GasLog falls short

GasLog has fallen short of Wall Street expectations in the first quarter.

New York-listed GasLog saw its bottom line climb from $5.9m to $6.3m year-on-year as revenue was bolstered by the addition of six vessels since January 2013.

Analysts say adjusted earnings per share of $0.13 came in three cents below what the market had charted.

Core operating profit of $31.1m was more than double the number recorded at the same stage of 2013.

During a hectic few months the Peter Livanos-led company has completed the listing of MLP GasLog Partners, added up to six newbuildings at Samsung Heavy Industries and completed a follow-on shares sale to support the purchase of vessels from BG. 

GasLog says contract revenue of $145.41m for 2013 is expected to reach $417.45m by 2017, if ships now set for the MLP are included. 

The spin-off is taking three ships from its parent and has the right to buy 12 others with charters extending to five years or more at fair market values, the quarterly report said.

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