Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Document and entity information | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity Registrant Name | GasLog Ltd. | |
Entity Incorporation, State or Country Code | D0 | |
Entity File Number | 001-35466 | |
Entity Address, Address Line One | c/o GasLog LNG Services Ltd | |
Entity Address, Address Line Two | 69 Akti Miaouli | |
Entity Address, City or Town | Piraeus | |
Entity Address, Postal Zip Code | 18537 | |
Entity Address, Country | GR | |
Title of 12(b) Security | Series A Preference Shares, $0.01 par value per share | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0001534126 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | GLOG PR A | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
ICFR Auditor Attestation Flag | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Auditor Name | Deloitte Certified Public Accountants S.A. | Deloitte LLP |
Auditor Location | Athens, Greece | London, United Kingdom |
Auditor Firm ID | 1163 | 1147 |
Business Contact [Member] | ||
Document and entity information | ||
Entity Address, Address Line One | GasLog LNG Services Ltd | |
Entity Address, Address Line Two | 69 Akti Miaouli | |
Entity Address, City or Town | Piraeus | |
Entity Address, Postal Zip Code | 18537 | |
Entity Address, Country | GR | |
City Area Code | +30 | |
Local Phone Number | 210 459 1000 | |
Contact Personnel Name | Alexandros Laios, | |
Contact Personnel Fax Number | 210 459 1242 | |
Common shares | ||
Document and entity information | ||
Number of shares outstanding | 95,389,062 | |
Series A Preference Shares | ||
Document and entity information | ||
Number of shares outstanding | 4,600,000 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Goodwill | $ 9,511 | $ 9,511 |
Investment in associates | 23,508 | 21,759 |
Deferred financing costs | 5,564 | 5,150 |
Other non-current assets | 4,866 | 12,463 |
Derivative financial instruments, non-current portion | 1,913 | 5,561 |
Tangible fixed assets | 5,002,829 | 5,028,509 |
Vessels under construction | 22,939 | 132,839 |
Right-of-use assets | 363,035 | 203,437 |
Total non-current assets | 5,434,165 | 5,419,229 |
Current assets | ||
Trade and other receivables | 28,595 | 36,223 |
Dividends receivable and other amounts due from related parties | 18 | 1,259 |
Derivative financial instruments, current portion | 596 | 534 |
Inventories | 8,327 | 7,564 |
Prepayments and other current assets | 5,798 | 24,685 |
Cash and cash equivalents | 282,246 | 367,269 |
Total current assets | 325,580 | 437,534 |
Total assets | 5,759,745 | 5,856,763 |
Equity | ||
Preference shares | 46 | 46 |
Share capital | 954 | 954 |
Contributed surplus | 692,536 | 759,822 |
Reserves | 15,322 | 18,667 |
Treasury shares | (1,340) | |
Accumulated deficit | (65,117) | (132,780) |
Equity attributable to owners of the Group | 643,741 | 645,369 |
Non-controlling interests | 924,630 | 951,768 |
Total equity | 1,568,371 | 1,597,137 |
Current liabilities | ||
Trade accounts payable | 15,892 | 25,046 |
Ship management creditors | 119 | 397 |
Amounts due to related parties | 27 | 164 |
Derivative financial instruments, current portion | 25,518 | 35,415 |
Other payables and accruals | 153,501 | 143,057 |
Borrowings, current portion | 553,161 | 245,626 |
Lease liabilities, current portion | 30,905 | 9,644 |
Total current liabilities | 779,123 | 459,349 |
Non-current liabilities | ||
Derivative financial instruments, non-current portion | 28,694 | 78,440 |
Borrowings, non-current portion | 3,105,059 | 3,527,595 |
Lease liabilities, non-current portion | 271,945 | 186,526 |
Other non-current liabilities | 6,553 | 7,716 |
Total non-current liabilities | 3,412,251 | 3,800,277 |
Total equity and liabilities | $ 5,759,745 | $ 5,856,763 |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated statements of profit or loss | |||
Revenues | $ 809,577 | $ 674,089 | $ 668,637 |
Net pool allocation | (4,264) | ||
Voyage expenses and commissions | (19,430) | (21,883) | (23,772) |
Vessel operating and supervision costs | (166,432) | (148,235) | (139,662) |
Depreciation | (202,953) | (177,213) | (168,041) |
Impairment loss | (153,669) | (28,627) | (162,149) |
Loss on disposal of non-current assets | (1,100) | (572) | |
General and administrative expenses | (43,313) | (47,249) | (47,385) |
Profit from operations | 222,680 | 250,310 | 123,364 |
Financial costs | (166,955) | (165,281) | (190,481) |
Financial income | 142 | 726 | 5,318 |
(Loss)/gain on derivatives | 22,680 | (84,658) | (55,441) |
Share of profit of associates | 1,969 | 2,192 | 1,627 |
Total other expenses, net | (142,164) | (247,021) | (238,977) |
(Loss)/profit for the year | 80,516 | 3,289 | (115,613) |
Attributable to: | |||
Owners of the Group | 67,663 | (44,948) | (100,661) |
Non-controlling interests | $ 12,853 | $ 48,237 | $ (14,952) |
Consolidated statements of comp
Consolidated statements of comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated statements of comprehensive income or loss | |||
(Loss)/profit for the year | $ 80,516 | $ 3,289 | $ (115,613) |
Items that may not be reclassified subsequently to profit or loss: | |||
Actuarial gain | 57 | ||
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 | (161) | (750) | (2,933) |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | ||
Other comprehensive loss for the year | (161) | (693) | (2,236) |
Total comprehensive (loss)/income for the year | 80,355 | 2,596 | (117,849) |
Attributable to: | |||
Owners of the Group | 67,502 | (45,641) | (102,897) |
Non-controlling interests | $ 12,853 | $ 48,237 | $ (14,952) |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Common sharesIssued capitalOpening balance after adjustment | Common sharesIssued capital | Preference sharesIssued capitalOpening balance after adjustment | Preference sharesIssued capital | Contributed surplusOpening balance after adjustment | Contributed surplus | ReservesOpening balance after adjustment | Reserves | Treasury sharesOpening balance after adjustment | Treasury shares | Retained earnings/(Accumulated deficit)AdjustmentIFRS 16 | [1] | Retained earnings/(Accumulated deficit)Opening balance after adjustment | Retained earnings/(Accumulated deficit) | Attributable to owners of the GroupAdjustmentIFRS 16 | [1] | Attributable to owners of the GroupOpening balance after adjustment | Attributable to owners of the Group | Non-controlling interestsAdjustmentIFRS 16 | [1] | Non-controlling interestsOpening balance after adjustment | Non-controlling interests | AdjustmentIFRS 16 | [1] | Opening balance after adjustment | Total |
Balance at beginning of year at Dec. 31, 2018 | $ 810 | $ 810 | $ 46 | $ 46 | $ 850,576 | $ 850,576 | $ 18,962 | $ 18,962 | $ (3,266) | $ (3,266) | $ 215 | $ 12,829 | $ 12,614 | $ 215 | $ 879,957 | $ 879,742 | $ 128 | $ 1,103,508 | $ 1,103,380 | $ 343 | $ 1,983,465 | $ 1,983,122 | ||||
Equity offering costs | (595) | (595) | (22) | (617) | ||||||||||||||||||||||
Dividend declared (common and preference shares) (Note 4 and 12) | (89,310) | (89,310) | (104,126) | (193,436) | ||||||||||||||||||||||
Share-based compensation, net of accrued dividend | 4,794 | 4,794 | 4,794 | |||||||||||||||||||||||
Settlement of share-based compensation | (4,721) | 4,859 | 138 | 138 | ||||||||||||||||||||||
Treasury shares, net or GasLog Partners' common units | (3,752) | (3,752) | (22,890) | (26,642) | ||||||||||||||||||||||
(Loss)/profit for the year | (100,661) | (100,661) | (14,952) | (115,613) | ||||||||||||||||||||||
Other comprehensive loss for the year | (2,236) | (2,236) | (2,236) | |||||||||||||||||||||||
Total comprehensive (loss)/income for the year | (2,236) | (100,661) | (102,897) | (14,952) | (117,849) | |||||||||||||||||||||
Balance at the end of the year at Dec. 31, 2019 | 810 | 46 | 760,671 | 16,799 | (2,159) | (87,832) | 688,335 | 961,518 | 1,649,853 | |||||||||||||||||
Proceeds from private placement, net of offering costs | 144 | 34,849 | 34,993 | 34,993 | ||||||||||||||||||||||
Equity offering costs | (132) | (132) | ||||||||||||||||||||||||
Dividend declared (common and preference shares) (Note 4 and 12) | (35,698) | (35,698) | (56,859) | (92,557) | ||||||||||||||||||||||
Share-based compensation, net of accrued dividend | 5,385 | 5,385 | 5,385 | |||||||||||||||||||||||
Settlement of share-based compensation | (2,824) | 2,819 | (5) | (5) | ||||||||||||||||||||||
Treasury shares, net or GasLog Partners' common units | (2,000) | (2,000) | (996) | (2,996) | ||||||||||||||||||||||
(Loss)/profit for the year | (44,948) | (44,948) | 48,237 | 3,289 | ||||||||||||||||||||||
Other comprehensive loss for the year | (693) | (693) | (693) | |||||||||||||||||||||||
Total comprehensive (loss)/income for the year | (693) | (44,948) | (45,641) | 48,237 | 2,596 | |||||||||||||||||||||
Balance at the end of the year at Dec. 31, 2020 | 954 | 46 | 759,822 | 18,667 | (1,340) | (132,780) | 645,369 | 951,768 | 1,597,137 | |||||||||||||||||
Net proceeds from GasLog Partners' public offerings of common units (Note 4) | 9,633 | 9,633 | ||||||||||||||||||||||||
Repurchases of GasLog Partners' preference units (Note 4) | (18,388) | (18,388) | ||||||||||||||||||||||||
Dividend declared (common and preference shares) (Note 4 and 12) | (67,286) | (67,286) | (31,236) | (98,522) | ||||||||||||||||||||||
Share-based compensation, net of accrued dividend | 3,351 | 3,351 | 3,351 | |||||||||||||||||||||||
Settlement of share-based compensation | (6,535) | $ 1,340 | (5,195) | (5,195) | ||||||||||||||||||||||
(Loss)/profit for the year | 67,663 | 67,663 | 12,853 | 80,516 | ||||||||||||||||||||||
Other comprehensive loss for the year | (161) | (161) | (161) | |||||||||||||||||||||||
Total comprehensive (loss)/income for the year | (161) | 67,663 | 67,502 | 12,853 | 80,355 | |||||||||||||||||||||
Balance at the end of the year at Dec. 31, 2021 | $ 954 | $ 46 | $ 692,536 | $ 15,322 | $ (65,117) | $ 643,741 | $ 924,630 | $ 1,568,371 | ||||||||||||||||||
[1] | Restated so as to reflect an adjustment introduced due to the adoption of International Financial Reporting Standard (“IFRS”) 16 Leases on January 1, 2019. |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Cash flows from operating activities: | |||||
(Loss)/profit for the year | $ 80,516 | $ 3,289 | $ (115,613) | ||
Adjustments for: | |||||
Depreciation | 202,953 | 177,213 | 168,041 | ||
Impairment loss | 153,669 | 28,627 | 162,149 | ||
Loss on disposal of non-current assets | 1,100 | 572 | |||
Share of profit of associates | (1,969) | (2,192) | (1,627) | ||
Financial income | (142) | (726) | (5,318) | ||
Financial costs | 166,955 | 165,281 | 190,481 | ||
Loss/(gain) on derivatives (excluding realized loss on forward foreign exchange contracts held for trading) | (23,817) | 85,222 | [1] | 51,734 | [1] |
Realized foreign exchange losses | 773 | ||||
Non-cash defined benefit obligations | 57 | ||||
Share-based compensation | 3,448 | 5,849 | 5,447 | ||
Adjusted profit | 582,713 | 463,192 | [1] | 456,067 | [1] |
Movements in operating assets and liabilities: | |||||
Decrease/(increase) in trade and other receivables including related parties, net | 7,482 | (11,361) | 27,609 | ||
Decrease/(increase) in prepayments and other assets | 3,205 | (4,239) | [1] | 205 | |
(Increase)/decrease in inventories | (762) | 607 | (419) | ||
Decrease/(increase) in other non-current assets | 801 | (3,666) | [1] | 542 | [1] |
Increase/(decrease) in other non-current liabilities | (1,497) | 375 | 864 | ||
Increase in accounts payable and other current liabilities | 165 | 14,574 | [1] | 22,557 | [1] |
Net cash provided by operating activities | 592,107 | 459,482 | [1] | 507,425 | [1] |
Cash flows from investing activities: | |||||
Payments for tangible fixed assets and vessels under construction | (506,641) | (732,385) | (479,618) | ||
Proceeds from disposal of tangible fixed assets | 2,322 | ||||
Proceeds from sale and leaseback, net of commissions | 242,979 | ||||
Return of capital expenditures | 10,451 | ||||
Other investments | (230) | (472) | (158) | ||
Payments for right-of-use assets | (5,803) | (935) | |||
Dividends received from associate | 1,700 | 1,725 | 1,313 | ||
Purchase of short-term investments | (2,500) | (82,500) | |||
Maturity of short-term investments | 2,500 | 4,500 | 103,000 | ||
Increase in restricted cash | (300) | ||||
Financial income received | 142 | 844 | 5,469 | ||
Net cash used in investing activities | (262,050) | (729,569) | (442,978) | ||
Cash flows from financing activities: | |||||
Proceeds from loans and bonds | 471,867 | 2,138,035 | 905,730 | ||
Loan and bond repayments | (592,463) | (1,481,709) | (547,751) | ||
Payment of loan and bond issuance costs | (13,437) | (35,795) | (25,912) | ||
Loan issuance costs received | 379 | 792 | |||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 10,000 | ||||
Payment of equity raising costs | (347) | (1,153) | (1,670) | ||
Proceeds from private placement | 36,000 | ||||
Payment for cross currency swaps' ("CCSs") termination/modification | (4,052) | (3,731) | |||
Payment for bond repurchase at a premium | (1,937) | (46,721) | |||
Payment for interest rate swaps termination | (31,662) | ||||
Proceeds from entering into interest rate swaps | 31,622 | ||||
Interest paid | (172,772) | (169,284) | [1] | (167,782) | [1] |
Loan/bond modification costs related to the Transaction (as defined in Note 1) | (15,718) | ||||
Payment of cash collaterals for swaps | (9,080) | (96,314) | [1] | (80,130) | [1] |
Release of cash collaterals for swaps | 31,557 | 95,067 | [1] | 57,910 | [1] |
Purchase of treasury shares or GasLog Partners' common and preference units | (18,388) | (2,996) | (26,642) | ||
Proceeds from stock options' exercise | 149 | ||||
Dividends paid | (91,499) | (90,041) | (193,436) | ||
Payments for lease liabilities | (14,843) | (11,150) | (9,950) | ||
Net cash (used in)/provided by financing activities | (414,744) | 375,423 | [1] | (139,936) | [1] |
Effects of exchange rate changes on cash and cash equivalents | (336) | (1,814) | (3,358) | ||
(Decrease)/increase in cash and cash equivalents | (85,023) | 103,522 | (78,847) | ||
Cash and cash equivalents, beginning of the year | 367,269 | 263,747 | 342,594 | ||
Cash and cash equivalents, end of the year | $ 282,246 | $ 367,269 | $ 263,747 | ||
[1] | Restated so as to reflect a change in accounting policy introduced on January 1, 2021, with respect to the reclassification of interest paid and movements of cash collaterals for swaps (Note 2). |
Consolidated statements of ca_2
Consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-cash investing and financing activities | |||
Capital expenditures included in liabilities at the end of the year | $ 11,837 | $ 15,273 | $ 18,976 |
Capital expenditures included in liabilities at the end of the year - Right-of-use assets | 169 | 169 | 173 |
Equity raising costs included in liabilities at the end of the year | 20 | 14 | |
Loan issuance costs included in liabilities at the end of the year | 23 | 320 | 1,317 |
Dividend declared included in liabilities at the end of the year | 9,539 | 2,516 | |
Liabilities related to leases at the end of the year | $ 3 | $ 228 | |
Non-cash prepayment of lease payments | $ 55,374 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2021 | |
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 and Singapore. The registered office of GasLog is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. On February 21, 2021, GasLog entered into an agreement and plan of merger (the ''Merger Agreement'') with BlackRock's Global Energy & Power Infrastructure Team (collectively, ''GEPIF''), pursuant to which GEPIF acquired all of the outstanding common shares of GasLog Ltd. that were not held by certain existing shareholders of GasLog Ltd. for a purchase price of $5.80 in cash per share (the ''Transaction''). On June 4, 2021, the special general meeting of shareholders (the "Special Meeting") was held, and shareholders approved (i) the previously announced Merger Agreement, (ii) the merger and (iii) the statutory merger agreement contemplated by the Merger Agreement. Trading in GasLog's common shares on the New York Stock Exchange ("NYSE") was suspended and the delisting of the common shares from the NYSE became effective on June 21, 2021. GasLog's 8.75% Series A Cumulative Redeemable Perpetual Preference Shares ("Preference Shares") remain outstanding and continue to trade in the NYSE under the ticker symbol "GLOG PR A". Following the consummation of the Transaction on June 9, 2021, the Company, Blenheim Holdings Ltd., Blenheim Special Investments Holding Ltd. and Olympic LNG Investments Ltd. (collectively, the "Rolling Shareholders") and GEPIF entered into a shareholders' agreement with respect to the governance of the Company (the "Shareholders' Agreement"). Pursuant to the Shareholders' Agreement, the board of directors of the Company were reduced to five persons, and the Rolling Shareholders that are party to the Shareholders' Agreement will appoint a majority of the Company's board of directors in accordance with the terms of the Shareholders' Agreement. In addition, Peter G. Livanos holds a proxy to vote the shares of the Rolling Shareholders under the terms of the Shareholders' Agreement and, as a result of holding such proxy, controls more than a majority of the voting stock of the Company and controls the right to appoint a majority of the board of the Company. 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 GasLog Santiago GasLog Sydney 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 September 29, 2014 GAS-sixteen Ltd. and Methane Rita Andrea Methane Jane Elizabeth July 1, 2015 GAS-nineteen Ltd., Methane Alison Victoria, Methane Shirley Elisabeth 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 April 26, 2018 GAS-fourteen Ltd. GasLog Gibraltar November 14, 2018 GAS-twenty seven Ltd. Methane Becki Anne April 1, 2019 GAS-twelve Ltd. GasLog Glasgow As of December 31, 2021, GasLog holds a 33.3% ownership 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, 2021, the Group's structure is as follows: Cargo Place of Date of capacity Cubic Name incorporation incorporation Principal activities meters (“cbm”) Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. (“GasLog Carriers”) 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-Two Panama S.A. Panama November 2020 Dormant — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company 155,000 GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Right-of-use asset company 155,000 GasLog Salem April 2015 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company 153,600 GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Genoa March 2018 GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Gladstone March 2019 GAS-twenty four Ltd. Bermuda June 2014 Lease asset company 174,000 GasLog Houston January 2018 GAS-twenty five Ltd. Bermuda June 2014 Lease asset company 174,000 GasLog Hong Kong March 2018 GAS-twenty six Ltd. Bermuda January 2015 Right-of-use asset company 170,000 Methane Julia Louise March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company 180,000 GasLog Windsor April 2020 GAS-twenty nine Ltd. Bermuda September 2016 Dormant (1) — — — GAS-thirty Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Westminster July 2020 GAS-thirty one Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Wales May 2020 GAS-thirty two Ltd. Bermuda December 2017 Vessel-owning company 174,000 GasLog Georgetown November 2020 GAS-thirty three Ltd. Bermuda May 2018 Vessel-owning company 174,000 GasLog Galveston January 4, 2021 GAS-thirty four Ltd. Bermuda May 2018 Vessel-owning company 180,000 GasLog Wellington June 15, 2021 GAS-thirty five Ltd. Bermuda December 2018 Vessel-owning company 180,000 GasLog Winchester August 24, 2021 GAS-thirty six Ltd. (3) Bermuda December 2018 Dormant — — — GAS-thirty seven Ltd. (3) Bermuda December 2018 Dormant — — — GAS-thirty eight Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2532 Q3 2024 (2) GAS-thirty nine Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2533 Q3 2024 (2) GAS-forty Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2534 Q3 2025 (2) GAS-forty one Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2535 Q4 2025 (2) GasLog Hellas-1 Special Maritime Enterprise Greece June 2019 Vessel-owning company 180,000 GasLog Warsaw (1) July 2019 33.3% 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 Right-of-use asset company 155,000 GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company 155,000 GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company 155,000 GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company 155,000 Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Greece March 2016 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Glasgow June 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Geneva September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Gibraltar October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Heather Sally June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company 170,000 Methane Becki Anne March 2015 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company 145,000 Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. (“Gastrade”) Greece June 2010 Service company — — — (1) In June 2019, the newbuilding GasLog Warsaw , delivered on July 31, 2019, was transferred from GAS-twenty nine Ltd. to the subsidiary GasLog Hellas-1 Special Maritime Enterprise. (2) For newbuildings, expected delivery quarters as of December 31, 2021 are presented. (3) On January 7, 2022, GAS-thirty six Ltd. was renamed to GAS-FFA Trading Ltd. and GAS-thirty seven Ltd. was renamed to GAS-FFA Partnership Trading Ltd. 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" or "Cool Pool") to market their vessels operating in the LNG shipping spot market. 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. In June and July 2018, Dynagas removed its three vessels from the Cool Pool and ceased to be a shareholder. On June 6, 2019, GasLog entered into a termination agreement with the Cool Pool, whereby GasLog would assume commercial control of its six vessels operating in the LNG carrier spot market through the Cool Pool and on June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of The Cool Pool Limited. Following expiry of their commitments, GasLog vessels were withdrawn from the Cool Pool in June and July 2019. On October 26, 2021, GasLog Partners and GasLog completed the sale and leaseback of the GasLog Shanghai GasLog Salem All entities in the Group have a December 31st year end. During 2021, the Group employed an average of 159 employees (2020: 176 and 2019: 163). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 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. As of December 31, 2021, the Group's current assets totaled $325,580, while current liabilities totaled $779,123, resulting in a negative working capital position of $453,543. Current liabilities include $315,000 relating to the 8.875% senior unsecured notes due in 2022 (the "8.875% Senior Notes"), that mature on March 22, 2022 and which we have successfully refinanced with the Note Purchase Agreement defined in Note 13, and $69,768 of unearned revenue in relation to hires received in advance of December 31, 2021 (which represents a non-cash liability that will be recognized as revenue in January as the services are rendered). Management monitors the Company’s liquidity position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and debt service commitments, and to monitor compliance with the financial covenants within its loan and bond facilities. Management anticipates that our primary sources of funds over the next twelve months will be available cash, cash from operations, existing and new borrowings, the refinancing of the 8.875% Senior Notes we concluded in September 2021 and future sale and leaseback transactions. Management believes that these anticipated sources of funds will be sufficient for the Company to meet its liquidity needs and to comply with its financial covenants for at least twelve months from the date of this report 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 March 9, 2022, 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. Until December 31, 2020, interest paid and movements of cash collaterals for swaps were presented in the consolidated statement of cash flows under cash provided by operating activities. IAS 7 Cash Flow Statement Year ended December 31, 2019 As previously reported Adjustments As restated Net cash provided by operating activities 317,423 190,002 507,425 Net cash used in investing activities (442,978) — (442,978) Net cash provided by/(used in) financing activities 50,066 (190,002) (139,936) Effects of exchange rate changes on cash and cash equivalents (3,358) — (3,358) Decrease in cash and cash equivalents (78,847) — (78,847) Year ended December 31, 2020 As previously reported Adjustments As restated Net cash provided by operating activities 288,951 170,531 459,482 Net cash used in investing activities (729,569) — (729,569) Net cash provided by financing activities 545,954 (170,531) 375,423 Effects of exchange rate changes on cash and cash equivalents (1,814) — (1,814) Increase in cash and cash equivalents 103,522 — 103,522 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. 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, Leases Lease income from operating leases of vessels where the Group is a lessor is recognized in the consolidated statement of 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". The Group is a lessee under vessel sale and leaseback arrangements and also leases various properties, vessel and office equipment. Rental contracts are typically made for fixed periods but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Following the implementation of IFRS 16, a lease is recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as lease liabilities. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect lease payment made. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. 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 right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), initially measured using the index or rate as at the commencement date, (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group's incremental borrowing rate, which is the Group's current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. The right-of-use asset is depreciated over its useful life or over the shorter of its 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. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel or office equipment. Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the consolidated statement of 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 the consolidated statement of profit or loss on a straight-line basis as costs are incurred over the duration of the specific project. Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions The Group’s revenues comprise revenues from time charters for the charter hire of its vessels, gross pool revenues (until July 2019), management fees, project supervision income and other income earned during the period in accordance with existing contracts. 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. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases Revenue from Contracts with Customers Pool revenues were 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. Revenues were recognized on a monthly basis, when the vessel was made available and services were provided to the charterer during the period, the amount could be estimated reliably and collection of the related revenue was reasonably assured. 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. 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. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers Net pool allocation In relation to the vessels' participation in the Cool Pool (until July 2019), net pool allocation 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 CCSs 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. The exchange differences from cash and bonds are classified in Financial costs, while all other foreign exchange differences are classified in General and administrative expenses. 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. Non-current assets held for sale Non-current assets (such as vessels) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets held for sale are presented separately from the other assets in the statement of financial position and are not depreciated or amortized while they are classified as held for sale. Vessels under construction Vessels under construction are presented at cost less identified impairment losses, if any. Costs include scheduled advance 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 vessel’s 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 LNG vessels are also required to undergo an underwater survey in lieu of dry-docking ("intermediate survey") in order to meet certain classification requirements. The intermediate survey component is recognized after the first intermediate survey, which takes place between the first and the second dry-docking and is amortized over the period until the next dry-docking which is estimated to be two The expected useful lives of all long-lived assets are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Intermediate survey component the period until the next dry-docking (i.e. 1-3 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 the consolidated statement of profit or loss in the period of the change and future periods. Management estimates the residual value of its vessels to be equal to the product of their lightweight tonnage ("LWT") and an estimated scrap rate per LWT. Effective December 31, 2021, following management's annual reassessment, the estimated scrap rate per LWT was increased. This change in estimate is expected to decrease the future annual depreciation by $968. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Group might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. 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 the consolidated statement of profit or loss. Impairment of tangible fixed assets, vessels under construction and right-of-use assets 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. Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under "Vessels". Concurrently, an equal amount is deferred as a liability and amortized to the consolidated statement of profit or loss as revenue over the remaining tenure of the charter party agreement. 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 not being employed under a charter, 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 and cash equivalents includes cash on hand, deposits held at call with financial institutions and other 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 and amounts held as guarantees as part of stand-by letters of credit. ● 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. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 9 for further information about the Group's accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Group recognizes lifetime expected credit losses ("ECLs") on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. ● Borrowings Borrowings are initially recognized at fair value (net of transaction costs). Borrowings are subsequently 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 consolidated statement of profit or loss over the term of the borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Borrowings also include arrangements such as sale and leaseback transactions with an option or obligation to repurchase the asset. The Group continues to recognize the asset and a financial liability for the amount of the consideration received from the customer. ● 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, CCSs and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value on the date the derivative contracts are entered into 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 existence of an economic relationship between the hedged item and the hedging instrument (i.e., the hedging instrument and hedged item must, based on an economic rationale, be expected to move in opposite directions as a result of a change in the hedged risk); (2) the effect of the credit risk should not dominate the value changes of either the hedged item or the hedging instrument (i.e., credit risk can arise on both the hedging instrument and the hedged item in the form of the counterparty's credit risk or the entity's own credit risk); and (3) the hedge ratio (i.e., the ratio between the amount of hedged item and the amount of hedging instrument) of the hedging relationship is the same as that actually used in the economic hedge. At inception |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 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 discounted future cash flows based on the financial budget approved by management for the year-ending December 31, 2022 and management forecasts until 2025. The key assumptions used in the value-in-use calculations (2022 and beyond) are as follows: (i) Average inflation of 1.0% per annum based on historical data and performance; (ii) A pre-tax discount rate of 7.4% per annum based on cost of equity; (iii) Annual growth rate of 1.0%; and (iv) 1 Euro (“EUR”) = USD 1.19 based on the 2022 budget. 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, 2021 | |
Equity Transactions | |
Equity Transactions | 4. Equity Transactions GasLog Partners' offerings On January 29, 2019, the board of directors of GasLog Partners authorized a unit repurchase programme of up to $25,000 covering the period January 31, 2019 to December 31, 2021. Under the terms of the repurchase programme, GasLog Partners may repurchase common units from time to time, at its discretion, on the open market or in privately negotiated transactions. During the year ended December 31, 2019 , GasLog Partners repurchased and cancelled 1,171,572 common units at a weighted average price of $19.52 per common unit, for a total cost of $22,890 including commissions. On February 26, 2019, the Partnership entered into a Third Amended and Restated Equity Distribution Agreement to further increase the size of the Partnership’s "at-the-market" common equity offering programme (" ATM Programme") to $250,000. On April 1, 2019, GasLog Partners issued 49,850 common units in connection with the vesting of 24,925 Restricted Common Units (" RCUs") and 24,925 Performance Common Units (" PCUs") under its 2015 Long-Term Incentive Plan (the "GasLog Partners' Plan") at a price of $22.99 per unit. On June 24, 2019, the Partnership Agreement was amended, effective June 30, 2019, to eliminate the incentive distribution rights (the "IDRs") in exchange for the issuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. The Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation in distributions until such time as GasLog exercises its right to convert the Class B units to common units. On February 5, 2020, the board of directors of GasLog Partners authorized a renewal of the unit repurchase programme taking the total authority outstanding under the programme to $25,000, to be utilized from February 10, 2020 to December 31, 2021. In the year ended December 31, 2020 On April 3, 2020, GasLog Partners issued 46,843 common units in connection with the vesting of 25,551 RCUs and 21,292 PCUs under the GasLog Partners' Plan. On June 30, 2020, GasLog Partners issued an additional 21,589 common units in connection with the vesting of 11,776 RCUs and 9,813 PCUs under the GasLog Partners' Plan. On July 1, 2020, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the first tranche of its Class B units issued upon the elimination of IDRs in June 2019. Finally, on September 25, 2020, GasLog Partners issued 365,700 common units in connection with the vesting of 182,850 RCUs and 182,850 PCUs under the GasLog Partners' Plan. On March 31, 2021, GasLog Partners entered into a Fourth Amended and Restated Equity Distribution Agreement to renew the ATM Programme. Under the ATM Programme, in the year ended December 31, 2021, GasLog Partners issued and received payment for 3,195,401 common units at a weighted average price of $3.19 per common unit for total net proceeds, after deducting fees and other expenses, of $9,633. As of December 31, 2021, the unutilized portion of the ATM Programme was $116,351. On April 6, 2021, GasLog Partners issued 8,976 common units in connection with the vesting of 5,984 RCUs and 2,992 PCUs under the GasLog Partners' Plan. On July 1, 2021, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the second tranche of its Class B units issued upon the elimination of IDRs in June 2019. After the conversion of the first two tranches of 415,000 Class B units to common units on July 1, 2020 and July 1, 2021, the remaining 1,660,000 Class B units will become eligible for conversion on a one-for-one basis into common units at GasLog's option on July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-3 units, Class B-4 units, Class B-5 units and the Class B-6 units, respectively. Under the Partnership’s preference unit repurchase programme established in March 2021 and covering the period March 11, 2021 to March 31, 2023, GasLog Partners repurchased and cancelled Preference both Dividends declared attributable to non-controlling interests included in the consolidated statement of changes in equity represent cash distributions to holders of common and preference units. In the year ended December 31, 2021, the board of directors of the Partnership approved and declared cash distributions of $1,373 and of $29,863 for the common units and preference units, respectively, held by non-controlling interests. Following the IDRs' elimination, 98% of the available cash (after deducting the earnings attributable to preference unitholders) is distributed to the common unitholders and 2% is distributed to the general partner. The updated earnings allocation applies to the Partnership's earnings from June 30, 2019 and onwards. Allocation of GasLog Partners’ profit/(loss) 2020 2021 Partnership’s profit/(loss) attributable to: Common unitholders 25,970 (23,486) General partner 561 (482) Preference unitholders 30,328 29,694 Total 56,859 5,726 Partnership’s profit/(loss) allocated to GasLog 8,622 (7,127) Partnership’s profit allocated to non-controlling interests 48,237 12,853 Total 56,859 5,726 |
Investment in Associates and Jo
Investment in Associates and Joint Venture | 12 Months Ended |
Dec. 31, 2021 | |
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 ownership Country of interest Nature of Measurement Name incorporation 2020 2021 relationship method Principal activity Egypt LNG Shipping Ltd. (1) Bermuda 25 % 25 % Associate Equity method Vessel-owning company Gastrade (2) Greece 20 % 20 % 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 consist of the following: Associates 2020 2021 As of January 1, 21,620 21,759 Additions 472 230 Share of profit of associates 2,192 1,969 Dividend declared (2,525) (450) As of December 31, 21,759 23,508 The additions of $230 relate to the investment in Gastrade (December 31, 2020: $472). 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. GasLog, as well as being a shareholder, will provide operations and maintenance (" O&M") services for the FSRU through an O&M agreement which was signed on February 23, 2018. Summarized financial information in respect of the associates and the joint venture is set out below: Associates Joint Venture 2020 2021 2020 2021 Current Total current assets 25,861 25,174 — — Total current liabilities (18,393) (18,670) — — Non-current Total non-current assets 98,926 91,069 — — Total non-current liabilities (73,571) (59,168) — — Net assets 32,823 38,405 — — Group’s share 8,025 9,536 — — Effect from translation (87) 151 — — Goodwill 13,821 13,821 — — Investment in associates and joint venture 21,759 23,508 — — Associates Joint Venture 2019 2020 2021 2019 2020 2021 Revenues 26,294 27,807 28,234 121,434 — — Profit for the year 6,429 8,593 7,417 — — — Total comprehensive income for the year 6,429 8,593 7,417 — — — Group’s share in profit 1,627 2,192 1,969 — — — Dividend declared (3,510) (10,100) (1,800) — — — Group’s share in dividend 878 2,525 450 — — — |
Tangible Fixed Assets and Vesse
Tangible Fixed Assets and Vessels Under Construction | 12 Months Ended |
Dec. 31, 2021 | |
Tangible Fixed Assets and Vessels Under Construction | |
Tangible Fixed Assets and Vessels Under Construction | 6. Tangible Fixed Assets and Vessels Under Construction The movements in tangible fixed assets and vessels under construction are reported in the following table: Office property and other tangible Total tangible Vessels under Vessels assets fixed assets construction Cost As of January 1, 2020 5,314,348 25,164 5,339,512 203,323 Additions 40,116 11,245 51,361 677,456 Disposals — (3,029) (3,029) — Transfer from vessels under construction 747,940 — 747,940 (747,940) Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 6,078,041 33,380 6,111,421 132,839 Additions 16,337 3,839 20,176 483,029 Disposals (396,271) — (396,271) — Transfer from vessels under construction 581,952 — 581,952 (581,952) Fully amortized fixed assets (14,512) — (14,512) — As of December 31, 2021 6,265,547 37,219 6,302,766 33,916 Accumulated depreciation As of January 1, 2020 907,192 5,255 912,447 — Depreciation 165,411 790 166,201 — Impairment loss 28,627 — 28,627 — Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 1,076,867 6,045 1,082,912 — Depreciation 185,035 628 185,663 — Disposals (96,818) — (96,818) — Impairment loss 142,692 — 142,692 10,977 Fully amortized fixed assets (14,512) — (14,512) — As of December 31, 2021 1,293,264 6,673 1,299,937 10,977 Net book value As of December 31, 2020 5,001,174 27,335 5,028,509 132,839 As of December 31, 2021 4,972,283 30,546 5,002,829 22,939 Vessels with an aggregate carrying amount of $4,972,283 as of December 31, 2021 (December 31, 2020: $5,001,174) have been pledged as collateral under the terms of the Group’s credit facilities (Note 13). On October 26, 2021, GAS-three Ltd. and GAS-ten Ltd. completed the sale and leaseback of the GasLog Shanghai GasLog Salem GasLog Salem As of December 31, 2021, a number of negative indicators such as differences between the charter-free market values of the Group’s Steam vessels, as estimated by ship brokers, and their respective carrying amounts, combined with reduced expectations of the rates at which the Group could expect to secure term employment for the remaining economic lives of the Steam vessels and significant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet, influenced management’s strategic decisions and prompted the Group to conclude that events and circumstances triggered the existence of potential impairment of Steam vessels, in accordance with the Group’s accounting policy (Note 2), with no impairment indicators identified with respect to the owned and bareboat TFDE fleet and the owned X-DF fleet as of December 31, 2021. The recoverable amounts (values in use) for the five Steam vessels owned by the Partnership and the one Steam vessel owned by GasLog (in the table below) were lower than the respective carrying amounts of these vessels and, consequently, an aggregate impairment loss of $125,839 was recognized in the consolidated statement of profit or loss in the year ended December 31, 2021. As of and for the year ended December 31, 2021 Vessel Impairment loss Recoverable amount Methane Rita Andrea (23,234) 67,697 Methane Jane Elizabeth (22,573) 70,149 Methane Lydon Volney (21,862) 72,684 Methane Alison Victoria (20,118) 71,587 Methane Shirley Elisabeth (16,869) 69,069 Methane Heather Sally (21,183) 75,964 Total (125,839) 427,150 As of December 31, 2021, the most sensitive and/or subjective assumptions that have the potential to affect the outcome of the impairment assessment for the Steam vessels are the projected charter hire rate used to forecast future cash flows for non-contracted revenue days (the “re-chartering rate”) and the discount rate used. The average long-term re-chartering rate over the remaining useful life of the vessels used in our impairment exercise for the Steam vessels was $35 per day ($40 per day as of December 31, 2020). Increasing/decreasing the average re-chartering rate used by $5 per day would decrease/increase the impairment Pursuant to the Group's last newbuilding delivery in August 2021, the amounts recognized under "Vessels under construction" mainly comprise construction costs for the purpose of converting one of its owned vessels into an FSRU, including costs of engineering studies and acquired long lead items that enabled the Group to participate in tenders for various FSRU projects. Towards the end of 2021, GasLog was selected to provide a vessel to be acquired by Gastrade after its conversion to an FSRU. As of December 31, 2021, the Group performed an impairment assessment of the historical costs by estimating their recoverable amount. As a result, an impairment loss of $10,977 was recognized for the Group's FSRU conversion costs recognized under "Vessels under construction", with respect to historical costs as of December 31, 2021, from which future economic benefits are no longer expected to flow to the Group. On October 11, 2016, GasLog LNG Services Ltd. entered into an arrangement whereby it would have access to all long lead items ("LLIs") necessary for the conversion of a GasLog LNG carrier vessel into FSRUs whereby such conversion work would be undertaken by Keppel Shipyard Limited ("Keppel"). GasLog was only obligated to pay for such LLIs if utilized for a GasLog vessel conversion or, if the LLIs had not been utilized in a GasLog vessel conversion within three years from November 2016, the items might be put to GasLog at 85% of the original cost, or GasLog might call for the purchase of such LLIs at 115% of the original cost. On February 7, 2020, GasLog paid $17,625 for the acquisition of such LLIs, following the expiration of the arrangement. Related to the acquisition of six vessels from a subsidiary of Methane Services Limited ("MSL") in 2014 and another two vessels in 2015, the Group was committed to purchase depot spares from MSL with an aggregate initial value of $8,000 which had all been purchased and paid by June 2020. In June 2020, GasLog LNG Services Ltd. agreed to sell a low-pressure turbine which was included in Office property and other tangible assets to Egypt LNG Shipping Ltd. to be installed on the Methane Nile Eagle In April and May 2017, GasLog LNG Services Ltd. entered into agreements in relation to investments in certain of the Partnership’s and GasLog’s vessels, with the aim of enhancing their operational performance. On March 7, 2019, GasLog LNG Services Ltd. and one of the suppliers signed an interim agreement regarding the reimbursement of amounts already paid by the Group in respect of the aforementioned enhancements which were not timely delivered or in the correct contractual condition. In accordance with the terms of the interim agreement, $10,451 has been reimbursed to the Group with realized foreign exchange losses of $773 recorded in consolidated statement of profit or loss in the year ended December 31, 2019. In January 2018, GAS-twenty eight Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Windsor In March 2018, GAS-thirty one Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Wales In May 2018, GAS-thirty Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Westminster In August 2018, GAS-thirty two Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (174,000 cbm). The vessel (the GasLog Georgetown In August 2018, GAS-thirty three Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (174,000 cbm). The vessel (the GasLog Galveston In December 2018, GAS-thirty four Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Wellington In December 2018, GAS-thirty five Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Winchester Vessels under construction As of December 31, 2021, GasLog has the following newbuildings on order at Daewoo Shipbuilding and Marine Engineering Co., Ltd. (“Daewoo”): Date of Estimated Cargo Capacity LNG Carrier agreement delivery (Cbm) Hull No. 2532 November 2021 Q3 2024 174,000 Hull No. 2533 November 2021 Q3 2024 174,000 Hull No. 2534 November 2021 Q3 2025 174,000 Hull No. 2535 November 2021 Q4 2025 174,000 The vessels under construction costs as of December 31, 2020 and 2021 are comprised of: As of December 31, 2020 2021 Progress shipyard installments 99,068 — Onsite supervision costs 1,701 — Critical spare parts, equipment and other vessel delivery expenses 32,070 22,939 Total 132,839 22,939 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 7. Leases On adoption of IFRS 16, the Group recognised lease liabilities in relation to leases of various properties, vessel communication equipment and certain printers which had previously been classified as operating leases under IAS 17 Leases On February 24, 2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the sale and leaseback of the Methane Julia Louise ten Leases On October 26, 2021, GasLog Partners’ subsidiary, GAS-three Ltd., and GasLog’s subsidiary, GAS-ten Ltd. completed the sale and leaseback of the GasLog Shanghai GasLog Salem Leases The movements in right-of-use assets are reported in the following table: Vessels’ Right-of-Use Assets Vessels Equipment Properties Other Total As of January 1, 2020 200,032 1,857 4,550 56 206,495 Additions, net 5,799 833 1,255 67 7,954 Depreciation expense (8,163) (1,253) (1,547) (49) (11,012) As of December 31, 2020 197,668 1,437 4,258 74 203,437 Additions, net 173,542 1,426 1,961 (41) 176,888 Depreciation expense (14,655) (1,223) (1,396) (16) (17,290) As of December 31, 2021 356,555 1,640 4,823 17 363,035 An analysis of the lease liabilities is as follows: Lease Liabilities 2020 2021 As of January 1, 204,930 196,170 Additions, net 2,155 121,520 Lease charge (Note 19) 9,921 10,269 Payments (20,836) (25,109) As of December 31, 196,170 302,850 Lease liabilities, current portion 9,644 30,905 Lease liabilities, non-current portion 186,526 271,945 Total 196,170 302,850 An amount of $344 has been recognized in the consolidated statement of profit or loss for the year ended December 31, 2021 ($327 for the year ended December 31, 2020), which represents the lease expense incurred for low value leases not included in the measurement of the right-of-use assets and the lease liability. An amount of $23 has been recognized in the consolidated statement of profit or loss for the year ended December 31, 2021, which represents the lease expense incurred for short-term leases not included in the measurement of the right-of-use assets and lease liability. An amount of $42,034 has been recognized in the consolidated statement of profit or loss for the year ended December 31, 2021, which represents the revenue from subleasing right-of-use assets. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 2021 Current accounts 182,056 175,741 Time deposits (with original maturities of three months or less) 36,971 104,274 Ship management client accounts 397 119 Restricted cash 147,845 2,112 Total 367,269 282,246 Restricted cash as of December 31, 2021 represents cash provided for bank guarantees (Note 23). Restricted cash as of December 31, 2020 represents the cash in relation to the amount drawn for the delivery of the GasLog Galveston 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, 2021 | |
Trade and Other Receivables | |
Trade and Other Receivables | 9. Trade and Other Receivables Trade and other receivables consist of the following: As of December 31, 2020 2021 Trade receivables 5,113 574 VAT receivable 1,139 922 Accrued income 16,818 10,426 Insurance claims 4,236 7,839 Other receivables 8,917 8,834 Total 36,223 28,595 Trade and other receivables are amounts due from third parties for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Accrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables. As of December 31, 2020 and 2021 no allowance for expected credit losses was recorded. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Non-Current Assets | |
Other Non-Current Assets | 10. Other Non-Current Assets Other non-current assets consist of the following: As of December 31, 2020 2021 Various guarantees 289 603 Other long-term assets 5,378 4,263 Cash collaterals on swaps 6,796 — Total 12,463 4,866 Cash collaterals on swaps represent cash deposited for the Group’s interest rate swaps being the difference between their fair value and an agreed threshold. An amount of $990 of cash collaterals has been included in Prepayments and other current assets (December 31, 2020: $16,671). |
Share Capital and Preference Sh
Share Capital and Preference Shares | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital and Preference Shares | |
Share Capital and Preference Shares | 11. Share Capital and Preference Shares GasLog’s authorized share capital consists of 500,000,000 shares with a par value $0.01 per share. On February 13, 2020 and February 14, 2020, GasLog repurchased 323,919 common shares at a weighted average price of $6.1443 per share for a total amount of $2,000 under its share repurchase programme. On June 29, 2020, GasLog issued 14,400,000 common shares at a price of $2.50 per share for total gross proceeds of $36,000 through a private placement of unregistered common shares. As of December 31, 2021, the share capital consisted of 95,389,062 issued Shares issued Number of Shares Amounts Number of Number of Number of treasury preference Share Preference Contributed Treasury common shares shares shares capital shares surplus shares Outstanding as of January 1, 2019 80,861,246 131,880 4,600,000 810 46 850,576 (3,266) Purchase of treasury shares (212,111) 212,111 — — — — (3,752) Treasury shares distributed for awards vested or exercised in the year 222,535 (222,535) — — — — 4,859 Equity raising fees — — — — — (595) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (89,310) — Outstanding as of December 31, 2019 80,871,670 121,456 4,600,000 810 46 760,671 (2,159) Purchase of treasury shares (323,919) 323,919 — — — — (2,000) Proceeds from private placement, net of offering costs 14,400,000 — — 144 — 34,849 — Treasury shares distributed for awards vested or exercised in the year 228,692 (228,692) — — — — 2,819 Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (35,698) — Outstanding as of December 31, 2020 95,176,443 216,683 4,600,000 954 46 759,822 (1,340) Treasury shares distributed for awards vested or exercised in the year 212,619 (212,619) — — — — 1,314 Treasury shares cancelled — (4,064) — — — — 26 Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (67,286) — Outstanding as of December 31, 2021 95,389,062 — 4,600,000 954 46 692,536 — The treasury shares were acquired by GasLog in 2014, 2018, 2019 and 2020 in relation to the settlement of share-based compensation awards (Note 22). |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Reserves. | |
Reserves | 12. Reserves The movements in reserves are reported in the following table: Share-based Employee compensation Total Hedging benefits reserve reserves Balance as of January 1, 2019 (836) (156) 19,954 18,962 Effective portion of changes in fair value of cash flow hedges (2,933) — — (2,933) Recycled loss of cash flow hedges reclassified to profit or loss 697 — — 697 Share-based compensation, net of accrued dividend — — 4,794 4,794 Settlement of share-based compensation — — (4,721) (4,721) Balance as of December 31, 2019 (3,072) (156) 20,027 16,799 Effective portion of changes in fair value of cash flow hedges (750) — — (750) Share-based compensation, net of accrued dividend — — 5,385 5,385 Settlement of share-based compensation — — (2,824) (2,824) Actuarial gain — 57 — 57 Balance as of December 31, 2020 (3,822) (99) 22,588 18,667 Effective portion of changes in fair value of cash flow hedges (161) — — (161) Share-based compensation, net of accrued dividend — — 3,351 3,351 Settlement of share-based compensation — — (6,535) (6,535) Balance as of December 31, 2021 (3,983) (99) 19,404 15,322 Dividend distributions GasLog’s dividend distributions for the years ended December 31, 2019, 2020 and 2021 are presented in the following table: Declaration date Type of shares Dividend per share Payment date Amount paid February 13, 2019 Common $ 0.15 March 14, 2019 12,129 March 7, 2019 Preference $ 0.546875 April 1, 2019 2,516 May 2, 2019 Common $ 0.15 May 23, 2019 12,129 May 10, 2019 Preference $ 0.546875 July 1, 2019 2,515 July 31, 2019 Common $ 0.15 August 22, 2019 12,129 September 17, 2019 Preference $ 0.546875 October 1, 2019 2,516 November 5, 2019 Common $ 0.15 November 21, 2019 12,129 November 14, 2019 Preference $ 0.546875 January 2, 2020 2,516 December 14, 2019 Common $ 0.38 December 31, 2019 30,731 Total 89,310 February 5, 2020 Common $ 0.15 March 12, 2020 12,082 March 12, 2020 Preference $ 0.546875 April 1, 2020 2,516 May 6, 2020 Common $ 0.05 May 28, 2020 4,035 May 14, 2020 Preference $ 0.546875 July 1, 2020 2,516 August 4, 2020 Common $ 0.05 August 27, 2020 4,758 September 16, 2020 Preference $ 0.546875 October 1, 2020 2,516 November 9, 2020 Common $ 0.05 November 30, 2020 4,759 December 9, 2020 Preference $ 0.546875 January 4, 2021 2,516 Total 35,698 February 21, 2021 Common $ 0.05 March 11, 2021 4,759 March 11, 2021 Preference $ 0.546875 March 31, 2021 2,516 May 5, 2021 Common $ 0.05 May 26, 2021 4,769 May 13, 2021 Preference $ 0.546875 June 30, 2021 2,516 August 4, 2021 Common $ 0.15 August 11, 2021 14,308 September 16, 2021 Preference $ 0.546875 October 1, 2021 2,516 September 30, 2021 Common $ 0.10 October 1, 2021 9,539 November 15, 2021 Preference $ 0.546875 December 31, 2021 2,516 November 15, 2021 Common $ 0.15 November 18, 2021 14,308 November 15, 2021 Common $ 0.10 February 28, 2022 9,539 Total 67,286 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | |
Borrowings | 13. Borrowings An analysis of the borrowings is as follows: As of December 31, 2020 2021 Amounts due within one year 258,262 565,503 Less: unamortized premium — 144 Less: unamortized deferred loan/bond issuance costs (12,636) (12,486) Borrowings, current portion 245,626 553,161 Amounts due after one year 3,583,447 3,152,426 Less: unamortized premium 797 — Less: unamortized deferred loan/bond issuance costs (56,649) (47,367) Borrowings, non-current portion 3,527,595 3,105,059 Total 3,773,221 3,658,220 Loans Terminated facilities: (a) Citibank N.A., Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V. (“ABN”), Skandinaviska Enskilda Banken AB (“SEB”) and BNP Paribas loan (Old Partnership Facility, as defined below) 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 into a loan agreement with Citibank N.A., London Branch, 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 “Old Partnership Facility”) for the purpose of refinancing in full the existing debt facilities. The agreement provided for a single tranche that was drawn on November 18, 2014. The credit facility bore interest at USD London Interbank Offered Rate (“LIBOR”) plus a margin. In February 2019, the Partnership signed a debt refinancing of up to $450,000 with certain financial institutions (refer to (b) in the Existing facilities section), in order to refinance such indebtedness. On March 6, 2019, the Partnership used $354,375 drawn down under the new facility to prepay the outstanding debt of GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd., which would have been due in November 2019. On March 7, 2019, the Old Partnership Facility was terminated and the respective unamortized loan fees of $988 written-off to the consolidated statement of profit or loss. (b) ABN AMRO Bank N.V., DNB (UK) Ltd., DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V. (“ING”), London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited loan (Five Vessel Refinancing, as defined below) On February 18, 2016, GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into a credit agreement to refinance the debt maturities that were scheduled to become due in 2016 and 2017 (the “Five Vessel Refinancing”). The Five Vessel Refinancing comprised 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 were the GasLog Partners-owned Methane Alison Victoria Methane Shirley Elisabeth Methane Heather Sally Methane Becki Anne Methane Lydon Volney. 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. On April 5, 2017, GasLog prepaid $150,000 under the junior tranche facility agreement and on January 5, 2018, GasLog Partners prepaid the outstanding balance of $29,750 under the junior tranche facility agreement, which was subsequently cancelled. The aggregate balance outstanding under the senior tranche as of December 31, 2019 was $289,709. Amounts drawn bore interest at LIBOR plus a margin. On July 21, 2020, pursuant to the multiple credit agreements entered into by the Group to refinance its existing indebtedness which was scheduled to become due in 2021 (refer to (e), (f) and (g) in the Existing Facilities section), the outstanding balances of GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., under the senior tranche totaling $265,911, were fully repaid. The existing loan facilities of the specified vessels under the Five Vessel Refinancing were terminated and the respective unamortized loan fees of $1,183 written-off to the consolidated statement of profit or loss. A few days earlier, $7,933 were repaid in accordance with the repayment terms under the Five Vessel Refinancing Facility since the closing of the refinancing was delayed by approximately two weeks due to COVID-19. (c) Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, London Branch, Skandinaviska Enskilda Banken AB (publ), HSBC Bank plc (“HSBC”), ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. loan (Legacy Facility Refinancing, as defined below) 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 a credit agreement with a number of international banks (the “Legacy Facility Refinancing”) 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-owned GasLog Savannah GasLog Singapore GasLog Skagen GasLog Saratoga GasLog Salem GasLog Chelsea GasLog Seattle Solaris The Legacy Facility Refinancing was 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 bore interest at LIBOR plus a margin. 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. On November 13, 2018, $25,940 was drawn under the revolving credit facility, which was repaid The balance outstanding as of December 31, 2019 was $775,000 under the term loan facility and $0 under the revolving credit facility. On February 13, 2020, March 13, 2020 and March 18, 2020, $23,346, $50,714 and $25,940 were drawn under the revolving credit facility. On July 21, 2020, pursuant to the multiple credit agreements entered into by the Group to refinance its existing indebtedness which was scheduled to become due in 2021(refer to (e), (g) and (h) in the Existing Facilities section), the outstanding balances of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd., under the term and revolving credit facilities totaling $724,514 were fully repaid. In addition, on August 3, 2020, the outstanding balance of GAS-fifteen Ltd. under the term and revolving credit facility of $92,153 was fully repaid. The existing loan facilities of the specified vessels under the Legacy Facility Refinancing were terminated and the respective unamortized loan fees of $3,591 were written-off to the consolidated statement of profit or loss. A few days earlier, $25,875 were repaid in accordance with the repayment terms under the Legacy Facility Refinancing since the closing of the refinancing was delayed by approximately two weeks due to COVID-19. Existing facilities: (a) 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 loan (October 2015 Facility, as defined below) 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 (“October 2015 Facility”) 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 was drawn down on each date with respect to the deliveries of the GasLog Greece GasLog Glasgow GasLog Geneva GasLog Gibraltar, GasLog Houston GasLog Hong Kong, GasLog Genoa GasLog Gladstone. On October 21, 2020, the outstanding indebtedness of GAS-twenty five Ltd., in the amount of $136,776 was prepaid pursuant to the sale and leaseback agreement entered into with a wholly owned subsidiary of CMB Financial Leasing Co. Ltd., Sea 190 Leasing Co. Limited (“Sea 190 Leasing”) (refer below). The relevant tranches of the loan agreement were terminated and the respective unamortized loan fees of $3,571 written-off to the consolidated statement of profit or loss. On January 22, 2021, the outstanding indebtedness of GAS-twenty four Ltd., in the amount of $130,889 was prepaid pursuant to the sale and leaseback agreement entered into with a wholly owned subsidiary of ICBC Financial Leasing Co., Ltd., Hai Kuo Shipping 2051G Limited ("Hai Kuo Shipping") (refer below). The relevant tranches of the loan agreement were terminated and the respective unamortized loan fees of $3,528 written-off to the consolidated statement of profit or loss. The aggregate balance outstanding under the loan facility as of December 31, 2021 is $667,656 (December 31, 2020: $873,776). (b) Credit Suisse AG, Nordea Bank Abp, filial I Norge and Iyo Bank Ltd., Singapore Branch (2019 GasLog Partners Facility, as defined below) On February 20, 2019, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners and GasLog Partners Holdings LLC entered into a loan agreement with Credit Suisse AG, Nordea Bank Abp, filial I Norge and Iyo Bank Ltd., Singapore Branch, each an original lender and Nordea acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility of up to $450,000 (the "2019 GasLog Partners Facility"). Subsequently, on the same date, the Development Bank of Japan, Inc. entered the facility as lender via transfer certificate. The vessels covered by the 2019 GasLog Partners Facility are the GasLog Shanghai GasLog Santiago GasLog Sydney, Methane Rita Andrea Methane Jane Elizabeth. The agreement provides for an amortizing revolving credit facility which can be repaid and redrawn at any time, subject to the outstanding amount immediately after any drawdown not exceeding (i) 75% of the aggregate of the market values of all vessels under the agreement, or (ii) the total facility amount. The total facility amount reduces in 20 equal quarterly amounts of $7,357, with a final balloon amount of up to $302,860, together with the last quarterly reduction in February 2024. The credit facility bears interest at LIBOR plus a margin. On March 6, 2019, the Partnership drew down $360,000 under the 2019 GasLog Partners Facility, out of which $354,375 was used to prepay the outstanding debt under the Old Partnership Facility, which would have been due in November 2019. On April 1, 2019, the Partnership drew down an additional $75,000 under the 2019 GasLog Partners Facility. On October 26, 2021, the outstanding indebtedness of GAS-three Ltd., in the amount of $97,050 was prepaid pursuant to the sale and leaseback agreement entered into with a wholly-owned subsidiary of CDBL (refer to Note 7). The relevant advance of the loan agreement was cancelled and the respective unamortized loan fees of $604 written-off to the consolidated statement of profit or loss. The aggregate balance outstanding as of December 31, 2021 is $273,568 (December 31, 2020: $398,501), with no amount available to be redrawn as of December 31, 2021 (December 31, 2020: nil). (c) ABN AMRO BANK N.V. and Oversea-Chinese Banking Corporation Limited (“OCBC”) ( GasLog Warsaw Facility, as defined below) On June 25, 2019, GasLog Hellas-1 Special Maritime Enterprise entered into a loan agreement with ABN AMRO BANK N.V. and OCBC, for the financing of the GasLog Warsaw GasLog Warsaw (d) Citibank, N.A., London Branch, DNB (UK) Ltd., Skandinaviska Enskilda Banken AB (publ), The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Seoul Branch, Commonwealth Bank of Australia, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Société Générale, Standard Chartered Bank (“SCB”), The Korea Development Bank and KB Kookmin Bank (7xNB Facility, as defined below) On December 12, 2019, GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd. entered into a loan agreement (the “7xNB Facility”) with 13 international banks, with Citibank N.A. London Branch and DNB Bank ASA (“DNB”), London Branch acting as agents on behalf of the other finance parties. The financing is backed by KEXIM and K-Sure, who are either directly lending or providing cover for over 60% of the facility. The agreement of up to $1,052,791 partially finances the delivery of seven newbuildings scheduled to be delivered in 2020 and 2021. The loan agreement provides for four tranches of $176,547, $174,787, $356,671 and $344,786. The facility is also sub-divided into seven 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 and the third tranche are combined and repaid in 24 consecutive semi-annual equal instalments commencing six months after the actual delivery of the relevant vessel according to an average 12 -year profile . Each drawing under the second tranche is repaid in 14 consecutive semi-annual equal instalments commencing six months after the actual delivery of the relevant vessel according to an average 7 -year profile. Each drawing under the fourth tranche is repaid in a single bullet seven years after the actual delivery of the relevant vessel. On March 26, 2020, on May 7, 2020, on July 9, 2020, on November 12, 2020, on December 29, 2020, on June 11, 2021 and on August 20, 2021, $152,525, $149,386, $149,281, $147,845, $147,845, $152,955 and $152,955, respectively, was drawn down with respect to the deliveries of the GasLog Windsor GasLog Wales, GasLog Westminster, GasLog Georgetown, GasLog Galveston, GasLog Wellington GasLog Winchester As of December 31, 2020, commitment, underwriting and legal fees of $4,658 for obtaining the undrawn portion of the financing were classified under Deferred financing costs in the statement of financial position and were netted off debt on the respective drawdown dates (December 31, 2021: nil). (e) BNP Paribas, Credit Suisse AG and Alpha Bank S.A. (GasLog Partners $260.3M Facility, as defined below) On July 16, 2020, GasLog Partners entered into a credit agreement of $260,331 (the “GasLog Partners $260.3M Facility”) with BNP Paribas, Credit Suisse AG and Alpha Bank S.A., each an original lender, with BNP Paribas acting as security agent and trustee for and on behalf of the other finance parties mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,597 beginning in January 2021, with a final balloon amount of $174,361 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin. An amount of $260,331 was drawn on July 21, 2020, out of which $258,532 was used to refinance the outstanding indebtedness of GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd., the respective entities owning the Methane Shirley Elisabeth GasLog Seattle Solaris (f) DNB Bank ASA, London Branch, and ING Bank N.V., London Branch (GasLog Partners $193.7M Facility, as defined below) On July 16, 2020, GasLog Partners entered into a credit agreement of $193,713 (the “GasLog Partners $193.7M Facility”) with DNB Bank ASA, London Branch, and ING Bank N.V., London Branch, each an original lender, with DNB Bank ASA, London Branch acting as security agent and trustee for and on behalf of the other finance party mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,599 beginning in January 2021, with a final balloon amount of $107,723 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin. An amount of $193,713 was drawn down on July 21, 2020, out of which $174,867 was used to refinance the outstanding indebtedness of GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., the respective entities owning the Methane Alison Victoria Methane Heather Sally Methane Becki Anne (g) ABN AMRO Bank N.V., Citigroup Global Markets Limited and Nordea Bank ABP, Filial I Norge, HSBC Bank plc, Credit Agricole Corporate and Investment Bank, Unicredit Bank AG and National Bank of Australia Limited (GasLog $576.9M Facility, as defined below) On July 16, 2020 GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. entered into a credit agreement of $576,888 (the “GasLog $576.9M Facility”) with ABN AMRO Bank N.V., Citigroup Global Markets Limited and Nordea Bank ABP, Filial I Norge acting as global co-ordinators and bookrunners, while HSBC Bank plc acting as mandated lead arranger; Credit Agricole Corporate and Investment Bank acting as lead arranger and Unicredit Bank AG and National Bank of Australia Limited acting as arrangers, each of those being an original lender. The credit agreement was entered to refinance the existing indebtedness due in 2021 of six of the Group’s vessels. ABN AMRO Bank N.V. was appointed by the other finance parties in this syndicate as security agent and trustee. The facility comprises of a $494,475 Term Loan Facility which amortizes over 18 equal quarterly installments of $9,349 beginning in April 2021 (following an initial repayment in January 2021 in the amount of $18,698), with a final balloon amount of $307,495 payable concurrently with the last installment in June 2025 and a $82,413 revolving loan facility which also matures in June 2025. The facility bears interest at LIBOR plus a margin. An amount of $576,888 was drawn on July 21, 2020, out of which $557,026 was used to refinance the outstanding indebtedness of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd., the respective entities owning the GasLog Savannah GasLog Singapore GasLog Skagen GasLog Saratoga GasLog Salem Methane Lydon Volney On October 26, 2021, the outstanding indebtedness of GAS-ten Ltd., in the amount of $87,390 and $15,794 outstanding under the term and revolving loan facility, respectively, was prepaid pursuant to the sale and leaseback agreement entered into with a wholly-owned subsidiary of CDBL (refer to Note 7). The relevant advance of the loan agreement was cancelled and the respective unamortized loan fees of $1,302 written-off to the consolidated statement of profit or loss. The balance outstanding under the term and revolving loan facility as of December 31, 2021 is $360,338 and $66,619, respectively (December 31, 2020: $494,475 and $82,413, respectively) with no amount available to be redrawn under the revolving loan facility as of December 31, 2021 (December 31, 2020: nil). (h) National Bank of Greece S.A. (“NBG”) ( GasLog Chelsea $96.8M Facility, as defined below) On July 30, 2020, GasLog entered into a credit agreement of $96,815 (the “ GasLog Chelsea GasLog Chelsea GasLog Chelsea (i) Sea 190 Leasing ( GasLog Hong Kong SLB, as defined below) On October 21, 2020, GasLog refinanced through a sale-and-leaseback transaction the GasLog Hong Kong GasLog Hong Kong (j) Hai Kuo Shipping ( GasLog Houston SLB, as defined below) On January 22, 2021, GasLog refinanced through a sale-and-leaseback transaction the GasLog Houston GasLog Houston SLB eight Securities covenants and guarantees The obligations under the aforementioned facilities are secured by a first priority mortgage over the vessels, a pledge or negative pledge of the share capital of the respective vessel owning companies and a first priority assignment of earnings and insurance related to the vessels, including charter revenue, management revenue and any insurance and requisition compensation. Obligations under the 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility and the GasLog Partners $193.7M Facility are facilities guaranteed by the Partnership and GasLog Partners Holdings LLC, obligations under the October 2015 Facility are guaranteed by the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the GasLog Greece GasLog Geneva, GasLog Glasgow GasLog Gibraltar GasLog Warsaw GasLog Chelsea GasLog Hong Kong GasLog Houston Facility 7xNB GasLog Hong Kong st GasLog Houston Bonds On June 27, 2016, GasLog also completed the issuance of Norwegian Kroner (“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 were due to mature in May 2021 and have a coupon of 6.9% over three-month Norwegian Interbank Offered Rate (“NIBOR”). On November 27, 2019, GasLog repurchased and cancelled NOK 316,000 of the outstanding NOK 2021 Bonds at a price of 104.75% of par value, resulting in a loss of $1,644. On January 31, 2020, GasLog repurchased and cancelled NOK 434,000 of the outstanding NOK 2021 Bonds at a price of 104.0% of par value, resulting in a loss of $1,937. The aforementioned repurchase was considered an extinguishment of the existing NOK 2021 Bonds, and as a result, the unamortized bond fees of $316 were written off to the consolidated statement of profit or loss for the year ended December 31, 2020. On March 22, 2017, GasLog closed a public offering of $250,000 aggregate principal amount of the 8.875% Senior Notes at a public offering price of 100% of the principal amount. On May 16, 2019, GasLog closed a follow-on issue of $75,000 aggregate principal amount of the 8.875% Senior Notes priced at 102.5% of par with a yield to maturity of 7.89%. The gross proceeds from this offering were $76,875, including a $1,875 premium. In addition, GasLog paid $10,000 for the partial exchange of the outstanding 8.875% Senior Notes at a price of 104.75% of par value, resulting in a loss of $475 for the year ended December 31, 2019. The exchange was completed on January 13, 2020. The carrying amount under the 8.875% Senior Notes, net of unamortized financing costs and premium as of December 31, 2021, was $314,738 (December 31, 2020: $313,773). 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. On November 27, 2019, GasLog completed the issuance of NOK 900,000 (equivalent to $98,550) of new senior unsecured bonds (the “NOK 2024 Bonds”) in the Norwegian bond market. The NOK 2024 Bonds mature in November 2024 and bear interest at NIBOR plus margin. Interest payments are made in arrears on a quarterly basis. GasLog may redeem the aforementioned bond in whole or in part as from May 2024 at 101% of par plus accrued interests on the redeemed amount. The carrying amount under the NOK 2024 Bonds, net of unamortized financing costs and unamortized premium, as of December 31, 2021 was $101,129 (carrying amount under the NOK 2024 Bonds as of December 31, 2020: $104,017) while their fair value was $105,990 based on a USD/NOK exchange rate of 0.1135 as of December 31, 2021 (December 31, 2020: $96,581, based on a USD/NOK exchange rate of 0.1170). On September 24, 2021, GasLog entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with certain affiliates of The Carlyle Group and EIG (such affiliates, the “Purchasers”) and Wilmington Trust (London) Limited, as administrative agent, for an amount of up to $325,000 of 7.75% Notes due in 2029 (the “2029 Notes”). The Company anticipates drawing down the 2029 Notes by March 2022. The proceeds of the 2029 Notes will be used to refinance the Company’s 8.875% Senior Notes. Any remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the refinancing and/or general corporate purposes. The Note Purchase Agreement allows for the issuance of additional notes in an amount up to $100,000 for the purpose of refinancing existing obligations or pursuing new growth opportunities. The 2029 Notes will be issued at 99.25% of face value and bear a fixed interest rate of 7.75%. The Purchasers received an upfront fee of 0.75% on signing and shall receive a ticking fee of 1.5% from signing until drawing. Under certain conditions, the Company may elect to pay interest in kind up to three times, with the interest rate increasing to 9.75% for the applicable quarter. The 2029 Notes can be redeemed in whole or in part at any time subject to a pre-determined premium until year 4 and at par thereafter. If the Company’s historical or projected EBITDA to debt service ratio falls below a certain threshold during years 6 and 7, a percentage of the Company’s excess cash flow will be applied towards prepayment of the 2029 Notes. The Note Purchase Agreement requires that the Company comply with financial covenants that are identical to GasLog’s financial covenants as described below. Upon funding, the Purchasers will obtain a charge on the shares of GasLog Carriers Limited (“GLC”) held by the Company and a pledge on a designated bank account of GLC. In addition, the Note Purchase Agreement includes restrictions on distributions consistent with the Company’s NOK denominated bond, according to which the Company may not make distributions that in aggregate exceed $1.10/share during any calendar year. Notwithstanding the foregoing, GasLog may make any amounts of distributions so long as the Company’s cash and cash equivalents (on a consolidated basis) exceed $150,000. Finally, the Note Purchase Agreement also contains certain restrictions on indebtedness, liens, guarantees, asset sales and distributions, among others. Among other exceptions, new indebtedness is permitted when the Company meets pre-determined thresholds on a pro-forma basis for its “Charter Coverage Ratio” (the ratio of the present value of qualified contracted revenues to the aggregate indebtedness of the Company on any date). As of December 31, 2021, commitment, arrangement, upfront and legal and other fees of $5,564 for obtaining the undrawn amount of the financing are classified under Deferred financing costs in the statement of financial position and will be netted off debt on the respective drawdown date. Corporate guarantor financial covenants GasLog Partners’ financial covenants GasLog Partners as corporate guarantor for the 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and for the debt of the vessels owned by GasLog Partners under the October 2015 Facility is subject to specified financial covenants on a consolidated basis. These financial covenants include the following: (i) the aggregate amount of cash and cash equivalents, short-term investments and available undrawn facilities with remaining maturities of at least six months (excluding loans from affiliates) must be at least $45,000; (ii) total indebtedness divided by total assets must be less than 65.0%; (iii) the Partnership is permitted to declare or pay any distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such distributions. The 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and the October 2015 Facility 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, 2021. GasLog’s financial covenants GasLog, as corporate guarantor for the loan facilities (except for the 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and the debt of the vessels owned by GasLog Partners under the October 2015 Facility) and NOK 2024 Bonds and as a charter guarantor for the GasLog Hong Kong SLB and the GasLog Houston SLB, is subject to specified financial covenants on a consolidated basis. These 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 must not exceed 75.0%; (iii) the aggregate amount of all unencumbered cash and cash equivalents must be at least $75,000; (iv) the ratio of EBITDA over debt service obligations (including interest and debt repayments) on a trailing twelve-month basis must be not less than 1.10:1 provided that such covenant is not applicable as long as all unencumbered cash and cash equivalent are not less than $110,000; (v) the market value adjusted net worth of GasLog must at all times be not less than $350,000; and (vi) GasLog is permitted to pay dividends, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends. 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. In addition, the terms of the NOK 2024 Bonds include a dividend restriction according to which GasLog may not (i) declare or make any dividend payment or distribution, whether in cash or in kind, (ii) re-purchase any of the Group’s shares or undertake other similar transactions (including, but not limited to, total return swaps related to the Group’s shares), or (iii) grant any loans or make other distributions or transactions constituting a transfer of value to the Group’s shareholders (items (i), (ii) and (iii) collectively referred to as the “Distributions”) that in aggregate exceed during any calendar year $1.10/share. Notwithstanding the foregoing, GasLog may make any amount of Distributions, so long as the Group’s cash and cash equivalents and short-term investments exceed $150,000, provided that GasLog can demonstrate |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2020 2021 Unearned revenue 59,612 69,768 Accrued off-hire 5,886 2,461 Accrued purchases 9,867 10,169 Accrued interest 33,600 26,186 Other accruals 34,092 44,917 Total 143,057 153,501 The unearned revenue represents charter hires received in advance in December 2021 relating to the hire period of January 2022 for 32 vessels (December 2020: 29 vessels). |
Vessel Operating and Supervisio
Vessel Operating and Supervision Costs | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2019 2020 2021 Crew and vessel management employee costs 80,713 89,463 103,936 Technical maintenance expenses 37,653 39,369 37,996 Other vessel operating expenses 21,296 19,403 24,500 Total 139,662 148,235 166,432 |
Voyage Expenses and Commissions
Voyage Expenses and Commissions | 12 Months Ended |
Dec. 31, 2021 | |
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 ended December 31, 2019 2020 2021 Brokers’ commissions on revenue 7,527 7,050 8,363 Bunkers’ consumption and other voyage expenses 16,245 14,833 11,067 Total 23,772 21,883 19,430 Bunkers’ consumption and other voyage expenses represent mainly bunkers consumed during vessels’ unemployment and off-hire (including bunkers consumed during dry-docking). |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2019 2020 2021 Employee costs 24,863 24,051 16,079 Share-based compensation (Note 22) 5,107 5,486 3,032 Amortization of long-term employee benefits — — 684 Other expenses 17,415 17,712 23,518 Total 47,385 47,249 43,313 General and administrative expenses include restructuring costs comprising of termination benefits, accelerated amortization for stock plan and restructuring obligation, of $815 for the year ended December 31, 2021 ($5,312 for the year ended December 31, 2020, $4,702 for the year ended December 31, 2019) pursuant to management’s decision to relocate more of its employees including several members of senior management to the Piraeus, Greece office. On April 1, 2021, the Company granted $3,355 of cash settled awards to selected employees, in consideration of their key roles in the Company’s operations and their continuing commitment to its success. This grant will be settled in cash three years after the grant date, i.e. in April 2024. It is subject to the employees’ continuing employment with the Company. These obligations are classified as Long-term liabilities and are measured as the present value of expected future payments to be made with any unwind in the discount reflected in the consolidated statement of profit or loss. The expense of the period is included in Amortization of long-term employee benefits in the table above. Other expenses include legal and professional costs relating to the Transaction of $10,698 for the year ended December 31, 2021, respectively ($937 for the year ended December 31, 2020 and nil for the year ended December 31, 2019). |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenues from Contracts with Customers | |
Revenues from Contracts with Customers | 18. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: For the year ended December 31, 2019 2020 2021 Revenues from long-term fleet 508,778 462,887 497,200 Revenues from spot fleet 113,822 210,390 311,314 Revenues from The Cool Pool Limited (GasLog vessels) 45,253 — — Revenues from vessel management services 784 812 1,063 Total 668,637 674,089 809,577 Revenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019, which is recorded as a separate line item in the consolidated statement of profit or loss. Management allocates vessel revenues to two categories: a) spot fleet and b) long-term fleet, which reflects its commercial strategy. Specifically, the spot fleet category contains all vessels that have contracts with initial duration of less than five years . The long-term fleet category contains all vessels that have charter party agreements with initial duration of more than five years . Both categories, exclude optional periods. |
Financial Income and Costs
Financial Income and Costs | 12 Months Ended |
Dec. 31, 2021 | |
Financial Income and Costs | |
Financial Income and Costs | 19. Financial Income and Costs An analysis of financial income and costs is as follows: For the year ended December 31, 2019 2020 2021 Financial Income Interest income 5,318 726 142 Total financial income 5,318 726 142 Financial Costs Amortization and write-off of deferred loan/bond issuance costs/premium 14,154 22,876 20,286 Interest expense on loans 122,819 93,860 82,325 Interest expense on bonds and realized loss on CCSs 34,607 35,891 34,766 Lease charge 10,506 9,921 10,269 Loss arising on bond repurchases at a premium (Note 13) 2,119 1,937 — Other financial costs, net 6,276 796 19,309 Total financial costs 190,481 165,281 166,955 Other financial costs, net includes an amount of $15,718 for the year ended December 31, 2021, relating to fees (bank consent, legal fees, etc.) to obtain the third-party consents and waivers in connection with the de-listing of the Group’s shares from NYSE after the consummation of the Transaction. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Contingencies | |
Contingencies | 20. 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, 2021 | |
Related Party Transactions | |
Related Party Transactions | 21. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Current Assets Dividends receivable and other amounts due from related parties As of December 31, 2020 2021 Dividends receivable from associate (Note 5) 1,250 — Other receivables 9 18 Total 1,259 18 Current Liabilities Amounts due to related parties As of December 31, 2020 2021 Ship management creditors 124 119 Amounts due to related parties 164 27 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 $27 as of December 31, 2021 (December 31, 2020: $164) 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. As of December 31, 2021, GasLog (being a 20% shareholder in Gastrade) has through its subsidiary GasLog LNG Services Ltd. pledged an amount of EUR962 in NBG in order for Gastrade to issue a letter of credit of EUR4,800 to GAS-fifteen Ltd. (the owner of the GasLog Chelsea 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, 2019, 2020 and 2021: Statement of Company Details income account 2019 2020 2021 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues (703) (703) (703) (a) Egypt LNG Shipping Ltd. Sale of office property Loss on disposal of non-current assets — 572 — (b) Nea Dimitra Property Office rent and utilities General and administrative expenses 411 478 593 (b) Nea Dimitra Property Office rent Financial costs/Depreciation 642 669 780 (b) Nea Dimitra Property Other office services General and administrative expenses 1 1 — (c) Seres S.A. Catering services General and administrative expenses 361 268 306 (c) Seres S.A. Consultancy services General and administrative expenses 55 56 65 (d) Chartwell Management Inc. Travel expenses General and administrative expenses 284 23 — (e) Ceres Monaco S.A.M. Professional services General and administrative expenses 144 144 — (e) Ceres Monaco S.A.M. Travel expenses General and administrative expenses 13 1 — (f) The Cool Pool Limited Pool gross revenues Revenues (45,253) — — (f) The Cool Pool Limited Pool gross bunkers Voyage expenses and commissions 7,255 — — (f) The Cool Pool Limited Pool other voyage expenses Voyage expenses and commissions 831 — — (f) The Cool Pool Limited Adjustment for net pool allocation Net pool allocation 4,264 — — (g) Ceres Shipping Ltd. Travel expenses General and administrative expenses — 1 — (g) Ceres Shipping Ltd. Professional services General and administrative expenses 10 — — (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. In addition, in June 2020, GasLog LNG Services Ltd. agreed to sell a low-pressure turbine to Egypt LNG Shipping Ltd. to be installed on the Methane Nile Eagle . The disposal resulted in a loss of $572 (Note 6). (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) 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. (d) Chartwell Management Inc. is an entity controlled by the Livanos family which provides travel services to GasLog’s directors and officers. (e) 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 a consultancy arrangement fee of $12 per month up to December 31, 2020. (f) GasLog recognized gross revenues and total voyage expenses of $45,253 and $8,086 , respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019. The aforementioned pool results were adjusted by a net loss of $4,264 to include the net allocation from the pool in accordance with the profit sharing terms specified in the Pool Agreement. (g) Ceres Shipping Ltd., an entity controlled by the Livanos family, requested reimbursement of professional expenses provided during the year. (h) In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of $1,000 for consultancy services provided in relation to the Group’s debt re-financings completed in July and August 2020. This amount is classified under Deferred loan issuance costs (i.e. contra debt) and is amortized over the duration of the respective facilities. (i) In the year ended December 31, 2021, Ceres Shipping Ltd., an entity controlled by the Livanos family, received a fee of $488 for consultancy services provided in relation to the refinancing of the Group's 8.875% Senior Notes. This amount is classified under Deferred financing costs in the consolidated statement of financial position and will be netted off debt on the date that the Notes will be drawn. Compensation of key management personnel The remuneration of directors and key management was as follows: For the year ended December 31, 2019 2020 2021 Remuneration 7,536 8,663 4,815 Short-term benefits 172 181 79 Amortization of long-term employee benefits — — 537 Expense recognized in respect of share-based compensation 2,044 2,951 1,225 Total 9,752 11,795 6,656 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation | |
Share-Based Compensation | 22. Share-Based Compensation Omnibus Incentive Compensation Plan GasLog has granted to executives, managers and certain employees of the Group, Restricted Stock Units (“RSUs”), Stock Appreciation Rights or Stock Options (collectively, the “SARs”) and Performance Stock Units (“PSUs”) in accordance with its 2013 Omnibus Incentive Compensation Plan (the “Plan”). The RSUs (with the exception of the RSUs granted in 2020 that are discussed below) and PSUs vest three years after the grant dates while the SARs and the RSUs granted in 2020 vest incrementally with one -third of the SARs and RSUs 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. Vesting of the PSUs is also subject to the achievement of certain performance targets in relation to the total shareholder return (“TSR”) achieved by the Company during the performance period weighted at 50%, the operating expenses reduction (“Opex reduction”) weighted at 25% and the general and administrative expense reduction (“G&A reduction”) weighted at 25%. Specifically, TSR is benchmarked against the TSR of a selected group of peer companies. TSR above the 75 th th th th 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. Following the consummation of the Transaction, the previously unvested RSUs and PSUs vested; the PSUs vested assuming 100% achievement of performance conditions. In addition, all SARs have been cancelled and replaced by cash consideration. 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 2018 2019 2019 Grant date share closing price $ 13.26 $ 24.00 $ 19.48 $ 9.28 $ 15.55 $ 16.30 $ 17.79 $ 12.34 Exercise price * $ 12.48 $ 23.22 $ 18.70 $ 8.50 $ 14.77 $ 15.52 $ 17.41 $ 11.96 Expected volatility 29.31 % 29.42 % 39.3 % 47.3 % 46.0 % 44.5 % 45.03 % 45.8 % Expected term 6 years 6 years 6 years 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term 1.08 % 2.03 % 1.48 % 1.37 % 1.99 % 2.61 % 2.35 % 1.47 % * The fair value of the RSUs and PSUs was determined by using the grant date closing price and was not further adjusted since the holders are entitled to dividends. Movement in RSUs, SARs and PSUs The summary of RSUs, SARs and PSUs is presented below: Weighted Weighted average average share Weighted Number of exercise price price at the average Aggregate awards per share date of exercise contractual life fair value RSUs Outstanding as of January 1, 2020 367,162 — — 1.16 5,988 Granted during the year 522,811 — — — 1,824 Vested during the year (245,061) — — — (3,671) Forfeited during the year (1,059) — — — (17) Outstanding as of December 31, 2020 643,853 — — 1.90 4,124 Vested during the year (642,637) — — — (4,104) Forfeited during the year (1,216) — — — (20) Outstanding as of December 31, 2021 — — — — — SARs Outstanding as of January 1, 2020 2,630,173 14.46 — 6.53 11,367 Forfeited during the year (1,085) — — — (6) Expired during the year (176,610) — — — (838) Outstanding as of December 31, 2020 2,452,478 14.44 — 5.47 10,523 Cancelled during the year (2,452,478) — — — (10,523) Outstanding as of December 31, 2021 — — — — — PSUs Outstanding as of January 1, 2020 — — — — — Granted during the year 501,444 — — — 1,759 Outstanding as of December 31, 2020 501,444 — — 2.25 1,759 Vested during the year (501,444) — — — (1,759) Outstanding as of December 31, 2021 — — — — — GasLog Partners has granted to its executives RCUs and PCUs in accordance with 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 granted awards are presented in the following table: Fair value at Awards Number Grant date grant date RCUs 26,308 April 1, 2019 $ 22.99 PCUs 26,308 April 1, 2019 $ 22.99 RCUs 233,688 April 1, 2020 $ 2.02 PCUs 233,688 April 1,2020 $ 2.02 RCUs 98,255 April 1, 2021 $ 2.75 PCUs 98,255 April 1, 2021 $ 2.75 RCUs 21,663 September 14, 2021 $ 4.09 PCUs 21,663 September 14, 2021 $ 4.09 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 in accordance with the GasLog Partners’ Plan was determined by using the grant date closing price and was not further adjusted since the holders are entitled to cash distributions. Movement in RCUs and PCUs The summary of RCUs and PCUs is presented below: Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2020 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (220,177) — (1,816) Outstanding as of December 31, 2020 89,978 2.04 446 Granted during the year 119,918 — 368 Vested during the year (5,984) — (140) Outstanding as of December 31, 2021 203,912 1.86 674 PCUs Outstanding as of January 1, 2020 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (213,955) — (1,668) Forfeited during the year (6,222) — (148) Outstanding as of December 31, 2020 89,978 2.04 446 Granted during the year 119,918 — 368 Vested during the year (2,992) — (70) Forfeited during the year (2,992) — (70) Outstanding as of December 31, 2021 203,912 1.86 674 The total expense recognized in respect of share-based compensation for the year ended December 31, 2021 was $3,032 (December 31, 2020: $5,486 and December 31, 2019: $5,107). The total accrued cash distribution as of December 31, 2021 is $86 (December 31, 2020: $552). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments | |
Commitments | 23. Commitments (a) As of December 31, 2021 Not later than one year 123,098 Later than one year and not later than three years 451,360 Later than three years and not later than five years 246,196 Total 820,654 (b) As of December 31, 2021 Not later than one year 542,913 Later than one year and not later than two years 421,640 Later than two years and not later than three years 352,986 Later than three years and not later than four years 325,410 Later than four years and not later than five years 257,903 Later than five years 375,218 Total 2,276,070 (c) (d) six years . As of December 31, 2021, ballast water management systems had been installed on fourteen out of the nineteen vessels. (e) (f) As of December 31, 2021, GasLog LNG Services Ltd. has provided bank guarantees as follows: ● ● 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. ● Bank guarantee of $338 relating to the United Kingdom Mutual Steamship Assurance Association Limited relating to the punctual payment in the event a supplementary call is levied for policy years in which GasLog vessels were entered with the club. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management | |
Financial Risk Management | 24. 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 aggregate principal amount of our outstanding floating rate debt as of December 31, 2021 was $1,915,297. As an indication of the extent of our sensitivity to interest rate changes, an increase in LIBOR of 10 basis points would increase the annual interest expense on the un-hedged portion of the Group’s loans by approximately $1,942 (December 31, 2020: $1,665 and December 31, 2019: $1,530). Interest rate sensitivity analysis: 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. At December 31, 2021, 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 swaps would have amounted to $3,187 (December 31, 2020: $5,162 and December 31, 2019: $6,285) affecting loss/(gain) on derivatives in the respective reporting dates. Other price risk: Currency risk: The Group has entered into CCSs (Note 26) to hedge its currency exposure from the NOK 2024 Bonds and forward foreign exchange contracts to hedge its currency exposure from payments in EUR. In addition, management monitors 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, 2021 by $12,699, based upon its expenses during the year (December 31, 2020: $13,086 and December 31, 2019: $11,380). Interest rate risk on NOK 2024 Bonds (cash flow hedge): The Group has closely monitored the market and the output from the various industry working groups managing the transition to new benchmark interest rates. This includes announcements made by LIBOR regulators (including the Financial Conduct Authority (“FCA”) and the US Commodity Futures Trading Commission) regarding the transition away from IBORs to the Secured Overnight Financing Rate (“SOFR”) and the Norwegian Overnight Weighted Average (“NOWA”) respectively. The FCA has made clear that, at the end of 2021, it will no longer seek to persuade or compel banks to submit LIBOR estimates. The Group believes that all areas potentially impacted (including borrowings, derivative financial instruments etc.) have been identified. The Group’s NOK 2024 Bonds agreement includes fall back provisions for a case of cessation of the referenced benchmark interest rate. Specifically, it states that in the case that the interest rate referenced IBOR is no longer available, the interest rate will be set by the bond trustee in consultation with the issuer to: (i) any relevant replacement reference rate generally accepted in the market; or (ii) such interest rate that best reflects the interest rate for deposits in the bond currency offered for the relevant interest period. In each case, if any such rate is below zero, the reference rate will be deemed to be zero. For the Group’s CCSs, the International Swaps and Derivatives Association’s (“ISDA”) fall back clauses were made available at the end of 2019. These clauses or similar language has been inserted into a number of ISDA agreements across the Group and all outstanding agreements will be considered on a case by case basis with each counterparty. Below are details of the hedging instruments and hedged item in scope of the IFRS 9 amendments due to interest rate benchmark reform, by hedge type. The terms of the hedged item match those of the corresponding hedging instruments. Hedge type Instrument type Counterparty Maturing in Notional amount Hedged item Receive 3-month NIBOR, pay 3-month LIBOR floating CCS DNB Nov 2024 $ 32,850 Cash flow hedges Receive 3-month NIBOR, pay 3-month LIBOR floating CCS SEB Nov 2024 $ 32,850 NOK 2024 Bonds of the same maturity and notional of the CCSs. Receive 3-month NIBOR, pay 3-month LIBOR floating CCS Nordea Nov 2024 $ 32,850 Total $ 98,550 The Group will continue to apply the amendments to IFRS 9 until the uncertainty arising from the interest rate benchmark reforms with respect to the timing and the amount of the underlying cash flows that the Group is exposed ends. The Group has assumed that this uncertainty will not end until the Group’s contracts that reference IBORs are amended to specify the date on which the interest rate benchmark will be replaced, the cash flows of the alternative benchmark rate and relevant spread adjustment. 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 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 average effective Less interest than 1 rate month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2020 Trade and other accounts payable $ 24,651 129 266 — — 25,046 Amounts due to related parties 164 — — — — 164 Other payables and accruals* 34,919 28,940 17,399 — — 81,258 Other non-current liabilities* — — — 612 1,379 1,991 Variable interest loans 2.46 % 54,892 39,196 227,325 2,224,725 1,264,577 3,810,715 Bonds — 10,640 32,485 478,314 — 521,439 Lease liabilities 1,756 3,361 14,072 75,303 182,880 277,372 Total $ 116,382 82,266 291,547 2,778,954 1,448,836 4,717,985 December 31, 2021 Trade and other accounts payable $ 15,770 122 — — — 15,892 Amounts due to related parties 27 — — — — 27 Other payables and accruals* 22,513 42,026 17,893 — — 82,432 Other non-current liabilities* — — — 814 1,314 2,128 Variable interest loans 2.33 % 39,834 41,548 227,108 2,135,245 1,186,584 3,630,319 Bonds — 323,503 5,082 115,817 — 444,402 Lease liabilities 3,775 7,199 32,220 174,048 166,582 383,824 Total $ 81,919 414,398 282,303 2,425,924 1,354,480 4,559,024 * Non-financial liabilities are excluded. 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 month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2020 Interest rate swaps 559 1,128 33,772 73,968 5,132 114,559 Cross currency swaps — (25) (182) (5,597) — (5,804) Forward foreign exchange contracts (113) (234) — — — (347) Total 446 869 33,590 68,371 5,132 108,408 December 31, 2021 Interest rate swaps 605 1,138 23,877 28,263 1,217 55,100 Cross currency swaps — (76) (430) (1,961) — (2,467) Forward foreign exchange contracts 175 345 427 — — 947 Total 780 1,407 23,874 26,302 1,217 53,580 Credit risk Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss and arises from cash and cash equivalents, short-term investments, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables, dividends receivable and other amounts due from related parties. 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 December 31, 2020 2021 Cash and cash equivalents 367,269 282,246 Trade and other receivables 36,223 28,595 Dividends receivable and other amounts due from related parties 1,259 18 Derivative financial instruments 6,095 2,509 For the year ended December 31, 2021, 38.0% of the Group’s revenue was earned from Shell (December 31, 2020 and December 31, 2019, 57.2% and 70.0%, respectively) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group’s counterparties. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2021. 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, 2021 | |
Capital Risk Management | |
Capital Risk Management | 25. 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 December 31, 2020 2021 Borrowings, current portion 245,626 553,161 Borrowings, non-current portion 3,527,595 3,105,059 Lease liabilities, current portion 9,644 30,905 Lease liabilities, non-current portion 186,526 271,945 Total debt 3,969,391 3,961,070 Total equity 1,597,137 1,568,371 Total debt and equity 5,566,528 5,529,441 Gearing ratio 71.3 % 71.6 % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 26. Derivative Financial Instruments The fair value of the derivative assets is as follows: As of December 31, 2020 2021 Derivative assets carried at fair value through profit or loss (FVTPL) Forward foreign exchange contracts 327 91 Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps 5,768 2,418 Total 6,095 2,509 Derivative financial instruments, current assets 534 596 Derivative financial instruments, non-current assets 5,561 1,913 Total 6,095 2,509 The fair value of the derivative liabilities is as follows: As of December 31, 2020 2021 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 113,855 53,192 Forward foreign exchange contracts — 1,020 Total 113,855 54,212 Derivative financial instruments, current liability 35,415 25,518 Derivative financial instruments, non-current liability 78,440 28,694 Total 113,855 54,212 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 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 As of December 31, 2020 and 2021, there are no interest rate swaps designated as cash flow hedging instruments for accounting purposes. Interest rate swaps held for trading The principal terms of the interest rate swaps held for trading were as follows: Notional Amount Trade Effective Termination Fixed Interest December 31, December 31, Company Counterparty Date Date Date Rate 2020 2021 GasLog Deutsche Bank AG July 2016 July 2016 July 2021 1.98 % 66,667 N/A GasLog Deutsche Bank AG July 2016 July 2016 July 2022 1.98 % 66,667 66,667 GasLog DNB July 2016 July 2016 July 2022 1.719 % 73,333 73,333 GasLog HSBC July 2016 July 2016 July 2022 1.79 % 33,333 33,333 GasLog SCB July 2020 July 2016 July 2022 2.015 % 66,667 66,667 GasLog SEB July 2016 July 2016 July 2021 1.8405 % 50,000 N/A GasLog HSBC Feb 2017 Feb 2017 Feb 2022 2.005%/2.17 % 100,000 100,000 GasLog SCB July 2020 Feb 2017 Mar 2022 2.2145 % 100,000 100,000 GasLog ABN Feb 2017 Feb 2017 Mar 2022 2.003 % 100,000 100,000 GasLog Nordea Bank Finland (“Nordea”) May 2018 July 2020 July 2026 3.070 % 66,667 66,667 GasLog Nordea May 2018 May 2018 July 2026 2.562 % 66,667 66,667 GasLog SEB May 2018 July 2020 July 2024 3.025 % 50,000 50,000 GAS-twenty seven Ltd. DNB July 2020 July 2020 July 2024 3.146 % 48,889 48,889 GAS-twenty seven Ltd. ING July 2020 July 2020 July 2024 3.24 % 24,444 24,444 GasLog DNB May 2018 July 2018 July 2025 2.472 % 73,333 73,333 GasLog HSBC May 2018 Apr 2018 July 2024 2.475 % 33,333 33,333 GasLog (1) HSBC May 2018 Apr 2018 June 2021 2.550 % 33,333 N/A GasLog (1) ABN June 2021 Apr 2021 July 2025 2.550 % N/A 33,333 GasLog Citibank Europe Plc. (“CITI”) May 2018 July 2020 July 2024 3.082 % 30,000 30,000 GasLog CITI May 2018 July 2021 July 2025 3.095 % N/A 30,000 GasLog SEB December 2018 October 2018 July 2026 2.745 % 50,000 50,000 GasLog Nordea December 2018 October 2018 July 2028 2.793 % 66,667 66,667 GasLog DNB December 2018 January 2019 July 2025 2.685 % 73,333 73,333 GasLog SEB December 2018 July 2020 July 2024 2.958 % 50,000 50,000 GasLog (2) ING May 2020 July 2020 July 2024 3.127 % 100,000 100,000 GAS-twenty seven Ltd. DNB July 2020 April 2020 April 2025 3.069 % 40,000 40,000 GAS-twenty seven Ltd. ING July 2020 July 2020 April 2025 3.176 % 20,000 20,000 GAS-fifteen Ltd. NBG September 2020 October 2020 July 2025 1.795 % 94,923 87,357 Total 1,578,256 1,484,023 (1) In June 2021, the Group novated to ABN an interest rate swap with HSBC originally maturing in July 2025 with notional amount of $33,333 . (2) In May 2020, the Group terminated an interest rate swap with Nordea originally maturing in July 2024 and replaced it with a new swap with ING of the same notional amount of $100,000 and the same maturity date of July 2024 with an effective date of July 2020. The impact of these parallel transactions for the Group was a loss of $41 . 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, 2021 amounted to a net gain of $60,663 (December 31, 2020: $63,982 net loss, December 31, 2019: $55,865 net loss), which was recognized against profit or loss in the period incurred and is included in (Loss)/gain on derivatives. During the year ended December 31, 2021, the net gain of $60,663 derived from changes in the LIBOR curve. Cross currency swap agreements The Group entered into CCSs which converted 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 with respect to the NOK 2021 Bonds and maintains CCSs which convert the floating interest rate exposure and the variability of the USD functional currency equivalent cash flows into a floating interest rate and principal on maturity with respect to NOK 2024 Bonds, in order to hedge the Group’s exposure to fluctuations deriving from NOK. The CCSs are designated 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 Trade Effective Termination Interest December 31, December 31, Company Counterparty Date Date Date Rate 2020 2021 GasLog DNB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog SEB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog Nordea Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 Total 98,550 98,550 For the year ended December 31, 2021, the effective portion of changes in the fair value of CCSs amounting to a loss of $3,086 has been recognized in Other comprehensive loss (December 31, 2020: $1,873 gain, December 31, 2019: $3,215 loss). For the year ended December 31, 2021, a gain of $259 was recycled to profit or loss representing the realized loss on CCSs in relation to the interest expenses component of the hedge (December 31, 2020: $625 loss, December 31, 2019: $607 loss). Additionally, for the year ended December 31, 2021, a gain of $3,184 was recognized in Other comprehensive loss in relation to the retranslation of the NOK Bonds in USD as of December 31, 2021 (December 31, 2020: $3,248 loss, December 31, 2019: $325 loss). Forward foreign exchange contracts The Group uses forward foreign exchange contracts to mitigate foreign exchange transaction exposures in EUR. Under these forward foreign exchange contracts, the bank counterparty will effect fixed payments in 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 as such. The principal terms of the forward foreign exchange contracts held for trading which remain open and unsettled as of December 31, 2021 are as follows: Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date contracts Settlement Dates (EUR/USD) (in thousands) GasLog Citibank Europe PLC UK June 2021 3 January - March 2022 1.1941 - 1.1955 € 3,000 GasLog Citibank Europe PLC UK August 2021 6 January - June 2022 1.1784 - 1.1819 € 6,000 GasLog DNB August 2021 3 January - March 2022 1.1799 - 1.1815 € 3,000 GasLog Citibank Europe PLC UK September 2021 9 January - September 2022 1.1725 - 1.1785 € 9,000 GasLog DNB October 2021 6 July - December 2022 1.1682 € 6,000 GasLog ABN November 2021 17 January - December 2022 1.1286 – 1.1489 € 7,748 GasLog Citibank Europe PLC UK November 2021 13 January - December 2022 1.1325 - 1.1428 € 6,500 GasLog DNB November 2021 12 January - December 2022 1.1446 € 6,000 GasLog OCBC November 2021 6 April - September 2022 1.1308 – 1.1354 € 3,000 Total € 50,248 The derivative instruments listed above were not designated as cash flow hedging instruments as of December 31, 2021. The change in the fair value of these contracts for the year ended December 31, 2021 amounted to a net loss of $1,256 (for the year ended December 31, 2020: $21 net loss, December 31, 2019: $1,815 net gain), which was recognized against profit or loss in the year incurred and is included in (Loss)/gain on derivatives. An analysis of (Loss)/gain on derivatives is as follows: For the year ended December 31, 2019 2020 2021 Unrealized (loss)/gain on derivative financial instruments held for trading (54,050) (64,044) 59,407 Realized gain/(loss) on interest rate swaps held for trading 3,164 (20,855) (35,585) Realized (loss)/gain on forward foreign exchange contracts held for trading (3,707) 564 (1,137) Recycled loss of cash flow hedges reclassified to profit or loss (697) — — Ineffective portion of cash flow hedges (151) (323) (5) Total (55,441) (84,658) 22,680 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 swaps and CCSs. 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. ● 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, 2021 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 27. Cash Flow Reconciliations The reconciliation of the Group’s financing activities for the three years ended December 31, 2021 are presented in the tables below: A reconciliation of borrowings arising from financing activities is as follows: Other Deferred comprehensive Non-cash financing Cash flows loss/(income) items costs, assets Borrowings January 1, 2019 2,828,459 Proceeds from bank loans and bonds 905,730 — — — 905,730 Bank loans and bond repayments (547,751) — — — (547,751) Payment for bond repurchase (34,602) — — — (34,602) Additions in deferred loan/bond fees (25,912) — (910) 7,016 (19,806) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — 14,154 — 14,154 Retranslation of the NOK 2021 Bonds and the NOK 2024 Bonds in USD — 1,211 — — 1,211 December 31, 2019 3,147,395 Proceeds from loans and bonds 2,138,035 — — — 2,138,035 Loans and bond repayments (1,481,709) — (8,063) — (1,489,772) Payment for bond repurchase at premium (1,937) — — — (1,937) Additions in deferred loan fees (35,795) — 997 (6,442) (41,240) Deferred loan fees received 792 — — — 792 Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) — — 22,876 — 22,876 Retranslation of the NOK 2024 Bonds in USD — 3,248 (6,176) — (2,928) December 31, 2020 3,773,221 Proceeds from loans 471,867 — — — 471,867 Loans and bond repayments (592,463) — — — (592,463) Additions in deferred loan fees (13,437) — 297 1,254 (11,886) Deferred loan fees received 379 — — — 379 Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) — — 20,286 — 20,286 Retranslation of the NOK 2024 Bonds in USD — (3,184) — — (3,184) December 31, 2021 3,658,220 A reconciliation of derivatives arising from financing activities is as follows: Other Cash comprehensive Non-cash Net derivative flows (loss)/income items assets/(liabilities) January 1, 2019 3,096 Unrealized loss on derivative financial instruments held for trading (Note 26) — — (54,050) (54,050) Ineffective portion of cash flow hedges (Note 26) — — (151) (151) Payment for CCS termination 3,731 — 4,051 7,782 Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — (2,608) — (2,608) December 31, 2019 (45,931) Unrealized loss on derivative financial instruments held for trading (Note 26) — — (64,044) (64,044) Ineffective portion of cash flow hedges (Note 26) — — (323) (323) Payment for interest rate swaps termination 31,662 — — 31,662 Proceeds from entering into interest rate swaps (31,622) — — (31,622) Payment for CCS termination/modification 4,052 — (4,052) — Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — 2,498 — 2,498 December 31, 2020 (107,760) Unrealized gain on derivative financial instruments held for trading (Note 26) — — 59,407 59,407 Ineffective portion of cash flow hedges (Note 26) — — (5) (5) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — (3,345) — (3,345) December 31, 2021 (51,703) A reconciliation of lease liabilities arising from financing activities is as follows: Cash flows Non-cash items Lease liabilities January 1, 2019 213,374 Lease charge (Note 19) — 10,506 10,506 Additions — 1,462 1,462 Payments for interest (10,521) — (10,521) Payments for lease liabilities (9,950) 59 (9,891) December 31, 2019 204,930 Lease charge (Note 19) — 9,921 9,921 Additions — 2,155 2,155 Payments for interest (9,911) — (9,911) Payments for lease liabilities (11,150) 225 (10,925) December 31, 2020 196,170 Lease charge (Note 19) — 10,269 10,269 Additions — 121,520 121,520 Payments for interest (10,269) — (10,269) Payments for lease liabilities (14,843) 3 (14,840) December 31, 2021 302,850 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2021 | |
Taxation | |
Taxation | 28. 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. GasLog Partners did not qualify for this exemption for the three years ended December 31, 2021. During the year ended December 31, 2021, the estimated U.S. source gross transportation tax was $1,357 (December 31, 2020: $1,300 and December 31, 2019: $978). GasLog does not expect to qualify for the statutory tax exemption for the year ended December 31, 2021. During the year ended December 31, 2021, the estimated U.S. source gross transportation tax for GasLog's wholly owned subsidiaries was $3,300 (December 31, 2020: $0, December 31, 2019: $0). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | |
Subsequent Events | 29. Subsequent Events On January 28, 2022, GasLog through its subsidiary GAS-fifteen Ltd. signed an agreement with Keppel for the conversion of the GasLog Chelsea On February 2, 2022, GasLog through its subsidiary GasLog Services UK Ltd. entered into an agreement for the sale of the GasLog Chelsea On February 23, 2022, the board of directors declared a quarterly cash dividend of $0.15 per common share paid on March 1, 2022 to shareholders of record as of February 28, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Statement of compliance | Statement of compliance The consolidated financial statements of GasLog and its subsidiaries have been prepared in accordance with 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. As of December 31, 2021, the Group's current assets totaled $325,580, while current liabilities totaled $779,123, resulting in a negative working capital position of $453,543. Current liabilities include $315,000 relating to the 8.875% senior unsecured notes due in 2022 (the "8.875% Senior Notes"), that mature on March 22, 2022 and which we have successfully refinanced with the Note Purchase Agreement defined in Note 13, and $69,768 of unearned revenue in relation to hires received in advance of December 31, 2021 (which represents a non-cash liability that will be recognized as revenue in January as the services are rendered). Management monitors the Company’s liquidity position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and debt service commitments, and to monitor compliance with the financial covenants within its loan and bond facilities. Management anticipates that our primary sources of funds over the next twelve months will be available cash, cash from operations, existing and new borrowings, the refinancing of the 8.875% Senior Notes we concluded in September 2021 and future sale and leaseback transactions. Management believes that these anticipated sources of funds will be sufficient for the Company to meet its liquidity needs and to comply with its financial covenants for at least twelve months from the date of this report 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 March 9, 2022, 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. Until December 31, 2020, interest paid and movements of cash collaterals for swaps were presented in the consolidated statement of cash flows under cash provided by operating activities. IAS 7 Cash Flow Statement Year ended December 31, 2019 As previously reported Adjustments As restated Net cash provided by operating activities 317,423 190,002 507,425 Net cash used in investing activities (442,978) — (442,978) Net cash provided by/(used in) financing activities 50,066 (190,002) (139,936) Effects of exchange rate changes on cash and cash equivalents (3,358) — (3,358) Decrease in cash and cash equivalents (78,847) — (78,847) Year ended December 31, 2020 As previously reported Adjustments As restated Net cash provided by operating activities 288,951 170,531 459,482 Net cash used in investing activities (729,569) — (729,569) Net cash provided by financing activities 545,954 (170,531) 375,423 Effects of exchange rate changes on cash and cash equivalents (1,814) — (1,814) Increase in cash and cash equivalents 103,522 — 103,522 |
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. 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, |
Leases | Leases Lease income from operating leases of vessels where the Group is a lessor is recognized in the consolidated statement of 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". The Group is a lessee under vessel sale and leaseback arrangements and also leases various properties, vessel and office equipment. Rental contracts are typically made for fixed periods but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Following the implementation of IFRS 16, a lease is recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as lease liabilities. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect lease payment made. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. 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 right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), initially measured using the index or rate as at the commencement date, (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group's incremental borrowing rate, which is the Group's current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. The right-of-use asset is depreciated over its useful life or over the shorter of its 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. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel or office equipment. |
Deferral and presentation of government grants | Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the consolidated statement of 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 the consolidated statement of profit or loss on a straight-line basis as costs are incurred over the duration of the specific project. |
Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions | Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions The Group’s revenues comprise revenues from time charters for the charter hire of its vessels, gross pool revenues (until July 2019), management fees, project supervision income and other income earned during the period in accordance with existing contracts. 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. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases Revenue from Contracts with Customers Pool revenues were 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. Revenues were recognized on a monthly basis, when the vessel was made available and services were provided to the charterer during the period, the amount could be estimated reliably and collection of the related revenue was reasonably assured. 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. 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. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers |
Net pool allocation | Net pool allocation In relation to the vessels' participation in the Cool Pool (until July 2019), net pool allocation 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 CCSs 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. The exchange differences from cash and bonds are classified in Financial costs, while all other foreign exchange differences are classified in General and administrative expenses. |
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. |
Non-current assets held for sale | Non-current assets held for sale Non-current assets (such as vessels) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets held for sale are presented separately from the other assets in the statement of financial position and are not depreciated or amortized while they are classified as held for sale. |
Vessels under construction | Vessels under construction Vessels under construction are presented at cost less identified impairment losses, if any. Costs include scheduled advance 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 vessel’s 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 LNG vessels are also required to undergo an underwater survey in lieu of dry-docking ("intermediate survey") in order to meet certain classification requirements. The intermediate survey component is recognized after the first intermediate survey, which takes place between the first and the second dry-docking and is amortized over the period until the next dry-docking which is estimated to be two The expected useful lives of all long-lived assets are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Intermediate survey component the period until the next dry-docking (i.e. 1-3 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 the consolidated statement of profit or loss in the period of the change and future periods. Management estimates the residual value of its vessels to be equal to the product of their lightweight tonnage ("LWT") and an estimated scrap rate per LWT. Effective December 31, 2021, following management's annual reassessment, the estimated scrap rate per LWT was increased. This change in estimate is expected to decrease the future annual depreciation by $968. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Group might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. 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 the consolidated statement of profit or loss. |
Impairment of tangible fixed assets, vessels under construction and right-of-use assets | Impairment of tangible fixed assets, vessels under construction and right-of-use assets 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. |
Reimbursable capital expenditures | Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under "Vessels". Concurrently, an equal amount is deferred as a liability and amortized to the consolidated statement of profit or loss as revenue over the remaining tenure of the charter party agreement. |
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 not being employed under a charter, 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 and cash equivalents includes cash on hand, deposits held at call with financial institutions and other 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 and amounts held as guarantees as part of stand-by letters of credit. ● 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. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 9 for further information about the Group's accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Group recognizes lifetime expected credit losses ("ECLs") on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. ● Borrowings Borrowings are initially recognized at fair value (net of transaction costs). Borrowings are subsequently 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 consolidated statement of profit or loss over the term of the borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Borrowings also include arrangements such as sale and leaseback transactions with an option or obligation to repurchase the asset. The Group continues to recognize the asset and a financial liability for the amount of the consideration received from the customer. ● 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, CCSs and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value on the date the derivative contracts are entered into 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 existence of an economic relationship between the hedged item and the hedging instrument (i.e., the hedging instrument and hedged item must, based on an economic rationale, be expected to move in opposite directions as a result of a change in the hedged risk); (2) the effect of the credit risk should not dominate the value changes of either the hedged item or the hedging instrument (i.e., credit risk can arise on both the hedging instrument and the hedged item in the form of the counterparty's credit risk or the entity's own credit risk); and (3) the hedge ratio (i.e., the ratio between the amount of hedged item and the amount of hedging instrument) of the hedging relationship is the same as that actually used in the economic hedge. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Cash flow hedges that qualify for hedge accounting 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/loss. 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/loss 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. In accordance with the transition provisions, in December 2019 the Group adopted the amendments to IFRS 9 Financial Instruments Financial Instruments: Disclosures which provide certain reliefs in connection with interest rate benchmark reform ● Lease liabilities 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 Group'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, 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. |
Employee benefits | Employee benefits ● Short-term employee benefits Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service are recognized in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current liabilities in the consolidated statement of financial position. ● Long-term employee benefits Long-term employee benefits are employee benefits that are not expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the service that gives rise to the benefit. These obligations are classified as Long-term liabilities and are measured as the present value of expected future payments to be made with any unwind in the discount reflected in the consolidated statement of profit or loss. ● 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 22. 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. If a grant of equity instruments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied) (a) the Group shall account for the cancellation or settlement as an acceleration of vesting, and shall therefore recognize immediately the amount that otherwise would have been recognized for services received over the remainder of the vesting period and (b) any payment made to the employee on the cancellation or settlement of the grant shall be accounted for as the repurchase of an equity interest, i.e. as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the repurchase date. Any such excess shall be recognized as an expense. ● Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognizes costs for a restructuring that is within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets |
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: 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: Impairment loss on vessels: In assessing the fair value less cost to sell of the vessel, the Group obtains charter free market values for each vessel from independent and internationally recognized ship brokers on a semi-annual basis, 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 charter-free market values 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, 2021, a number of negative indicators such as differences between the charter-free market values of the Group's Steam vessels, as estimated by ship brokers, and their respective carrying amounts, combined with reduced expectations of the rates at which the Group could expect to secure term employment for the remaining economic lives of the Steam vessels and significant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet, influenced management's strategic decisions and prompted the Group to conclude that events and circumstances triggered the existence of potential impairment of Steam vessels, with no impairment indicators identified with respect to the owned and bareboat TFDE fleet and the owned X-DF fleet as of December 31, 2021. The Group performed an impairment assessment for the Steam vessels by comparing each vessel's value in use applying the "expected cash flow" approach, i.e. using all expectations about possible cash flows instead of the single most likely cash flow known as the "traditional approach". The expected cash flow approach was considered more appropriate in light of the increasing uncertainty pertaining to the business outlook for our Steam vessels. As of December 31, 2021, the Group's management established its expectations for recovering each Steam vessel's carrying amount in the form of two alternative scenarios: (a) continued operation of the vessel until the end of its useful economic life or (b) sale (at fair value less costs to sell) post expiry of its charter party agreement currently in effect. Appropriate probabilities were determined and assigned to each probable outcome, taking into account management's established strategic goals and tactical objectives with respect to vessels' operation and residual value risk management. In both scenarios, estimated future cash flows are discounted to their present value using a 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. The assumptions that the Group used in its discounted projected net operating cash flow analysis included, among others, utilization, operating revenues, voyage expenses and commissions, dry-docking costs, operating expenses (including vessel management costs), residual values, fair values less costs to sell and the discount rate. The key assumptions, being those to which the outcome of the impairment assessment is most sensitive, are the estimates of long-term charter rates for non-contracted revenue days and the discount rate. Revenue assumptions were based on contracted time charter rates up to the end of the current contract for 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 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, 2021, (iii) historical average time charter rates, based on publications by independent third party maritime research services ("maritime research publications"), (iv) estimated future time charter rates, based on maritime research publications that provide such forecasts and (v) management's internal assessment of long-term charter rates achievable by each class of vessel. More specifically, for vessels whose charters expire within the next twelve months, the estimated charter rates and utilization for the first year from the assessment date were based on the approved annual budget for the respective year, which was formed based on the anticipated market conditions for that period and 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 one-year time charter contracts. For non-contracted periods starting on the second year for already expired charters or upon the expiration of the firm charter period of a vessel through the end of each vessel’s useful life, the estimated average time charter rates for Steam vessels were based on analysis of future supply and demand for LNG, internally estimated and market-derived costs of building and financing newbuild LNG vessels, the technical characteristics of each vessel and an assessment of the appropriate discount for Steam vessels' charter rates compared to modern newbuild LNG carriers, which is driven largely by unit freight cost differentials and utilization of such vessels. The Group also considered estimated future time charter rates taking into account the significant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuel-efficient LNG carriers to the global fleet and the anticipated developments in terms of environmental regulations. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Group’s control, management believes that the use of the revenue estimates discussed above to be reasonable as of the reporting date. The Group has assumed no inflation or any other revenue escalation or growth factors in determining forecasted time charter rates beyond the contracted charter period through the end of a vessel’s useful life, consistent with long-run historical evidence and industry expectations. The Group used an annual operating expenses escalation factor equal to 1% based on its historical data and experience, as well as its expectations on 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. All estimates used and assumptions made were in accordance with the Group’s internal budgets and historical experience of the shipping industry. In the Group’s impairment assessment as of December 31, 2021, the rate used to discount future estimated cash flows to their present values was 7.5% (6.4% as of December 31, 2020). This was based on an estimated weighted average cost of capital calculated using cost of equity and cost of debt components, adjusted also for vessel-specific risks and uncertainties, as applicable to each probable outcome. The recoverable amounts (values in use) for the six Steam vessels calculated as per above were lower than the respective carrying amounts of those vessels and, consequently, an impairment loss of $125,839 was recognized in the year ended December 31, 2021 (Note 6). In connection with the impairment testing of our vessels as of December 31, 2021, we performed a sensitivity analysis on the most difficult, subjective or complex assumptions that have the potential to affect the outcome of the impairment assessment, which are the projected charter hire rate used to forecast future cash flows for non-contracted revenue days and the discount rate used, in particular for the Steam vessels (Note 6). It is reasonably possible that changes to these assumptions within the next financial year could require a material adjustment of the carrying amount of the Group’s Steam vessels. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period The following standards and amendments relevant to the Group were effective in the current year: In August 2020, the IASB issued the Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Disclosures All other IFRS standards and amendments that became effective in the current year are not relevant to the Group or are not material with respect to the Group’s financial statements. (b) Standards and amendments in issue not yet adopted At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Group were in issue but not yet effective: In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments will be effective for annual periods beginning on or after January 1, 2023. Management anticipates that these amendments will not have a material impact on the Group’s financial statements. The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to the Group’s financial statements. |
Organization and Operations (Ta
Organization and Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Operations | |
Schedule of partnership acquired 100% of ownership interests in subsidiaries | Date Acquisition Completed Subsidiaries Acquired Vessels Purchased September 29, 2014 GAS-sixteen Ltd. and Methane Rita Andrea Methane Jane Elizabeth July 1, 2015 GAS-nineteen Ltd., Methane Alison Victoria, Methane Shirley Elisabeth 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 April 26, 2018 GAS-fourteen Ltd. GasLog Gibraltar November 14, 2018 GAS-twenty seven Ltd. Methane Becki Anne April 1, 2019 GAS-twelve Ltd. GasLog Glasgow |
Schedule of composition of the group's structure | Cargo Place of Date of capacity Cubic Name incorporation incorporation Principal activities meters (“cbm”) Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. (“GasLog Carriers”) 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-Two Panama S.A. Panama November 2020 Dormant — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company 155,000 GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Right-of-use asset company 155,000 GasLog Salem April 2015 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company 153,600 GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Genoa March 2018 GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Gladstone March 2019 GAS-twenty four Ltd. Bermuda June 2014 Lease asset company 174,000 GasLog Houston January 2018 GAS-twenty five Ltd. Bermuda June 2014 Lease asset company 174,000 GasLog Hong Kong March 2018 GAS-twenty six Ltd. Bermuda January 2015 Right-of-use asset company 170,000 Methane Julia Louise March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company 180,000 GasLog Windsor April 2020 GAS-twenty nine Ltd. Bermuda September 2016 Dormant (1) — — — GAS-thirty Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Westminster July 2020 GAS-thirty one Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Wales May 2020 GAS-thirty two Ltd. Bermuda December 2017 Vessel-owning company 174,000 GasLog Georgetown November 2020 GAS-thirty three Ltd. Bermuda May 2018 Vessel-owning company 174,000 GasLog Galveston January 4, 2021 GAS-thirty four Ltd. Bermuda May 2018 Vessel-owning company 180,000 GasLog Wellington June 15, 2021 GAS-thirty five Ltd. Bermuda December 2018 Vessel-owning company 180,000 GasLog Winchester August 24, 2021 GAS-thirty six Ltd. (3) Bermuda December 2018 Dormant — — — GAS-thirty seven Ltd. (3) Bermuda December 2018 Dormant — — — GAS-thirty eight Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2532 Q3 2024 (2) GAS-thirty nine Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2533 Q3 2024 (2) GAS-forty Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2534 Q3 2025 (2) GAS-forty one Ltd. Bermuda December 2021 Vessel-owning company 174,000 Hull No. 2535 Q4 2025 (2) GasLog Hellas-1 Special Maritime Enterprise Greece June 2019 Vessel-owning company 180,000 GasLog Warsaw (1) July 2019 33.3% 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 Right-of-use asset company 155,000 GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company 155,000 GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company 155,000 GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company 155,000 Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Greece March 2016 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Glasgow June 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Geneva September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Gibraltar October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Heather Sally June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company 170,000 Methane Becki Anne March 2015 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company 145,000 Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. (“Gastrade”) Greece June 2010 Service company — — — (1) In June 2019, the newbuilding GasLog Warsaw , delivered on July 31, 2019, was transferred from GAS-twenty nine Ltd. to the subsidiary GasLog Hellas-1 Special Maritime Enterprise. (2) For newbuildings, expected delivery quarters as of December 31, 2021 are presented. (3) On January 7, 2022, GAS-thirty six Ltd. was renamed to GAS-FFA Trading Ltd. and GAS-thirty seven Ltd. was renamed to GAS-FFA Partnership Trading Ltd. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Schedule of change in accounting policy related to cash flows | Year ended December 31, 2019 As previously reported Adjustments As restated Net cash provided by operating activities 317,423 190,002 507,425 Net cash used in investing activities (442,978) — (442,978) Net cash provided by/(used in) financing activities 50,066 (190,002) (139,936) Effects of exchange rate changes on cash and cash equivalents (3,358) — (3,358) Decrease in cash and cash equivalents (78,847) — (78,847) Year ended December 31, 2020 As previously reported Adjustments As restated Net cash provided by operating activities 288,951 170,531 459,482 Net cash used in investing activities (729,569) — (729,569) Net cash provided by financing activities 545,954 (170,531) 375,423 Effects of exchange rate changes on cash and cash equivalents (1,814) — (1,814) Increase in cash and cash equivalents 103,522 — 103,522 |
Schedule of expected useful lives | Vessel LNG vessel component 35 years Dry-docking component 5 years Intermediate survey component the period until the next dry-docking (i.e. 1-3 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, 2021 | |
Equity Transactions | |
Schedule of earnings allocation applies to Partnership's earnings | Allocation of GasLog Partners’ profit/(loss) 2020 2021 Partnership’s profit/(loss) attributable to: Common unitholders 25,970 (23,486) General partner 561 (482) Preference unitholders 30,328 29,694 Total 56,859 5,726 Partnership’s profit/(loss) allocated to GasLog 8,622 (7,127) Partnership’s profit allocated to non-controlling interests 48,237 12,853 Total 56,859 5,726 |
Investment in Associates and _2
Investment in Associates and Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Associates and Joint Venture | |
Schedule of investment in associates and joint venture | % of ownership Country of interest Nature of Measurement Name incorporation 2020 2021 relationship method Principal activity Egypt LNG Shipping Ltd. (1) Bermuda 25 % 25 % Associate Equity method Vessel-owning company Gastrade (2) Greece 20 % 20 % 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). |
Schedule of movements in investment in associates | Associates 2020 2021 As of January 1, 21,620 21,759 Additions 472 230 Share of profit of associates 2,192 1,969 Dividend declared (2,525) (450) As of December 31, 21,759 23,508 |
Schedule of summarized financial information of associates and joint venture | Associates Joint Venture 2020 2021 2020 2021 Current Total current assets 25,861 25,174 — — Total current liabilities (18,393) (18,670) — — Non-current Total non-current assets 98,926 91,069 — — Total non-current liabilities (73,571) (59,168) — — Net assets 32,823 38,405 — — Group’s share 8,025 9,536 — — Effect from translation (87) 151 — — Goodwill 13,821 13,821 — — Investment in associates and joint venture 21,759 23,508 — — Associates Joint Venture 2019 2020 2021 2019 2020 2021 Revenues 26,294 27,807 28,234 121,434 — — Profit for the year 6,429 8,593 7,417 — — — Total comprehensive income for the year 6,429 8,593 7,417 — — — Group’s share in profit 1,627 2,192 1,969 — — — Dividend declared (3,510) (10,100) (1,800) — — — Group’s share in dividend 878 2,525 450 — — — |
Tangible Fixed Assets and Ves_2
Tangible Fixed Assets and Vessels Under Construction (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tangible Fixed Assets and Vessels Under Construction | |
Schedule of movements in tangible fixed assets and vessels under construction | Office property and other tangible Total tangible Vessels under Vessels assets fixed assets construction Cost As of January 1, 2020 5,314,348 25,164 5,339,512 203,323 Additions 40,116 11,245 51,361 677,456 Disposals — (3,029) (3,029) — Transfer from vessels under construction 747,940 — 747,940 (747,940) Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 6,078,041 33,380 6,111,421 132,839 Additions 16,337 3,839 20,176 483,029 Disposals (396,271) — (396,271) — Transfer from vessels under construction 581,952 — 581,952 (581,952) Fully amortized fixed assets (14,512) — (14,512) — As of December 31, 2021 6,265,547 37,219 6,302,766 33,916 Accumulated depreciation As of January 1, 2020 907,192 5,255 912,447 — Depreciation 165,411 790 166,201 — Impairment loss 28,627 — 28,627 — Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 1,076,867 6,045 1,082,912 — Depreciation 185,035 628 185,663 — Disposals (96,818) — (96,818) — Impairment loss 142,692 — 142,692 10,977 Fully amortized fixed assets (14,512) — (14,512) — As of December 31, 2021 1,293,264 6,673 1,299,937 10,977 Net book value As of December 31, 2020 5,001,174 27,335 5,028,509 132,839 As of December 31, 2021 4,972,283 30,546 5,002,829 22,939 |
Schedule of impairment loss recognized for vessels | As of and for the year ended December 31, 2021 Vessel Impairment loss Recoverable amount Methane Rita Andrea (23,234) 67,697 Methane Jane Elizabeth (22,573) 70,149 Methane Lydon Volney (21,862) 72,684 Methane Alison Victoria (20,118) 71,587 Methane Shirley Elisabeth (16,869) 69,069 Methane Heather Sally (21,183) 75,964 Total (125,839) 427,150 |
Schedule of new buildings on order | Date of Estimated Cargo Capacity LNG Carrier agreement delivery (Cbm) Hull No. 2532 November 2021 Q3 2024 174,000 Hull No. 2533 November 2021 Q3 2024 174,000 Hull No. 2534 November 2021 Q3 2025 174,000 Hull No. 2535 November 2021 Q4 2025 174,000 |
Schedule of vessels under construction | As of December 31, 2020 2021 Progress shipyard installments 99,068 — Onsite supervision costs 1,701 — Critical spare parts, equipment and other vessel delivery expenses 32,070 22,939 Total 132,839 22,939 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of movements in right-of-use assets | Vessels’ Right-of-Use Assets Vessels Equipment Properties Other Total As of January 1, 2020 200,032 1,857 4,550 56 206,495 Additions, net 5,799 833 1,255 67 7,954 Depreciation expense (8,163) (1,253) (1,547) (49) (11,012) As of December 31, 2020 197,668 1,437 4,258 74 203,437 Additions, net 173,542 1,426 1,961 (41) 176,888 Depreciation expense (14,655) (1,223) (1,396) (16) (17,290) As of December 31, 2021 356,555 1,640 4,823 17 363,035 |
Schedule of analysis of lease liabilities | Lease Liabilities 2020 2021 As of January 1, 204,930 196,170 Additions, net 2,155 121,520 Lease charge (Note 19) 9,921 10,269 Payments (20,836) (25,109) As of December 31, 196,170 302,850 Lease liabilities, current portion 9,644 30,905 Lease liabilities, non-current portion 186,526 271,945 Total 196,170 302,850 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | As of December 31, 2020 2021 Current accounts 182,056 175,741 Time deposits (with original maturities of three months or less) 36,971 104,274 Ship management client accounts 397 119 Restricted cash 147,845 2,112 Total 367,269 282,246 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | As of December 31, 2020 2021 Trade receivables 5,113 574 VAT receivable 1,139 922 Accrued income 16,818 10,426 Insurance claims 4,236 7,839 Other receivables 8,917 8,834 Total 36,223 28,595 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Non-Current Assets | |
Schedule of other non-current assets | As of December 31, 2020 2021 Various guarantees 289 603 Other long-term assets 5,378 4,263 Cash collaterals on swaps 6,796 — Total 12,463 4,866 |
Share Capital and Preference _2
Share Capital and Preference Shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital and Preference Shares | |
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 treasury preference Share Preference Contributed Treasury common shares shares shares capital shares surplus shares Outstanding as of January 1, 2019 80,861,246 131,880 4,600,000 810 46 850,576 (3,266) Purchase of treasury shares (212,111) 212,111 — — — — (3,752) Treasury shares distributed for awards vested or exercised in the year 222,535 (222,535) — — — — 4,859 Equity raising fees — — — — — (595) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (89,310) — Outstanding as of December 31, 2019 80,871,670 121,456 4,600,000 810 46 760,671 (2,159) Purchase of treasury shares (323,919) 323,919 — — — — (2,000) Proceeds from private placement, net of offering costs 14,400,000 — — 144 — 34,849 — Treasury shares distributed for awards vested or exercised in the year 228,692 (228,692) — — — — 2,819 Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (35,698) — Outstanding as of December 31, 2020 95,176,443 216,683 4,600,000 954 46 759,822 (1,340) Treasury shares distributed for awards vested or exercised in the year 212,619 (212,619) — — — — 1,314 Treasury shares cancelled — (4,064) — — — — 26 Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (67,286) — Outstanding as of December 31, 2021 95,389,062 — 4,600,000 954 46 692,536 — |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reserves. | |
Schedule of movements in reserves | Share-based Employee compensation Total Hedging benefits reserve reserves Balance as of January 1, 2019 (836) (156) 19,954 18,962 Effective portion of changes in fair value of cash flow hedges (2,933) — — (2,933) Recycled loss of cash flow hedges reclassified to profit or loss 697 — — 697 Share-based compensation, net of accrued dividend — — 4,794 4,794 Settlement of share-based compensation — — (4,721) (4,721) Balance as of December 31, 2019 (3,072) (156) 20,027 16,799 Effective portion of changes in fair value of cash flow hedges (750) — — (750) Share-based compensation, net of accrued dividend — — 5,385 5,385 Settlement of share-based compensation — — (2,824) (2,824) Actuarial gain — 57 — 57 Balance as of December 31, 2020 (3,822) (99) 22,588 18,667 Effective portion of changes in fair value of cash flow hedges (161) — — (161) Share-based compensation, net of accrued dividend — — 3,351 3,351 Settlement of share-based compensation — — (6,535) (6,535) Balance as of December 31, 2021 (3,983) (99) 19,404 15,322 |
Schedule of dividend distributions | Declaration date Type of shares Dividend per share Payment date Amount paid February 13, 2019 Common $ 0.15 March 14, 2019 12,129 March 7, 2019 Preference $ 0.546875 April 1, 2019 2,516 May 2, 2019 Common $ 0.15 May 23, 2019 12,129 May 10, 2019 Preference $ 0.546875 July 1, 2019 2,515 July 31, 2019 Common $ 0.15 August 22, 2019 12,129 September 17, 2019 Preference $ 0.546875 October 1, 2019 2,516 November 5, 2019 Common $ 0.15 November 21, 2019 12,129 November 14, 2019 Preference $ 0.546875 January 2, 2020 2,516 December 14, 2019 Common $ 0.38 December 31, 2019 30,731 Total 89,310 February 5, 2020 Common $ 0.15 March 12, 2020 12,082 March 12, 2020 Preference $ 0.546875 April 1, 2020 2,516 May 6, 2020 Common $ 0.05 May 28, 2020 4,035 May 14, 2020 Preference $ 0.546875 July 1, 2020 2,516 August 4, 2020 Common $ 0.05 August 27, 2020 4,758 September 16, 2020 Preference $ 0.546875 October 1, 2020 2,516 November 9, 2020 Common $ 0.05 November 30, 2020 4,759 December 9, 2020 Preference $ 0.546875 January 4, 2021 2,516 Total 35,698 February 21, 2021 Common $ 0.05 March 11, 2021 4,759 March 11, 2021 Preference $ 0.546875 March 31, 2021 2,516 May 5, 2021 Common $ 0.05 May 26, 2021 4,769 May 13, 2021 Preference $ 0.546875 June 30, 2021 2,516 August 4, 2021 Common $ 0.15 August 11, 2021 14,308 September 16, 2021 Preference $ 0.546875 October 1, 2021 2,516 September 30, 2021 Common $ 0.10 October 1, 2021 9,539 November 15, 2021 Preference $ 0.546875 December 31, 2021 2,516 November 15, 2021 Common $ 0.15 November 18, 2021 14,308 November 15, 2021 Common $ 0.10 February 28, 2022 9,539 Total 67,286 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2020 2021 Amounts due within one year 258,262 565,503 Less: unamortized premium — 144 Less: unamortized deferred loan/bond issuance costs (12,636) (12,486) Borrowings, current portion 245,626 553,161 Amounts due after one year 3,583,447 3,152,426 Less: unamortized premium 797 — Less: unamortized deferred loan/bond issuance costs (56,649) (47,367) Borrowings, non-current portion 3,527,595 3,105,059 Total 3,773,221 3,658,220 |
Debt Repayment Schedule | As of December 31, 2021 Not later than one year 565,503 Later than one year and not later than three years 806,988 Later than three years and not later than five years 1,217,080 Later than five years 1,128,358 Total 3,717,929 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | As of December 31, 2020 2021 Unearned revenue 59,612 69,768 Accrued off-hire 5,886 2,461 Accrued purchases 9,867 10,169 Accrued interest 33,600 26,186 Other accruals 34,092 44,917 Total 143,057 153,501 |
Vessel Operating and Supervis_2
Vessel Operating and Supervision Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Vessel Operating and Supervision Costs | |
Schedule of vessel operating and supervision costs | For the year ended December 31, 2019 2020 2021 Crew and vessel management employee costs 80,713 89,463 103,936 Technical maintenance expenses 37,653 39,369 37,996 Other vessel operating expenses 21,296 19,403 24,500 Total 139,662 148,235 166,432 |
Voyage Expenses and Commissio_2
Voyage Expenses and Commissions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Voyage Expenses and Commissions | |
Schedule of voyage expenses and commissions | For the year ended December 31, 2019 2020 2021 Brokers’ commissions on revenue 7,527 7,050 8,363 Bunkers’ consumption and other voyage expenses 16,245 14,833 11,067 Total 23,772 21,883 19,430 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the year ended December 31, 2019 2020 2021 Employee costs 24,863 24,051 16,079 Share-based compensation (Note 22) 5,107 5,486 3,032 Amortization of long-term employee benefits — — 684 Other expenses 17,415 17,712 23,518 Total 47,385 47,249 43,313 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenues from Contracts with Customers | |
Schedule of revenues from contracts with customers | For the year ended December 31, 2019 2020 2021 Revenues from long-term fleet 508,778 462,887 497,200 Revenues from spot fleet 113,822 210,390 311,314 Revenues from The Cool Pool Limited (GasLog vessels) 45,253 — — Revenues from vessel management services 784 812 1,063 Total 668,637 674,089 809,577 |
Financial Income and Costs (Tab
Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Income and Costs | |
Schedule of financial income and costs | For the year ended December 31, 2019 2020 2021 Financial Income Interest income 5,318 726 142 Total financial income 5,318 726 142 Financial Costs Amortization and write-off of deferred loan/bond issuance costs/premium 14,154 22,876 20,286 Interest expense on loans 122,819 93,860 82,325 Interest expense on bonds and realized loss on CCSs 34,607 35,891 34,766 Lease charge 10,506 9,921 10,269 Loss arising on bond repurchases at a premium (Note 13) 2,119 1,937 — Other financial costs, net 6,276 796 19,309 Total financial costs 190,481 165,281 166,955 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | |
Schedule of balances with related parties | As of December 31, 2020 2021 Dividends receivable from associate (Note 5) 1,250 — Other receivables 9 18 Total 1,259 18 As of December 31, 2020 2021 Ship management creditors 124 119 Amounts due to related parties 164 27 |
Schedule of transactions with related parties | Statement of Company Details income account 2019 2020 2021 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues (703) (703) (703) (a) Egypt LNG Shipping Ltd. Sale of office property Loss on disposal of non-current assets — 572 — (b) Nea Dimitra Property Office rent and utilities General and administrative expenses 411 478 593 (b) Nea Dimitra Property Office rent Financial costs/Depreciation 642 669 780 (b) Nea Dimitra Property Other office services General and administrative expenses 1 1 — (c) Seres S.A. Catering services General and administrative expenses 361 268 306 (c) Seres S.A. Consultancy services General and administrative expenses 55 56 65 (d) Chartwell Management Inc. Travel expenses General and administrative expenses 284 23 — (e) Ceres Monaco S.A.M. Professional services General and administrative expenses 144 144 — (e) Ceres Monaco S.A.M. Travel expenses General and administrative expenses 13 1 — (f) The Cool Pool Limited Pool gross revenues Revenues (45,253) — — (f) The Cool Pool Limited Pool gross bunkers Voyage expenses and commissions 7,255 — — (f) The Cool Pool Limited Pool other voyage expenses Voyage expenses and commissions 831 — — (f) The Cool Pool Limited Adjustment for net pool allocation Net pool allocation 4,264 — — (g) Ceres Shipping Ltd. Travel expenses General and administrative expenses — 1 — (g) Ceres Shipping Ltd. Professional services General and administrative expenses 10 — — (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. In addition, in June 2020, GasLog LNG Services Ltd. agreed to sell a low-pressure turbine to Egypt LNG Shipping Ltd. to be installed on the Methane Nile Eagle . The disposal resulted in a loss of $572 (Note 6). (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) 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. (d) Chartwell Management Inc. is an entity controlled by the Livanos family which provides travel services to GasLog’s directors and officers. (e) 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 a consultancy arrangement fee of $12 per month up to December 31, 2020. (f) GasLog recognized gross revenues and total voyage expenses of $45,253 and $8,086 , respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019. The aforementioned pool results were adjusted by a net loss of $4,264 to include the net allocation from the pool in accordance with the profit sharing terms specified in the Pool Agreement. (g) Ceres Shipping Ltd., an entity controlled by the Livanos family, requested reimbursement of professional expenses provided during the year. (h) In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of $1,000 for consultancy services provided in relation to the Group’s debt re-financings completed in July and August 2020. This amount is classified under Deferred loan issuance costs (i.e. contra debt) and is amortized over the duration of the respective facilities. (i) In the year ended December 31, 2021, Ceres Shipping Ltd., an entity controlled by the Livanos family, received a fee of $488 for consultancy services provided in relation to the refinancing of the Group's 8.875% Senior Notes. This amount is classified under Deferred financing costs in the consolidated statement of financial position and will be netted off debt on the date that the Notes will be drawn. |
Schedule of remuneration of directors and key management | For the year ended December 31, 2019 2020 2021 Remuneration 7,536 8,663 4,815 Short-term benefits 172 181 79 Amortization of long-term employee benefits — — 537 Expense recognized in respect of share-based compensation 2,044 2,951 1,225 Total 9,752 11,795 6,656 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
The Plan | |
Share-Based Compensation | |
Summary of activity | Weighted Weighted average average share Weighted Number of exercise price price at the average Aggregate awards per share date of exercise contractual life fair value RSUs Outstanding as of January 1, 2020 367,162 — — 1.16 5,988 Granted during the year 522,811 — — — 1,824 Vested during the year (245,061) — — — (3,671) Forfeited during the year (1,059) — — — (17) Outstanding as of December 31, 2020 643,853 — — 1.90 4,124 Vested during the year (642,637) — — — (4,104) Forfeited during the year (1,216) — — — (20) Outstanding as of December 31, 2021 — — — — — SARs Outstanding as of January 1, 2020 2,630,173 14.46 — 6.53 11,367 Forfeited during the year (1,085) — — — (6) Expired during the year (176,610) — — — (838) Outstanding as of December 31, 2020 2,452,478 14.44 — 5.47 10,523 Cancelled during the year (2,452,478) — — — (10,523) Outstanding as of December 31, 2021 — — — — — PSUs Outstanding as of January 1, 2020 — — — — — Granted during the year 501,444 — — — 1,759 Outstanding as of December 31, 2020 501,444 — — 2.25 1,759 Vested during the year (501,444) — — — (1,759) Outstanding as of December 31, 2021 — — — — — |
SARs | |
Share-Based Compensation | |
Summary of significant assumptions used to estimate the fair value | Inputs into the model 2013 2014 2015 2016 2017 2018 2019 2019 Grant date share closing price $ 13.26 $ 24.00 $ 19.48 $ 9.28 $ 15.55 $ 16.30 $ 17.79 $ 12.34 Exercise price * $ 12.48 $ 23.22 $ 18.70 $ 8.50 $ 14.77 $ 15.52 $ 17.41 $ 11.96 Expected volatility 29.31 % 29.42 % 39.3 % 47.3 % 46.0 % 44.5 % 45.03 % 45.8 % Expected term 6 years 6 years 6 years 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term 1.08 % 2.03 % 1.48 % 1.37 % 1.99 % 2.61 % 2.35 % 1.47 % * |
GasLog Partners' Plan | GasLog Partners LP | |
Share-Based Compensation | |
Summary of awards granted | Fair value at Awards Number Grant date grant date RCUs 26,308 April 1, 2019 $ 22.99 PCUs 26,308 April 1, 2019 $ 22.99 RCUs 233,688 April 1, 2020 $ 2.02 PCUs 233,688 April 1,2020 $ 2.02 RCUs 98,255 April 1, 2021 $ 2.75 PCUs 98,255 April 1, 2021 $ 2.75 RCUs 21,663 September 14, 2021 $ 4.09 PCUs 21,663 September 14, 2021 $ 4.09 |
Summary of activity | Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2020 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (220,177) — (1,816) Outstanding as of December 31, 2020 89,978 2.04 446 Granted during the year 119,918 — 368 Vested during the year (5,984) — (140) Outstanding as of December 31, 2021 203,912 1.86 674 PCUs Outstanding as of January 1, 2020 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (213,955) — (1,668) Forfeited during the year (6,222) — (148) Outstanding as of December 31, 2020 89,978 2.04 446 Granted during the year 119,918 — 368 Vested during the year (2,992) — (70) Forfeited during the year (2,992) — (70) Outstanding as of December 31, 2021 203,912 1.86 674 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments | |
Schedule of commitments relating to vessels under construction | As of December 31, 2021 Not later than one year 123,098 Later than one year and not later than three years 451,360 Later than three years and not later than five years 246,196 Total 820,654 |
Schedule of future gross minimum lease payments in relation to non-cancellable time charter agreements | As of December 31, 2021 Not later than one year 542,913 Later than one year and not later than two years 421,640 Later than two years and not later than three years 352,986 Later than three years and not later than four years 325,410 Later than four years and not later than five years 257,903 Later than five years 375,218 Total 2,276,070 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management | |
Schedule of interest rate risk on NOK 2024 Bonds | Hedge type Instrument type Counterparty Maturing in Notional amount Hedged item Receive 3-month NIBOR, pay 3-month LIBOR floating CCS DNB Nov 2024 $ 32,850 Cash flow hedges Receive 3-month NIBOR, pay 3-month LIBOR floating CCS SEB Nov 2024 $ 32,850 NOK 2024 Bonds of the same maturity and notional of the CCSs. Receive 3-month NIBOR, pay 3-month LIBOR floating CCS Nordea Nov 2024 $ 32,850 Total $ 98,550 |
Schedule of expected cash flows for non-derivative financial liabilities | Weighted average effective Less interest than 1 rate month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2020 Trade and other accounts payable $ 24,651 129 266 — — 25,046 Amounts due to related parties 164 — — — — 164 Other payables and accruals* 34,919 28,940 17,399 — — 81,258 Other non-current liabilities* — — — 612 1,379 1,991 Variable interest loans 2.46 % 54,892 39,196 227,325 2,224,725 1,264,577 3,810,715 Bonds — 10,640 32,485 478,314 — 521,439 Lease liabilities 1,756 3,361 14,072 75,303 182,880 277,372 Total $ 116,382 82,266 291,547 2,778,954 1,448,836 4,717,985 December 31, 2021 Trade and other accounts payable $ 15,770 122 — — — 15,892 Amounts due to related parties 27 — — — — 27 Other payables and accruals* 22,513 42,026 17,893 — — 82,432 Other non-current liabilities* — — — 814 1,314 2,128 Variable interest loans 2.33 % 39,834 41,548 227,108 2,135,245 1,186,584 3,630,319 Bonds — 323,503 5,082 115,817 — 444,402 Lease liabilities 3,775 7,199 32,220 174,048 166,582 383,824 Total $ 81,919 414,398 282,303 2,425,924 1,354,480 4,559,024 * Non-financial liabilities are excluded. |
Schedule of expected cash flows for derivative financial instruments | Less than 1 month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2020 Interest rate swaps 559 1,128 33,772 73,968 5,132 114,559 Cross currency swaps — (25) (182) (5,597) — (5,804) Forward foreign exchange contracts (113) (234) — — — (347) Total 446 869 33,590 68,371 5,132 108,408 December 31, 2021 Interest rate swaps 605 1,138 23,877 28,263 1,217 55,100 Cross currency swaps — (76) (430) (1,961) — (2,467) Forward foreign exchange contracts 175 345 427 — — 947 Total 780 1,407 23,874 26,302 1,217 53,580 |
Summary of credit risk exposure | As of December 31, 2020 2021 Cash and cash equivalents 367,269 282,246 Trade and other receivables 36,223 28,595 Dividends receivable and other amounts due from related parties 1,259 18 Derivative financial instruments 6,095 2,509 |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital Risk Management | |
Schedule of the gearing ratio | As of December 31, 2020 2021 Borrowings, current portion 245,626 553,161 Borrowings, non-current portion 3,527,595 3,105,059 Lease liabilities, current portion 9,644 30,905 Lease liabilities, non-current portion 186,526 271,945 Total debt 3,969,391 3,961,070 Total equity 1,597,137 1,568,371 Total debt and equity 5,566,528 5,529,441 Gearing ratio 71.3 % 71.6 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Schedule of fair value of the derivative assets | As of December 31, 2020 2021 Derivative assets carried at fair value through profit or loss (FVTPL) Forward foreign exchange contracts 327 91 Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps 5,768 2,418 Total 6,095 2,509 Derivative financial instruments, current assets 534 596 Derivative financial instruments, non-current assets 5,561 1,913 Total 6,095 2,509 |
Schedule of fair value of the derivative liabilities | As of December 31, 2020 2021 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 113,855 53,192 Forward foreign exchange contracts — 1,020 Total 113,855 54,212 Derivative financial instruments, current liability 35,415 25,518 Derivative financial instruments, non-current liability 78,440 28,694 Total 113,855 54,212 |
Schedule of analysis of (loss)/gain on derivatives | For the year ended December 31, 2019 2020 2021 Unrealized (loss)/gain on derivative financial instruments held for trading (54,050) (64,044) 59,407 Realized gain/(loss) on interest rate swaps held for trading 3,164 (20,855) (35,585) Realized (loss)/gain on forward foreign exchange contracts held for trading (3,707) 564 (1,137) Recycled loss of cash flow hedges reclassified to profit or loss (697) — — Ineffective portion of cash flow hedges (151) (323) (5) Total (55,441) (84,658) 22,680 |
Interest rate swaps | |
Financial Instruments | |
Schedule of principal terms of instruments held for trading | Notional Amount Trade Effective Termination Fixed Interest December 31, December 31, Company Counterparty Date Date Date Rate 2020 2021 GasLog Deutsche Bank AG July 2016 July 2016 July 2021 1.98 % 66,667 N/A GasLog Deutsche Bank AG July 2016 July 2016 July 2022 1.98 % 66,667 66,667 GasLog DNB July 2016 July 2016 July 2022 1.719 % 73,333 73,333 GasLog HSBC July 2016 July 2016 July 2022 1.79 % 33,333 33,333 GasLog SCB July 2020 July 2016 July 2022 2.015 % 66,667 66,667 GasLog SEB July 2016 July 2016 July 2021 1.8405 % 50,000 N/A GasLog HSBC Feb 2017 Feb 2017 Feb 2022 2.005%/2.17 % 100,000 100,000 GasLog SCB July 2020 Feb 2017 Mar 2022 2.2145 % 100,000 100,000 GasLog ABN Feb 2017 Feb 2017 Mar 2022 2.003 % 100,000 100,000 GasLog Nordea Bank Finland (“Nordea”) May 2018 July 2020 July 2026 3.070 % 66,667 66,667 GasLog Nordea May 2018 May 2018 July 2026 2.562 % 66,667 66,667 GasLog SEB May 2018 July 2020 July 2024 3.025 % 50,000 50,000 GAS-twenty seven Ltd. DNB July 2020 July 2020 July 2024 3.146 % 48,889 48,889 GAS-twenty seven Ltd. ING July 2020 July 2020 July 2024 3.24 % 24,444 24,444 GasLog DNB May 2018 July 2018 July 2025 2.472 % 73,333 73,333 GasLog HSBC May 2018 Apr 2018 July 2024 2.475 % 33,333 33,333 GasLog (1) HSBC May 2018 Apr 2018 June 2021 2.550 % 33,333 N/A GasLog (1) ABN June 2021 Apr 2021 July 2025 2.550 % N/A 33,333 GasLog Citibank Europe Plc. (“CITI”) May 2018 July 2020 July 2024 3.082 % 30,000 30,000 GasLog CITI May 2018 July 2021 July 2025 3.095 % N/A 30,000 GasLog SEB December 2018 October 2018 July 2026 2.745 % 50,000 50,000 GasLog Nordea December 2018 October 2018 July 2028 2.793 % 66,667 66,667 GasLog DNB December 2018 January 2019 July 2025 2.685 % 73,333 73,333 GasLog SEB December 2018 July 2020 July 2024 2.958 % 50,000 50,000 GasLog (2) ING May 2020 July 2020 July 2024 3.127 % 100,000 100,000 GAS-twenty seven Ltd. DNB July 2020 April 2020 April 2025 3.069 % 40,000 40,000 GAS-twenty seven Ltd. ING July 2020 July 2020 April 2025 3.176 % 20,000 20,000 GAS-fifteen Ltd. NBG September 2020 October 2020 July 2025 1.795 % 94,923 87,357 Total 1,578,256 1,484,023 (1) In June 2021, the Group novated to ABN an interest rate swap with HSBC originally maturing in July 2025 with notional amount of $33,333 . (2) In May 2020, the Group terminated an interest rate swap with Nordea originally maturing in July 2024 and replaced it with a new swap with ING of the same notional amount of $100,000 and the same maturity date of July 2024 with an effective date of July 2020. The impact of these parallel transactions for the Group was a loss of $41 . |
Cross currency swaps | |
Financial Instruments | |
Schedule of principal terms of the hedging instruments | Notional Amount Trade Effective Termination Interest December 31, December 31, Company Counterparty Date Date Date Rate 2020 2021 GasLog DNB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog SEB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog Nordea Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 Total 98,550 98,550 |
Forward foreign exchange contracts | |
Financial Instruments | |
Schedule of principal terms of instruments held for trading | Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date contracts Settlement Dates (EUR/USD) (in thousands) GasLog Citibank Europe PLC UK June 2021 3 January - March 2022 1.1941 - 1.1955 € 3,000 GasLog Citibank Europe PLC UK August 2021 6 January - June 2022 1.1784 - 1.1819 € 6,000 GasLog DNB August 2021 3 January - March 2022 1.1799 - 1.1815 € 3,000 GasLog Citibank Europe PLC UK September 2021 9 January - September 2022 1.1725 - 1.1785 € 9,000 GasLog DNB October 2021 6 July - December 2022 1.1682 € 6,000 GasLog ABN November 2021 17 January - December 2022 1.1286 – 1.1489 € 7,748 GasLog Citibank Europe PLC UK November 2021 13 January - December 2022 1.1325 - 1.1428 € 6,500 GasLog DNB November 2021 12 January - December 2022 1.1446 € 6,000 GasLog OCBC November 2021 6 April - September 2022 1.1308 – 1.1354 € 3,000 Total € 50,248 |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Other Deferred comprehensive Non-cash financing Cash flows loss/(income) items costs, assets Borrowings January 1, 2019 2,828,459 Proceeds from bank loans and bonds 905,730 — — — 905,730 Bank loans and bond repayments (547,751) — — — (547,751) Payment for bond repurchase (34,602) — — — (34,602) Additions in deferred loan/bond fees (25,912) — (910) 7,016 (19,806) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — 14,154 — 14,154 Retranslation of the NOK 2021 Bonds and the NOK 2024 Bonds in USD — 1,211 — — 1,211 December 31, 2019 3,147,395 Proceeds from loans and bonds 2,138,035 — — — 2,138,035 Loans and bond repayments (1,481,709) — (8,063) — (1,489,772) Payment for bond repurchase at premium (1,937) — — — (1,937) Additions in deferred loan fees (35,795) — 997 (6,442) (41,240) Deferred loan fees received 792 — — — 792 Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) — — 22,876 — 22,876 Retranslation of the NOK 2024 Bonds in USD — 3,248 (6,176) — (2,928) December 31, 2020 3,773,221 Proceeds from loans 471,867 — — — 471,867 Loans and bond repayments (592,463) — — — (592,463) Additions in deferred loan fees (13,437) — 297 1,254 (11,886) Deferred loan fees received 379 — — — 379 Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) — — 20,286 — 20,286 Retranslation of the NOK 2024 Bonds in USD — (3,184) — — (3,184) December 31, 2021 3,658,220 |
Schedule of reconciliation of derivatives arising from financing activities | Other Cash comprehensive Non-cash Net derivative flows (loss)/income items assets/(liabilities) January 1, 2019 3,096 Unrealized loss on derivative financial instruments held for trading (Note 26) — — (54,050) (54,050) Ineffective portion of cash flow hedges (Note 26) — — (151) (151) Payment for CCS termination 3,731 — 4,051 7,782 Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — (2,608) — (2,608) December 31, 2019 (45,931) Unrealized loss on derivative financial instruments held for trading (Note 26) — — (64,044) (64,044) Ineffective portion of cash flow hedges (Note 26) — — (323) (323) Payment for interest rate swaps termination 31,662 — — 31,662 Proceeds from entering into interest rate swaps (31,622) — — (31,622) Payment for CCS termination/modification 4,052 — (4,052) — Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — 2,498 — 2,498 December 31, 2020 (107,760) Unrealized gain on derivative financial instruments held for trading (Note 26) — — 59,407 59,407 Ineffective portion of cash flow hedges (Note 26) — — (5) (5) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — (3,345) — (3,345) December 31, 2021 (51,703) |
Schedule of reconciliation of lease liabilities arising from financing activities | Cash flows Non-cash items Lease liabilities January 1, 2019 213,374 Lease charge (Note 19) — 10,506 10,506 Additions — 1,462 1,462 Payments for interest (10,521) — (10,521) Payments for lease liabilities (9,950) 59 (9,891) December 31, 2019 204,930 Lease charge (Note 19) — 9,921 9,921 Additions — 2,155 2,155 Payments for interest (9,911) — (9,911) Payments for lease liabilities (11,150) 225 (10,925) December 31, 2020 196,170 Lease charge (Note 19) — 10,269 10,269 Additions — 121,520 121,520 Payments for interest (10,269) — (10,269) Payments for lease liabilities (14,843) 3 (14,840) December 31, 2021 302,850 |
Organization and Operations - G
Organization and Operations - General information (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Oct. 26, 2021 | Jun. 09, 2021person | Feb. 21, 2021$ / shares | Jun. 29, 2020USD ($) | May 12, 2014USD ($)$ / sharesshares | Dec. 31, 2020USD ($) |
Organization and Operations | |||||||
Number of persons in Board of Directors | person | 5 | ||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 36,000 | ||||||
Common shares | |||||||
Organization and Operations | |||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 36,000 | ||||||
GasLog Partners LP | IPO | |||||||
Organization and Operations | |||||||
Ownership interest in GasLog Partners offered under initial public offering (in percent) | 48.20% | ||||||
GasLog Partners LP | IPO | Common shares | |||||||
Organization and Operations | |||||||
Number of units issued | 9,660,000 | ||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 186,029 | ||||||
GasLog Partners LP | Over allotment | Common shares | |||||||
Organization and Operations | |||||||
Number of units issued | 1,260,000 | ||||||
GasLog Partners LP | Acquisition of subsidiaries | |||||||
Organization and Operations | |||||||
Ownership interest in GasLog Partners in transaction with parent (in percent) | 49.80% | ||||||
Incentive distribution rights threshold for cash distribution per quarter (in dollars per unit) | $ / shares | $ 0.43125 | ||||||
Cash consideration paid to GasLog in exchange for the contribution of net assets | $ | $ 65,695 | ||||||
GasLog Partners LP | Acquisition of subsidiaries | Common shares | |||||||
Organization and Operations | |||||||
Number of units issued | 162,358 | ||||||
GasLog Partners LP | Acquisition of subsidiaries | Subordinated units | |||||||
Organization and Operations | |||||||
Number of units issued | 9,822,358 | ||||||
GasLog Partners LP | Acquisition of subsidiaries | General partner units | |||||||
Organization and Operations | |||||||
Number of units issued | 400,913 | ||||||
General partner interest in GasLog Partners | 2.00% | ||||||
Global Energy & Power Infrastructure Team | |||||||
Organization and Operations | |||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 5.80 | ||||||
GAS-three Ltd. and GAS-ten Ltd | |||||||
Organization and Operations | |||||||
Leaseback bareboat charter period in years | 5 years | ||||||
GasLog Partners LP | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 33.30% | ||||||
General partner interest in GasLog Partners | 2.00% | ||||||
GAS-three Ltd | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 33.30% | ||||||
GAS-three Ltd | GasLog Partners LP | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||
GAS-four Ltd | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 33.30% | ||||||
GAS-four Ltd | GasLog Partners LP | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||
GAS-five Ltd | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 33.30% | ||||||
GAS-five Ltd | GasLog Partners LP | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||
GasLog Partners' subsidiaries acquired after IPO | GasLog Partners LP | |||||||
Organization and Operations | |||||||
Ownership interest in subsidiary (in percent) | 100.00% |
Organization and Operations - C
Organization and Operations - Composition of the group (Details) | Dec. 31, 2021m³ | Dec. 31, 2020 | Jun. 28, 2019shares | Jun. 06, 2019item | Feb. 09, 2017 | Jul. 31, 2018item | Dec. 31, 2021employee | Dec. 31, 2020employee | Dec. 31, 2019employee | |
Organization and Operations | ||||||||||
Number of vessels covered by termination agreement | item | 6 | |||||||||
Average number of employees employed | employee | 159 | 176 | 163 | |||||||
The Cool Pool Limited / Joint venture | Golar - Cool Pool participant | ||||||||||
Organization and Operations | ||||||||||
Number of common capital stock transferred | shares | 100 | |||||||||
The Cool Pool Limited / Joint venture | Dynagas - Cool Pool participant | ||||||||||
Organization and Operations | ||||||||||
Number of vessels removed from Cool Pool | item | 3 | |||||||||
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 / Associate | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in associate (in percent) | 20.00% | 20.00% | 20.00% | |||||||
GasLog Investments Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Carriers Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Shipping Company, Ltd. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Partners GP LLC | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Cyprus Investments Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Services UK Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Services US Inc | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Asia Pte Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog LNG Services Ltd. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Monaco S.A.M. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GAS-Two Panama S.A. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GAS-one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-two Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-six Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-nine Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-ten Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-fifteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 153,600 | |||||||||
GAS-eighteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty two Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty three Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty four Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty five Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty six Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | |||||||||
GAS-twenty eight Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-twenty nine Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [1] | 100.00% | ||||||||
GAS-thirty Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-thirty one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-thirty two Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-thirty three Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-thirty four Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-thirty five Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-thirty six Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | ||||||||
GAS-thirty seven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | ||||||||
GAS-thirty eight Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [3] | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | [3] | 174,000 | ||||||||
GAS-thirty nine Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [3] | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | [3] | 174,000 | ||||||||
GAS-forty Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [3] | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | [3] | 174,000 | ||||||||
GAS-forty one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [3] | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | [3] | 174,000 | ||||||||
GasLog Hellas-1 Special Maritime Enterprise | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [1] | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | [1] | 180,000 | ||||||||
GasLog Partners LP | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
GasLog Partners Holdings LLC | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
GAS-three Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-four Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-five Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-seven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-eight Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-eleven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twelve Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-thirteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-fourteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-sixteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-seventeen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-nineteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty seven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 33.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | |||||||||
[1] | In June 2019, the newbuilding GasLog Warsaw , delivered on July 31, 2019, was transferred from GAS-twenty nine Ltd. to the subsidiary GasLog Hellas-1 Special Maritime Enterprise. | |||||||||
[2] | On January 7, 2022, GAS-thirty six Ltd. was renamed to GAS-FFA Trading Ltd. and GAS-thirty seven Ltd. was renamed to GAS-FFA Partnership Trading Ltd. | |||||||||
[3] | For newbuildings, expected delivery quarters as of December 31, 2021 are presented. |
Significant Accounting Polici_4
Significant Accounting Policies - Going concern (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 16, 2019 | Mar. 22, 2017 |
Going concern | |||||
Current assets | $ 325,580 | $ 437,534 | |||
Current liabilities | 779,123 | 459,349 | |||
Working capital position | (453,543) | ||||
Unearned revenue | 69,768 | $ 59,612 | |||
8.875% Senior Notes | |||||
Going concern | |||||
Current liabilities | $ 315,000 | ||||
Interest rate on borrowings | 8.875% | 8.875% | 8.875% | 8.875% | 8.875% |
Significant Accounting Polici_5
Significant Accounting Policies - Change in policy in the statement of cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Change in accounting policy | |||||
Net cash provided by operating activities | $ 592,107 | $ 459,482 | [1] | $ 507,425 | [1] |
Net cash used in investing activities | (262,050) | (729,569) | (442,978) | ||
Net cash provided by/(used in) financing activities | (414,744) | 375,423 | [1] | (139,936) | [1] |
Effects of exchange rate changes on cash and cash equivalents | (336) | (1,814) | (3,358) | ||
Increase (Decrease) in cash and cash equivalents | $ (85,023) | 103,522 | (78,847) | ||
As previously reported | |||||
Change in accounting policy | |||||
Net cash provided by operating activities | 288,951 | 317,423 | |||
Net cash used in investing activities | (729,569) | (442,978) | |||
Net cash provided by/(used in) financing activities | 545,954 | 50,066 | |||
Effects of exchange rate changes on cash and cash equivalents | (1,814) | (3,358) | |||
Increase (Decrease) in cash and cash equivalents | 103,522 | (78,847) | |||
Adjustments | |||||
Change in accounting policy | |||||
Net cash provided by operating activities | 170,531 | 190,002 | |||
Net cash provided by/(used in) financing activities | $ (170,531) | $ (190,002) | |||
[1] | Restated so as to reflect a change in accounting policy introduced on January 1, 2021, with respect to the reclassification of interest paid and movements of cash collaterals for swaps (Note 2). |
Significant Accounting Polici_6
Significant Accounting Policies - Useful lives (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Useful lives of long lived assets | |
Decrease in future annual depreciation expense as a result of increase in estimated scrap value | $ (968) |
Vessels | |
Useful lives of long lived assets | |
Useful lives | 35 years |
Dry-docking component | |
Useful lives of long lived assets | |
Useful lives | 5 years |
Intermediate survey component | |
Useful lives of long lived assets | |
Useful lives | 2 years 6 months |
Intermediate survey component | Minimum | |
Useful lives of long lived assets | |
Useful lives | 1 year |
Intermediate survey component | Maximum | |
Useful lives of long lived assets | |
Useful lives | 3 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 Polici_7
Significant Accounting Policies - Classification of the non-controlling interests (Details) | 12 Months Ended |
Dec. 31, 2021item | |
GasLog Partners LP | |
Disclosure of subsidiaries | |
Available cash percentage the Partnership is required to distribute | 100.00% |
Number of days after the quarter cash distributed to partners | 45 days |
GasLog Partners LP | |
Disclosure of subsidiaries | |
GasLog Partner common units not directly or indirectly held by GasLog | 35,930,599 |
Significant Accounting Polici_8
Significant Accounting Policies - Key sources of estimation uncertainty (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Vessels | |||
Annual escalation factor for operating expenses (as a percent) | 1.00% | ||
Impairment loss on vessels | $ 153,669 | $ 28,627 | $ 162,149 |
Vessels | |||
Vessels | |||
Tangible fixed assets and vessels under construction | $ 4,972,283 | $ 5,001,174 | |
Discount rate used to estimate future cash flows | 7.50% | 6.40% | |
Steam Vessels | |||
Vessels | |||
Discount rate used to estimate future cash flows | 7.50% | 6.40% | |
Number of vessels for which recoverable amount (value in use) is lower than carrying amount | item | 6 | ||
Impairment loss on vessels | $ 125,839 |
Goodwill (Details)
Goodwill (Details) | Dec. 31, 2021€ / $ |
Assumptions | |
Foreign exchange rate (EUR/USD) | 1.19 |
Goodwill | |
Assumptions | |
Average inflation rate | 1.00% |
Pre-tax discount rate | 7.40% |
Annual growth rate | 1.00% |
Equity Transactions - Offerings
Equity Transactions - Offerings (Details) $ / shares in Units, $ in Thousands | Jul. 01, 2021shares | Apr. 06, 2021EquityInstrumentsshares | Sep. 25, 2020EquityInstrumentsshares | Jul. 01, 2020shares | Jun. 30, 2020EquityInstrumentsshares | Jun. 29, 2020USD ($) | Apr. 03, 2020EquityInstrumentsshares | Feb. 05, 2020USD ($) | Apr. 01, 2019EquityInstruments$ / sharesshares | Jan. 29, 2019USD ($) | Dec. 31, 2021USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2020USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Feb. 26, 2019USD ($) |
Equity transactions | ||||||||||||||
Repurchases of common units | $ | $ 18,388 | $ 2,996 | $ 26,642 | |||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 36,000 | |||||||||||||
GasLog Partners LP | RCUs | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units vested during the period | EquityInstruments | 5,984 | 182,850 | 11,776 | 25,551 | 24,925 | 5,984 | 220,177 | |||||||
GasLog Partners LP | PCUs | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units vested during the period | EquityInstruments | 2,992 | 182,850 | 9,813 | 21,292 | 24,925 | 2,992 | 213,955 | |||||||
ATM Programme | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Size of ATM Programme | $ | $ 250,000 | |||||||||||||
Remaining authorized amount | $ | $ 116,351 | |||||||||||||
Common shares | ||||||||||||||
Equity transactions | ||||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 36,000 | |||||||||||||
Common shares | GasLog Partners LP | GasLog Partners' Plan | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units issued | shares | 8,976 | 365,700 | 21,589 | 46,843 | 49,850 | |||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 22.99 | |||||||||||||
Common shares | ATM Programme | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units issued | shares | 3,195,401 | |||||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 3.19 | |||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 9,633 | |||||||||||||
Common shares | Unit repurchase programme | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Unit repurchase programme limit | $ | $ 25,000 | $ 25,000 | ||||||||||||
Number of units repurchased | shares | 191,490 | 1,171,572 | ||||||||||||
Number of units cancelled | shares | 191,490 | 1,171,572 | ||||||||||||
Stock repurchase program, weighted average price | $ / shares | $ 5.18 | $ 19.52 | ||||||||||||
Repurchases of common units | $ | $ 996 | $ 22,890 | ||||||||||||
Common shares | Conversion Of B Units | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units issued | shares | 415,000 | 415,000 | ||||||||||||
Preference shares | Unit repurchase programme | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Repurchases of common units | $ | $ 18,388 | |||||||||||||
Partnership's Series B Preference Units | Unit repurchase programme | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units repurchased | shares | 464,429 | |||||||||||||
Number of units cancelled | shares | 464,429 | |||||||||||||
Stock repurchase program, weighted average price | $ / shares | $ 25 | |||||||||||||
Distribution rate | 8.20% | |||||||||||||
Partnership's Series C Preference Units | Unit repurchase programme | GasLog Partners LP | ||||||||||||||
Equity transactions | ||||||||||||||
Number of units repurchased | shares | 269,549 | |||||||||||||
Number of units cancelled | shares | 269,549 | |||||||||||||
Stock repurchase program, weighted average price | $ / shares | $ 25 | |||||||||||||
Distribution rate | 8.50% |
Equity Transactions - Issuance
Equity Transactions - Issuance (Details) - GasLog Partners LP | Jul. 01, 2021shares | Jul. 01, 2020shares | Jun. 30, 2019shares | Dec. 31, 2021 |
Common shares | ||||
Equity transactions | ||||
Marginal percentage interest in distributions | 98.00% | |||
Class B Units | ||||
Equity transactions | ||||
Conversion ratio of class B units into common units | 1 | |||
General partner units | ||||
Equity transactions | ||||
Marginal percentage interest in distributions | 2.00% | |||
GasLog Ltd. | Common shares | ||||
Equity transactions | ||||
Number of units issued | 2,532,911 | |||
GasLog Ltd. | Class B Units | ||||
Equity transactions | ||||
Number of units issued | 2,490,000 | |||
Number of units converted | 415,000 | 415,000 | ||
Number of shares outstanding | 1,660,000 | |||
GasLog Ltd. | Class B-1 Units | ||||
Equity transactions | ||||
Number of units issued | 415,000 | |||
GasLog Ltd. | Class B-2 Units | ||||
Equity transactions | ||||
Number of units issued | 415,000 | |||
GasLog Ltd. | Class B-3 Units | ||||
Equity transactions | ||||
Number of units issued | 415,000 | |||
GasLog Ltd. | Class B-4 Units | ||||
Equity transactions | ||||
Number of units issued | 415,000 | |||
GasLog Ltd. | Class B-5 Units | ||||
Equity transactions | ||||
Number of units issued | 415,000 | |||
GasLog Ltd. | Class B-6 Units | ||||
Equity transactions | ||||
Number of units issued | 415,000 |
Equity Transactions - Allocatio
Equity Transactions - Allocation of GasLog Partners' (loss)/profit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allocation of GasLog Partners' profit/(loss) | |||
(Loss)/profit for the year | $ 80,516 | $ 3,289 | $ (115,613) |
Profit/(loss) for the period attributable to owners of the Group | 67,663 | (44,948) | (100,661) |
Partnership's profit allocated to non-controlling interests | 12,853 | 48,237 | $ (14,952) |
GasLog Partners LP | |||
Allocation of GasLog Partners' profit/(loss) | |||
(Loss)/profit for the year | 5,726 | 56,859 | |
Profit/(loss) for the period attributable to owners of the Group | (7,127) | 8,622 | |
Partnership's profit allocated to non-controlling interests | 12,853 | 48,237 | |
GasLog Partners LP | Common shares | |||
Allocation of GasLog Partners' profit/(loss) | |||
(Loss)/profit for the year | (23,486) | 25,970 | |
GasLog Partners LP | General partner units | |||
Allocation of GasLog Partners' profit/(loss) | |||
(Loss)/profit for the year | (482) | 561 | |
GasLog Partners LP | Preference shares | |||
Allocation of GasLog Partners' profit/(loss) | |||
(Loss)/profit for the year | $ 29,694 | $ 30,328 |
Equity Transactions - Distribut
Equity Transactions - Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend distributions | |||
Dividend declared | $ 98,522 | $ 92,557 | $ 193,436 |
Non-controlling interests | |||
Dividend distributions | |||
Dividend declared | 31,236 | $ 56,859 | $ 104,126 |
GasLog Partners LP | Non-controlling interests | Common shares | |||
Dividend distributions | |||
Dividend declared | 1,373 | ||
GasLog Partners LP | Non-controlling interests | Preference shares | |||
Dividend distributions | |||
Dividend declared | $ 29,863 |
Investment in Associates and _3
Investment in Associates and Joint Venture - Associate (Details) $ in Thousands | Dec. 31, 2021USD ($)m³ | Dec. 31, 2020USD ($) | Feb. 09, 2017 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Rollforward of investment in associate | ||||||
Share of profit of associates | $ 1,969 | $ 2,192 | $ 1,627 | |||
Associates | ||||||
Rollforward of investment in associate | ||||||
Beginning balance | 21,759 | 21,620 | ||||
Additions | 230 | 472 | ||||
Share of profit of associates | 1,969 | 2,192 | 1,627 | |||
Dividend declared | (450) | (2,525) | (878) | |||
Ending balance | $ 23,508 | $ 21,759 | 23,508 | 21,759 | $ 21,620 | |
Egypt LNG Shipping Ltd / Associate | ||||||
Interest in Associate | ||||||
Equity interest in associate (as a percent) | 25.00% | 25.00% | ||||
Cargo capacity (in cbm) | m³ | 145,000 | |||||
Gastrade / Associate | ||||||
Interest in Associate | ||||||
Equity interest in associate (as a percent) | 20.00% | 20.00% | 20.00% | |||
Rollforward of investment in associate | ||||||
Additions | $ 230 | $ 472 |
Investment in Associates and _4
Investment in Associates and Joint Venture - Associate Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Total current assets | $ 325,580 | $ 437,534 | |
Total current liabilities | (779,123) | (459,349) | |
Non-current | |||
Total non-current assets | 5,434,165 | 5,419,229 | |
Total non-current liabilities | (3,412,251) | (3,800,277) | |
Financial information from the statements of profit or loss | |||
Revenues | 809,577 | 674,089 | $ 668,637 |
Profit for the year | 80,516 | 3,289 | (115,613) |
Total comprehensive income for the year | 80,355 | 2,596 | (117,849) |
Group's share in profit | 1,969 | 2,192 | 1,627 |
Dividend declared | (98,522) | (92,557) | (193,436) |
Associates | |||
Current | |||
Total current assets | 25,174 | 25,861 | |
Total current liabilities | (18,670) | (18,393) | |
Non-current | |||
Total non-current assets | 91,069 | 98,926 | |
Total non-current liabilities | (59,168) | (73,571) | |
Net assets | 38,405 | 32,823 | |
Group's share | 9,536 | 8,025 | |
Effect from translation | 151 | (87) | |
Goodwill | 13,821 | 13,821 | |
Investment in associates and joint venture | 23,508 | 21,759 | 21,620 |
Financial information from the statements of profit or loss | |||
Revenues | 28,234 | 27,807 | 26,294 |
Profit for the year | 7,417 | 8,593 | 6,429 |
Total comprehensive income for the year | 7,417 | 8,593 | 6,429 |
Group's share in profit | 1,969 | 2,192 | 1,627 |
Dividend declared | (1,800) | (10,100) | (3,510) |
Group's share in dividend | $ 450 | $ 2,525 | $ 878 |
Investment in Associates and _5
Investment in Associates and Joint Venture - Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Total current assets | $ 325,580 | $ 437,534 | |
Total current liabilities | (779,123) | (459,349) | |
Non-current | |||
Total non-current assets | 5,434,165 | 5,419,229 | |
Total non-current liabilities | (3,412,251) | (3,800,277) | |
Consolidated statements of profit or loss | |||
Revenues | 809,577 | 674,089 | $ 668,637 |
Profit for the year | 80,516 | 3,289 | (115,613) |
Total comprehensive income for the year | 80,355 | 2,596 | (117,849) |
Group's share in profit | 1,969 | 2,192 | 1,627 |
Dividend declared | $ (98,522) | $ (92,557) | (193,436) |
Joint ventures | |||
Consolidated statements of profit or loss | |||
Revenues | $ 121,434 |
Tangible Fixed Assets and Ves_3
Tangible Fixed Assets and Vessels Under Construction (Details) $ in Thousands | Feb. 07, 2020USD ($) | Oct. 11, 2016 | Nov. 30, 2021m³ | Jun. 30, 2020USD ($) | Dec. 31, 2018itemm³ | Aug. 31, 2018itemm³ | May 31, 2018itemm³ | Mar. 31, 2018itemm³ | Jan. 31, 2018itemm³ | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2015item | Dec. 31, 2014item | Jun. 01, 2020USD ($) |
Property, plant and equipment | |||||||||||||||
Impairment loss | $ (153,669) | $ (28,627) | $ (162,149) | ||||||||||||
Vessels pledged as collateral | 4,972,283 | 5,001,174 | |||||||||||||
Loss from sale of property, plant and equipment | (1,100) | (572) | |||||||||||||
Amount reimbursed | 10,451 | ||||||||||||||
Foreign exchange losses on reimbursement | 773 | ||||||||||||||
Keppel Shipyard Limited | |||||||||||||||
Property, plant and equipment | |||||||||||||||
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 discounted purchase price, expressed as a percentage of the original cost | 85.00% | ||||||||||||||
LLI cost, expressed as a percentage of original cost | 115.00% | ||||||||||||||
Payment for acquisition of LLI | $ 17,625 | ||||||||||||||
MSL | Purchase of depot spares | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of vessels acquired | item | 2 | 6 | |||||||||||||
Capital commitment | $ 8,000 | ||||||||||||||
GAS-twenty eight Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty one Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty two Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
GAS-thirty three Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
GAS-thirty four Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty five Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-three Ltd. and GAS-ten Ltd | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Loss arising from sale and leaseback transactions | 1,100 | ||||||||||||||
GAS-ten Ltd | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Non-cash impairment loss | 16,853 | ||||||||||||||
Tangible fixed assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 5,028,509 | ||||||||||||||
Balance, at the end of the year | 5,002,829 | 5,028,509 | |||||||||||||
Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 5,001,174 | ||||||||||||||
Balance, at the end of the year | $ 4,972,283 | $ 5,001,174 | |||||||||||||
Discount rate applied to cash flow projections | 7.50% | 6.40% | |||||||||||||
Steam Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | $ (125,839) | ||||||||||||||
Number of vessels for which recoverable amount (value in use) is lower than carrying amount | item | 6 | ||||||||||||||
Impairment reversal resulting from potential increase in re-chartering rate | $ 50,070 | ||||||||||||||
Impairment loss resulting from potential decrease in re-chartering rate | $ 50,070 | ||||||||||||||
Discount rate applied to cash flow projections | 7.50% | 6.40% | |||||||||||||
Percentage of increase or decrease in the discount rate for sensitivity analysis | 0.50% | ||||||||||||||
Impairment loss due to increase in discount rate | $ 9,798 | ||||||||||||||
Impairment reversal due to decrease in discount rate | (10,451) | ||||||||||||||
Steam Vessels | Average | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Charter market rate used (per day) | 35 | $ 40 | |||||||||||||
Increase or decrease in re-chartering rate for sensitivity analysis | $ 5 | ||||||||||||||
Steam Vessels | GasLog Partners LP | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of vessels for which recoverable amount (value in use) is lower than carrying amount | item | 5 | ||||||||||||||
Steam Vessels | Gaslog Ltd. | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of vessels for which recoverable amount (value in use) is lower than carrying amount | item | 1 | ||||||||||||||
Steam vessels impaired during current period | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | $ (125,839) | ||||||||||||||
Balance, at the end of the year | 427,150 | ||||||||||||||
Methane Rita Andrea | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (23,234) | ||||||||||||||
Balance, at the end of the year | 67,697 | ||||||||||||||
Methane Jane Elizabeth | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (22,573) | ||||||||||||||
Balance, at the end of the year | 70,149 | ||||||||||||||
Methane Lydon Volney | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (21,862) | ||||||||||||||
Balance, at the end of the year | 72,684 | ||||||||||||||
Methane Alison Victoria | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (20,118) | ||||||||||||||
Balance, at the end of the year | 71,587 | ||||||||||||||
Methane Shirley Elisabeth | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (16,869) | ||||||||||||||
Balance, at the end of the year | 69,069 | ||||||||||||||
Methane Heather Sally | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (21,183) | ||||||||||||||
Balance, at the end of the year | 75,964 | ||||||||||||||
Office property and other tangible assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 27,335 | ||||||||||||||
Balance, at the end of the year | 30,546 | 27,335 | |||||||||||||
Office property and other tangible assets | Egypt LNG Shipping Ltd / Associate | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Price for selling property, plant and equipment | $ 2,457 | ||||||||||||||
Loss from sale of property, plant and equipment | $ (572) | ||||||||||||||
Vessels under construction | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 132,839 | ||||||||||||||
Balance, at the end of the year | 22,939 | 132,839 | |||||||||||||
Progress shipyard installments | 99,068 | ||||||||||||||
Onsite supervision costs | 1,701 | ||||||||||||||
Critical spare parts, equipment and other vessel delivery expenses | 22,939 | 32,070 | |||||||||||||
Vessels under construction | Daewoo | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Capital commitment | 820,654 | ||||||||||||||
Hull No. 2532 | Daewoo | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
Hull No. 2533 | Daewoo | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
Hull No. 2534 | Daewoo | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
Hull No. 2535 | Daewoo | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
Vessel under conversion into FSRU | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (10,977) | ||||||||||||||
Cost | Tangible fixed assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 6,111,421 | 5,339,512 | |||||||||||||
Additions | 20,176 | 51,361 | |||||||||||||
Disposals | (396,271) | (3,029) | |||||||||||||
Transfer from vessels under construction | 581,952 | 747,940 | |||||||||||||
Fully amortized fixed assets | (14,512) | (24,363) | |||||||||||||
Balance, at the end of the year | 6,302,766 | 6,111,421 | 5,339,512 | ||||||||||||
Cost | Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 6,078,041 | 5,314,348 | |||||||||||||
Additions | 16,337 | 40,116 | |||||||||||||
Disposals | (396,271) | ||||||||||||||
Transfer from vessels under construction | 581,952 | 747,940 | |||||||||||||
Fully amortized fixed assets | (14,512) | (24,363) | |||||||||||||
Balance, at the end of the year | 6,265,547 | 6,078,041 | 5,314,348 | ||||||||||||
Cost | Office property and other tangible assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 33,380 | 25,164 | |||||||||||||
Additions | 3,839 | 11,245 | |||||||||||||
Disposals | (3,029) | ||||||||||||||
Balance, at the end of the year | 37,219 | 33,380 | 25,164 | ||||||||||||
Cost | Vessels under construction | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 132,839 | 203,323 | |||||||||||||
Additions | 483,029 | 677,456 | |||||||||||||
Transfer from vessels under construction | (581,952) | (747,940) | |||||||||||||
Balance, at the end of the year | 33,916 | 132,839 | 203,323 | ||||||||||||
Accumulated depreciation and impairment | Tangible fixed assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | (1,082,912) | (912,447) | |||||||||||||
Depreciation expense | (185,663) | (166,201) | |||||||||||||
Disposals | 96,818 | ||||||||||||||
Impairment loss | (142,692) | (28,627) | |||||||||||||
Fully amortized fixed assets | 14,512 | 24,363 | |||||||||||||
Balance, at the end of the year | (1,299,937) | (1,082,912) | (912,447) | ||||||||||||
Accumulated depreciation and impairment | Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | (1,076,867) | (907,192) | |||||||||||||
Depreciation expense | (185,035) | (165,411) | |||||||||||||
Disposals | 96,818 | ||||||||||||||
Impairment loss | (142,692) | (28,627) | |||||||||||||
Fully amortized fixed assets | 14,512 | 24,363 | |||||||||||||
Balance, at the end of the year | (1,293,264) | (1,076,867) | (907,192) | ||||||||||||
Accumulated depreciation and impairment | Office property and other tangible assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | (6,045) | (5,255) | |||||||||||||
Depreciation expense | (628) | (790) | |||||||||||||
Balance, at the end of the year | (6,673) | $ (6,045) | $ (5,255) | ||||||||||||
Accumulated depreciation and impairment | Vessels under construction | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss | (10,977) | ||||||||||||||
Balance, at the end of the year | $ (10,977) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Oct. 26, 2021 | Feb. 24, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Leases | |||||
Right-of-Use Assets at the beginning of the year | $ 203,437 | $ 206,495 | |||
Additions, net | 176,888 | 7,954 | |||
Depreciation expense | (17,290) | (11,012) | |||
Right-of-Use Assets at the end of the year | 363,035 | 203,437 | $ 206,495 | ||
Analysis of lease liabilities | |||||
Lease liabilities at the beginning of the year | 196,170 | 204,930 | |||
Additions, net | 121,520 | 2,155 | |||
Lease charge (Note 19) | 10,269 | 9,921 | 10,506 | ||
Payments | (25,109) | (20,836) | |||
Lease liabilities at the end of the year | 302,850 | 196,170 | 204,930 | ||
Lease liabilities, current portion | 30,905 | 9,644 | |||
Lease liabilities, non-current portion | 271,945 | 186,526 | |||
Lease expense incurred for low value leases | 344 | 327 | |||
Expense relating to short-term leases for which recognition exemption has been used | 23 | ||||
Revenue from subleasing right-of-use assets | 42,034 | ||||
GAS-twenty six Ltd | |||||
Leases | |||||
Proceeds from sale and finance leaseback | $ 217,000 | ||||
Duration of bareboat hire holiday period which expired on September 21, 2016 (in days) | 210 days | ||||
GAS-three Ltd. and GAS-ten Ltd | |||||
Leases | |||||
Proceeds from sale and finance leaseback | $ 242,979 | ||||
Leaseback bareboat charter period in years | 5 years | ||||
Additions, net | $ 173,550 | ||||
Analysis of lease liabilities | |||||
Additions, net | $ 118,176 | ||||
Minimum | GAS-twenty six Ltd | |||||
Leases | |||||
Sale leaseback, repurchase period | 10 years | ||||
Maximum | GAS-twenty six Ltd | |||||
Leases | |||||
Leaseback bareboat charter period in years | 20 years | ||||
Sale leaseback, repurchase period | 17 years | ||||
Vessels | |||||
Leases | |||||
Right-of-Use Assets at the beginning of the year | 197,668 | 200,032 | |||
Additions, net | 173,542 | 5,799 | |||
Depreciation expense | (14,655) | (8,163) | |||
Right-of-Use Assets at the end of the year | 356,555 | 197,668 | 200,032 | ||
Vessels' Equipment | |||||
Leases | |||||
Right-of-Use Assets at the beginning of the year | 1,437 | 1,857 | |||
Additions, net | 1,426 | 833 | |||
Depreciation expense | (1,223) | (1,253) | |||
Right-of-Use Assets at the end of the year | 1,640 | 1,437 | 1,857 | ||
Properties | |||||
Leases | |||||
Right-of-Use Assets at the beginning of the year | 4,258 | 4,550 | |||
Additions, net | 1,961 | 1,255 | |||
Depreciation expense | (1,396) | (1,547) | |||
Right-of-Use Assets at the end of the year | 4,823 | 4,258 | 4,550 | ||
Other | |||||
Leases | |||||
Right-of-Use Assets at the beginning of the year | 74 | 56 | |||
Additions, net | (41) | 67 | |||
Depreciation expense | (16) | (49) | |||
Right-of-Use Assets at the end of the year | $ 17 | $ 74 | $ 56 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents | ||||
Current accounts | $ 175,741 | $ 182,056 | ||
Time deposits (with original maturities of three months or less) | 104,274 | 36,971 | ||
Ship management client accounts | 119 | 397 | ||
Restricted cash | 2,112 | 147,845 | ||
Total cash and cash equivalents | $ 282,246 | $ 367,269 | $ 263,747 | $ 342,594 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and Other Receivables | ||
Trade receivables | $ 574 | $ 5,113 |
VAT receivable | 922 | 1,139 |
Accrued income | 10,426 | 16,818 |
Insurance claims | 7,839 | 4,236 |
Other receivables | 8,834 | 8,917 |
Total | 28,595 | 36,223 |
Allowance for receivables | $ 0 | $ 0 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Non-Current Assets | ||
Various guarantees | $ 603 | $ 289 |
Other long-term assets | 4,263 | 5,378 |
Cash collaterals on swaps | 6,796 | |
Total | 4,866 | 12,463 |
Cash collateral on swaps included in prepayments and other current assets | $ 990 | $ 16,671 |
Share Capital and Preference _3
Share Capital and Preference Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2020 | Feb. 14, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share Capital and Preference Shares | |||||
Shares authorized (in shares) | 500,000,000 | ||||
Par value per share (in dollar per share) | $ 0.01 | ||||
Repurchases of common units | $ 18,388 | $ 2,996 | $ 26,642 | ||
Proceeds from private placement | 36,000 | ||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Balance at beginning of year | 1,597,137 | 1,649,853 | 1,983,122 | ||
Purchase of treasury shares | (2,996) | (26,642) | |||
Proceeds from private placement, net of offering costs | 34,993 | ||||
Equity raising fees | (132) | (617) | |||
Dividends declared deducted from contributed surplus due to accumulated deficit | (98,522) | (92,557) | (193,436) | ||
Balance at the end of the year | $ 1,568,371 | $ 1,597,137 | $ 1,649,853 | ||
Common shares | |||||
Share Capital and Preference Shares | |||||
Price of issued shares | $ 2.50 | ||||
Proceeds from private placement | $ 36,000 | ||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Proceeds from private placement, net of offering costs (in shares) | 14,400,000 | ||||
Share repurchase programme | Common shares | |||||
Share Capital and Preference Shares | |||||
Number of shares repurchased | 323,919 | ||||
Stock repurchase program, weighted average price | $ 6.1443 | ||||
Repurchases of common units | $ 2,000 | ||||
Issued capital | Common shares | |||||
Share Capital and Preference Shares | |||||
Par value per share (in dollar per share) | $ 0.01 | $ 0.01 | |||
Shares issued | 95,389,062 | 95,176,443 | |||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Outstanding at beginning of year (in shares) | 95,176,443 | 80,871,670 | 80,861,246 | ||
Balance at beginning of year | $ 954 | $ 810 | $ 810 | ||
Purchase of treasury shares (in shares) | (323,919) | (212,111) | |||
Proceeds from private placement, net of offering costs (in shares) | 14,400,000 | ||||
Proceeds from private placement, net of offering costs | $ 144 | ||||
Treasury shares distributed for awards vested or exercised in the year (in shares) | 212,619 | 228,692 | 222,535 | ||
Outstanding at end of year (in shares) | 95,389,062 | 95,176,443 | 80,871,670 | ||
Balance at the end of the year | $ 954 | $ 954 | $ 810 | ||
Issued capital | Preference shares | |||||
Share Capital and Preference Shares | |||||
Shares issued | 4,600,000 | 4,600,000 | |||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Outstanding at beginning of year (in shares) | 4,600,000 | 4,600,000 | 4,600,000 | ||
Balance at beginning of year | $ 46 | $ 46 | $ 46 | ||
Outstanding at end of year (in shares) | 4,600,000 | 4,600,000 | 4,600,000 | ||
Balance at the end of the year | $ 46 | $ 46 | $ 46 | ||
Treasury shares | |||||
Share Capital and Preference Shares | |||||
Shares issued | 216,683 | ||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Outstanding at beginning of year (in shares) | 216,683 | 121,456 | 131,880 | ||
Balance at beginning of year | $ (1,340) | $ (2,159) | $ (3,266) | ||
Purchase of treasury shares (in shares) | 323,919 | 212,111 | |||
Purchase of treasury shares | $ (2,000) | $ (3,752) | |||
Treasury shares distributed for awards vested or exercised in the year (in shares) | (212,619) | (228,692) | (222,535) | ||
Treasury shares distributed for awards vested or exercised in the year | $ 1,314 | $ 2,819 | $ 4,859 | ||
Treasury shares cancelled (in shares) | (4,064) | ||||
Treasury shares cancelled | $ 26 | ||||
Outstanding at end of year (in shares) | 216,683 | 121,456 | |||
Balance at the end of the year | $ (1,340) | $ (2,159) | |||
Contributed surplus | |||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Balance at beginning of year | 759,822 | 760,671 | 850,576 | ||
Proceeds from private placement, net of offering costs | 34,849 | ||||
Equity raising fees | (595) | ||||
Dividends declared deducted from contributed surplus due to accumulated deficit | (67,286) | (35,698) | (89,310) | ||
Balance at the end of the year | $ 692,536 | $ 759,822 | $ 760,671 |
Reserves - Movements in reserve
Reserves - Movements in reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserves | |||
Balance at beginning of year | $ 1,597,137 | $ 1,649,853 | $ 1,983,122 |
Effective portion of changes in fair value of cash flow hedges | (161) | (750) | (2,933) |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | ||
Share-based compensation, net of accrued dividend | 3,351 | 5,385 | 4,794 |
Settlement of share-based compensation | (5,195) | (5) | 138 |
Actuarial gain | 57 | ||
Balance at the end of the year | 1,568,371 | 1,597,137 | 1,649,853 |
Reserves | |||
Reserves | |||
Balance at beginning of year | 18,667 | 16,799 | 18,962 |
Effective portion of changes in fair value of cash flow hedges | (161) | (750) | (2,933) |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | ||
Share-based compensation, net of accrued dividend | 3,351 | 5,385 | 4,794 |
Settlement of share-based compensation | (6,535) | (2,824) | (4,721) |
Actuarial gain | 57 | ||
Balance at the end of the year | 15,322 | 18,667 | 16,799 |
Hedging | Reserves | |||
Reserves | |||
Balance at beginning of year | (3,822) | (3,072) | (836) |
Effective portion of changes in fair value of cash flow hedges | (161) | (750) | (2,933) |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | ||
Balance at the end of the year | (3,983) | (3,822) | (3,072) |
Employee Benefits | Reserves | |||
Reserves | |||
Balance at beginning of year | (99) | (156) | (156) |
Actuarial gain | 57 | ||
Balance at the end of the year | (99) | (99) | (156) |
Share-based compensation reserve | Reserves | |||
Reserves | |||
Balance at beginning of year | 22,588 | 20,027 | 19,954 |
Share-based compensation, net of accrued dividend | 3,351 | 5,385 | 4,794 |
Settlement of share-based compensation | (6,535) | (2,824) | (4,721) |
Balance at the end of the year | $ 19,404 | $ 22,588 | $ 20,027 |
Reserves - Dividend distributio
Reserves - Dividend distributions - (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2022 | Dec. 31, 2021 | Nov. 18, 2021 | Nov. 15, 2021 | Oct. 01, 2021 | Sep. 30, 2021 | Sep. 16, 2021 | Aug. 11, 2021 | Aug. 04, 2021 | Jun. 30, 2021 | May 26, 2021 | May 13, 2021 | May 05, 2021 | Mar. 31, 2021 | Mar. 11, 2021 | Feb. 21, 2021 | Jan. 04, 2021 | Dec. 09, 2020 | Nov. 30, 2020 | Nov. 09, 2020 | Oct. 01, 2020 | Sep. 16, 2020 | Aug. 27, 2020 | Aug. 04, 2020 | Jul. 01, 2020 | May 28, 2020 | May 14, 2020 | May 06, 2020 | Apr. 01, 2020 | Mar. 12, 2020 | Feb. 05, 2020 | Jan. 02, 2020 | Dec. 31, 2019 | Dec. 14, 2019 | Nov. 21, 2019 | Nov. 14, 2019 | Nov. 05, 2019 | Oct. 01, 2019 | Sep. 17, 2019 | Aug. 22, 2019 | Jul. 31, 2019 | Jul. 01, 2019 | May 23, 2019 | May 10, 2019 | May 02, 2019 | Apr. 01, 2019 | Mar. 14, 2019 | Mar. 07, 2019 | Feb. 13, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividend distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 67,286 | $ 35,698 | $ 89,310 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.10 | $ 0.15 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.38 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | |||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 9,539 | $ 14,308 | $ 4,769 | $ 4,759 | $ 4,759 | $ 4,758 | $ 4,035 | $ 12,082 | $ 30,731 | $ 12,129 | $ 12,129 | $ 12,129 | $ 12,129 | |||||||||||||||||||||||||||||||||||||||
Common shares | Dividend distribution one | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 14,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares | Dividend distribution two | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 9,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preference 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 | $ 0.546875 | $ 0.546875 | ||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,515 | $ 2,516 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings | ||
Amounts due within one year | $ 565,503 | $ 258,262 |
Less: unamortized premium | 144 | |
Less: unamortized deferred loan/bond issuance costs | (12,486) | (12,636) |
Borrowings, current portion | 553,161 | 245,626 |
Amounts due after one year | 3,152,426 | 3,583,447 |
Less: unamortized premium | 797 | |
Less: unamortized deferred loan/bond issuance costs | (47,367) | (56,649) |
Borrowings, non-current portion | 3,105,059 | 3,527,595 |
Total | $ 3,658,220 | $ 3,773,221 |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) $ in Thousands | Aug. 03, 2020USD ($) | Aug. 02, 2020USD ($) | Jul. 21, 2020USD ($) | Jul. 20, 2020USD ($) | Mar. 18, 2020USD ($) | Mar. 13, 2020USD ($) | Feb. 13, 2020USD ($) | Apr. 01, 2019USD ($) | Mar. 07, 2019USD ($) | Mar. 06, 2019USD ($) | Dec. 12, 2018USD ($) | Nov. 13, 2018USD ($) | Jan. 05, 2018USD ($) | Jul. 03, 2017USD ($) | Apr. 05, 2017USD ($) | Jan. 17, 2017USD ($) | Jul. 25, 2016USD ($) | Jul. 19, 2016USD ($)facilityitem | Apr. 05, 2016USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 20, 2019USD ($) | Feb. 18, 2016USD ($) | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||||||||||
Outstanding balance | $ 3,658,220 | $ 3,773,221 | |||||||||||||||||||||||
Drawn amount | 471,867 | 2,138,035 | $ 905,730 | ||||||||||||||||||||||
Amount repaid | 592,463 | 1,481,709 | 547,751 | ||||||||||||||||||||||
Old Partnership Facility | GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||
Prepayment of debt | $ 354,375 | ||||||||||||||||||||||||
Unamortized fees written off | $ 988 | ||||||||||||||||||||||||
2019 GasLog Partners Facility | GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||
Outstanding balance | $ 273,568 | $ 398,501 | |||||||||||||||||||||||
Drawn amount | $ 75,000 | $ 360,000 | |||||||||||||||||||||||
Five Vessel Refinancing Facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Unamortized fees written off | $ 1,183 | ||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 644,000 | ||||||||||||||||||||||||
Balance debt paid from available cash | 68,800 | ||||||||||||||||||||||||
Amount repaid | $ 7,933 | ||||||||||||||||||||||||
Five-year senior tranche facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 396,500 | ||||||||||||||||||||||||
Outstanding balance | 289,709 | ||||||||||||||||||||||||
Drawn amount | 395,450 | ||||||||||||||||||||||||
Amount repaid | 265,911 | ||||||||||||||||||||||||
Two-year bullet junior tranche facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 180,000 | ||||||||||||||||||||||||
Prepayment of debt | $ 150,000 | ||||||||||||||||||||||||
Drawn amount | $ 179,750 | ||||||||||||||||||||||||
Two-year bullet junior tranche facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | GasLog Partners LP | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Prepayment of debt | $ 29,750 | ||||||||||||||||||||||||
Legacy Facility Refinancing | 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. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,050,000 | ||||||||||||||||||||||||
Unamortized fees written off | $ 3,591 | ||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 959,899 | ||||||||||||||||||||||||
Amount repaid | $ 25,875 | ||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 8 | ||||||||||||||||||||||||
Number of legacy facilities refinanced | facility | 6 | ||||||||||||||||||||||||
Legacy Facility Refinancing | GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Amount repaid | $ 724,514 | ||||||||||||||||||||||||
Legacy Facility Refinancing | GAS-fifteen Ltd | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Amount repaid | $ 92,153 | ||||||||||||||||||||||||
Five-year term loan facility (Legacy Facility Refinancing) | 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. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 950,000 | ||||||||||||||||||||||||
Outstanding balance | 775,000 | ||||||||||||||||||||||||
Drawn amount | 950,000 | ||||||||||||||||||||||||
Term of debt instrument | 5 years | ||||||||||||||||||||||||
Revolving credit facilities (Legacy Facility Refinancing) | 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. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 100,000 | ||||||||||||||||||||||||
Outstanding balance | $ 0 | ||||||||||||||||||||||||
Drawn amount | $ 25,940 | $ 50,714 | $ 23,346 | $ 25,940 | $ 30,000 | $ 11,641 | |||||||||||||||||||
Amount repaid | $ 25,940 | $ 41,641 |
Borrowings - Existing Facilitie
Borrowings - Existing Facilities (Details) $ in Thousands | Oct. 26, 2021USD ($) | Aug. 20, 2021USD ($) | Jun. 11, 2021USD ($) | Jan. 22, 2021USD ($) | Dec. 29, 2020USD ($) | Nov. 12, 2020USD ($) | Oct. 21, 2020USD ($) | Jul. 31, 2020USD ($) | Jul. 21, 2020USD ($) | Jul. 09, 2020USD ($) | May 07, 2020USD ($) | Mar. 26, 2020USD ($) | Dec. 12, 2019USD ($)iteminstallmentloantranche | Apr. 01, 2019USD ($) | Mar. 11, 2019USD ($) | Mar. 07, 2019USD ($) | Mar. 06, 2019USD ($) | Feb. 20, 2019USD ($)installment | Mar. 23, 2018USD ($) | Mar. 14, 2018USD ($) | Jan. 02, 2018USD ($) | Oct. 25, 2016USD ($) | Sep. 26, 2016USD ($) | Jun. 24, 2016USD ($) | Mar. 22, 2016USD ($) | Oct. 16, 2015USD ($)loanitemtranche | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 30, 2020USD ($)installment | Jul. 16, 2020USD ($)installmentitemloanagreement | Jun. 25, 2019USD ($)installment | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||||||||||||||||||
Drawn amount | $ 471,867 | $ 2,138,035 | $ 905,730 | ||||||||||||||||||||||||||||||
Outstanding balance | 3,658,220 | 3,773,221 | |||||||||||||||||||||||||||||||
Deferred financing costs | 5,564 | 5,150 | |||||||||||||||||||||||||||||||
GasLog Partners $260.3M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 260,331 | ||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 10 | ||||||||||||||||||||||||||||||||
Drawn amount | $ 260,331 | ||||||||||||||||||||||||||||||||
Outstanding balance | 243,137 | 260,331 | |||||||||||||||||||||||||||||||
Installment amount | $ 8,597 | ||||||||||||||||||||||||||||||||
Final balloon payment | $ 174,361 | ||||||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 3 | ||||||||||||||||||||||||||||||||
GasLog Partners $193.7M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 193,713 | ||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 10 | ||||||||||||||||||||||||||||||||
Drawn amount | 193,713 | ||||||||||||||||||||||||||||||||
Outstanding balance | 176,515 | 193,713 | |||||||||||||||||||||||||||||||
Installment amount | $ 8,599 | ||||||||||||||||||||||||||||||||
Final balloon payment | $ 107,723 | ||||||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 3 | ||||||||||||||||||||||||||||||||
GasLog Chelsea $96.8M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 96,815 | ||||||||||||||||||||||||||||||||
Drawn amount | $ 96,815 | ||||||||||||||||||||||||||||||||
Outstanding balance | 87,357 | 94,923 | |||||||||||||||||||||||||||||||
Number of quarterly repayments | installment | 20 | ||||||||||||||||||||||||||||||||
Installment amount | $ 1,891 | ||||||||||||||||||||||||||||||||
Final balloon payment | $ 58,995 | ||||||||||||||||||||||||||||||||
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. | October 2015 Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Number of international banks with debt financing agreement | item | 14 | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,311,356 | ||||||||||||||||||||||||||||||||
Number of new buildings expected to be delivered | item | 8 | ||||||||||||||||||||||||||||||||
Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure") coverage over facility | 60.00% | ||||||||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 4 | ||||||||||||||||||||||||||||||||
Number of sub-divided loans in the facility | loan | 8 | ||||||||||||||||||||||||||||||||
Number of loans per newbuilding vessels | loan | 1 | ||||||||||||||||||||||||||||||||
Drawn amount | $ 165,805 | $ 165,805 | $ 166,210 | $ 166,210 | $ 160,697 | $ 160,697 | $ 162,967 | $ 162,967 | |||||||||||||||||||||||||
Outstanding balance | 667,656 | 873,776 | |||||||||||||||||||||||||||||||
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. | Tranches 1-3 | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | tranche | 24 | ||||||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||||||
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 1 | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 412,458 | ||||||||||||||||||||||||||||||||
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 borrowing capacity | 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 borrowing capacity | 206,115 | ||||||||||||||||||||||||||||||||
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 borrowing capacity | $ 491,690 | ||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | 20 | ||||||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 20 years | ||||||||||||||||||||||||||||||||
GAS-twenty five Ltd | October 2015 Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 136,776 | ||||||||||||||||||||||||||||||||
Unamortized fees written off | $ 3,571 | ||||||||||||||||||||||||||||||||
GAS-twenty four Ltd | October 2015 Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 130,889 | ||||||||||||||||||||||||||||||||
Unamortized fees written off | $ 3,528 | ||||||||||||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | Old Partnership Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 354,375 | ||||||||||||||||||||||||||||||||
Unamortized fees written off | $ 988 | ||||||||||||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | 2019 GasLog Partners Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||||||||||
Drawn amount | $ 75,000 | $ 360,000 | |||||||||||||||||||||||||||||||
Outstanding balance | 273,568 | 398,501 | |||||||||||||||||||||||||||||||
Maximum percentage of aggregate amount outstanding under facility to aggregate market value of vessels securing facility | 75.00% | ||||||||||||||||||||||||||||||||
Number of quarterly repayments | installment | 20 | ||||||||||||||||||||||||||||||||
Installment amount | $ 7,357 | ||||||||||||||||||||||||||||||||
Amount available to be redrawn | 0 | 0 | |||||||||||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | 2019 GasLog Partners Facility | Maximum | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Final balloon payment | $ 302,860 | ||||||||||||||||||||||||||||||||
GAS-three Ltd | 2019 GasLog Partners Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 97,050 | ||||||||||||||||||||||||||||||||
Unamortized fees written off | 604 | ||||||||||||||||||||||||||||||||
GasLog Hellas-1 Special Maritime Enterprise | GasLog Warsaw Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 129,500 | ||||||||||||||||||||||||||||||||
Outstanding balance | 114,931 | 121,406 | |||||||||||||||||||||||||||||||
Number of quarterly repayments | installment | 28 | ||||||||||||||||||||||||||||||||
Installment amount | $ 1,619 | ||||||||||||||||||||||||||||||||
Final balloon payment | $ 84,175 | ||||||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Number of international banks with debt financing agreement | item | 13 | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,052,791 | ||||||||||||||||||||||||||||||||
Number of new buildings expected to be delivered | item | 7 | ||||||||||||||||||||||||||||||||
Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure") coverage over facility | 60.00% | ||||||||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 4 | ||||||||||||||||||||||||||||||||
Number of sub-divided loans in the facility | loan | 7 | ||||||||||||||||||||||||||||||||
Number of loans per newbuilding vessels | loan | 1 | ||||||||||||||||||||||||||||||||
Drawn amount | $ 152,955 | $ 152,955 | $ 147,845 | $ 147,845 | $ 149,281 | $ 149,386 | $ 152,525 | ||||||||||||||||||||||||||
Outstanding balance | 998,189 | 738,422 | |||||||||||||||||||||||||||||||
Deferred financing costs | 0 | 4,658 | |||||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 1 | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 176,547 | ||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 24 | ||||||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 2 | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 174,787 | ||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 14 | ||||||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 7 years | ||||||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 3 | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 356,671 | ||||||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 24 | ||||||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 4 | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 344,786 | ||||||||||||||||||||||||||||||||
Facility repayment period after delivery | 7 years | ||||||||||||||||||||||||||||||||
GAS-twenty Ltd., GAS-seven Ltd., GAS-eight Ltd. | GasLog Partners $260.3M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | 258,532 | ||||||||||||||||||||||||||||||||
GAS-nineteen Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | GasLog Partners $193.7M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | 174,867 | ||||||||||||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. | GasLog $576.9M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 576,888 | ||||||||||||||||||||||||||||||||
Drawn amount | 576,888 | ||||||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 557,026 | ||||||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | agreement | 6 | ||||||||||||||||||||||||||||||||
Amount available to be redrawn | 0 | 0 | |||||||||||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. | GasLog $576.9M Facility Term Loan | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 494,475 | ||||||||||||||||||||||||||||||||
Outstanding balance | 360,338 | 494,475 | |||||||||||||||||||||||||||||||
Number of quarterly repayments | loan | 18 | ||||||||||||||||||||||||||||||||
Installment amount | $ 9,349 | ||||||||||||||||||||||||||||||||
Final balloon payment | 307,495 | ||||||||||||||||||||||||||||||||
Amount of initial repayment | 18,698 | ||||||||||||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. | GasLog $576.9M Facility Revolving Loan | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 82,413 | ||||||||||||||||||||||||||||||||
Outstanding balance | $ 66,619 | $ 82,413 | |||||||||||||||||||||||||||||||
GAS-ten Ltd | GasLog $576.9M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Unamortized fees written off | 1,302 | ||||||||||||||||||||||||||||||||
GAS-ten Ltd | GasLog $576.9M Facility Term Loan | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Prepayment of debt instrument | 87,390 | ||||||||||||||||||||||||||||||||
GAS-ten Ltd | GasLog $576.9M Facility Revolving Loan | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 15,794 | ||||||||||||||||||||||||||||||||
GAS-fifteen Ltd | GasLog Chelsea $96.8M Facility | |||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 92,153 |
Borrowings - Financial Leasing
Borrowings - Financial Leasing (Details) $ in Thousands | Dec. 31, 2021USD ($)m³ | Jan. 22, 2021USD ($)installmentm³ | Oct. 21, 2020USD ($)installmentm³ | Dec. 31, 2020USD ($) |
Borrowings | ||||
Outstanding balance | $ 3,658,220 | $ 3,773,221 | ||
GAS-twenty five Ltd | ||||
Borrowings | ||||
Cargo capacity (in cbm) | m³ | 174,000 | |||
GAS-twenty four Ltd | ||||
Borrowings | ||||
Cargo capacity (in cbm) | m³ | 174,000 | |||
GasLog Hong Kong SLB | ||||
Borrowings | ||||
Proceeds from sale and finance leaseback | $ 163,406 | |||
Leaseback bareboat charter period in years | 12 years | |||
Price at which the vessel can or will be bought back | $ 70,000 | |||
Amount of premium payable | $ 30,000 | |||
Number of quarterly repayments | installment | 48 | |||
Final balloon payment | $ 70,000 | |||
Outstanding balance | $ 152,725 | $ 163,406 | ||
GasLog Hong Kong SLB | First 20 installments | ||||
Borrowings | ||||
Number of quarterly repayments | installment | 20 | |||
Installment amount | $ 2,670 | |||
GasLog Hong Kong SLB | Following 28 installments | ||||
Borrowings | ||||
Number of quarterly repayments | installment | 28 | |||
Installment amount | $ 1,429 | |||
GasLog Hong Kong SLB | GAS-twenty five Ltd | ||||
Borrowings | ||||
Cargo capacity (in cbm) | m³ | 174,000 | |||
Refinancing of outstanding indebtedness | $ 136,776 | |||
GasLog Houston SLB | ||||
Borrowings | ||||
Proceeds from sale and finance leaseback | $ 165,958 | |||
Leaseback bareboat charter period in years | 8 years | |||
Sale leaseback, repurchase period | 8 years | |||
Price at which the vessel can or will be bought back | $ 99,575 | |||
Number of quarterly repayments | installment | 32 | |||
Installment amount | $ 2,074 | |||
Final balloon payment | $ 99,575 | |||
Outstanding balance | $ 159,735 | |||
GasLog Houston SLB | GAS-twenty four Ltd | ||||
Borrowings | ||||
Cargo capacity (in cbm) | m³ | 174,000 | |||
Refinancing of outstanding indebtedness | $ 130,889 |
Borrowings - Securities covenan
Borrowings - Securities covenants and guarantees, Bonds and Corporate guarantor financial covenants (Details) $ / shares in Units, kr in Thousands, $ in Thousands | Sep. 24, 2021USD ($)item | Oct. 21, 2020USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2020NOK (kr) | Nov. 27, 2019USD ($) | Nov. 27, 2019NOK (kr) | May 16, 2019USD ($) | Mar. 22, 2017USD ($) | Dec. 31, 2021USD ($)$ / kr$ / shares | Dec. 31, 2020USD ($)$ / kr | Dec. 31, 2019USD ($) | Nov. 27, 2019NOK (kr) | Jun. 27, 2016USD ($) | Jun. 27, 2016NOK (kr) |
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 120.00% | |||||||||||||
Minimum liquidity at all times | $ 1,500 | |||||||||||||
Amount repaid | 592,463 | $ 1,481,709 | $ 547,751 | |||||||||||
Loss on redemption of bond | 1,937 | $ 2,119 | ||||||||||||
Outstanding balance | 3,658,220 | 3,773,221 | ||||||||||||
Commitment, arrangement, upfront and legal and other fees for obtaining undrawn amount | 5,564 | |||||||||||||
Legal and professional fees related to the Transaction | 15,718 | |||||||||||||
GasLog Partners LP | ||||||||||||||
Borrowings | ||||||||||||||
Minimum amount of cash and cash equivalents, short-term investments and available undrawn facilities with remaining maturities of at least six months (excluding loans from affiliates) | $ 45,000 | |||||||||||||
Maximum percentage of total indebtedness to total assets | 65.00% | |||||||||||||
GAS-twenty Ltd | ||||||||||||||
Borrowings | ||||||||||||||
Minimum liquidity at all times | $ 5,500 | |||||||||||||
GAS-twenty five Ltd | ||||||||||||||
Borrowings | ||||||||||||||
Minimum liquidity at all times | $ 3,800 | |||||||||||||
October 2015 Facility | ||||||||||||||
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, first two years | 115.00% | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, after first two years | 120.00% | |||||||||||||
October 2015 Facility | GAS-twenty five Ltd | ||||||||||||||
Borrowings | ||||||||||||||
Unamortized fees written off | $ 3,571 | |||||||||||||
Facility 7xNB | ||||||||||||||
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, first two years | 115.00% | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, after first two years | 120.00% | |||||||||||||
GasLog Hong Kong SLB | ||||||||||||||
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 100.00% | |||||||||||||
Outstanding balance | $ 152,725 | 163,406 | ||||||||||||
GasLog Houston SLB | ||||||||||||||
Borrowings | ||||||||||||||
Outstanding balance | $ 159,735 | |||||||||||||
GasLog Houston SLB | Not later than one year | ||||||||||||||
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 100.00% | |||||||||||||
GasLog Houston SLB | Later than one year | ||||||||||||||
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 110.00% | |||||||||||||
GasLog Partners $193.7M Facility | ||||||||||||||
Borrowings | ||||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 130.00% | |||||||||||||
Outstanding balance | $ 176,515 | 193,713 | ||||||||||||
NOK 2021 Bonds | ||||||||||||||
Borrowings | ||||||||||||||
Issue of senior unsecured bond | $ 90,150 | kr 750,000 | ||||||||||||
Amount repaid | kr | kr 434,000 | kr 316,000 | ||||||||||||
Percentage of redemption price of par value | 104.00% | 104.00% | 104.75% | 104.75% | ||||||||||
Loss on redemption of bond | $ 1,937 | $ 1,644 | ||||||||||||
Unamortized fees written off | 316 | |||||||||||||
NOK 2024 Bonds | ||||||||||||||
Borrowings | ||||||||||||||
Issue of senior unsecured bond | $ 98,550 | kr 900,000 | ||||||||||||
Percentage of redemption price of par value | 101.00% | 101.00% | ||||||||||||
Outstanding balance | 101,129 | 104,017 | ||||||||||||
Fair value of bond | $ 105,990 | $ 96,581 | ||||||||||||
Exchange rate | $ / kr | 0.1135 | 0.1170 | ||||||||||||
Maximum permitted per share value of Distributions | $ / shares | $ 1.10 | |||||||||||||
Minimum amount of cash and cash equivalents and short-term investments for Distributions | $ 150,000 | |||||||||||||
8.875% Senior Notes | ||||||||||||||
Borrowings | ||||||||||||||
Percentage of redemption price of par value | 100.00% | |||||||||||||
Principal amount of notes issued | $ 75,000 | $ 250,000 | ||||||||||||
Interest rate on borrowings | 8.875% | 8.875% | 8.875% | 8.875% | 8.875% | |||||||||
Percentage of original price for issued price | 102.50% | 100.00% | ||||||||||||
Yield to maturity | 7.89% | |||||||||||||
Gross proceeds from issuance of notes | $ 76,875 | |||||||||||||
Premium on issuance | $ 1,875 | |||||||||||||
Outstanding balance | $ 314,738 | $ 313,773 | ||||||||||||
Basis points for redemption price | 0.50% | |||||||||||||
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 | |||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 35,000 | |||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months basis | 100.00% | |||||||||||||
Minimum market value adjusted net worth | $ 300,000 | |||||||||||||
Maximum percentage of total indebtedness plus total equity to total assets | 75.00% | |||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 2.50% | |||||||||||||
8.875% Senior Notes | Redemption of bonds and notes issued | ||||||||||||||
Borrowings | ||||||||||||||
Percentage of redemption price of par value | 104.75% | |||||||||||||
Loss on redemption of bond | $ 475 | |||||||||||||
Repayments of notes | $ 10,000 | |||||||||||||
Loan facilities (except for the 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and the debt of the vessels owned by GasLog Partners under the October 2015 Facility) and NOK 2024 Bonds | ||||||||||||||
Borrowings | ||||||||||||||
Maximum percentage of total indebtedness to total assets | 75.00% | |||||||||||||
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 | |||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 75,000 | |||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months basis | 110.00% | |||||||||||||
Minimum amount of cash and cash equivalent and short-term investments for EBITDA over debt service obligations ratio to be regarded as complied with | $ 110,000 | |||||||||||||
Minimum market value adjusted net worth | $ 350,000 | |||||||||||||
Note Purchase Agreement | ||||||||||||||
Borrowings | ||||||||||||||
Notes issuance limit | $ 100,000 | |||||||||||||
2029 Notes | ||||||||||||||
Borrowings | ||||||||||||||
Interest rate on borrowings | 7.75% | |||||||||||||
Notes issuance limit | $ 325,000 | |||||||||||||
Percentage of face value of notes issued | 99.25% | |||||||||||||
Upfront fee (as a percent) | 0.75% | |||||||||||||
Ticking fee (as a percent) | 1.50% | |||||||||||||
Number of times the entity may elect to pay interest in kind | item | 3 | |||||||||||||
Increased interest rate for payment in kind | 9.75% | |||||||||||||
Maximum permitted per share value of Distributions | $ / shares | $ 1.10 | |||||||||||||
Minimum amount of cash and cash equivalents and short-term investments for Distributions | $ 150,000 | |||||||||||||
NIBOR | NOK 2021 Bonds | ||||||||||||||
Borrowings | ||||||||||||||
Adjustment to interest rate basis | 6.90% | 6.90% |
Borrowings - Debt Repayment Sch
Borrowings - Debt Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | $ 3,717,929 | |
Not later than one year | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 565,503 | |
Later than one year and not later than three years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 806,988 | |
Later than three years and not later than five years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 1,217,080 | |
Later than five years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | $ 1,128,358 | |
Average | ||
Borrowings Repayment Schedule / Total | ||
Interest rate | 3.02% | 3.72% |
Other Payables and Accruals (De
Other Payables and Accruals (Details) $ in Thousands | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item |
Other Payables and Accruals | ||
Unearned revenue | $ 69,768 | $ 59,612 |
Accrued off-hire | 2,461 | 5,886 |
Accrued purchases | 10,169 | 9,867 |
Accrued interest | 26,186 | 33,600 |
Other accruals | 44,917 | 34,092 |
Total | $ 153,501 | $ 143,057 |
Unearned revenue, number of vessels | item | 32 | 29 |
Vessel Operating and Supervis_3
Vessel Operating and Supervision Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Vessel Operating and Supervision Costs | |||
Crew and vessel management employee costs | $ 103,936 | $ 89,463 | $ 80,713 |
Technical maintenance expenses | 37,996 | 39,369 | 37,653 |
Other vessel operating expenses | 24,500 | 19,403 | 21,296 |
Total | $ 166,432 | $ 148,235 | $ 139,662 |
Voyage Expenses and Commissio_3
Voyage Expenses and Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Voyage Expenses and Commissions | |||
Brokers' commissions on revenue | $ 8,363 | $ 7,050 | $ 7,527 |
Bunkers' consumption and other voyage expenses | 11,067 | 14,833 | 16,245 |
Total | $ 19,430 | $ 21,883 | $ 23,772 |
General and Administrative Ex_3
General and Administrative Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
General and Administrative Expenses | |||
Employee costs | $ 16,079 | $ 24,051 | $ 24,863 |
Share-based compensation | 3,032 | 5,486 | 5,107 |
Amortization of long-term employee benefits | 684 | ||
Other expenses | 23,518 | 17,712 | 17,415 |
Total | $ 43,313 | $ 47,249 | $ 47,385 |
General and Administrative Ex_4
General and Administrative Expenses - Additional information (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
General and Administrative Expenses | ||||
Restructuring costs included in general and administrative expenses | $ 815 | $ 5,312 | $ 4,702 | |
Value of cash-settled awards granted to selected employees | $ 3,355 | |||
Settlement period (in years) | 3 years | |||
Transaction costs included in other general and administrative expenses | $ 10,698 | $ 937 | $ 0 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Revenues from Contracts with Customers | |||
Revenue | $ 809,577 | $ 674,089 | $ 668,637 |
Net pool allocation | (4,264) | ||
Number of categories for allocation of revenue | item | 2 | ||
Long-term fleet | |||
Revenues from Contracts with Customers | |||
Revenue | $ 497,200 | 462,887 | 508,778 |
Long-term fleet | Minimum | |||
Revenues from Contracts with Customers | |||
Initial duration of contract or charter party agreement | 5 years | ||
Spot fleet | |||
Revenues from Contracts with Customers | |||
Revenue | $ 311,314 | 210,390 | 113,822 |
Spot fleet | Maximum | |||
Revenues from Contracts with Customers | |||
Initial duration of contract or charter party agreement | 5 years | ||
Cool Pool Services | |||
Revenues from Contracts with Customers | |||
Revenue | 45,253 | ||
Vessel management services | |||
Revenues from Contracts with Customers | |||
Revenue | $ 1,063 | $ 812 | $ 784 |
Financial Income and Costs (Det
Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Income | |||
Interest income | $ 142 | $ 726 | $ 5,318 |
Total financial income | 142 | 726 | 5,318 |
Financial costs | |||
Amortization and write-off of deferred loan/bond issuance costs/premium | 20,286 | 22,876 | 14,154 |
Interest expense on loans | 82,325 | 93,860 | 122,819 |
Interest expense on bonds and realized loss on CCS | 34,766 | 35,891 | 34,607 |
Lease charge | 10,269 | 9,921 | 10,506 |
Loss arising on bond repurchases at a premium (Note 13) | 1,937 | 2,119 | |
Other financial costs, net | 19,309 | 796 | 6,276 |
Total financial costs | 166,955 | $ 165,281 | $ 190,481 |
Legal and professional fees related to the Transaction | $ 15,718 |
Related Party Transactions - Re
Related Party Transactions - Receivables and Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | $ 18 | $ 1,259 |
Amounts due to related parties | 27 | 164 |
Other receivables | ||
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | 18 | 9 |
Ship management creditors | ||
Related Party Transactions | ||
Amounts due to related parties | 119 | 124 |
Amounts due to related parties | ||
Related Party Transactions | ||
Amounts due to related parties | 27 | 164 |
Reimbursement of expenses incurred, payables for office lease and other operating expenses | ||
Related Party Transactions | ||
Amounts due to related parties | $ 27 | 164 |
Associates | Dividends receivable | ||
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | $ 1,250 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transactions | ||||
Revenues | $ (809,577) | $ (674,089) | $ (668,637) | |
Loss on disposal of non-current assets | 1,100 | 572 | ||
General and administrative expenses | 43,313 | 47,249 | 47,385 | |
Voyage expenses and commissions | 19,430 | 21,883 | 23,772 | |
Net pool allocation | 4,264 | |||
Egypt LNG Shipping Ltd / Associate | ||||
Transactions | ||||
Loss on disposal of non-current assets | $ 572 | |||
Egypt LNG Shipping Ltd / Associate | Vessel management services | ||||
Transactions | ||||
Revenues | (703) | (703) | (703) | |
Egypt LNG Shipping Ltd / Associate | Sale of office property | ||||
Transactions | ||||
Loss on disposal of non-current assets | 572 | |||
Nea Dimitra Property | Office rent and utilities | ||||
Transactions | ||||
General and administrative expenses | 593 | 478 | 411 | |
Nea Dimitra Property | Office rent | ||||
Transactions | ||||
Financial costs and depreciation | 780 | 669 | 642 | |
Nea Dimitra Property | Other office services | ||||
Transactions | ||||
General and administrative expenses | 1 | 1 | ||
Seres S.A. | Catering services | ||||
Transactions | ||||
General and administrative expenses | 306 | 268 | 361 | |
Seres S.A. | Consultancy services | ||||
Transactions | ||||
General and administrative expenses | $ 65 | 56 | 55 | |
Chartwell Management Inc. | Travel expenses | ||||
Transactions | ||||
General and administrative expenses | 23 | 284 | ||
Ceres Monaco S.A.M. | Travel expenses | ||||
Transactions | ||||
General and administrative expenses | 1 | 13 | ||
Ceres Monaco S.A.M. | Professional services | ||||
Transactions | ||||
General and administrative expenses | 144 | 144 | ||
The Cool Pool Limited / Joint venture | ||||
Transactions | ||||
Revenues | (45,253) | |||
Voyage expenses and commissions | 8,086 | |||
Net pool allocation | 4,264 | |||
The Cool Pool Limited / Joint venture | Pool gross revenues | ||||
Transactions | ||||
Revenues | (45,253) | |||
The Cool Pool Limited / Joint venture | Pool gross bunkers | ||||
Transactions | ||||
Voyage expenses and commissions | 7,255 | |||
The Cool Pool Limited / Joint venture | Pool other voyage expenses | ||||
Transactions | ||||
Voyage expenses and commissions | 831 | |||
The Cool Pool Limited / Joint venture | Adjustment for net pool allocation | ||||
Transactions | ||||
Net pool allocation | 4,264 | |||
Ceres Shipping Ltd | Travel expenses | ||||
Transactions | ||||
General and administrative expenses | $ 1 | |||
Ceres Shipping Ltd | Professional services | ||||
Transactions | ||||
General and administrative expenses | $ 10 |
Related Party Transactions - Ge
Related Party Transactions - General (Details) $ in Thousands | Dec. 31, 2021EUR (€) | Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | May 16, 2019 | Mar. 22, 2017 |
Related Party Transactions | |||||||||
Gains (losses) on disposals of non-current assets | $ (1,100) | $ (572) | |||||||
Revenue | (809,577) | (674,089) | $ (668,637) | ||||||
Voyage expenses and commissions | 19,430 | $ 21,883 | 23,772 | ||||||
Net pool allocation | $ 4,264 | ||||||||
8.875% Senior Notes | |||||||||
Related Party Transactions | |||||||||
Interest rate | 8.875% | 8.875% | 8.875% | 8.875% | 8.875% | 8.875% | |||
NBG | |||||||||
Related Party Transactions | |||||||||
Amount pledged | € | € 962,000 | € 962,000 | |||||||
GAS-fifteen Ltd | Gastrade / Associate | |||||||||
Related Party Transactions | |||||||||
Letter of credit amount | € | € 4,800,000 | 4,800,000 | |||||||
Gastrade / Associate | |||||||||
Related Party Transactions | |||||||||
Ownership interest in associate (in percent) | 20.00% | ||||||||
Egypt LNG Shipping Ltd / Associate | |||||||||
Related Party Transactions | |||||||||
Gains (losses) on disposals of non-current assets | $ (572) | ||||||||
Egypt LNG Shipping Ltd / Associate | GasLog Shipping Company, Ltd. | |||||||||
Related Party Transactions | |||||||||
Ownership interest in associate (in percent) | 25.00% | ||||||||
Seres S.A. | |||||||||
Related Party Transactions | |||||||||
Maximum per person per day catering service rate | € | € 10 | ||||||||
Ceres Monaco S.A.M. | |||||||||
Related Party Transactions | |||||||||
Consultancy agreement fixed fee for service of employees | $ 100 | ||||||||
Consultancy arrangement fee per month | $ 12 | ||||||||
The Cool Pool Limited / Joint venture | |||||||||
Related Party Transactions | |||||||||
Revenue | $ (45,253) | ||||||||
Voyage expenses and commissions | 8,086 | ||||||||
Net pool allocation | $ 4,264 | ||||||||
Ceres Shipping Enterprises S.A. | |||||||||
Related Party Transactions | |||||||||
Fee for consultancy services for debt re-financing | $ 1,000 | ||||||||
Ceres Shipping Ltd | |||||||||
Related Party Transactions | |||||||||
Fee for consultancy services for debt re-financing | $ 488 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions | |||
Remuneration | $ 4,815 | $ 8,663 | $ 7,536 |
Short-term benefits | 79 | 181 | 172 |
Amortization of long-term employee benefits | 537 | ||
Expense recognized in respect of share-based compensation | 1,225 | 2,951 | 2,044 |
Total | $ 6,656 | $ 11,795 | $ 9,752 |
Share-Based Compensation - Omni
Share-Based Compensation - Omnibus Incentive Compensation Plan (Details) | Jun. 09, 2021 | Apr. 01, 2020 | Dec. 31, 2021 |
RSUs granted before 2020 | |||
Share-Based Compensation | |||
Vesting period | 3 years | ||
RSUs granted in 2020 | |||
Share-Based Compensation | |||
Awards that vest on each anniversary (as a percent) | 33.33% | ||
PSUs | |||
Share-Based Compensation | |||
Vesting period | 3 years | ||
Weight of performance targets in relation to total shareholder return | 50.00% | ||
Weight of operating expenses reduction | 25.00% | ||
Weight of general and administrative expense reduction | 25.00% | ||
Vesting percentage of awards | 100.00% | ||
PSUs | TSR above the 75th percentile of the peer group | |||
Share-Based Compensation | |||
Vesting percentage of awards | 100.00% | ||
PSUs | TSR between the 25th and 75th percentile of the peer group | |||
Share-Based Compensation | |||
Vesting percentage of awards, description | achieved percentile of award vesting | ||
PSUs | TSR below the 25th percentile of the peer group | |||
Share-Based Compensation | |||
Vesting percentage of awards | 0.00% | ||
PSUs | Opex target cost reduction above 100% | |||
Share-Based Compensation | |||
Vesting percentage of awards, description | 100% plus 1 point for each point in excess of target | ||
PSUs | Opex target cost reduction of 95-100% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 100.00% | ||
PSUs | Opex target cost reduction of 90-94% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 75.00% | ||
PSUs | Opex target cost reduction of 85-89% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 50.00% | ||
PSUs | Opex target cost reduction below 85% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 0.00% | ||
PSUs | G&A expense target cost reduction above 100% | |||
Share-Based Compensation | |||
Vesting percentage of awards, description | 100% plus 1 point for each point in excess of target | ||
PSUs | G&A expense target cost reduction of 95-100% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 100.00% | ||
PSUs | G&A expense target cost reduction of 90-94% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 75.00% | ||
PSUs | G&A expense target cost reduction of 85-89% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 50.00% | ||
PSUs | G&A expense target cost reduction below 85% | |||
Share-Based Compensation | |||
Vesting percentage of awards | 0.00% | ||
SARs | |||
Share-Based Compensation | |||
Awards that vest on each anniversary (as a percent) | 33.33% |
Share-Based Compensation - SARs
Share-Based Compensation - SARs fair value (Details) | Dec. 14, 2019$ / shares | Nov. 28, 2018$ / shares | Dec. 31, 2021Y$ / shares |
SARs | |||
Share-Based Compensation | |||
Decrease in exercise price to reflect effect from distribution of special dividend | $ 0.38 | $ 0.40 | |
SARs granted 17 May 2013 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 13.26 | ||
Exercise price | $ 12.48 | ||
Expected volatility (as a percent) | 29.31% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.08% | ||
SARs granted 1 April 2014 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 24 | ||
Exercise price | $ 23.22 | ||
Expected volatility (as a percent) | 29.42% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 2.03% | ||
SARs granted 1 April 2015 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 19.48 | ||
Exercise price | $ 18.70 | ||
Expected volatility (as a percent) | 39.30% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.48% | ||
SARs granted 1 April 2016 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 9.28 | ||
Exercise price | $ 8.50 | ||
Expected volatility (as a percent) | 47.30% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.37% | ||
SARs granted 3 April 2017 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 15.55 | ||
Exercise price | $ 14.77 | ||
Expected volatility (as a percent) | 46.00% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.99% | ||
SARs granted 2 April 2018 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 16.30 | ||
Exercise price | $ 15.52 | ||
Expected volatility (as a percent) | 44.50% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 2.61% | ||
SARs granted 1 April 2019 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 17.79 | ||
Exercise price | $ 17.41 | ||
Expected volatility (as a percent) | 45.03% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 2.35% | ||
SARs granted 20 August 2019 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 12.34 | ||
Exercise price | $ 11.96 | ||
Expected volatility (as a percent) | 45.80% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.47% |
Share-Based Compensation - RSUs
Share-Based Compensation - RSUs movement (Details) - RSUs $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments | |
Number of awards | |||
Outstanding at the beginning of the year | EquityInstruments | 643,853 | 367,162 | |
Granted during the year | EquityInstruments | 522,811 | ||
Vested during the year | EquityInstruments | (642,637) | (245,061) | |
Forfeited during the year | EquityInstruments | (1,216) | (1,059) | |
Outstanding at end of the year | EquityInstruments | 643,853 | 367,162 | |
Weighted average contractual life | |||
Weighted average contractual life | 1 year 10 months 24 days | 1 year 1 month 28 days | |
Aggregate fair value | |||
Outstanding at the beginning of the year | $ | $ 4,124 | $ 5,988 | |
Granted during the year | $ | 1,824 | ||
Vested during the year | $ | (4,104) | (3,671) | |
Forfeited during the year | $ | $ (20) | (17) | |
Outstanding at the end of the year | $ | $ 4,124 | $ 5,988 |
Share-Based Compensation - SA_2
Share-Based Compensation - SARs movement (Details) - SARs $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)EquityInstruments$ / shares | Dec. 31, 2020USD ($)EquityInstruments$ / shares | Dec. 31, 2019USD ($)EquityInstruments$ / shares | |
Number of awards | |||
Outstanding at beginning of the year | EquityInstruments | 2,452,478 | 2,630,173 | |
Forfeited during the year | EquityInstruments | (1,085) | ||
Expired during the year | EquityInstruments | (176,610) | ||
Cancelled during the year | EquityInstruments | (2,452,478) | ||
Outstanding at end of the year | EquityInstruments | 2,452,478 | 2,630,173 | |
Weighted average exercise price per share | |||
Outstanding at the beginning of the year | $ / shares | $ 14.44 | $ 14.46 | |
Outstanding at end of the year | $ / shares | $ 14.44 | $ 14.46 | |
Weighted average contractual life | |||
Weighted average contractual life | 5 years 5 months 19 days | 6 years 6 months 10 days | |
Aggregate fair value | |||
Outstanding at the beginning of the year | $ | $ 10,523 | $ 11,367 | |
Forfeited during the year | $ | (6) | ||
Expired during the year | $ | (838) | ||
Cancelled during the year | $ | $ (10,523) | ||
Outstanding at the end of the year | $ | $ 10,523 | $ 11,367 |
Share-Based Compensation - PSUs
Share-Based Compensation - PSUs movement (Details) - PSUs $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | |
Number of awards | ||
Outstanding at the beginning of the year | EquityInstruments | 501,444 | |
Granted during the year | EquityInstruments | 501,444 | |
Vested during the year | EquityInstruments | (501,444) | |
Outstanding at end of the year | EquityInstruments | 501,444 | |
Weighted average contractual life | ||
Weighted average contractual life | 2 years 3 months | |
Aggregate fair value | ||
Outstanding at the beginning of the year | $ | $ 1,759 | |
Granted during the year | $ | $ 1,759 | |
Vested during the year | $ | $ (1,759) | |
Outstanding at the end of the year | $ | $ 1,759 |
Share-Based Compensation - GasL
Share-Based Compensation - GasLog Partners' Plan (Details) - GasLog Partners LP | Sep. 14, 2021USD ($)EquityInstruments | Apr. 01, 2021USD ($)EquityInstruments | Apr. 01, 2020USD ($)EquityInstruments | Apr. 01, 2019USD ($)EquityInstruments | Dec. 31, 2021EquityInstruments | Dec. 31, 2020EquityInstruments |
RCUs | ||||||
Share-Based Compensation | ||||||
Vesting period | 3 years | |||||
Number of units granted | EquityInstruments | 21,663 | 98,255 | 233,688 | 26,308 | 119,918 | 233,688 |
Fair value of unit at grant date | $ | $ 4.09 | $ 2.75 | $ 2.02 | $ 22.99 | ||
PCUs | ||||||
Share-Based Compensation | ||||||
Vesting period | 3 years | |||||
Number of units granted | EquityInstruments | 21,663 | 98,255 | 233,688 | 26,308 | 119,918 | 233,688 |
Fair value of unit at grant date | $ | $ 4.09 | $ 2.75 | $ 2.02 | $ 22.99 | ||
PCUs | TUR above 75th Percentile of peer group | ||||||
Share-Based Compensation | ||||||
Vesting percentage of awards | 100.00% | |||||
PCUs | TUR Between 50th and 75th percentile of peer group | ||||||
Share-Based Compensation | ||||||
Vesting percentage of awards | 50.00% | |||||
PCUs | TUR Below the 50th percentile of peer group | ||||||
Share-Based Compensation | ||||||
Vesting percentage of awards | 0.00% |
Share-Based Compensation - RCUs
Share-Based Compensation - RCUs movement (Details) - RCUs - GasLog Partners LP $ in Thousands | Sep. 14, 2021EquityInstruments | Apr. 06, 2021EquityInstruments | Apr. 01, 2021EquityInstruments | Sep. 25, 2020EquityInstruments | Jun. 30, 2020EquityInstruments | Apr. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Apr. 01, 2019EquityInstruments | Dec. 31, 2021USD ($)EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments |
Number of awards | |||||||||||
Outstanding at the beginning of the year | EquityInstruments | 89,978 | 76,467 | |||||||||
Granted during the year | EquityInstruments | 21,663 | 98,255 | 233,688 | 26,308 | 119,918 | 233,688 | |||||
Vested during the year | EquityInstruments | (5,984) | (182,850) | (11,776) | (25,551) | (24,925) | (5,984) | (220,177) | ||||
Outstanding at end of the year | EquityInstruments | 203,912 | 89,978 | 76,467 | ||||||||
Weighted average contractual life | |||||||||||
Weighted average contractual life | 1 year 10 months 9 days | 2 years 14 days | 1 year 3 months 3 days | ||||||||
Aggregate fair value | |||||||||||
Outstanding at the beginning of the year | $ | $ 446 | $ 1,790 | |||||||||
Granted during the year | $ | 368 | 472 | |||||||||
Vested during the year | $ | (140) | (1,816) | |||||||||
Outstanding at the end of the year | $ | $ 674 | $ 446 | $ 1,790 |
Share-Based Compensation - PCUs
Share-Based Compensation - PCUs movement (Details) - PCUs - GasLog Partners LP $ in Thousands | Sep. 14, 2021EquityInstruments | Apr. 06, 2021EquityInstruments | Apr. 01, 2021EquityInstruments | Sep. 25, 2020EquityInstruments | Jun. 30, 2020EquityInstruments | Apr. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Apr. 01, 2019EquityInstruments | Dec. 31, 2021USD ($)EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments |
Number of awards | |||||||||||
Outstanding at the beginning of the year | EquityInstruments | 89,978 | 76,467 | |||||||||
Granted during the year | EquityInstruments | 21,663 | 98,255 | 233,688 | 26,308 | 119,918 | 233,688 | |||||
Vested during the year | EquityInstruments | (2,992) | (182,850) | (9,813) | (21,292) | (24,925) | (2,992) | (213,955) | ||||
Forfeited during the year | EquityInstruments | (2,992) | (6,222) | |||||||||
Outstanding at end of the year | EquityInstruments | 203,912 | 89,978 | 76,467 | ||||||||
Weighted average contractual life | |||||||||||
Weighted average contractual life | 1 year 10 months 9 days | 2 years 14 days | 1 year 3 months 3 days | ||||||||
Aggregate fair value | |||||||||||
Outstanding at the beginning of the year | $ | $ 446 | $ 1,790 | |||||||||
Granted during the year | $ | 368 | 472 | |||||||||
Vested during the year | $ | (70) | (1,668) | |||||||||
Forfeited during the year | $ | (70) | (148) | |||||||||
Outstanding at the end of the year | $ | $ 674 | $ 446 | $ 1,790 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation | |||
Total expense recognized | $ 3,032 | $ 5,486 | $ 5,107 |
Total accrued cash distribution | $ 86 | $ 552 |
Commitments - Related to vessel
Commitments - Related to vessels under construction (Details) - Vessels under construction - Daewoo $ in Thousands | Dec. 31, 2021USD ($) |
Contractual commitments | |
Capital commitment | $ 820,654 |
Not later than one year | |
Contractual commitments | |
Capital commitment | 123,098 |
Later than one year and not later than three years | |
Contractual commitments | |
Capital commitment | 451,360 |
Later than three years and not later than five years | |
Contractual commitments | |
Capital commitment | $ 246,196 |
Commitments - Revenues from non
Commitments - Revenues from non-cancellable charter agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating lease payments | |
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 2,276,070 |
Not later than one year | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 542,913 |
Later than one year and not later than two years | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 421,640 |
Later than two years and not later than three years | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 352,986 |
Later than three years and not later than four years | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 325,410 |
Later than four years and not later than five years | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 257,903 |
Later than five years | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 375,218 |
Commitments - Other commitments
Commitments - Other commitments and guarantees (Details) - GasLog LNG Services Ltd. $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2021item | Jun. 30, 2021item | Mar. 31, 2019item | Dec. 31, 2015item | Dec. 31, 2021USD ($)item | |
Wartsila | |||||
Commitments | |||||
Number of existing maintenance agreements related to vessels | 7 | ||||
Number of additional maintenance agreements related to carriers | 18 | ||||
Samsung | |||||
Commitments | |||||
Number of vessels covered by agreement | 19 | ||||
Period of services to be provided (in years) | 6 years | ||||
Number of vessels with ballast water management system installed | 14 | ||||
Hyundai | |||||
Commitments | |||||
Number of vessels covered by agreement | 6 | ||||
Period of services to be provided (in years) | 5 years | ||||
Third Parties | Maximum | |||||
Commitments | |||||
Bank guarantee amount | $ | $ 250 | ||||
Greek Ministry Of Finance | |||||
Commitments | |||||
Bank guarantee amount | $ | 10 | ||||
United Kingdom Mutual Steamship Assurance Association Limited | |||||
Commitments | |||||
Bank guarantee amount | $ | $ 338 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest rate risk | Floating interest rate | |||
Financial Risk Management | |||
Percent of variable interest rate exposure hedged | 43.70% | 47.60% | |
Aggregate principal amount of floating rate debt outstanding | $ 1,915,297 | ||
Interest rate basis | LIBOR | LIBOR | LIBOR |
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% |
Increase in interest expense on un-hedged portion of loans | $ 1,942 | $ 1,665 | $ 1,530 |
Currency risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase in EUR/USD exchange rate | 10.00% | 10.00% | 10.00% |
Increase (decrease) in profit and cash flows | $ (12,699) | $ (13,086) | $ (11,380) |
Currency risk | EUR | |||
Financial Risk Management | |||
Operating and administrative expenses denominated in euros | 126,988 | 130,861 | $ 113,804 |
Trade payables and accruals denominated in euros | 27,323 | 34,199 | |
Interest rate swaps | Interest rate risk | |||
Financial Risk Management | |||
Fair value of interest rate swaps / net liability | $ 53,192 | $ 113,855 | |
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% |
Increase in fair value due to reasonably possible increase in interest rates | $ 3,187 | $ 5,162 | $ 6,285 |
Financial Risk Management - I_2
Financial Risk Management - Interest rate risk on NOK 2024 Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cross currency swaps qualified as cash flow hedging instruments | ||
Financial Risk Management | ||
Notional amount | $ 98,550 | $ 98,550 |
Gaslog with counterparty DNB, traded in November 2019 | ||
Financial Risk Management | ||
Notional amount | $ 32,850 | 32,850 |
Maturing in | Nov 2024 | |
Gaslog with counterparty SEB, traded in November 2019 | ||
Financial Risk Management | ||
Notional amount | $ 32,850 | 32,850 |
Maturing in | Nov 2024 | |
Gaslog with counterparty Nordea, traded in November 2019 | ||
Financial Risk Management | ||
Notional amount | $ 32,850 | $ 32,850 |
Maturing in | Nov 2024 |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 4,559,024 | $ 4,717,985 | |
Derivative financial instruments, undiscounted cash flows | 53,580 | 108,408 | |
Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 81,919 | 116,382 | |
Derivative financial instruments, undiscounted cash flows | 780 | 446 | |
1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 414,398 | 82,266 | |
Derivative financial instruments, undiscounted cash flows | 1,407 | 869 | |
3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 282,303 | 291,547 | |
Derivative financial instruments, undiscounted cash flows | 23,874 | 33,590 | |
1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,425,924 | 2,778,954 | |
Derivative financial instruments, undiscounted cash flows | 26,302 | 68,371 | |
Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,354,480 | 1,448,836 | |
Derivative financial instruments, undiscounted cash flows | 1,217 | 5,132 | |
Trade and other accounts payable | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 15,892 | 25,046 | |
Trade and other accounts payable | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 15,770 | 24,651 | |
Trade and other accounts payable | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 122 | 129 | |
Trade and other accounts payable | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 266 | ||
Amounts due to related parties | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 27 | 164 | |
Amounts due to related parties | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 27 | 164 | |
Other payables and accruals | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 82,432 | 81,258 |
Other payables and accruals | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 22,513 | 34,919 |
Other payables and accruals | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 42,026 | 28,940 |
Other payables and accruals | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 17,893 | 17,399 |
Other non-current liabilities | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,128 | 1,991 | |
Other non-current liabilities | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 814 | 612 | |
Other non-current liabilities | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,314 | $ 1,379 | |
Loans | Floating interest rate | |||
Financial Risk Management | |||
Interest rate | 2.33% | 2.46% | |
Non-derivative financial liabilities, undiscounted cash flows | $ 3,630,319 | $ 3,810,715 | |
Loans | Floating interest rate | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 39,834 | 54,892 | |
Loans | Floating interest rate | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 41,548 | 39,196 | |
Loans | Floating interest rate | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 227,108 | 227,325 | |
Loans | Floating interest rate | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,135,245 | 2,224,725 | |
Loans | Floating interest rate | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,186,584 | 1,264,577 | |
Bonds | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 444,402 | 521,439 | |
Bonds | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 323,503 | 10,640 | |
Bonds | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 5,082 | 32,485 | |
Bonds | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 115,817 | 478,314 | |
Lease liabilities | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 383,824 | 277,372 | |
Lease liabilities | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 3,775 | 1,756 | |
Lease liabilities | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 7,199 | 3,361 | |
Lease liabilities | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 32,220 | 14,072 | |
Lease liabilities | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 174,048 | 75,303 | |
Lease liabilities | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 166,582 | 182,880 | |
Interest rate swaps | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 55,100 | 114,559 | |
Interest rate swaps | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 605 | 559 | |
Interest rate swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 1,138 | 1,128 | |
Interest rate swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 23,877 | 33,772 | |
Interest rate swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 28,263 | 73,968 | |
Interest rate swaps | Later than five years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 1,217 | 5,132 | |
Cross currency swaps | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (2,467) | (5,804) | |
Cross currency swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (76) | (25) | |
Cross currency swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (430) | (182) | |
Cross currency swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (1,961) | (5,597) | |
Forward foreign exchange contracts | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 947 | (347) | |
Forward foreign exchange contracts | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 175 | (113) | |
Forward foreign exchange contracts | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 345 | $ (234) | |
Forward foreign exchange contracts | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | $ 427 | ||
[1] | Non-financial liabilities are excluded. |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 282,246 | $ 367,269 | $ 263,747 | $ 342,594 |
Trade and other receivables | 28,595 | 36,223 | ||
Dividends receivable and other amounts due from related parties | 18 | 1,259 | ||
Derivative financial assets | 2,509 | 6,095 | ||
Credit risk | ||||
Financial Risk Management | ||||
Cash and cash equivalents | 282,246 | 367,269 | ||
Trade and other receivables | 28,595 | 36,223 | ||
Dividends receivable and other amounts due from related parties | 18 | 1,259 | ||
Derivative financial assets | $ 2,509 | $ 6,095 | ||
Credit risk | Shell | ||||
Financial Risk Management | ||||
Percentage of revenue | 38.00% | 57.20% | 70.00% |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Risk Management | ||||
Borrowings, current portion | $ 553,161 | $ 245,626 | ||
Borrowings, non-current portion | 3,105,059 | 3,527,595 | ||
Lease liabilities, current portion | 30,905 | 9,644 | ||
Lease liabilities, non-current portion | 271,945 | 186,526 | ||
Total debt | 3,961,070 | 3,969,391 | ||
Total equity | 1,568,371 | 1,597,137 | $ 1,649,853 | $ 1,983,122 |
Total debt and equity | $ 5,529,441 | $ 5,566,528 | ||
Gearing ratio | 71.60% | 71.30% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments | ||
Derivative financial instruments, current assets | $ 596 | $ 534 |
Derivative financial instruments, non-current assets | 1,913 | 5,561 |
Derivative financial assets | 2,509 | 6,095 |
Derivative financial instruments, current liability | 25,518 | 35,415 |
Derivative financial instruments, non-current liability | 28,694 | 78,440 |
Derivative financial liabilities | 54,212 | 113,855 |
Financial assets designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Financial Instruments | ||
Derivative financial assets | 2,418 | 5,768 |
Financial assets carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Derivative financial assets | 91 | 327 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Derivative financial liabilities | 53,192 | $ 113,855 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Derivative financial liabilities | $ 1,020 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest rate swaps designated as cash flow hedging instruments (Details) - instrument | Dec. 31, 2021 | Dec. 31, 2020 |
Interest rate swaps designated as cash flow hedging instruments | ||
Interest rate swaps | ||
Number of derivative financial instruments | 0 | 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Interest rate swaps held for trading (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2020 | |
Financial Instruments | ||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ 59,407 | $ (64,044) | $ (54,050) | |
Interest rate swaps held for trading | ||||
Financial Instruments | ||||
Notional amount | 1,484,023 | 1,578,256 | ||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ 60,663 | (63,982) | $ (55,865) | |
GasLog with counterparty Deutsche Bank AG, termination in July 2021, interest rate of 1.98 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.98% | |||
Notional amount | 66,667 | |||
Trade date | July 2016 | |||
Effective date | July 2016 | |||
Termination date | July 2021 | |||
GasLog with counterparty Deutsche Bank AG, termination in July 2022, interest rate of 1.98 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.98% | |||
Notional amount | $ 66,667 | 66,667 | ||
Trade date | July 2016 | |||
Effective date | July 2016 | |||
Termination date | July 2022 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2022, interest rate of 1.719 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.719% | |||
Notional amount | $ 73,333 | 73,333 | ||
Trade date | July 2016 | |||
Effective date | July 2016 | |||
Termination date | July 2022 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2022, interest rate of 1.79 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.79% | |||
Notional amount | $ 33,333 | 33,333 | ||
Trade date | July 2016 | |||
Effective date | July 2016 | |||
Termination date | July 2022 | |||
GasLog with counterparty SCB, termination in July 2022, interest rate of 2.015 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.015% | |||
Notional amount | $ 66,667 | 66,667 | ||
Trade date | July 2020 | |||
Effective date | July 2016 | |||
Termination date | July 2022 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2021, interest rate of 1.8405 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.8405% | |||
Notional amount | 50,000 | |||
Trade date | July 2016 | |||
Effective date | July 2016 | |||
Termination date | July 2021 | |||
GasLog with counterparty HSBC Bank plc, termination in February 2022, interest rate of 2.005 / 2.170 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.17% | 2.005% | ||
Notional amount | $ 100,000 | 100,000 | ||
Trade date | Feb 2017 | |||
Effective date | Feb 2017 | |||
Termination date | Feb 2022 | |||
GasLog with counterparty SCB, termination in March 2022, interest rate of 2.2145 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.2145% | |||
Notional amount | $ 100,000 | 100,000 | ||
Trade date | July 2020 | |||
Effective date | Feb 2017 | |||
Termination date | Mar 2022 | |||
GasLog with counterparty ABN AMRO Bank NV ("ABN"), termination in March 2022, interest rate of 2.003 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.003% | |||
Notional amount | $ 100,000 | 100,000 | ||
Trade date | Feb 2017 | |||
Effective date | Feb 2017 | |||
Termination date | Mar 2022 | |||
GasLog with counterparty Nordea, termination in July 2026, interest rate of 3.070 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.07% | |||
Notional amount | $ 66,667 | 66,667 | ||
Trade date | May 2018 | |||
Effective date | July 2020 | |||
Termination date | July 2026 | |||
GasLog with counterparty Nordea, termination in July 2026, interest rate of 2.562 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.562% | |||
Notional amount | $ 66,667 | 66,667 | ||
Trade date | May 2018 | |||
Effective date | May 2018 | |||
Termination date | July 2026 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2024, interest rate of 3.025 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.025% | |||
Notional amount | $ 50,000 | 50,000 | ||
Trade date | May 2018 | |||
Effective date | July 2020 | |||
Termination date | July 2024 | |||
GAS-twenty seven Ltd with counterparty DNB Bank ASA, termination in July 2024 interest rate of 3.146 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.146% | |||
Notional amount | $ 48,889 | 48,889 | ||
Trade date | July 2020 | |||
Effective date | July 2020 | |||
Termination date | July 2024 | |||
GAS-twenty seven Ltd with counterparty ING Bank N.V, termination in July 2024, interest rate of 3.24 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.24% | |||
Notional amount | $ 24,444 | 24,444 | ||
Trade date | July 2020 | |||
Effective date | July 2020 | |||
Termination date | July 2024 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2025, interest rate of 2.472 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.472% | |||
Notional amount | $ 73,333 | 73,333 | ||
Trade date | May 2018 | |||
Effective date | July 2018 | |||
Termination date | July 2025 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2024, interest rate of 2.475 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.475% | |||
Notional amount | $ 33,333 | 33,333 | ||
Trade date | May 2018 | |||
Effective date | Apr 2018 | |||
Termination date | July 2024 | |||
GasLog with counterparty HSBC Bank, plc, termination in June 2021, interest rate of 2.550 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.55% | |||
Notional amount | 33,333 | |||
Trade date | May 2018 | |||
Effective date | Apr 2018 | |||
Termination date | June 2021 | |||
GasLog with counterparty ABN AMRO Bank NV ("ABN"), termination in July 2025, interest rate of 2.550 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.55% | |||
Notional amount | $ 33,333 | |||
Trade date | June 2021 | |||
Effective date | Apr 2021 | |||
Termination date | July 2025 | |||
GasLog with counterparty Citibank Europe Plc, termination in July 2024, interest rate of 3.082 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.082% | |||
Notional amount | $ 30,000 | 30,000 | ||
Trade date | May 2018 | |||
Effective date | July 2020 | |||
Termination date | July 2024 | |||
GasLog with counterparty Citibank Europe Plc, termination in July 2025, interest rate of 3.095 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.095% | |||
Notional amount | $ 30,000 | |||
Trade date | May 2018 | |||
Effective date | July 2021 | |||
Termination date | July 2025 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2026, interest rate of 2.745 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.745% | |||
Notional amount | $ 50,000 | 50,000 | ||
Trade date | December 2018 | |||
Effective date | October 2018 | |||
Termination date | July 2026 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2028, interest rate of 2.793 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.793% | |||
Notional amount | $ 66,667 | 66,667 | ||
Trade date | December 2018 | |||
Effective date | October 2018 | |||
Termination date | July 2028 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2025, interest rate of 2.685 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.685% | |||
Notional amount | $ 73,333 | 73,333 | ||
Trade date | December 2018 | |||
Effective date | January 2019 | |||
Termination date | July 2025 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2024, interest rate of 2.958 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.958% | |||
Notional amount | $ 50,000 | 50,000 | ||
Trade date | December 2018 | |||
Effective date | July 2020 | |||
Termination date | July 2024 | |||
GasLog with counterparty ING Bank N.V., termination in July 2024, interest rate of 3.127 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.127% | |||
Notional amount | $ 100,000 | 100,000 | ||
Trade date | May 2020 | |||
Effective date | July 2020 | |||
Termination date | July 2024 | |||
Gain (loss) on swap replacement | (41) | |||
GAS-twenty seven Ltd with counterparty DNB Bank ASA, termination in April 2025, interest rate of 3.069 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.069% | |||
Notional amount | $ 40,000 | 40,000 | ||
Trade date | July 2020 | |||
Effective date | April 2020 | |||
Termination date | April 2025 | |||
GAS-twenty seven Ltd with counterparty ING Bank N.V, termination in April 2025 interest rate of 3.176 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.176% | |||
Notional amount | $ 20,000 | 20,000 | ||
Trade date | July 2020 | |||
Effective date | July 2020 | |||
Termination date | April 2025 | |||
GAS-fifteen Ltd with counterparty NBG, termination in July 2025, interest rate of 1.795 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.795% | |||
Notional amount | $ 87,357 | $ 94,923 | ||
Trade date | September 2020 | |||
Effective date | October 2020 | |||
Termination date | July 2025 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Cross currency swap agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cross currency swaps qualified as cash flow hedging instruments | |||
Cross currency swap agreements | |||
Notional amount | $ 98,550 | $ 98,550 | |
Effective portion of changes in fair value of cash flow hedges | (3,086) | 1,873 | $ (3,215) |
Recycled loss/(gain) of cash flow hedges reclassified to profit or loss on realization of expense | (259) | 625 | 607 |
Hedging gain/(loss) recognized in other comprehensive income due to translation of bonds | 3,184 | (3,248) | $ (325) |
Gaslog with counterparty DNB, traded in November 2019 | |||
Cross currency swap agreements | |||
Notional amount | $ 32,850 | 32,850 | |
Trade date | Nov 2019 | ||
Effective date | Nov 2019 | ||
Termination date | Nov 2024 | ||
Gaslog with counterparty SEB, traded in November 2019 | |||
Cross currency swap agreements | |||
Notional amount | $ 32,850 | 32,850 | |
Trade date | Nov 2019 | ||
Effective date | Nov 2019 | ||
Termination date | Nov 2024 | ||
Gaslog with counterparty Nordea, traded in November 2019 | |||
Cross currency swap agreements | |||
Notional amount | $ 32,850 | $ 32,850 | |
Trade date | Nov 2019 | ||
Effective date | Nov 2019 | ||
Termination date | Nov 2024 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Forward foreign exchange contracts (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€)contract$ / €€ / $ | |
Forward foreign exchange contracts | ||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ 59,407 | $ (64,044) | $ (54,050) | |
Forward foreign exchange contracts held for trading | ||||
Forward foreign exchange contracts | ||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ (1,256) | $ (21) | $ 1,815 | |
Forward foreign exchange contracts held for trading | EUR | ||||
Forward foreign exchange contracts | ||||
Notional amount | € | € 50,248 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - March 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | June 2021 | |||
Number of contracts | contract | 3 | |||
Settlement Date | January - March 2022 | |||
Notional amount | € | € 3,000 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - March 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | $ / € | 1.1941 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - March 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | $ / € | 1.1955 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - June 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | August 2021 | |||
Number of contracts | contract | 6 | |||
Settlement Date | January - June 2022 | |||
Notional amount | € | € 6,000 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - June 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1784 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - June 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1819 | |||
GasLog with counterparty DNB, settlement in January - March 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | August 2021 | |||
Number of contracts | contract | 3 | |||
Settlement Date | January - March 2022 | |||
Notional amount | € | € 3,000 | |||
GasLog with counterparty DNB, settlement in January - March 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1799 | |||
GasLog with counterparty DNB, settlement in January - March 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1815 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - September 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | September 2021 | |||
Number of contracts | contract | 9 | |||
Settlement Date | January - September 2022 | |||
Notional amount | € | € 9,000 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - September 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1725 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - September 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1785 | |||
GasLog with counterparty DNB, settlement in July - December 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | October 2021 | |||
Number of contracts | contract | 6 | |||
Settlement Date | July - December 2022 | |||
Fixed Exchange Rate | 1.1682 | |||
Notional amount | € | € 6,000 | |||
GasLog with counterparty ABN Amro Bank NV, settlement in January- December 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | November 2021 | |||
Number of contracts | contract | 17 | |||
Settlement Date | January - December 2022 | |||
Notional amount | € | € 7,748 | |||
GasLog with counterparty ABN Amro Bank NV, settlement in January- December 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1286 | |||
GasLog with counterparty ABN Amro Bank NV, settlement in January- December 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1489 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - December 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | November 2021 | |||
Number of contracts | contract | 13 | |||
Settlement Date | January - December 2022 | |||
Notional amount | € | € 6,500 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - December 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1325 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - December 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | 1.1428 | |||
GasLog with counterparty DNB, settlement in January - December 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | November 2021 | |||
Number of contracts | contract | 12 | |||
Settlement Date | January - December 2022 | |||
Fixed Exchange Rate | 1.1446 | |||
Notional amount | € | € 6,000 | |||
GasLog with counterparty OCBC, settlement in April - September 2022 | EUR | ||||
Forward foreign exchange contracts | ||||
Trade date | November 2021 | |||
Number of contracts | contract | 6 | |||
Settlement Date | April - September 2022 | |||
Notional amount | € | € 3,000 | |||
GasLog with counterparty OCBC, settlement in April - September 2022 | EUR | Minimum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | $ / € | 1.1308 | |||
GasLog with counterparty OCBC, settlement in April - September 2022 | EUR | Maximum | ||||
Forward foreign exchange contracts | ||||
Fixed Exchange Rate | $ / € | 1.1354 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Gain/(loss) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
(Loss)/Gain on Derivatives | |||
Unrealized (loss)/gain on derivative financial instruments held for trading | $ 59,407 | $ (64,044) | $ (54,050) |
Recycled loss of cash flow hedges reclassified to profit or loss | (697) | ||
Ineffective portion of cash flow hedges | (5) | (323) | (151) |
Total gain/(loss) on derivatives | 22,680 | (84,658) | (55,441) |
Interest rate swaps held for trading | |||
(Loss)/Gain on Derivatives | |||
Unrealized (loss)/gain on derivative financial instruments held for trading | 60,663 | (63,982) | (55,865) |
Realized gain/(loss) on derivative financial instruments held for trading | (35,585) | (20,855) | 3,164 |
Forward foreign exchange contracts held for trading | |||
(Loss)/Gain on Derivatives | |||
Unrealized (loss)/gain on derivative financial instruments held for trading | (1,256) | (21) | 1,815 |
Realized gain/(loss) on derivative financial instruments held for trading | $ (1,137) | $ 564 | $ (3,707) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Fair value measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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, liabilities | $ 0 | $ 0 | $ 0 |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowing and derivatives arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | $ 3,773,221 | $ 3,147,395 | $ 2,828,459 |
Liabilities/(assets) arising from financing activities at end of year | 3,658,220 | 3,773,221 | 3,147,395 |
Borrowings | Proceeds from loans and bonds | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 471,867 | 2,138,035 | 905,730 |
Total change | 471,867 | 2,138,035 | 905,730 |
Borrowings | Loans and bond repayments | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (592,463) | (1,481,709) | (547,751) |
Non-cash items | (8,063) | ||
Total change | (592,463) | (1,489,772) | (547,751) |
Borrowings | Payment for bond repurchase at premium | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (1,937) | (34,602) | |
Total change | (1,937) | (34,602) | |
Borrowings | Additions in deferred loan/bond fees | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (13,437) | (35,795) | (25,912) |
Non-cash items | 297 | 997 | (910) |
Deferred financing costs, assets | 1,254 | (6,442) | 7,016 |
Total change | (11,886) | (41,240) | (19,806) |
Borrowings | Deferred loan fees received | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 379 | 792 | |
Total change | 379 | 792 | |
Borrowings | Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 20,286 | 22,876 | 14,154 |
Total change | 20,286 | 22,876 | 14,154 |
Borrowings | Retranslation of the NOK Bonds in USD | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Other comprehensive loss/(income) | (3,184) | 3,248 | 1,211 |
Non-cash items | (6,176) | ||
Total change | (3,184) | (2,928) | 1,211 |
Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | 107,760 | 45,931 | (3,096) |
Liabilities/(assets) arising from financing activities at end of year | 51,703 | 107,760 | 45,931 |
Derivatives | Unrealized (gain) loss on derivative financial instruments held for trading (Note 26) | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | (59,407) | 64,044 | 54,050 |
Total change | (59,407) | 64,044 | 54,050 |
Derivatives | Ineffective portion of cash flow hedges (Note 26) | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 5 | 323 | 151 |
Total change | 5 | 323 | 151 |
Derivatives | Payment for interest rate swaps termination | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (31,662) | ||
Total change | (31,662) | ||
Derivatives | Proceeds from entering into interest rate swaps | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 31,622 | ||
Total change | 31,622 | ||
Derivatives | Payment for CCS termination/modification | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (4,052) | (3,731) | |
Non-cash items | 4,052 | (4,051) | |
Total change | (7,782) | ||
Derivatives | Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Other comprehensive loss/(income) | 3,345 | (2,498) | 2,608 |
Total change | 3,345 | (2,498) | 2,608 |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | 196,170 | 204,930 | 213,374 |
Liabilities/(assets) arising from financing activities at end of year | 302,850 | 196,170 | 204,930 |
Lease liabilities | Lease charge (Note 19) | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 10,269 | 9,921 | 10,506 |
Total change | 10,269 | 9,921 | 10,506 |
Lease liabilities | Additions | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 121,520 | 2,155 | 1,462 |
Total change | 121,520 | 2,155 | 1,462 |
Lease liabilities | Payments for interest | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (10,269) | (9,911) | (10,521) |
Total change | (10,269) | (9,911) | (10,521) |
Lease liabilities | Payments for lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (14,843) | (11,150) | (9,950) |
Non-cash items | 3 | 225 | 59 |
Total change | $ (14,840) | $ (10,925) | $ (9,891) |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxation | |||
U.S. Federal income tax rate (in percent) | 4.00% | ||
U.S. source gross transportation income (as percentage of gross shipping income for transportation that begins or ends in the United States) | 50.00% | ||
GasLog Partners LP | |||
Taxation | |||
U.S. source gross transportation tax expense | $ 1,357 | $ 1,300 | $ 978 |
Wholly owned subsidiaries | |||
Taxation | |||
U.S. source gross transportation tax expense | $ 3,300 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 23, 2022$ / shares | Feb. 02, 2022USD ($) | Jan. 28, 2022m³ | Dec. 31, 2021m³ |
GAS-fifteen Ltd | ||||
Subsequent Events | ||||
LNG Cargo capacity (in cbm) per vessel | 153,600 | |||
Common shares | ||||
Subsequent Events | ||||
Declaration of quarterly cash dividend (per share) | $ / shares | $ 0.15 | |||
Conversion to FSRU | GAS-fifteen Ltd | ||||
Subsequent Events | ||||
LNG Cargo capacity (in cbm) per vessel | 153,600 | |||
Agreement for disposal of vessel | GasLog Services UK Ltd | ||||
Subsequent Events | ||||
Agreed sale value of vessel | $ | $ 265,086 |