Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Entity Registrant Name | GasLog Ltd. |
Entity Central Index Key | 0001534126 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Unaudited condensed consolidate
Unaudited condensed consolidated statements of financial position - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Goodwill | $ 9,511 | $ 9,511 |
Investment in associates | 24,546 | 23,508 |
Deferred financing costs | 208 | 5,564 |
Other non-current assets | 4,653 | 4,866 |
Derivative financial instruments, non-current portion | 5,122 | 1,913 |
Tangible fixed assets | 4,600,855 | 5,002,829 |
Vessels under construction | 136,782 | 22,939 |
Right-of-use assets | 420,789 | 363,035 |
Total non-current assets | 5,202,466 | 5,434,165 |
Current assets | ||
Vessels held for sale | 113,435 | |
Trade and other receivables | 36,843 | 28,595 |
Dividends receivable and other amounts due from related parties | 14 | 18 |
Derivative financial instruments, current portion | 4,100 | 596 |
Inventories | 8,690 | 8,327 |
Prepayments and other current assets | 5,878 | 5,798 |
Short-term cash deposits | 10,000 | |
Cash and cash equivalents | 271,777 | 282,246 |
Total current assets | 450,737 | 325,580 |
Total assets | 5,653,203 | 5,759,745 |
Equity | ||
Preference shares | 46 | 46 |
Share capital | 954 | 954 |
Contributed surplus | 658,888 | 692,536 |
Reserves | 15,104 | 15,322 |
(Accumulated deficit)/Retained earnings | 25,407 | (65,117) |
Equity attributable to owners of the Group | 700,399 | 643,741 |
Non-controlling interests | 920,058 | 924,630 |
Total equity | 1,620,457 | 1,568,371 |
Current liabilities | ||
Trade accounts payable | 23,642 | 15,892 |
Ship management creditors | 213 | 119 |
Amounts due to related parties | 28 | 27 |
Derivative financial instruments, current portion | 4,494 | 25,518 |
Other payables and accruals | 149,785 | 153,501 |
Borrowings, current portion | 291,850 | 553,161 |
Lease liabilities, current portion | 41,758 | 30,905 |
Total current liabilities | 511,770 | 779,123 |
Non-current liabilities | ||
Derivative financial instruments, non-current portion | 7,635 | 28,694 |
Borrowings, non-current portion | 3,125,931 | 3,105,059 |
Lease liabilities, non-current portion | 300,535 | 271,945 |
Other non-current liabilities | 86,875 | 6,553 |
Total non-current liabilities | 3,520,976 | 3,412,251 |
Total equity and liabilities | $ 5,653,203 | $ 5,759,745 |
Unaudited condensed consolida_2
Unaudited condensed consolidated statements of profit or loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated statements of profit or loss | ||||
Revenues | $ 216,096 | $ 173,010 | $ 429,819 | $ 378,337 |
Voyage expenses and commissions | (1,995) | (5,681) | (7,327) | (9,593) |
Vessel operating and supervision costs | (42,446) | (40,688) | (86,083) | (79,941) |
Depreciation | (58,008) | (48,493) | (112,841) | (96,183) |
General and administrative expenses | (6,884) | (13,498) | (16,902) | (25,240) |
Loss on disposal of non-current assets | (577) | |||
Impairment loss | (28,027) | (56,911) | ||
Profit from operations | 78,736 | 64,650 | 149,178 | 167,380 |
Financial costs | (39,466) | (51,216) | (76,835) | (90,604) |
Financial income | 353 | 34 | 412 | 86 |
(Loss)/gain on derivatives | 8,330 | (6,310) | 45,731 | 13,973 |
Share of profit of associates | 416 | 553 | 935 | 1,120 |
Total other expenses, net | (30,367) | (56,939) | (29,757) | (75,425) |
Profit for the period | 48,369 | 7,711 | 119,421 | 91,955 |
Attributable to: | ||||
Owners of the Group | 45,729 | (4,784) | 90,524 | 53,150 |
Non-controlling interests | $ 2,640 | $ 12,495 | $ 28,897 | $ 38,805 |
Unaudited condensed consolida_3
Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Unaudited condensed consolidated statements of comprehensive income or loss | ||||
Profit for the period | $ 48,369 | $ 7,711 | $ 119,421 | $ 91,955 |
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 | 972 | 995 | (686) | (103) |
Other comprehensive income/(loss) for the period | 972 | 995 | (686) | (103) |
Total comprehensive income for the period | 49,341 | 8,706 | 118,735 | 91,852 |
Attributable to: | ||||
Owners of the Group | 46,701 | (3,789) | 89,838 | 53,047 |
Non-controlling interests | $ 2,640 | $ 12,495 | $ 28,897 | $ 38,805 |
Unaudited condensed consolida_4
Unaudited condensed consolidated statements of changes in equity - USD ($) $ in Thousands | Common shares Share capital | Preference shares Share capital | Contributed surplus | Reserves | Treasury shares | (Accumulated deficit)/ Retained earnings | Attributable to owners of the Group | Non-controlling interests | Total |
Balance at beginning of period 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 | 9,593 | 9,593 | |||||||
Dividend declared (common and preference shares) | (14,560) | (14,560) | (15,819) | (30,379) | |||||
Share-based compensation, net of accrued dividend | 3,145 | 3,145 | 3,145 | ||||||
Settlement of share-based compensation | (6,534) | $ 1,340 | (5,194) | (5,194) | |||||
Profit for the period | 53,150 | 53,150 | 38,805 | 91,955 | |||||
Other comprehensive loss for the period | (103) | (103) | (103) | ||||||
Total comprehensive (loss)/income for the period | (103) | 53,150 | 53,047 | 38,805 | 91,852 | ||||
Balance at the end of the period at Jun. 30, 2021 | 954 | 46 | 745,262 | 15,175 | (79,630) | 681,807 | 984,347 | 1,666,154 | |
Balance at beginning of period at Dec. 31, 2021 | 954 | 46 | 692,536 | 15,322 | (65,117) | 643,741 | 924,630 | 1,568,371 | |
Repurchases of GasLog Partners' preference units | (18,740) | (18,740) | |||||||
Dividend declared (common and preference shares) | (33,648) | (33,648) | (14,729) | (48,377) | |||||
Share-based compensation, net of accrued dividend | 468 | 468 | 468 | ||||||
Profit for the period | 90,524 | 90,524 | 28,897 | 119,421 | |||||
Other comprehensive loss for the period | (686) | (686) | (686) | ||||||
Total comprehensive (loss)/income for the period | (686) | 90,524 | 89,838 | 28,897 | 118,735 | ||||
Balance at the end of the period at Jun. 30, 2022 | $ 954 | $ 46 | $ 658,888 | $ 15,104 | $ 25,407 | $ 700,399 | $ 920,058 | $ 1,620,457 |
Unaudited condensed consolida_5
Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Profit for the period | $ 119,421 | $ 91,955 |
Adjustments for: | ||
Depreciation | 112,841 | 96,183 |
Impairment loss | 56,911 | |
Loss on disposal of non-current assets | 577 | |
Share of profit of associates | (935) | (1,120) |
Financial income | (412) | (86) |
Financial costs | 76,835 | 90,604 |
Gain on derivatives (excluding realized gain/loss on forward foreign exchange contracts held for trading) | (47,558) | (13,918) |
Share-based compensation | 463 | 3,236 |
Adjusted profit | 318,143 | 266,854 |
Movements in working capital | (6,583) | 2,558 |
Net cash provided by operating activities | 311,560 | 269,412 |
Cash flows from investing activities: | ||
Payments for tangible fixed assets and vessels under construction | (117,196) | (333,461) |
Proceeds from sale and leaseback, net of commissions | 123,448 | |
Proceeds from Floating Storage Regasification Unit forthcoming sale | 79,526 | |
Other investments | (103) | |
Dividends received from associate | 825 | |
Purchase of short-term cash deposits | (10,000) | (2,500) |
Financial income received | 222 | 86 |
Net cash (used in)/provided by investing activities | 75,897 | (335,050) |
Cash flows from financing activities: | ||
Proceeds from loans and bonds, net of discount | 312,638 | 318,913 |
Loan and bond repayments | (543,116) | (266,770) |
Principal elements of lease payments | (18,707) | (5,498) |
Interest paid | (73,511) | (88,407) |
Loan/bond modification costs related to the Transaction (as defined in Note 1) | (15,652) | |
Payment of cash collaterals for swaps | (4,480) | |
Release of cash collaterals for swaps | 990 | 19,717 |
Payment of loan and bond issuance costs | (1,580) | (4,708) |
Loan issuance costs received | 379 | |
Payment of equity raising costs | (20) | (124) |
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 10,000 | |
Dividends paid (common and preference) | (55,400) | (32,895) |
Repurchase of GasLog Partners' preference units | (18,740) | |
Net cash used in financing activities | (397,446) | (69,525) |
Effects of exchange rate changes on cash and cash equivalents | (480) | (52) |
Decrease in cash and cash equivalents | (10,469) | (135,215) |
Cash and cash equivalents, beginning of the period | 282,246 | 367,269 |
Cash and cash equivalents, end of the period | $ 271,777 | $ 232,054 |
Unaudited condensed consolida_6
Unaudited condensed consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Non-cash investing and financing activities | ||
Capital expenditures included in liabilities at the end of the period | $ 12,130 | $ 16,911 |
Capital expenditures included in liabilities at the end of the period - Right-of-use assets | 169 | 169 |
Equity raising costs included in liabilities at the end of the period | 283 | |
Loan issuance costs included in liabilities at the end of the period | 211 | 712 |
Dividend declared included in liabilities at the end of the period | 2,516 | |
Liabilities related to leases at the end of the period | $ 3 | |
Non-cash prepayment of lease payments | 26,557 | |
Capitalized imputed interest included in long-term liabilites | $ 1,198 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2022 | |
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 “Company” or “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. As of June 30, 2022, GasLog held a 33.2% ownership interest (including the 2% interest through general partner units) in GasLog Partners LP (“GasLog Partners” or the “Partnership”) 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 unaudited condensed consolidated financial statements include the financial statements of GasLog and its subsidiaries. All subsidiaries included in the unaudited condensed consolidated financial statements are 100% held (either directly or indirectly) by GasLog, except for GasLog Partners and its subsidiaries. In comparison to the Group’s structure for the year ended December 31, 2021, no new subsidiaries were established or acquired in the six months ended June 30, 2022. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Basis of Presentation | 2. Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting The critical accounting judgments and key sources of estimation uncertainty were disclosed in the Company’s annual consolidated financial statements for the year ended December 31, 2021 and remain unchanged. The unaudited condensed consolidated financial statements are expressed in U.S. dollars (“USD”), which is the functional currency of all of the subsidiaries in the Group 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. The financial statements are prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as were applied in the preparation of the Group’s financial statements for the year ended December 31, 2021. On August 4, 2022, GasLog’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. As of June 30, 2022, GasLog’s current assets totaled $450,737, while current liabilities totaled $511,770, resulting in a negative working capital position of $61,033. Current liabilities include $72,901 of unearned revenue in relation to hires received in advance of June 30, 2022 (which represents a non-cash liability that will be recognized as revenue in July 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 its primary sources of funds for at least twelve months from the date of this report will be available cash, cash from operations, existing and future borrowings 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. Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period There were no IFRS standards or amendments that became effective in the current period which were relevant to the Group or 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 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. |
Investment in Associates
Investment in Associates | 6 Months Ended |
Jun. 30, 2022 | |
Investment in Associates | |
Investment in Associates | 3. Investment in Associates The movements in investment in associates are reported in the following table: June 30, 2022 As of January 1, 2022 23,508 Additions 103 Share of profit of associates 935 As of June 30, 2022 24,546 |
Tangible Fixed Assets and Vesse
Tangible Fixed Assets and Vessels Under Construction | 6 Months Ended |
Jun. 30, 2022 | |
Tangible Fixed Assets and Vessels Under Construction | |
Tangible Fixed Assets and Vessels Under Construction | 4. 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 Total and other tangible fixed Vessels under Vessels tangible assets assets construction Cost As of January 1, 2022 6,265,547 37,219 6,302,766 33,916 Additions 1,406 3,438 4,844 113,843 Disposal (206,718) — (206,718) — Transfer under Vessels held for sale (324,034) — (324,034) — Fully amortized fixed assets — (152) (152) — As of June 30, 2022 5,736,201 40,505 5,776,706 147,759 Accumulated depreciation and Impairment loss As of January 1, 2022 1,293,264 6,673 1,299,937 10,977 Depreciation 85,517 373 85,890 — Disposal (56,136) — (56,136) — Transfer under Vessels held for sale (210,599) — (210,599) — Impairment loss 56,911 — 56,911 — Fully amortized fixed assets — (152) (152) — As of June 30, 2022 1,168,957 6,894 1,175,851 10,977 Net book value As of December 31, 2021 4,972,283 30,546 5,002,829 22,939 As of June 30, 2022 4,567,244 33,611 4,600,855 136,782 Vessels with an aggregate carrying amount of $4,567,244 as of June 30, 2022 (December 31, 2021: $4,972,283) have been pledged as collateral under the terms of the Group’s credit facilities. On February 2, 2022, GasLog entered into an agreement for the sale of the GasLog Chelsea, GasLog Chelsea Revenue from Contracts with Customers GasLog Chelsea On March 28, 2022, GAS-six Ltd. completed the sale and leaseback of the GasLog Skagen On June 27, 2022, GAS-twenty Ltd., the vessel-owning entity of the Methane Shirley Elisabeth Non-current Assets Held for Sale and Discontinued Operations Methane Shirley Elisabeth As of June 30, 2022, the Company concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its remaining vessels. Vessels under construction As of June 30, 2022, 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 Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | 5. Leases On March 28, 2022, GasLog’s subsidiary, GAS-six Ltd. completed the sale and leaseback of the GasLog Skagen 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, 2022 356,555 1,640 4,823 17 363,035 Additions, net 83,969 718 18 — 84,705 Depreciation (25,660) (665) (624) (2) (26,951) As of June 30, 2022 414,864 1,693 4,217 15 420,789 An analysis of the lease liabilities is as follows: Lease Liabilities As of January 1, 2022 302,850 Additions, net 58,147 Interest expense on leases (Note 16) 6,686 Payments (25,390) As of June 30, 2022 342,293 Lease liabilities, current portion 41,758 Lease liabilities, non-current portion 300,535 Total 342,293 |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2022 | |
Other Non-Current Assets | |
Other Non-Current Assets | 6. Other Non-Current Assets Other non-current assets consist of the following: December 31, 2021 June 30, 2022 Various guarantees 603 585 Other long-term assets 4,263 4,068 Total 4,866 4,653 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
Borrowings | 7. Borrowings An analysis of the borrowings is as follows: December 31, 2021 June 30, 2022 Amounts due within one year 565,503 303,608 Less: unamortized premium 144 — Less: unamortized deferred loan/bond issuance costs (12,486) (11,758) Borrowings, current portion 553,161 291,850 Amounts due after one year 3,152,426 3,175,032 Less: unamortized discount — (2,271) Less: unamortized deferred loan/bond issuance costs (47,367) (46,830) Borrowings, non-current portion 3,105,059 3,125,931 Total 3,658,220 3,417,781 Loans The main terms of the Group’s loan facilities in existence as of December 31, 2021, have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 13 “Borrowings”. On March 28, 2022, the outstanding indebtedness of GAS-six Ltd., in the amount of $102,011 was prepaid pursuant to the sale and leaseback agreement entered into with a wholly-owned subsidiary of CDBL (refer to Note 5). The relevant advances of the loan agreement were cancelled and the respective unamortized loan fees of $1,150 written-off to the consolidated statement of profit or loss. During the six months ended June 30, 2022, the Group repaid and prepaid $126,105 in accordance with the repayment terms under its loan facilities. The current portion of borrowings includes an amount of $69,125 (debt less unamortized loan issuance costs) with respect to the two Steam vessels reclassified under “Vessels held for sale” as of June 30, 2022 (Note 4). The carrying amount of the Group’s credit facilities recognized in the unaudited condensed consolidated financial statements approximates its fair value after adjusting for the unamortized loan/bond issuance costs. Bonds The main terms of the Group’s bonds have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 13 “Borrowings”. On March 21, 2022, GasLog completed the refinancing of the 8.875% Senior Notes due 2022 (the “8.875% Senior Notes”) (the “Refinancing”) in connection with the Note Purchase Agreement (the “Note Purchase Agreement”) entered into on September 24, 2021 between GasLog and certain affiliates of The Carlyle Group and EIG Management Company, LLC and Wilmington Trust (London) Limited, as administrative agent, for an amount of up to $325,000 of 7.75% Notes due 2029 (the “7.75% Notes”). During the six months ended June 30, 2022, the Group drew down $315,000 from the 7.75% Notes. The Group used the proceeds of the 7.75% Notes to repay the $315,000 of 8.875% Senior Notes at maturity. The carrying amount under the Norwegian Kroner (‘‘NOK’’) bond maturing in 2024 (the “NOK 2024 Bonds”), net of unamortized financing costs as of June 30, 2022 is $90,112 (carrying amount under the NOK 2024 Bonds as of December 31, 2021: $101,129) while their fair value is $91,158 based on a USD/NOK exchange rate of 0.1011 as of June 30, 2022 (December 31,2021 : $105,990, based on a USD/NOK exchange rate of 0.1135). 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 were netted off debt on the respective drawdown date (June 30, 2022: nil). The carrying amount under the 7.75% Notes, net of unamortized financing costs and discount as of June 30, 2022, is $305,869 (carrying amount under the 8.875% Senior Notes, net of unamortized financing costs and premium as of December 31, 2021: $314,738). The Group was in compliance with its financial covenants as of June 30, 2022. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions | |
Related Party Transactions | 8. Related Party Transactions The Group had the following balances with related parties which have been included in the unaudited condensed consolidated statements of financial position: Current Assets Dividends receivable and other amounts due from related parties December 31, June 30, 2021 2022 Other receivables 18 14 Total 18 14 Current Liabilities Amounts due to related parties December 31, June 30, 2021 2022 Ship management creditors 119 213 Amounts due to related parties 27 28 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 $28 as of June 30, 2022 (December 31, 2021: $27) are expenses paid by a related party on behalf of the Group for the office lease and other operating expenses. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2022 | |
Revenues from Contracts with Customers | |
Revenues from Contracts with Customers | 9. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Revenues from long-term fleet 115,522 132,337 233,681 265,268 Revenues from spot fleet 57,293 83,521 144,256 164,092 Revenues from vessel management services 195 238 400 459 Total 173,010 216,096 378,337 429,819 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 up to 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. |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Jun. 30, 2022 | |
General and Administrative Expenses | |
General and Administrative Expenses | 10. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Employee costs 4,417 2,707 9,199 8,433 Share-based compensation 2,461 203 3,099 463 Amortization of long-term employee benefits 434 817 434 1,160 Other expenses 6,186 3,157 12,508 6,846 Total 13,498 6,884 25,240 16,902 General and administrative expenses include restructuring costs comprising of termination benefits, accelerated amortization for stock plan and restructuring obligation, of $211 and $1,689 for the three and six months ended June 30, 2022, respectively ($93 and $144 for the three and six months ended June 30, 2021, respectively) 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, 2022, the Company granted $6,000 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 25% on each of the first and second anniversary (April 1 of 2023 and 2024, respectively) and 50% on the third anniversary (April 1, 2025), without performance conditions. 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. GasLog had 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 terms of the Plan and the assumptions for the valuation of the RSUs, the SARs and the PSUs have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 22 “Share-Based Compensation”. 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. For the three and six months ended June 30, 2022, the accelerated amortization for the stock plan termination amounted to nil ($1,949 for the three and six months ended June 30, 2021). Other expenses include legal and professional costs relating to the Transaction of $10 and $132 for the three and six months ended June 30, 2022, respectively ($3,084 and $6,801 for the three and six months ended June 30, 2021, respectively). |
Vessel Operating and Supervisio
Vessel Operating and Supervision Costs | 6 Months Ended |
Jun. 30, 2022 | |
Vessel Operating and Supervision Costs | |
Vessel Operating and Supervision Costs | 11. Vessel Operating and Supervision Costs An analysis of vessel operating and supervision costs is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Crew and vessel management employee costs 24,819 27,569 49,661 56,113 Technical maintenance expenses 9,573 8,417 17,749 16,596 Other vessel operating expenses 6,296 6,460 12,531 13,374 Total 40,688 42,446 79,941 86,083 |
Other Payables and Accruals
Other Payables and Accruals | 6 Months Ended |
Jun. 30, 2022 | |
Other Payables and Accruals | |
Other Payables and Accruals | 12. Other Payables and Accruals An analysis of other payables and accruals is as follows: December 31, June 30, 2021 2022 Unearned revenue 69,768 72,901 Accrued off-hire 2,461 3,231 Accrued purchases 10,169 6,743 Accrued interest 26,186 33,790 Other accruals 44,917 33,120 Total 153,501 149,785 |
Share Capital and Preference Sh
Share Capital and Preference Shares | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital and Preference Shares | |
Share Capital and Preference Shares | 13. Share Capital and Preference Shares GasLog’s authorized share capital consists of 500,000,000 shares with a par value of $0.01 per share. As of June 30, 2022, the share capital consisted of 95,389,062 issued and outstanding outstanding Dividend distributions GasLog’s dividend distributions for the period ended June 30, 2022, are presented in the following table: Declaration date Type of shares Dividend per share Payment date Amount paid February 23, 2022 Common $ 0.15 March 1, 2022 14,308 March 9, 2022 Preference $ 0.546875 April 1, 2022 2,516 May 10, 2022 Common $ 0.15 May 12, 2022 14,308 May 10, 2022 Preference $ 0.546875 July 1, 2022 2,516 Total 33,648 In the period ended June 30, 2022, the board of directors of the Partnership approved and declared cash distributions of $719 and of $14,010 for the common units and preference units, respectively, held by non-controlling interests. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 14. Commitments and Contingencies (a) Commitments relating to the vessels under construction (Note 4) as of June 30, 2022, payable to Daewoo were as follows: June 30, 2022 Period Not later than one year 144,371 Later than one year and not later than three years 351,426 Later than three years and not later than five years 246,196 Total 741,993 (b) June 30, 2022 Period Not later than one year 580,030 Later than one year and not later than two years 408,284 Later than two years and not later than three years 334,206 Later than three years and not later than four years 304,958 Later than four years and not later than five years 227,182 Later than five years 267,423 Total 2,122,083 Future gross minimum lease payments disclosed in the above table exclude the lease payments of the vessels that are under construction as of June 30, 2022 (Note 4). (c) In the period commencing September 2017 until June 2021, GasLog LNG Services Ltd. entered into new or renewed maintenance agreements with Wartsila Greece S.A. (“Wartsila”) in respect of twenty-four LNG carriers. The agreements ensure dynamic maintenance planning, technical support, security of spare parts supply, specialist technical personnel and performance monitoring. (d) In March 2019, GasLog LNG Services entered into an agreement with Samsung in respect of nineteen of GasLog’s vessels. The agreement covers the supply of ballast water management systems on board the vessels by Samsung and associated field, commissioning and engineering services for a firm period of six years . As of June 30, 2022, ballast water management systems had been installed on fourteen out of the nineteen vessels. (e) In October 2021, GasLog LNG Services entered into long term service agreements with Hyundai Global Service Europe B.V. (“Hyundai”) in respect of six of GasLog’s vessels. The agreement covers the supply of spare parts and/or services to maintain the engines of these vessels for a period of five years . 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 unaudited condensed consolidated financial statements. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 15. Derivative Financial Instruments The fair value of the derivative assets is as follows: December 31, June 30, 2021 2022 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps — 8,975 Forward foreign exchange contracts 91 247 Derivative assets designated and effective as hedging instruments carried at fair value Cross-currency swaps 2,418 — Total 2,509 9,222 Derivative financial instruments, current assets 596 4,100 Derivative financial instruments, non-current assets 1,913 5,122 Total 2,509 9,222 The fair value of the derivative liabilities is as follows: December 31, June 30, 2021 2022 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 53,192 291 Forward foreign exchange contracts 1,020 3,150 Derivative liabilities designated and effective as hedging instruments carried at fair value Cross-currency swaps — 8,688 Total 54,212 12,129 Derivative financial instruments, current liability 25,518 4,494 Derivative financial instruments, non-current liability 28,694 7,635 Total 54,212 12,129 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 London Interbank Offered Rate (“LIBOR”), and the Group effects quarterly payments to the bank on the notional amounts at the respective fixed rates. Interest rate swaps held for trading The principal terms of the Group’s interest rate swaps held for trading as of December 31, 2021, have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 26 “Derivative Financial Instruments”. During the six months ended June 30, 2022, the Group did not enter into any new interest rate swaps held for trading. The Group’s interest rate swaps held for trading were not designated as cash flow hedging instruments. The change in the fair value of the interest rate swaps held for trading for the three and six months ended June 30, 2022 amounted to a net gain of $16,090 and a net gain of $61,876, respectively (for the three and six months ended June 30, 2021: a net gain of $3,718 and a net gain of $32,044, respectively), which was recognized against profit or loss in the period incurred and is included in (Loss)/gain on derivatives. During the three and six months ended June 30, 2022, the net gain of $16,090 and $61,876, respectively derived from changes in the LIBOR curve. Cross currency swap agreements The principal terms of the Group’s cross currency swaps’ (“CCS”) designated as cash flow hedging instruments as of December 31, 2021, have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 26 “Derivative Financial Instruments”. During the six months ended June 30, 2022, the Group did not enter any CCS designated as cash flow hedging instruments. For the three and six months ended June 30, 2022, the effective portion of changes in the fair value of CCSs amounting to a loss of $12,557 and a loss of $11,858, respectively, has been recognized in Other comprehensive income/(loss) (for the three and six months ended June 30, 2021: a gain of $1,024 and a loss of $153, respectively). For the three and six months ended June 30, 2022, a loss of $117 and gain of $2, respectively, was recycled to profit or loss representing the realized gain on CCSs in relation to the interest expenses component of the hedge (for the three and six months ended June 30, 2021: a gain of $106 and $157, respectively). Additionally, for the three and six months ended June 30, 2022, a gain of $13,412 and a gain of $11,174, respectively, was recognized in Other comprehensive income/(loss) in relation to the translation of the NOK Bonds in USD as of June 30, 2022 (for the three and six months ended June 30, 2021: a gain of $77 and a gain of $207, respectively). Forward foreign exchange contracts The Group uses forward foreign exchange contracts to mitigate foreign exchange transaction exposures in Euros (“EUR”) and Singapore dollars (‘‘SGD’’). Under these forward foreign exchange contracts, the bank counterparty will effect fixed payments in EUR to the Group and the Group will effect fixed payments in USD to the bank counterparty on the respective settlement dates. All forward foreign exchange contracts are considered by management to be part of economic hedge arrangements but have not been formally designated as such. The principal terms of the forward foreign exchange contracts held for trading as of December 31, 2021, have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 26 “Derivative Financial Instruments”. During the six months ended June 30, 2022, the Group entered the following forward foreign exchange contracts which remain unsettled as of June 30, 2022: Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date Contracts Settlement Dates (USD/EUR) (in thousands) GasLog Citibank Europe PLC UK February 2022 1 October 2022 1.1279 € 3,500 GasLog HSBC February 2022 3 January-March 2023 1.1373-1.1403 € 1,500 GasLog ABN Amro Bank N.V. February 2022 2 November-December 2022 1.1327-1.1344 € 2,000 GasLog DNB April 2022 6 January-June 2023 1.1000 € 6,000 GasLog OCBC April 2022 3 January-March 2023 1.1051-1.1098 € 3,000 GasLog DNB June 2022 6 July-December 2023 1.1300 € 6,000 Total € 22,000 Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date Contracts Settlement Dates (USD/SGD) (in thousands) GasLog HSBC April 2022 2 September-October 2022 1.3612-1.3622 S$ 4,000 GasLog ABN Amro Bank N.V. April 2022 2 September-October 2022 1.3615-1.3624 S$ 4,000 GasLog OCBC April 2022 2 September-October 2022 1.3633-1.3643 S$ 8,000 GasLog Nordea Bank Abp May 2022 2 October 2022 1.3742-1.3825 S$ 3,000 GasLog ABN Amro Bank N.V. May 2022 1 October 2022 1.3738 S$ 1,000 GasLog ABN Amro Bank N.V. June 2022 2 October 2022 - February 2023 1.3845-1.3888 S$ 7,500 GasLog Citibank Europe PLC UK June 2022 2 October 2022 - February 2023 1.3846-1.3889 S$ 4,500 GasLog Goldman Sachs Bank Europe SE June 2022 2 October 2022 - February 2023 1.3768-1.3836 S$ 3,500 GasLog OCBC June 2022 1 February 2023 1.3852 S$ 2,500 Total S$ 38,000 Apart from the abovementioned contracts the Group did not enter any other forward foreign exchange contracts, while 43 contracts expired with staggered maturities from January to June 2022. The Group’s forward foreign exchange contracts were not designated as cash flow hedging instruments as of June 30, 2022. The change in the fair value of these contracts for the three and six months ended June 30, 2022, amounted to a net loss of $1,668 and a net loss of $1,974, respectively (for the three and six months ended June 30, 2021: a net gain of $331 and a net loss of $587, respectively), which was recognized against profit or loss in the period incurred and is included in (Loss)/gain on derivatives. |
Financial Costs and Loss (gain)
Financial Costs and Loss (gain) on Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Financial Costs and Loss/(gain) on Derivatives | |
Financial Costs and Loss/(gain) on Derivatives | 16. Financial Costs and Loss/(gain) on Derivatives An analysis of financial costs and loss/(gain) on derivatives is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Amortization and write-off of deferred loan/bond issuance costs/premium and discount 3,603 3,526 10,717 8,337 Interest expense on loans 20,592 23,469 41,364 43,232 Interest expense on bonds and realized loss on CCSs 8,608 8,129 17,289 16,795 Interest expense on leases 2,412 3,530 4,826 6,686 Other financial costs, net 16,001 812 16,408 1,785 Total financial costs 51,216 39,466 90,604 76,835 Unrealized gain on derivative financial instruments held for trading (Note 15) (4,049) (14,422) (31,457) (59,902) Realized loss on interest rate swaps held for trading 8,946 4,920 17,653 13,096 Realized (gain)/loss on forward foreign exchange contracts held for trading (105) 1,192 (55) 1,827 Ineffective portion of cash flow hedges 1,518 (20) (114) (752) Total loss/(gain) on derivatives 6,310 (8,330) (13,973) (45,731) Other financial costs, net includes an amount of $15,652 for the three and six months ended June 30, 2021, respectively 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. |
Cash Flow Reconciliations
Cash Flow Reconciliations | 6 Months Ended |
Jun. 30, 2022 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 17. Cash Flow Reconciliations The reconciliation of the Group’s financing activities for the periods ended June 30, 2021, and June 30, 2022, are presented in the tables below: A reconciliation of borrowings arising from financing activities is as follows: Other Deferred comprehensive Non-cash financing costs, Cash flows income items assets Borrowings January 1, 2021 3,773,221 Proceeds from loans 318,913 — — — 318,913 Loan and bond repayments (266,770) — — — (266,770) Additions in deferred loan fees (4,329) — (392) (1,905) (6,626) Amortization and write-off of deferred loan/bond issuance costs/premium (Note 16) — — 10,717 — 10,717 Retranslation of the NOK 2024 Bonds in USD — (207) — — (207) June 30, 2021 3,829,248 Other Deferred comprehensive Non-cash financing costs, Cash flows income items assets Borrowings January 1, 2022 3,658,220 Proceeds from loans and bonds, net of discount 312,638 — — — 312,638 Loan and bond repayments (543,116) — — — (543,116) Additions in deferred loan fees (1,580) — (188) (5,356) (7,124) Amortization and write-off of deferred loan/bond issuance costs/premium and discount (Note 16) — — 8,337 — 8,337 Retranslation of the NOK 2024 Bonds in USD — (11,174) — — (11,174) June 30, 2022 3,417,781 A reconciliation of derivatives arising from financing activities is as follows: Other comprehensive Net derivative loss Non-cash items liabilities January 1, 2021 107,760 Unrealized gain on derivative financial instruments held for trading (Note 16) — (31,457) (31,457) Ineffective portion of cash flow hedges (Note 16) — (114) (114) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments 310 — 310 June 30, 2021 76,499 Other comprehensive Net derivative loss Non-cash items liabilities January 1, 2022 51,703 Unrealized gain on derivative financial instruments held for trading (Note 16) — (59,902) (59,902) Ineffective portion of cash flow hedges (Note 16) — (752) (752) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments 11,858 — 11,858 June 30, 2022 2,907 A reconciliation of lease liabilities arising from financing activities is as follows: Cash flows Non-cash items Lease liabilities January 1, 2021 196,170 Interest expense on leases (Note 16) — 4,826 4,826 Additions — 2,886 2,886 Payments for interest (4,826) — (4,826) Principal elements of lease payments (5,498) — (5,498) June 30, 2021 193,558 Cash flows Non-cash items Lease liabilities January 1, 2022 302,850 Interest expense on leases (Note 16) — 6,686 6,686 Additions — 58,147 58,147 Payments for interest (6,683) — (6,683) Principal elements of lease payments (18,707) — (18,707) June 30, 2022 342,293 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events | |
Subsequent Events | 18. Subsequent Events On July 6, 2022, the Group entered into four sale and leaseback agreements that provide for the financing of the four LNG carriers on order at Daewoo with CMB Financial Leasing Co., Ltd. (“CMBFL”). The Group will sell the aforementioned newbuildings for a total amount of up to $762,604, raising 92.5% of the newbuilding contract price in form or pre- and post- delivery financing and will lease the newbuildings back for a period of ten years (under a 20-year profile) from each delivery date. GasLog has the option to repurchase the vessels no earlier than the third anniversary of each delivery date. The interest on the outstanding capital is calculated on a daily compounded Secured Overnight Financing Rate (“SOFR”) plus a margin. On July 15, 2022, the amount of $20,611 was drawn under these agreements to partially finance installments already paid by the Company to the shipyard. All future installments (including the delivery installment) will be financed by CMBFL. The delivery installment is subject to a fair market value test. On August 3, 2022, the board of directors declared a quarterly cash dividend of $0.15 per common share, payable on August 5, 2022 to shareholders of record as of August 4, 2022. On August 3, 2022, the board of directors declared a dividend on the Series A Preference Shares of $0.546875 per share, payable on October 3, 2022, to holders of record as of September 30, 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Accounting policies and methods of computation followed in interim financial statements | The financial statements are prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as were applied in the preparation of the Group’s financial statements for the year ended December 31, 2021. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period There were no IFRS standards or amendments that became effective in the current period which were relevant to the Group or 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 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. |
Investment in Associates (Table
Investment in Associates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investment in Associates | |
Schedule of movements in investment in associates | June 30, 2022 As of January 1, 2022 23,508 Additions 103 Share of profit of associates 935 As of June 30, 2022 24,546 |
Tangible Fixed Assets and Ves_2
Tangible Fixed Assets and Vessels Under Construction (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Tangible Fixed Assets and Vessels Under Construction | |
Schedule of movements in tangible fixed assets and vessels under construction | Office property Total and other tangible fixed Vessels under Vessels tangible assets assets construction Cost As of January 1, 2022 6,265,547 37,219 6,302,766 33,916 Additions 1,406 3,438 4,844 113,843 Disposal (206,718) — (206,718) — Transfer under Vessels held for sale (324,034) — (324,034) — Fully amortized fixed assets — (152) (152) — As of June 30, 2022 5,736,201 40,505 5,776,706 147,759 Accumulated depreciation and Impairment loss As of January 1, 2022 1,293,264 6,673 1,299,937 10,977 Depreciation 85,517 373 85,890 — Disposal (56,136) — (56,136) — Transfer under Vessels held for sale (210,599) — (210,599) — Impairment loss 56,911 — 56,911 — Fully amortized fixed assets — (152) (152) — As of June 30, 2022 1,168,957 6,894 1,175,851 10,977 Net book value As of December 31, 2021 4,972,283 30,546 5,002,829 22,939 As of June 30, 2022 4,567,244 33,611 4,600,855 136,782 |
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 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Schedule of movements in right-of-use assets | Vessels’ Right-of-Use Assets Vessels Equipment Properties Other Total As of January 1, 2022 356,555 1,640 4,823 17 363,035 Additions, net 83,969 718 18 — 84,705 Depreciation (25,660) (665) (624) (2) (26,951) As of June 30, 2022 414,864 1,693 4,217 15 420,789 |
Schedule of analysis of lease liabilities | Lease Liabilities As of January 1, 2022 302,850 Additions, net 58,147 Interest expense on leases (Note 16) 6,686 Payments (25,390) As of June 30, 2022 342,293 Lease liabilities, current portion 41,758 Lease liabilities, non-current portion 300,535 Total 342,293 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Non-Current Assets | |
Schedule of other non-current assets | December 31, 2021 June 30, 2022 Various guarantees 603 585 Other long-term assets 4,263 4,068 Total 4,866 4,653 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
Schedule of borrowings | December 31, 2021 June 30, 2022 Amounts due within one year 565,503 303,608 Less: unamortized premium 144 — Less: unamortized deferred loan/bond issuance costs (12,486) (11,758) Borrowings, current portion 553,161 291,850 Amounts due after one year 3,152,426 3,175,032 Less: unamortized discount — (2,271) Less: unamortized deferred loan/bond issuance costs (47,367) (46,830) Borrowings, non-current portion 3,105,059 3,125,931 Total 3,658,220 3,417,781 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions | |
Schedule of balances with related parties | Dividends receivable and other amounts due from related parties December 31, June 30, 2021 2022 Other receivables 18 14 Total 18 14 Current Liabilities Amounts due to related parties December 31, June 30, 2021 2022 Ship management creditors 119 213 Amounts due to related parties 27 28 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenues from Contracts with Customers | |
Schedule of revenues from contracts with customers | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Revenues from long-term fleet 115,522 132,337 233,681 265,268 Revenues from spot fleet 57,293 83,521 144,256 164,092 Revenues from vessel management services 195 238 400 459 Total 173,010 216,096 378,337 429,819 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Employee costs 4,417 2,707 9,199 8,433 Share-based compensation 2,461 203 3,099 463 Amortization of long-term employee benefits 434 817 434 1,160 Other expenses 6,186 3,157 12,508 6,846 Total 13,498 6,884 25,240 16,902 |
Vessel Operating and Supervis_2
Vessel Operating and Supervision Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Vessel Operating and Supervision Costs | |
Schedule of vessel operating and supervision costs | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Crew and vessel management employee costs 24,819 27,569 49,661 56,113 Technical maintenance expenses 9,573 8,417 17,749 16,596 Other vessel operating expenses 6,296 6,460 12,531 13,374 Total 40,688 42,446 79,941 86,083 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | December 31, June 30, 2021 2022 Unearned revenue 69,768 72,901 Accrued off-hire 2,461 3,231 Accrued purchases 10,169 6,743 Accrued interest 26,186 33,790 Other accruals 44,917 33,120 Total 153,501 149,785 |
Share Capital and Preference _2
Share Capital and Preference Shares (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital and Preference Shares | |
Schedule of dividend distributions | Declaration date Type of shares Dividend per share Payment date Amount paid February 23, 2022 Common $ 0.15 March 1, 2022 14,308 March 9, 2022 Preference $ 0.546875 April 1, 2022 2,516 May 10, 2022 Common $ 0.15 May 12, 2022 14,308 May 10, 2022 Preference $ 0.546875 July 1, 2022 2,516 Total 33,648 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Schedule of commitments relating to vessels under construction | June 30, 2022 Period Not later than one year 144,371 Later than one year and not later than three years 351,426 Later than three years and not later than five years 246,196 Total 741,993 |
Schedule of future gross minimum lease payments in relation to non-cancellable time charter agreements | June 30, 2022 Period Not later than one year 580,030 Later than one year and not later than two years 408,284 Later than two years and not later than three years 334,206 Later than three years and not later than four years 304,958 Later than four years and not later than five years 227,182 Later than five years 267,423 Total 2,122,083 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments | |
Schedule of fair value of the derivative assets | December 31, June 30, 2021 2022 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps — 8,975 Forward foreign exchange contracts 91 247 Derivative assets designated and effective as hedging instruments carried at fair value Cross-currency swaps 2,418 — Total 2,509 9,222 Derivative financial instruments, current assets 596 4,100 Derivative financial instruments, non-current assets 1,913 5,122 Total 2,509 9,222 |
Schedule of fair value of the derivative liabilities | December 31, June 30, 2021 2022 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 53,192 291 Forward foreign exchange contracts 1,020 3,150 Derivative liabilities designated and effective as hedging instruments carried at fair value Cross-currency swaps — 8,688 Total 54,212 12,129 Derivative financial instruments, current liability 25,518 4,494 Derivative financial instruments, non-current liability 28,694 7,635 Total 54,212 12,129 |
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 (USD/EUR) (in thousands) GasLog Citibank Europe PLC UK February 2022 1 October 2022 1.1279 € 3,500 GasLog HSBC February 2022 3 January-March 2023 1.1373-1.1403 € 1,500 GasLog ABN Amro Bank N.V. February 2022 2 November-December 2022 1.1327-1.1344 € 2,000 GasLog DNB April 2022 6 January-June 2023 1.1000 € 6,000 GasLog OCBC April 2022 3 January-March 2023 1.1051-1.1098 € 3,000 GasLog DNB June 2022 6 July-December 2023 1.1300 € 6,000 Total € 22,000 Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date Contracts Settlement Dates (USD/SGD) (in thousands) GasLog HSBC April 2022 2 September-October 2022 1.3612-1.3622 S$ 4,000 GasLog ABN Amro Bank N.V. April 2022 2 September-October 2022 1.3615-1.3624 S$ 4,000 GasLog OCBC April 2022 2 September-October 2022 1.3633-1.3643 S$ 8,000 GasLog Nordea Bank Abp May 2022 2 October 2022 1.3742-1.3825 S$ 3,000 GasLog ABN Amro Bank N.V. May 2022 1 October 2022 1.3738 S$ 1,000 GasLog ABN Amro Bank N.V. June 2022 2 October 2022 - February 2023 1.3845-1.3888 S$ 7,500 GasLog Citibank Europe PLC UK June 2022 2 October 2022 - February 2023 1.3846-1.3889 S$ 4,500 GasLog Goldman Sachs Bank Europe SE June 2022 2 October 2022 - February 2023 1.3768-1.3836 S$ 3,500 GasLog OCBC June 2022 1 February 2023 1.3852 S$ 2,500 Total S$ 38,000 |
Financial Costs and Loss (gai_2
Financial Costs and Loss (gain) on Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Costs and Loss/(gain) on Derivatives | |
Financial costs and Loss/(gain) on Derivatives | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Amortization and write-off of deferred loan/bond issuance costs/premium and discount 3,603 3,526 10,717 8,337 Interest expense on loans 20,592 23,469 41,364 43,232 Interest expense on bonds and realized loss on CCSs 8,608 8,129 17,289 16,795 Interest expense on leases 2,412 3,530 4,826 6,686 Other financial costs, net 16,001 812 16,408 1,785 Total financial costs 51,216 39,466 90,604 76,835 Unrealized gain on derivative financial instruments held for trading (Note 15) (4,049) (14,422) (31,457) (59,902) Realized loss on interest rate swaps held for trading 8,946 4,920 17,653 13,096 Realized (gain)/loss on forward foreign exchange contracts held for trading (105) 1,192 (55) 1,827 Ineffective portion of cash flow hedges 1,518 (20) (114) (752) Total loss/(gain) on derivatives 6,310 (8,330) (13,973) (45,731) |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Other Deferred comprehensive Non-cash financing costs, Cash flows income items assets Borrowings January 1, 2021 3,773,221 Proceeds from loans 318,913 — — — 318,913 Loan and bond repayments (266,770) — — — (266,770) Additions in deferred loan fees (4,329) — (392) (1,905) (6,626) Amortization and write-off of deferred loan/bond issuance costs/premium (Note 16) — — 10,717 — 10,717 Retranslation of the NOK 2024 Bonds in USD — (207) — — (207) June 30, 2021 3,829,248 Other Deferred comprehensive Non-cash financing costs, Cash flows income items assets Borrowings January 1, 2022 3,658,220 Proceeds from loans and bonds, net of discount 312,638 — — — 312,638 Loan and bond repayments (543,116) — — — (543,116) Additions in deferred loan fees (1,580) — (188) (5,356) (7,124) Amortization and write-off of deferred loan/bond issuance costs/premium and discount (Note 16) — — 8,337 — 8,337 Retranslation of the NOK 2024 Bonds in USD — (11,174) — — (11,174) June 30, 2022 3,417,781 |
Schedule of reconciliation of derivatives arising from financing activities | A reconciliation of derivatives arising from financing activities is as follows: Other comprehensive Net derivative loss Non-cash items liabilities January 1, 2021 107,760 Unrealized gain on derivative financial instruments held for trading (Note 16) — (31,457) (31,457) Ineffective portion of cash flow hedges (Note 16) — (114) (114) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments 310 — 310 June 30, 2021 76,499 Other comprehensive Net derivative loss Non-cash items liabilities January 1, 2022 51,703 Unrealized gain on derivative financial instruments held for trading (Note 16) — (59,902) (59,902) Ineffective portion of cash flow hedges (Note 16) — (752) (752) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments 11,858 — 11,858 June 30, 2022 2,907 |
Schedule of reconciliation of lease liabilities arising from financing activities | A reconciliation of lease liabilities arising from financing activities is as follows: Cash flows Non-cash items Lease liabilities January 1, 2021 196,170 Interest expense on leases (Note 16) — 4,826 4,826 Additions — 2,886 2,886 Payments for interest (4,826) — (4,826) Principal elements of lease payments (5,498) — (5,498) June 30, 2021 193,558 Cash flows Non-cash items Lease liabilities January 1, 2022 302,850 Interest expense on leases (Note 16) — 6,686 6,686 Additions — 58,147 58,147 Payments for interest (6,683) — (6,683) Principal elements of lease payments (18,707) — (18,707) June 30, 2022 342,293 |
Organization and Operations - G
Organization and Operations - General information (Details) | 6 Months Ended | ||
Jun. 09, 2021 person | Feb. 21, 2021 $ / shares | Jun. 30, 2022 USD ($) | |
Organization and Operations | |||
Number of persons in Board of Directors | person | 5 | ||
Number of subsidiaries established or acquired | $ | 0 | ||
Global Energy & Power Infrastructure Team | |||
Organization and Operations | |||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 5.80 | ||
GasLog Partners LP | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 33.20% | ||
General partner interest in GasLog Partners | 2% | ||
Subsidiaries, except for GasLog Partners and its subsidiaries | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 100% |
Basis of Presentation - Going c
Basis of Presentation - Going concern (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Basis of Presentation | ||
Current assets | $ 450,737 | $ 325,580 |
Current liabilities | 511,770 | 779,123 |
Working capital position | (61,033) | |
Unearned revenue | $ 72,901 | $ 69,768 |
Investment in Associates (Detai
Investment in Associates (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Rollforward of investment in associate | |
Beginning balance | $ 23,508 |
Additions | 103 |
Share of profit of associates | 935 |
Ending balance | $ 24,546 |
Tangible Fixed Assets and Ves_3
Tangible Fixed Assets and Vessels Under Construction (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) m³ | Jun. 27, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 28, 2022 USD ($) | Feb. 02, 2022 USD ($) m³ | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, plant and equipment | ||||||||
Impairment loss | $ (28,027) | $ (56,911) | ||||||
Vessels pledged as collateral | $ 4,567,244 | 4,567,244 | 4,567,244 | $ 4,972,283 | ||||
Tangible fixed assets | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 5,002,829 | |||||||
Balance, at the end of the period | 4,600,855 | 4,600,855 | 4,600,855 | |||||
Vessels | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 4,972,283 | |||||||
Balance, at the end of the period | 4,567,244 | 4,567,244 | 4,567,244 | |||||
Methane Shirley Elisabeth | ||||||||
Property, plant and equipment | ||||||||
Transfer under Vessels held for sale | $ (67,339) | |||||||
Non-cash impairment loss | $ 14,664 | |||||||
Second vessel | ||||||||
Property, plant and equipment | ||||||||
Transfer under Vessels held for sale | (74,123) | |||||||
Non-cash impairment loss | 13,363 | |||||||
Gaslog Chelsea | ||||||||
Property, plant and equipment | ||||||||
Cargo capacity (in cbm) | m³ | 153,600 | |||||||
Interest costs capitalised | 1,198 | |||||||
Non-cash impairment loss | $ 19,350 | |||||||
Gaslog Chelsea | Gastrade | ||||||||
Property, plant and equipment | ||||||||
Agreed sale value of vessel | $ 265,086 | |||||||
Gaslog Skagen | ||||||||
Property, plant and equipment | ||||||||
Disposal | $ (160,116) | |||||||
Non-cash impairment loss | 9,534 | |||||||
Loss arising from sale and leaseback transactions | $ 577 | |||||||
Office property and other tangible assets | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 30,546 | |||||||
Balance, at the end of the period | 33,611 | 33,611 | 33,611 | |||||
Vessels under construction | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 22,939 | |||||||
Balance, at the end of the period | $ 136,782 | 136,782 | 136,782 | |||||
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 | |||||||
Cost | Tangible fixed assets | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 6,302,766 | |||||||
Additions | 4,844 | |||||||
Disposal | (206,718) | |||||||
Transfer under Vessels held for sale | (324,034) | |||||||
Fully amortized fixed assets | (152) | |||||||
Balance, at the end of the period | $ 5,776,706 | 5,776,706 | 5,776,706 | |||||
Cost | Vessels | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 6,265,547 | |||||||
Additions | 1,406 | |||||||
Disposal | (206,718) | |||||||
Transfer under Vessels held for sale | (324,034) | |||||||
Balance, at the end of the period | 5,736,201 | 5,736,201 | 5,736,201 | |||||
Cost | Office property and other tangible assets | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 37,219 | |||||||
Additions | 3,438 | |||||||
Fully amortized fixed assets | (152) | |||||||
Balance, at the end of the period | 40,505 | 40,505 | 40,505 | |||||
Cost | Vessels under construction | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | 33,916 | |||||||
Additions | 113,843 | |||||||
Balance, at the end of the period | 147,759 | 147,759 | 147,759 | |||||
Accumulated depreciation and impairment loss | Tangible fixed assets | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | (1,299,937) | |||||||
Depreciation | (85,890) | |||||||
Disposal | 56,136 | |||||||
Transfer under Vessels held for sale | 210,599 | |||||||
Impairment loss | (56,911) | |||||||
Fully amortized fixed assets | 152 | |||||||
Balance, at the end of the period | (1,175,851) | (1,175,851) | (1,175,851) | |||||
Accumulated depreciation and impairment loss | Vessels | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | (1,293,264) | |||||||
Depreciation | (85,517) | |||||||
Disposal | 56,136 | |||||||
Transfer under Vessels held for sale | 210,599 | |||||||
Impairment loss | (56,911) | |||||||
Balance, at the end of the period | (1,168,957) | (1,168,957) | (1,168,957) | |||||
Accumulated depreciation and impairment loss | Office property and other tangible assets | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | (6,673) | |||||||
Depreciation | (373) | |||||||
Fully amortized fixed assets | 152 | |||||||
Balance, at the end of the period | (6,894) | (6,894) | (6,894) | |||||
Accumulated depreciation and impairment loss | Vessels under construction | ||||||||
Property, plant and equipment | ||||||||
Balance, at the beginning of the period | (10,977) | |||||||
Balance, at the end of the period | $ (10,977) | $ (10,977) | $ (10,977) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Leases | ||||||
Proceeds from sale and finance leaseback | $ 123,448 | |||||
Right-of-Use Assets at the beginning of the period | 363,035 | |||||
Additions, net | 84,705 | |||||
Depreciation | (26,951) | |||||
Right-of-Use Assets at the end of the period | $ 420,789 | 420,789 | ||||
Analysis of lease liabilities | ||||||
Lease liabilities at the beginning of the period | 302,850 | |||||
Additions, net | 58,147 | |||||
Interest expense on leases (Note 16) | 3,530 | $ 2,412 | 6,686 | $ 4,826 | ||
Payments | (25,390) | |||||
Lease liabilities at the end of the period | 342,293 | 342,293 | ||||
Lease liabilities, current portion | 41,758 | 41,758 | $ 30,905 | |||
Lease liabilities, non-current portion | 300,535 | 300,535 | $ 271,945 | |||
GAS-six Ltd | ||||||
Leases | ||||||
Proceeds from sale and finance leaseback | $ 123,448 | |||||
Leaseback bareboat charter period in years | 5 years | |||||
Additions, net | $ 83,969 | |||||
Analysis of lease liabilities | ||||||
Additions, net | $ 57,412 | |||||
Vessels | ||||||
Leases | ||||||
Right-of-Use Assets at the beginning of the period | 356,555 | |||||
Additions, net | 83,969 | |||||
Depreciation | (25,660) | |||||
Right-of-Use Assets at the end of the period | 414,864 | 414,864 | ||||
Vessels' Equipment | ||||||
Leases | ||||||
Right-of-Use Assets at the beginning of the period | 1,640 | |||||
Additions, net | 718 | |||||
Depreciation | (665) | |||||
Right-of-Use Assets at the end of the period | 1,693 | 1,693 | ||||
Properties | ||||||
Leases | ||||||
Right-of-Use Assets at the beginning of the period | 4,823 | |||||
Additions, net | 18 | |||||
Depreciation | (624) | |||||
Right-of-Use Assets at the end of the period | 4,217 | 4,217 | ||||
Other | ||||||
Leases | ||||||
Right-of-Use Assets at the beginning of the period | 17 | |||||
Depreciation | (2) | |||||
Right-of-Use Assets at the end of the period | $ 15 | $ 15 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Non-Current Assets | ||
Various guarantees | $ 585 | $ 603 |
Other long-term assets | 4,068 | 4,263 |
Total | $ 4,653 | $ 4,866 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Borrowings | ||
Amounts due within one year | $ 303,608 | $ 565,503 |
Less: unamortized premium | 144 | |
Less: unamortized deferred loan/bond issuance costs | (11,758) | (12,486) |
Borrowings, current portion | 291,850 | 553,161 |
Amounts due after one year | 3,175,032 | 3,152,426 |
Less: unamortized discount | (2,271) | |
Less: unamortized deferred loan/bond issuance costs | (46,830) | (47,367) |
Borrowings, non-current portion | 3,125,931 | 3,105,059 |
Total | $ 3,417,781 | $ 3,658,220 |
Borrowings - Loans (Details)
Borrowings - Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Mar. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Borrowings | ||||
Amount repaid and prepaid | $ 543,116 | $ 266,770 | ||
Current portion of borrowings | 291,850 | $ 553,161 | ||
Steam vessels reclassified under "Vessels held for sale" | ||||
Borrowings | ||||
Current portion of borrowings | 69,125 | |||
GAS-six Ltd | ||||
Borrowings | ||||
Prepayment of debt | $ 102,011 | |||
Unamortized fees written off | $ 1,150 | |||
Loan facilities in existence as of December 31, 2021 | ||||
Borrowings | ||||
Amount repaid and prepaid | $ 126,105 |
Borrowings - Bonds (Details)
Borrowings - Bonds (Details) $ in Thousands | 6 Months Ended | ||
Mar. 21, 2022 USD ($) | Jun. 30, 2022 USD ($) $ / kr | Dec. 31, 2021 USD ($) $ / kr | |
Borrowings | |||
Outstanding balance | $ 3,417,781 | $ 3,658,220 | |
Commitment, arrangement, upfront and legal and other fees for obtaining undrawn amount | 0 | 5,564 | |
NOK 2024 Bonds | |||
Borrowings | |||
Outstanding balance | 90,112 | 101,129 | |
Fair value of bond | $ 91,158 | $ 105,990 | |
Exchange rate | $ / kr | 0.1011 | 0.1135 | |
8.875% Senior Notes | |||
Borrowings | |||
Interest rate | 8.875% | 8.875% | |
Repayments of notes | $ 315,000 | ||
Outstanding balance | $ 314,738 | ||
7.75% Notes | |||
Borrowings | |||
Interest rate | 7.75% | 7.75% | |
Notes issuance limit | $ 325,000 | ||
Proceeds from issuance of notes | $ 315,000 | ||
Outstanding balance | $ 305,869 |
Related Party Transactions - Re
Related Party Transactions - Receivables and Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | $ 14 | $ 18 |
Amounts due to related parties | 28 | 27 |
Other receivables | ||
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | 14 | 18 |
Ship management creditors | ||
Related Party Transactions | ||
Amounts due to related parties | 213 | 119 |
Amounts due to related parties | ||
Related Party Transactions | ||
Amounts due to related parties | 28 | 27 |
Reimbursement of expenses incurred for office lease and other operating expenses | ||
Related Party Transactions | ||
Amounts due to related parties | $ 28 | $ 27 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | |
Revenues from Contracts with Customers | ||||
Revenue | $ 216,096 | $ 173,010 | $ 429,819 | $ 378,337 |
Number of categories for allocation of revenue | item | 2 | |||
Long-term fleet | ||||
Revenues from Contracts with Customers | ||||
Revenue | 132,337 | 115,522 | $ 265,268 | 233,681 |
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 | 83,521 | 57,293 | $ 164,092 | 144,256 |
Spot fleet | Maximum | ||||
Revenues from Contracts with Customers | ||||
Initial duration of contract or charter party agreement | 5 years | |||
Vessel management services | ||||
Revenues from Contracts with Customers | ||||
Revenue | $ 238 | $ 195 | $ 459 | $ 400 |
General and Administrative Ex_3
General and Administrative Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
General and Administrative Expenses | ||||
Employee costs | $ 2,707 | $ 4,417 | $ 8,433 | $ 9,199 |
Share-based compensation | 203 | 2,461 | 463 | 3,099 |
Amortization of long-term employee benefits | 817 | 434 | 1,160 | 434 |
Other expenses | 3,157 | 6,186 | 6,846 | 12,508 |
Total | $ 6,884 | $ 13,498 | $ 16,902 | $ 25,240 |
General and Administrative Ex_4
General and Administrative Expenses - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Apr. 01, 2025 | Apr. 01, 2024 | Apr. 01, 2023 | Apr. 01, 2022 | Jun. 09, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
General and administrative expenses | |||||||||
Restructuring costs included in general and administrative expenses | $ 211 | $ 93 | $ 1,689 | $ 144 | |||||
Value of cash-settled awards granted to selected employees | $ 6,000 | ||||||||
Percentage of settlement of awards granted to selected employees | 50% | 25% | 25% | ||||||
Accelerated amortization for the stock plan termination | 0 | 1,949 | 0 | 1,949 | |||||
Transaction costs included in other general and administrative expenses | $ 10 | $ 3,084 | $ 132 | $ 6,801 | |||||
PSUs | |||||||||
General and administrative expenses | |||||||||
Percentage of assumed achievement of performance conditions | 100% |
Vessel Operating and Supervis_3
Vessel Operating and Supervision Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Vessel Operating and Supervision Costs | ||||
Crew and vessel management employee costs | $ 27,569 | $ 24,819 | $ 56,113 | $ 49,661 |
Technical maintenance expenses | 8,417 | 9,573 | 16,596 | 17,749 |
Other vessel operating expenses | 6,460 | 6,296 | 13,374 | 12,531 |
Total | $ 42,446 | $ 40,688 | $ 86,083 | $ 79,941 |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Payables and Accruals | ||
Unearned revenue | $ 72,901 | $ 69,768 |
Accrued off-hire | 3,231 | 2,461 |
Accrued purchases | 6,743 | 10,169 |
Accrued interest | 33,790 | 26,186 |
Other accruals | 33,120 | 44,917 |
Total | $ 149,785 | $ 153,501 |
Share Capital and Preference _3
Share Capital and Preference Shares (Details) - Share capital | Jun. 30, 2022 $ / shares shares |
Share Capital and Preference Shares | |
Shares authorized (in shares) | 500,000,000 |
Par value per share (in dollar per share) | $ / shares | $ 0.01 |
Common shares | |
Share Capital and Preference Shares | |
Par value per share (in dollar per share) | $ / shares | $ 0.01 |
Shares issued | 95,389,062 |
Shares outstanding | 95,389,062 |
Preference shares | |
Share Capital and Preference Shares | |
Shares issued | 4,600,000 |
Shares outstanding | 4,600,000 |
Share Capital and Preference _4
Share Capital and Preference Shares - Dividend Distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||||
Jul. 01, 2022 | May 12, 2022 | May 10, 2022 | Apr. 01, 2022 | Mar. 09, 2022 | Mar. 01, 2022 | Feb. 23, 2022 | Jun. 30, 2022 | |
Share Capital and Preference Shares | ||||||||
Dividend amount paid | $ 33,648 | |||||||
Common shares | ||||||||
Share Capital and Preference Shares | ||||||||
Dividend per share (in dollars per share) | $ 0.15 | $ 0.15 | ||||||
Dividend amount paid | $ 14,308 | $ 14,308 | ||||||
Preference shares | ||||||||
Share Capital and Preference Shares | ||||||||
Dividend per share (in dollars per share) | $ 0.546875 | $ 0.546875 | ||||||
Dividend amount paid | $ 2,516 | $ 2,516 |
Share Capital and Preference _5
Share Capital and Preference Shares - Distributions to non-controlling interests (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Dividend distributions | ||
Dividend declared | $ 48,377 | $ 30,379 |
Non-controlling interest | ||
Dividend distributions | ||
Dividend declared | 14,729 | $ 15,819 |
GasLog Partners LP | Non-controlling interest | Common shares | ||
Dividend distributions | ||
Dividend declared | 719 | |
GasLog Partners LP | Non-controlling interest | Preference shares | ||
Dividend distributions | ||
Dividend declared | $ 14,010 |
Commitments and Contingencies -
Commitments and Contingencies - Related to vessels under construction (Details) - Vessels under construction - Daewoo $ in Thousands | Jun. 30, 2022 USD ($) |
Contractual commitments | |
Capital commitment | $ 741,993 |
Not later than one year | |
Contractual commitments | |
Capital commitment | 144,371 |
Later than one year and not later than three years | |
Contractual commitments | |
Capital commitment | 351,426 |
Later than three years and not later than five years | |
Contractual commitments | |
Capital commitment | $ 246,196 |
Commitments and Contingencies_2
Commitments and Contingencies - Revenues from non-cancellable charter agreements (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
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 | $ 2,122,083 |
Not later than one year | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 580,030 |
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 | 408,284 |
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 | 334,206 |
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 | 304,958 |
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 | 227,182 |
Later than five years | |
Operating lease payments | |
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 267,423 |
Commitments and Contingencies_3
Commitments and Contingencies - Other commitments and guarantees (Details) - GasLog LNG Services Ltd. - item | 1 Months Ended | 46 Months Ended | ||
Oct. 31, 2021 | Mar. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2022 | |
Wartsila | ||||
Commitments | ||||
Number of maintenance agreements related to carriers | 24 | |||
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 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Instruments | ||
Derivative financial instruments, current assets | $ 4,100 | $ 596 |
Derivative financial instruments, non-current assets | 5,122 | 1,913 |
Derivative financial assets | 9,222 | 2,509 |
Derivative financial instruments, current liability | 4,494 | 25,518 |
Derivative financial instruments, non-current liability | 7,635 | 28,694 |
Derivative financial liabilities | 12,129 | 54,212 |
Financial assets designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Financial Instruments | ||
Derivative financial assets | 2,418 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Derivative financial assets | 8,975 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Derivative financial assets | 247 | 91 |
Financial liabilities designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Financial Instruments | ||
Derivative financial liabilities | 8,688 | |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Derivative financial liabilities | 291 | 53,192 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Derivative financial liabilities | $ 3,150 | $ 1,020 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest rate swaps held for trading (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial Instruments | ||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ 14,422 | $ 4,049 | $ 59,902 | $ 31,457 |
Interest rate swaps held for trading | ||||
Financial Instruments | ||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ 16,090 | $ 3,718 | $ 61,876 | $ 32,044 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Cross currency swap agreements (Details) - Cross currency swaps qualified as cash flow hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cross currency swap agreements | ||||
Effective portion of changes in fair value of cash flow hedges | $ (12,557) | $ 1,024 | $ (11,858) | $ (153) |
Recycled loss/(gain) of cash flow hedges reclassified to profit or loss on realization of expense | 117 | (106) | (2) | (157) |
Hedging gain/(loss) recognized in other comprehensive income due to translation of bonds | $ 13,412 | $ 77 | $ 11,174 | $ 207 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Forward foreign exchange contracts (Details) € in Thousands, $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) contract $ / $ $ / € | Jun. 30, 2022 SGD ($) contract $ / $ $ / € | |
Forward foreign exchange contracts | ||||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ 14,422 | $ 4,049 | $ 59,902 | $ 31,457 | ||
Forward foreign exchange contracts held for trading | ||||||
Forward foreign exchange contracts | ||||||
Number of contract expired | contract | 43 | |||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ (1,668) | $ 331 | $ (1,974) | $ (587) | ||
Forward foreign exchange contracts held for trading | EUR | ||||||
Forward foreign exchange contracts | ||||||
Notional amount | € | € 22,000 | |||||
Forward foreign exchange contracts held for trading | SGD | ||||||
Forward foreign exchange contracts | ||||||
Notional amount | $ | $ 38,000 | |||||
GasLog with counterparty Citibank Europe PLC UK, Settlement in October 2022 | EUR | ||||||
Forward foreign exchange contracts | ||||||
Trade date | February 2022 | |||||
Number of Contracts | contract | 1 | 1 | ||||
Settlement Date | October 2022 | |||||
Fixed Exchange Rate | $ / € | 1.1279 | 1.1279 | ||||
Notional amount | € | € 3,500 | |||||
GasLog with counterparty HSBC, Settlement in January - March 2023 | EUR | ||||||
Forward foreign exchange contracts | ||||||
Trade date | February 2022 | |||||
Number of Contracts | contract | 3 | 3 | ||||
Settlement Date | January-March 2023 | |||||
Notional amount | € | € 1,500 | |||||
GasLog with counterparty HSBC, Settlement in January - March 2023 | EUR | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / € | 1.1373 | 1.1373 | ||||
GasLog with counterparty HSBC, Settlement in January - March 2023 | EUR | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / € | 1.1403 | 1.1403 | ||||
GasLog with Counterparty ABN, Settlement in November - December 2022 | EUR | ||||||
Forward foreign exchange contracts | ||||||
Trade date | February 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | November-December 2022 | |||||
Notional amount | € | € 2,000 | |||||
GasLog with Counterparty ABN, Settlement in November - December 2022 | EUR | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / € | 1.1327 | 1.1327 | ||||
GasLog with Counterparty ABN, Settlement in November - December 2022 | EUR | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / € | 1.1344 | 1.1344 | ||||
GasLog with Counterparty DNB, Settlement in January - June 2023 | EUR | ||||||
Forward foreign exchange contracts | ||||||
Trade date | April 2022 | |||||
Number of Contracts | contract | 6 | 6 | ||||
Settlement Date | January-June 2023 | |||||
Fixed Exchange Rate | $ / € | 1.1000 | 1.1000 | ||||
Notional amount | € | € 6,000 | |||||
GasLog with Counterparty OCBC, Settlement in January - March 2023 | EUR | ||||||
Forward foreign exchange contracts | ||||||
Trade date | April 2022 | |||||
Number of Contracts | contract | 3 | 3 | ||||
Settlement Date | January-March 2023 | |||||
Notional amount | € | € 3,000 | |||||
GasLog with Counterparty OCBC, Settlement in January - March 2023 | EUR | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / € | 1.1051 | 1.1051 | ||||
GasLog with Counterparty OCBC, Settlement in January - March 2023 | EUR | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / € | 1.1098 | 1.1098 | ||||
GasLog with Counterparty DNB, Settlement in July - December 2023 | EUR | ||||||
Forward foreign exchange contracts | ||||||
Trade date | June 2022 | |||||
Number of Contracts | contract | 6 | 6 | ||||
Settlement Date | July-December 2023 | |||||
Fixed Exchange Rate | $ / € | 1.1300 | 1.1300 | ||||
Notional amount | € | € 6,000 | |||||
GasLog with Counterparty HSBC, Settlement in September - October 2022 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | April 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | September-October 2022 | |||||
Notional amount | $ | $ 4,000 | |||||
GasLog with Counterparty HSBC, Settlement in September - October 2022 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3612 | 1.3612 | ||||
GasLog with Counterparty HSBC, Settlement in September - October 2022 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3622 | 1.3622 | ||||
GasLog with Counterparty ABN, Settlement in September - October 2022 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | April 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | September-October 2022 | |||||
Notional amount | $ | $ 4,000 | |||||
GasLog with Counterparty ABN, Settlement in September - October 2022 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3615 | 1.3615 | ||||
GasLog with Counterparty ABN, Settlement in September - October 2022 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3624 | 1.3624 | ||||
GasLog with Counterparty OCBC, Settlement in September - October 2022 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | April 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | September-October 2022 | |||||
Notional amount | $ | $ 8,000 | |||||
GasLog with Counterparty OCBC, Settlement in September - October 2022 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3633 | 1.3633 | ||||
GasLog with Counterparty OCBC, Settlement in September - October 2022 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3643 | 1.3643 | ||||
GasLog with Counterparty Nordea, Settlement in October 2022 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | May 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | October 2022 | |||||
Notional amount | $ | $ 3,000 | |||||
GasLog with Counterparty Nordea, Settlement in October 2022 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3742 | 1.3742 | ||||
GasLog with Counterparty Nordea, Settlement in October 2022 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3825 | 1.3825 | ||||
GasLog with Counterparty ABN, Settlement in October 2022 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | May 2022 | |||||
Number of Contracts | contract | 1 | 1 | ||||
Settlement Date | October 2022 | |||||
Fixed Exchange Rate | $ / $ | 1.3738 | 1.3738 | ||||
Notional amount | $ | $ 1,000 | |||||
GasLog with Counterparty ABN, Settlement in October 2022 - February 2023 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | June 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | October 2022 - February 2023 | |||||
Notional amount | $ | $ 7,500 | |||||
GasLog with Counterparty ABN, Settlement in October 2022 - February 2023 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3845 | 1.3845 | ||||
GasLog with Counterparty ABN, Settlement in October 2022 - February 2023 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3888 | 1.3888 | ||||
Gaslog With Counterparty Citibank Europe PLC UK, Settlement In October 2022 - February 2023 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | June 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | October 2022 - February 2023 | |||||
Notional amount | $ | $ 4,500 | |||||
Gaslog With Counterparty Citibank Europe PLC UK, Settlement In October 2022 - February 2023 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3846 | 1.3846 | ||||
Gaslog With Counterparty Citibank Europe PLC UK, Settlement In October 2022 - February 2023 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3889 | 1.3889 | ||||
Gaslog With Counterparty Goldman Sachs Bank Europe SE, Settlement In October 2022 - February 2023 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | June 2022 | |||||
Number of Contracts | contract | 2 | 2 | ||||
Settlement Date | October 2022 - February 2023 | |||||
Notional amount | $ | $ 3,500 | |||||
Gaslog With Counterparty Goldman Sachs Bank Europe SE, Settlement In October 2022 - February 2023 | SGD | Minimum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3768 | 1.3768 | ||||
Gaslog With Counterparty Goldman Sachs Bank Europe SE, Settlement In October 2022 - February 2023 | SGD | Maximum | ||||||
Forward foreign exchange contracts | ||||||
Fixed Exchange Rate | $ / $ | 1.3836 | 1.3836 | ||||
GasLog with Counterparty OCBC, Settlement in February 2023 | SGD | ||||||
Forward foreign exchange contracts | ||||||
Trade date | June 2022 | |||||
Number of Contracts | contract | 1 | 1 | ||||
Settlement Date | February 2023 | |||||
Fixed Exchange Rate | $ / $ | 1.3852 | 1.3852 | ||||
Notional amount | $ | $ 2,500 |
Financial Costs and Loss (gai_3
Financial Costs and Loss (gain) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial costs | ||||
Amortization and write-off of deferred loan/bond issuance costs/premium and discount | $ 3,526 | $ 3,603 | $ 8,337 | $ 10,717 |
Interest expense on loans | 23,469 | 20,592 | 43,232 | 41,364 |
Interest expense on bonds and realized loss on CCSs | 8,129 | 8,608 | 16,795 | 17,289 |
Interest expense on leases | 3,530 | 2,412 | 6,686 | 4,826 |
Other financial costs, net | 812 | 16,001 | 1,785 | 16,408 |
Total financial costs | $ 39,466 | 51,216 | $ 76,835 | 90,604 |
Legal and professional fees related to the Transaction | $ 15,652 | $ 15,652 |
Financial Costs and Loss (gai_4
Financial Costs and Loss (gain) on Derivatives - Loss (gain) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
(Loss)/Gain on Derivatives | ||||
Unrealized gain on derivative financial instruments held for trading (Note 15) | $ (14,422) | $ (4,049) | $ (59,902) | $ (31,457) |
Ineffective portion of cash flow hedges | (20) | 1,518 | (752) | (114) |
Total loss/(gain) on derivatives | (8,330) | 6,310 | (45,731) | (13,973) |
Interest rate swaps held for trading | ||||
(Loss)/Gain on Derivatives | ||||
Unrealized gain on derivative financial instruments held for trading (Note 15) | (16,090) | (3,718) | (61,876) | (32,044) |
Realized (gain)/loss on derivative financial instruments held for trading | 4,920 | 8,946 | 13,096 | 17,653 |
Forward foreign exchange contracts held for trading | ||||
(Loss)/Gain on Derivatives | ||||
Unrealized gain on derivative financial instruments held for trading (Note 15) | 1,668 | (331) | 1,974 | 587 |
Realized (gain)/loss on derivative financial instruments held for trading | $ 1,192 | $ (105) | $ 1,827 | $ (55) |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowing and derivatives arising from financing activities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Liabilities/(assets) arising from financing activities at beginning of period | $ 3,658,220 | $ 3,773,221 |
Liabilities/(assets) arising from financing activities at end of period | 3,417,781 | 3,829,248 |
Borrowings | Proceeds from loans and bonds, net of discount | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | 312,638 | 318,913 |
Total change | 312,638 | 318,913 |
Borrowings | Loans and bond repayments | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (543,116) | (266,770) |
Total change | (543,116) | (266,770) |
Borrowings | Additions in deferred loan/bond fees | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (1,580) | (4,329) |
Non-cash items | (188) | (392) |
Deferred financing costs, assets | (5,356) | (1,905) |
Total change | (7,124) | (6,626) |
Borrowings | Amortization and write-off of deferred loan/bond issuance costs/premium and discount (Note 16) | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 8,337 | 10,717 |
Total change | 8,337 | 10,717 |
Borrowings | Retranslation of the NOK Bonds in USD | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Other comprehensive loss/(income) | (11,174) | (207) |
Total change | (11,174) | (207) |
Derivatives | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Liabilities/(assets) arising from financing activities at beginning of period | 51,703 | 107,760 |
Liabilities/(assets) arising from financing activities at end of period | 2,907 | 76,499 |
Derivatives | Unrealized gain on derivative financial instruments held for trading (Note 16) | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | (59,902) | (31,457) |
Total change | (59,902) | (31,457) |
Derivatives | Ineffective portion of cash flow hedges (Note 16) | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | (752) | (114) |
Total change | (752) | (114) |
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) | 11,858 | 310 |
Total change | 11,858 | 310 |
Lease liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Liabilities/(assets) arising from financing activities at beginning of period | 302,850 | 196,170 |
Liabilities/(assets) arising from financing activities at end of period | 342,293 | 193,558 |
Lease liabilities | Interest expense on leases (Note 16) | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 6,686 | 4,826 |
Total change | 6,686 | 4,826 |
Lease liabilities | Additions | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 58,147 | 2,886 |
Total change | 58,147 | 2,886 |
Lease liabilities | Payments for interest | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (6,683) | (4,826) |
Total change | (6,683) | (4,826) |
Lease liabilities | Principal elements of lease payments | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (18,707) | (5,498) |
Total change | $ (18,707) | $ (5,498) |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Aug. 03, 2022 $ / shares | Jul. 15, 2022 USD ($) | Jul. 06, 2022 USD ($) agreement item | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Subsequent Events | |||||
Drawn amount | $ 312,638 | $ 318,913 | |||
Common shares | |||||
Subsequent Events | |||||
Declaration of dividend (per share) | $ / shares | $ 0.15 | ||||
Preference shares | |||||
Subsequent Events | |||||
Declaration of dividend (per share) | $ / shares | $ 0.546875 | ||||
Sale and leaseback transaction | CMB Financial Leasing Co. Ltd. ("CMBFL") | |||||
Subsequent Events | |||||
Number of sale and leaseback agreements | agreement | 4 | ||||
Number of vessels under leaseback | item | 4 | ||||
Percentage of contract price raised on sale | 92.50% | ||||
Leaseback charter period | 10 years | ||||
Profile of debt instrument | 20 years | ||||
Drawn amount | $ 20,611 | ||||
Sale and leaseback transaction | CMB Financial Leasing Co. Ltd. ("CMBFL") | Maximum | |||||
Subsequent Events | |||||
Agreed sale value | $ 762,604 |