share. The net proceeds from the offering after deducting underwriting discounts, commissions and other offering expenses were $110,653. GasLog Partners' offerings On June 26, 2015, GasLog Partners completed a public offering of 7,500,000 common units at a public offering price of $23.90 per unit. The net proceeds from this offering after deducting underwriting discounts and other offering expenses, were $171,831. On August 5, 2016, GasLog Partners completed a public offering of 2,750,000 common units at a public offering price of $19.50 per unit. The net proceeds from this offering after deducting underwriting discounts and other offering expenses, were $52,299. On January 27, 2017, GasLog Partners completed an equity offering of 3,750,000 common units at a public offering price of $20.50 per unit. In addition, the option to purchase additional units was partially exercised by the underwriter on February 24, 2017, resulting in 120,000 additional units being sold at the same price. The aggregate net proceeds from this offering, including the partial exercise by the underwriter of the option to purchase additional units, after deducting underwriting discounts and other offering expenses were $78,197. On May 15, 2017, GasLog Partners completed a public offering of 5,750,000 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Preference Rate Units (the "Partnership's Series A Preference Units") (including 750,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Partnership's Series A Preference Units), liquidation preference $25.00 per unit, at a price to the public of $25.00 per preference unit. The net proceeds from the offering after deducting underwriting discounts, commissions and other offering expenses were $138,804. The Partnership's Series A Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR A". The initial distribution on the Partnership's Series A Preference Units was paid on September 15, 2017. On May 16, 2017, GasLog Partners commenced an "at-the-market" common equity offering programme ("ATM Programme"), under which the Partnership may, from time to time, raise equity through the issuance and sale of new common units having an aggregate offering value of up to $100,000 in accordance with the terms of an equity distribution agreement, entered into on the same date. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC have agreed to act as sales agents. From establishment of the ATM Programme through December 31, 2017, GasLog Partners had issued and received payment for 2,735,405 common units at a weighted average price of $22.97 per common unit for total net proceeds of $61,225. On November 3, 2017, the Partnership entered into the Amended and Restated Equity Distribution Agreement to increase the size of the ATM Programme to $144,040 and to include UBS Securities LLC as a sales agent. Additionally, on May 16, 2017 the subordination period on the subordinated units of GasLog Partners held by GasLog expired and consequently all 9,822,358 subordinated units of GasLog Partners converted into common units of GasLog Partners on a one-for-one basis and now participate pro rata with all other outstanding common units in distributions of available cash. The balance of non-controlling interests as of December 31, 2016 and 2017 is as follows: Non-controlling interests 2016 2017 As of January 1, Net proceeds from the Partnership's equity offerings Dividend declared and paid ) ) Profit and total comprehensive income allocated to non-controlling interests As of December 31, The profit allocation to non-controlling interests is based on the distribution policy for available cash stated in the Partnership Agreement and is illustrated in the table below: Marginal Percentage Interest in Distributions Total Quarterly Common General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Third Target Distribution $0.46875 up to $0.5625 % % % Thereafter Above $0.5625 % % % Allocation of GasLog Partners' profit (*) 2016 2017 Partnership's profit attributable to: Common unitholders Subordinated unitholders General partner IDRs Paid and accrued preference equity distributions — Total Partnership's profit allocated to GasLog Partnership's profit allocated to non-controlling interests Total * Includes profits of GAS-seven Ltd., GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. for the period after their transfers to the Partnership on November 1, 2016, May 3, 2017, July 3, 2017 and October 20, 2017, respectively. |
Investment in Associates and Jo
Investment in Associates and Joint Venture | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Associates and Joint Venture | |
Investment in Associates and Joint Venture | 5. Investment in Associates and Joint Venture The Group participates in the following associates and joint venture: % of Country of Nature of Measurement Principal Name 2016 2017 Egypt LNG Shipping Ltd. (1) Bermuda % % Associate Equity method Vessel-owning company Gastrade (2) Greece — % Associate Equity method Service company The Cool Pool Limited (3) Marshall Islands % % Joint venture Equity method Service company (1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cbm LNG vessel built in 2007. (2) Gastrade is a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure. (3) The Cool Pool Limited is the commercial manager of the Cool Pool acting as an agent (Note 1). Investment in associates and joint venture consist of the following: Associates Joint Venture 2016 2017 2016 2017 As of January 1, — Additions/(write-offs) — ) — Share of profit of associate — — Return of investment from associate ) ) — — Dividend declared ) ) — — As of December 31, — — The additions of $14,125 relate to the investment in Gastrade. On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. Summarized financial information in respect of the associates and the joint venture is set out below: Associates Joint Venture 2016 2017 2016 2017 Current Total current assets Total current liabilities ) ) ) ) Non-current Total non-current assets — — Total non-current liabilities ) ) — — Net assets — — Group's share — — Associates Joint Venture 2015 2016 2017 2015 2016 2017 Revenues Profit for the year — — — Total comprehensive income for the year — — — Group's share in profit — — — Dividend declared ) ) ) — — — Group's share in dividend — — — |
Tangible Fixed Assets, Vessels
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | 12 Months Ended |
Dec. 31, 2017 | |
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | |
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | 6. Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease The movements in tangible fixed assets and vessels under construction are reported in the following table: Vessels Office property Total Vessels Vessel held Cost As of January 1, 2016 — Additions Sale and leaseback (Note 7) ) — ) — Transfer from vessels under construction — ) — Fully amortized fixed assets ) ) ) — — As of December 31, 2016 Additions — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 Accumulated depreciation As of January 1, 2016 — — Depreciation — Sale and leaseback (Note 7) ) — ) — — Fully amortized fixed assets ) ) ) — — As of December 31, 2016 — Depreciation — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 — Net book value As of December 31, 2016 As of December 31, 2017 Vessels with an aggregate carrying amount of $3,757,051 as of December 31, 2017 (December 31, 2016: $3,877,889) have been pledged as collateral under the terms of the Group's loan agreements (Note 13). On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui. Refer to Note 7. Vessels under construction In January 2013, GAS-eleven Ltd. and GAS-twelve Ltd. entered into shipbuilding contracts with Samsung Heavy Industries Co., Ltd. ("Samsung") for the construction of two LNG carriers (174,000 cbm each). The first vessel, the GasLog Greece , was delivered on March 29, 2016, while the second vessel, the GasLog Glasgow , was delivered on June 30, 2016. In August 2013, GAS-thirteen Ltd. and GAS-fourteen Ltd. entered into shipbuilding contracts with Samsung for the construction of two LNG carriers (174,000 cbm each). The first vessel, the GasLog Geneva , was delivered on September 30, 2016, while the second vessel, the GasLog Gibraltar , was delivered on October 31, 2016. In May 2014, GAS-twenty two Ltd. and GAS-twenty three Ltd. entered into shipbuilding contracts with Samsung for the construction of two LNG carriers (174,000 cbm each). The vessels are expected to be delivered in the first quarter of 2018 and 2019, respectively. In June 2014, GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into shipbuilding contracts with Hyundai Heavy Industries Co., Ltd. ("Hyundai") for the construction of two LNG carriers (174,000 cbm each). The first vessel, the GasLog Houston was delivered on January 8, 2018, while the second vessel, the GasLog Hong Kong , is expected to be delivered in March 2018. In September 2016, GAS-twenty nine Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the third quarter of 2019. On March 21, 2017, GasLog entered into a Heads of Agreement ("HOA") with Samsung for the potential conversion of an existing vessel of the Group. As of December 31, 2017, $3,400 of the cost was paid, in accordance with the payment terms. On July 10, 2017, GasLog entered into an agreement with Keppel Shipyard Limited ("Keppel") for the detailed engineering in relation to an FSRU conversion of one vessel. As of December 31, 2017, $4,035 of the cost was paid, in accordance with the payment terms. Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2017, the Group has paid to the shipyard $153,116 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel's keel laying, launching and delivery (Note 22(b)). The vessels under construction costs as of December 31, 2016 and 2017 are comprised of: As of 2016 2017 Progress shipyard installments Onsite supervision costs Critical spare parts, equipment and other vessel delivery expenses Total |
Sale and Leaseback
Sale and Leaseback | 12 Months Ended |
Dec. 31, 2017 | |
Sale and Leaseback | |
Sale and Leaseback | 7. Sale and Leaseback On February 24, 2016, GasLog's subsidiary, GAS-twenty six Ltd., completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui. Mitsui has the right to on-sell and lease back the vessel. The vessel was sold to Mitsui for a cash consideration of $217,000. GasLog leased back the vessel under a bareboat charter from Mitsui for a period of up to 20 years. GasLog has the option to repurchase the vessel on pre-agreed terms no earlier than the end of year ten and no later than the end of year 17 of the bareboat charter. The bareboat hire is fixed and GasLog had a holiday period for the first 210 days, which expired on September 21, 2016. This leaseback meets the definition of a finance lease under IFRS. The movements in finance lease liabilities are reported in the following table: 2016 2017 As of January 1, — Addition — Finance lease charge (Note 18) Payments ) ) As of December 31, Finance lease liability, current portion Finance lease liability, non-current portion Total Commitments in relation to finance leases are payable as follows: As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Minimum lease payments Future finance charges ) Total lease liabilities The present value of finance lease liabilities is as follows: As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total lease liabilities |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | 8. Cash and Cash Equivalents Cash and cash equivalents consist of the following: As of December 31, 2016 2017 Current accounts Time deposits (with original maturities of three months or less) Ship management client accounts Total Ship management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management. A compensating balance is held as a current liability. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Trade and Other Receivables | |
Trade and Other Receivables | 9. Trade and Other Receivables An analysis of trade and other receivables is as follows: As of 2016 2017 Trade receivables VAT receivable Accrued income Insurance claims Other receivables Total As of December 31, 2016 and 2017, no material receivable balances were past due or impaired, and therefore no allowance was necessary. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Non-Current Assets | |
Other Non-Current Assets | 10. Other Non-Current Assets An analysis of other non-current assets is as follows: As of 2016 2017 Accrued revenue from straight-line revenue — Various guarantees Other long-term assets — Total |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital | |
Share Capital | 11. Share Capital GasLog's authorized share capital consists of 500,000,000 shares with a par value $0.01 per share. As of December 31, 2017, the share capital consisted of 80,717,885 issued and outstanding common shares, par value $0.01 per share, 275,241 treasury shares issued and held by GasLog and 4,600,000 Preference Shares issued and outstanding (December 31, 2016: 80,561,353 issued and outstanding common shares, par value $0.01 per share, 431,773 treasury shares issued and held by GasLog and 4,600,000 Preference Shares issued and outstanding). The movements in the number of shares, the share capital, the Preference Shares, the contributed surplus and the treasury shares are reported in the following table: Number of Shares Amounts Number of Number of Number of Share Preference Contributed Treasury Outstanding as of January 1, 2015 — — ) Issuance of Preference Shares (Note 4) — — — — Dividends declared deducted from Contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2015 ) Dividends declared deducted from Contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2016 ) Dividends declared deducted from Contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2017 ) |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Reserves | |
Reserves | 12. Reserves The movements in reserves are reported in the following table: Hedging Employee Share-based Total Balance as of January 1, 2015 ) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial gain — — Balance as of December 31, 2015 ) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial loss — ) — ) Balance as of December 31, 2016 ) ) Effective portion of changes in fair value of cash flow hedges — — Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Balance as of December 31, 2017 ) ) Dividend distributions GasLog's dividend distributions for the years ended December 31, 2015, 2016 and 2017 are presented in the following table: Declaration date Type of shares Dividend Payment date Amount paid February 26, 2015 Common $ March 13, 2015 May 5, 2015 Common $ May 21, 2015 June 19, 2015 Preference $ July 1, 2015 August 5, 2015 Common $ August 20, 2015 September 18, 2015 Preference October 1, 2015 November 4, 2015 Common $ November 19, 2015 November 17, 2015 Preference $ January 4, 2016 Total February 24, 2016 Common $ March 17, 2016 March 11, 2016 Preference $ April 1, 2016 May 5, 2016 Common $ May 26, 2016 May 5, 2016 Preference $ July 1, 2016 August 3, 2016 Common $ August 25, 2016 September 14, 2016 Preference $ October 3, 2016 November 2, 2016 Common $ November 24, 2016 November 17, 2016 Preference $ January 3, 2017 Total February 16, 2017 Common $ March 16, 2017 March 9, 2017 Preference $ April 3, 2017 May 4, 2017 Common $ May 25, 2017 May 4, 2017 Preference $ July 3, 2017 August 2, 2017 Common $ August 24, 2017 September 14, 2017 Preference $ October 2, 2017 November 1, 2017 Common $ November 22, 2017 November 16, 2017 Preference $ January 2, 2018 Total |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings | |
Borrowings | 13. Borrowings An analysis of the borrowings is as follows: As of December 31, 2016 2017 Amounts due within one year Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, current portion Amounts due after one year Plus: unamortized premium (1) — Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, non-current portion Total (1) Refer to "Bonds" disclosed below for details on the premium. Bank Loans-secured Terminated Facilities: (a) Danish Ship Finance A/S loan In March 2008, GAS-one Ltd. entered into a bank loan facility of up to $174,033 with Danish Ship Finance A/S in order to partially finance the construction of an LNG vessel. On March 9, 2012, GAS-one Ltd. entered into an amending and restating agreement with Danish Ship Finance A/S. The amendment defined that the guarantors were GasLog and GasLog Carriers Ltd. On July 25, 2016, pursuant to the credit agreement entered into by GasLog with a number of international banks to refinance the existing indebtedness on eight of its on-the-water vessels of up to $1,050,000 (the "Legacy Facility Refinancing", please refer to (l) below), the outstanding balance under the GAS-one Ltd. credit facility of $115,523 was fully repaid. (b) DNB Bank ASA, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and Skandinaviska Enskilda Banken AB (publ) loan On May 17, 2013, GAS-two Ltd. signed a loan agreement with DNB Bank ASA, acting through its London Branch, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and Skandinaviska Enskilda Banken AB (publ) for a term loan facility of up to $110,000 and a revolving credit facility of up to $50,000 for the purpose of refinancing the facility of GAS-two Ltd. with DnB Nor Bank ASA, National Bank of Greece and UBS AG which was due to mature in March 2014 and for general corporate purposes. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-two Ltd. credit facility of $122,175 was fully repaid. (c) Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan On October 3, 2011, GAS-five Ltd. and GAS-six Ltd. entered into a loan agreement of up to $277,000 with Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC in order to partially finance the acquisition of two LNG vessels. The loan agreement provided for two equal tranches that were drawn on May 24, 2013 and July 19, 2013 for the financing of the GasLog Sydney and the GasLog Skagen , respectively. In connection with the GasLog Partners' IPO on May 12, 2014, the credit facility entered was amended to, among other things, (1) divide the facility into two separate facilities on substantially the same terms as the initial facility, with one of the facilities executed by GAS-five Ltd. for the portion allocated to the GasLog Sydney , (2) permit GasLog's contribution of GAS-five Ltd. to the Partnership and (3) add GasLog Partners Holdings LLC as a guarantor and remove GasLog Carriers Ltd., a wholly owned subsidiary of GasLog, as guarantor in connection with the GAS-five Ltd. facility. In connection with these amendments, the Partnership prepaid $82,634 of the new GAS-five Ltd. facility with proceeds of the initial public offering. On November 19, 2014, the outstanding amount of $48,225 under the GAS-five Ltd. credit facility was fully repaid. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-six Ltd. credit facility of $116,096 was fully repaid. (d) Credit Suisse AG On January 18, 2012, GAS-seven Ltd. entered into a loan agreement of up to $144,000 with Credit Suisse AG, for the purpose of financing one of the newbuilding vessels. The agreement provided for a single tranche that was drawn on December 4, 2013 for the financing of the GasLog Seattle. The loan bore interest at LIBOR plus a margin. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-seven Ltd. credit facility of $124,000 was fully repaid. (e) DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) On December 23, 2011, GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. entered into a loan agreement (the "Principal Agreement") for a senior secured credit facility of up to $435,000 with DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) for the purpose of financing three of the newbuilding vessels. The loan agreement provided for three tranches, to be drawn upon delivery of each newbuilding vessel. On June 24, 2014, GAS-eight Ltd. drew down $143,000 from the loan facility, to partially finance the delivery of the Solaris , on December 10, 2014, GAS-nine Ltd. drew down $146,000 from the loan facility to partially finance the delivery of the GasLog Saratoga and on April 24, 2015, GAS-ten Ltd. drew down $146,000 from the loan facility to partially finance the delivery of the GasLog Salem. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the aggregate outstanding balance under the credit facility of GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. of $398,780 was fully repaid. Also, on July 26, 2016, the bank guarantees issued by BNP Paribas S.A. were terminated. (f) Citibank N.A., London Branch, Citibank International Plc. and DVB America N.V. On September 25, 2013, GAS-fifteen Ltd. signed a loan agreement with Citibank N.A., London Branch and Citibank International Plc., for a term loan facility of $100,000 to partially finance the acquisition of the GasLog Chelsea drawn on September 26, 2013. In October 2013, Citibank International Plc., the existing lender of the GAS-fifteen Ltd. facility, transferred $50,000 of the outstanding facility to DVB Bank America N.V. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-fifteen Ltd. credit facility of $83,325 was fully repaid. (g) Citibank, N. A. London Branch On April 1, 2014, in connection with the acquisition of the three LNG carriers from BG Group plc ("BG Group"), GAS-sixteen Ltd., GAS-seventeen Ltd. and GAS-eighteen Ltd. signed a loan agreement of $325,500 with Citibank, N.A. London Branch acting as security agent and trustee for and on behalf of the other finance parties. The loan had a two year maturity without intermediate payments bearing interest at LIBOR plus a margin and was drawn on April 9, 2014, to partially finance the deliveries of the Methane Rita Andrea, the Methane Jane Elizabeth and the Methane Lydon Volney. In connection with the closing of the Partnership's acquisition of the two entities that own the Methane Rita Andrea and the Methane Jane Elizabeth on September 29, 2014, GasLog entered into a supplemental deed to the facility agreement dated April 1, 2014 that, among other things, permitted the Partnership (or its subsidiary) to acquire GAS-sixteen Ltd. and GAS-seventeen Ltd. from GasLog and required, as a condition precedent to such acquisition, the Partnership and GasLog Partners Holdings LLC to guarantee the obligors obligations under the facility. The debt of $217,000 was assumed by the Partnership for the acquisition of GAS-sixteen Ltd. and GAS-seventeen Ltd. On October 9, 2014, the Partnership prepaid $25,000 from the proceeds of the follow-on equity offering. The assumed balance of $192,000 was fully repaid on November 19, 2014. On May 14, 2014, in connection with the acquisition of the three additional LNG carriers from BG Group, GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. signed a loan agreement of $325,500 with Citibank N.A. London Branch, acting as security agent and trustee for and on behalf of the other finance parties. The loan had a two-year maturity without intermediate payments bearing interest at LIBOR plus a margin and $108,500 was drawn on June 3, 2014, on June 10, 2014 and on June 24, 2014 to partially finance the deliveries of the Methane Shirley Elisabeth, the Methane Heather Sally and the Methane Alison Victoria respectively. In connection with the closing of the Partnership's acquisition of the three entities that own the Methane Shirley Elisabeth, the Methane Heather Sally and the Methane Alison Victoria on July 1, 2015, GasLog Partners and GasLog Partners Holdings LLC were added as corporate guarantors in addition to GasLog, for the respective loan facility, replacing a previous guarantor, GasLog Carriers Ltd. The debt of $325,500 was assumed by the Partnership for the acquisition of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. Using the proceeds of the equity offering completed in June 2015, GasLog Partners prepaid $10,000 of the GAS-nineteen Ltd. tranche on September 4, 2015, $5,000 of the GAS-twenty Ltd. tranche on December 10, 2015 and $5,000 of the GAS-twenty one Ltd. tranche on December 29, 2015. On April 5, 2016, pursuant to the credit agreements entered into by GasLog to refinance the debt maturities that were scheduled to become due in 2016 and 2017 (the "Five Vessel Refinancing", please refer to (k) below), the outstanding balances under the GAS-eighteen Ltd. credit facility and the GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. credit facility of $108,500 and $305,500, respectively, were fully repaid. (h) ABN Amro Bank N.V., Commonwealth Bank of Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft and DNB Bank ASA, London Branch and ING Bank N.V., London Branch On March 25, 2015, GAS-twenty six Ltd. and GAS-twenty seven Ltd. entered into a senior secured term loan facility of up to $325,000 with ABN Amro Bank N.V., Commonwealth Bank of Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, DNB Bank ASA, London Branch and ING Bank N.V., London Branch, and a subordinated term loan facility of up to $135,000 with ABN Amro Bank N.V., Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft and DNB Bank ASA, London Branch for the purpose of financing the acquisition of the Methane Becki Anne and the Methane Julia Louise (Note 6). The available amounts were fully drawn on March 31, 2015. Both facilities bore interest at LIBOR plus a margin. On February 24, 2016, following the completion of the sale and leaseback of the Methane Julia Louise (Note 7), $162,500 was prepaid into the senior secured term loan facility and $67,500 was prepaid into the subordinated term loan facility. Finally, on April 5, 2016, pursuant to the Five Vessel Refinancing (please refer to (k) below), the outstanding balances of $162,500 under the senior secured term loan facility and $67,500 under the subordinated term loan facility were fully repaid. Existing facilities: (i) Citibank, Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas On November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners and GasLog Partners Holdings LLC entered in a loan agreement with Citibank acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility for up to $450,000 (the "GasLog Partners' Credit Facility") for the purpose of refinancing in full the existing debt facilities. The agreement provides for a single tranche that was drawn on November 18, 2014. The credit facility bears interest at LIBOR plus a margin. On May 8, 2015, the Partnership entered into a supplemental deed relating to its Citibank N.A. loan facility, in which the lenders unanimously approved such changes to the facility agreement as were required to reflect the changes to the charters of three vessels agreed with BG Group on April 21, 2015. The balance outstanding as of December 31, 2017 is $382,500 (December 31, 2016: $405,000) and is repayable in 8 equal quarterly installments of $5,625 each and a final balloon payment of $337,500 payable concurrently with the last quarterly installment in November 2019. (j) Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HANA Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Société Générale and The Korea Development Bank On October 16, 2015, GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into a debt financing agreement with 14 international banks for $1,311,356 to partially finance the delivery of the eight newbuildings expected to be delivered in 2016, 2018 and 2019. The financing is backed by the Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure"), who are either directly lending or providing cover for over 60% of the facility. The loan agreement provides for four tranches of $412,458, $201,094, $206,115 and $491,690. The facility is also sub-divided into eight loans, one loan per newbuilding vessel, to be provided for each of the vessels on a pro rata basis under each of the four tranches. Each drawing under the first three tranches shall be repaid in 24 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 12-year profile. Each drawing under the fourth tranche shall be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016 and June 24, 2016, $162,967 were drawn down on each date with respect to the deliveries of the GasLog Greece and the GasLog Glasgow , while on September 26, 2016 and October 25, 2016, $160,697 were drawn down on each date with respect to the deliveries of the GasLog Geneva and the GasLog Gibraltar. The aggregate balance outstanding under the loan facility as of December 31, 2017 was $589,930 (December 31, 2016: $635,783). Amounts drawn bear interest at LIBOR plus a margin. The four vessel-owning entities that made the drawdowns are also required to maintain at all times minimum liquidity of $1,500 and are in compliance as of December 31, 2017. As of December 31, 2017, commitment, arrangement, coordination, agency, bookrunner and legal fees of $17,519 for obtaining the undrawn portion of the financing (December 31, 2016: $12,045) are classified under Deferred financing costs in the statement of financial position and will be netted off debt on the respective drawdown dates. (k) ABN AMRO Bank N.V., DNB (UK) Ltd., DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited On February 18, 2016, GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into the Five Vessel Refinancing to refinance the debt maturities that were scheduled to become due in 2016 and 2017. The Five Vessel Refinancing comprises a five-year senior tranche facility of up to $396,500 and a two-year bullet junior tranche facility of up to $180,000. The vessels covered by the Five Vessel Refinancing are the GasLog Partners-owned Methane Alison Victoria , Methane Shirley Elisabeth and Methane Heather Sally and the GasLog-owned Methane Lydon Volney and Methane Becki Anne. On April 5, 2016, $395,450 and $179,750 under the senior and junior tranche, respectively, of the Five Vessel Refinancing were drawn to partially refinance $644,000 of the outstanding debt of GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. The balance of $68,800 was paid from available cash. The aforementioned refinancing was considered an extinguishment of the existing debt facilities. Consequently, the unamortized loan fees of $3,046 were written off to profit or loss for the year ended December 31, 2016. Following the decrease in the aggregate available amount by $1,300, the senior tranche facility provides for four advances of $72,288 each and a fifth advance of $106,298. The first four advances shall be repaid in 20 quarterly equal installments commencing three months after the relevant drawdown dates while the fifth advance shall be repaid in 17 quarterly equal installments commencing 12 months after the relevant drawdown date, with a balloon payment together with the final installments. The junior tranche facility provides for four advances of $29,958 each and a fifth advance of $59,918. Each advance under the junior tranche shall be repaid in full 24 months after the relevant drawdown dates. On April 5, 2017, GasLog prepaid $150,000 under the junior tranche facility agreement. The prepayment was applied to the advances as follows: $29,958 applies to Advance A (GAS-eighteen Ltd.), $20,042 applies to Advance B (GAS-nineteen Ltd.), $20,042 applies to Advance C (GAS-twenty Ltd.), $20,042 applies to Advance D (GAS-twenty one Ltd.) and $59,918 applies to Advance E (GAS-twenty seven Ltd.). The prepayment did not result in substantially different terms and was accounted for as a debt modification. Consequently, the unamortized loan fees of $1,016 were amortized based on the revised effective interest rate over the remaining life of each Advance. The aggregate balance outstanding under the senior tranche as of December 31, 2017 is $353,170, while under the junior tranche the outstanding balance is $29,750. Amounts drawn bear interest at LIBOR plus a margin (variable margin for the junior tranche). On December 12, 2017, GasLog issued a notice of prepayment with respect to its relevant subsidiaries for the repayment of the remaining junior tranches totaling $29,750. The amount was repaid on January 5, 2018, resulting in an accelerated amortization as of December 31, 2017 of $213. (l) Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, London Branch, Skandinaviska Enskilda Banken AB (publ), HSBC Bank plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. On July 19, 2016, GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. entered into the Legacy Facility Refinancing, a credit agreement to refinance the existing indebtedness on eight of GasLog's on-the-water vessels of up to $1,050,000, extending the maturities of six existing credit facilities to 2021. The vessels covered by the Legacy Facility Refinancing are the GasLog Savannah , the GasLog Singapore , the GasLog Skagen , the GasLog Seattle , the Solaris , the GasLog Saratoga , the GasLog Salem and the GasLog Chelsea. The Legacy Facility Refinancing is comprised of a five-year term loan facility of up to $950,000 and a revolving credit facility of up to $100,000. On July 25, 2016, the available amount of $950,000 under the term loan facility and $11,641 under the revolving credit facility were drawn to refinance the aggregate existing indebtedness of $959,899 of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. Amounts drawn bear interest at LIBOR plus a margin. The aforementioned refinancing was considered an extinguishment of the existing debt facilities. Consequently, the unamortized loan fees of $18,215 were written off to profit or loss for the year ended December 31, 2016. On January 17, 2017, $30,000 was drawn under the revolving credit facility. On July 3, 2017, the full drawn amount of $41,641 under the revolving credit facility was repaid. The balance outstanding as of December 31, 2017 of $891,667 under the term loan facility shall be repaid in seven semi-annual installments of $29,167 each and a balloon repayment of $687,500 five years after drawdown. The outstanding balance under the revolving credit facility as of December 31, 2017 was $0, while the available amount of $100,000 can be drawn and repaid at any time until January 2021 and July 2021, respectively. The aforementioned vessel-owning entities are also required to maintain at all times minimum liquidity of $1,500 and are in compliance as of December 31, 2017. Securities covenants and guarantees The obligations under the aforementioned facilities are secured by a first priority mortgage over the vessels, a pledge of the share capital of the respective vessel owning companies and a first priority assignment of earnings related to the vessels (excluding the vessels participating in the Cool Pool), including charter revenue, management revenue and any insurance and requisition compensation. Obligations under the GasLog Partners Credit Facility are facilities guaranteed by the Partnership and GasLog Partners Holdings LLC, obligations under the Five Vessel Refinancing are guaranteed by GasLog, by the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the Methane Alison Victoria , Methane Shirley Elisabeth and Methane Heather Sally and by GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels, obligations under the Legacy Facility Refinancing are guaranteed by GasLog, by the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the GasLog Seattle and the Solaris and by GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels, while obligations under the fourth facility are guaranteed by GasLog, the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the GasLog Greece and the GasLog Geneva and by GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels. The facilities include customary respective covenants, and among other restrictions the facilities include a fair market value covenant pursuant to which the majority lenders may request additional security under the facilities if the aggregate fair market value of the collateral vessels (without taking into account any charter arrangements) were to fall below 120% of the aggregate outstanding principal balance (with respect to each individual vessel in the debt financing agreement entered into in October 2015, below 115% of the outstanding principal balance of that vessel for the first two years after each drawdown and below 120% at any time thereafter). The Group was in compliance with the required minimum security coverage as of December 31, 2017. Bonds On June 27, 2013, GasLog issued NOK 500,000 (or $83,206 based on the exchange rate on June 27, 2013) of senior unsecured bonds maturing on June 27, 2018 (the "NOK 2018 Bonds"). On May 2, 2014, GasLog closed a follow-on issue of NOK 500,000 (or $83,612 based on the exchange rate on closing date) of the NOK 2018 Bonds at a premium of $4,180 (based on the exchange rate on closing date). On June 27, 2016, GasLog repurchased and cancelled NOK 588,000 (or $70,677) of the outstanding NOK 2018 Bonds at a price of 103.0% of par value, resulting in a loss of $2,120. Additionally, as a result of the repurchase, the unamortized bond fees and premium of $1,836 were written off to profit or loss for the year ended December 31, 2016. The total outstanding balance of the NOK 2018 Bonds, after the follow-on issue and the partial repurchase amounted to NOK 412,000 (equivalent to $49,522). On June 27, 2017, GasLog completed the repurchase of the outstanding balance of the NOK 2018 Bonds at a price of 103.0% of par value, resulting in a loss of $1,459, for a total consideration of NOK 424,360 ($70,783 at the swapped rate under the associated cross currency swaps). The aforementioned repurchase was considered an extinguishment of the existing NOK 2018 Bonds, and as a result, the unamortized bond fees and premium of $283 (gain) were written off to profit or loss for the year ended December 31, 2017. On June 27, 2016, GasLog also completed the issuance of NOK 750,000 (equivalent to $90,150) of new senior unsecured bonds (the "NOK 2021 Bonds") in the Norwegian bond market. The NOK 2021 Bonds mature in May 2021 and have a coupon of 6.9% over three-month NIBOR. The proceeds from the issuance were used to partly refinance GasLog's existing bonds maturing in June 2018, as described above. The NOK 2021 Bonds bear interest at NIBOR plus margin. Interest payments are made in arrears on a quarterly basis. GasLog may redeem the NOK 2021 Bonds in whole or in part as follows: (a) with settlement date at any time from June 27, 2019 to but not including June 27, 2020 at 104.0% of par plus accrued interest on redeemed amount, (b) with settlement date at any time from June 27, 2020 to but not including December 27, 2020 at 102.50% of par plus accrued interest on redeemed amount, and (c) with settlement date at any time from December 27, 2020 to but not including the maturity date at 101.0% of par plus accrued interests on redeemed amount. The carrying amount under the NOK 2021 Bonds, net of unamortized financing costs and unamortized premium, as of December 31, 2017 was $89,723 (aggregate carrying amount under the NOK 2018 Bonds and the NOK 2021 Bonds (the "NOK Bonds") as of December 31, 2016: $133,531) while their fair value was $97,416 based on a USD/NOK exchange rate of 0.1213 as of December 31, 2017 (December 31, 2016: $138,741, based on a USD/NOK exchange rate of 0.1159). On March 22, 2017, GasLog closed a public offering of $250,000 aggregate principal amount of 8.875% senior unsecured notes due in 2022 (the "8.875% Senior Notes") at a public offering price of 100% of the principal amount. The carrying amount under the 8.875% Senior Notes, net of unamortized financing costs as of December 31, 2017 was $245,936. Interest payment on the 8.875% Senior Notes is made in arrears on a quarterly basis. GasLog may redeem the 8.875% Senior Notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (a) 100% of the principal amount of such notes and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to but excluding the date of redemption), computed using a discount rate equal to the applicable treasury rate plus 50 basis points, plus accrued and unpaid interest thereon to the date of redemption. Corporate guarantor financial covenants GasLog Partners' financial covenants GasLog Partners as corporate guarantor for the GasLog Partners Credit Facility and the Five Vessel Refinancing is subject to specified financial covenants on a consolidated basis. These financial covenants include the following as defined in the agreements: (i) the aggregate amount of all unencumbered cash and cash equivalents must be not less than the higher of 3% of total indebtedness or $15,000; (ii) total indebtedness divided by total assets must be less than 60.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the GasLog Partners guarantees (including interest and debt repayments) on a trailing 12 months basis must be not less than 110.0%; and (iv) the Partnership is permitted to declare or pay any dividends or distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends or distributions. The GasLog Partners Credit Facility and the Five Vessel Refinancing also impose certain restrictions relating to GasLog Partners, including restrictions that limit its ability to make any substantial change in the nature of its business or to change the corporate structure without approval from the lenders. Compliance with the financial covenants is required on a semi-annual basis. GasLog Partners was in compliance with the respective financial covenants as of December 31, 2017. GasLog's financial covenants GasLog, as corporate guarantor for the loan facilities, the NOK 2021 Bonds and the 8.875% Senior Notes listed above except for the GasLog Partners Credit Facility, is subject to specified financial covenants on a consolidated basis. The financial covenants include the following: (i) net working capital (excluding the current portion of long-term debt) must be not less than $0; (ii) total indebtedness divided by total assets (total indebtedness plus total equity in the case of the 8.875% Senior Notes) must not exceed 75.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the respective credit facilities and the GasLog guarantees (including interest and debt repayments) on a trailing 12 months basis must be not less than 110.0% (100.0% in relation to the 8.875% Senior Notes); (iv) the aggregate amount of all unencumbered cash and cash equivalents must be not less than the higher of 3.0% of total indebtedness or $50,000 after the first drawdown (must be not less than the higher of 2.5% of total indebtedness or $35,000 in relation to the 8.875% Senior Notes); (v) GasLog is permitted to pay dividends, provided that the Group holds unencumbered cash and cash equivalents equal to at least 4.0% of its total indebtedness subject to no event of default having occurred or occurring as a consequence of the payment of such dividends (not applicable for the NOK 2021 Bonds and the 8.875% Senior Notes); and (vi) the Group's market value adjusted net worth must at all times be not less than $350,000 ($300,000 in relation to the 8.875% Senior Notes). The credit facilities also impose certain restrictions relating to GasLog, including restrictions that limit its ability to make any substantial change in the nature of its business or to engage in transactions that would constitute a change of control, as defined in the relevant credit facilities, without repaying all of the Group's indebtedness in full, or to allow the Group's largest shareholders to reduce their shareholding in GasLog below specified thresholds. GasLog as issuer of the NOK 2021 Bonds is required to comply with the financial covenants (i), (ii), (iii), (iv) and (vi) listed above. Also, under the NOK 2021 Bonds GasLog is permitted to make Distributions up to a maximum amount per share per annum for the years 2017, 2018, 2019, 2020 and 2021 of $1.10/share, $1.10/share, $1.20/share, $1.20/share and $1.20/share, respectively, provided that GasLog can demonstrate by delivering a compliance certificate to the trustee of the NOK 2021 Bonds that no event of default is continuing or would result from such Distributions. Compliance with the loan financial covenants is required on a semi-annual basis while compliance with the NOK 2021 Bonds and 8.875% Senior Notes covenants is required at all times. The Group was in compliance with all financial covenants as of December 31, 2017. Debt Repayment Schedule The maturity table below reflects the principal repayments of the loans, the NOK 2021 Bonds and the 8.875% Senior Notes outstanding as of December 31, 2017 based on the repayment schedule of the respective loan facilities (as described above): As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total The weighted average interest rate for the outstanding loan facilities for the year ended December 31, 2017 was 4.14% (December 31, 2016: 3.54%) excluding the fixed interest rate for the interest rate swaps where hedge accounting is not applicable (Note 25). After excluding the unamortized deferred loan issuance costs the carrying amount of the Group's bank debt recognized in the consolidated financial statements approximates its fair value since the debt bears interest at a variable interest rate. |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2017 | |
Other Payables and Accruals | |
Other Payables and Accruals | 14. Other Payables and Accruals An analysis of other payables and accruals is as follows: As of 2016 2017 Social contributions Unearned revenue Accrued legal and professional fees Accrued board of directors' fees Accrued employee costs Accrued off-hire Accrued crew costs Accrued purchases Accrued financing cost — Accrued interest Accrued payable to charterers Other accruals Total The unearned revenue represents charter hires received in advance in December 2017 relating to the hire period of January 2018, for 15 vessels (December 2016: 16 vessels). |
Vessel Operating and Supervisio
Vessel Operating and Supervision Costs | 12 Months Ended |
Dec. 31, 2017 | |
Vessel Operating and Supervision Costs | |
Vessel Operating and Supervision Costs | 15. Vessel Operating and Supervision Costs An analysis of vessel operating and supervision costs is as follows: For the year ended 2015 2016 2017 Employee costs Crew wages Technical maintenance expenses Provisions and stores Insurance expenses Management fees — Vessels' tax Other operating expenses Total |
Voyage Expenses and Commissions
Voyage Expenses and Commissions | 12 Months Ended |
Dec. 31, 2017 | |
Voyage Expenses and Commissions | |
Voyage Expenses and Commissions | 16. Voyage Expenses and Commissions An analysis of voyage expenses and commissions is as follows: For the year 2015 2016 2017 Brokers' commissions on revenue Bunkers' consumption Adjustment for net pool allocation (Note 20) ) Total Bunkers' consumption represents mainly bunkers consumed during vessels unemployment and off-hire. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
General and Administrative Expenses | |
General and Administrative Expenses | 17. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the year ended 2015 2016 2017 Employee costs Board of directors' fees Share-based compensation (Note 21) Rent and utilities Travel and accommodation Legal and professional fees Foreign exchange differences, net Directors and officers' liability insurance Other expenses Total |
Financial Income and Costs
Financial Income and Costs | 12 Months Ended |
Dec. 31, 2017 | |
Financial Income and Costs | |
Financial Income and costs | 18. Financial Income and Costs An analysis of financial income and costs is as follows: For the year ended 2015 2016 2017 Financial Income Interest income Total financial income Financial Costs Amortization and write-off of deferred loan/bond issuance costs and premium Interest expense on loans and realized loss on cash flow hedges Interest expense on bonds and realized loss on cross currency swaps Finance lease charge — Loss arising on NOK Bonds repurchase at a premium (Note 13) — Other financial costs Total financial costs During the year ended December 31, 2016, an amount of $23,097 representing the write-off of the unamortized deferred loan and bond issuance costs in connection with the loan and NOK Bond refinancings described in Note 13 is included in Amortization and write-off of deferred loan/bond issuance costs and premium. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Contingencies | |
Contingencies | 19. Contingencies Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents and insurers and from claims with suppliers relating to the operations of the Group's vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions | |
Related Party Transactions | 20. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Dividends receivable and other amounts due from related parties As of 2016 2017 Dividends receivable from Egypt LNG Shipping Ltd. (Note 5) Due from The Cool Pool Limited Other receivables Total The amount due from The Cool Pool Limited represents net revenue invoiced by GasLog which has not yet been collected. Current Liabilities As of 2016 2017 Ship management creditors Amounts due to related parties Ship management creditors' liability comprises cash collected from Egypt LNG Shipping Ltd. to cover the obligations of its vessel under the Group's management. Amounts due to related parties of $35 (December 31, 2016: $105) are expenses paid by a related party on behalf of the Group and payables to other related parties for the office lease and other operating expenses. The Group had the following transactions with related parties which have been included in the consolidated statements of profit or loss for the years ended December 31, 2015, 2016 and 2017: Company Details Statement of 2015 2016 2017 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues (b) Nea Dimitra Property Office rent and utilities General and administrative expenses (b) Nea Dimitra Property Other office services General and administrative expenses — (c) Euronav (UK) Agencies Ltd. Office rent and utilities General and administrative expenses — — (d) Seres S.A. Catering services General and administrative expenses (d) Seres S.A. Consultancy services General and administrative expenses (e) C Transport Maritime S.A.M. Claims and insurance fee General and administrative expenses — — (f) Chartwell Management Inc. Travel expenses General and administrative expenses (g) Ceres Monaco S.A.M. Professional services General and administrative expenses — — (h) Blenheim Holdings Ltd. Professional services General and administrative expenses — — (i) A.S. Papadimitriou and Partners Law Firm Professional services General and administrative expenses — (j) The Cool Pool Limited Pool gross revenues Revenues (j) The Cool Pool Limited Pool gross bunkers Voyage expenses and commissions (j) The Cool Pool Limited Pool other voyage expenses Voyage expenses and commissions (j) The Cool Pool Limited Adjustment for net pool allocation Voyage expenses and commissions ) (a) One of the Group's subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25% ownership interest. (b) Through its subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. (c) Through its subsidiary GasLog Services (UK) Ltd., the Group makes payments to Euronav (UK) Agencies Ltd. ("Euronav UK"), a subsidiary of Euronav NV, whose major shareholder was Mr. Livanos until November 2015, for the use of its office space in London. Euronav UK leases operating space pursuant to a service agreement with a third-party property owner and the Group occupies a portion of the leased space. The Group pays Euronav UK £223 per year for the office space plus a stamp duty, which reflects a pro rata portion of the fees payable to the third-party property owner determined based on the amount of occupied space. In 2016, Euronav UK was no longer a related party of the Group, thus the respective office rent and utilities' expenses recorded in 2016 and 2017 were not included in the above table. (d) GasLog LNG Services Ltd. has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG Services Ltd. has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and documentation services for the staff based in Piraeus. (e) The Group through one of its subsidiaries, GasLog LNG Services Ltd., procured insurance for the vessels through C Transport Maritime S.A.M., an affiliate of Ceres Shipping, which has a dedicated insurance function. From July 1, 2011, this relationship is covered by a service agreement under which GasLog LNG Services Ltd. pays C Transport Maritime S.A.M. $10 per owned vessel per annum and $3 per managed vessel per annum. The service agreement was terminated in 2015. (f) Chartwell Management Inc. is an entity controlled by the Livanos family, which provides travel services to GasLog's directors and officers. (g) GasLog entered into a consulting agreement for the services of an employee of Ceres Monaco S.A.M., an entity controlled by the Livanos family, for consultancy services in connection with the acquisition of GasLog's shareholding in Gastrade. GasLog agreed to pay a fixed fee for work carried out between May 1, 2016 and December 31, 2017 in the sum of $100 and an ongoing consultancy arrangement fee of $12 per month for a minimum of 12 days per month, terminable upon notice by GasLog. For the year ended December 31, 2016, the amount of $100 was included in the line "Other non-current assets". (h) Blenheim Holdings Ltd. that is controlled by Ceres Shipping (Note 1), requested reimbursement of professional expenses provided in 2015. (i) A.S. Papadimitriou and Partners Law Firm, an entity controlled by one of our directors, provided legal services in relation to the legal due diligence process of our investment in Gastrade. In addition to the $15 recognized in profit or loss (December 31, 2016: $73), an amount of $24 was capitalized under "Investment in associates" (December 31, 2016: $56). (j) GasLog recognized gross revenues and total voyage expenses of $38,046 and $9,122, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2017 (December 31, 2016: $19,789 and $3,332, respectively). The aforementioned pool results were further adjusted by a net gain of $7,254 (2016: net loss of $4,674) to include the net allocation from the pool in accordance with the profit sharing terms specified in the Pool Agreement. (k) In connection with the sale and leaseback of the Methane Julia Louise in February 2016, GasLog entered into a consulting agreement with Unisea Maritime, under the terms of which GasLog agreed to pay a brokerage commission fee equal to 0.25% of the agreed charter rates under the sale and leaseback transaction plus reasonable expenses (incurred in line with the Group policies). The brokerage commission fee of $430 was paid in advance for the full 20-year period of the bareboat charter, discounted to the date of the agreement at an annual discount rate of 7.5% and was included under "Vessel held under finance lease". Compensation of key management personnel The remuneration of directors and key management was as follows: For the year ended 2015 2016 2017 Remuneration Short-term benefits Expense recognized in respect of share-based compensation Total |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Compensation | |
Share-Based Compensation | 21. Share-Based Compensation Omnibus Incentive Compensation Plan On May 17, 2013, April 1, 2014, April 1, 2015, April 1, 2016 and April 3, 2017, GasLog granted to executives, managers and certain employees of the Group, Restricted Stock Units ("RSUs") and Stock Appreciation Rights or Stock Options (collectively, the "SARs") in accordance with its 2013 Omnibus Incentive Compensation Plan (the "Plan"). The RSUs vest three years after the grant dates while the SARs vest incrementally with one-third of the SARs vesting on each of the three anniversaries of the grant dates. The compensation cost for the SARs is recognized on an accelerated basis as though each separate vesting portion of the SARs is a separate award. Prior to the exercise date the holders of the awards have no voting rights. In addition, the holders of the awards granted in 2013 and 2014 are not entitled to dividends or other distributions. The details of the aforementioned awards are presented in the following table: Awards Number Grant date Expiry date Exercise price Fair value at RSUs May 17, 2013 n/a n/a $ SARs May 17, 2013 April 29, 2023 $13.26 $ RSUs April 1, 2014 n/a n/a $ SARs April 1, 2014 March 31, 2024 $24.00 $ RSUs April 1, 2015 n/a n/a $ SARs April 1, 2015 March 31, 2025 $19.48 $ RSUs April 1, 2016 n/a n/a $ SARs April 1, 2016 March 31, 2026 $9.28 $ RSUs April 3, 2017 n/a n/a $ SARs April 3, 2017 April 3, 2027 $15.55 $ In accordance with the terms of the Plan, there are only service condition requirements. The awards will be settled in cash or in shares at the sole discretion of the compensation committee of the board of directors. These awards have been treated as equity settled because the Group has no present obligation to settle in cash. The amount to be settled for each SAR exercised is computed in each case, as the excess, if any, of the fair market value (the closing price of shares) on the exercise date over the exercise price of the SAR. Fair value The fair value of the SARs has been calculated based on the Modified Black-Scholes-Merton method. Expected volatility was based on historical share price volatility for the period since the Group's initial public offering. The expected dividend is based on management's expectations of future payments on the grant date. The significant assumptions used to estimate the fair value of the SARs are set out below: Inputs into the model 2013 2014 2015 2016 2017 Grant date share closing price $ $ $ $ $ Exercise price $ $ $ $ $ Expected volatility % % % % % Expected term 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term % % % % % In 2013, the fair value of the RSUs in accordance with the Plan was determined by using the grant date closing price of $13.26 per share and adjusting for the effect of the expected dividends to which holders of RSUs are not entitled using a risk-free interest rate of 0.4% for the three years until the expiry of the RSUs, which resulted in a fair value of $11.95 per RSU. In 2014, the fair value of the RSUs in accordance with the Plan was determined by using the grant date closing price of $24.00 per share and adjusting for the effect of the expected dividends to which holders of RSUs are not entitled using a risk-free interest rate of 0.91% for the three years until the expiry of the RSUs which resulted in a fair value of $22.58 per RSU. In 2015, 2016 and 2017, the fair value of the RSUs in accordance with the Plan was determined by using the grant date closing price of $19.48, $9.28 and $15.55 per share, respectively, and was not further adjusted since the holders are entitled to dividends. Movement in RSUs and SARs The summary of RSUs and SARs is presented below: Number of Weighted Weighted average Weighted Aggregate RSUs Outstanding as of January 1, 2016 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2016 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2017 — — SARs Outstanding as of January 1, 2016 — Granted during the year — — Exercised during the year ) — ) Forfeited during the year ) — — ) Outstanding as of December 31, 2016 — Granted during the year — — Exercised during the year ) — ) Forfeited during the year ) — — ) Outstanding as of December 31, 2017 — As of December 31, 2017, 958,322 SARs have vested but not been exercised. On April 1, 2015, April 1, 2016 and April 3, 2017, GasLog Partners granted to its executives Restricted Common Units ("RCUs") and Performance Common Units ("PCUs") in accordance with its 2015 Long-Term Incentive Plan (the "GasLog Partners' Plan"). The RCUs and PCUs will vest three years after the grant dates subject to the recipients' continued service; vesting of the PCUs is also subject to the achievement of certain performance targets in relation to total unitholder return. Specifically, the performance measure is based on the total unitholder return ("TUR") achieved by the Partnership during the performance period, benchmarked against the TUR of a selected group of peer companies. TUR above the 75th percentile of the peer group results in 100% of the award vesting; TUR between the 50th and 75th percentile of the peer group results in 50% of award vesting; TUR below the 50th percentile of the peer group results in none of the award vesting. The holders are entitled to cash distributions that are accrued and will be settled on vesting. The details of the aforementioned awards are presented in the following table: Awards Number Grant date Expiry date Fair value at RCUs April 1, 2015 n/a $ PCUs April 1, 2015 n/a $ RCUs April 1, 2016 n/a $ PCUs April 1, 2016 n/a $ RCUs April 3, 2017 n/a $ PCUs April 3, 2017 n/a $ In accordance with the terms of the GasLog Partners' Plan, the awards will be settled in cash or in common units at the sole discretion of the board of directors or such committee as may be designated by the board to administer the GasLog Partners' Plan. These awards have been treated as equity settled because the Partnership has no present obligation to settle them in cash. Fair value The fair value of the RCUs and PCUs granted in 2015, 2016 and 2017 was determined by using the grant date closing price of $24.12, $16.45 and $23.85 per common unit, respectively, and was not further adjusted since the holders are entitled to cash distribution. Movement in RCUs and PCUs The summary of RCUs and PCUs is presented below: Number of Weighted Aggregate RCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 PCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 The total expense recognized in respect of share-based compensation for the year ended December 31, 2017 was $4,565 (December 31, 2016: $3,869 and December 31, 2015: $2,872). The total accrued cash distribution as of December 31, 2017 is $814 (December 31, 2016: $353). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments | |
Commitments | 22. Commitments (a) On December 31, 2017 the Group had the following commitments as lessee relating to buildings under operating leases: As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total The rental expense relating to operating leases for the year ended December 31, 2017 was $1,525 (December 31, 2016: $1,527 and December 31, 2015: $1,493). (b) Commitments relating to the vessels under construction (Note 6) on December 31, 2017 payable to Samsung and Hyundai were as follows: As of Not later than one year Later than one year and not later than three years Total Also, pursuant to a Heads of Agreement entered into by GAS-twenty two Ltd. and GAS-twenty three Ltd. with Methane Services Limited ("MSL"), a subsidiary of Shell, on March 8, 2016, the GasLog entities declared their options with Samsung to install reliquefaction plants on board the vessels. MSL agreed to reimburse 50% of such cost per vessel, resulting in an aggregate commitment to pay $3,200 per vessel to GasLog after the installation has been completed. In the event the reliquefaction plants do not meet certain specified performance criteria during operation, GasLog will have a liability to pay a daily compensation amount per vessel which will in whole or in part be met by the liabilities of the manufacturers for failure to meet the specified performance criteria. (c) Future gross minimum revenues receivable upon collection of hire under non-cancellable time charter agreements for vessels in operation as of December 31, 2017 are as follows (30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early delivery of the vessels by the charterers or any exercise of the charterers' options to extend the terms of the charters are not accounted for): As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total Future gross minimum lease revenues disclosed in the above table excludes the revenues of the vessels that are under construction as of December 31, 2017 (Note 6). For these vessels, the following charter party agreements have been signed: • In April 2015, GAS-twenty two Ltd., GAS-twenty three Ltd. and GAS-twenty four Ltd. signed time charter agreements with a subsidiary of Royal Dutch Shell plc ("Shell") for the employment of the respective owned vessels for average initial terms of approximately 9.5 years, which were amended to commence between early 2018 and early 2019. • In July 2016, GAS-twenty five Ltd. signed a time charter agreement with Total Gas & Power Chartering Limited for the employment of its owned vessel for a period of seven years, commencing in the first quarter of 2018. • In October 2016, GAS-twenty eight Ltd., signed an agreement with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica plc ("Centrica") for its newbuilding Hull No. 2212 to be chartered to Centrica upon delivery in 2019 for an initial term of seven years. However, in December 2017, GasLog amended the shipbuilding contract for newbuilding Hull No. 2212 such that it becomes the GasLog uncommitted vessel and newbuilding Hull No. 2213 becomes the committed Centrica vessel. The charter will now commence in the second quarter of 2020. (d) In April and May 2017, GasLog LNG Services Ltd. entered into agreements in relation to some of the Group's vessels, with the aim of enhancing their operational performance. Commitments relating to these agreements, without including additional estimated costs for which no agreement had been signed as of December 31, 2017, are as follows: As of Not later than one year Total (e) Related to the acquisition of six vessels from a subsidiary of MSL in 2014 and another two vessels in 2015, the Group is committed to purchase depot spares from MSL with an aggregate value of $8,000 of which depot spares with value $660 have been purchased and paid as of December 31, 2017 and are included in Tangible fixed assets (Note 6). The remaining spares are expected to be acquired before the end of the initial term of the charter party agreements. (f) On November 2, 2015, a letter agreement between GasLog and MSL was signed reimbursing MSL the sum of $2,654 for value as of November 1, 2015, adjusted for future value through January 2020 up to $3,801, allowing for the future use of the reimbursement amount against the funding of specific MSL projects, such as costs associated with change orders on LNG newbuildings and/or modifications of existing vessels as agreed between the parties. As of December 31, 2017, the outstanding commitment is $1,292. (g) On October 11, 2016, GasLog LNG Services Ltd. entered into an agreement whereby it has access to all long lead items ("LLIs") necessary for the conversion of a GasLog LNG carrier vessel into an FSRU whereby such conversion work would be undertaken by Keppel. GasLog is only obligated to pay for such LLIs if utilized for a GasLog vessel conversion, or, if the same have not been utilized in a GasLog vessel conversion within three years from November 2016, the items may be put to GasLog at 110% of the original cost, or GasLog may call for the purchase of such LLIs at a discounted price of 85% of the original cost. (h) On July 10, 2017, GasLog entered into an agreement with Keppel for the detailed engineering in relation to an FSRU conversion of one vessel. Commitment relating to this agreement as of December 31, 2017 is as follows: As of Not later than one year Total (i) On September 27, 2017 (and in addition to the seven existing maintenance agreements signed in 2014 in relation to GasLog vessels), GasLog LNG Services Ltd. entered into further maintenance agreements with Wartsila Greece S.A. ("Wartsila") in respect of eight GasLog LNG carriers. The agreements cover the renewal of existing maintenance agreements on four GasLog vessels and extend the servicing to four additional LNG carriers. The agreements ensure dynamic maintenance planning, technical support, security of spare parts supply, specialist technical personnel and performance monitoring. (j) Other Guarantees: As of December 31, 2017, GasLog LNG Services Ltd. has provided bank guarantees as follows: • Up to $500 to third parties relating to the satisfactory performance of its ship management activities; • Bank guarantee of $10 to the Greek Ministry of Finance relating to the satisfactory performance of the obligations arising under Greek laws 89/1967, 378/1968 as amended by law 814/1978. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Financial Risk Management | |
Financial Risk Management | 23. Financial Risk Management The Group's activities expose it to a variety of financial risks, including market risk, liquidity risk and credit risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance. The Group makes use of derivative financial instruments such as interest rate swaps to moderate certain risk exposures. Market risk Interest rate risk: The Group is subject to market risks relating to changes in interest rates because it has floating rate debt outstanding. Significant increases in interest rates could adversely affect the Group's results of operations and its ability to service its debt. The Group uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize risks associated with its floating rate debt and not for speculative or trading purposes. As of December 31, 2017, the Group has economically hedged 53.92% of its variable rate interest exposure relating to its existing loan facilities and the bonds by swapping the variable rate to a fixed rate (December 31, 2016: 37.77%). The aggregate principal amount of our outstanding floating rate debt as of December 31, 2017 was $1,077,016. As an indication of the extent of our sensitivity to interest rate changes, an increase in LIBOR by 10 basis points would increase the interest expense on the un-hedged portion of the Group's loans by approximately $1,264 (December 31, 2016: $1,433 and December 31, 2015: $1,315). Interest rate sensitivity analysis: The fair value of the interest rate swaps as of December 31, 2017 was estimated as a net asset of $10,325 (December 31, 2016: net asset of $1,796). The effective movement in the fair value of the interest rate swaps designated as cash flow hedging instruments (Note 25) amounting to $0 (December 31, 2016: $4,922 loss and December 31, 2015: $979 loss) was recognized directly in equity. The interest rate swap agreements described below are subject to market risk as they are recorded at fair value in the statement of financial position at year end. The fair value of interest rate swap liabilities increases when interest rates decrease and decreases when interest rates increase. As of December 31, 2017, if interest rates had increased or decreased by 10 basis points with all other variables held constant, the positive/(negative) impact, respectively, on the fair value of the interest rate and cross currency swaps would have amounted to $4,724 (December 31, 2016: $4,526 and December 31, 2015: $3,349). This amount would have affected other comprehensive income by $308 (December 31, 2016: $499 and December 31, 2015: $1,483) and the gain/loss on swaps by $4,416 (December 31, 2016: $4,027 and December 31, 2015: $1,866). Other price risk: The decrease in the fair value of Egypt LNG Shipping Ltd., in response to unfavorable market conditions resulting in a decrease in charter rates and vessel values, could negatively impact the value of the Group's investment in associate. Therefore, management might conclude that impairment is necessary in the future. Currency risk: Currency risk is the risk that the value of financial instruments and/or the cost of commercial transactions will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Group's subsidiaries' functional currency. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to general and crew costs denominated in Euros ("EUR"). Specifically, for the year ended December 31, 2017, approximately $87,400 of the operating and administrative expenses were denominated in EUR (December 31, 2016: $85,777 and December 31, 2015: $78,131). As of December 31, 2017, approximately $14,743 of the Group's outstanding trade payables and accruals were denominated in EUR (December 31, 2016: $12,799). The Group has entered into cross currency swaps (Note 25) to hedge its currency exposure from the NOK 2021 Bonds and forward foreign exchange contracts to hedge its currency exposure from payments in EUR and GBP. In addition, management monitors the exchange rate fluctuations on a continuous basis. As an indication of the extent of the Group's sensitivity to changes in exchange rate, a 10% increase in the average EUR/USD exchange rate would have decreased the Group's profit and cash flows during the year ended December 31, 2017 by $8,740, based upon its expenses during the year (December 31, 2016: $8,578 and December 31, 2015: $7,813). Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cash equivalents and by having available adequate amounts of undrawn credit facilities. The Group is not significantly exposed to liquidity risk resulting from the commitments under the vessel construction contracts as bank facilities have been contracted to meet a significant proportion of the obligations. The following tables detail the Group's expected cash flows for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR plus the margins applicable to the Group's loans at the end of each year presented. Weighted Less than 1 - 3 3 - 12 1 - 5 5+ Total December 31, 2016 Trade and other accounts payable $ — — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — Variable interest loans % NOK Bonds — — Finance lease liability Total $ December 31, 2017 Trade and other accounts payable $ — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — Variable interest loans % Bonds — Finance lease liability Total $ * Excludes Unearned revenue as it is not a financial liability. The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period. The following tables detail the Group's expected cash flows for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that are settled on a net basis. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of the reporting period. The undiscounted contractual cash flows are based on the contractual maturities of the derivatives. Less than 1 - 3 months 3 - 12 months 1 - 5 years 5+ years Total December 31, 2016 Interest rate swaps — ) ) ) Cross currency swaps — — Forward foreign exchange contracts ) — — ) Total ) December 31, 2017 Interest rate swaps ) — ) Cross currency swaps — ) — ) Forward foreign exchange contracts ) ) ) — — ) Total ) ) ) — ) Credit risk Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss. The Group is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Group currently deals primarily with financial institutions and customers with high credit ratings. As of 2016 2017 Cash and cash equivalents Short-term investments — Trade and other receivables Dividends receivable and other amounts due from related parties Restricted cash — Derivative financial instruments For the year ended December 31, 2017, 92.6% of the Group's revenue was earned from Shell. For the year ended December 31, 2016, 94.9% of the Group's revenue was earned from Shell and for the year ended December 31, 2015, 83.1% of the Group's revenue was earned from BG Group and 11.8% from Shell and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group's counterparties. BG Group was acquired by Shell on February 15, 2016. This acquisition does not impact the contractual obligations under the existing charter party agreements. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2017. The carrying amount of financial assets recorded in the consolidated financial statements represents the Group's maximum exposure to credit risk. Management monitors exposure to credit risk, and they believe that there is no substantial credit risk arising from the Group's counterparties. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. |
Capital Risk Management
Capital Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Capital Risk Management | |
Capital Risk Management | 24. Capital Risk Management The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value. The Group monitors capital using a gearing ratio, which is total debt divided by total equity plus total debt. The gearing ratio is calculated as follows: As of 2016 2017 Borrowings, current portion Borrowings, non-current portion Finance lease liability, current portion Finance lease liability, non-current portion Total debt Total equity Total debt and equity Gearing ratio % % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 25. Derivative Financial Instruments The fair value of the derivative assets is as follows: As of December 31, 2016 2017 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps Forward foreign exchange contracts Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps — Total Derivative financial instruments, current assets Derivative financial instruments, non-current assets Total The fair value of the derivative liabilities is as follows: As of December 31, 2016 2017 Derivative liabilities designated and effective as hedging instruments carried at fair value Cross currency swaps Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps Total Derivative financial instruments, current liability Derivative financial instruments, non-current liability — Total Interest rate swap agreements The Group enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to hedge a portion of the Group's exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the bank counterparty effects quarterly floating-rate payments to the Group for the notional amount based on the U.S. dollar LIBOR, and the Group effects quarterly payments to the bank on the notional amount at the respective fixed rates. Interest rate swaps designated as cash flow hedging instruments In July 2016, the Group terminated the interest rate swap agreements associated with the six legacy facilities that were refinanced by the Legacy Facility Refinancing (Note 13) paying the fair value on the date of termination. The cumulative loss of $12,953 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2016. As of December 31, 2016 and 2017, there are no derivative financial instruments qualifying as cash flow hedging instruments for accounting purposes. For the years ended December 31, 2016 and 2015, the effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments amounting to a loss of $7,550 and a loss of $7,279, respectively, has been recognized in Other comprehensive income. For the years ended December 31, 2016 and 2015, losses of $2,628 and $6,300, respectively, were recycled to profit or loss representing the realized loss on interest rate swaps in relation to the interest expenses component of the hedge. Interest rate swaps held for trading The principal terms of the interest rate swaps held for trading were as follows: Notional Amount Subsidiary Counterparty Trade Effective Original Fixed December 31, December 31, GasLog Deutsche Bank AG July 2016 July 2016 July 2020 % GasLog Deutsche Bank AG July 2016 July 2016 July 2021 % GasLog Deutsche Bank AG July 2016 July 2016 July 2022 % GasLog DNB Bank ASA July 2016 July 2016 July 2020 % GasLog DNB Bank ASA July 2016 July 2016 July 2021 % GasLog DNB Bank ASA July 2016 July 2016 July 2022 % GasLog HSBC Bank plc July 2016 July 2016 July 2020 % GasLog HSBC Bank plc July 2016 July 2016 July 2021 % GasLog HSBC Bank plc July 2016 July 2016 July 2022 % GasLog Nordea Bank Finland July 2016 July 2016 July 2020 % GasLog Nordea Bank Finland July 2016 July 2016 July 2021 % GasLog Nordea Bank Finland July 2016 July 2016 July 2022 % GasLog Skandinavinska Enskilda Banken AB (publ) ("SEB") July 2016 July 2016 July 2020 % GasLog SEB July 2016 July 2016 July 2021 % GasLog SEB July 2016 July 2016 July 2022 % GasLog (1) HSBC Bank plc Feb 2017 Feb 2017 Feb 2022 % — GasLog (1) Nordea Bank Finland Feb 2017 Feb 2017 Mar 2022 % — GasLog (1) ABN Amro Bank NV ("ABN") Feb 2017 Feb 2017 Mar 2022 % — Total (1) In February 2017, GasLog entered into new interest rate swap agreements with a notional amount of $300,000 in aggregate, maturing in 2022. In July 2016, the Group terminated the interest rate swap agreements associated with the six legacy facilities that were refinanced by the Legacy Facility Refinancing (Note 13) paying their fair value on that date. During the year ended December 31, 2016, the amount of the cumulative loss from the period that these hedges were effective that was recycled to profit or loss was $4,978 (December 31, 2015: $1,129). The derivative instruments listed above were not designated as cash flow hedging instruments. The change in the fair value of these contracts for the year ended December 31, 2017 amounted to a net gain of $8,529 (December 31, 2016: $18,448 net gain, December 31, 2015: $149 loss), which was recognized against profit or loss in the period incurred and is included in (Loss)/gain on swaps. During the year ended December 31, 2017, the net gain of $8,529 derived mainly from the fact that the LIBOR yield curve, which was used to calculate the present value of the estimated future cash flows, was higher than the agreed fixed interest rates resulting in a decrease in derivative liabilities from interest rate swaps held for trading. Cross currency swap agreements The Group enters into CCSs which convert the floating interest rate exposure and the variability of the USD functional currency equivalent cash flows into a fixed interest rate and principal on maturity, in order to hedge the Group's exposure to fluctuations deriving from its NOK Bonds. The CCSs qualified as cash flow hedging instruments for accounting purposes. The principal terms of the CCSs designated as cash flow hedging instruments were as follows: Notional Amount Company Counterparty Trade Effective Original Fixed December 31, December 31, GasLog (1) DNB Bank ASA April 2014 May 2014 June 2018 % — GasLog (1) SEB April 2014 May 2014 June 2018 % — GasLog (1) Nordea Bank Finland April 2014 May 2014 June 2018 % — GasLog (2) DNB Bank ASA June 2016 June 2016 May 2021 % GasLog (2) SEB June 2016 June 2016 May 2021 % GasLog (2) Nordea Bank Finland June 2016 June 2016 May 2021 % Total (1) On June 27, 2017, GasLog terminated the three CCS agreements by paying their fair value of $20,603 on that date. The cumulative loss of $4,368 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2017. (2) On June 20, 2016, in conjunction with the issuance of the NOK 2021 Bonds (Note 13), GasLog entered into these CCSs to exchange interest payments and principal on maturity on the same terms as the NOK 2021 Bonds. On June 27, 2016, GasLog terminated three CCS agreements and decreased the notional amount of the other three CCSs by paying their fair value on that date. The cumulative loss of $5,583 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2016. For the year ended December 31, 2017, the effective portion of changes in the fair value of CCSs amounting to a gain of $7,291 has been recognized in Other comprehensive income (December 31, 2016: $2,559 loss, December 31, 2015: $23,584 loss). For the year ended December 31, 2017, a loss of $398 was recycled to profit or loss representing the realized loss on CCSs in relation to the interest expenses component of the hedge (December 31, 2016: $2,446 loss, December 31, 2015: $2,714 loss). Additionally, for the year ended December 31, 2017, a loss of $5,022 was recognized in Other comprehensive income in relation to the retranslation of the NOK Bonds in U.S. dollars as of December 31, 2017 (December 31, 2016: $1,487 loss, December 31, 2015: $21,000 gain). Forward foreign exchange contracts The Group uses forward foreign exchange contracts to mitigate foreign exchange transaction exposures in British Pounds Sterling ("GBP") and EUR. Under these forward foreign exchange contracts, the bank counterparty will effect fixed payments in GBP or EUR to the Group and the Group will effect fixed payments in USD to the bank counterparty on the respective settlement dates. All forward foreign exchange contracts are considered by management to be part of economic hedge arrangements but have not been formally designated. The principal terms of the forward foreign exchange contracts held for trading are as follows: Company Counterparty Trade Date Number of Settlement Fixed Total GasLog SEB August 2017 January - December 2018 £3,600 Total £3,600 Company Counterparty Trade Date Number of Settlement Fixed Total Exchange GasLog HSBC June 2017 January - June 2018 € GasLog ABN June 2017 January - June 2018 € GasLog Nordea July 2017 January - June 2018 € GasLog SEB July 2017 January - June 2018 € GasLog Nordea August 2017 January - December 2018 € GasLog SEB August 2017 January - December 2018 € GasLog DNB Bank ASA ("DNB") October 2017 January - February 2018 € GasLog DNB October 2017 April 2018 € GasLog DNB October 2017 May 2018 € GasLog DNB October 2017 July 2018 € GasLog Citibank November 2017 July 2018 € GasLog Citibank November 2017 August 2018 € GasLog Citibank November 2017 September 2018 € GasLog Citibank November 2017 October 2018 € GasLog Citibank November 2017 November 2018 € GasLog Citibank November 2017 December 2018 € GasLog SEB November 2017 January - June 2018 € Total € The derivative instruments listed above were not designated as cash flow hedging instruments as of December 31, 2017. The change in the fair value of these contracts for the year ended December 31, 2017 amounted to a net gain of $2,041 (for the year ended December 31, 2016: $82 net gain, December 31, 2015: $0), which was recognized against profit or loss in the period incurred and is included in Loss on swaps. An analysis of (Loss)/gain on swaps is as follows: For the year ended 2015 2016 2017 Unrealized (loss)/gain on derivative financial instruments held for trading ) Realized loss on derivative financial instruments held for trading ) ) ) Recycled loss of cash flow hedges reclassified to profit or loss ) ) ) Ineffective portion of cash flow hedges — ) Total ) ) Fair value measurements The fair value of the Group's financial assets and liabilities approximate to their carrying amounts at the reporting date. The fair value of the interest rate swaps at the end of reporting period was determined by discounting the future cash flows using the interest rate yield curves at the end of reporting period and the credit risk inherent in the contract. The fair value of the CCSs at the end of the reporting period was determined by discounting the future cash flows that are estimated based on forward exchange rates and contract forward rates, discounted at a rate that reflects the credit risk of the counterparties. The Group uses its judgment to make assumptions that are primarily based on market conditions for the estimation of the counterparty risk and the Group's own risk that are considered for the calculation of the fair value of the interest rate and cross currency swaps. The interest rate swaps, the forward foreign exchange contracts and the CCSs meet Level 2 classification, according to the fair value hierarchy as defined by IFRS 13 Fair Value Measurement. There were no financial instruments in Levels 1 or 3 and no transfers between Levels 1, 2 or 3 during the periods presented. The definitions of the levels, provided by IFRS 13 are based on the degree to which the fair value is observable: • Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities; • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Cash Flow Reconciliations
Cash Flow Reconciliations | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 26. Cash Flow Reconciliations The reconciliation of the Group's non-cash investing and financing activities for the year ended December 31, 2017 is presented in the tables below: A reconciliation of borrowings arising from financing activities is as follows: Opening Cash flows Other Non-cash Deferred Total Borrowings outstanding as of January 1, 2017 — — — — Proceeds from bank loans and bonds — — — — Bank loans and bond repayments — ) — — — ) Additions in deferred loan/bond fees — ) — ) ) Amortization of deferred loan and bond issuance costs and premium (Note 18) — — — — Retranslation of the NOK Bonds in U.S. dollars — — — — Borrowings outstanding as of December 31, 2017 ) A reconciliation of derivatives arising from financing activities is as follows: Opening Cash flows Other Non-cash Total Net derivative liabilities as of January 1, 2017 — — — Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedge — — — ) ) Payment for CCS termination (Note 25) — ) — — ) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — ) — ) Net derivative liabilities/(assets) as of December 31, 2017 ) ) ) ) A reconciliation of tangible fixed assets and vessels under construction arising from investing activities is as follows: Opening Cash flows Non-cash Total Tangible fixed assets and vessels under construction as of January 1, 2017 — — Additions (Note 6) — Depreciation expense (Note 6) — — ) ) Tangible fixed assets and vessels under construction as of December 31, 2017 ) A reconciliation of finance lease liabilities arising from financing activities is as follows: Opening Cash flows Non-cash Total Finance lease liabilities as of January 1, 2017 — — Finance lease charge (Note 18) — — Payments for interest — ) — ) Payments for finance lease liability — ) — ) Finance lease liabilities as of December 31, 2017 ) A reconciliation of equity offerings arising from financing activities is as follows: Cash flows Non-cash Total Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) — Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2017 ) |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2017 | |
Taxation | |
Taxation | 27. Taxation Under the laws of the countries of the Group's domestication/incorporation and/or vessels' registration, the Group is not subject to tax on international shipping income. However, it is subject to registration and tonnage taxes, which are included in vessel operating and supervision costs in the consolidated statement of profit or loss. Under the United States Internal Revenue Code of 1986, as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as GasLog, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. The Group did not qualify for this exemption for the three years ended December 31, 2017; however, the effect on the results is insignificant. |
Earnings_(losses) per share ("E
Earnings/(losses) per share ("EPS") | 12 Months Ended |
Dec. 31, 2017 | |
Earnings/(losses) per share ("EPS") | |
Earnings/(losses) per share ("EPS") | 28. Earnings/(losses) per share ("EPS") Basic earnings/(losses) per share was calculated by dividing the profit for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year. Diluted EPS is calculated by dividing the profit for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect. The following reflects the earnings/(losses) and share data used in the basic and diluted earnings/(losses) per share computations: For the year ended December 31, 2015 2016 2017 Basic earnings/(loss) per share Profit/(loss) for the year attributable to owners of the Group ) Less: Dividends on Preference Shares ) ) ) Profit/(loss) for the year available to owners of the Group ) Weighted average number of shares outstanding, basic Basic earnings/(loss) per share ) Diluted earnings/(loss) per share Profit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS ) Weighted average number of shares outstanding, basic Dilutive potential ordinary shares — Weighted average number of shares used in the calculation of diluted EPS Diluted earnings/(loss) per share ) The Group excluded the effect of 998,502 SARs and 0 RSUs in calculating diluted EPS for the year ended December 31, 2017, as they were anti-dilutive (December 31, 2016: 1,713,702 SARs and 368,437 RSUs, December 31, 2015: 576,014 SARs and 83,751 RSUs). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events | |
Subsequent Events | 29. Subsequent Events On January 5, 2018, the Group prepaid $29,750 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., which would have been originally due in April 2018. On January 8, 2018, GasLog took delivery of the GasLog Houston , an LNG carrier of 174,000 cbm with low pressure, dual-fuel two-stroke engine propulsion ("LP-2S") constructed by Hyundai. On January 12, 2018, GasLog entered into a shipbuilding contract with Samsung for the construction of a 180,000 cbm GTT Mark III Flex LNG Carrier with LP-2S propulsion (Hull No. 2213) that is scheduled to be delivered in the second quarter of 2020. This vessel will now be the vessel to be chartered to Centrica for an initial period of approximately seven years. The 180,000 cbm GTT Mark III Flex Plus LNG Carrier with LP-2S propulsion (Hull No. 2212) to be delivered in the third quarter of 2019 is currently without charter. On January 17, 2018, GasLog Partners completed a public offering of 4,600,000 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Partnership's Series B Preference Units"), including 600,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Partnership's Series B Preference Units, at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $110,988. The Partnership's Series B Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR B". On February 15, 2018, the board of directors declared a quarterly cash dividend of $0.14 per common share payable on March 15, 2018 to shareholders of record as of March 5, 2018. On February 23, 2018, a wholly owned subsidiary of GasLog executed an FSRU Operation and Maintenance Agreement with Gastrade. This agreement is tied to the Terminal Use Agreement and subject to final investment decision ("FID") of the Alexandroupolis Project. |
Significant Accounting Polici36
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Statement of compliance | Statement of compliance The consolidated financial statements of GasLog and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (the "IFRS") as issued by the International Accounting Standards Board (the "IASB"). |
Basis of preparation and approval | Basis of preparation and approval The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. |
Going concern | Going concern In considering going concern management has reviewed the Group's future cash requirements, covenant compliance and earnings projections. Management anticipates that the Group's primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. The Group may also seek to raise additional equity. Management believes that these sources of funds will be sufficient for the Group to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. The financial statements are expressed in U.S. dollars ("USD"), which is the functional currency of the Group's subsidiaries because their vessels operate in international shipping markets in which revenues and expenses are primarily settled in USD, and the Group's most significant assets and liabilities are paid for and settled in USD. On February 26, 2018, the financial statements were authorized on behalf of GasLog's board of directors for issuance and filing. The principal accounting policies are set out below. |
Basis of consolidation | Basis of consolidation The consolidated financial statements incorporate the financial statements of GasLog and entities controlled by GasLog (its subsidiaries). Control is achieved where GasLog: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the date control is obtained and up to the date control ceases. Acquisitions of businesses are accounted for using the acquisition method. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. The other investors in subsidiaries in which the Group has less than 100% interest hold a non-controlling interest in the net assets of these subsidiaries. Non-controlling interest is stated at the non-controlling interest's proportion of the net assets of the subsidiaries where the Group has less than 100% interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by the non-controlling interest's share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in the non-controlling interest having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group. |
Goodwill | Goodwill Goodwill arising in a business combination is recognized as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group's interest in the fair value of the acquiree's identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any), the excess is recognized immediately in the consolidated statement of profit or loss as a bargain purchase gain. Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. |
Investment in associates | Investment in associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are included in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. An impairment assessment of investments in associates is performed when there is an indication that the asset has been impaired or the impairment losses recognized in prior years no longer exist. When the Group's share of losses exceeds the carrying amount of the investment, the investment is reported at nil value and recognition of losses is discontinued except to the extent of the Group's commitment. |
Investment in joint ventures | Investment in joint ventures A joint arrangement is an arrangement where two or more parties have joint control. Joint control is established by a contractual arrangement that requires unanimous agreement on decisions made on relevant activities. Without the presence of joint control, joint arrangements do not exist. Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The arrangement is a joint operation when the contractual agreement provides rights to assets and obligations for liabilities for those parties sharing joint control. The joint arrangement is a joint venture when the agreement grants rights to the arrangement's net assets. The Cool Pool is a joint venture. Interests in joint ventures are accounted for using the equity method (see Investment in associates above), after initially being recognized at cost in the consolidated statement of financial position. |
Leases | Leases Lease income from operating leases of vessels where the Group is a lessor is recognized in profit or loss on a straight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their nature under "Tangible fixed assets". Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease's inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments, discounted at the interest rate implicit in the lease, if practicable, or else at the Group's incremental borrowing rate. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as finance lease liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset's useful life or over the shorter of the asset's useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. |
Deferral and presentation of government grants | Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to income are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis as costs are incurred over the duration of the specific project. |
Accounting for revenues and related operating expenses | Accounting for revenues and related operating expenses The Group's revenues comprise revenues from time charters for the charter hire of its vessels, gross pool revenues, management fees, project supervision income and other income earned during the period in accordance with existing contracts. Revenue from vessel management and vessel construction project supervision contracts is recognized when earned and when it is probable that future economic benefits will flow to the Group and such a benefit can be measured reliably. Pool revenues are recognized on a gross basis representing time charter revenues earned by GasLog vessels participating in the pool under charter agreements where GasLog contracts directly with charterers. Revenue is recognized on a monthly basis, when the vessel is made available and services are provided to the charterer during the period, the amount can be estimated reliably and collection of the related revenue is reasonably assured. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer, except for the off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Time charter hires received in advance are classified as liabilities until the criteria for recognizing the revenue as earned are met. Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses and broker's commissions are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents' fees, and extra war risk insurance are paid by the charterer. |
Accounting for voyage expense and commissions | Accounting for voyage expenses and commissions Vessel operating costs and voyage expenses and commissions are expensed as incurred, with the exception of commissions, which are recognized on a pro-rata basis over the duration of the period of the time charter. Bunkers' consumption represents mainly bunkers consumed during vessels unemployment and off-hire. Furthermore, in relation to the vessels participating in the Cool Pool, voyage expenses and commissions include the net allocation from the pool which represents GasLog's share of the net revenues earned from the other pool participants' vessels less the other participants' share of the net revenues earned by GasLog's vessels included in the pool. Each participant's share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. |
Financial income and costs | Financial income and costs Interest income is recognized on an accrual basis. Dividend income is recognized when the right to receive payment is established. Interest expense, other borrowing costs and realized loss on interest rate swaps are recognized on an accrual basis. |
Foreign currencies | Foreign currencies Transactions in currencies other than the USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. |
Deferred financing costs for undrawn facilities | Deferred financing costs for undrawn facilities Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. |
Vessels under construction | Vessels under construction Vessels under construction are presented at cost less identified impairment losses, if any. Costs include shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the acquisition or construction of the vessels. Upon completion of the construction, the vessels are presented on the statement of financial position in accordance with the "Tangible fixed assets: Property, plant and equipment" policy as described below. |
Tangible fixed assets: Property, plant and equipment | Tangible fixed assets: Property, plant and equipment Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of an LNG vessel is split into two components, a "vessel component" and a "dry-docking component". Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management's estimation about the amount that the Group would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo dry-docking overhaul every five years to restore their service potential and to meet their classification requirements that cannot be performed while the vessels are operating. The dry-docking component is estimated at the time of a vessel's delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking subsequent to its acquisition, based on the Group's historical experience with similar types of vessels. For subsequent dry-dockings actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessels' last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, dry-docking shipyard expenses, expenses related to hull, external surfaces and decks, and expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as dry-docking. The expected useful lives of all long-lived assets are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Furniture, computer, software and other office equipment 3 - 5 years Leasehold improvements 12 years (or remaining term of the lease) Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives of all assets and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. The residual value is also reviewed at each financial period-end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When assets are sold, they are derecognized and any gain or loss resulting from their disposal is included in profit or loss. |
Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease | Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease All assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset's fair value less cost of disposal and "value in use". The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm's length transaction less the costs of disposal, while "value in use" is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-generating unit. The fair values of the vessels are estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. |
Provisions | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Inventories | Inventories Inventories represent lubricants on board the vessel and, in the event of a vessel's unemployment, the bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first in, first out basis, and net realizable value. |
Financial instruments | Financial instruments Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. • Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. • Restricted cash Restricted cash comprises cash held that is not available for use by the Group including cash held in blocked accounts in order to comply with the covenants under the Group's credit facilities. • Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. • Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. Bad debts are written off during the period in which they are identified. An estimate is made for doubtful receivables based on a review of all outstanding amounts at each reporting date. • Borrowings Borrowings are measured at amortized cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. • Derivative financial instruments The Group enters into a variety of derivative financial instruments to economically hedge its exposure to interest rate and foreign exchange rate risks, including interest rate swaps, cross currency swaps ("CCSs") and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in the consolidated statement of profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statement of profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. The Group's criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects profit or loss, in the same line item as the recognized hedged item. Hedge accounting is discontinued when the Group terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized in the consolidated statement of profit or loss when the hedged item affects the consolidated statement of profit or loss. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. • Finance lease liabilities Finance lease liabilities are initially measured at the fair value of the leased property or, if lower, the present value of the minimum lease payments—discounted at the interest rate implicit in the lease, if practicable, or else at the entity's incremental borrowing rate—and subsequently measured at amortized cost, using the effective interest rate method. Finance charges in respect of finance leases are recognized in the consolidated statement of profit or loss under "Financial costs". |
Segment Information | Segment Information The information provided to the Group's chief operating decision maker (the "CODM"), being the Chief Executive Officer, to review the Group's operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Group charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Share-based compensation | Share-based compensation Share-based compensation to employees and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 21. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Group's management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments: In the process of applying GasLog's accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the non-controlling interests: The non-controlling interests in the Partnership comprise the portion of the Partnership's common units that are not directly or indirectly held by GasLog (31,017,405 units as of December 31, 2017). Under the terms of the partnership agreement, the Partnership is required to distribute 100% of available cash (as defined in the partnership agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the Partnership's board of directors to (i) provide for the proper conduct of the business of the Partnership (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the non-controlling interests in the Partnership should be classified as liabilities or equity interests, management has considered the wide discretion of the board of directors of the Partnership to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the Partnership's board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the non-controlling interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Vessel lives and residual value: Vessels are stated at cost, less accumulated depreciation. The estimates and assumptions that have the most significant effect on the vessel carrying amount relate to the estimation of the useful life of an LNG vessel of 35 years and the residual value. An increase in the estimated useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and an increase in the estimated useful life of a vessel would also extend the annual depreciation charge into later periods. A decrease in the useful life of a vessel or its residual value would have the effect of increasing the annual depreciation charge. Management estimated residual value of its vessels to be equal to the product of its lightweight tonnage ("LWT") and an estimated scrap rate per LWT. Effective December 31, 2017, following management's annual reassessment, the estimated scrap rate per LWT was decreased. This change in estimate is expected to increase the future annual depreciation by $873. The estimated residual value of the ships may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. Management might revise its estimate of the residual values of the ships in the future in response to changing market conditions. If regulations place significant limitations on the ability of a vessel to trade on a worldwide basis, the vessel's useful life will be adjusted to end at the date such regulations become effective. Impairment of vessels: The Group evaluates the carrying amounts of its vessels to determine whether there is any indication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates including future charter rates, vessel operating expenses and the discount rate. All of these items have been historically volatile. In assessing the fair value less cost to sell of the vessel, the Group obtains vessel valuations from independent and internationally recognized ship brokers on a semi-annual basis or when there is an indication that an asset or assets may be impaired. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessel to the higher of the fair value less cost to sell and the value in use. The Group's estimates of recoverable value assume that the vessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. The Group's estimates are based on approximate charter free market values for its vessels that have been received from shipbrokers, which are also commonly used and accepted by the Group's lenders for determining compliance with the relevant covenants in its credit facilities. Vessel values can be highly volatile, so the estimates may not be indicative of the current or future market value of the Group's vessels or prices that could be achieved if it were to sell them. As of December 31, 2017, the carrying amounts of each of ten vessels were higher than the charter free market values estimated by shipbrokers and the Group concluded that events and circumstances triggered the existence of potential impairment of these vessels. As a result, the Group performed the impairment assessment of these vessels by comparing the discounted projected net operating cash flows for these vessels to their carrying values. The assumptions which the Group has used in its discounted projected net operating cash flow analysis included, among others, operating revenues, utilization, dry-docking costs, operating expenses (including management fees), residual values and the discount factor. For those vessels operating under long-term time charters, revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire and assume a utilization rate of 99.5% based on the fleet's historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of December 31, 2017, (iii) historical average time charter rates, based on publications by independent third party maritime research services ("maritime research publications"), and (iv) estimated future time charter rates, also based on maritime research publications that provide such forecasts. More specifically, for the non-contracted period starting upon the expiration of the firm charter period of each vessel and up to December 31, 2022, the Group used the most recent charter market rates for a 5-year time charter agreement based on available data from maritime research publications which is $52 per day for steam-powered ("Steam") vessels and $67.5 per day for tri-fuel diesel electric ("TFDE") vessels. For the remaining period from January 1, 2023 through the end of each vessel's useful life, the estimated average time charter rates for Steam and TFDE vessels were based on analysis of future supply and demand for LNG, analysis of future LNG shipping supply and demand balances, internally estimated and market-derived costs of building and financing newbuild LNG vessels, the technical characteristics of each vessel and 5-year historical average 5-year time charter rates based on maritime research publications. For vessels operating in the spot market and employed through the Cool Pool, the estimated charter rates and utilization for the first year from the reporting date were based on the latest available maritime research publications from ship brokers for short-term (less than 12 months) employment of a vessel operating in the spot market on less than 1-year time charter contracts (in line with the Cool Pool strategy). The estimated charter rates are also based on existing charter contracts and forecasts generated by the Cool Pool directly, which reflect conditions existing in the LNG current spot market. For the remaining period and through the end of each vessel's useful life, the Group assumes that all vessels are operating under multi-year time charters, as a result of which the revenue assumptions were the same as the forecasted rates used for the remaining vessels of the fleet as discussed above. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Group's control, management believes the use of revenue estimates discussed above to be reasonable as of the reporting date. The Group does not take into account any growth rate assumptions or inflation factors for determining forecasted time charter rates beyond the contracted charter rate period through the end of a vessel's useful life. In assessing the factors mentioned above for the purposes of determining estimated revenues, the Group has placed particular reliance on available third party maritime research publications and analysis of LNG shipping supply and demand data. In addition, the Group used an annual operating expenses escalation factor equal to 1% based on its historical data and performance, as well as expectations of future inflation and operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet and residual and scrap values are the same as those used for the Group's depreciation policy. In the Group's impairment assessment, the weighted average cost of capital ("WACC") used to discount future estimated cash flows to their present values was approximately 8% as of December 31, 2017. This was based on the calculated cost of equity and cost of debt components. All estimates used and assumptions made were in accordance with the Group's internal budgets and historical experience of the shipping industry. The value in use for the ten vessels calculated as per above was higher than the carrying amount of these vessels and, consequently, no impairment loss was recognized. Measurement of share-based compensation: Share-based compensation to executives and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 21. The fair value determined at the grant date of the equity-settled share-based compensation is expensed over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. Impairment of goodwill: The Group reviews goodwill for impairment at least annually. For the purpose of impairment testing, goodwill has been allocated to the cash-generating unit representing the management company, GasLog LNG Services Ltd., which was acquired by the Group in 2005. Determining whether goodwill is impaired requires an estimation of the recoverable amount, which is the higher of fair value less costs to sell and value in use, of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit(s) and a suitable discount rate in order to calculate present value. Details of the assumptions used in our impairment analysis are set out in Note 3. No impairment loss was recognized for any of the periods presented. Fair value of derivative financial instruments: The Group's risk management policies permit the use of derivative financial instruments to manage interest rate risk and foreign exchange risk. Changes in fair value of derivative financial instruments that are not designated as cash flow hedges for accounting purposes are recognized in the consolidated statement of profit or loss. A substantial majority of the Group's derivative instruments activity relates to the use of interest rate swaps. The fair value of the Group's interest rate swap agreements is the estimated amount that the Group would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates and the current credit worthiness of both the Group and the swap counterparties. The estimated amount is the present value of estimated future cash flows, being equal to the difference between the benchmark interest rate and the fixed rate in the interest rate swap agreement, multiplied by the notional principal amount of the interest rate swap agreement at each interest reset date. The fair value of the Group's interest and currency swap agreements at the end of each period are most significantly affected by the interest rate implied by market-observable data such as the London Interbank Offered Rate ("LIBOR") yield curve and forward foreign exchange rates. While the fair value of the Group's interest and currency swap agreements are typically more sensitive to changes in short-term rates, significant changes in the long-term benchmark interest and foreign exchange rates also materially impact interest and currency swap agreements. The fair value of the Group's interest rate and currency swap agreements are also affected by changes in its specific credit risk and counterparties' risk included in the discount factor. The estimate of the Group's credit risk is based on the credit rating of other companies in the LNG industry where publicly available, the rating of the global transportation industry where the shipping industry is included and the feedback that the Group receives from its lenders as part of the margin setting for the new loan agreements. The counterparties' credit risk is estimated either by using the credit default swap rates obtained from public information or, if not available, by using the credit rating of the counterparties. The LIBOR yield curve and the Group's specific credit risk are expected to vary over the life of the interest rate swap agreements. The larger the notional amount of the interest rate swap agreements outstanding and the longer the remaining duration of the interest rate swap agreements, the larger the impact of any variability in these factors will be on the fair value of the Group's interest rate swaps. The Group economically hedges the interest rate exposure on a significant amount of its long-term debt and for long durations. As such, the Group has historically experienced, and expects to continue to experience, material variations in the period-to-period fair value of its derivative instruments. Although the Group measures the fair value of its derivative instruments utilizing the inputs and assumptions described above, if it were to terminate the agreements at the reporting date, the amount the Group would pay or receive to terminate the derivative instruments may differ from the estimate of fair value. If the estimated fair value differs from the actual termination amount, an adjustment to the carrying amount of the applicable derivative asset or liability would be recognized in profit or loss for the current period. Such adjustments could be material. See Note 25 for the effects on the change in fair value of its derivative instruments on the consolidated statements of profit or loss. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period In January 2016, the IASB issued amendments to IAS 7 Statement of Cash Flows introducing an additional disclosure that will enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments are part of the IASB's Disclosure Initiative, which continues to explore how financial statement disclosure can be improved. Entities will be required to disclose changes arising from cash flows, such as drawdowns and repayments of borrowings and also non-cash changes, such as acquisitions, disposals and unrealised exchange differences. Even though a specific format is not mandated, where a reconciliation is used, the disclosure should provide sufficient information to link items included in the reconciliation to the statement of financial position and statement of cash flows. The amendments, which were effective for annual periods beginning on or after January 1, 2017, had a disclosure impact on the Group's consolidated financial statements; please refer to Note 26. (b) Standards and amendments in issue not yet adopted At the date of authorization of these financial statements, the following standards and amendments relevant to the Group were in issue but not yet effective: In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers , which applies to all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard supersedes IAS 18 Revenue , IAS 11 Construction Contracts and a number of revenue-related interpretations. The standard was amended in September 2015 to delay the effective date to annual periods beginning on or after January 1, 2018 but early adoption is permitted. In addition, the standard was further amended in April 2016 to clarify the guidance on identifying performance obligations, accounting for licenses of intellectual property and the principal versus agent assessment (gross versus net revenue presentation), as well as to give new and amended illustrative examples and practical expedients. The Group will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on the Group's consolidated financial statements, other than additional disclosure requirements in the notes to the consolidated financial statements, since the Group has chartered its vessels under time charter agreements and a bareboat agreement, and in this respect, revenue is accounted for under the leases standard. In July 2014, the IASB issued the complete version of IFRS 9 Financial Instruments. IFRS 9 specifies how an entity should classify and measure financial assets and financial liabilities. The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. The standard also requires a financial liability to be classified as either at fair value through profit or loss or at amortized cost. In addition, a new hedge accounting model was introduced, that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The standard is effective for accounting periods beginning on or after January 1, 2018 but early adoption is permitted. The Group applies cash flow hedge accounting on its cross-currency swaps in relation to its NOK denominated bonds (Note 25) (but does not apply hedge accounting on its cash flow interest rate swaps in relation to its floating debt) and management anticipates that the new rules under IFRS 9 on hedge accounting are not expected to have a material impact on the Group's consolidated financial statements. In January 2016, the IASB issued IFRS 16 Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ("lessee") and the supplier ("lessor"). IFRS 16 eliminates the classification of leases by lessees as either operating leases or finance leases and, instead, introduces a single lessee accounting model. Applying that model, a lessee is required to recognize: (a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and (b) depreciation of lease assets separately from interest on lease liabilities in the statement of profit or loss. Lessors continue to classify their leases as operating leases or finance leases, and to account for those two types of leases differently. IFRS 16 supersedes the previous leases Standard, IAS 17 Leases , and related Interpretations. The standard is effective from January 1, 2019, with early adoption permitted only with concurrent adoption of IFRS 15 Revenue from Contracts with Customers. Management anticipates that the implementation of this standard will not have a material impact on the Group's consolidated financial statements, since the changes for lessors are fairly minor. The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material on the Group's consolidated financial statements. |
Organization and Operations (Ta
Organization and Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Operations | |
Schedule Of Partnership Acquired Full Ownership In Subsidiaries | Date Acquisition Completed Subsidiaries Acquired Vessels Purchased Aggregate September 29, 2014 GAS-sixteen Ltd. and GAS-seventeen Ltd. Methane Rita Andrea and Methane Jane Elizabeth $ July 1, 2015 GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally $ November 1, 2016 GAS-seven Ltd. GasLog Seattle $ May 3, 2017 GAS-eleven Ltd. GasLog Greece $ July 3, 2017 GAS-thirteen Ltd. GasLog Geneva $ October 20, 2017 GAS-eight Ltd. Solaris $ |
Schedule of composition of the group's structure | As of December 31, 2017 the Group's structure is as follows: Name Place of Date of Principal activities Cargo Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. Bermuda February 2008 Holding company — — — GasLog Shipping Company Ltd. Bermuda January 2006 Holding company — — — GasLog Partners GP LLC Marshall Islands January 2014 Holding company — — — GasLog Cyprus Investments Ltd. Cyprus December 2016 Holding company — — — GasLog Services UK Ltd. England and Wales May 2014 Service company — — — GasLog Services US Inc. Delaware May 2014 Service company — — — GasLog Asia Pte Ltd. Singapore May 2015 Service company — — — GasLog LNG Services Ltd. Bermuda August 2004 Vessel management services — — — GasLog Monaco S.A.M. Monaco February 2010 Service company — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Vessel-owning company GasLog Salem April 2015 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company GasLog Glasgow June 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar October 2016 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company Hull No. 2130 Q1 2018 (1) GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company Hull No. 2131 Q1 2019 (1) GAS-twenty four Ltd. Bermuda June 2014 Vessel-owning company Hull No. 2800 Q1 2018 (1) GAS-twenty five Ltd. Bermuda June 2014 Vessel-owning company Hull No. 2801 Q1 2018 (1) GAS-twenty six Ltd. Bermuda January 2015 Finance lease asset company (2) Methane Julia Louise March 2015 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company Methane Becki Anne March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2213 (4) Q2 2020 (1) GAS-twenty nine Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2212 Q3 2019 (1) GAS-thirty Ltd. Bermuda December 2017 Dormant — — — GAS-thirty one Ltd. Bermuda December 2017 Dormant — — — GAS-thirty two Ltd. Bermuda December 2017 Dormant — — — GasLog Shipping Limited BVI July 2003 Dormant — — — 25.9% interest subsidiaries: GasLog Partners LP Marshall Islands January 2014 Holding company — — — GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece March 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva September 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally June 2014 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. ("Gastrade") Greece June 2010 Service company — — — 33.33% joint venture: The Cool Pool Limited (the "Cool Pool") (3) Marshall Islands September 2015 Service company — — — (1) For newbuildings, expected delivery quarters are presented. (2) On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui Co., Ltd. ("Mitsui"). Refer to Note 7. (3) On October 1, 2015, GasLog Carriers, Dynagas Ltd. ("Dynagas") and Golar LNG Ltd. ("Golar") ("Pool Owners") and the Cool Pool Limited signed an LNG carrier pooling agreement (the "LNG Carrier Pool" or "Pool Agreement") to market their vessels, which are currently operating in the LNG shipping spot market. As of December 31, 2017, the LNG Carrier Pool—named the "Cool Pool"—consists of 19 modern, high quality and essentially equivalent vessels powered by fuel efficient tri-fuel diesel electric ("TFDE") propulsion technology. The participation of the Pool Owners' vessels in the Cool Pool is as follows: Dynagas: three vessels; GasLog: five vessels; and Golar: eleven vessels. Each vessel owner continues to be fully responsible for the manning and technical management of their respective vessels. For the operation of the Cool Pool, a Marshall Islands service company named "The Cool Pool Limited" or the "Pool Manager", was incorporated in September 2015 acting as an agent. (4) Refer to Note 29. |
Significant Accounting Polici38
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Schedule of expected useful lives | Vessel LNG vessel component 35 years Dry-docking component 5 years Furniture, computer, software and other office equipment 3 - 5 years Leasehold improvements 12 years (or remaining term of the lease) |
Equity Transactions (Tables)
Equity Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Transactions | |
Schedule of changes in noncontrolling interest | Non-controlling interests 2016 2017 As of January 1, Net proceeds from the Partnership's equity offerings Dividend declared and paid ) ) Profit and total comprehensive income allocated to non-controlling interests As of December 31, |
Schedule of distribution policy and profit allocation | Marginal Percentage Interest in Distributions Total Quarterly Common General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Third Target Distribution $0.46875 up to $0.5625 % % % Thereafter Above $0.5625 % % % Allocation of GasLog Partners' profit (*) 2016 2017 Partnership's profit attributable to: Common unitholders Subordinated unitholders General partner IDRs Paid and accrued preference equity distributions — Total Partnership's profit allocated to GasLog Partnership's profit allocated to non-controlling interests Total * Includes profits of GAS-seven Ltd., GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. for the period after their transfers to the Partnership on November 1, 2016, May 3, 2017, July 3, 2017 and October 20, 2017, respectively. |
Investment in Associates and 40
Investment in Associates and Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Associates and Joint Venture | |
Schedule of investment in associates and joint venture | % of Country of Nature of Measurement Principal Name 2016 2017 Egypt LNG Shipping Ltd. (1) Bermuda % % Associate Equity method Vessel-owning company Gastrade (2) Greece — % Associate Equity method Service company The Cool Pool Limited (3) Marshall Islands % % Joint venture Equity method Service company (1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cbm LNG vessel built in 2007. (2) Gastrade is a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure. (3) The Cool Pool Limited is the commercial manager of the Cool Pool acting as an agent (Note 1). |
Rollforward schedule of investment in associates and joint venture | Associates Joint Venture 2016 2017 2016 2017 As of January 1, — Additions/(write-offs) — ) — Share of profit of associate — — Return of investment from associate ) ) — — Dividend declared ) ) — — As of December 31, — — |
Schedule of summarized financial information of associates and joint venture | Associates Joint Venture 2016 2017 2016 2017 Current Total current assets Total current liabilities ) ) ) ) Non-current Total non-current assets — — Total non-current liabilities ) ) — — Net assets — — Group's share — — Associates Joint Venture 2015 2016 2017 2015 2016 2017 Revenues Profit for the year — — — Total comprehensive income for the year — — — Group's share in profit — — — Dividend declared ) ) ) — — — Group's share in dividend — — — |
Tangible Fixed Assets, Vessel41
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease (Table) | 12 Months Ended |
Dec. 31, 2017 | |
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | |
Schedule of movements in tangible fixed assets, vessels under construction and vessel held under finance lease | Vessels Office property Total Vessels Vessel held Cost As of January 1, 2016 — Additions Sale and leaseback (Note 7) ) — ) — Transfer from vessels under construction — ) — Fully amortized fixed assets ) ) ) — — As of December 31, 2016 Additions — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 Accumulated depreciation As of January 1, 2016 — — Depreciation — Sale and leaseback (Note 7) ) — ) — — Fully amortized fixed assets ) ) ) — — As of December 31, 2016 — Depreciation — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 — Net book value As of December 31, 2016 As of December 31, 2017 |
Schedule of vessels under construction | As of 2016 2017 Progress shipyard installments Onsite supervision costs Critical spare parts, equipment and other vessel delivery expenses Total |
Sale and Leaseback (Tables)
Sale and Leaseback (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Sale and Leaseback | |
Schedule of movements in finance lease liabilities | 2016 2017 As of January 1, — Addition — Finance lease charge (Note 18) Payments ) ) As of December 31, Finance lease liability, current portion Finance lease liability, non-current portion Total |
Schedule of commitments in relation to finance leases | As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Minimum lease payments Future finance charges ) Total lease liabilities |
Schedule of present value of finance lease liabilities | As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total lease liabilities |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | As of December 31, 2016 2017 Current accounts Time deposits (with original maturities of three months or less) Ship management client accounts Total |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | As of 2016 2017 Trade receivables VAT receivable Accrued income Insurance claims Other receivables Total |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Non-Current Assets | |
Schedule of other non-current assets | As of 2016 2017 Accrued revenue from straight-line revenue — Various guarantees Other long-term assets — Total |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital | |
Schedule of the movements in the number of shares, the share capital, the Preference Shares, the contributed surplus and the treasury shares | Number of Shares Amounts Number of Number of Number of Share Preference Contributed Treasury Outstanding as of January 1, 2015 — — ) Issuance of Preference Shares (Note 4) — — — — Dividends declared deducted from Contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2015 ) Dividends declared deducted from Contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2016 ) Dividends declared deducted from Contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2017 ) |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reserves | |
Schedule of movements in reserves | Hedging Employee Share-based Total Balance as of January 1, 2015 ) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial gain — — Balance as of December 31, 2015 ) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial loss — ) — ) Balance as of December 31, 2016 ) ) Effective portion of changes in fair value of cash flow hedges — — Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Balance as of December 31, 2017 ) ) |
Schedule of dividend distributions | Declaration date Type of shares Dividend Payment date Amount paid February 26, 2015 Common $ March 13, 2015 May 5, 2015 Common $ May 21, 2015 June 19, 2015 Preference $ July 1, 2015 August 5, 2015 Common $ August 20, 2015 September 18, 2015 Preference October 1, 2015 November 4, 2015 Common $ November 19, 2015 November 17, 2015 Preference $ January 4, 2016 Total February 24, 2016 Common $ March 17, 2016 March 11, 2016 Preference $ April 1, 2016 May 5, 2016 Common $ May 26, 2016 May 5, 2016 Preference $ July 1, 2016 August 3, 2016 Common $ August 25, 2016 September 14, 2016 Preference $ October 3, 2016 November 2, 2016 Common $ November 24, 2016 November 17, 2016 Preference $ January 3, 2017 Total February 16, 2017 Common $ March 16, 2017 March 9, 2017 Preference $ April 3, 2017 May 4, 2017 Common $ May 25, 2017 May 4, 2017 Preference $ July 3, 2017 August 2, 2017 Common $ August 24, 2017 September 14, 2017 Preference $ October 2, 2017 November 1, 2017 Common $ November 22, 2017 November 16, 2017 Preference $ January 2, 2018 Total |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2016 2017 Amounts due within one year Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, current portion Amounts due after one year Plus: unamortized premium (1) — Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, non-current portion Total (1) Refer to "Bonds" disclosed below for details on the premium. |
Debt Repayment Schedule | As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | As of 2016 2017 Social contributions Unearned revenue Accrued legal and professional fees Accrued board of directors' fees Accrued employee costs Accrued off-hire Accrued crew costs Accrued purchases Accrued financing cost — Accrued interest Accrued payable to charterers Other accruals Total |
Vessel Operating and Supervis50
Vessel Operating and Supervision Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Vessel Operating and Supervision Costs | |
Schedule of vessel operating and supervision costs | For the year ended 2015 2016 2017 Employee costs Crew wages Technical maintenance expenses Provisions and stores Insurance expenses Management fees — Vessels' tax Other operating expenses Total |
Voyage Expenses and Commissio51
Voyage Expenses and Commissions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Voyage Expenses and Commissions | |
Schedule of voyage expenses and commissions | For the year 2015 2016 2017 Brokers' commissions on revenue Bunkers' consumption Adjustment for net pool allocation (Note 20) ) Total |
General and Administrative Ex52
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the year ended 2015 2016 2017 Employee costs Board of directors' fees Share-based compensation (Note 21) Rent and utilities Travel and accommodation Legal and professional fees Foreign exchange differences, net Directors and officers' liability insurance Other expenses Total |
Financial Income and Costs (Tab
Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Income and Costs | |
Schedule of financial income and costs | For the year ended 2015 2016 2017 Financial Income Interest income Total financial income Financial Costs Amortization and write-off of deferred loan/bond issuance costs and premium Interest expense on loans and realized loss on cash flow hedges Interest expense on bonds and realized loss on cross currency swaps Finance lease charge — Loss arising on NOK Bonds repurchase at a premium (Note 13) — Other financial costs Total financial costs |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions | |
Schedule of balances with related parties | As of 2016 2017 Dividends receivable from Egypt LNG Shipping Ltd. (Note 5) Due from The Cool Pool Limited Other receivables Total As of 2016 2017 Ship management creditors Amounts due to related parties |
Schedule of related party transactions | Company Details Statement of 2015 2016 2017 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues (b) Nea Dimitra Property Office rent and utilities General and administrative expenses (b) Nea Dimitra Property Other office services General and administrative expenses — (c) Euronav (UK) Agencies Ltd. Office rent and utilities General and administrative expenses — — (d) Seres S.A. Catering services General and administrative expenses (d) Seres S.A. Consultancy services General and administrative expenses (e) C Transport Maritime S.A.M. Claims and insurance fee General and administrative expenses — — (f) Chartwell Management Inc. Travel expenses General and administrative expenses (g) Ceres Monaco S.A.M. Professional services General and administrative expenses — — (h) Blenheim Holdings Ltd. Professional services General and administrative expenses — — (i) A.S. Papadimitriou and Partners Law Firm Professional services General and administrative expenses — (j) The Cool Pool Limited Pool gross revenues Revenues (j) The Cool Pool Limited Pool gross bunkers Voyage expenses and commissions (j) The Cool Pool Limited Pool other voyage expenses Voyage expenses and commissions (j) The Cool Pool Limited Adjustment for net pool allocation Voyage expenses and commissions ) (a) One of the Group's subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25% ownership interest. (b) Through its subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. (c) Through its subsidiary GasLog Services (UK) Ltd., the Group makes payments to Euronav (UK) Agencies Ltd. ("Euronav UK"), a subsidiary of Euronav NV, whose major shareholder was Mr. Livanos until November 2015, for the use of its office space in London. Euronav UK leases operating space pursuant to a service agreement with a third-party property owner and the Group occupies a portion of the leased space. The Group pays Euronav UK £223 per year for the office space plus a stamp duty, which reflects a pro rata portion of the fees payable to the third-party property owner determined based on the amount of occupied space. In 2016, Euronav UK was no longer a related party of the Group, thus the respective office rent and utilities' expenses recorded in 2016 and 2017 were not included in the above table. (d) GasLog LNG Services Ltd. has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG Services Ltd. has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and documentation services for the staff based in Piraeus. (e) The Group through one of its subsidiaries, GasLog LNG Services Ltd., procured insurance for the vessels through C Transport Maritime S.A.M., an affiliate of Ceres Shipping, which has a dedicated insurance function. From July 1, 2011, this relationship is covered by a service agreement under which GasLog LNG Services Ltd. pays C Transport Maritime S.A.M. $10 per owned vessel per annum and $3 per managed vessel per annum. The service agreement was terminated in 2015. (f) Chartwell Management Inc. is an entity controlled by the Livanos family, which provides travel services to GasLog's directors and officers. (g) GasLog entered into a consulting agreement for the services of an employee of Ceres Monaco S.A.M., an entity controlled by the Livanos family, for consultancy services in connection with the acquisition of GasLog's shareholding in Gastrade. GasLog agreed to pay a fixed fee for work carried out between May 1, 2016 and December 31, 2017 in the sum of $100 and an ongoing consultancy arrangement fee of $12 per month for a minimum of 12 days per month, terminable upon notice by GasLog. For the year ended December 31, 2016, the amount of $100 was included in the line "Other non-current assets". (h) Blenheim Holdings Ltd. that is controlled by Ceres Shipping (Note 1), requested reimbursement of professional expenses provided in 2015. (i) A.S. Papadimitriou and Partners Law Firm, an entity controlled by one of our directors, provided legal services in relation to the legal due diligence process of our investment in Gastrade. In addition to the $15 recognized in profit or loss (December 31, 2016: $73), an amount of $24 was capitalized under "Investment in associates" (December 31, 2016: $56). (j) GasLog recognized gross revenues and total voyage expenses of $38,046 and $9,122, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2017 (December 31, 2016: $19,789 and $3,332, respectively). The aforementioned pool results were further adjusted by a net gain of $7,254 (2016: net loss of $4,674) to include the net allocation from the pool in accordance with the profit sharing terms specified in the Pool Agreement. (k) In connection with the sale and leaseback of the Methane Julia Louise in February 2016, GasLog entered into a consulting agreement with Unisea Maritime, under the terms of which GasLog agreed to pay a brokerage commission fee equal to 0.25% of the agreed charter rates under the sale and leaseback transaction plus reasonable expenses (incurred in line with the Group policies). The brokerage commission fee of $430 was paid in advance for the full 20-year period of the bareboat charter, discounted to the date of the agreement at an annual discount rate of 7.5% and was included under "Vessel held under finance lease". |
Schedule of remuneration of directors and key management personnel | For the year ended 2015 2016 2017 Remuneration Short-term benefits Expense recognized in respect of share-based compensation Total |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
The Plan | |
Share-Based Compensation | |
Summary of awards granted | Awards Number Grant date Expiry date Exercise price Fair value at RSUs May 17, 2013 n/a n/a $ SARs May 17, 2013 April 29, 2023 $13.26 $ RSUs April 1, 2014 n/a n/a $ SARs April 1, 2014 March 31, 2024 $24.00 $ RSUs April 1, 2015 n/a n/a $ SARs April 1, 2015 March 31, 2025 $19.48 $ RSUs April 1, 2016 n/a n/a $ SARs April 1, 2016 March 31, 2026 $9.28 $ RSUs April 3, 2017 n/a n/a $ SARs April 3, 2017 April 3, 2027 $15.55 $ |
SARs | |
Share-Based Compensation | |
Summary of significant assumptions used to estimate the fair value | Inputs into the model 2013 2014 2015 2016 2017 Grant date share closing price $ $ $ $ $ Exercise price $ $ $ $ $ Expected volatility % % % % % Expected term 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term % % % % % |
Summary of activity | Number of Weighted Weighted average Weighted Aggregate SARs Outstanding as of January 1, 2016 — Granted during the year — — Exercised during the year ) — ) Forfeited during the year ) — — ) Outstanding as of December 31, 2016 — Granted during the year — — Exercised during the year ) — ) Forfeited during the year ) — — ) Outstanding as of December 31, 2017 — |
RSUs | |
Share-Based Compensation | |
Summary of activity | Number of Weighted Weighted average Weighted Aggregate RSUs Outstanding as of January 1, 2016 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2016 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2017 — — |
GasLog Partners' Plan | |
Share-Based Compensation | |
Summary of awards granted | Awards Number Grant date Expiry date Fair value at RCUs April 1, 2015 n/a $ PCUs April 1, 2015 n/a $ RCUs April 1, 2016 n/a $ PCUs April 1, 2016 n/a $ RCUs April 3, 2017 n/a $ PCUs April 3, 2017 n/a $ |
RCUs | |
Share-Based Compensation | |
Summary of activity | Number of Weighted Aggregate RCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 |
PCUs | |
Share-Based Compensation | |
Summary of activity | Number of Weighted Aggregate PCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments | |
Schedule of commitments as lessee relating to buildings under operating leases | As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total |
Schedule of commitments relating to vessels under construction | As of Not later than one year Later than one year and not later than three years Total |
Schedule of future gross minimum revenues receivable upon collection of hire under non-cancellable time charter agreements | As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total |
Schedule of commitments relating to group vessels agreement | As of Not later than one year Total |
Schedule of commitments relating to engineering agreements for FSRU conversion of one vessel | As of Not later than one year Total |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Risk Management | |
Schedule of expected cash flows for non-derivative financial liabilities | Weighted Less than 1 - 3 3 - 12 1 - 5 5+ Total December 31, 2016 Trade and other accounts payable $ — — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — Variable interest loans % NOK Bonds — — Finance lease liability Total $ December 31, 2017 Trade and other accounts payable $ — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — Variable interest loans % Bonds — Finance lease liability Total $ * Excludes Unearned revenue as it is not a financial liability. |
Schedule of expected cash flows for derivative financial instruments | Less than 1 - 3 months 3 - 12 months 1 - 5 years 5+ years Total December 31, 2016 Interest rate swaps — ) ) ) Cross currency swaps — — Forward foreign exchange contracts ) — — ) Total ) December 31, 2017 Interest rate swaps ) — ) Cross currency swaps — ) — ) Forward foreign exchange contracts ) ) ) — — ) Total ) ) ) — ) |
Summary of credit risk exposure | As of 2016 2017 Cash and cash equivalents Short-term investments — Trade and other receivables Dividends receivable and other amounts due from related parties Restricted cash — Derivative financial instruments |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Risk Management | |
Schedule of the gearing ratio | As of 2016 2017 Borrowings, current portion Borrowings, non-current portion Finance lease liability, current portion Finance lease liability, non-current portion Total debt Total equity Total debt and equity Gearing ratio % % |
Derivative Financial Instrume59
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments | |
Schedule of fair value of the derivative assets | As of December 31, 2016 2017 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps Forward foreign exchange contracts Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps — Total Derivative financial instruments, current assets Derivative financial instruments, non-current assets Total |
Schedule of fair value of the derivative liabilities | As of December 31, 2016 2017 Derivative liabilities designated and effective as hedging instruments carried at fair value Cross currency swaps Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps Total Derivative financial instruments, current liability Derivative financial instruments, non-current liability — Total |
Schedule of principal terms of the forward foreign exchange contracts held for trading | Company Counterparty Trade Date Number of Settlement Fixed Total GasLog SEB August 2017 January - December 2018 £3,600 Total £3,600 Company Counterparty Trade Date Number of Settlement Fixed Total Exchange GasLog HSBC June 2017 January - June 2018 € GasLog ABN June 2017 January - June 2018 € GasLog Nordea July 2017 January - June 2018 € GasLog SEB July 2017 January - June 2018 € GasLog Nordea August 2017 January - December 2018 € GasLog SEB August 2017 January - December 2018 € GasLog DNB Bank ASA ("DNB") October 2017 January - February 2018 € GasLog DNB October 2017 April 2018 € GasLog DNB October 2017 May 2018 € GasLog DNB October 2017 July 2018 € GasLog Citibank November 2017 July 2018 € GasLog Citibank November 2017 August 2018 € GasLog Citibank November 2017 September 2018 € GasLog Citibank November 2017 October 2018 € GasLog Citibank November 2017 November 2018 € GasLog Citibank November 2017 December 2018 € GasLog SEB November 2017 January - June 2018 € Total € |
Schedule of analysis of (Loss)/gain on swaps | For the year ended 2015 2016 2017 Unrealized (loss)/gain on derivative financial instruments held for trading ) Realized loss on derivative financial instruments held for trading ) ) ) Recycled loss of cash flow hedges reclassified to profit or loss ) ) ) Ineffective portion of cash flow hedges — ) Total ) ) |
Interest rate swaps held for trading | |
Derivative Financial Instruments | |
Schedule of principal terms of the hedging instruments | Notional Amount Subsidiary Counterparty Trade Effective Original Fixed December 31, December 31, GasLog Deutsche Bank AG July 2016 July 2016 July 2020 % GasLog Deutsche Bank AG July 2016 July 2016 July 2021 % GasLog Deutsche Bank AG July 2016 July 2016 July 2022 % GasLog DNB Bank ASA July 2016 July 2016 July 2020 % GasLog DNB Bank ASA July 2016 July 2016 July 2021 % GasLog DNB Bank ASA July 2016 July 2016 July 2022 % GasLog HSBC Bank plc July 2016 July 2016 July 2020 % GasLog HSBC Bank plc July 2016 July 2016 July 2021 % GasLog HSBC Bank plc July 2016 July 2016 July 2022 % GasLog Nordea Bank Finland July 2016 July 2016 July 2020 % GasLog Nordea Bank Finland July 2016 July 2016 July 2021 % GasLog Nordea Bank Finland July 2016 July 2016 July 2022 % GasLog Skandinavinska Enskilda Banken AB (publ) ("SEB") July 2016 July 2016 July 2020 % GasLog SEB July 2016 July 2016 July 2021 % GasLog SEB July 2016 July 2016 July 2022 % GasLog (1) HSBC Bank plc Feb 2017 Feb 2017 Feb 2022 % — GasLog (1) Nordea Bank Finland Feb 2017 Feb 2017 Mar 2022 % — GasLog (1) ABN Amro Bank NV ("ABN") Feb 2017 Feb 2017 Mar 2022 % — Total (1) In February 2017, GasLog entered into new interest rate swap agreements with a notional amount of $300,000 in aggregate, maturing in 2022. |
Cross currency swaps qualified as cash flow hedging instruments | |
Derivative Financial Instruments | |
Schedule of principal terms of the hedging instruments | Notional Amount Company Counterparty Trade Effective Original Fixed December 31, December 31, GasLog (1) DNB Bank ASA April 2014 May 2014 June 2018 % — GasLog (1) SEB April 2014 May 2014 June 2018 % — GasLog (1) Nordea Bank Finland April 2014 May 2014 June 2018 % — GasLog (2) DNB Bank ASA June 2016 June 2016 May 2021 % GasLog (2) SEB June 2016 June 2016 May 2021 % GasLog (2) Nordea Bank Finland June 2016 June 2016 May 2021 % Total (1) On June 27, 2017, GasLog terminated the three CCS agreements by paying their fair value of $20,603 on that date. The cumulative loss of $4,368 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2017. (2) On June 20, 2016, in conjunction with the issuance of the NOK 2021 Bonds (Note 13), GasLog entered into these CCSs to exchange interest payments and principal on maturity on the same terms as the NOK 2021 Bonds. |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Opening Cash flows Other Non-cash Deferred Total Borrowings outstanding as of January 1, 2017 — — — — Proceeds from bank loans and bonds — — — — Bank loans and bond repayments — ) — — — ) Additions in deferred loan/bond fees — ) — ) ) Amortization of deferred loan and bond issuance costs and premium (Note 18) — — — — Retranslation of the NOK Bonds in U.S. dollars — — — — Borrowings outstanding as of December 31, 2017 ) |
Schedule of reconciliation of derivatives arising from financing activities | Opening Cash flows Other Non-cash Total Net derivative liabilities as of January 1, 2017 — — — Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedge — — — ) ) Payment for CCS termination (Note 25) — ) — — ) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — ) — ) Net derivative liabilities/(assets) as of December 31, 2017 ) ) ) ) |
Schedule of reconciliation of tangible fixed assets and vessels under construction arising from investing activities | Opening Cash flows Non-cash Total Tangible fixed assets and vessels under construction as of January 1, 2017 — — Additions (Note 6) — Depreciation expense (Note 6) — — ) ) Tangible fixed assets and vessels under construction as of December 31, 2017 ) |
Schedule of reconciliation of finance lease liabilities arising from financing activities | Opening Cash flows Non-cash Total Finance lease liabilities as of January 1, 2017 — — Finance lease charge (Note 18) — — Payments for interest — ) — ) Payments for finance lease liability — ) — ) Finance lease liabilities as of December 31, 2017 ) |
Schedule of reconciliation of equity offerings arising from financing activities | Cash flows Non-cash Total Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) — Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2017 ) |
Earnings_(losses) per share (61
Earnings/(losses) per share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings/(losses) per share ("EPS") | |
Schedule of earnings/(losses) per share | For the year ended December 31, 2015 2016 2017 Basic earnings/(loss) per share Profit/(loss) for the year attributable to owners of the Group ) Less: Dividends on Preference Shares ) ) ) Profit/(loss) for the year available to owners of the Group ) Weighted average number of shares outstanding, basic Basic earnings/(loss) per share ) Diluted earnings/(loss) per share Profit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS ) Weighted average number of shares outstanding, basic Dilutive potential ordinary shares — Weighted average number of shares used in the calculation of diluted EPS Diluted earnings/(loss) per share ) |
Organization and Operations - G
Organization and Operations - General information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 20, 2017 | Jul. 03, 2017 | May 03, 2017 | Nov. 01, 2016 | Jul. 01, 2015 | Sep. 29, 2014 | May 12, 2014 | Dec. 31, 2017 | Dec. 31, 2015 |
Organization and Operations | |||||||||
Beneficial interest owned by chairman (in percent) | 40.12% | ||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 110,653 | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Partners LP | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | |||||||
Incentive distribution rights threshold for cash distribution per quarter (in dollars per unit) | $ 0.43125 | ||||||||
General partner interest in GasLog Partners | 2.00% | ||||||||
Cash consideration paid to GasLog in exchange for the contribution of net assets | $ 65,695 | ||||||||
Purchase consideration paid to parent for acquiring subsidiaries | $ 185,900 | $ 211,000 | $ 219,000 | $ 189,000 | $ 483,000 | $ 328,000 | |||
GasLog's ownership interest in GasLog Partners (in percent) | 25.90% | ||||||||
GasLog Partners LP | Common units | |||||||||
Organization and Operations | |||||||||
Number of units issued for cash distribution to GasLog in exchange for net assets | 162,358 | ||||||||
GasLog Partners LP | Subordinated units | |||||||||
Organization and Operations | |||||||||
Number of units issued for cash distribution to GasLog in exchange for net assets | 9,822,358 | ||||||||
GasLog Partners LP | General partner units | |||||||||
Organization and Operations | |||||||||
Number of units issued for cash distribution to GasLog in exchange for net assets | 400,913 | ||||||||
General partner interest in GasLog Partners | 2.00% | ||||||||
GasLog Partners LP | Common units and Subordinated units | |||||||||
Organization and Operations | |||||||||
Ownership interest in GasLog Partners (in percent) | 49.80% | ||||||||
GasLog Partners LP | IPO | Common units | |||||||||
Organization and Operations | |||||||||
Units/Shares issued to Underwriters | 9,660,000 | ||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 186,029 | ||||||||
Ownership interest in GasLog Partners (in percent) | 48.20% | ||||||||
GasLog Partners LP | Over allotment | Common units | |||||||||
Organization and Operations | |||||||||
Units/Shares issued to Underwriters | 1,260,000 |
Organization and Operations - C
Organization and Operations - Composition of the group (Details) | Feb. 09, 2017 | Dec. 31, 2017employeeitemm³ | Dec. 31, 2016employee | Dec. 31, 2015employee |
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Number of owned LNG carriers operating in the Cool Pool | item | 5 | |||
Average number of employees employed | employee | 184 | 173 | 158 | |
Series A Cumulative Redeemable Perpetual Preference Shares | ||||
Organization and Operations | ||||
Interest rate on Cumulative Redeemable Perpetual Preference Shares (in percent) | 8.75% | |||
The Cool Pool Limited / Joint venture | ||||
Organization and Operations | ||||
Ownership interest in joint venture (in percent) | 33.33% | 33.33% | ||
Number of LNG carriers operating in the Cool Pool | item | 19 | |||
Dynagas - Cool Pool participant | ||||
Organization and Operations | ||||
Number of owned LNG carriers operating in the Cool Pool | item | 3 | |||
Golar - Cool Pool participant | ||||
Organization and Operations | ||||
Number of owned LNG carriers operating in the Cool Pool | item | 11 | |||
Egypt LNG Shipping Ltd / Associate | ||||
Organization and Operations | ||||
Ownership interest in associate (in percent) | 25.00% | 25.00% | ||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||
Gastrade | ||||
Organization and Operations | ||||
Ownership interest in associate (in percent) | 20.00% | 20.00% | ||
GAS-one Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-two Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-six Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-nine Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-ten Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-twelve Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-fourteen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-fifteen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 153,600 | |||
GAS-eighteen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||
GAS-twenty two Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-twenty three Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-twenty four Ltd. | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-twenty five Ltd. | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-twenty six Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | |||
GAS-twenty seven Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | |||
GAS-twenty eight Ltd. | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||
GAS-twenty nine Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||
25.9% interest subsidiaries | ||||
Organization and Operations | ||||
GasLog's ownership interest in GasLog Partners (in percent) | 25.90% | |||
GAS-three Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-four Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-five Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-seven Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-eight Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||
GAS-eleven Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-thirteen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||
GAS-sixteen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||
GAS-seventeen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||
GAS-nineteen Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||
GAS-twenty Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||
GAS-twenty one Ltd | ||||
Organization and Operations | ||||
LNG Cargo capacity (in cbm) per vessel | 145,000 |
Significant Accounting Polici64
Significant Accounting Policies - Useful lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Vessels | |
Useful lives of long lived assets | |
Useful lives | 35 years |
Dry-docking component | |
Useful lives of long lived assets | |
Useful lives | 5 years |
Furniture, computer, software and other office equipment | Minimum | |
Useful lives of long lived assets | |
Useful lives | 3 years |
Furniture, computer, software and other office equipment | Maximum | |
Useful lives of long lived assets | |
Useful lives | 5 years |
Leasehold improvements | |
Useful lives of long lived assets | |
Useful lives | 12 years |
Significant Accounting Polici65
Significant Accounting Policies - Non-controlling interests (Details) | 12 Months Ended |
Dec. 31, 2017item | |
Significant Accounting Policies | |
GasLog Partner common units not directly or indirectly held by GasLog | 31,017,405 |
Available cash percentage the Partnership is required to distribute | 100.00% |
Number of days after the quarter cash distributed to partners | 45 days |
Significant Accounting Polici66
Significant Accounting Policies - Critical accounting judgments and key sources of estimation uncertainty (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)item | |
Vessels | |
Increase in future annual depreciation expense as a result of decrease in estimated scrap value | $ 873,000 |
Number of vessels with impairment indications | item | 10 |
Vessels utilization rate assumed (as a percent) | 99.50% |
Term of charter agreement for market rates | 5 years |
Steam vessel market rate per day | $ 52 |
TFDE vessel market rate per day | $ 67.5 |
Number of years of historical average | 5 years |
Number of time charter for market rates | 5 years |
Percentage of annual operating escalation factor | 1.00% |
Weighted average cost of capital | 8.00% |
Vessel Impairment loss | $ 0 |
Impairment of goodwill | $ 0 |
Vessels | |
Vessels | |
Useful lives | 35 years |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended |
Dec. 31, 2017€ / $ | |
Goodwill | |
Average inflation rate | 1.00% |
Pre-tax discount rate | 12.20% |
Annual growth rate | 1.00% |
Foreign exchange rate (EUR/USD) | 1.20 |
Equity Transactions - Issuances
Equity Transactions - Issuances (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 03, 2017 | May 16, 2017 | May 15, 2017 | Jan. 27, 2017 | Aug. 05, 2016 | Jun. 26, 2015 | Apr. 07, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Feb. 24, 2017 | Dec. 31, 2016 |
Equity Transactions | |||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 110,653 | ||||||||||
Preference Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 4,600,000 | 4,600,000 | |||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 46 | ||||||||||
Follow-on public offering | Preference Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 4,600,000 | ||||||||||
Par value per share (in dollar per share) | $ 0.01 | ||||||||||
Liquidation preference per share/unit (in dollars per share/unit) | 25 | ||||||||||
Price per unit/share (in dollars per unit/share) | $ 25 | ||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 110,653 | ||||||||||
Over allotment | Preference Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 600,000 | ||||||||||
GasLog Partners LP | Preference Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 5,750,000 | ||||||||||
Liquidation preference per share/unit (in dollars per share/unit) | $ 25 | ||||||||||
Price per unit/share (in dollars per unit/share) | $ 25 | ||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 138,804 | ||||||||||
Distribution rate | 8.625% | ||||||||||
GasLog Partners LP | Subordinated units | |||||||||||
Equity Transactions | |||||||||||
Number of units converted to common | 9,822,358 | ||||||||||
GasLog Partners LP | Follow-on public offering | Common Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 2,750,000 | 7,500,000 | |||||||||
Price per unit/share (in dollars per unit/share) | $ 19.50 | $ 23.90 | |||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 52,299 | $ 171,831 | |||||||||
GasLog Partners LP | Over allotment | Common Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 120,000 | ||||||||||
GasLog Partners LP | Over allotment | Preference Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 750,000 | ||||||||||
GasLog Partners LP | IPO | Common Units/Shares | |||||||||||
Equity Transactions | |||||||||||
Units/Shares issued to Underwriters | 3,750,000 | ||||||||||
Price per unit/share (in dollars per unit/share) | $ 20.50 | ||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 78,197 | ||||||||||
GasLog Partners LP | ATM Programme | Common units | |||||||||||
Equity Transactions | |||||||||||
Price per unit/share (in dollars per unit/share) | $ 22.97 | ||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 61,225 | ||||||||||
Aggregate offering price | $ 100,000 | ||||||||||
Number of units issued in public offering | 2,735,405 | ||||||||||
Aggregate offering price under Amended and Restated Equity Distribution Agreement | $ 144,040 |
Equity Transactions - Changes i
Equity Transactions - Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 1,509,682 | $ 1,507,920 | $ 1,253,037 |
Dividend declared and paid | (121,071) | (99,207) | (84,527) |
Profit and total comprehensive income allocated to non-controlling interests | 68,703 | 49,537 | 42,839 |
Balance at the end of the year | 1,763,134 | 1,509,682 | 1,507,920 |
Non-controlling interests | |||
Balance at beginning of year | 564,039 | 506,246 | 323,646 |
Net proceeds from the Partnership's equity offerings | 278,226 | 52,299 | |
Dividend declared and paid | (65,863) | (44,043) | (32,070) |
Profit and total comprehensive income allocated to non-controlling interests | 68,703 | 49,537 | |
Balance at the end of the year | $ 845,105 | $ 564,039 | $ 506,246 |
Equity Transactions - Distribut
Equity Transactions - Distribution Policy (Details) - Non-controlling interests | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Minimum Quarterly Distribution | |
Total quarterly distribution target amount (in dollars per share) | $ 0.375 |
Minimum Quarterly Distribution | Common units | |
The percentage allocations of the quarterly distribution(as a percent) | 98.00% |
Minimum Quarterly Distribution | General partner units | |
The percentage allocations of the quarterly distribution(as a percent) | 2.00% |
Minimum Quarterly Distribution | IDRs | |
The percentage allocations of the quarterly distribution(as a percent) | 0.00% |
First Target Distribution | Minimum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.375 |
First Target Distribution | Maximum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.43125 |
First Target Distribution | Common units | |
The percentage allocations of the quarterly distribution(as a percent) | 98.00% |
First Target Distribution | General partner units | |
The percentage allocations of the quarterly distribution(as a percent) | 2.00% |
First Target Distribution | IDRs | |
The percentage allocations of the quarterly distribution(as a percent) | 0.00% |
Second Target Distribution | Minimum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.43125 |
Second Target Distribution | Maximum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.46875 |
Second Target Distribution | Common units | |
The percentage allocations of the quarterly distribution(as a percent) | 85.00% |
Second Target Distribution | General partner units | |
The percentage allocations of the quarterly distribution(as a percent) | 2.00% |
Second Target Distribution | IDRs | |
The percentage allocations of the quarterly distribution(as a percent) | 13.00% |
Third Target Distribution | Minimum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.46875 |
Third Target Distribution | Maximum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.5625 |
Third Target Distribution | Common units | |
The percentage allocations of the quarterly distribution(as a percent) | 75.00% |
Third Target Distribution | General partner units | |
The percentage allocations of the quarterly distribution(as a percent) | 2.00% |
Third Target Distribution | IDRs | |
The percentage allocations of the quarterly distribution(as a percent) | 23.00% |
Thereafter | Minimum | |
Total quarterly distribution target amount (in dollars per share) | $ 0.5625 |
Thereafter | Common units | |
The percentage allocations of the quarterly distribution(as a percent) | 50.00% |
Thereafter | General partner units | |
The percentage allocations of the quarterly distribution(as a percent) | 2.00% |
Thereafter | IDRs | |
The percentage allocations of the quarterly distribution(as a percent) | 48.00% |
Equity Transactions - Allocatio
Equity Transactions - Allocation of GasLog Partners' Profit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allocation of GasLog Partners' profit | |||
Profit for the year | $ 84,209 | $ 28,051 | $ 53,668 |
Profit/(loss) for the year available to owners of the Group | 15,506 | (21,486) | 10,829 |
Profit and total comprehensive income allocated to non-controlling interests | 68,703 | 49,537 | $ 42,839 |
GasLog Partners LP | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 94,117 | 77,270 | |
Profit/(loss) for the year available to owners of the Group | 25,414 | 27,733 | |
Profit and total comprehensive income allocated to non-controlling interests | 68,703 | 49,537 | |
GasLog Partners LP | Common units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 76,347 | 49,886 | |
GasLog Partners LP | Subordinated units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 5,085 | 21,048 | |
GasLog Partners LP | General partner units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 1,728 | 1,545 | |
GasLog Partners LP | IDRs | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 3,208 | $ 4,791 | |
GasLog Partners LP | Paid and accrued preference equity distributions | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | $ 7,749 |
Investment in Associates and 72
Investment in Associates and Joint Venture - Associate (Details) $ in Thousands | Feb. 09, 2017 | Dec. 31, 2017USD ($)m³ | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Rollforward of investment in associate and joint venture | ||||
Share of profit of associate | $ 1,159 | $ 1,422 | $ 1,216 | |
Additions in investment in associates | 20,800 | 6,265 | ||
Current | ||||
Total current assets | 417,071 | 270,256 | ||
Total current liabilities | (294,857) | (262,835) | ||
Non-current | ||||
Total non-current assets | 4,217,820 | 4,244,908 | ||
Total non-current liabilities | (2,576,900) | (2,742,647) | ||
Financial information from the statements of profit or loss | ||||
Revenues | 525,229 | 466,059 | 415,078 | |
Profit for the year | 84,209 | 28,051 | 53,668 | |
Total comprehensive income for the year | 91,244 | 45,020 | 54,135 | |
Group's share in profit | 1,159 | 1,422 | 1,216 | |
Associates | ||||
Rollforward of investment in associate and joint venture | ||||
Beginning balance | 6,265 | 6,219 | ||
Additions | 14,125 | |||
Share of profit of associate | 1,159 | 1,422 | 1,216 | |
Return of investment from associate | (59) | (137) | ||
Dividend declared | (690) | (1,239) | (1,600) | |
Ending balance | 20,800 | 6,265 | 6,219 | |
Current | ||||
Total current assets | 16,944 | 20,813 | ||
Total current liabilities | (12,324) | (12,590) | ||
Non-current | ||||
Total non-current assets | 121,158 | 123,628 | ||
Total non-current liabilities | (99,086) | (106,790) | ||
Net assets | 26,692 | 25,061 | ||
Group's Share | 6,673 | 6,265 | ||
Financial information from the statements of profit or loss | ||||
Revenues | 19,627 | 16,636 | 18,694 | |
Profit for the year | 4,637 | 5,686 | 4,863 | |
Total comprehensive income for the year | 4,637 | 5,686 | 4,863 | |
Group's share in profit | 1,159 | 1,422 | 1,216 | |
Dividends declared | (2,759) | (4,950) | (6,400) | |
Group's share in dividend | $ 690 | $ 1,239 | $ 1,600 | |
Egypt LNG Shipping Ltd / Associate | ||||
Interest in Associate | ||||
Equity interest in Associate (as a percent) | 25.00% | 25.00% | ||
LNG carrier cargo capacity (in cbm) | m³ | 145,000 | |||
Gastrade | ||||
Interest in Associate | ||||
Equity interest in Associate (as a percent) | 20.00% | 20.00% | ||
Rollforward of investment in associate and joint venture | ||||
Additions in investment in associates | $ 14,125 |
Investment in Associates and 73
Investment in Associates and Joint Venture - Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rollforward of investment in associate and joint venture | |||
Share of profit of associate | $ 1,159 | $ 1,422 | $ 1,216 |
Current | |||
Total current assets | 417,071 | 270,256 | |
Total current liabilities | (294,857) | (262,835) | |
Non-current | |||
Total non-current assets | 4,217,820 | 4,244,908 | |
Total non-current liabilities | (2,576,900) | (2,742,647) | |
Consolidated statements of profit or loss | |||
Revenues | 525,229 | 466,059 | 415,078 |
Profit for the year | 84,209 | 28,051 | 53,668 |
Total comprehensive income | 91,244 | 45,020 | 54,135 |
Group's share in profit | 1,159 | 1,422 | 1,216 |
Joint ventures | |||
Rollforward of investment in associate and joint venture | |||
Beginning balance | 55 | ||
Write-offs | (55) | ||
Ending balance | 55 | ||
Current | |||
Total current assets | 40,661 | 9,695 | |
Total current liabilities | (40,661) | (9,695) | |
Consolidated statements of profit or loss | |||
Revenues | $ 159,460 | $ 73,348 | $ 8,336 |
The Cool Pool Limited / Joint venture | |||
Interest in joint venture | |||
Equity interest in joint venture (as a percent) | 33.33% | 33.33% |
Tangible Fixed Assets, Vessel74
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016itemm³ | Jun. 30, 2014itemm³ | May 31, 2014itemm³ | Aug. 31, 2013itemm³ | Jan. 31, 2013itemm³ | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Tangible fixed assets | |||||||
Balance, at the beginning of the year | $ 3,889,047 | ||||||
Balance, at the end of the year | 3,772,566 | $ 3,889,047 | |||||
Vessels pledged as collateral | 3,757,051 | 3,877,889 | |||||
Amount paid to Samsung for potential conversion of existing vessel | 3,400 | ||||||
Amount paid to Keppel for detailed engineering in relation to FSRU conversion of vessel | 4,035 | ||||||
Advance payments made to shipyard for vessels under construction | 153,116 | ||||||
Progress shipyard installments | 153,116 | 91,375 | |||||
Onsite supervision costs | 10,570 | 4,915 | |||||
Critical spare parts, equipment and other vessel delivery expenses | 2,969 | 66 | |||||
Total | 166,655 | 96,356 | |||||
Ship building contracts with Samsung | |||||||
Tangible fixed assets | |||||||
LNG Cargo capacity (in cbm) per vessel | m³ | 180,000 | 174,000 | 174,000 | 174,000 | |||
Number of LNG carriers per the shipbuilding contract | item | 1 | 2 | 2 | 2 | |||
Ship building contracts with Hyundai | |||||||
Tangible fixed assets | |||||||
LNG Cargo capacity (in cbm) per vessel | m³ | 174,000 | ||||||
Number of LNG carriers per the shipbuilding contract | item | 2 | ||||||
Vessels | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 3,877,889 | ||||||
Balance, at the end of the year | 3,757,051 | 3,877,889 | |||||
Office property and other tangible assets | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 11,158 | ||||||
Balance, at the end of the year | 15,515 | 11,158 | |||||
Vessels under construction | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 96,356 | ||||||
Balance, at the end of the year | 166,655 | 96,356 | |||||
Vessels held under financial lease | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 222,004 | ||||||
Balance, at the end of the year | 214,329 | 222,004 | |||||
Cost | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 4,227,350 | 3,631,570 | |||||
Additions | 13,031 | 7,977 | |||||
Sale and leaseback | (234,650) | ||||||
Transfer from vessels under construction | 825,047 | ||||||
Fully amortized fixed assets | (3,291) | (2,594) | |||||
Balance, at the end of the year | 4,237,090 | 4,227,350 | |||||
Cost | Vessels | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 4,212,849 | 3,619,255 | |||||
Additions | 7,517 | 5,717 | |||||
Sale and leaseback | (234,650) | ||||||
Transfer from vessels under construction | 825,047 | ||||||
Fully amortized fixed assets | (2,500) | (2,520) | |||||
Balance, at the end of the year | 4,217,866 | 4,212,849 | |||||
Cost | Office property and other tangible assets | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 14,501 | 12,315 | |||||
Additions | 5,514 | 2,260 | |||||
Fully amortized fixed assets | (791) | (74) | |||||
Balance, at the end of the year | 19,224 | 14,501 | |||||
Cost | Vessels under construction | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 96,356 | 178,405 | |||||
Additions | 70,299 | 742,998 | |||||
Transfer from vessels under construction | (825,047) | ||||||
Balance, at the end of the year | 166,655 | 96,356 | |||||
Cost | Vessels held under financial lease | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 228,523 | ||||||
Additions | 714 | ||||||
Sale and leaseback | 227,809 | ||||||
Balance, at the end of the year | 228,523 | 228,523 | |||||
Accumulated depreciation | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 338,303 | 231,300 | |||||
Depreciation | 129,512 | 116,438 | |||||
Sale and leaseback | (6,841) | ||||||
Fully amortized fixed assets | (3,291) | (2,594) | |||||
Balance, at the end of the year | 464,524 | 338,303 | |||||
Accumulated depreciation | Vessels | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 334,960 | 228,531 | |||||
Depreciation | 128,355 | 115,790 | |||||
Sale and leaseback | (6,841) | ||||||
Fully amortized fixed assets | (2,500) | (2,520) | |||||
Balance, at the end of the year | 460,815 | 334,960 | |||||
Accumulated depreciation | Office property and other tangible assets | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 3,343 | 2,769 | |||||
Depreciation | 1,157 | 648 | |||||
Fully amortized fixed assets | (791) | (74) | |||||
Balance, at the end of the year | 3,709 | 3,343 | |||||
Accumulated depreciation | Vessels held under financial lease | |||||||
Tangible fixed assets | |||||||
Balance, at the beginning of the year | 6,519 | ||||||
Depreciation | 7,675 | 6,519 | |||||
Balance, at the end of the year | $ 14,194 | $ 6,519 |
Sale and Leaseback (Details)
Sale and Leaseback (Details) - USD ($) $ in Thousands | Feb. 24, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Sale and Leaseback | |||
Cash proceeds from sale | $ 217,000 | ||
Duration of bareboat hire holiday period which expired on September 21, 2016 (in days) | 210 days | ||
Movements in finance lease liabilities | |||
Beginning of year | $ 220,401 | ||
Addition | $ 217,000 | ||
Finance lease charge (Note 18) | 10,875 | 9,367 | |
Payments | (17,848) | (5,966) | |
End of year | 213,428 | 220,401 | |
Finance lease liability, current portion | 6,302 | 5,946 | |
Finance lease liability, non-current portion | 207,126 | 214,455 | |
Total | $ 213,428 | $ 220,401 | |
Minimum | |||
Sale and Leaseback | |||
Sale leaseback, repurchase period | 10 years | ||
Maximum | |||
Sale and Leaseback | |||
Leaseback bareboat charter period in years | 20 years | ||
Sale leaseback, repurchase period | 17 years |
Sale and Leaseback - Commitment
Sale and Leaseback - Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments in relation to finance leases | |
Minimum lease payments | $ 324,685 |
Future finance charges | (111,257) |
Total lease liabilities | 213,428 |
Present value of finance lease liabilities | |
Finance lease liabilities | 213,428 |
Not later than one year | |
Commitments in relation to finance leases | |
Minimum lease payments | 17,849 |
Present value of finance lease liabilities | |
Finance lease liabilities | 6,302 |
Later than one year and not later than three years | |
Commitments in relation to finance leases | |
Minimum lease payments | 35,746 |
Present value of finance lease liabilities | |
Finance lease liabilities | 15,820 |
Later than three years and not later than five years | |
Commitments in relation to finance leases | |
Minimum lease payments | 35,697 |
Present value of finance lease liabilities | |
Finance lease liabilities | 17,451 |
Later than five years | |
Commitments in relation to finance leases | |
Minimum lease payments | 235,393 |
Present value of finance lease liabilities | |
Finance lease liabilities | $ 173,855 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents | ||||
Current accounts | $ 191,773 | $ 167,932 | ||
Time deposits (with original maturities of three months or less) | 189,925 | 58,251 | ||
Ship management client accounts | 2,394 | 841 | ||
Total cash and cash equivalents | $ 384,092 | $ 227,024 | $ 302,988 | $ 211,974 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and Other Receivables | ||
Trade receivables | $ 1,129 | $ 2,265 |
VAT receivable | 833 | 1,305 |
Accrued income | 4,034 | 2,253 |
Insurance claims | 1,452 | 550 |
Other receivables | 3,258 | 2,883 |
Total | $ 10,706 | $ 9,256 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Non-Current Assets | ||
Accrued revenue from straight-line revenue | $ 928 | |
Various guarantees | $ 428 | 412 |
Other long-term assets | 484 | |
Total | $ 428 | $ 1,824 |
Share Capital (Details)
Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Balance at beginning of year | $ 1,509,682 | $ 1,507,920 | $ 1,253,037 |
Treasury shares distributed for awards vested or exercised in the year (Note 21) | 949 | 53 | |
Dividend declared deducted from Contributed surplus due to accumulated deficit | (121,071) | (99,207) | (84,527) |
Balance at the end of the year | $ 1,763,134 | 1,509,682 | 1,507,920 |
Share capital | |||
Share Capital | |||
Shares authorized (in shares) | 500,000,000 | ||
Par value per share (in dollar per share) | $ 0.01 | ||
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Balance at beginning of year | $ 810 | 810 | 810 |
Balance at the end of the year | $ 810 | $ 810 | $ 810 |
Treasury shares | |||
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Number of shares outstanding at beginning of year | 431,773 | 496,627 | 500,000 |
Balance at beginning of year | $ (10,861) | $ (12,491) | $ (12,576) |
Treasury shares distributed for awards vested or exercised in the year (in shares) | (156,532) | (64,854) | (3,373) |
Treasury shares distributed for awards vested or exercised in the year (Note 21) | $ 3,901 | $ 1,630 | $ 85 |
Number of shares outstanding at end of year | 275,241 | 431,773 | 496,627 |
Balance at the end of the year | $ (6,960) | $ (10,861) | $ (12,491) |
Contributed surplus | |||
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Balance at beginning of year | 966,974 | 1,020,292 | 923,470 |
Issuance of Preference Shares (Note 4) | 110,607 | ||
Dividend declared deducted from Contributed surplus due to accumulated deficit | (55,208) | (53,318) | (13,785) |
Balance at the end of the year | $ 911,766 | $ 966,974 | $ 1,020,292 |
Common Units/Shares | |||
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Number of shares outstanding at beginning of year | 80,561,353 | 80,496,499 | 80,493,126 |
Treasury shares distributed for awards vested or exercised in the year (in shares) | 156,532 | 64,854 | 3,373 |
Number of shares outstanding at end of year | 80,717,885 | 80,561,353 | 80,496,499 |
Common Units/Shares | Share capital | |||
Share Capital | |||
Par value per share (in dollar per share) | $ 0.01 | $ 0.01 | |
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Units/Shares issued to Underwriters | 80,717,885 | 80,561,353 | |
Preference Units/Shares | |||
Movements in number of shares, share capital, Preference Shares, contributed surplus and treasury shares | |||
Number of shares outstanding at beginning of year | 4,600,000 | 4,600,000 | |
Balance at beginning of year | $ 46 | $ 46 | |
Issuance of Preference Shares (Note 4) | $ 46 | ||
Issuance of Preference Shares (Note 4) (in shares) | 4,600,000 | ||
Units/Shares issued to Underwriters | 4,600,000 | 4,600,000 | |
Number of shares outstanding at end of year | 4,600,000 | 4,600,000 | 4,600,000 |
Balance at the end of the year | $ 46 | $ 46 | $ 46 |
Reserves - Movements in reserve
Reserves - Movements in reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserves | |||
Share-based compensation, net of accrued dividend | $ 4,104 | $ 3,597 | $ 2,791 |
Settlement of share-based compensation | 949 | 53 | |
Reserves | |||
Reserves | |||
Balance, beginning of year | 10,160 | (8,829) | (12,002) |
Effective portion of changes in fair value of cash flow hedges | 2,667 | (6,522) | (849) |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | 1,290 |
Share-based compensation, net of accrued dividend | 4,104 | 3,597 | 2,791 |
Settlement of share-based compensation | (2,952) | (1,577) | (85) |
Actuarial gain/(loss) | (23) | 26 | |
Balance, end of year | 18,347 | 10,160 | (8,829) |
Hedging | |||
Reserves | |||
Balance, beginning of year | (7,177) | (24,169) | (24,610) |
Effective portion of changes in fair value of cash flow hedges | 2,667 | (6,522) | (849) |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | 1,290 |
Balance, end of year | (142) | (7,177) | (24,169) |
Employee Benefits | |||
Reserves | |||
Balance, beginning of year | (105) | (82) | (108) |
Actuarial gain/(loss) | (23) | 26 | |
Balance, end of year | (105) | (105) | (82) |
Share-based compensation reserve | |||
Reserves | |||
Balance, beginning of year | 17,442 | 15,422 | 12,716 |
Share-based compensation, net of accrued dividend | 4,104 | 3,597 | 2,791 |
Settlement of share-based compensation | (2,952) | (1,577) | (85) |
Balance, end of year | $ 18,594 | $ 17,442 | $ 15,422 |
Reserves - Dividend distributio
Reserves - Dividend distributions - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2018 | Nov. 22, 2017 | Nov. 16, 2017 | Nov. 01, 2017 | Oct. 02, 2017 | Sep. 14, 2017 | Aug. 24, 2017 | Aug. 02, 2017 | Jul. 03, 2017 | May 25, 2017 | May 04, 2017 | Apr. 03, 2017 | Mar. 16, 2017 | Mar. 09, 2017 | Feb. 16, 2017 | Jan. 03, 2017 | Nov. 24, 2016 | Nov. 17, 2016 | Nov. 02, 2016 | Oct. 03, 2016 | Sep. 14, 2016 | Aug. 25, 2016 | Aug. 03, 2016 | Jul. 01, 2016 | May 26, 2016 | May 05, 2016 | Apr. 01, 2016 | Mar. 17, 2016 | Mar. 11, 2016 | Feb. 24, 2016 | Jan. 04, 2016 | Nov. 19, 2015 | Nov. 17, 2015 | Nov. 04, 2015 | Oct. 01, 2015 | Sep. 18, 2015 | Aug. 20, 2015 | Aug. 05, 2015 | Jul. 01, 2015 | Jun. 19, 2015 | May 21, 2015 | May 05, 2015 | Mar. 13, 2015 | Feb. 26, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Dividend distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 55,208 | $ 55,164 | $ 52,457 | ||||||||||||||||||||||||||||||||||||||||||||
Common Units/Shares | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 11,291 | $ 11,288 | $ 11,287 | $ 11,278 | $ 11,277 | $ 11,277 | $ 11,277 | $ 11,270 | $ 11,270 | $ 11,270 | $ 11,270 | $ 11,270 | |||||||||||||||||||||||||||||||||||
Preference Units/Shares | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.510417 | ||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,515 | $ 2,515 | $ 2,515 | $ 2,347 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Borrowings | ||
Amounts due within one year | $ 188,167 | $ 156,645 |
Less: unamortized deferred loan/bond issuance costs | (8,800) | (9,197) |
Borrowings, current portion | 179,367 | 147,448 |
Amounts due after one year | 2,399,849 | 2,543,357 |
Plus: unamortized premium | 1,304 | |
Less: unamortized deferred loan/bond issuance costs | (31,660) | (40,083) |
Borrowings, non-current portion | 2,368,189 | 2,504,578 |
Total | $ 2,547,556 | $ 2,652,026 |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) NOK in Thousands, $ in Thousands | Jun. 27, 2017NOK | Jul. 25, 2016USD ($)item | Apr. 05, 2016USD ($) | Feb. 24, 2016USD ($) | Dec. 29, 2015USD ($) | Dec. 10, 2015USD ($) | Sep. 04, 2015USD ($) | Nov. 19, 2014USD ($) | Oct. 09, 2014USD ($) | May 14, 2014USD ($)item | May 12, 2014USD ($) | Apr. 01, 2014USD ($)entityitem | Dec. 31, 2017USD ($) | Jun. 25, 2016USD ($) | Jul. 01, 2015entity | Apr. 24, 2015USD ($) | Mar. 25, 2015USD ($) | Dec. 10, 2014USD ($) | Jun. 24, 2014USD ($) | Jun. 10, 2014USD ($) | Jun. 03, 2014USD ($) | Oct. 31, 2013USD ($) | Sep. 25, 2013USD ($) | May 17, 2013USD ($) | Jan. 18, 2012USD ($)item | Dec. 23, 2011USD ($)trancheitem | Oct. 03, 2011USD ($)trancheitem | Mar. 31, 2008USD ($) |
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | NOK 424,360 | $ 397,008 | ||||||||||||||||||||||||||
Danish Ship Finance A/S loan | GAS-one Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 174,033 | |||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 8 | |||||||||||||||||||||||||||
Bank loans and bond repayments | $ 115,523 | |||||||||||||||||||||||||||
DNB Bank ASA, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and Skandinaviska Enskilda Banken AB (publ) loan | GAS-two Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | 122,175 | |||||||||||||||||||||||||||
Term loan facility | GAS-two Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 110,000 | |||||||||||||||||||||||||||
Revolving credit facility | GAS-two Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 50,000 | |||||||||||||||||||||||||||
Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan | GAS-five Ltd. and GAS-six Ltd. | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 277,000 | |||||||||||||||||||||||||||
Number of LNG vessels financed | item | 2 | |||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 2 | |||||||||||||||||||||||||||
Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan | GAS-five Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 48,225 | |||||||||||||||||||||||||||
Prepayment of debt | $ 82,634 | |||||||||||||||||||||||||||
Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan | GAS-six Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | 116,096 | |||||||||||||||||||||||||||
Credit Suisse AG | GAS-seven Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 144,000 | |||||||||||||||||||||||||||
Bank loans and bond repayments | 124,000 | |||||||||||||||||||||||||||
Number of new building vessels financed | item | 1 | |||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) | GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | 398,780 | |||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 3 | |||||||||||||||||||||||||||
Number of new building vessels financed | item | 3 | |||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) | GAS-eight Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Drawn amount | $ 143,000 | |||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) | GAS-nine Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Drawn amount | $ 146,000 | |||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) | GAS-ten Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Drawn amount | $ 146,000 | |||||||||||||||||||||||||||
Senior secured credit facility - DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) | GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 435,000 | |||||||||||||||||||||||||||
Citibank N.A., London Branch, Citibank International Plc. and DVB America N.V., term loan facility | GAS-fifteen Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 100,000 | |||||||||||||||||||||||||||
Bank loans and bond repayments | 83,325 | |||||||||||||||||||||||||||
Amount transferred between lenders | $ 50,000 | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-eighteen Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 108,500 | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-sixteen Ltd., GAS-seventeen Ltd. and GAS-eighteen Ltd. | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 325,500 | |||||||||||||||||||||||||||
Number of LNG vessels financed | item | 3 | |||||||||||||||||||||||||||
Facility term | 2 years | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 192,000 | |||||||||||||||||||||||||||
Prepayment of debt | $ 25,000 | |||||||||||||||||||||||||||
Number of entities acquired | entity | 2 | |||||||||||||||||||||||||||
Debt assumed from acquired entities | $ 217,000 | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-nineteen Ltd, GAS-twenty Ltd and GAS-twenty one Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 325,500 | |||||||||||||||||||||||||||
Bank loans and bond repayments | 305,500 | |||||||||||||||||||||||||||
Number of LNG vessels financed | item | 3 | |||||||||||||||||||||||||||
Drawn amount | $ 108,500 | $ 108,500 | $ 108,500 | |||||||||||||||||||||||||
Facility term | 2 years | |||||||||||||||||||||||||||
Number of entities acquired | entity | 3 | |||||||||||||||||||||||||||
Debt assumed from acquired entities | $ 325,500 | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-nineteen Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Prepayment of debt | $ 10,000 | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-twenty Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Prepayment of debt | $ 5,000 | |||||||||||||||||||||||||||
Citibank, N. A. London Branch | GAS-twenty one Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Prepayment of debt | $ 5,000 | |||||||||||||||||||||||||||
Senior secured term loan facility | GAS-twenty six Ltd. and GAS-twenty seven Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 325,000 | |||||||||||||||||||||||||||
Bank loans and bond repayments | 162,500 | |||||||||||||||||||||||||||
Prepayment of debt | $ 162,500 | |||||||||||||||||||||||||||
Subordinated term loan facility | GAS-twenty six Ltd. and GAS-twenty seven Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum loan agreement amount | $ 135,000 | |||||||||||||||||||||||||||
Bank loans and bond repayments | $ 67,500 | |||||||||||||||||||||||||||
Prepayment of debt | $ 67,500 | |||||||||||||||||||||||||||
Maximum | Danish Ship Finance A/S loan | GAS-one Ltd | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
Maximum amount of refinancing of the outstanding debt | $ 1,050,000 |
Borrowings - Existing Facilitie
Borrowings - Existing Facilities (Details) NOK in Thousands, $ in Thousands | Jul. 19, 2017facility | Jul. 03, 2017USD ($) | Jun. 27, 2017NOK | Apr. 05, 2017USD ($) | Jul. 19, 2016USD ($)item | Apr. 05, 2016USD ($) | Oct. 16, 2015USD ($)trancheloanbuildinginstallmentitem | Dec. 31, 2017USD ($)entityinstallment | Dec. 31, 2016USD ($) | Jan. 17, 2017USD ($) | Oct. 25, 2016USD ($) | Sep. 26, 2016USD ($) | Jul. 25, 2016USD ($) | Jun. 24, 2016USD ($) | Mar. 22, 2016USD ($) | Feb. 18, 2016USD ($) | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||
Outstanding balance | $ 2,547,556 | $ 2,652,026 | |||||||||||||||
Bank loans and bond repayments | NOK 424,360 | 397,008 | |||||||||||||||
Citibank, Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 450,000 | ||||||||||||||||
Outstanding balance | $ 382,500 | 405,000 | |||||||||||||||
Number of equal quarterly installment of debt repayment | installment | 8 | ||||||||||||||||
Installment amount | $ 5,625 | ||||||||||||||||
Final balloon payment | 337,500 | ||||||||||||||||
Tranche 1 | |||||||||||||||||
Borrowings | |||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 24 | ||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||
Tranche 2 | |||||||||||||||||
Borrowings | |||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 24 | ||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||
Tranche 3 | |||||||||||||||||
Borrowings | |||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||
Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Outstanding balance | 29,750 | ||||||||||||||||
Accelerated amortization | 213 | ||||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, London Branch, Skandinaviska Enskilda Banken AB (publ), HSBC Bank plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. (Legacy Facility Refinancing) | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 1,050,000 | ||||||||||||||||
Unamortized loan fees written off to profit or loss | 18,215 | ||||||||||||||||
Number of legacy facilities refinanced | facility | 6 | ||||||||||||||||
Minimum liquidity required at all times | 1,500 | ||||||||||||||||
Refinance of the outstanding debt | $ 959,899 | ||||||||||||||||
Profile of debt instrument (in years) | 5 years | ||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 8 | ||||||||||||||||
Five-year term loan facility (Legacy Facility Refinancing) | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 950,000 | ||||||||||||||||
Outstanding balance | $ 891,667 | ||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 7 | ||||||||||||||||
Installment amount | $ 29,167 | ||||||||||||||||
Final balloon payment | 687,500 | ||||||||||||||||
Drawn amount | 950,000 | ||||||||||||||||
Revolving credit facilities (Legacy Facility Refinancing) | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 100,000 | ||||||||||||||||
Outstanding balance | 0 | ||||||||||||||||
Drawn amount | $ 30,000 | $ 11,641 | |||||||||||||||
Bank loans and bond repayments | $ 41,641 | ||||||||||||||||
Available facility amount | 100,000 | ||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Crdit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HANA Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Socit Gnrale and The Korea Development Bank | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 1,311,356 | ||||||||||||||||
Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure") coverage over facility | 60.00% | ||||||||||||||||
Deferred financing fees | 17,519 | 12,045 | |||||||||||||||
Outstanding balance | $ 589,930 | $ 635,783 | |||||||||||||||
Number of international banks with debt financing agreement | item | 14 | ||||||||||||||||
Number of tranches in loan agreement | tranche | 4 | ||||||||||||||||
Number of sub-divided loans in the facility | loan | 8 | ||||||||||||||||
Drawn amount | $ 160,697 | $ 160,697 | $ 162,967 | $ 162,967 | |||||||||||||
Number of entities with required minimum liquidity | entity | 4 | ||||||||||||||||
Minimum liquidity required at all times | $ 1,500 | ||||||||||||||||
Number of new buildings expected to be delivered | building | 8 | ||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 1 | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 412,458 | ||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 2 | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 201,094 | ||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 3 | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 206,115 | ||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 24 | ||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 4 | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 491,690 | ||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 20 | ||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||
Profile of debt instrument (in years) | 20 years | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | ABN AMRO Bank N.V., DNB (UK) Ltd., DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited (Five Vessel Refinancing) | |||||||||||||||||
Borrowings | |||||||||||||||||
Unamortized loan fees written off to profit or loss | $ 1,016 | 3,046 | |||||||||||||||
Refinance of the outstanding debt | $ 644,000 | ||||||||||||||||
Balance debt paid from available cash | 68,800 | ||||||||||||||||
Decrease in aggregate available amount | 1,300 | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | Five-year senior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 396,500 | ||||||||||||||||
Outstanding balance | 353,170 | ||||||||||||||||
Drawn amount | 395,450 | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | Five-year senior tranche facility, first four advances | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 72,288 | ||||||||||||||||
Commencement of first installment after drawdown | 3 months | ||||||||||||||||
Number of equal quarterly installment of debt repayment | installment | 20 | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | Senior tranche facility, fifth advance | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 106,298 | ||||||||||||||||
Commencement of first installment after drawdown | 12 months | ||||||||||||||||
Number of equal quarterly installment of debt repayment | installment | 17 | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 180,000 | ||||||||||||||||
Drawn amount | $ 179,750 | ||||||||||||||||
Borrowings prepaid | 150,000 | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | Two-year bullet junior tranche facility, first four advances | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 29,958 | ||||||||||||||||
Advance repayable after drawdown | 24 months | ||||||||||||||||
GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. | Two-year bullet Junior tranche facility, fifth advance | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum facility amount | $ 59,918 | ||||||||||||||||
GAS-eighteen Ltd | Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Borrowings prepaid | 29,958 | ||||||||||||||||
GAS-nineteen Ltd | Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Borrowings prepaid | 20,042 | ||||||||||||||||
GAS-twenty Ltd | Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Borrowings prepaid | 20,042 | ||||||||||||||||
GAS-twenty one Ltd | Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Borrowings prepaid | 20,042 | ||||||||||||||||
GAS-twenty seven Ltd | Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Borrowings prepaid | $ 59,918 |
Borrowings - Securities covenan
Borrowings - Securities covenants and guarantees, Bonds and Corporate guarantor financial covenants (Details) $ / shares in Units, NOK in Thousands, $ in Thousands | May 26, 2021 | Jun. 27, 2017NOK | Jun. 27, 2017USD ($) | Mar. 22, 2017USD ($) | Jun. 27, 2016NOK | Jun. 27, 2016USD ($) | May 02, 2014USD ($) | Oct. 31, 2015 | Dec. 26, 2020 | Jun. 26, 2020 | Dec. 31, 2017USD ($)$ / NOK$ / shares | Dec. 31, 2016USD ($)$ / NOK | Jun. 27, 2016USD ($) | May 02, 2014NOK | May 02, 2014USD ($) | Jun. 27, 2013NOK | Jun. 27, 2013USD ($) |
Borrowings | |||||||||||||||||
Repayment of borrowings | NOK 424,360 | $ 397,008 | |||||||||||||||
Outstanding balance | $ 2,547,556 | $ 2,652,026 | |||||||||||||||
Fair value of bond | 22,401 | ||||||||||||||||
GasLog Partners LP | |||||||||||||||||
Borrowings | |||||||||||||||||
Minimum Percentage of unencumbered cash and cash equivalents to total indebtedness | 3.00% | ||||||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 15,000 | ||||||||||||||||
Maximum percentage of total indebtedness to total assets | 60.00% | ||||||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months | 110.00% | ||||||||||||||||
NOK Bonds | |||||||||||||||||
Borrowings | |||||||||||||||||
Unamortized fees and bond premium written-off to P&L | $ 89,723 | 133,531 | |||||||||||||||
Fair value of bond | $ 97,416 | $ 138,741 | |||||||||||||||
Exchange rate | $ / NOK | 0.1213 | 0.1159 | |||||||||||||||
NOK 2018 Bonds | |||||||||||||||||
Borrowings | |||||||||||||||||
Issue of senior unsecured bond | NOK 500,000 | $ 83,612 | NOK 500,000 | $ 83,206 | |||||||||||||
Issuance at premium | $ 4,180 | ||||||||||||||||
Repayment of borrowings | $ 70,783 | NOK 588,000 | $ 70,677 | ||||||||||||||
Percentage of redemption price of par value | 103.00% | 103.00% | |||||||||||||||
Loss on redemption of bond | $ 1,459 | $ 2,120 | |||||||||||||||
Unamortized fees and bond premium written-off to P&L | $ (283) | $ 1,836 | |||||||||||||||
Outstanding balance | NOK 412,000 | $ 49,522 | |||||||||||||||
NOK 2021 Bonds | |||||||||||||||||
Borrowings | |||||||||||||||||
Issue of senior unsecured bond | NOK 750,000 | $ 90,150 | |||||||||||||||
NOK 2021 Bonds | Maximum | 2017 | |||||||||||||||||
Borrowings | |||||||||||||||||
Distributions per share | $ / shares | $ 1.10 | ||||||||||||||||
NOK 2021 Bonds | Maximum | 2018 | |||||||||||||||||
Borrowings | |||||||||||||||||
Distributions per share | $ / shares | 1.10 | ||||||||||||||||
NOK 2021 Bonds | Maximum | 2019 | |||||||||||||||||
Borrowings | |||||||||||||||||
Distributions per share | $ / shares | 1.20 | ||||||||||||||||
NOK 2021 Bonds | Maximum | 2020 | |||||||||||||||||
Borrowings | |||||||||||||||||
Distributions per share | $ / shares | 1.20 | ||||||||||||||||
NOK 2021 Bonds | Maximum | 2021 | |||||||||||||||||
Borrowings | |||||||||||||||||
Distributions per share | $ / shares | $ 1.20 | ||||||||||||||||
GasLog' financial covenants (as corporate guarantor for loan facilities and Bonds) | |||||||||||||||||
Borrowings | |||||||||||||||||
Minimum percentage that the aggregate fair market value of the vessels securing the facility to the aggregate amount outstanding under the facility | 115.00% | 120.00% | |||||||||||||||
Minimum Percentage of unencumbered cash and cash equivalents to total indebtedness | 3.00% | ||||||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 50,000 | ||||||||||||||||
Maximum percentage of total indebtedness to total assets | 75.00% | ||||||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months | 110.00% | ||||||||||||||||
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 | ||||||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness, to pay dividends | 4.00% | ||||||||||||||||
Minimum market value adjusted net worth | $ 350,000 | ||||||||||||||||
8.875% Senior Notes | |||||||||||||||||
Borrowings | |||||||||||||||||
Percentage of redemption price of par value | 100.00% | ||||||||||||||||
Principal amount of notes issued | $ 250,000 | ||||||||||||||||
Interest rate on borrowings | 8.875% | ||||||||||||||||
Percentage of original price for issued price | 100.00% | ||||||||||||||||
Net unamortized financing costs | $ 245,936 | ||||||||||||||||
Basis points for redemption price | 50.00% | ||||||||||||||||
Minimum Percentage of unencumbered cash and cash equivalents to total indebtedness | 2.50% | ||||||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 35,000 | ||||||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months | 100.00% | ||||||||||||||||
Minimum market value adjusted net worth | $ 300,000 | ||||||||||||||||
NIBOR | NOK 2021 Bonds | |||||||||||||||||
Borrowings | |||||||||||||||||
Percentage of redemption price of par value | 101.00% | 102.50% | 104.00% | ||||||||||||||
Interest rate | 6.90% | 6.90% |
Borrowings - Debt Repayment Sch
Borrowings - Debt Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Borrowings Repayment Schedule / Total | ||
Principal repayments of the borrowings | $ 2,588,016 | |
Not later than one year | ||
Borrowings Repayment Schedule / Total | ||
Principal repayments of the borrowings | 188,167 | |
Later than one year and not later than three years | ||
Borrowings Repayment Schedule / Total | ||
Principal repayments of the borrowings | 631,834 | |
Later than three years and not later than five years | ||
Borrowings Repayment Schedule / Total | ||
Principal repayments of the borrowings | 1,407,353 | |
Later than five years | ||
Borrowings Repayment Schedule / Total | ||
Principal repayments of the borrowings | $ 360,662 | |
Weighted average | ||
Borrowings Repayment Schedule / Total | ||
Interest rate | 4.14% | 3.54% |
Other Payables and Accruals (De
Other Payables and Accruals (Details) $ in Thousands | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item |
Other Payables and Accruals | ||
Social contributions | $ 1,244 | $ 1,057 |
Unearned revenue | 34,926 | 37,522 |
Accrued legal and professional fees | 1,567 | 1,480 |
Accrued board of directors' fees | 577 | 561 |
Accrued employee costs | 5,494 | 5,800 |
Accrued off-hire | 5,456 | 3,765 |
Accrued crew costs | 4,027 | 6,132 |
Accrued purchases | 4,227 | 3,553 |
Accrued financing cost | 1,984 | |
Accrued interest | 27,851 | 27,165 |
Accrued payable to charterers | 4,007 | 5,425 |
Other accruals | 2,058 | 926 |
Total | $ 93,418 | $ 93,386 |
Number of Vessels, unearned revenue for charter hires received in advance | item | 15 | 16 |
Vessel Operating and Supervis89
Vessel Operating and Supervision Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Vessel Operating and Supervision Costs | |||
Employee costs | $ 10,657 | $ 10,012 | $ 8,771 |
Crew wages | 61,995 | 53,593 | 49,254 |
Technical maintenance expenses | 28,736 | 29,520 | 20,364 |
Provisions and stores | 6,367 | 5,191 | 4,962 |
Insurance expenses | 7,045 | 7,396 | 7,407 |
Management fees | 188 | 375 | |
Vessels' tax | 2,312 | 1,473 | 3,010 |
Other operating expenses | 5,374 | 5,259 | 4,409 |
Total | $ 122,486 | $ 112,632 | $ 98,552 |
Voyage Expenses and Commissio90
Voyage Expenses and Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Voyage Expenses and Commissions | |||
Brokers' commissions on revenue | $ 6,456 | $ 5,526 | $ 4,678 |
Bunkers' consumption | 8,948 | 4,984 | 9,577 |
Adjustment for net pool allocation (Note 20) | (7,254) | 4,674 | 35 |
Total | $ 8,150 | $ 15,184 | $ 14,290 |
General and Administrative Ex91
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
General and Administrative Expenses | |||
Employee costs | $ 18,789 | $ 17,037 | $ 17,276 |
Board of directors' fees | 2,243 | 2,288 | 2,439 |
Share-based compensation (Note 21) | 4,565 | 3,869 | 2,872 |
Rent and utilities | 2,256 | 2,236 | 2,180 |
Travel and accommodation | 1,990 | 2,068 | 2,161 |
Legal and professional fees | 7,445 | 6,802 | 11,014 |
Foreign exchange differences, net | 3 | 1,241 | 689 |
Directors and officers' liability insurance | 382 | 423 | 729 |
Other expenses | 2,177 | 2,678 | 1,922 |
Total | $ 39,850 | $ 38,642 | $ 41,282 |
Financial Income and Costs (Det
Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Income | |||
Interest income | $ 2,650 | $ 720 | $ 427 |
Total financial income | 2,650 | 720 | 427 |
Financial Costs | |||
Amortization and write-off of deferred loan/bond issuance costs and premium | 12,398 | 35,141 | 11,355 |
Interest expense on loans and realized loss on cash flow hedges | 85,813 | 76,495 | 68,253 |
Interest expense on Bonds and realized loss on cross currency swaps | 27,085 | 11,723 | 11,331 |
Finance lease charge | 10,875 | 9,367 | |
Loss arising on NOK Bonds repurchase at a premium (Note 13) | 1,459 | 2,120 | |
Other financial costs | 1,551 | 2,470 | 1,017 |
Total financial costs | $ 139,181 | 137,316 | $ 91,956 |
Write-off of unamortized deferred loan and bond issuance costs in connection with the loan and bond refinancings is included in line item "Amortization and write-off of deferred loan/bond issuance costs and premium" | $ 23,097 |
Related Party Transactions - Re
Related Party Transactions - Receivables and Payables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transactions | ||
Ship management creditors | $ 993 | $ 45 |
Amounts due to related parties | 35 | 105 |
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | 8,666 | 3,065 |
Other receivables | ||
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | 355 | 385 |
Reimbursement of expenses incurred, for office lease, and other operating expenses | ||
Related Party Transactions | ||
Amounts due to related parties | 35 | 105 |
The Cool Pool Limited / Joint venture | Accrued income receivable | ||
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | 8,186 | 1,930 |
Egypt LNG Shipping Ltd / Associate | Dividends receivable | ||
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | $ 125 | $ 750 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Egypt LNG Shipping Ltd / Associate | Vessel management services | |||
Transactions | |||
Revenues | $ 752 | $ 211 | $ 607 |
Nea Dimitra Property | Office rent and utilities | |||
Transactions | |||
General and administrative expenses | 842 | 754 | 704 |
Nea Dimitra Property | Other office services | |||
Transactions | |||
General and administrative expenses | 1 | 3 | |
Euronav (UK) Agencies Ltd. | Office rent and utilities | |||
Transactions | |||
General and administrative expenses | 646 | ||
Seres S.A. | Catering services | |||
Transactions | |||
General and administrative expenses | 281 | 181 | 196 |
Seres S.A. | Consultancy services | |||
Transactions | |||
General and administrative expenses | 68 | 55 | 42 |
C Transport Martitime S.A.M. | Claims and insurance fee | |||
Transactions | |||
General and administrative expenses | 54 | ||
Chartwell Management Inc. | Travel expenses | |||
Transactions | |||
General and administrative expenses | 111 | 323 | 163 |
Ceres Monaco S.A.M. | Professional services | |||
Transactions | |||
General and administrative expenses | 159 | ||
Blenheim Holdings Ltd. | Professional services | |||
Transactions | |||
General and administrative expenses | 38 | ||
A.S. Papadimitriou and Partners Law Firm | |||
Transactions | |||
General and administrative expenses | 15 | 73 | |
A.S. Papadimitriou and Partners Law Firm | Professional services | |||
Transactions | |||
General and administrative expenses | 15 | 73 | |
The Cool Pool Limited / Joint venture | |||
Transactions | |||
Revenues | 38,046 | 19,789 | |
The Cool Pool Limited / Joint venture | Pool gross revenues | |||
Transactions | |||
Revenues | 38,046 | 19,789 | 2,469 |
The Cool Pool Limited / Joint venture | Pool gross bunkers | |||
Transactions | |||
Voyage expenses and commissions | 8,475 | 3,027 | 1,838 |
The Cool Pool Limited / Joint venture | Pool other voyage expenses | |||
Transactions | |||
Voyage expenses and commissions | 647 | 305 | 20 |
The Cool Pool Limited / Joint venture | Adjustment for net pool allocation | |||
Transactions | |||
Voyage expenses and commissions | $ (7,254) | $ 4,674 | $ 35 |
Related Party Transactions - Ge
Related Party Transactions - General (Details) € in Thousands, £ in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Nov. 30, 2015GBP (£) | Jul. 31, 2011USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Related Party Transactions | |||||||||
Adjustment for net pool allocation | $ (7,254) | $ 4,674 | $ 35 | ||||||
Egypt LNG Shipping Ltd / Associate | |||||||||
Related Party Transactions | |||||||||
Proportion of ownership interest in associate | 25.00% | 25.00% | 25.00% | ||||||
GasLog Shipping Company, Ltd. | Egypt LNG Shipping Ltd / Associate | |||||||||
Related Party Transactions | |||||||||
Proportion of ownership interest in associate | 25.00% | 25.00% | |||||||
Euronav (UK) Agencies Ltd. | |||||||||
Related Party Transactions | |||||||||
Annual office space rent | £ | £ 223 | ||||||||
Seres S.A. | |||||||||
Related Party Transactions | |||||||||
Maximum per person per day catering service rate | € | € 10 | ||||||||
C Transport Martitime S.A.M. | |||||||||
Related Party Transactions | |||||||||
Insurance rate per owned vessel per annum | $ 10 | ||||||||
Insurance rate per managed vessel per annum | $ 3 | ||||||||
Ceres Monaco S.A.M. | |||||||||
Related Party Transactions | |||||||||
Consultancy agreement fixed fee for service of employees | $ 100 | $ 100 | $ 100 | ||||||
Consultancy arrangement fee per month | $ 12 | $ 12 | $ 12 | ||||||
Consultancy arrangement fee payable for minimum days per month | 12 days | 12 days | 12 days | 12 days | |||||
Services received from related party that were capitalized | $ 100 | ||||||||
Unisea Maritime Ltd. | |||||||||
Related Party Transactions | |||||||||
Commission fee as percentage of agreed charter rate. | 0.25% | ||||||||
Brokerage commission fee paid in advance | $ 430 | ||||||||
Term of agreement | 20 years | ||||||||
Annual discount rate on brokerage commission fee | 7.50% | ||||||||
A.S. Papadimitriou and Partners Law Firm | |||||||||
Related Party Transactions | |||||||||
Services received from related party recognized in P&L | $ 15 | 73 | |||||||
Services received from related party that were capitalized | 24 | 56 | |||||||
The Cool Pool Limited / Joint venture | |||||||||
Related Party Transactions | |||||||||
Total gross revenues | 38,046 | 19,789 | |||||||
Total voyage expense | 9,122 | 3,332 | |||||||
Net gain (loss) adjustment for net pool allocation | $ 7,254 | $ (4,674) |
Related Party Transactions - Co
Related Party Transactions - Compensation of key management personnel (Details) - Directors and key management - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions | |||
Remuneration | $ 7,603 | $ 6,117 | $ 6,627 |
Short-term benefits | 106 | 73 | 94 |
Expense recognized in respect of share-based compensation | 1,821 | 1,454 | 1,173 |
Total | $ 9,530 | $ 7,644 | $ 7,894 |
Share-Based Compensation - Omni
Share-Based Compensation - Omnibus Incentive Compensation Plan (Details) | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Apr. 01, 2014USD ($)EquityInstruments | May 17, 2013USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments |
RSUs | |||||||
Share-Based Compensation | |||||||
Number of awards granted | EquityInstruments | 144,142 | 212,837 | 88,492 | 76,251 | 64,792 | 144,142 | 212,837 |
Fair value at grant date | $ 15.55 | $ 9.28 | $ 19.48 | $ 22.58 | $ 11.95 | ||
SARs | |||||||
Share-Based Compensation | |||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years | ||
Awards that vest on each anniversary (as a percent) | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | ||
Number of awards granted | EquityInstruments | 448,045 | 848,981 | 305,859 | 286,746 | 325,943 | 448,045 | 848,981 |
Exercise price | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 | $ 15.55 | $ 9.28 |
Fair value at grant date | $ 5.0021 | $ 2.3263 | $ 5.6352 | $ 6.0035 | $ 2.3753 |
Share-Based Compensation - SARs
Share-Based Compensation - SARs fair value (Details) - SARs | Apr. 03, 2017USD ($)Y | Apr. 01, 2016USD ($)Y | Apr. 01, 2015USD ($)Y | Apr. 01, 2014USD ($)Y | May 17, 2013USD ($)Y |
Share-Based Compensation | |||||
Grant date share closing price | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 |
Exercise price | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 |
Expected volatility (as a percent) | 46.00% | 47.30% | 39.30% | 29.42% | 29.31% |
Expected term / Years | Y | 6 | 6 | 6 | 6 | 6 |
Risk-free interest rate for the period similar to the expected term | 1.99% | 1.37% | 1.48% | 2.03% | 1.08% |
Share-Based Compensation - RSUs
Share-Based Compensation - RSUs fair value (Details) - RSUs | Apr. 03, 2017USD ($) | Apr. 01, 2016USD ($) | Apr. 01, 2015USD ($) | Apr. 01, 2014USD ($)Y | May 17, 2013USD ($)Y |
Share-Based Compensation | |||||
Grant date share closing price | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 |
Risk-free interest rate for the period similar to the expected term | 0.91% | 0.40% | |||
Expected term | Y | 3 | 3 | |||
Fair value at grant date | $ 15.55 | $ 9.28 | $ 19.48 | $ 22.58 | $ 11.95 |
Share-Based Compensation - R100
Share-Based Compensation - RSUs movement (Details) - RSUs $ in Thousands | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Apr. 01, 2014EquityInstruments | May 17, 2013EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Dec. 31, 2015USD ($)EquityInstruments |
Number of awards | ||||||||
Outstanding at the beginning of the year | EquityInstruments | 368,437 | 216,968 | ||||||
Granted during the year | EquityInstruments | 144,142 | 212,837 | 88,492 | 76,251 | 64,792 | 144,142 | 212,837 | |
Vested during the year | EquityInstruments | (72,189) | (61,028) | ||||||
Forfeited during the year | EquityInstruments | (14,688) | (340) | ||||||
Outstanding at end of the year | EquityInstruments | 425,702 | 368,437 | 216,968 | |||||
Weighted average contractual life | ||||||||
Outstanding | 1 year 4 months 21 days | 1 year 7 months 17 days | 1 year 4 months 17 days | |||||
Aggregate fair value | ||||||||
Outstanding at the beginning of the year | $ | $ 5,225 | $ 3,986 | ||||||
Granted during the year | $ | 2,241 | 1,975 | ||||||
Vested during the year | $ | (1,630) | (729) | ||||||
Forfeited during the year | $ | (200) | (7) | ||||||
Outstanding at the end of the year | $ | $ 5,636 | $ 5,225 | $ 3,986 |
Share-Based Compensation - S101
Share-Based Compensation - SARs movement (Details) - SARs | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Apr. 01, 2014USD ($)EquityInstruments | May 17, 2013USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Dec. 31, 2015USD ($)EquityInstruments |
Number of awards | ||||||||
Outstanding at beginning of the year | EquityInstruments | 1,713,702 | 873,228 | ||||||
Granted during the year | EquityInstruments | 448,045 | 848,981 | 305,859 | 286,746 | 325,943 | 448,045 | 848,981 | |
Exercised during the year | EquityInstruments | (93,265) | (8,115) | ||||||
Forfeited during the year | EquityInstruments | (37,203) | (392) | ||||||
Outstanding at end of the year | EquityInstruments | 2,031,279 | 1,713,702 | 873,228 | |||||
Vested but not been exercised | EquityInstruments | 958,322 | |||||||
Weighted average exercise price | ||||||||
Outstanding at the beginning of the year | $ 14.11 | $ 18.81 | ||||||
Granted during the year | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 | 15.55 | 9.28 | |
Exercised during the year | 11.06 | 13.26 | ||||||
Forfeited during the year | 13.09 | 19.48 | ||||||
Outstanding at end of the year | 14.59 | 14.11 | $ 18.81 | |||||
Weighted average share price at the date of exercise | ||||||||
Exercised during the year | $ 18.69 | $ 16.15 | ||||||
Weighted average contractual life | ||||||||
Outstanding | 7 years 8 months 5 days | 8 years 3 months | 8 years 3 months 11 days | |||||
Aggregate fair value | ||||||||
Outstanding at the beginning of the year | $ 6,010,000 | $ 4,056,000 | ||||||
Granted during the year | 2,241,000 | 1,975,000 | ||||||
Exercised during the year | (233,000) | (19,000) | ||||||
Forfeited during the year | (144,000) | (2,000) | ||||||
Outstanding at the end of the year | $ 7,874,000 | $ 6,010,000 | $ 4,056,000 |
Share-Based Compensation - GasL
Share-Based Compensation - GasLog Partners' Plan (Details) | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Dec. 31, 2017EquityInstruments | Dec. 31, 2016EquityInstruments |
RCUs | |||||
Share-Based Compensation | |||||
Vesting period | 3 years | 3 years | 3 years | ||
Number of awards granted | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 |
Fair value at grant date | $ | $ 23.85 | $ 16.45 | $ 24.12 | ||
PCUs | |||||
Share-Based Compensation | |||||
Vesting period | 3 years | 3 years | 3 years | ||
Number of awards granted | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 |
Fair value at grant date | $ | $ 23.85 | $ 16.45 | $ 24.12 | ||
PCUs | TUR above 75th Percentile of peer group | |||||
Share-Based Compensation | |||||
Vesting percentage of awards | 100.00% | 100.00% | 100.00% | ||
PCUs | TUR Between 50th and 75th percentile of peer group | |||||
Share-Based Compensation | |||||
Vesting percentage of awards | 50.00% | 50.00% | 50.00% | ||
PCUs | TUR Below the 50th percentile | |||||
Share-Based Compensation | |||||
Vesting percentage of awards | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - RCUs
Share-Based Compensation - RCUs and PCUs fair value (Details) - USD ($) | Apr. 03, 2017 | Apr. 01, 2016 | Apr. 01, 2015 |
RCUs | |||
Share-Based Compensation | |||
Grant date share closing price used to determine fair value of awards | $ 23.85 | $ 16.45 | $ 24.12 |
PCUs | |||
Share-Based Compensation | |||
Grant date share closing price used to determine fair value of awards | $ 23.85 | $ 16.45 | $ 24.12 |
Share-Based Compensation - R104
Share-Based Compensation - RCUs movement (Details) - RCUs $ in Thousands | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Dec. 31, 2015USD ($)EquityInstruments |
Number of awards | ||||||
Outstanding at the beginning of the year | EquityInstruments | 41,924 | 16,999 | ||||
Granted during the year | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 | |
Forfeited during the year | EquityInstruments | (546) | |||||
Outstanding at end of the year | EquityInstruments | 67,475 | 41,924 | 16,999 | |||
Weighted average contractual life | ||||||
Outstanding | 1 year 4 months 17 days | 1 year 10 months 2 days | 2 years 3 months | |||
Aggregate fair value | ||||||
Outstanding at the beginning of the year | $ | $ 820 | $ 410 | ||||
Granted during the year | $ | 622 | 410 | ||||
Forfeited during the year | $ | (13) | |||||
Outstanding at the end of the year | $ | $ 1,429 | $ 820 | $ 410 |
Share-Based Compensation - PCUs
Share-Based Compensation - PCUs movement (Details) - PCUs $ in Thousands | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Dec. 31, 2015USD ($)EquityInstruments |
Number of awards | ||||||
Outstanding at the beginning of the year | EquityInstruments | 41,924 | 16,999 | ||||
Granted during the year | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 | |
Forfeited during the year | EquityInstruments | (546) | |||||
Outstanding at end of the year | EquityInstruments | 67,475 | 41,924 | 16,999 | |||
Weighted average contractual life | ||||||
Outstanding | 1 year 4 months 17 days | 1 year 10 months 2 days | 2 years 3 months | |||
Aggregate fair value | ||||||
Outstanding at the beginning of the year | $ | $ 820 | $ 410 | ||||
Granted during the year | $ | 622 | 410 | ||||
Forfeited during the year | $ | (13) | |||||
Outstanding at the end of the year | $ | $ 1,429 | $ 820 | $ 410 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-Based Compensation | |||
Total expense recognized | $ 4,565 | $ 3,869 | $ 2,872 |
Total accrued cash distribution | $ 814 | $ 353 |
Commitments - Operating Lease C
Commitments - Operating Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | $ 3,276 | ||
Rental expense relating to operating leases | 1,525 | $ 1,527 | $ 1,493 |
Not later than one year | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | 1,298 | ||
Later than one year and not later than three years | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | 1,272 | ||
Later than three years and not later than five years | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | 609 | ||
Later than five years | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | $ 97 |
Commitments - Related To Vessel
Commitments - Related To Vessels Under Construction (Details) - USD ($) $ in Thousands | Mar. 08, 2016 | Dec. 31, 2017 |
Samsung and Hyundai | Vessels under construction | ||
Commitments related to vessels under construction | ||
Capital commitment | $ 882,610 | |
GAS-twenty two Ltd. and GAS-twenty three Ltd. | MSL | ||
Commitments related to vessels under construction | ||
Amount to be reimbursed for installation of reliquefaction plants on vessels, as a percent | 50.00% | |
Aggregate commitment to be reimbursed per vessel | $ 3,200 | |
Not later than one year | Samsung and Hyundai | Vessels under construction | ||
Commitments related to vessels under construction | ||
Capital commitment | 553,812 | |
Later than one year and not later than three years | Samsung and Hyundai | Vessels under construction | ||
Commitments related to vessels under construction | ||
Capital commitment | $ 328,798 |
Commitments - Revenues From Non
Commitments - Revenues From Non-cancellable Charter Agreements (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2015 | Dec. 31, 2017 |
Time Charter Agreements | ||||
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days | |||
Future gross minimum lease revenues receivable upon collection of hire under non-cancellable time charter agreements | $ 1,856,495 | |||
GAS-twenty two, Ltd., GAS-twenty three, Ltd., and GAS-twenty four, Ltd. | ||||
Time Charter Agreements | ||||
Time charter agreement average term (in years) | 9 years 6 months | |||
GAS-twenty five Ltd. | Total Gas & Power Chartering Limited | ||||
Time Charter Agreements | ||||
Time Charter Agreement Duration | 7 years | |||
GAS-twenty eight Ltd. | Pioneer Shipping Limited | ||||
Time Charter Agreements | ||||
Time Charter Agreement Duration | 7 years | |||
Not later than one year | ||||
Time Charter Agreements | ||||
Future gross minimum lease revenues receivable upon collection of hire under non-cancellable time charter agreements | 442,976 | |||
Later than one year and not later than three years | ||||
Time Charter Agreements | ||||
Future gross minimum lease revenues receivable upon collection of hire under non-cancellable time charter agreements | 662,888 | |||
Later than three years and not later than five years | ||||
Time Charter Agreements | ||||
Future gross minimum lease revenues receivable upon collection of hire under non-cancellable time charter agreements | 364,510 | |||
Later than five years | ||||
Time Charter Agreements | ||||
Future gross minimum lease revenues receivable upon collection of hire under non-cancellable time charter agreements | $ 386,121 |
Commitments - Other commitments
Commitments - Other commitments and guarantees (Details) $ in Thousands | Sep. 27, 2017item | Oct. 11, 2016 | Dec. 31, 2014item | Dec. 31, 2017USD ($) | Dec. 31, 2015item | Nov. 02, 2015USD ($) |
Keppel Shipyard Limited | ||||||
Commitments | ||||||
Commitments for engineering related agreement | $ 3,787 | |||||
GasLog LNG Services Ltd. | ||||||
Commitments | ||||||
Commitments for enhancing operational performance without including additional estimated costs | 25,189 | |||||
Number of maintenance agreements related to vessels | item | 7 | |||||
GasLog LNG Services Ltd. | Keppel Shipyard Limited | ||||||
Commitments | ||||||
Threshold period after which if LLI has not been utilized in a vessel conversion for items will be charged at a percentage of the original cost, in years | 3 years | |||||
LLI cost, expressed as a percentage of original cost | 110.00% | |||||
LLI discounted purchase price, expressed as a percentage of the original cost | 85.00% | |||||
GasLog LNG Services Ltd. | Third Parties | Maximum | ||||||
Commitments | ||||||
Bank guarantee amount | 500 | |||||
GasLog LNG Services Ltd. | Greek Ministry Of Finance | ||||||
Commitments | ||||||
Bank guarantee amount | 10 | |||||
GasLog LNG Services Ltd. | Wartsila | ||||||
Commitments | ||||||
Number of maintenance agreements related to carriers | item | 8 | |||||
Number of maintenance agreements related to vessels, renewed | item | 4 | |||||
Number of service agreements related to carriers | item | 4 | |||||
Purchase of depot spares | MSL | ||||||
Commitments | ||||||
Number of vessels acquired | item | 6 | 2 | ||||
Capital commitment | 8,000 | |||||
Depot spares purchased and paid | 660 | |||||
Newbuildings and/or modifications to existing vessels | MSL | ||||||
Commitments | ||||||
Capital commitment | $ 2,654 | |||||
Outstanding commitment - MSL letter of agreement | 1,292 | |||||
Newbuildings and/or modifications to existing vessels | MSL | Maximum | ||||||
Commitments | ||||||
Capital commitment | 3,801 | |||||
Not later than one year | Keppel Shipyard Limited | ||||||
Commitments | ||||||
Commitments for engineering related agreement | 3,787 | |||||
Not later than one year | GasLog LNG Services Ltd. | ||||||
Commitments | ||||||
Commitments for enhancing operational performance without including additional estimated costs | $ 25,189 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Risk Management | |||
Change on the fair value amount of the interest rate and cross currency swaps | $ 22,401 | ||
Net asset/(liability), at fair value | $ 16,396 | ||
Interest rate risk | |||
Financial Risk Management | |||
Percent of variable interest rate exposure hedged | 53.92% | 37.77% | |
Aggregate principal amount of floating rate debt outstanding | $ 1,077,016 | ||
Interest rate risk | Floating interest rate | |||
Financial Risk Management | |||
Interest rate basis | LIBOR | ||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | ||
Increase in interest expense on un-hedged portion of loans | $ 1,264 | $ 1,433 | $ 1,315 |
Currency risk | |||
Financial Risk Management | |||
Operating and administrative expenses denominated in euros | 87,400 | 85,777 | 78,131 |
Trade payables and accruals denominated in euros | $ 14,743 | 12,799 | |
Interest rate and cross currency swaps | Interest rate risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | ||
Change on the fair value amount of the interest rate and cross currency swaps | $ 4,724 | 4,526 | 3,349 |
Impact on other comprehensive income amount | 308 | 499 | 1,483 |
Loss on swaps | 4,416 | 4,027 | 1,866 |
Interest rate swaps | Interest rate risk | |||
Financial Risk Management | |||
Net asset/(liability), at fair value | 10,325 | 1,796 | |
Interest rate swaps | Interest rate risk | Cash flow hedges | |||
Financial Risk Management | |||
Loss on swaps | $ 0 | 4,922 | 979 |
Cross currency swaps | Currency risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase in EUR/USD exchange rate | 10.00% | ||
Decrease in the Group's profit and cash flows | $ (8,740) | $ (8,578) | $ (7,813) |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial Risk Management | |||
Finance lease liability | $ 213,428 | $ 220,401 | |
Total expected cash (inflows)/outflows | (17,484) | 22,285 | |
Less than 1 month | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (219) | 100 | |
1 - 3 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (107) | 492 | |
3 - 12 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | 307 | 6,081 | |
1 - 5 years | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (17,465) | 17,366 | |
Later than five years | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (1,754) | ||
Liquidity risk | |||
Financial Risk Management | |||
Trade and other accounts payable | 11,526 | 7,255 | |
Amounts due to related parties | 35 | 105 | |
Other payables and accruals | [1] | 58,492 | 55,864 |
Other non-current liabilities | 1,585 | 1,129 | |
Variable interest loans | 2,532,126 | 2,901,320 | |
Bonds | 490,727 | 175,513 | |
Finance lease liability | 324,685 | 342,532 | |
Total | $ 3,419,176 | $ 3,483,718 | |
Interest rate | 3.70% | 3.33% | |
Liquidity risk | Less than 1 month | |||
Financial Risk Management | |||
Trade and other accounts payable | $ 11,392 | $ 7,189 | |
Amounts due to related parties | 35 | 105 | |
Other payables and accruals | [1] | 28,087 | 27,703 |
Variable interest loans | 67,331 | 35,884 | |
Finance lease liability | 1,516 | 1,516 | |
Total | 108,361 | 72,397 | |
Liquidity risk | 1 - 3 months | |||
Financial Risk Management | |||
Trade and other accounts payable | 75 | ||
Other payables and accruals | [1] | 28,995 | 26,130 |
Variable interest loans | 21,152 | 21,063 | |
Bonds | 6,733 | 2,233 | |
Finance lease liability | 2,885 | 2,885 | |
Total | 59,840 | 52,311 | |
Liquidity risk | 3 - 12 months | |||
Financial Risk Management | |||
Trade and other accounts payable | 59 | 66 | |
Other payables and accruals | [1] | 1,410 | 2,031 |
Variable interest loans | 154,902 | 158,831 | |
Bonds | 22,513 | 9,025 | |
Finance lease liability | 13,448 | 13,448 | |
Total | 192,332 | 183,401 | |
Liquidity risk | 1 - 5 years | |||
Financial Risk Management | |||
Other non-current liabilities | 579 | 353 | |
Variable interest loans | 1,887,806 | 2,231,522 | |
Bonds | 206,427 | 164,255 | |
Finance lease liability | 71,443 | 71,443 | |
Total | 2,166,255 | 2,467,573 | |
Liquidity risk | Later than five years | |||
Financial Risk Management | |||
Other non-current liabilities | 1,006 | 776 | |
Variable interest loans | 400,935 | 454,020 | |
Bonds | 255,054 | ||
Finance lease liability | 235,393 | 253,240 | |
Total | 892,388 | 708,036 | |
Interest rate swaps | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (10,990) | (2,378) | |
Interest rate swaps | Less than 1 month | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | 20 | 73 | |
Interest rate swaps | 1 - 3 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | 249 | ||
Interest rate swaps | 3 - 12 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | 1,343 | 5,010 | |
Interest rate swaps | 1 - 5 years | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (12,602) | (5,707) | |
Interest rate swaps | Later than five years | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (1,754) | ||
Cross currency swaps | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (4,290) | 24,791 | |
Cross currency swaps | 1 - 3 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | 117 | 348 | |
Cross currency swaps | 3 - 12 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | 456 | 1,370 | |
Cross currency swaps | 1 - 5 years | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (4,863) | 23,073 | |
Forward foreign exchange contracts | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (2,204) | (128) | |
Forward foreign exchange contracts | Less than 1 month | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (239) | 27 | |
Forward foreign exchange contracts | 1 - 3 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | (473) | 144 | |
Forward foreign exchange contracts | 3 - 12 months | |||
Financial Risk Management | |||
Total expected cash (inflows)/outflows | $ (1,492) | $ (299) | |
[1] | Excludes Unearned revenue as it is not a financial liability. |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 384,092 | $ 227,024 | $ 302,988 | $ 211,974 |
Trade and other receivables | 10,706 | 9,256 | ||
Restricted cash | 42 | |||
Credit risk | ||||
Financial Risk Management | ||||
Cash and cash equivalents | 384,092 | 227,024 | ||
Short-term investments | 18,000 | |||
Trade and other receivables | 10,706 | 9,256 | ||
Dividends receivable and other amounts due from related parties | 8,666 | 3,065 | ||
Restricted cash | 42 | |||
Derivative financial instruments | $ 18,211 | $ 7,938 | ||
Credit risk | Shell | ||||
Financial Risk Management | ||||
Percentage of revenue | 92.60% | 94.90% | 11.80% | |
Credit risk | BG Group | ||||
Financial Risk Management | ||||
Percentage of revenue | 83.10% |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Risk Management | ||||
Borrowings, current portion | $ 179,367 | $ 147,448 | ||
Borrowings, non-current portion | 2,368,189 | 2,504,578 | ||
Finance lease liability, current portion | 6,302 | 5,946 | ||
Finance lease liability, non-current portion | 207,126 | 214,455 | ||
Total debt | 2,760,984 | 2,872,427 | ||
Total equity | 1,763,134 | 1,509,682 | $ 1,507,920 | $ 1,253,037 |
Total debt and equity | $ 4,524,118 | $ 4,382,109 | ||
Gearing ratio | 61.03% | 65.55% |
Derivative Financial Instrum115
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Financial Instruments | ||
Derivative financial instruments, current assets | $ 2,199 | $ 82 |
Derivative financial instruments, non-current assets | 16,012 | 7,856 |
Total | 18,211 | 7,938 |
Derivative financial instruments, current liability | 1,815 | 7,854 |
Derivative financial instruments, non-current liability | 22,485 | |
Total | 1,815 | 30,339 |
Derivative assets designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Derivative Financial Instruments | ||
Total | 4,553 | |
Derivative assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Derivative Financial Instruments | ||
Total | 11,535 | 7,856 |
Derivative assets carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Derivative Financial Instruments | ||
Total | 2,123 | 82 |
Derivative liabilities designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Derivative Financial Instruments | ||
Total | 605 | 24,279 |
Derivative liabilities carried at fair value through profit or loss (FVTPL) | ||
Derivative Financial Instruments | ||
Total | 1,815 | 30,339 |
Derivative liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Derivative Financial Instruments | ||
Total | $ 1,210 | $ 6,060 |
Derivative Financial Instrum116
Derivative Financial Instruments - Interest rate swaps designated as cash flow hedging instruments (Details) - Interest rate swaps designated as cash flow hedging instruments $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017instrument | Dec. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($) | Jul. 31, 2016facility | |
Interest rate swaps | ||||
Legacy facilities | facility | 6 | |||
Recycled loss of cash flow hedges reclassified to profit or loss in relation to derivatives no longer designated as hedges | $ 12,953 | |||
Number of derivative financial instruments | instrument | 0 | 0 | ||
Effective portion of changes in fair value of cash flow hedges recognized in other comprehensive income | $ 7,550 | $ 7,279 | ||
Realized loss on interest rate swaps in relation to interest expense component of the hedge | $ 2,628 | $ 6,300 |
Derivative Financial Instrum117
Derivative Financial Instruments - Interest rate swaps held for trading (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 28, 2017USD ($) | Jul. 31, 2016facility | |
Interest rate swaps | |||||
Notional Amount | $ 2,588,016 | ||||
Interest rate swaps held for trading | |||||
Interest rate swaps | |||||
Notional Amount | 1,170,000 | $ 870,000 | |||
Number of legacy facilities | facility | 6 | ||||
Recycled loss of cash flow hedges reclassified to profit or loss in relation to derivatives no longer designated as hedges | 4,978 | $ 1,129 | |||
Unrealized (loss)/gain on interest rate swaps held for trading | $ 8,529 | 18,448 | $ (149) | ||
GasLog with counterparty Deutsche Bank AG, termination in July 2020 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.98% | ||||
Notional Amount | $ 66,667 | 66,667 | |||
GasLog with counterparty Deutsche Bank AG, termination in July 2021 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.98% | ||||
Notional Amount | $ 66,667 | 66,667 | |||
GasLog with counterparty Deutsche Bank AG, termination in July 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.98% | ||||
Notional Amount | $ 66,667 | 66,667 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2020 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.784% | ||||
Notional Amount | $ 73,333 | 73,333 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2021 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.729% | ||||
Notional Amount | $ 73,333 | 73,333 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.719% | ||||
Notional Amount | $ 73,333 | 73,333 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2020 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.896% | ||||
Notional Amount | $ 33,333 | 33,333 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2021 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.818% | ||||
Notional Amount | $ 33,333 | 33,333 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.79% | ||||
Notional Amount | $ 33,333 | 33,333 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2020 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.905% | ||||
Notional Amount | $ 66,667 | 66,667 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2021 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.84% | ||||
Notional Amount | $ 66,667 | 66,667 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.815% | ||||
Notional Amount | $ 66,667 | 66,667 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2020 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.928% | ||||
Notional Amount | $ 50,000 | 50,000 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2021 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.8405% | ||||
Notional Amount | $ 50,000 | 50,000 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 1.814% | ||||
Notional Amount | $ 50,000 | $ 50,000 | |||
GasLog with counterparty HSBC Bank plc, termination in February 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 2.005% | ||||
Notional Amount | $ 100,000 | ||||
GasLog with counterparty Nordea Bank Finland, termination in March 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 2.0145% | ||||
Notional Amount | $ 100,000 | ||||
GasLog with counterparty ABN Amro Bank NV ("ABN"), termination in March 2022 | |||||
Interest rate swaps | |||||
Fixed Interest Rate | 2.003% | ||||
Notional Amount | $ 100,000 | ||||
Interest rate swaps, maturing in 2022 | |||||
Interest rate swaps | |||||
Notional Amount | $ 300,000 |
Derivative Financial Instrum118
Derivative Financial Instruments - Cross currency swap agreements (Details) $ in Thousands | Jun. 27, 2017USD ($)agreement | Jun. 27, 2016agreement | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Cross currency swap agreements | |||||
Notional Amount | $ 2,588,016 | ||||
Cross currency swaps qualified as cash flow hedging instruments | |||||
Cross currency swap agreements | |||||
Notional Amount | 90,150 | $ 159,045 | |||
Number of cross currency swap agreements terminated | agreement | 3 | 3 | |||
Payment on termination of cash flow hedge at fair value | $ 20,603 | ||||
Number of cross currency swap agreements remaining | agreement | 3 | ||||
Recycled loss of cash flow hedges reclassified to profit or loss in relation to derivatives no longer designated as hedges | 4,368 | 5,583 | |||
Effective portion of changes in fair value of cash flow hedges recognized in other comprehensive income | 7,291 | (2,559) | $ (23,584) | ||
Effective portion of changes in fair value of cash flow hedges, net of amounts recycled to profit or loss | (398) | (2,446) | (2,714) | ||
Hedging loss/gain recognized in other comprehensive income due to retranslation of bonds | $ (5,022) | $ (1,487) | $ 21,000 | ||
Gaslog with counterparty DNB Bank ASA, traded in April 2014 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 5.99% | ||||
Notional Amount | $ 22,965 | ||||
Gaslog with counterparty SEB, traded in April 2014 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 5.99% | ||||
Notional Amount | $ 22,965 | ||||
Gaslog with counterparty Nordea Bank Finland, traded in April 2014 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 5.99% | ||||
Notional Amount | $ 22,965 | ||||
Gaslog with counterparty DNB Bank ASA, traded in June 2016 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 8.59% | ||||
Notional Amount | $ 30,050 | 30,050 | |||
Gaslog with counterparty SEB, traded in June 2016 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 8.59% | ||||
Notional Amount | $ 30,050 | 30,050 | |||
Gaslog with counterparty Nordea Bank Finland, traded in June 2016 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 8.59% | ||||
Notional Amount | $ 30,050 | $ 30,050 |
Derivative Financial Instrum119
Derivative Financial Instruments - Forward foreign exchange contracts (Details) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017GBP (£)contract$ / £ | Dec. 31, 2017USD ($)contract$ / £ | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Forward foreign exchange contracts | ||||
Forward foreign exchange contracts | ||||
Total Exchange Amount | £ | £ 3,600 | |||
Analysis of (Loss)/gain on swaps | ||||
Unrealized (loss)/gain on derivative financial instruments held for trading | $ 2,041 | $ 82 | $ 0 | |
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), settlement in January to December 2018 | ||||
Forward foreign exchange contracts | ||||
Number of contracts | contract | 12 | 12 | ||
Fixed Exchange Rate | $ / £ | 1.3042 | 1.3042 | ||
Total Exchange Amount | £ | £ 3,600 | |||
Interest rate swaps | ||||
Analysis of (Loss)/gain on swaps | ||||
Unrealized (loss)/gain on derivative financial instruments held for trading | $ 10,570 | 18,530 | (149) | |
Realized loss on derivative financial instruments held for trading | (4,112) | (8,435) | (8,904) | |
Recycled loss of cash flow hedges reclassified to profit or loss | (4,368) | (23,514) | (1,290) | |
Ineffective portion of cash flow hedges | (65) | 11 | ||
Total | $ 2,025 | $ (13,419) | $ (10,332) |
Derivative Financial Instrum120
Derivative Financial Instruments - Fair value measurements (Details) - Fair value - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Financial Instruments | |||
Transfers from Level 1 to Level 2, assets | $ 0 | $ 0 | $ 0 |
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 |
Transfers from Level 1 to Level 2, liabilities | 0 | 0 | 0 |
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 | $ 0 |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowings arising from financing activities (Details) NOK in Thousands, $ in Thousands | Jun. 27, 2017NOK | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Opening balance | ||||
Borrowings outstanding at the beginning of the year | $ 2,652,026 | |||
Borrowings outstanding at the end of the year | 2,652,026 | $ 2,652,026 | ||
Cash flows | ||||
Proceeds from bank loans and bonds | 280,000 | |||
Bank loans and bond repayments | NOK (424,360) | (397,008) | ||
Additions in deferred loan fees | (8,830) | |||
Borrowings outstanding at the end of the year | (125,838) | |||
Other comprehensive income | ||||
Retranslation of the NOK Bonds in U.S. dollars | 5,022 | |||
Borrowings outstanding at the end of the year | 5,022 | |||
Non-cash items | ||||
Additions in deferred loan fees | (1,526) | |||
Amortization of deferred loan and senior unsecured notes issuance costs and premium | 12,398 | |||
Borrowings outstanding at the end of the year | 10,872 | |||
Deferred financing costs, assets | ||||
Additions in deferred loan fees | 5,474 | |||
Borrowings outstanding at the end of the year | 5,474 | |||
Total borrowings | ||||
Borrowings outstanding at the beginning of the year | 2,652,026 | |||
Proceeds from bank loans and bonds | 280,000 | 2,274,318 | $ 606,000 | |
Bank loan and bond repayments | (397,008) | (1,983,576) | $ (103,709) | |
Additions in deferred loan fees | (4,882) | |||
Amortization of deferred loan and senior unsecured notes issuance costs and premium | 12,398 | |||
Retranslation of the NOK Bonds in U.S. dollars | 5,022 | |||
Borrowings outstanding at the end of the year | $ 2,547,556 | $ 2,652,026 |
Cash Flow Reconciliations - 122
Cash Flow Reconciliations - Reconciliation of derivatives arising from financing activities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Reconciliation of derivatives arising from financing activities, Opening balance | |
Net derivative liabilities as of beginning of the year, Opening balance | $ 22,401 |
Net derivative liabilities/(assets) as of end of the year, Opening balance | 22,401 |
Reconciliation of derivatives arising from financing activities, Cash flows | |
Payment for CCS termination, Cash flows | (20,603) |
Net derivative liabilities/(assets) as of end of the year, Cash flows | (20,603) |
Reconciliation of derivatives arising from financing activities, Other comprehensive income | |
Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments, Other comprehensive income | (7,689) |
Net derivative liabilities/(assets) as of end of the year, Other comprehensive income | (7,689) |
Reconciliation of derivatives arising from financing activities, Non-cash items | |
Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedges, Non-cash items | (10,505) |
Net derivative liabilities / (assets) as of end of the year, Non-cash items | (10,505) |
Reconciliation of derivatives arising from financing activities | |
Net derivative liabilities as of beginning of the year | 22,401 |
Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedges | (10,505) |
Payment for CCS termination (Note 25) | (20,603) |
Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments | (7,689) |
Net derivative liabilities/(assets) as of end of the year | $ (16,396) |
Cash Flow Reconciliations - 123
Cash Flow Reconciliations - Reconciliation of tangible fixed assets and vessels under construction arising from investing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total | |||
Balance, at the beginning of the year | $ 3,889,047 | ||
Depreciation | (137,187) | $ (122,957) | $ (106,641) |
Balance, at the end of the year | 3,772,566 | 3,889,047 | |
Tangible Fixed Assets and Vessels Under Construction | |||
Opening balance | |||
Tangible fixed assets and vessels under construction at the beginning of the year | 3,985,403 | ||
Tangible fixed assets and vessels under construction at the end of the year | 3,985,403 | 3,985,403 | |
Cash flows | |||
Additions | 82,352 | ||
Tangible fixed assets and vessels under construction at the end of the year | 82,352 | ||
Non-cash items | |||
Additions | 978 | ||
Depreciation expense | (129,512) | ||
Tangible fixed assets and vessels under construction at the end of the year | (128,534) | ||
Total | |||
Balance, at the beginning of the year | 3,985,403 | ||
Additions | 83,330 | ||
Depreciation | (129,512) | ||
Balance, at the end of the year | $ 3,939,221 | $ 3,985,403 |
Cash Flow Reconciliations - 124
Cash Flow Reconciliations - Reconciliation of finance lease liabilities arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Opening balance | ||
Finance lease liabilities at beginning of the year | $ 220,401 | |
Finance lease liabilities at end of the year | 220,401 | $ 220,401 |
Cash flows | ||
Payment of interest, Cash flows | (14,276) | |
Payments for finance lease liability, Cash flows | (3,572) | |
Finance lease liabilities at end of the year, Cash flows | (17,848) | |
Non-cash items | ||
Finance lease charge, Non-cash items | 10,875 | |
Finance lease liabilities at end of the year, Non-cash items | 10,875 | |
Total | ||
Beginning of year | 220,401 | |
Finance lease charge (Note 18) | 10,875 | 9,367 |
Payments for interest | (14,276) | |
Payments for finance lease liability | (3,572) | |
End of year | $ 213,428 | $ 220,401 |
Cash Flow Reconciliations - 125
Cash Flow Reconciliations - Reconciliation of equity offerings arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows | |||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | $ 141,395 | ||
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 139,222 | ||
Offering costs | (2,032) | $ (442) | $ (1,839) |
Net proceeds from equity offerings at the end of the year | 278,585 | ||
Non-cash items | |||
Offering costs | (359) | ||
Net proceeds from equity offerings at the end of the year | (359) | ||
Total | |||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 141,395 | ||
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 139,222 | ||
Offering costs | (2,391) | ||
Net proceeds from equity offerings at the end of the year | $ 278,226 |
Taxation (Details)
Taxation (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Taxation | |
U.S. Federal income tax rate (in percent) | 4.00% |
U.S. source gross transportation income percentage over gross shipping income (in percent) | 50.00% |
Number of years that the Group did not qualify for tax exemption | 3 years |
Earnings_(losses) per share 127
Earnings/(losses) per share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic earnings/(loss) per share | |||
Profit/(loss) for the year available to owners of the Group | $ 15,506 | $ (21,486) | $ 10,829 |
Less: Dividends on Preference Shares | (10,064) | (10,063) | (7,379) |
Profit/(loss) for the year available to owners of the Group | $ 5,442 | $ (31,549) | $ 3,450 |
Weighted average number of shares outstanding, basic | 80,622,788 | 80,534,702 | 80,496,314 |
Basic earnings/(loss) per share | $ 0.07 | $ (0.39) | $ 0.04 |
Diluted earnings/(loss) per share | |||
Profit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS | $ 5,442 | $ (31,549) | $ 3,450 |
Weighted average number of shares outstanding, basic | 80,622,788 | 80,534,702 | 80,496,314 |
Dilutive potential ordinary shares | 643,342 | 114,106 | |
Weighted average number of shares used in the calculation of diluted EPS | 81,266,130 | 80,534,702 | 80,610,420 |
Diluted earnings/(loss) per share | $ 0.07 | $ (0.39) | $ 0.04 |
SARs | |||
Earnings/(losses) per share ("EPS") | |||
Anti-dilutive Potential Ordinary shares | 998,502 | 1,713,702 | 576,014 |
RSUs | |||
Earnings/(losses) per share ("EPS") | |||
Anti-dilutive Potential Ordinary shares | 0 | 368,437 | 83,751 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 15, 2018$ / shares | Jan. 17, 2018USD ($)$ / sharesshares | Jan. 12, 2018m³ | Jan. 08, 2018m³ | Dec. 31, 2017USD ($) | Jan. 05, 2018USD ($) |
Subsequent Events | ||||||
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | $ | $ 139,222 | |||||
Declaration of quarterly cash dividend (per share) | $ / shares | $ 0.14 | |||||
Prepayment of debt | Acquisitions of vessel owning entities GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. from GasLog | ||||||
Subsequent Events | ||||||
Prepaid outstanding debt | $ | $ 29,750 | |||||
Ship building contracts with Hyundai | ||||||
Subsequent Events | ||||||
LNG Cargo capacity (in cbm) per vessel delivered | m³ | 174,000 | |||||
Ship building contracts with Samsung | ||||||
Subsequent Events | ||||||
Volume Of Vessels | m³ | 180,000 | |||||
Time Charter Agreement Duration | 7 years | |||||
Vessels to be delivered | m³ | 180,000 | |||||
Public offering of preference units | Partnership's Series B Preference Units | IPO | ||||||
Subsequent Events | ||||||
Number of units issued | shares | 4,600,000 | |||||
Dividend rate of preference units | 8.20% | |||||
Number of units issued to underwriters | shares | 600,000 | |||||
Offering price per unit | $ / shares | $ 25 | |||||
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | $ | $ 110,988 |