GasLog takes a hit

Shares in US-listed LNG company GasLog lost almost 10% of their value at one point in trading on Monday.

It saw its shares go from $30.85 at the opening in New York to as low as $27.95, before ending the day’s trading at $28.23 each.

There was no official announcement from GasLog on Monday which may have prompted the dramatic sell-off.

However, some industry observers suggested that investors may have been spooked by Monday’s announcement of a tie-up between Teekay and BG.

Teekay LNG Partners (TGP) agreed a deal to acquire ownership interests in four 174,000-cbm LNG carriers from BG.

The four ships are building at China’s Hudong-Zhonghua Shipbuilding for delivery between September 2017 and January 2019.

US-listed master limited partnership TGP will take 30% and 20% stakes in the first and second pairs of ships respectively.

On delivery they will each operate under 20-year time-charter contracts, plus extension options, with BG subsidiary Methane Services.

Up until now BG had been a major client of GasLog and had carried out a number of sale-and-leaseback deals with the Peter Livanos company.