Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information | |
Entity Registrant Name | GasLog Ltd. |
Entity Central Index Key | 1,534,126 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Trading Symbol | GLOG |
Number of common shares outstanding | 80,861,246 |
Number of preference shares outstanding | 4,600,000 |
Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | ||
Goodwill | $ 9,511 | $ 9,511 |
Investment in associates | 20,713 | 20,800 |
Deferred financing costs | 4,576 | 17,519 |
Other non-current assets | 2,543 | 428 |
Derivative financial instruments | 8,966 | 16,012 |
Tangible fixed assets | 4,323,582 | 3,772,566 |
Vessels under construction | 159,275 | 166,655 |
Vessel held under finance lease | 206,753 | 214,329 |
Total non-current assets | 4,735,919 | 4,217,820 |
Current assets | ||
Trade and other receivables | 20,244 | 10,706 |
Dividends receivable and other amounts due from related parties | 33,395 | 8,666 |
Derivative financial instruments | 6,222 | 2,199 |
Inventories | 7,753 | 6,839 |
Prepayments and other current assets | 3,680 | 4,569 |
Short-term investments | 25,000 | |
Cash and cash equivalents | 342,594 | 384,092 |
Total current assets | 438,888 | 417,071 |
Total assets | 5,174,807 | 4,634,891 |
Equity | ||
Preference shares | 46 | 46 |
Share capital | 810 | 810 |
Contributed surplus | 850,576 | 911,766 |
Reserves | 18,962 | 18,347 |
Treasury shares | (3,266) | (6,960) |
(Accumulated deficit)/retained earnings | 12,614 | (5,980) |
Equity attributable to owners of the Group | 879,742 | 918,029 |
Non-controlling interests | 1,103,380 | 845,105 |
Total equity | 1,983,122 | 1,763,134 |
Current liabilities | ||
Trade accounts payable | 11,890 | 11,526 |
Ship management creditors | 580 | 2,394 |
Amounts due to related parties | 169 | 35 |
Derivative financial instruments | 2,091 | 1,815 |
Other payables and accruals | 127,450 | 93,418 |
Borrowings, current portion | 520,550 | 179,367 |
Finance lease liability, current portion | 6,675 | 6,302 |
Total current liabilities | 669,405 | 294,857 |
Non-current liabilities | ||
Derivative financial instruments | 10,001 | |
Borrowings, non-current portion | 2,307,909 | 2,368,189 |
Finance lease liability, non-current portion | 199,424 | 207,126 |
Other non-current liabilities | 4,946 | 1,585 |
Total non-current liabilities | 2,522,280 | 2,576,900 |
Total equity and liabilities | $ 5,174,807 | $ 4,634,891 |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated statements of profit or loss | |||
Revenues | $ 618,344 | $ 525,229 | $ 466,059 |
Net pool allocation | 17,818 | 7,254 | (4,674) |
Voyage expenses and commissions | (20,374) | (15,404) | (10,510) |
Vessel operating and supervision costs | (128,084) | (122,486) | (112,632) |
Depreciation | (153,193) | (137,187) | (122,957) |
General and administrative expenses | (41,993) | (39,850) | (38,642) |
Profit from operations | 292,518 | 217,556 | 176,644 |
Financial costs | (166,627) | (139,181) | (137,316) |
Financial income | 4,784 | 2,650 | 720 |
(Loss)/gain on derivatives | (6,077) | 2,025 | (13,419) |
Share of profit of associates | 1,800 | 1,159 | 1,422 |
Total other expenses, net | (166,120) | (133,347) | (148,593) |
Profit for the year | 126,398 | 84,209 | 28,051 |
Attributable to: | |||
Owners of the Group | 47,683 | 15,506 | (21,486) |
Non-controlling interests | $ 78,715 | $ 68,703 | $ 49,537 |
(Loss)/earnings per share-basic and diluted | |||
(Loss)/earnings per share - basic | $ 0.47 | $ 0.07 | $ (0.39) |
(Loss)/earnings per share - diluted | $ 0.46 | $ 0.07 | $ (0.39) |
Consolidated statements of comp
Consolidated statements of comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated statements of comprehensive income or loss | |||
Profit for the year | $ 126,398 | $ 84,209 | $ 28,051 |
Items that may not be reclassified subsequently to profit or loss: | |||
Actuarial loss | (51) | (23) | |
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 | (258) | 2,667 | (6,522) |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | |
Other comprehensive income/(loss) for the year | (309) | 7,035 | 16,969 |
Total comprehensive income/(loss) for the year | 126,089 | 91,244 | 45,020 |
Attributable to: | |||
Owners of the Group | 47,374 | 22,541 | (4,517) |
Non-controlling interests | $ 78,715 | $ 68,703 | $ 49,537 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Common shares/unitsIssued capital | Preference shares/unitsIssued capital | Contributed surplus | Reserves | Treasury shares | Retained earnings/(accumulated deficit) | Attributable to owners of the Group | Non-controlling interests | Total | |
Balance at beginning of year at Dec. 31, 2015 | $ 810 | $ 46 | $ 1,020,292 | $ (8,829) | $ (12,491) | $ 1,846 | $ 1,001,674 | $ 506,246 | $ 1,507,920 | |
Net proceeds from GasLog Partners' public offerings (Note 4) | 52,299 | 52,299 | ||||||||
Dividend paid (common and preference shares) (Note 4 and 12) | (53,318) | (1,846) | (55,164) | (44,043) | (99,207) | |||||
Share-based compensation, net of accrued dividend (Note 22) | 3,597 | 3,597 | 3,597 | |||||||
Settlement of share-based compensation | (1,577) | 1,630 | 53 | 53 | ||||||
Profit/(loss) for the year | (21,486) | (21,486) | 49,537 | 28,051 | ||||||
Other comprehensive income/(loss) for the year | 16,969 | 16,969 | 16,969 | |||||||
Total comprehensive income/(loss) for the year | 16,969 | (21,486) | (4,517) | 49,537 | 45,020 | |||||
Balance at the end of the year at Dec. 31, 2016 | 810 | 46 | 966,974 | 10,160 | (10,861) | (21,486) | 945,643 | 564,039 | 1,509,682 | |
Net proceeds from GasLog Partners' public offerings (Note 4) | 278,226 | 278,226 | ||||||||
Dividend paid (common and preference shares) (Note 4 and 12) | (55,208) | (55,208) | (65,863) | (121,071) | ||||||
Share-based compensation, net of accrued dividend (Note 22) | 4,104 | 4,104 | 4,104 | |||||||
Settlement of share-based compensation | (2,952) | 3,901 | 949 | 949 | ||||||
Profit/(loss) for the year | 15,506 | 15,506 | 68,703 | 84,209 | ||||||
Other comprehensive income/(loss) for the year | 7,035 | 7,035 | 7,035 | |||||||
Total comprehensive income/(loss) for the year | 7,035 | 15,506 | 22,541 | 68,703 | 91,244 | |||||
Balance at the end of the year at Dec. 31, 2017 | 810 | 46 | 911,766 | 18,347 | (6,960) | (5,980) | 918,029 | 845,105 | 1,763,134 | |
Opening adjustment | [1] | (436) | 190 | (246) | (246) | |||||
Balance as of January 1, 2018 | 810 | 46 | 911,766 | 17,911 | (6,960) | (5,790) | 917,783 | 845,105 | 1,762,888 | |
Net proceeds from GasLog Partners' public offerings (Note 4) | 267,514 | 267,514 | ||||||||
Other equity related costs | (395) | (395) | (395) | |||||||
Dividend paid (common and preference shares) (Note 4 and 12) | (60,795) | (29,279) | (90,074) | (87,954) | (178,028) | |||||
Share-based compensation, net of accrued dividend (Note 22) | 4,434 | 4,434 | 4,434 | |||||||
Settlement of share-based compensation | (3,074) | 3,756 | 682 | 682 | ||||||
Treasury shares, net | (62) | (62) | (62) | |||||||
Profit/(loss) for the year | 47,683 | 47,683 | 78,715 | 126,398 | ||||||
Other comprehensive income/(loss) for the year | (309) | (309) | (309) | |||||||
Total comprehensive income/(loss) for the year | (309) | 47,683 | 47,374 | 78,715 | 126,089 | |||||
Balance at the end of the year at Dec. 31, 2018 | $ 810 | $ 46 | $ 850,576 | $ 18,962 | $ (3,266) | $ 12,614 | $ 879,742 | $ 1,103,380 | $ 1,983,122 | |
[1] | Adjusted so as to reflect certain amendments introduced due to the adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, which became effective on January 1, 2018 (Note 2). |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Profit for the year | $ 126,398 | $ 84,209 | $ 28,051 |
Adjustments for: | |||
Depreciation | 153,193 | 137,187 | 122,957 |
Share of profit of associates | (1,800) | (1,159) | (1,422) |
Financial income | (4,784) | (2,650) | (720) |
Financial costs | 166,627 | 139,181 | 137,316 |
Unrealized foreign exchange losses/(gains) on cash and cash equivalents | 329 | (772) | 1,020 |
Unrealized (gain)/loss on derivative financial instruments held for trading, including ineffective portion of cash flow hedges (Note 26) | 8,211 | (10,505) | (18,530) |
Recycled loss of cash flow hedges reclassified to profit or loss (Note 26) | 4,368 | 23,514 | |
Non-cash defined benefit obligations | (51) | (25) | |
Share-based compensation (Note 22) | 5,216 | 4,565 | 3,869 |
Adjusted profit | 453,339 | 354,424 | 296,030 |
Movements in operating assets and liabilities: | |||
Decrease/(increase) in trade and other receivables including related parties, net | (33,286) | (7,601) | 4,872 |
(Increase)/decrease in prepayments and other assets | 888 | (1,465) | (1,807) |
(Increase)/decrease in inventories | (915) | 1,622 | (1,964) |
Decrease/(increase) in other non-current assets | (465) | 1,396 | 27,133 |
(Decrease)/increase in other non-current liabilities | 2,957 | 299 | (419) |
(Increase)/decrease in restricted cash | 42 | (42) | |
Increase in accounts payable and other current liabilities | 3,113 | 1,544 | 11,517 |
Cash provided by operations | 425,631 | 350,261 | 335,320 |
Interest paid | (141,921) | (126,631) | (78,788) |
Net cash provided by operating activities | 283,710 | 223,630 | 256,532 |
Cash flows from investing activities: | |||
Payments for tangible fixed assets, vessels under construction and vessel held under finance lease | (673,823) | (82,352) | (761,513) |
Dividends received from associate | 1,263 | 1,315 | 1,413 |
Return of contributed capital from associate (Note 5) | 59 | 137 | |
Other investments | (136) | (14,125) | |
Purchase of short-term investments | (71,000) | (37,244) | (19,500) |
Maturity of short-term investments | 46,000 | 55,244 | 7,500 |
Financial income received | 4,697 | 2,504 | 721 |
Net cash used in investing activities | (692,999) | (74,599) | (771,242) |
Cash flows from financing activities: | |||
Proceeds from bank loans and bonds | 524,165 | 280,000 | 2,274,318 |
Proceeds from sale and finance leaseback | 217,000 | ||
Bank loans and bond repayments | (231,753) | (397,008) | (1,983,576) |
Payment of loan and bond issuance costs | (7,449) | (8,830) | (44,125) |
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 60,345 | 141,395 | 52,731 |
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 208,394 | 139,222 | |
Payment of equity raising costs | (917) | (2,032) | (442) |
Payment for cross currency swaps' termination/modification | (20,603) | (31,986) | |
Payment for NOK bonds repurchase at a premium | (1,459) | (2,120) | |
Payment for interest rate swaps' termination | (30,296) | ||
Proceeds from entering into interest rate swaps | 25,465 | ||
Purchase of treasury shares | (62) | ||
Proceeds from stock options' exercise | 754 | 1,223 | |
Dividends paid | (178,028) | (121,071) | (99,207) |
Decrease in restricted cash | 62,718 | ||
Payments for vessel held under finance lease | (714) | ||
Payments for finance lease liability | (7,329) | (3,572) | |
Net cash provided by financing activities | 368,120 | 7,265 | 439,766 |
Effects of exchange rate changes on cash and cash equivalents | (329) | 772 | (1,020) |
(Decrease)/ increase in cash and cash equivalents | (41,498) | 157,068 | (75,964) |
Cash and cash equivalents, beginning of the year | 384,092 | 227,024 | 302,988 |
Cash and cash equivalents, end of the year | 342,594 | 384,092 | 227,024 |
Non-cash investing and financing activities | |||
Capital expenditures included in liabilities at the end of the year (Note 27) | 20,096 | 3,016 | 2,038 |
Equity raising costs included in liabilities at the end of the year (Note 27) | 1,067 | 364 | 5 |
Loan issuance costs included in liabilities at the end of the year (Note 27) | $ 407 | $ 1,526 | |
Receivables from stock options' exercise included in assets at the end of the year | $ 108 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations GasLog Ltd. ("GasLog") was incorporated in Bermuda on July 16, 2003. GasLog and its subsidiaries (the "Group") are primarily engaged in the ownership, operation and management of vessels in the liquefied natural gas ("LNG") market, providing maritime services for the transportation of LNG on a worldwide basis and LNG vessel management services. The Group conducts its operations through its vessel-owning subsidiaries and through its vessel management services subsidiary. The Group's operations are carried out from offices in Piraeus, London, New York, Singapore and Monaco. The registered office of GasLog is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. GasLog's chairman, Peter G. Livanos, is GasLog's largest shareholder through his ownership of Ceres Shipping Ltd. ("Ceres Shipping"), which controls Blenheim Holdings Ltd. As of December 31, 2018, entities controlled by members of the Livanos family, including GasLog's chairman, are deemed to beneficially own approximately 40.09% of GasLog's issued and outstanding common shares. As a result of his ownership of GasLog's common shares, Mr. Livanos can effectively control the outcome of most matters on which GasLog's shareholders are entitled to vote. On May 12, 2014, GasLog Partners LP ("GasLog Partners" or the "Partnership"), a subsidiary of GasLog, completed its initial public offering (the "GasLog Partners' IPO") with the sale and issuance of 9,660,000 common units (including 1,260,000 units in relation to the overallotment option exercised in full by the underwriters), resulting in net proceeds of $186,029 and representing a 48.2% ownership interest. Concurrently with the GasLog Partners' IPO, the Partnership acquired from GasLog a 100% ownership interest in GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd., the entities that own the GasLog Shanghai , the GasLog Santiago and the GasLog Sydney , in exchange for (i) 162,358 common units and 9,822,358 subordinated units issued to GasLog representing a 49.8% ownership interest and all of the incentive distribution rights that entitle GasLog to increasing percentages of the cash that the Partnership distributes in excess of $0.43125 per unit per quarter, (ii) 400,913 general partner units issued to GasLog Partners GP LLC (the "general partner"), a wholly owned subsidiary of GasLog, representing a 2.0% general partner interest and (iii) $65,695 of cash consideration paid directly to GasLog from the GasLog Partners' IPO proceeds. Since GasLog Partners' IPO, the Partnership acquired 100% of the ownership interests in the following GasLog subsidiaries that own the vessels listed below: Date Acquisition Completed Subsidiaries Acquired Vessels Purchased September 29, 2014 GAS-sixteen Ltd. and Methane Rita Andrea and Methane Jane Elizabeth July 1, 2015 GAS-nineteen Ltd., Methane Alison Victoria, and Methane Heather Sally November 1, 2016 GAS-seven Ltd. GasLog Seattle May 3, 2017 GAS-eleven Ltd. GasLog Greece July 3, 2017 GAS-thirteen Ltd. GasLog Geneva October 20, 2017 GAS-eight Ltd. Solaris April 26, 2018 GAS-fourteen Ltd. GasLog Gibraltar November 14, 2018 GAS-twenty seven Ltd. Methane Becki Anne As of December 31, 2018, GasLog holds a 27.5% interest (including the 2% interest through general partner units) in GasLog Partners and, as a result of its ownership of the general partner and the fact that the general partner elects the majority of the Partnership's directors in accordance with the Partnership Agreement, GasLog has the ability to control the Partnership's affairs and policies. Consequently, GasLog Partners is consolidated in the Group's financial statements. The accompanying consolidated financial statements include the financial statements of GasLog and its subsidiaries. Unless indicated otherwise, the subsidiaries listed below were 100% held (either directly or indirectly) by GasLog. As of December 31, 2018, the Group's structure is as follows: Name Place of Date of Principal activities Cargo Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. Bermuda February 2008 Holding company — — — GasLog Shipping Company Ltd. Bermuda January 2006 Holding company — — — GasLog Partners GP LLC Marshall Islands January 2014 Holding company — — — GasLog Cyprus Investments Ltd. Cyprus December 2016 Holding company — — — GasLog Services UK Ltd. England and Wales May 2014 Service company — — — GasLog Services US Inc. Delaware May 2014 Service company — — — GasLog Asia Pte Ltd. Singapore May 2015 Service company — — — GasLog LNG Services Ltd. Bermuda August 2004 Vessel management services — — — GasLog Monaco S.A.M. Monaco February 2010 Service company — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Vessel-owning company GasLog Salem April 2015 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company GasLog Glasgow June 2016 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company GasLog Genoa March 2018 GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company Hull No. 2131 Q1 2019 (1) GAS-twenty four Ltd. Bermuda June 2014 Vessel-owning company GasLog Houston January 2018 GAS-twenty five Ltd. Bermuda June 2014 Vessel-owning company GasLog Hong Kong March 2018 GAS-twenty six Ltd. Bermuda January 2015 Finance lease asset company (2) Methane Julia Louise March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2213 Q2 2020 (1) GAS-twenty nine Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2212 Q3 2019 (1) GAS-thirty Ltd. Bermuda December 2017 Vessel-owning company Hull No. 2262 Q3 2020 (1) GAS-thirty one Ltd. Bermuda December 2017 Vessel-owning company Hull No. 2274 Q2 2020 (1) GAS-thirty two Ltd. Bermuda December 2017 Vessel-owning company Hull No. 2300 Q4 2020 (1) GAS-thirty three Ltd. Bermuda May 2018 Vessel-owning company Hull No. 2301 Q4 2020 (1) GAS-thirty four Ltd. Bermuda May 2018 Vessel-owning company Hull No. 2311 Q2 2021 (1) GAS-thirty five Ltd. Bermuda December 2018 Vessel-owning company Hull No. 2312 Q3 2021 (1) GAS-thirty six Ltd. Bermuda December 2018 Dormant — — — GAS-thirty seven Ltd. Bermuda December 2018 Dormant — — — GasLog Shipping Limited BVI July 2003 Dormant — — — 27.5% interest subsidiaries: GasLog Partners LP Marshall Islands January 2014 Holding company — — — GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece March 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company Methane Becki Anne March 2015 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. ("Gastrade") Greece June 2010 Service company — — — 50% joint venture: The Cool Pool Limited (3) Marshall Islands September 2015 Service company — — — (1) For newbuildings, expected delivery quarters as of December 31, 2018 are presented. (2) On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui Co. Ltd. ("Mitsui"). Refer to Note 6. (3) On October 1, 2015, GasLog Carriers, Dynagas Ltd. ("Dynagas") and Golar LNG Limited ("Golar") ("Pool Owners") and The Cool Pool Limited signed an LNG carrier pooling agreement (the "LNG Carrier Pool", "Pool Agreement" or "Cool Pool") to market their vessels, which are currently operating in the LNG shipping spot market. For the operation of the Cool Pool, a Marshall Islands service company named "The Cool Pool Limited" or the "Pool Manager", was incorporated in September 2015 acting as an agent. In June and July 2018, Dynagas removed its three vessels from the Cool Pool and ceased to be a shareholder. As of December 31, 2018, the Cool Pool consists of 16 modern, high quality and essentially equivalent vessels powered by fuel efficient tri-fuel diesel electric ("TFDE") engine propulsion technology. The participation of the Pool Owners' vessels in the Cool Pool is as follows: GasLog: six vessels; and Golar: ten vessels. Each vessel owner continues to be fully responsible for the crew and technical management of their respective vessels. In addition, as of December 31, 2018, the GasLog Skagen was substituted for the GasLog Saratoga in the Cool Pool. All entities in the Group have a December 31st year end. During 2018, the Group employed an average of 172 employees (2017: 184 and 2016: 173). GasLog's common shares are traded on the New York Stock Exchange ("NYSE") under the ticker symbol "GLOG". GasLog's 8.75% Series A Cumulative Redeemable Perpetual Preference Shares ("Preference Shares") are traded on the NYSE under the ticker symbol "GLOG PR A". |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Statement of compliance The consolidated financial statements of GasLog and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (the "IFRS") as issued by the International Accounting Standards Board (the "IASB"). Basis of preparation and approval The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Going concern In considering going concern management has reviewed the Group's future cash requirements, covenant compliance and earnings projections. As of December 31, 2018, the Group's current assets totaled $438,888, while current liabilities totaled $669,405, resulting in a negative working capital position of $230,517. Current liabilities include $360,000 of loans due in November 2019. In February 2019, GasLog Partners signed a debt refinancing of up to $450,000 with certain financial institutions (Note 30), in order to refinance such indebtedness. Management anticipates that the Group's primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. The Group may also seek to raise additional equity. Management believes that these sources of funds will be sufficient for the Group to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. The financial statements are expressed in U.S. dollars ("USD"), which is the functional currency of the Group's subsidiaries because their vessels operate in international shipping markets in which revenues and expenses are primarily settled in USD, and the Group's most significant assets and liabilities are paid for and settled in USD. On March 5, 2019, the financial statements were authorized on behalf of GasLog's board of directors for issuance and filing. The principal accounting policies are set out below. Basis of consolidation The consolidated financial statements incorporate the financial statements of GasLog and entities controlled by GasLog (its subsidiaries). Control is achieved where GasLog: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the date control is obtained and up to the date control ceases. Acquisitions of businesses are accounted for using the acquisition method. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. The other investors in subsidiaries in which the Group has less than 100% interest hold a non-controlling interest in the net assets of these subsidiaries. Non-controlling interest is stated at the non-controlling interest's proportion of the net assets of the subsidiaries where the Group has less than 100% interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by the non-controlling interest's share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in the non-controlling interest having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group. Goodwill Goodwill arising in a business combination is recognized as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group's interest in the fair value of the acquiree's identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any), the excess is recognized immediately in the consolidated statement of profit or loss as a bargain purchase gain. Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Investment in associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are included in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. An impairment assessment of investments in associates is performed when there is an indication that the asset has been impaired or the impairment losses recognized in prior years no longer exist. When the Group's share of losses exceeds the carrying amount of the investment, the investment is reported at nil value and recognition of losses is discontinued except to the extent of the Group's commitment. Investment in joint ventures A joint arrangement is an arrangement where two or more parties have joint control. Joint control is established by a contractual arrangement that requires unanimous agreement on decisions made on relevant activities. Without the presence of joint control, joint arrangements do not exist. Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The arrangement is a joint operation when the contractual agreement provides rights to assets and obligations for liabilities for those parties sharing joint control. The joint arrangement is a joint venture when the agreement grants rights to the arrangement's net assets. The Cool Pool is a joint venture. Interests in joint ventures are accounted for using the equity method (see Investment in associates above), after initially being recognized at cost in the consolidated statement of financial position. Leases Lease income from operating leases of vessels where the Group is a lessor is recognized in profit or loss on a straight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their nature under "Tangible fixed assets". Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease's inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments, discounted at the interest rate implicit in the lease, if practicable, or else at the Group's incremental borrowing rate. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as finance lease liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset's useful life or over the shorter of the asset's useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to income are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis as costs are incurred over the duration of the specific project. Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions The Group's revenues comprise revenues from time charters for the charter hire of its vessels, gross pool revenues, management fees, project supervision income and other income earned during the period in accordance with existing contracts. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer. Except for the off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IAS 17 Leases . The revenue in relation to the service component relates to vessel operating expenses, which include expenses that are paid by the vessel owner such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses. These costs are essential to operating a charter and the charterers receive the benefit of these when the vessel is used during the contracted time and, therefore, these costs are accounted for in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers . Pool revenues are recognized on a gross basis representing time charter revenues earned by GasLog vessels participating in the pool under charter agreements where GasLog contracts directly with charterers. Revenue is recognized on a monthly basis, when the vessel is made available and services are provided to the charterer during the period, the amount can be estimated reliably and collection of the related revenue is reasonably assured. Revenue from vessel management and vessel construction project supervision contracts is recognized when earned and when it is probable that future economic benefits will flow to the Group and such a benefit can be measured reliably. Time charter hires received in advance are classified as liabilities until the criteria for recognizing the revenue as earned are met. Under a time charter arrangement, the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses and broker's commissions are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents' fees and extra war risk insurance are paid by the charterer. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers . All other voyage expenses and vessel operating costs are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the duration of the period of the time charter. Bunkers' consumption included in voyage expenses represents mainly bunkers consumed during vessels' unemployment and off-hire. Net pool allocation In relation to the vessels' participation in the Cool Pool, net pool allocation represents GasLog's share of the net revenues earned from the other pool participants' vessels less the other participants' share of the net revenues earned by GasLog's vessels included in the pool. Each participant's share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. Financial income and costs Interest income is recognized on an accrual basis. Dividend income is recognized when the right to receive payment is established. Interest expense, other borrowing costs and realized loss on cross currency swaps ("CCSs") are recognized on an accrual basis. Foreign currencies Transactions in currencies other than the USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. Deferred financing costs for undrawn facilities Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. Vessels under construction Vessels under construction are presented at cost less identified impairment losses, if any. Costs include shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the acquisition or construction of the vessels. Upon completion of the construction, the vessels are presented on the statement of financial position in accordance with the "Tangible fixed assets: Property, plant and equipment" policy as described below. Tangible fixed assets: Property, plant and equipment Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of an LNG vessel is split into two components, a "vessel component" and a "dry-docking component". Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management's estimation about the amount that the Group would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo dry-docking overhaul every five years to restore their service potential and to meet their classification requirements that cannot be performed while the vessels are operating. The dry-docking component is estimated at the time of a vessel's delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking subsequent to its acquisition, based on the Group's historical experience with similar types of vessels. For subsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessel's last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, dry-docking shipyard expenses, expenses related to hull, external surfaces and decks, and expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as dry-docking. The expected useful lives of all long-lived assets are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Furniture, computer, software and other office equipment 3 - 5 years Leasehold improvements 12 years (or remaining term of the lease) Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives of all assets and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. The residual value is also reviewed at each financial period-end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When assets are sold, they are derecognized and any gain or loss resulting from their disposal is included in profit or loss. Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease All assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset's fair value less cost of disposal and "value in use". The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm's length transaction less the costs of disposal, while "value in use" is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-generating unit. The fair values of the vessels are estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under "Vessels". Concurrently, an equal amount is deferred as a liability and amortized to profit or loss as income over the remaining tenure of the charter party agreement. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Inventories Inventories represent lubricants on board the vessel and, in the event of a vessel not being employed under a charter, the bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first in, first out basis, and net realizable value. Financial instruments Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. • Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. • Restricted cash Restricted cash comprises cash held that is not available for use by the Group including cash held in blocked accounts in order to comply with the covenants under the Group's credit facilities. • Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. • Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 9 for further information about the Group's accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Group recognizes lifetime expected credit losses ("ECLs") on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. • Borrowings Borrowings are initially recognized at fair value (net of transaction costs). Borrowings are subsequently measured at amortized cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. • Derivative financial instruments The Group enters into a variety of derivative financial instruments to economically hedge its exposure to interest rate and foreign exchange rate risks, including interest rate swaps, CCSs and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value on the date the derivative contracts are entered into and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in the consolidated statement of profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statement of profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. The Group's criteria for classifying a derivative instrument in a hedging relationship include: (1) the existence of an economic relationship between the hedged item and the hedging instrument (i.e., the hedging instrument and hedged item must, based on an economic rationale, be expected to move in opposite directions as a result of a change in the hedged risk); (2) the effect of the credit risk should not dominate the value changes of either the hedged item or the hedging instrument (i.e., credit risk can arise on both the hedging instrument and the hedged item in the form of the counterparty's credit risk or the entity's own credit risk); and (3) the hedge ratio (i.e., the ratio between the amount of hedged item and the amount of hedging instrument) of the hedging relationship is the same as that actually used in the economic hedge. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects profit or loss, in the same line item as the recognized hedged item. Hedge accounting is discontinued when the Group terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized in the consolidated statement of profit or loss when the hedged item affects the consolidated statement of profit or loss. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the consolidated statement of profit or loss. • Finance lease liabilities Finance lease liabilities are initially measured at the fair value of the leased property or, if lower, the present value of the minimum lease payments—discounted at the interest rate implicit in the lease, if practicable, or else at the entity's incremental borrowing rate—and subsequently measured at amortized cost, using the effective interest rate method. Finance charges in respect of finance leases are recognized in the consolidated statement of profit or loss under "Financial costs". Segment information The information provided to the Group's chief operating decision maker, being the Chief Executive Officer, to review the Group's operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Group charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. Share-based compensation Share-based compensation to employees and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 22. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Group's management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities in the future. Critical accounting judgments are those that reflect sig |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill. | |
Goodwill | 3. Goodwill Goodwill resulted from the acquisition in 2005 of Ceres LNG Services Ltd., the vessel management company, which represents a cash-generating unit. On September 30, 2011, Ceres LNG Services Ltd. was renamed "GasLog LNG Services Ltd". As of December 31, 2018, the Group assessed the recoverable amount of goodwill and concluded that goodwill associated with the Group's vessel management company was not impaired. The recoverable amount of the vessel management operations is determined based on discounted future cash flows based on the financial budget approved by management for the year-ending December 31, 2019 and management forecasts until 2022. The key assumptions used in the value-in-use calculations (2019 and beyond) are as follows: (i) Average inflation of 1.0% per annum based on historical data and performance; (ii) A pre-tax discount rate of 9.4% per annum based on cost of equity; (iii) Annual growth rate of 1.0%; and (iv) 1 Euro = USD 1.225 based on the 2019 budget. Growth is based on the number of vessels expected to be under management based on the shipbuilding contracts in place at the end of the year and the long-term strategy of the Group. Management believes that any reasonably possible further change in the key assumptions on which recoverable amount is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable amount. |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Equity Transactions | |
Equity Transactions | 4. Equity Transactions GasLog Partners' offerings On August 5, 2016, GasLog Partners completed a public offering of 2,750,000 common units at a public offering price of $19.50 per unit. The net proceeds from this offering after deducting underwriting discounts and other offering expenses, were $52,299. On January 27, 2017, GasLog Partners completed an equity offering of 3,750,000 common units at a public offering price of $20.50 per unit. In addition, the option to purchase additional units was partially exercised by the underwriter on February 24, 2017, resulting in 120,000 additional units being sold at the same price. The aggregate net proceeds from this offering, including the partial exercise by the underwriter of the option to purchase additional units, after deducting underwriting discounts and other offering expenses were $78,197. On May 15, 2017, GasLog Partners completed a public offering of 5,750,000 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Partnership's Series A Preference Units") (including 750,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Partnership's Series A Preference Units), liquidation preference $25.00 per unit, at a price to the public of $25.00 per preference unit. The net proceeds from the offering after deducting underwriting discounts, commissions and other offering expenses were $138,804. The Partnership's Series A Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR A". The initial distribution on the Partnership's Series A Preference Units was paid on September 15, 2017. On May 16, 2017, GasLog Partners commenced an "at-the-market" common equity offering programme ("ATM Programme"), under which the Partnership may, from time to time, raise equity through the issuance and sale of new common units having an aggregate offering value of up to $100,000 in accordance with the terms of an equity distribution agreement, entered into on the same date. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC have agreed to act as sales agents. On November 3, 2017, the Partnership entered into the Amended and Restated Equity Distribution Agreement to increase the size of the ATM Programme to $144,040 and to include UBS Securities LLC as a sales agent. From establishment of the ATM Programme through December 31, 2017, GasLog Partners had issued and received payment for 2,737,405 common units at a weighted average price of $22.97 per common unit for total net proceeds, after deducting fees and other expenses, of $61,225. Additionally, on May 16, 2017, the subordination period on the subordinated units of GasLog Partners held by GasLog expired and consequently all 9,822,358 subordinated units of GasLog Partners converted into common units of GasLog Partners on a one-for-one basis and now participate pro rata with all other outstanding common units in distributions of available cash. On January 17, 2018, GasLog Partners completed a public offering of 4,600,000 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Partnership's Series B Preference Units"), including 600,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Partnership's Series B Preference Units, at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $111,194. The Partnership's Series B Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR B". On April 3, 2018, GasLog Partners issued 33,998 common units in connection with the vesting of 16,999 Restricted Common Units ("RCUs") and 16,999 Performance Common Units ("PCUs") under its 2015 Long-Term Incentive Plan (the "GasLog Partners' Plan") at a price of $23.55 per unit. Subsequently, on April 26, 2018, in connection with the acquisition of GAS-fourteen Ltd., the entity that owns and charters the GasLog Gibraltar , GasLog Partners issued 1,858,975 common units to GasLog at a price of $24.21 per unit. On November 15, 2018, GasLog Partners completed a public offering of 4,000,000 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Partnership's Series C Preference Units"), at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $96,307. The Partnership's Series C Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR C". Under the Partnership's ATM Programme, in the year ended December 31, 2018, GasLog Partners has issued and received payment for 2,553,899 common units at a weighted average price of $23.72 per common unit for total net proceeds, after deducting fees and other expenses, of $60,013. The balance of non-controlling interests as of December 31, 2017 and 2018 is as follows: Non-controlling interests 2017 2018 As of January 1, Net proceeds from the Partnership's equity offerings Dividend declared and paid to non-controlling interests ) ) Profit allocated to non-controlling interests As of December 31, On November 27, 2018, the Partnership Agreement was amended to allow for the substitution of the existing incentive distribution rights (the "Old IDRs") with a new class of incentive distribution rights (the "New IDRs", together with the Old IDRs, the "IDRs") with revised rights to distributions. Pursuant to this amendment, the 48.0% tier of the New IDRs holders was removed, while the definition of the available cash from operating surplus for distribution to the New IDRs holders was revised to exclude any available cash from operating surplus generated from third-party (i.e., non-GasLog) acquisitions, as defined in the agreement. In exchange for the waiving of the aforementioned rights, the Partnership paid $25,000 to GasLog, holder of the Old IDRs. The following table illustrates the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions, in respect to such rights, until November 27, 2018: Marginal Percentage Interest in Distributions Old IDRs Total Quarterly Common General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Third Target Distribution $0.46875 up to $0.5625 % % % Thereafter Above $0.5625 % % % Effective November 27, 2018, the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions and excluding available cash from operating surplus derived from non-GasLog acquisitions was amended, in respect to such rights, as follows: Marginal Percentage Interest in Distributions New IDRs Total Quarterly Common General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Thereafter Above $0.46875 % % % Allocation of GasLog Partners' profit (*) 2017 2018 Partnership's profit attributable to: Common unitholders Subordinated unitholders — General partner IDRs Paid and accrued preference equity distributions Total Partnership's profit allocated to GasLog Partnership's profit allocated to non-controlling interests Total * Excludes profits of GAS-eleven Ltd., GAS-thirteen Ltd., GAS-eight Ltd., GAS-fourteen Ltd. and GAS-twenty seven Ltd. for the periods prior to their transfers to the Partnership on May 3, 2017, July 3, 2017, October 20, 2017, April 26, 2018 and November 14, 2018, respectively. Dividends declared attributable to non-controlling interests included in the consolidated statement of changes in equity represent cash distributions to holders of common and preference units. In the year ended December 31, 2018, the board of directors of the Partnership approved and declared cash distributions of $66,964 and of $20,990 for the common units and preference units, respectively, held by non-controlling interests. |
Investment in Associates and Jo
Investment in Associates and Joint Venture | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Associates and Joint Venture | |
Investment in Associates and Joint Venture | 5. Investment in Associates and Joint Venture The Group participates in the following associates and joint venture: % of Country of Nature of Measurement Principal Name 2017 2018 Egypt LNG Shipping Ltd. (1) Bermuda % % Associate Equity method Vessel-owning company Gastrade (2) Greece % % Associate Equity method Service company The Cool Pool Limited (3) Marshall Islands % % Joint venture Equity method Service company (1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cbm LNG vessel built in 2007. (2) Gastrade is a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure. (3) The Cool Pool Limited is the commercial manager of the Cool Pool acting as an agent (Note 1). Investment in associates and joint venture consist of the following: Associates 2017 2018 As of January 1, Additions Share of profit of associates Return of investment from associate ) — Dividend declared ) ) As of December 31, The additions of $136 relate to the investment in Gastrade (December 31, 2017: $14,125). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance ("O&M") services for the FSRU through an O&M agreement which was signed on February 23, 2018. Summarized financial information in respect of the associates and the joint venture is set out below: Associates Joint Venture 2017 2018 2017 2018 Current Total current assets Total current liabilities ) ) ) ) Non-current Total non-current assets — — Total non-current liabilities ) ) — — Net assets — — Group's share — — Effect from translation ) — — Goodwill — — Investment in associates and joint venture — — Associates Joint Venture 2016 2017 2018 2016 2017 2018 Revenues Profit for the year — — — Total comprehensive income for the year — — — Group's share in profit — — — Dividend declared ) ) ) — — — Group's share in dividend — — — |
Tangible Fixed Assets, Vessels
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | 12 Months Ended |
Dec. 31, 2018 | |
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | |
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | 6. Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease The movements in tangible fixed assets, vessels under construction and vessel held under finance lease are reported in the following table: Vessels Office property Total Vessels Vessel held Cost As of January 1, 2017 Additions — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 Additions Transfer from vessels under construction — ) — Transfer under "Other non-current assets" — — — ) — Fully amortized fixed assets ) ) ) — — As of December 31, 2018 Accumulated depreciation As of January 1, 2017 — Depreciation — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 — Depreciation — Fully amortized fixed assets ) ) ) — — As of December 31, 2018 — Net book value As of December 31, 2017 As of December 31, 2018 Vessels with an aggregate carrying amount of $4,304,252 as of December 31, 2018 (December 31, 2017: $3,757,051) have been pledged as collateral under the terms of the Group's loan agreements (Note 13). On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui. Refer to Note 7. In May 2014, GAS-twenty two Ltd. entered into a shipbuilding contract with Samsung Heavy Industries Co., Ltd. ("Samsung") for the construction of an LNG carrier (174,000 cubic meters ("cbm")). The vessel (the GasLog Genoa ) was delivered on March 29, 2018. In June 2014, GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into shipbuilding contracts with Hyundai Heavy Industries Co., Ltd. for the construction of two LNG carriers (174,000 cbm each). The first vessel, the GasLog Houston , was delivered on January 8, 2018, while the second vessel, the GasLog Hong Kong , was delivered on March 20, 2018. Vessels under construction In May 2014, GAS-twenty three Ltd. entered into a shipbuilding contract with Samsung for the construction of an LNG carrier (174,000 cbm). The vessel is expected to be delivered in the first quarter of 2019. In September 2016, GAS-twenty nine Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the third quarter of 2019. On March 21, 2017, GasLog entered into a Heads of Agreement ("HOA") with Samsung for the engineering in relation to the potential FSRU conversion of an existing vessel of the Group. As of December 31, 2018, $3,400 of the cost was paid, in accordance with the payment terms. On July 10, 2017, GasLog entered into an agreement with Keppel Shipyard Limited ("Keppel") for the detailed engineering in relation to an FSRU conversion of one vessel. As of December 31, 2018, $6,539 of the cost was paid, in accordance with the payment terms. In January 2018, GAS-twenty eight Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the second quarter of 2020. In March 2018, GAS-thirty one Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the second quarter of 2020. In May 2018, GAS-thirty Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the third quarter of 2020. In August 2018, GAS-thirty two Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (174,000 cbm). The vessel is expected to be delivered in the fourth quarter of 2020. In August 2018, GAS-thirty three Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (174,000 cbm). The vessel is expected to be delivered in the fourth quarter of 2020. In December 2018, GAS-thirty four Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the second quarter of 2021. In December 2018, GAS-thirty five Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel is expected to be delivered in the third quarter of 2021. Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2018, the Group has paid to the shipyard $152,075 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel's keel laying, launching and delivery (Note 23(b)). The vessels under construction costs as of December 31, 2017 and 2018 are comprised of: As of 2017 2018 Progress shipyard installments Onsite supervision costs Critical spare parts, equipment and other vessel delivery expenses Total |
Sale and Leaseback
Sale and Leaseback | 12 Months Ended |
Dec. 31, 2018 | |
Sale and Leaseback | |
Sale and Leaseback | 7. Sale and Leaseback On February 24, 2016, GasLog's subsidiary, GAS-twenty six Ltd., completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui. Mitsui has the right to on-sell and lease back the vessel. The vessel was sold to Mitsui for a cash consideration of $217,000. GasLog leased back the vessel under a bareboat charter from Mitsui for a period of up to 20 years. GasLog has the option to repurchase the vessel on pre-agreed terms no earlier than the end of year ten and no later than the end of year 17 of the bareboat charter. The bareboat hire is fixed and GasLog had a holiday period for the first 210 days, which expired on September 21, 2016. This leaseback meets the definition of a finance lease under IAS 17 Leases . The movements in finance lease liabilities are reported in the following table: 2017 2018 As of January 1, Finance lease charge (Note 19) Payments ) ) As of December 31, Finance lease liability, current portion Finance lease liability, non-current portion Total Commitments in relation to finance leases are payable as follows: As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Minimum lease payments Future finance charges ) Total lease liabilities The present value of finance lease liabilities is as follows: As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total lease liabilities |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | 8. Cash and Cash Equivalents Cash and cash equivalents consist of the following: As of December 31, 2017 2018 Current accounts Time deposits (with original maturities of three months or less) Ship management client accounts Total Ship management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management. A compensating balance is held as a current liability. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade and Other Receivables | |
Trade and Other Receivables | 9. Trade and Other Receivables Trade and other receivables consist of the following: As of 2017 2018 Trade receivables VAT receivable Accrued income Insurance claims Other receivables Total Trade and other receivables are amounts due from third parties for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. Accrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables. As of December 31, 2017 and 2018, no material receivable balances were past due or impaired, and therefore no allowance was necessary. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Non-Current Assets | |
Other Non-Current Assets | 10. Other Non-Current Assets Other non-current assets consist of the following: As of 2017 2018 Various guarantees Other long-term assets — Total |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
Share Capital | |
Share Capital | 11. Share Capital GasLog's authorized share capital consists of 500,000,000 shares with a par value $0.01 per share. As of December 31, 2018, the share capital consisted of 80,861,246 issued and outstanding common shares, par value $0.01 per share, 131,880 treasury shares issued and held by GasLog and 4,600,000 Preference Shares issued and outstanding (December 31, 2017: 80,717,885 issued and outstanding common shares, par value $0.01 per share, 275,241 treasury shares issued and held by GasLog and 4,600,000 Preference Shares issued and outstanding). The movements in the number of shares, the share capital, the Preference Shares, the contributed surplus and the treasury shares are reported in the following table: Number of Shares Amounts Number of Number of Number of Share Preference Contributed Treasury Outstanding as of January 1, 2016 ) Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2016 ) Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2017 ) Purchase of treasury shares ) — — — — ) Treasury shares distributed for awards vested or exercised in the year ) — — — — Equity raising fees — — — — — ) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — ) — Outstanding as of December 31, 2018 ) The treasury shares were acquired by GasLog in 2014 and 2018 in relation to the settlement of share-based compensation awards (Note 22). |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Reserves. | |
Reserves | 12. Reserves The movements in reserves are reported in the following table: Hedging Employee Share-based Total Balance as of January 1, 2016 ) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial loss — ) — ) Balance as of December 31, 2016 ) ) Effective portion of changes in fair value of cash flow hedges — — Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Balance as of December 31, 2017 ) ) Retained earnings adjustment (1) ) — — ) Balance as of January 1, 2018 (restated) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial loss — ) — ) Balance as of December 31, 2018 ) ) (1) Adjusted so as to reflect certain amendments introduced due to the adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments , which became effective on January 1, 2018 (Note 2). Dividend distributions GasLog's dividend distributions for the years ended December 31, 2016, 2017 and 2018 are presented in the following table: Declaration date Type of shares Dividend Payment date Amount paid February 24, 2016 Common $ March 17, 2016 March 11, 2016 Preference $ April 1, 2016 May 5, 2016 Common $ May 26, 2016 May 5, 2016 Preference $ July 1, 2016 August 3, 2016 Common $ August 25, 2016 September 14, 2016 Preference $ October 3, 2016 November 2, 2016 Common $ November 24, 2016 November 17, 2016 Preference $ January 3, 2017 Total February 16, 2017 Common $ March 16, 2017 March 9, 2017 Preference $ April 3, 2017 May 4, 2017 Common $ May 25, 2017 May 4, 2017 Preference $ July 3, 2017 August 2, 2017 Common $ August 24, 2017 September 14, 2017 Preference $ October 2, 2017 November 1, 2017 Common $ November 22, 2017 November 16, 2017 Preference $ January 2, 2018 Total February 15, 2018 Common $ March 15, 2018 March 8, 2018 Preference $ April 2, 2018 May 3, 2018 Common $ May 24, 2018 May 11, 2018 Preference $ July 2, 2018 August 1, 2018 Common $ August 23, 2018 September 13, 2018 Preference $ October 1, 2018 October 31, 2018 Common $ November 21, 2018 November 15, 2018 Preference $ January 2, 2019 November 28, 2018 Common $ December 17, 2018 Total |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings | |
Borrowings | 13. Borrowings An analysis of the borrowings is as follows: As of December 31, 2017 2018 Amounts due within one year Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, current portion Amounts due after one year Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, non-current portion Total Bank Loans-secured Terminated Facilities: (a) Danish Ship Finance A/S loan In March 2008, GAS-one Ltd. entered into a bank loan facility of up to $174,033 with Danish Ship Finance A/S in order to partially finance the construction of an LNG vessel. On March 9, 2012, GAS-one Ltd. entered into an amending and restating agreement with Danish Ship Finance A/S. The amendment defined that the guarantors were GasLog and GasLog Carriers Ltd. On July 25, 2016, pursuant to the credit agreement entered into by GasLog with a number of international banks to refinance the existing indebtedness on eight of its on-the-water vessels of up to $1,050,000 (the "Legacy Facility Refinancing", please refer to (l) below), the outstanding balance under the GAS-one Ltd. credit facility of $115,523 was fully repaid. (b) DNB Bank ASA, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and Skandinaviska Enskilda Banken AB (publ) loan On May 17, 2013, GAS-two Ltd. signed a loan agreement with DNB Bank ASA, acting through its London Branch, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and Skandinaviska Enskilda Banken AB (publ) for a term loan facility of up to $110,000 and a revolving credit facility of up to $50,000 for the purpose of refinancing the facility of GAS-two Ltd. with DnB Nor Bank ASA, National Bank of Greece and UBS AG which was due to mature in March 2014 and for general corporate purposes. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-two Ltd. credit facility of $122,175 was fully repaid. (c) Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan On October 3, 2011, GAS-five Ltd. and GAS-six Ltd. entered into a loan agreement of up to $277,000 with Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC in order to partially finance the acquisition of two LNG vessels. The loan agreement provided for two equal tranches that were drawn on May 24, 2013 and July 19, 2013 for the financing of the GasLog Sydney and the GasLog Skagen , respectively. In connection with the GasLog Partners' IPO on May 12, 2014, the credit facility entered was amended to, among other things, (1) divide the facility into two separate facilities on substantially the same terms as the initial facility, with one of the facilities executed by GAS-five Ltd. for the portion allocated to the GasLog Sydney , (2) permit GasLog's contribution of GAS-five Ltd. to the Partnership and (3) add GasLog Partners Holdings LLC as a guarantor and remove GasLog Carriers Ltd., a wholly owned subsidiary of GasLog, as guarantor in connection with the GAS-five Ltd. facility. In connection with these amendments, the Partnership prepaid $82,634 of the new GAS-five Ltd. facility with proceeds of the initial public offering. On November 19, 2014, the outstanding amount of $48,225 under the GAS-five Ltd. credit facility was fully repaid. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-six Ltd. credit facility of $116,096 was fully repaid. (d) Credit Suisse AG loan On January 18, 2012, GAS-seven Ltd. entered into a loan agreement of up to $144,000 with Credit Suisse AG, for the purpose of financing one of the newbuilding vessels. The agreement provided for a single tranche that was drawn on December 4, 2013 for the financing of the GasLog Seattle. The loan bore interest at LIBOR plus a margin. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-seven Ltd. credit facility of $124,000 was fully repaid. (e) DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) loan On December 23, 2011, GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. entered into a loan agreement (the "Principal Agreement") for a senior secured credit facility of up to $435,000 with DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) for the purpose of financing three of the newbuilding vessels. The loan agreement provided for three tranches, to be drawn upon delivery of each newbuilding vessel. On June 24, 2014, GAS-eight Ltd. drew down $143,000 from the loan facility, to partially finance the delivery of the Solaris , on December 10, 2014, GAS-nine Ltd. drew down $146,000 from the loan facility to partially finance the delivery of the GasLog Saratoga and on April 24, 2015, GAS-ten Ltd. drew down $146,000 from the loan facility to partially finance the delivery of the GasLog Salem. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the aggregate outstanding balance under the credit facility of GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. of $398,780 was fully repaid. Also, on July 26, 2016, the bank guarantees issued by BNP Paribas S.A. were terminated. (f) Citibank N.A., London Branch, Citibank International Plc. and DVB America N.V. loan On September 25, 2013, GAS-fifteen Ltd. signed a loan agreement with Citibank N.A., London Branch and Citibank International Plc., for a term loan facility of $100,000 to partially finance the acquisition of the GasLog Chelsea drawn on September 26, 2013. In October 2013, Citibank International Plc., the existing lender of the GAS-fifteen Ltd. facility, transferred $50,000 of the outstanding facility to DVB Bank America N.V. On July 25, 2016, pursuant to the Legacy Facility Refinancing (please refer to (l) below), the outstanding balance under the GAS-fifteen Ltd. credit facility of $83,325 was fully repaid. (g) Citibank, N.A. London Branch loan On April 1, 2014, in connection with the acquisition of the three LNG carriers from BG Group plc ("BG Group"), GAS-sixteen Ltd., GAS-seventeen Ltd. and GAS-eighteen Ltd. signed a loan agreement of $325,500 with Citibank, N.A. London Branch acting as security agent and trustee for and on behalf of the other finance parties. The loan had a two year maturity without intermediate payments bearing interest at LIBOR plus a margin and was drawn on April 9, 2014, to partially finance the deliveries of the Methane Rita Andrea, the Methane Jane Elizabeth and the Methane Lydon Volney. In connection with the closing of the Partnership's acquisition of the two entities that own the Methane Rita Andrea and the Methane Jane Elizabeth on September 29, 2014, GasLog entered into a supplemental deed to the facility agreement dated April 1, 2014 that, among other things, permitted the Partnership (or its subsidiary) to acquire GAS-sixteen Ltd. and GAS-seventeen Ltd. from GasLog and required, as a condition precedent to such acquisition, the Partnership and GasLog Partners Holdings LLC to guarantee the obligors obligations under the facility. The debt of $217,000 was assumed by the Partnership for the acquisition of GAS-sixteen Ltd. and GAS-seventeen Ltd. On October 9, 2014, the Partnership prepaid $25,000 from the proceeds of the follow-on equity offering. The assumed balance of $192,000 was fully repaid on November 19, 2014. On May 14, 2014, in connection with the acquisition of the three additional LNG carriers from BG Group, GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. signed a loan agreement of $325,500 with Citibank N.A. London Branch, acting as security agent and trustee for and on behalf of the other finance parties. The loan had a two-year maturity without intermediate payments bearing interest at LIBOR plus a margin and $108,500 was drawn on June 3, 2014, on June 10, 2014 and on June 24, 2014 to partially finance the deliveries of the Methane Shirley Elisabeth, the Methane Heather Sally and the Methane Alison Victoria , respectively. In connection with the closing of the Partnership's acquisition of the three entities that own the Methane Shirley Elisabeth, the Methane Heather Sally and the Methane Alison Victoria on July 1, 2015, GasLog Partners and GasLog Partners Holdings LLC were added as corporate guarantors in addition to GasLog, for the respective loan facility, replacing a previous guarantor, GasLog Carriers Ltd. The debt of $325,500 was assumed by the Partnership for the acquisition of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. Using the proceeds of the equity offering completed in June 2015, GasLog Partners prepaid $10,000 of the GAS-nineteen Ltd. tranche on September 4, 2015, $5,000 of the GAS-twenty Ltd. tranche on December 10, 2015 and $5,000 of the GAS-twenty one Ltd. tranche on December 29, 2015. On April 5, 2016, pursuant to the credit agreements entered into by GasLog to refinance the debt maturities that were scheduled to become due in 2016 and 2017 (the "Five Vessel Refinancing", please refer to (k) below), the outstanding balances under the GAS-eighteen Ltd. credit facility and the GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. credit facility of $108,500 and $305,500, respectively, were fully repaid. (h) ABN Amro Bank N.V., Commonwealth Bank of Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft and DNB Bank ASA, London Branch and ING Bank N.V., London Branch loan On March 25, 2015, GAS-twenty six Ltd. and GAS-twenty seven Ltd. entered into a senior secured term loan facility of up to $325,000 with ABN Amro Bank N.V., Commonwealth Bank of Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, DNB Bank ASA, London Branch and ING Bank N.V., London Branch, and a subordinated term loan facility of up to $135,000 with ABN Amro Bank N.V., Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft and DNB Bank ASA, London Branch for the purpose of financing the acquisition of the Methane Becki Anne and the Methane Julia Louise (Note 6). The available amounts were fully drawn on March 31, 2015. Both facilities bore interest at LIBOR plus a margin. On February 24, 2016, following the completion of the sale and leaseback of the Methane Julia Louise (Note 7), $162,500 was prepaid into the senior secured term loan facility and $67,500 was prepaid into the subordinated term loan facility. Finally, on April 5, 2016, pursuant to the Five Vessel Refinancing (please refer to (k) below), the outstanding balances of $162,500 under the senior secured term loan facility and $67,500 under the subordinated term loan facility were fully repaid. Existing facilities: (i) Citibank N.A., Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas loan On November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners and GasLog Partners Holdings LLC entered into a loan agreement with Citibank N.A., London Branch, acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility for up to $450,000 (the "GasLog Partners' Credit Facility") for the purpose of refinancing in full the existing debt facilities. The agreement provides for a single tranche that was drawn on November 18, 2014. The credit facility bears interest at LIBOR plus a margin. On May 8, 2015, the Partnership entered into a supplemental deed relating to its Citibank N.A. loan facility, in which the lenders unanimously approved such changes to the facility agreement as were required to reflect the changes to the charters of three vessels agreed with BG Group on April 21, 2015. The balance outstanding as of December 31, 2018 is $360,000 (December 31, 2017: $382,500) and is repayable in 4 equal quarterly installments of $5,625 each and a final balloon payment of $337,500 payable concurrently with the last quarterly installment in November 2019. In February 2019, the Partnership signed a debt refinancing of up to $450,000 with certain financial institutions (Note 30), in order to refinance such indebtedness. (j) Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HANA Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Société Générale and The Korea Development Bank loan On October 16, 2015, GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into a debt financing agreement with 14 international banks for $1,311,356 to partially finance the delivery of the eight newbuildings expected to be delivered in 2016, 2018 and 2019. The financing is backed by the Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure"), who are either directly lending or providing cover for over 60% of the facility. The loan agreement provides for four tranches of $412,458, $201,094, $206,115 and $491,690. The facility is also sub-divided into eight loans, one loan per newbuilding vessel, to be provided for each of the vessels on a pro rata basis under each of the four tranches. Each drawing under the first three tranches shall be repaid in 24 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 12-year profile. Each drawing under the fourth tranche shall be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016 and June 24, 2016, $162,967 was drawn down on each date with respect to the deliveries of the GasLog Greece and the GasLog Glasgow , on September 26, 2016 and October 25, 2016, $160,697 was drawn down on each date with respect to the deliveries of the GasLog Geneva and the GasLog Gibraltar, on January 2, 2018 and March 14, 2018, $166,210 was drawn on each date with respect to the deliveries of the GasLog Houston and the GasLog Hong Kong, while on March 23, 2018, $165,805 was drawn down with respect to the delivery of the GasLog Genoa. The aggregate balance outstanding under the loan facility as of December 31, 2018 was $1,024,655 (December 31, 2017: $589,930). Amounts drawn bear interest at LIBOR plus a margin. The seven vessel-owning entities that made the drawdowns are also required to maintain at all times minimum liquidity of $1,500 and are in compliance as of December 31, 2018. As of December 31, 2018, commitment, arrangement, coordination, agency, bookrunner and legal fees of $4,526 for obtaining the undrawn portion of the financing (December 31, 2017: $17,519) are classified under Deferred financing costs in the statement of financial position and will be netted off debt on the respective drawdown dates. (k) ABN AMRO Bank N.V., DNB (UK) Ltd., DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited loan On February 18, 2016, GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into the Five Vessel Refinancing to refinance the debt maturities that were scheduled to become due in 2016 and 2017. The Five Vessel Refinancing comprises a five-year senior tranche facility of up to $396,500 and a two-year bullet junior tranche facility of up to $180,000. The vessels covered by the Five Vessel Refinancing are the GasLog Partners-owned Methane Alison Victoria , Methane Shirley Elisabeth and Methane Heather Sally and the GasLog-owned Methane Lydon Volney and Methane Becki Anne. On April 5, 2016, $395,450 and $179,750 under the senior and junior tranche, respectively, of the Five Vessel Refinancing were drawn to partially refinance $644,000 of the outstanding debt of GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. The balance of $68,800 was paid from available cash. The aforementioned refinancing was considered an extinguishment of the existing debt facilities. Consequently, the unamortized loan fees of $3,046 were written off to profit or loss for the year ended December 31, 2016. Following the decrease in the aggregate available amount by $1,300, the senior tranche facility provides for four advances of $72,288 each and a fifth advance of $106,298. The first four advances shall be repaid in 20 quarterly equal installments commencing three months after the relevant drawdown dates while the fifth advance shall be repaid in 17 quarterly equal installments commencing 12 months after the relevant drawdown date, with a balloon payment together with the final installments. The junior tranche facility provides for four advances of $29,958 each and a fifth advance of $59,918. Each advance under the junior tranche shall be repaid in full 24 months after the relevant drawdown dates. On April 5, 2017, GasLog prepaid $150,000 under the junior tranche facility agreement. The prepayment was applied to the advances as follows: $29,958 applies to Advance A (GAS-eighteen Ltd.), $20,042 applies to Advance B (GAS-nineteen Ltd.), $20,042 applies to Advance C (GAS-twenty Ltd.), $20,042 applies to Advance D (GAS-twenty one Ltd.) and $59,918 applies to Advance E (GAS-twenty seven Ltd.). The prepayment did not result in substantially different terms and was accounted for as a debt modification. Consequently, the unamortized loan fees of $1,016 were amortized based on the revised effective interest rate over the remaining life of each Advance. On January 5, 2018, GasLog Partners prepaid the remaining $29,750 under the junior tranche facility agreement, which was subsequently cancelled. The prepayment was applied to the advances as follows: $9,917 applies to Advance B (GAS-nineteen Ltd.), $9,917 applies to Advance C (GAS-twenty Ltd.) and $9,916 applies to Advance D (GAS-twenty one Ltd.). The prepayment resulted in an accelerated amortization as of December 31, 2017 of $213. The aggregate balance outstanding under the senior tranche as of December 31, 2018 is $321,439 (December 31, 2017: $353,170), while under the junior tranche the outstanding balance is $0 (December 31, 2017: $29,750). Amounts drawn bear interest at LIBOR plus a margin. The five vessel-owning entities that made the drawdowns are also required to maintain at all times minimum liquidity of $1,500 and are in compliance as of December 31, 2018. (l) Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, London Branch, Skandinaviska Enskilda Banken AB (publ), HSBC Bank plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. loan On July 19, 2016, GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. entered into the Legacy Facility Refinancing, a credit agreement to refinance the existing indebtedness on eight of GasLog's on-the-water vessels of up to $1,050,000, extending the maturities of six existing credit facilities to 2021. The vessels covered by the Legacy Facility Refinancing are the GasLog Savannah , the GasLog Singapore , the GasLog Skagen , the GasLog Seattle , the Solaris , the GasLog Saratoga , the GasLog Salem and the GasLog Chelsea. The Legacy Facility Refinancing is comprised of a five-year term loan facility of up to $950,000 and a revolving credit facility of up to $100,000. On July 25, 2016, the available amount of $950,000 under the term loan facility and $11,641 under the revolving credit facility were drawn to refinance the aggregate existing indebtedness of $959,899 of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. Amounts drawn bear interest at LIBOR plus a margin. The aforementioned refinancing was considered an extinguishment of the existing debt facilities. Consequently, the unamortized loan fees of $18,215 were written off to profit or loss for the year ended December 31, 2016. On January 17, 2017, $30,000 was drawn under the revolving credit facility. On July 3, 2017, the full drawn amount of $41,641 under the revolving credit facility was repaid. On November 13, 2018, $25,940 was drawn under the revolving credit facility, which was repaid on December 12, 2018. The balance outstanding as of December 31, 2018 of $833,333 under the term loan facility shall be repaid in five semi-annual installments of $29,167 each and a balloon repayment of $687,500 five years after drawdown. The outstanding balance under the revolving credit facility as of December 31, 2018 was $0, while the available amount of $100,000 can be drawn and repaid at any time until January 2021 and July 2021, respectively. The aforementioned vessel-owning entities are also required to maintain at all times minimum liquidity of $1,500 and are in compliance as of December 31, 2018. Securities covenants and guarantees The obligations under the aforementioned facilities are secured by a first priority mortgage over the vessels, a pledge of the share capital of the respective vessel owning companies and a first priority assignment of earnings related to the vessels (excluding the vessels participating in the Cool Pool), including charter revenue, management revenue and any insurance and requisition compensation. Obligations under the GasLog Partners Credit Facility are facilities guaranteed by the Partnership and GasLog Partners Holdings LLC, obligations under the Five Vessel Refinancing are guaranteed by GasLog, by the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the Methane Alison Victoria , Methane Shirley Elisabeth , Methane Heather Sally and the Methane Becki Anne and by GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels, obligations under the Legacy Facility Refinancing are guaranteed by GasLog, by the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the GasLog Seattle and the Solaris and by GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels, while obligations under the fourth facility are guaranteed by GasLog, the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the GasLog Greece , the GasLog Geneva and the GasLog Gibraltar and by GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels. The facilities include customary respective covenants, and among other restrictions the facilities include a fair market value covenant pursuant to which the majority lenders may request additional security under the facilities if the aggregate fair market value of the collateral vessels (without taking into account any charter arrangements) were to fall below 120% of the aggregate outstanding principal balance (with respect to each individual vessel in the debt financing agreement entered into in October 2015, below 115% of the outstanding principal balance of that vessel for the first two years after each drawdown and below 120% at any time thereafter). The Group was in compliance with the required minimum security coverage as of December 31, 2018. Bonds On June 27, 2013, GasLog issued NOK 500,000 (or $83,206 based on the exchange rate on June 27, 2013) of senior unsecured bonds maturing on June 27, 2018 (the "NOK 2018 Bonds"). On May 2, 2014, GasLog closed a follow-on issue of NOK 500,000 (or $83,612 based on the exchange rate on closing date) of the NOK 2018 Bonds at a premium of $4,180 (based on the exchange rate on closing date). On June 27, 2016, GasLog repurchased and cancelled NOK 588,000 (or $70,677) of the outstanding NOK 2018 Bonds at a price of 103.0% of par value, resulting in a loss of $2,120. Additionally, as a result of the repurchase, the unamortized bond fees and premium of $1,836 were written off to profit or loss for the year ended December 31, 2016. The total outstanding balance of the NOK 2018 Bonds, after the follow-on issue and the partial repurchase amounted to NOK 412,000 (equivalent to $49,522). On June 27, 2017, GasLog completed the repurchase of the outstanding balance of the NOK 2018 Bonds at a price of 103.0% of par value, resulting in a loss of $1,459, for a total consideration of NOK 424,360 ($70,783 at the swapped rate under the associated CCSs). The aforementioned repurchase was considered an extinguishment of the existing NOK 2018 Bonds, and as a result, the unamortized bond fees and premium of $283 (gain) were written off to profit or loss for the year ended December 31, 2017. On June 27, 2016, GasLog also completed the issuance of NOK 750,000 (equivalent to $90,150) of new senior unsecured bonds (the "NOK 2021 Bonds") in the Norwegian bond market. The NOK 2021 Bonds mature in May 2021 and have a coupon of 6.9% over three-month NIBOR. The proceeds from the issuance were used to partly refinance GasLog's existing bonds maturing in June 2018, as described above. The NOK 2021 Bonds bear interest at NIBOR plus margin. Interest payments are made in arrears on a quarterly basis. GasLog may redeem the NOK 2021 Bonds in whole or in part as follows: (a) with settlement date at any time from June 27, 2019 to but not including June 27, 2020 at 104.0% of par plus accrued interest on redeemed amount, (b) with settlement date at any time from June 27, 2020 to but not including December 27, 2020 at 102.50% of par plus accrued interest on redeemed amount, and (c) with settlement date at any time from December 27, 2020 to but not including the maturity date at 101.0% of par plus accrued interests on redeemed amount. The carrying amount under the NOK 2021 Bonds, net of unamortized financing costs and unamortized premium, as of December 31, 2018 was $85,231 (carrying amount under the NOK 2021 Bonds as of December 31, 2017: $89,723) while their fair value was $91,664 based on a USD/NOK exchange rate of 0.1149 as of December 31, 2018 (December 31, 2017: $97,416, based on a USD/NOK exchange rate of 0.1213). On March 22, 2017, GasLog closed a public offering of $250,000 aggregate principal amount of 8.875% senior unsecured notes due in 2022 (the "8.875% Senior Notes") at a public offering price of 100% of the principal amount. The carrying amount under the 8.875% Senior Notes, net of unamortized financing costs as of December 31, 2018 was $246,760. Interest payment on the 8.875% Senior Notes is made in arrears on a quarterly basis. GasLog may redeem the 8.875% Senior Notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (a) 100% of the principal amount of such notes and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to but excluding the date of redemption), computed using a discount rate equal to the applicable treasury rate plus 50 basis points, plus accrued and unpaid interest thereon to the date of redemption. Corporate guarantor financial covenants GasLog Partners' financial covenants GasLog Partners as corporate guarantor for the GasLog Partners Credit Facility and the Five Vessel Refinancing is subject to specified financial covenants on a consolidated basis. These financial covenants include the following as defined in the agreements: (i) the aggregate amount of all unencumbered cash and cash equivalents must be not less than the higher of 3.0% of total indebtedness or $15,000; (ii) total indebtedness divided by total assets must be less than 60.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the GasLog Partners guarantees (including interest and debt repayments) on a trailing 12 months basis must be not less than 110.0%; and (iv) the Partnership is permitted to declare or pay any dividends or distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends or distributions. The GasLog Partners Credit Facility and the Five Vessel Refinancing also impose certain restrictions relating to GasLog Partners, including restrictions that limit its ability to make any substantial change in the nature of its business or to change the corporate structure without approval from the lenders. Compliance with the financial covenants is required on a semi-annual basis. GasLog Partners was in compliance with the respective financial covenants as of December 31, 2018. GasLog's financial covenants GasLog, as corporate guarantor for the loan facilities, the NOK 2021 Bonds and the 8.875% Senior Notes listed above except for the GasLog Partners Credit Facility, is subject to specified financial covenants on a consolidated basis. The financial covenants include the following: (i) net working capital (excluding the current portion of long-term debt) must be not less than $0; (ii) total indebtedness divided by total assets (total indebtedness plus total equity in the case of the 8.875% Senior Notes) must not exceed 75.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the respective credit facilities and the GasLog guarantees (including interest and debt repayments) on a trailing 12 months basis must be not less than 110.0% (100.0% in relation to the 8.875% Senior Notes); (iv) the aggregate amount of all unencumbered cash and cash equivalents must be not less than the higher of 3.0% of total indebtedness or $50,000 after the first drawdown (must be not less than the higher of 2.5% of total indebtedness or $35,000 in relation to the 8.875% Senior Notes); (v) GasLog is permitted to pay dividends, provided that the Group holds unencumbered cash and cash equivalents equal to at least 4.0% of its total indebtedness subject to no event of default having occurred or occurring as a consequence of the payment of such dividends (not applicable for the NOK 2021 Bonds and the 8.875% Senior Notes); and (vi) the Group's market value adjusted net worth must at all times be not less than $350,000 ($300,000 in relation to the 8.875% Senior Notes). The credit facilities also impose certain restrictions relating to GasLog, including restrictions that limit its ability to make any substantial change in the nature of its business or to engage in transactions that would constitute a change of control, as defined in the relevant credit facilities, without repaying all of the Group's indebtedness in full, or to allow the Group's largest shareholders to reduce their shareholding in GasLog below specified thresholds. GasLog as issuer of the NOK 2021 Bonds is required to comply with the financial covenants (i), (ii), (iii), (iv) and (vi) listed above. Also, under the NOK 2021 Bonds GasLog is permitted to make distributions up to a maximum amount per share per annum for the years 2018, 2019, 2020 and 2021 of $1.10/share, $1.20/share, $1.20/share and $1.20/share, respectively, provided that GasLog can demonstrate by delivering a compliance certificate to the trustee of the NOK 2021 Bonds that no event of default is continuing or would result from such distributions. Compliance with the loan financial covenants is required on a semi-annual basis while compliance with the NOK 2021 Bonds and 8.875% Senior Notes covenants is required at all times. The Group was in compliance with all financial covenants as of December 31, 2018. Debt Repayment Schedule The maturity table below reflects the principal repayments of the loans, the NOK 2021 Bonds and the 8.875% Senior Notes outstanding as of December 31, 2018 based on the repayment schedule of the respective loan facilities (as described above): As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total The weighted average interest rate for the outstanding loan facilities for the year ended December 31, 2018 was 4.84% (December |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2018 | |
Other Payables and Accruals | |
Other Payables and Accruals | 14. Other Payables and Accruals An analysis of other payables and accruals is as follows: As of 2017 2018 Social contributions Unearned revenue Accrued legal and professional fees Accrued board of directors' fees Accrued employee costs Accrued off-hire Accrued crew costs Accrued purchases Accrued financing cost Accrued interest Accrued payable to charterers Other accruals Total The unearned revenue represents charter hires received in advance in December 2018 relating to the hire period of January 2019 for 17 vessels (December 2017: 15 vessels). |
Vessel Operating and Supervisio
Vessel Operating and Supervision Costs | 12 Months Ended |
Dec. 31, 2018 | |
Vessel Operating and Supervision Costs | |
Vessel Operating and Supervision Costs | 15. Vessel Operating and Supervision Costs An analysis of vessel operating and supervision costs is as follows: For the year ended 2016 2017 2018 Crew wages and vessel management employee costs Technical maintenance expenses Other vessel operating expenses Total |
Voyage Expenses and Commissions
Voyage Expenses and Commissions | 12 Months Ended |
Dec. 31, 2018 | |
Voyage Expenses and Commissions | |
Voyage Expenses and Commissions | 16. Voyage Expenses and Commissions An analysis of voyage expenses and commissions is as follows: For the year 2016 2017 2018 Brokers' commissions on revenue Bunkers' consumption and other voyage expenses Total As of December 31, 2018, the adjustment for net pool allocation was reclassified in a separate financial statement line "Net pool allocation", due to the materiality and the nature of the account that can be either positive or negative (Note 18). Due to the reclassification, the comparative balances of Voyage expenses and commissions for the years ended December 31, 2016 and 2017 decreased by $4,674 and increased by $7,254, respectively. Bunkers' consumption and other voyage expenses represents mainly bunkers consumed during vessels' unemployment and off-hire. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2018 | |
General and Administrative Expenses | |
General and Administrative Expenses | 17. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the year ended 2016 2017 2018 Employee costs Share-based compensation (Note 22) Other expenses Total |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenues from Contracts with Customers | |
Revenues from Contracts with Customers | 18. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: For the year ended 2016 2017 2018 Revenues from time charters Revenues from The Cool Pool Limited (GasLog vessels) Revenues from vessel management services Total Revenues from The Cool Pool Limited relate to revenues received from GasLog's vessels operating in the Cool Pool and do not include the net pool allocation to GasLog of $17,818 for the year ended December 31, 2018 ($7,254 for the year ended December 31, 2017 and loss of $4,674 for the year ended December 31, 2016), which is recorded as a separate line item in the Profit or Loss Statement. |
Financial Income and Costs
Financial Income and Costs | 12 Months Ended |
Dec. 31, 2018 | |
Financial Income and Costs | |
Financial Income and Costs | 19. Financial Income and Costs An analysis of financial income and costs is as follows: For the year ended 2016 2017 2018 Financial Income Interest income Total financial income Financial Costs Amortization and write-off of deferred loan/bond issuance costs and premium Interest expense on loans and realized loss on cash flow hedges Interest expense on bonds and realized loss on CCSs Finance lease charge Loss arising on NOK Bonds repurchase at a premium (Note 13) — Other financial costs Total financial costs During the year ended December 31, 2016, an amount of $23,097 representing the write-off of the unamortized deferred loan and bond issuance costs in connection with the loan and NOK Bond refinancings described in Note 13 was included in Amortization and write-off of deferred loan/bond issuance costs and premium. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Contingencies | |
Contingencies | 20. Contingencies Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents and insurers and from claims with suppliers relating to the operations of the Group's vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions | |
Related Party Transactions | 21. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Dividends receivable and other amounts due from related parties As of 2017 2018 Dividends receivable from associate (Note 5) Due from The Cool Pool Limited Other receivables Total The amount due from The Cool Pool Limited represents outstanding pool distributions. Current Liabilities As of 2017 2018 Ship management creditors Amounts due to related parties Ship management creditors' liability is comprised of 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 $169 (December 31, 2017: $35) are expenses paid by a related party on behalf of the Group and payables to other related parties for the office lease and other operating expenses. The Group had the following transactions with related parties which have been included in the consolidated statements of profit or loss for the years ended December 31, 2016, 2017 and 2018: Company Details Statement of 2016 2017 2018 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues ) ) ) (b) Nea Dimitra Property Office rent and utilities General and administrative expenses (b) Nea Dimitra Property Other office services General and administrative expenses — (c) Seres S.A. Catering services General and administrative expenses (c) Seres S.A. Consultancy services General and administrative expenses (d) Chartwell Management Inc. Travel expenses General and administrative expenses — (e) Ceres Monaco S.A.M. Professional services General and administrative expenses — (f) A.S. Papadimitriou and Partners Law Firm Professional services General and administrative expenses (g) The Cool Pool Limited Adjustment for net pool allocation Net pool allocation ) ) (h) Ceres Shipping Ltd. Travel expenses General and administrative expenses — — (a) One of the Group's subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25% ownership interest. (b) Through its subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. (c) GasLog LNG Services Ltd. has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG Services Ltd. has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and documentation services for the staff based in Piraeus. (d) Chartwell Management Inc. is an entity controlled by the Livanos family which provides travel services to GasLog's directors and officers. (e) GasLog entered into a consulting agreement for the services of an employee of Ceres Monaco S.A.M., an entity controlled by the Livanos family, for consultancy services in connection with the acquisition of GasLog's shareholding in Gastrade. GasLog agreed to pay a fixed fee for work carried out between May 1, 2016 and December 31, 2017 in the sum of $100 and an ongoing consultancy arrangement fee of $12 per month for a minimum of 12 days per month, terminable upon notice by GasLog. For the year ended December 31, 2016, the amount of $100 was included in the line "Other non-current assets". (f) A.S. Papadimitriou and Partners Law Firm, an entity controlled by one of our directors, provided legal services in relation to the legal due diligence process of our investment in Gastrade. In addition to the $4 recognized in profit or loss (December 31, 2017: $15), no amount was capitalized under "Investment in associates" (December 31, 2017: $24). (g) GasLog's pool results were adjusted by a net gain of $17,818 (2017: net gain of $7,254) to include the net allocation from the pool in accordance with the profit sharing terms specified in the Pool Agreement. (h) Ceres Shipping Ltd., an entity controlled by the Livanos family, requested reimbursement of travel expenses provided during the year. Compensation of key management personnel The remuneration of directors and key management was as follows: For the year ended 2016 2017 2018 Remuneration Short-term benefits Expense recognized in respect of share-based compensation Total |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-Based Compensation | |
Share-Based Compensation | 22. Share-Based Compensation Omnibus Incentive Compensation Plan On May 17, 2013, April 1, 2014, April 1, 2015, April 1, 2016, April 3, 2017 and April 2, 2018, GasLog granted to executives, managers and certain employees of the Group, Restricted Stock Units ("RSUs") and Stock Appreciation Rights or Stock Options (collectively, the "SARs") in accordance with its 2013 Omnibus Incentive Compensation Plan (the "Plan"). The RSUs vest three years after the grant dates while the SARs vest incrementally with one-third of the SARs vesting on each of the three anniversaries of the grant dates. The compensation cost for the SARs is recognized on an accelerated basis as though each separate vesting portion of the SARs is a separate award. Prior to the exercise date the holders of the awards have no voting rights. In addition, the holders of the awards granted in 2013 and 2014 are not entitled to dividends or other distributions. The details of the aforementioned awards are presented in the following table: Awards Number Grant date Expiry date Exercise price* Fair value at RSUs May 17, 2013 n/a n/a $ SARs May 17, 2013 April 29, 2023 $12.86 $ RSUs April 1, 2014 n/a n/a $ SARs April 1, 2014 March 31, 2024 $23.60 $ RSUs April 1, 2015 n/a n/a $ SARs April 1, 2015 March 31, 2025 $19.08 $ RSUs April 1, 2016 n/a n/a $ SARs April 1, 2016 March 31, 2026 $8.88 $ RSUs April 3, 2017 n/a n/a $ SARs April 3, 2017 April 3, 2027 $15.15 $ RSUs April 2, 2018 n/a n/a $ SARs April 2, 2018 April 2, 2028 $15.90 $ * The exercise prices were decreased by $0.40 to reflect the effect from the distribution of the special dividend declared on November 28, 2018. In accordance with the terms of the Plan, there are only service condition requirements. The awards will be settled in cash or in shares at the sole discretion of the compensation committee of the board of directors. These awards have been treated as equity settled because the Group has no present obligation to settle in cash. The amount to be settled for each SAR exercised is computed in each case, as the excess, if any, of the fair market value (the closing price of shares) on the exercise date over the exercise price of the SAR. Fair value The fair value of the SARs has been calculated based on the Modified Black-Scholes-Merton method. Expected volatility was based on historical share price volatility for the period since the Group's initial public offering. The expected dividend is based on management's expectations of future payments on the grant date. The significant assumptions used to estimate the fair value of the SARs are set out below: Inputs into the model 2013 2014 2015 2016 2017 2018 Grant date share closing price $ $ $ $ $ $ Exercise price* $ $ $ $ $ $ Expected volatility % % % % % % Expected term 6 years 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term % % % % % % * The exercise prices were decreased by $0.40 to reflect the effect from the distribution of the special dividend declared on November 28, 2018. In 2013, the fair value of the RSUs in accordance with the Plan was determined by using the grant date closing price of $13.26 per share and adjusting for the effect of the expected dividends to which holders of RSUs are not entitled using a risk-free interest rate of 0.4% for the three years until the expiry of the RSUs, which resulted in a fair value of $11.95 per RSU. In 2014, the fair value of the RSUs in accordance with the Plan was determined by using the grant date closing price of $24.00 per share and adjusting for the effect of the expected dividends to which holders of RSUs are not entitled using a risk-free interest rate of 0.91% for the three years until the expiry of the RSUs which resulted in a fair value of $22.58 per RSU. In 2015, 2016, 2017 and 2018, the fair value of the RSUs in accordance with the Plan was determined by using the grant date closing price of $19.48, $9.28, $15.55 and $16.30 per share, respectively, and was not further adjusted since the holders are entitled to dividends. In 2018, the fair value of the RSUs was determined by using the grant date closing price of $16.30 per share and was not further adjusted since the holders are entitled to dividends. Movement in RSUs and SARs The summary of RSUs and SARs is presented below: Number of Weighted Weighted average Weighted Aggregate RSUs Outstanding as of January 1, 2017 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2017 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2018 — — SARs Outstanding as of January 1, 2017 — Granted during the year — — Exercised during the year ) — ) Forfeited during the year ) — — ) Outstanding as of December 31, 2017 — Granted during the year — — Exercised during the year ) ) Forfeited during the year ) — — ) Expired during the year ) — — ) Outstanding as of December 31, 2018 — As of December 31, 2018, 1,395,692 SARs have vested but not been exercised. On April 1, 2015, April 1, 2016, April 3, 2017 and April 2, 2018, GasLog Partners granted to its executives RCUs and PCUs in accordance with the GasLog Partners' Plan. The RCUs and PCUs will vest three years after the grant dates subject to the recipients' continued service; vesting of the PCUs is also subject to the achievement of certain performance targets in relation to total unitholder return. Specifically, the performance measure is based on the total unitholder return ("TUR") achieved by the Partnership during the performance period, benchmarked against the TUR of a selected group of peer companies. TUR above the 75th percentile of the peer group results in 100% of the award vesting; TUR between the 50th and 75th percentile of the peer group results in 50% of award vesting; TUR below the 50th percentile of the peer group results in none of the award vesting. The holders are entitled to cash distributions that are accrued and will be settled on vesting. The details of the aforementioned awards are presented in the following table: Awards Number Grant date Expiry date Fair value at RCUs April 1, 2015 n/a $ PCUs April 1, 2015 n/a $ RCUs April 1, 2016 n/a $ PCUs April 1, 2016 n/a $ RCUs April 3, 2017 n/a $ PCUs April 3, 2017 n/a $ RCUs April 2, 2018 n/a $ PCUs April 2, 2018 n/a $ In accordance with the terms of the GasLog Partners' Plan, the awards will be settled in cash or in common units at the sole discretion of the board of directors or such committee as may be designated by the board to administer the GasLog Partners' Plan. These awards have been treated as equity settled because the Partnership has no present obligation to settle them in cash. Fair value The fair value of the RCUs and PCUs granted in 2015, 2016, 2017 and 2018 was determined by using the grant date closing price of $24.12, $16.45, $23.85 and $23.40 per common unit, respectively, and was not further adjusted since the holders are entitled to cash distributions. Movement in RCUs and PCUs The summary of RCUs and PCUs is presented below: Number of Weighted Aggregate RCUs Outstanding as of January 1, 2017 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 Granted during the year — Vested during the year ) — ) Outstanding as of December 31, 2018 PCUs Outstanding as of January 1, 2017 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 Granted during the year — Vested during the year ) — ) Outstanding as of December 31, 2018 On April 3, 2018, 16,999 RCUs and 16,999 PCUs vested under the GasLog Partners' Plan. The total expense recognized in respect of share-based compensation for the year ended December 31, 2018 was $5,216 (December 31, 2017: $4,565 and December 31, 2016: $3,869). The total accrued cash distribution as of December 31, 2018 is $1,265 (December 31, 2017: $814). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments | |
Commitments | 23. Commitments (a) On December 31, 2018, the Group had the following commitments as lessee relating to buildings under operating leases: As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total The rental expense relating to operating leases for the year ended December 31, 2018 was $1,567 (December 31, 2017: $1,525 and December 31, 2016: $1,527). (b) Commitments relating to the vessels under construction (Note 6) on December 31, 2018 payable to Samsung were as follows: As of Not later than one year Later than one year and not later than three years Total (c) Pursuant to a Heads of Agreement entered into by GAS-twenty two Ltd. and GAS-twenty three Ltd. with Methane Services Limited ("MSL"), a subsidiary of Royal Dutch Shell plc ("Shell"), on March 8, 2016, the GasLog entities declared their options with Samsung to install Air Liquide Advanced Technologies ("ALAT") reliquefaction plants on board the vessels. MSL agreed to reimburse 50% of such cost per vessel, resulting in an aggregate commitment to pay $3,200 per vessel to GasLog after the installation has been completed. In the event the ALAT reliquefaction plants do not meet certain specified performance criteria during operation, GasLog will have an obligation to pay to MSL a daily compensation amount per vessel, which obligation will in whole or in part be satisfied by certain obligations of the manufacturers incurred for failure to meet the specified performance criteria. In addition, on November 2, 2015, a letter agreement between GasLog and MSL was signed reimbursing MSL the sum of $2,654 for value as of November 1, 2015, adjusted for future value through January 2020 up to $3,801, allowing for the future use of the reimbursement amount against the funding of specific MSL projects, such as costs associated with change orders on LNG newbuildings and/or modifications of existing vessels as agreed between the parties. On December 17, 2018, the agreement was terminated and the outstanding commitment of $1,196 was deducted from the $3,200 that was the amount that MSL reimbursed GasLog for the reliquefaction installation at GAS-twenty two Ltd. The net amount of $2,004 is included under Tangible fixed assets and an equal amount was deferred as a liability and amortized to profit or loss as income over the remaining tenor of the respective charter party agreement. (d) Future gross minimum revenues receivable in relation to non-cancellable time charter agreements for vessels in operation, including a vessel held under finance lease (Note 7) as of December 31, 2018 are as follows (30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early delivery of the vessels by the charterers or any exercise of the charterers' options to extend the terms of the charters are not accounted for): As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total Future gross minimum lease revenues disclosed in the above table excludes the revenues of the vessels that are under construction as of December 31, 2018 (Note 6). For these vessels, the following charter party agreements have been signed: • In April 2015, GAS-twenty three Ltd. signed a time charter agreement with a subsidiary of Shell for the employment of its owned vessel for an average initial term of approximately 9.5 years, which was amended to commence early 2019. • In October 2016, GAS-twenty eight Ltd., signed an agreement with a wholly owned subsidiary of Centrica plc ("Centrica") for its newbuilding Hull No. 2212 to be chartered to Centrica upon delivery in 2019 for an initial term of seven years. However, in December 2017, GasLog amended the shipbuilding contract for newbuilding Hull No. 2212 such that it becomes the GasLog uncommitted vessel and newbuilding Hull No. 2213 becomes the committed Centrica vessel. The charter will now commence in the second quarter of 2020. • In May 2018, GAS-thirty Ltd., signed an agreement with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica for its newbuilding Hull No. 2262 to be chartered to Centrica upon delivery in 2020 for an initial term of seven years. • In August 2018, GAS-thirty two Ltd., signed an agreement with a wholly owned subsidiary of Cheniere Energy, Inc. ("Cheniere"), for its newbuilding Hull No. 2300 to be chartered to Cheniere upon delivery in 2020 for an initial term of seven years. • In August 2018, GAS-thirty three Ltd., signed an agreement with Cheniere, for its newbuilding Hull No. 2301 to be chartered to Cheniere upon delivery in 2020 for an initial term of seven years. • In December 2018, GAS-thirty four Ltd., signed an agreement with Cheniere, for its newbuilding Hull No. 2311 to be chartered to Cheniere upon delivery in 2021 for an initial term of seven years. • In December 2018, GAS-thirty five Ltd., signed an agreement with Cheniere, for its newbuilding Hull No. 2312 to be chartered to Cheniere upon delivery in 2021 for an initial term of seven years. (e) In April and May 2017, GasLog LNG Services Ltd. entered into agreements in relation to some of the Group's vessels, with the aim of enhancing their operational performance. Commitments relating to these agreements, without including additional estimated costs for which no agreement had been signed as of December 31, 2018, are as follows: As of Not later than one year Total (f) Related to the acquisition of six vessels from a subsidiary of MSL in 2014 and another two vessels in 2015, the Group is committed to purchase depot spares from MSL with an aggregate value of $8,000 of which depot spares with value $660 have been purchased and paid as of December 31, 2018 and are included in Tangible fixed assets (Note 6). The remaining spares are expected to be acquired before March 31, 2020. (g) On October 11, 2016, GasLog LNG Services Ltd. entered into an agreement whereby it has access to all long lead items ("LLIs") necessary for the conversion of a GasLog LNG carrier vessel into an FSRU whereby such conversion work would be undertaken by Keppel. GasLog is only obligated to pay for such LLIs if utilized for a GasLog vessel conversion, or, if the LLIs have not been utilized in a GasLog vessel conversion within three years from November 2016, the items may be put to GasLog at 110% of the original cost, or GasLog may call for the purchase of such LLIs at a discounted price of 85% of the original cost. (h) On July 10, 2017, GasLog entered into an agreement with Keppel for the detailed engineering in relation to an FSRU conversion of one vessel. Commitment relating to this agreement as of December 31, 2018 is as follows: As of Not later than one year Total (i) On September 27, 2017 (and in addition to the seven existing maintenance agreements signed in 2014 in relation to GasLog vessels), GasLog LNG Services Ltd. entered into further maintenance agreements with Wartsila Greece S.A. ("Wartsila") in respect of eight GasLog LNG carriers. The agreements cover the renewal of existing maintenance agreements on four GasLog vessels and extend the servicing to four additional LNG carriers. On July 1, 2018, GasLog LNG Services Ltd. entered into maintenance agreements with Wartsila in respect of seven additional GasLog LNG carriers. The agreements ensure dynamic maintenance planning, technical support, security of spare parts supply, specialist technical personnel and performance monitoring. (j) Other Guarantees: As of December 31, 2018, GasLog LNG Services Ltd. has provided bank guarantees as follows: • Up to $500 to third parties relating to the satisfactory performance of its ship management activities; • Bank guarantee of $10 to the Greek Ministry of Finance relating to the satisfactory performance of the obligations arising under Greek laws 89/1967, 378/1968 as amended by law 814/1978. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2018 | |
Financial Risk Management | |
Financial Risk Management | 24. Financial Risk Management The Group's activities expose it to a variety of financial risks, including market risk, liquidity risk and credit risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance. The Group makes use of derivative financial instruments such as interest rate swaps to moderate certain risk exposures. Market risk Interest rate risk: The Group is subject to market risks relating to changes in interest rates because it has floating rate debt outstanding. Significant increases in interest rates could adversely affect the Group's results of operations and its ability to service its debt. The Group uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize risks associated with its floating rate debt and not for speculative or trading purposes. As of December 31, 2018, the Group has economically hedged 47.92% of its variable rate interest exposure relating to its existing loan facilities and the bonds by swapping the variable rate to a fixed rate (December 31, 2017: 53.92%). The aggregate principal amount of our outstanding floating rate debt as of December 31, 2018 was $1,369,428. As an indication of the extent of our sensitivity to interest rate changes, an increase in LIBOR of 10 basis points would increase the interest expense on the un-hedged portion of the Group's loans by approximately $1,395 (December 31, 2017: $1,264 and December 31, 2016: $1,433). Interest rate sensitivity analysis: The fair value of the interest rate swaps as of December 31, 2018 was estimated as a net asset of $5,992 (December 31, 2017: net asset of $10,325). The effective movement in the fair value of the interest rate swaps designated as cash flow hedging instruments (Note 26) amounting to $0 (December 31, 2017: $0 and December 31, 2016: $4,922 loss) was recognized directly in equity. The interest rate swap agreements described below are subject to market risk as they are recorded at fair value in the statement of financial position at year end. The fair value of interest rate swap liabilities increases when interest rates decrease and decreases when interest rates increase. As of December 31, 2018, if interest rates had increased or decreased by 10 basis points with all other variables held constant, the positive/(negative) impact, respectively, on the fair value of the interest rate swaps would have amounted to $7,351 (December 31, 2017: $4,416 and December 31, 2016: $4,027) affecting loss/(gain) on swaps in the respective periods. Other price risk: The decrease in the fair value of Egypt LNG Shipping Ltd., in response to unfavorable market conditions resulting in a decrease in charter rates and vessel values, could negatively impact the value of the Group's investment in associate. Therefore, management might conclude that impairment is necessary in the future. Currency risk: Currency risk is the risk that the value of financial instruments and/or the cost of commercial transactions will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Group's subsidiaries' functional currency. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to general and crew costs denominated in Euros ("EUR"). Specifically, for the year ended December 31, 2018, approximately $116,252 of the operating and administrative expenses were denominated in EUR (December 31, 2017: $87,400 and December 31, 2016: $85,777). As of December 31, 2018, approximately $21,177 of the Group's outstanding trade payables and accruals were denominated in EUR (December 31, 2017: $14,743). The Group has entered into CCSs (Note 26) to hedge its currency exposure from the NOK 2021 Bonds and forward foreign exchange contracts to hedge its currency exposure from payments in EUR and GBP. In addition, management monitors exchange rate fluctuations on a continuous basis. As an indication of the extent of the Group's sensitivity to changes in exchange rate, a 10% increase in the average EUR/USD exchange rate would have decreased the Group's profit and cash flows during the year ended December 31, 2018 by $11,625, based upon its expenses during the year (December 31, 2017: $8,740 and December 31, 2016: $8,578). Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cash equivalents and by having available adequate amounts of undrawn credit facilities. The following tables detail the Group's expected cash flows for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR plus the margins applicable to the Group's loans at the end of each year presented. Weighted Less than 1 - 3 3 - 12 1 - 5 5+ Total December 31, 2017 Trade and other accounts payable $ — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities* — — — Variable interest loans % NOK Bonds — Finance lease liability Total $ December 31, 2018 Trade and other accounts payable $ — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — Variable interest loans % Bonds — — Finance lease liability Total $ * Non-financial liabilities are excluded. The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period. The following tables detail the Group's expected cash flows for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that are settled on a net basis. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of the reporting period. The undiscounted contractual cash flows are based on the contractual maturities of the derivatives. Less than 1 - 3 months 3 - 12 months 1 - 5 years 5+ years Total December 31, 2017 Interest rate swaps ) — ) Cross currency swaps — ) — ) Forward foreign exchange contracts ) ) ) — — ) Total ) ) ) — ) December 31, 2018 Interest rate swaps ) ) ) ) ) ) Cross currency swaps — — Forward foreign exchange contracts — — Total ) ) ) Credit risk Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss and arises from cash and cash equivalents, short-term investments, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables, dividends receivable and other amounts due from related parties. The Group is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Group currently deals primarily with financial institutions and customers with high credit ratings. As of 2017 2018 Cash and cash equivalents Short-term investments — Trade and other receivables Dividends receivable and other amounts due from related parties Derivative financial instruments For the year ended December 31, 2018, 74.2% of the Group's revenue was earned from Shell (December 31, 2017 and December 31, 2016, 92.6% and 94.9%, respectively) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group's counterparties. BG Group was acquired by Shell on February 15, 2016. This acquisition does not impact the contractual obligations under the existing charter party agreements. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2018. The carrying amount of financial assets recorded in the consolidated financial statements represents the Group's maximum exposure to credit risk. Management monitors exposure to credit risk, and they believe that there is no substantial credit risk arising from the Group's counterparties. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. |
Capital Risk Management
Capital Risk Management | 12 Months Ended |
Dec. 31, 2018 | |
Capital Risk Management | |
Capital Risk Management | 25. Capital Risk Management The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value. The Group monitors capital using a gearing ratio, which is total debt divided by total equity plus total debt. The gearing ratio is calculated as follows: As of 2017 2018 Borrowings, current portion Borrowings, non-current portion Finance lease liability, current portion Finance lease liability, non-current portion Total debt Total equity Total debt and equity Gearing ratio % % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 26. Derivative Financial Instruments The fair value of the derivative assets is as follows: As of 2017 2018 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps Forward foreign exchange contracts — Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps — Total Derivative financial instruments, current assets Derivative financial instruments, non-current assets Total The fair value of the derivative liabilities is as follows: As of 2017 2018 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps Forward foreign exchange contracts — Derivative liabilities designated and effective as hedging instruments carried at fair value Cross currency swaps Total Derivative financial instruments, current liability Derivative financial instruments, non-current liability — Total Interest rate swap agreements The Group enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to hedge a portion of the Group's exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the bank counterparty effects quarterly floating-rate payments to the Group for the notional amount based on the U.S. dollar LIBOR, and the Group effects quarterly payments to the bank on the notional amount at the respective fixed rates. Interest rate swaps designated as cash flow hedging instruments In July 2016, the Group terminated the interest rate swap agreements associated with the six legacy facilities that were refinanced by the Legacy Facility Refinancing (Note 13) paying the fair value on the date of termination. The cumulative loss of $12,953 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2016. As of December 31, 2017 and 2018, there are no derivative financial instruments qualifying as cash flow hedging instruments for accounting purposes. For the year ended December 31, 2016, the effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments amounting to a loss of $7,550, has been recognized in Other comprehensive income. For the year ended December 31, 2016, a loss of $2,628 was recycled to profit or loss representing the realized loss on interest rate swaps in relation to the interest expenses component of the hedge. Interest rate swaps held for trading The principal terms of the interest rate swaps held for trading were as follows: Notional Amount Company Counterparty Trade Effective Termination Fixed December 31, December 31, GasLog Deutsche Bank AG July 2016 July 2016 July 2020 % GasLog Deutsche Bank AG July 2016 July 2016 July 2021 % GasLog Deutsche Bank AG July 2016 July 2016 July 2022 % GasLog (1) DNB Bank ASA ("DNB") July 2016 July 2016 July 2020 % GasLog (2) DNB July 2016 July 2016 July 2021 % — GasLog DNB July 2016 July 2016 July 2022 % GasLog (3) HSBC Bank plc ("HSBC") July 2016 July 2016 July 2020 % — GasLog (3) HSBC July 2016 July 2016 July 2021 % — GasLog HSBC July 2016 July 2016 July 2022 % GasLog (4) Nordea Bank Finland July 2016 July 2016 July 2020 % — GasLog (5) Nordea Bank Finland July 2016 July 2016 July 2021 % — GasLog Nordea Bank Finland July 2016 July 2016 July 2022 % GasLog (6) Skandinavinska Enskilda Banken AB ("SEB") July 2016 July 2016 July 2020 % — GasLog SEB July 2016 July 2016 July 2021 % GasLog (3) SEB July 2016 July 2016 July 2022 % — GasLog HSBC Feb 2017 Feb 2017 Feb 2022 % GasLog Nordea Bank Finland Feb 2017 Feb 2017 Mar 2022 % GasLog ABN Amro Bank NV ("ABN") Feb 2017 Feb 2017 Mar 2022 % GasLog (7) Nordea Bank Finland May 2018 July 2020 July 2026 % — N/A GasLog (5) Nordea Bank Finland May 2018 May 2018 July 2026 % — GasLog (7) SEB May 2018 July 2020 July 2024 % — N/A GasLog (3) SEB May 2018 Apr 2018 July 2025 % — GasLog (7) DNB May 2018 July 2020 July 2024 % — N/A GasLog (2) DNB May 2018 July 2018 July 2025 % — GasLog (3) HSBC May 2018 Apr 2018 July 2024 % — GasLog (3) HSBC May 2018 Apr 2018 July 2025 % — GasLog (7) Citibank Europe Plc. ("CITI") May 2018 July 2020 July 2024 % — N/A GasLog (7) CITI May 2018 July 2021 July 2025 % — N/A GasLog (6) SEB December 2018 October 2018 July 2026 % — GasLog (4) Nordea December 2018 October 2018 July 2028 % — GasLog (1) DNB December 2018 January 2019 July 2025 % — N/A GasLog (8) SEB December 2018 July 2020 July 2024 % — N/A GasLog (8) Nordea December 2018 July 2020 July 2024 % — N/A GasLog (8) DNB December 2018 April 2020 April 2025 % — N/A Total (1) In December 2018, the Group terminated an interest rate swap originally maturing in July 2020 with an effective date of January 2019. This swap was subsequently replaced with a new swap of the same notional amount of $73,333 with an effective date of January 2019 and a new maturity date of July 2025. (2) In May 2018, the Group terminated an interest rate swap originally maturing in July 2021 with an effective date of July 2018. This swap was subsequently replaced with a new swap of the same notional amount of $73,333 with an effective date of July 2018 and a new maturity date of July 2025. (3) Effective May 2018, the Group terminated the interest rate swap with SEB originally maturing in July 2022 and replaced with a new swap of the same notional amount of $50,000 with an effective date of April 2018 and a new maturity date of July 2025. In addition, in May 2018, the Group terminated the interest rate swap agreements with HSBC with an aggregate notional value of $66,667 and entered into new agreements of the same notional amounts with an effective date April 2018. (4) Effective December 2018, the Group terminated the interest rate swap with Nordea originally maturing in July 2020 and replaced with a new swap of the same notional amount of $66,667 with an effective date of October 2018 and a new maturity date of July 2028. (5) Effective May 2018, the Group terminated the interest rate swap originally maturing in July 2021 and replaced it with a new swap of the same notional amount of $66,667 maturing in July 2026. (6) Effective December 2018, the Group terminated the interest rate swap with SEB originally maturing in July 2020 and replaced with a new swap of the same notional amount of $50,000 with an effective date of October 2018 and a new maturity date of July 2026. (7) In May 2018, the Group entered into new interest rate swap agreements with various counterparties with an aggregate notional value of $250,000, with effective dates in July 2020 and July 2021, maturing between 2024 and 2026. (8) In December 2018, the Group entered into new interest rate swap agreements with various counterparties with an aggregate notional value of $210,000, with effective dates in April and July 2020, maturing between 2024 and 2025. In July 2016, the Group terminated the interest rate swap agreements associated with the six legacy facilities that were refinanced by the Legacy Facility Refinancing (Note 13) paying their fair value on that date. During the year ended December 31, 2016, the amount of the cumulative loss from the period that these hedges were effective that was recycled to profit or loss was $4,978. The derivative instruments listed above were not designated as cash flow hedging instruments. The change in the fair value of these contracts for the year ended December 31, 2018 amounted to a net loss of $4,333 (December 31, 2017: $8,529 net gain, December 31, 2016: $18,448 net gain), which was recognized against profit or loss in the period incurred and is included in (Loss)/gain on derivatives. During the year ended December 31, 2018, the net loss of $4,333 derived from changes in the LIBOR curve as well as modifications of the Group's interest rate swap portfolio that includes interest rate swap agreements with maturities out to 2028. Cross currency swap agreements The Group enters into CCSs which convert the floating interest rate exposure and the variability of the USD functional currency equivalent cash flows into a fixed interest rate and principal on maturity, in order to hedge the Group's exposure to fluctuations deriving from its NOK 2021 Bonds. The CCSs qualified as cash flow hedging instruments for accounting purposes. The principal terms of the CCSs designated as cash flow hedging instruments were as follows: Notional Amount Company Counterparty Trade Effective Original Fixed December 31, December 31, GasLog (1) DNB Bank ASA June 2016 June 2016 May 2021 % GasLog (1) SEB June 2016 June 2016 May 2021 % GasLog (1) Nordea Bank Finland June 2016 June 2016 May 2021 % Total (1) On June 27, 2017, GasLog terminated the three CCS agreements by paying their fair value of $20,603 on that date. The cumulative loss of $4,368 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2017. On June 27, 2016, GasLog terminated three CCS agreements and decreased the notional amount of the other three CCSs by paying their fair value on that date. The cumulative loss of $5,583 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2016. For the year ended December 31, 2018, the effective portion of changes in the fair value of CCSs amounting to a loss of $5,543 has been recognized in Other comprehensive income (December 31, 2017: $7,291 gain, December 31, 2016: $2,559 loss). For the year ended December 31, 2018, a loss of $454 was recycled to profit or loss representing the realized loss on CCSs in relation to the interest expenses component of the hedge (December 31, 2017: $398 loss, December 31, 2016: $2,446 loss). Additionally, for the year ended December 31, 2018, a gain of $4,831 was recognized in Other comprehensive income in relation to the retranslation of the NOK 2021 Bonds in U.S. dollars as of December 31, 2018 (December 31, 2017: $5,022 loss, December 31, 2016: $1,487 loss). Forward foreign exchange contracts The Group uses forward foreign exchange contracts to mitigate foreign exchange transaction exposures in British Pounds Sterling ("GBP") and EUR. Under these forward foreign exchange contracts, the bank counterparty will effect fixed payments in GBP or EUR to the Group and the Group will effect fixed payments in USD to the bank counterparty on the respective settlement dates. All forward foreign exchange contracts are considered by management to be part of economic hedge arrangements but have not been formally designated as such. The principal terms of the forward foreign exchange contracts held for trading are as follows: Company Counterparty Trade Date Number of Settlement Fixed Total GasLog SEB August 2018 January - March 2019 £1,200 GasLog SEB October 2018 April - June 2019 £1,350 GasLog SEB October 2018 July - December 2019 £2,700 Total £5,250 Company Counterparty Trade Date Number of Settlement Fixed Total Exchange GasLog Citibank May 2018 January 2019 € GasLog Citibank May 2018 February 2019 € GasLog Citibank May 2018 March 2019 € GasLog SEB May 2018 January - March 2019 € GasLog ABN June 2018 April 2019 € GasLog ABN June 2018 May 2019 € GasLog ABN June 2018 June 2019 € GasLog DNB June 2018 April 2019 € GasLog DNB June 2018 May 2019 € GasLog DNB June 2018 June 2019 € GasLog Nordea Bank Finland August 2018 July 2019 € GasLog Nordea Bank Finland August 2018 September 2019 € GasLog DNB August 2018 July 2019 € GasLog DNB August 2018 August 2019 € Total € The derivative instruments listed above were not designated as cash flow hedging instruments as of December 31, 2018. The change in the fair value of these contracts for the year ended December 31, 2018 amounted to a net loss of $3,589 (for the year ended December 31, 2017: $2,041 net gain, December 31, 2016: $82 net gain), which was recognized against profit or loss in the year incurred and is included in Loss on derivatives. An analysis of (Loss)/gain on derivatives is as follows: For the year ended 2016 2017 2018 Unrealized gain/(loss) on derivative financial instruments held for trading ) Realized (loss)/gain on interest rate swaps held for trading ) ) Realized gain on forward foreign exchange contracts held for trading — Recycled loss of cash flow hedges reclassified to profit or loss ) ) — Ineffective portion of cash flow hedges — ) ) Total ) ) Fair value measurements The fair value of the Group's financial assets and liabilities approximate to their carrying amounts at the reporting date. The fair value of the interest rate swaps at the end of reporting period was determined by discounting the future cash flows using the interest rate yield curves at the end of reporting period and the credit risk inherent in the contract. The fair value of the CCSs at the end of the reporting period was determined by discounting the future cash flows that are estimated based on forward exchange rates and contract forward rates, discounted at a rate that reflects the credit risk of the counterparties. The Group uses its judgment to make assumptions that are primarily based on market conditions for the estimation of the counterparty risk and the Group's own risk that are considered for the calculation of the fair value of the interest rate and CCSs. The interest rate swaps, the forward foreign exchange contracts and the CCSs meet Level 2 classification, according to the fair value hierarchy as defined by IFRS 13 Fair Value Measurement. There were no financial instruments in Levels 1 or 3 and no transfers between Levels 1, 2 or 3 during the periods presented. The definitions of the levels provided by IFRS 13 are based on the degree to which the fair value is observable: • Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities; • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Cash Flow Reconciliations
Cash Flow Reconciliations | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 27. Cash Flow Reconciliations The reconciliation of the Group's non-cash investing and financing activities for the two years ended December 31, 2018 are presented in the tables below: A reconciliation of borrowings arising from financing activities is as follows: Opening Cash flows Other Non-cash Deferred Total Borrowings outstanding as of January 1, 2017 — — — — Proceeds from bank loans and bonds — — — — Bank loans and bond repayments — ) — — — ) Additions in deferred loan/bond fees — ) — ) ) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — — Retranslation of the NOK Bonds in U.S. dollars — — — — Borrowings outstanding as of December 31, 2017 ) Opening Cash flows Other Non-cash Deferred Total Borrowings outstanding as of January 1, 2018 — — — — Proceeds from bank loans and bonds — — — — Bank loans and bond repayments — ) — — — ) Additions in deferred loan/bond fees — ) — ) ) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — — Retranslation of the NOK Bonds in U.S. dollars — — ) — — ) Borrowings outstanding as of December 31, 2018 ) ) A reconciliation of derivatives arising from financing activities is as follows: Opening Cash flows Other Non-cash Total Net derivative liabilities as of January 1, 2017 ) — — — ) Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedge — — — Payment for CCS termination (Note 26) — — — Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — — Net derivative (liabilities)/assets as of December 31, 2017 ) Opening Cash flows Other Non-cash Total Net derivative assets as of January 1, 2018 — — — Unrealized loss on derivative financial instruments held for trading — — — ) ) Ineffective portion of cash flow hedges — — — ) ) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — ) — ) Net derivative assets as of December 31, 2018 — ) ) A reconciliation of tangible fixed assets, vessels under construction and vessel held under finance lease arising from investing activities is as follows: Opening Cash flows Non-cash Total Tangible fixed assets, vessels under construction and vessel held under finance lease as of January 1, 2017 — — Additions (Note 6) — Depreciation expense (Note 6) — — ) ) Tangible fixed assets, vessels under construction and vessel held under finance lease as of December 31, 2017 ) Opening Cash flows Non-cash Total Tangible fixed assets, vessels under construction and vessel held under finance lease as of January 1, 2018 — — Additions (Note 6) — Transfer under "Other non-current assets" — — ) ) Depreciation expense (Note 6) — — ) ) Tangible fixed assets, vessels under construction and vessel held under finance lease as of December 31, 2018 ) A reconciliation of finance lease liabilities arising from financing activities is as follows: Opening Cash flows Non-cash Total Finance lease liabilities as of January 1, 2017 — — Finance lease charge (Note 19) — — Payments for interest — ) — ) Payments for finance lease liability — ) — ) Finance lease liabilities as of December 31, 2017 ) Opening Cash flows Non-cash Total Finance lease liabilities as of January 1, 2018 — — Finance lease charge (Note 19) — — Payments for interest — ) — ) Payments for finance lease liability — ) — ) Finance lease liabilities as of December 31, 2018 ) A reconciliation of equity offerings arising from financing activities is as follows: Cash flows Non-cash Total Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) — Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2017 ) Cash flows Non-cash Total Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) — Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2018 ) |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2018 | |
Taxation | |
Taxation | 28. Taxation Under the laws of the countries of the Group's domestication/incorporation and/or vessels' registration, the Group is not subject to tax on international shipping income. However, it is subject to registration and tonnage taxes, which are included in vessel operating and supervision costs in the consolidated statement of profit or loss. Under the United States Internal Revenue Code of 1986, as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as GasLog, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. GasLog has qualified for the statutory tax exemption for the year of 2018 and intends to continue to qualify for the foreseeable future. |
Earnings_(losses) per share ("E
Earnings/(losses) per share ("EPS") | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/(losses) per share ("EPS") | |
Earnings/(losses) per share ("EPS") | 29. Earnings/(losses) per share ("EPS") Basic earnings/(losses) per share was calculated by dividing the profit for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year. Diluted EPS is calculated by dividing the profit for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect. The following reflects the earnings/(losses) and share data used in the basic and diluted earnings/(losses) per share computations: For the year ended December 31, 2016 2017 2018 Basic (loss)/earnings per share Profit/(loss) for the year attributable to owners of the Group ) Less: Dividends on Preference Shares ) ) ) (Loss)/profit for the year available to owners of the Group ) Weighted average number of shares outstanding, basic Basic (loss)/earnings per share ) Diluted (loss)/ earnings per share (Loss)/profit for the year available to owners of the Group used in the calculation of diluted EPS ) Weighted average number of shares outstanding, basic Dilutive potential ordinary shares — Weighted average number of shares used in the calculation of diluted EPS Diluted (loss)/earnings per share ) The Group excluded the effect of 555,453 SARs and 0 RSUs in calculating diluted EPS for the year ended December 31, 2018, as they were anti-dilutive (December 31, 2017: 998,502 SARs and 0 RSUs, December 31, 2016: 1,713,702 SARs and 368,437 RSUs). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events | |
Subsequent Events | 30. Subsequent Events On January 29, 2019, the board of directors of GasLog Partners authorized a unit repurchase programme of up to $25,000 covering the period January 31, 2019 to December 31, 2021. Under the terms of the repurchase programme, GasLog Partners may repurchase common units from time to time, at its discretion, on the open market or in privately negotiated transactions. On February 13, 2019, the board of directors declared a quarterly cash dividend of $0.15 per common share payable on March 14, 2019 to shareholders of record as of March 4, 2019. On February 20, 2019, GasLog Partners entered into a credit agreement with Credit Suisse AG, Nordea Bank ABP, filial i Norge and Iyo Bank, Ltd., Singapore Branch, each an original lender, of up to $450,000 (the "2019 GasLog Partners Facility"), in order to refinance the existing indebtedness due in November 2019 on five of its vessels. Subsequently on February 20, 2019, the Development Bank of Japan, Inc. entered the 2019 GasLog Partners Facility as lender via transfer certificate. The agreement provides for an amortising revolving credit facility which can be repaid and redrawn at any time for a period of five years. The total available facility amount will be reduced on a quarterly basis, with a final balloon amount payable concurrently with the last quarterly instalment, if any, in February 2024. The vessels covered by the 2019 GasLog Partners Facility are the GasLog Shanghai , the GasLog Santiago , the GasLog Sydney , the Methane Rita Andrea and the Methane Jane Elizabeth . The facility is subject to customary conditions precedent. On February 26, 2019, the Partnership entered into a Third Amended and Restated Equity Distribution Agreement to further increase the size of the ATM Programme from $144,000 to $250,000. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Statement of compliance | Statement of compliance The consolidated financial statements of GasLog and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (the "IFRS") as issued by the International Accounting Standards Board (the "IASB"). |
Basis of preparation and approval | Basis of preparation and approval The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. |
Going concern | Going concern In considering going concern management has reviewed the Group's future cash requirements, covenant compliance and earnings projections. As of December 31, 2018, the Group's current assets totaled $438,888, while current liabilities totaled $669,405, resulting in a negative working capital position of $230,517. Current liabilities include $360,000 of loans due in November 2019. In February 2019, GasLog Partners signed a debt refinancing of up to $450,000 with certain financial institutions (Note 30), in order to refinance such indebtedness. Management anticipates that the Group's primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. The Group may also seek to raise additional equity. Management believes that these sources of funds will be sufficient for the Group to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. The financial statements are expressed in U.S. dollars ("USD"), which is the functional currency of the Group's subsidiaries because their vessels operate in international shipping markets in which revenues and expenses are primarily settled in USD, and the Group's most significant assets and liabilities are paid for and settled in USD. On March 5, 2019, the financial statements were authorized on behalf of GasLog's board of directors for issuance and filing. The principal accounting policies are set out below. |
Basis of consolidation | Basis of consolidation The consolidated financial statements incorporate the financial statements of GasLog and entities controlled by GasLog (its subsidiaries). Control is achieved where GasLog: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the date control is obtained and up to the date control ceases. Acquisitions of businesses are accounted for using the acquisition method. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. The other investors in subsidiaries in which the Group has less than 100% interest hold a non-controlling interest in the net assets of these subsidiaries. Non-controlling interest is stated at the non-controlling interest's proportion of the net assets of the subsidiaries where the Group has less than 100% interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by the non-controlling interest's share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in the non-controlling interest having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group. |
Goodwill | Goodwill Goodwill arising in a business combination is recognized as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group's interest in the fair value of the acquiree's identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any), the excess is recognized immediately in the consolidated statement of profit or loss as a bargain purchase gain. Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. |
Investment in associates | Investment in associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are included in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. An impairment assessment of investments in associates is performed when there is an indication that the asset has been impaired or the impairment losses recognized in prior years no longer exist. When the Group's share of losses exceeds the carrying amount of the investment, the investment is reported at nil value and recognition of losses is discontinued except to the extent of the Group's commitment. |
Investment in joint ventures | Investment in joint ventures A joint arrangement is an arrangement where two or more parties have joint control. Joint control is established by a contractual arrangement that requires unanimous agreement on decisions made on relevant activities. Without the presence of joint control, joint arrangements do not exist. Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The arrangement is a joint operation when the contractual agreement provides rights to assets and obligations for liabilities for those parties sharing joint control. The joint arrangement is a joint venture when the agreement grants rights to the arrangement's net assets. The Cool Pool is a joint venture. Interests in joint ventures are accounted for using the equity method (see Investment in associates above), after initially being recognized at cost in the consolidated statement of financial position. |
Leases | Leases Lease income from operating leases of vessels where the Group is a lessor is recognized in profit or loss on a straight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their nature under "Tangible fixed assets". Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease's inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments, discounted at the interest rate implicit in the lease, if practicable, or else at the Group's incremental borrowing rate. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as finance lease liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset's useful life or over the shorter of the asset's useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. |
Deferral and presentation of government grants | Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to income are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis as costs are incurred over the duration of the specific project. |
Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions | Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions The Group's revenues comprise revenues from time charters for the charter hire of its vessels, gross pool revenues, management fees, project supervision income and other income earned during the period in accordance with existing contracts. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer. Except for the off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IAS 17 Leases . The revenue in relation to the service component relates to vessel operating expenses, which include expenses that are paid by the vessel owner such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses. These costs are essential to operating a charter and the charterers receive the benefit of these when the vessel is used during the contracted time and, therefore, these costs are accounted for in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers . Pool revenues are recognized on a gross basis representing time charter revenues earned by GasLog vessels participating in the pool under charter agreements where GasLog contracts directly with charterers. Revenue is recognized on a monthly basis, when the vessel is made available and services are provided to the charterer during the period, the amount can be estimated reliably and collection of the related revenue is reasonably assured. Revenue from vessel management and vessel construction project supervision contracts is recognized when earned and when it is probable that future economic benefits will flow to the Group and such a benefit can be measured reliably. Time charter hires received in advance are classified as liabilities until the criteria for recognizing the revenue as earned are met. Under a time charter arrangement, the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses and broker's commissions are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents' fees and extra war risk insurance are paid by the charterer. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers . All other voyage expenses and vessel operating costs are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the duration of the period of the time charter. Bunkers' consumption included in voyage expenses represents mainly bunkers consumed during vessels' unemployment and off-hire. |
Net pool allocation | Net pool allocation In relation to the vessels' participation in the Cool Pool, net pool allocation represents GasLog's share of the net revenues earned from the other pool participants' vessels less the other participants' share of the net revenues earned by GasLog's vessels included in the pool. Each participant's share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. |
Financial income and costs | Financial income and costs Interest income is recognized on an accrual basis. Dividend income is recognized when the right to receive payment is established. Interest expense, other borrowing costs and realized loss on cross currency swaps ("CCSs") are recognized on an accrual basis. |
Foreign currencies | Foreign currencies Transactions in currencies other than the USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. |
Deferred financing costs for undrawn facilities | Deferred financing costs for undrawn facilities Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. |
Vessels under construction | Vessels under construction Vessels under construction are presented at cost less identified impairment losses, if any. Costs include shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the acquisition or construction of the vessels. Upon completion of the construction, the vessels are presented on the statement of financial position in accordance with the "Tangible fixed assets: Property, plant and equipment" policy as described below. |
Tangible fixed assets: Property, plant and equipment | Tangible fixed assets: Property, plant and equipment Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of an LNG vessel is split into two components, a "vessel component" and a "dry-docking component". Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management's estimation about the amount that the Group would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo dry-docking overhaul every five years to restore their service potential and to meet their classification requirements that cannot be performed while the vessels are operating. The dry-docking component is estimated at the time of a vessel's delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking subsequent to its acquisition, based on the Group's historical experience with similar types of vessels. For subsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessel's last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, dry-docking shipyard expenses, expenses related to hull, external surfaces and decks, and expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as dry-docking. The expected useful lives of all long-lived assets are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Furniture, computer, software and other office equipment 3 - 5 years Leasehold improvements 12 years (or remaining term of the lease) Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives of all assets and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. The residual value is also reviewed at each financial period-end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When assets are sold, they are derecognized and any gain or loss resulting from their disposal is included in profit or loss. |
Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease | Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease All assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset's fair value less cost of disposal and "value in use". The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm's length transaction less the costs of disposal, while "value in use" is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-generating unit. The fair values of the vessels are estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. ] |
Reimbursable capital expenditures | Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under "Vessels". Concurrently, an equal amount is deferred as a liability and amortized to profit or loss as income over the remaining tenure of the charter party agreement. |
Provisions | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Inventories | Inventories Inventories represent lubricants on board the vessel and, in the event of a vessel not being employed under a charter, the bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first in, first out basis, and net realizable value. |
Financial instruments | Financial instruments Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. • Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. • Restricted cash Restricted cash comprises cash held that is not available for use by the Group including cash held in blocked accounts in order to comply with the covenants under the Group's credit facilities. • Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. • Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 9 for further information about the Group's accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Group recognizes lifetime expected credit losses ("ECLs") on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. • Borrowings Borrowings are initially recognized at fair value (net of transaction costs). Borrowings are subsequently measured at amortized cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. • Derivative financial instruments The Group enters into a variety of derivative financial instruments to economically hedge its exposure to interest rate and foreign exchange rate risks, including interest rate swaps, CCSs and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value on the date the derivative contracts are entered into and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in the consolidated statement of profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statement of profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. The Group's criteria for classifying a derivative instrument in a hedging relationship include: (1) the existence of an economic relationship between the hedged item and the hedging instrument (i.e., the hedging instrument and hedged item must, based on an economic rationale, be expected to move in opposite directions as a result of a change in the hedged risk); (2) the effect of the credit risk should not dominate the value changes of either the hedged item or the hedging instrument (i.e., credit risk can arise on both the hedging instrument and the hedged item in the form of the counterparty's credit risk or the entity's own credit risk); and (3) the hedge ratio (i.e., the ratio between the amount of hedged item and the amount of hedging instrument) of the hedging relationship is the same as that actually used in the economic hedge. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects profit or loss, in the same line item as the recognized hedged item. Hedge accounting is discontinued when the Group terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized in the consolidated statement of profit or loss when the hedged item affects the consolidated statement of profit or loss. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the consolidated statement of profit or loss. • Finance lease liabilities Finance lease liabilities are initially measured at the fair value of the leased property or, if lower, the present value of the minimum lease payments—discounted at the interest rate implicit in the lease, if practicable, or else at the entity's incremental borrowing rate—and subsequently measured at amortized cost, using the effective interest rate method. Finance charges in respect of finance leases are recognized in the consolidated statement of profit or loss under "Financial costs". |
Segment Information | Segment information The information provided to the Group's chief operating decision maker, being the Chief Executive Officer, to review the Group's operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Group charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Share-based compensation | Share-based compensation Share-based compensation to employees and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 22. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Group's management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments In the process of applying GasLog's accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the non-controlling interests: The non-controlling interests in the Partnership comprise the portion of the Partnership's common units that are not directly or indirectly held by GasLog (33,605,302 units as of December 31, 2018). Under the terms of the partnership agreement, the Partnership is required to distribute 100% of available cash (as defined in the partnership agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the Partnership's board of directors to (i) provide for the proper conduct of the business of the Partnership (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the non-controlling interests in the Partnership should be classified as liabilities or equity interests, management has considered the wide discretion of the board of directors of the Partnership to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the Partnership's board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the non-controlling interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Impairment of vessels: The Group evaluates the carrying amounts of each of its vessels to determine whether there is any indication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. Recoverable amount is the higher of fair value less costs to sell and value in use. The Group's estimates of recoverable value assume that the vessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. In assessing the fair value less cost to sell of the vessel, the Group obtains charter free market values for its vessel from independent and internationally recognized ship brokers on a semi-annual basis, which are also commonly used and accepted by the Group's lenders for determining compliance with the relevant covenants in its credit facilities. Vessel values can be highly volatile, so the estimates may not be indicative of the current or future market value of the Group's vessels or prices that could be achieved if it were to sell them. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates including future charter rates, vessel operating expenses and the discount rate. As of December 31, 2018, the carrying amounts of each of fourteen vessels were higher than the charter free market values estimated by shipbrokers and the Group concluded that events and circumstances triggered the existence of potential impairment of these vessels. As a result, the Group performed the impairment assessment of these vessels by comparing the discounted projected net operating cash flows for these vessels to their carrying values. The assumptions which the Group has used in its discounted projected net operating cash flow analysis included, among others, operating revenues, utilization, dry-docking costs, operating expenses (including management fees), residual values and the discount factor. The key assumptions are the estimate of charter rates for non-contracted revenue days and the discount rate. For those vessels operating under long-term time charters, revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire and assume a utilization rate of 99.5% based on the fleet's historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of December 31, 2018, (iii) historical average time charter rates, based on publications by independent third party maritime research services ("maritime research publications"), and (iv) estimated future time charter rates, also based on maritime research publications that provide such forecasts. More specifically, for the non-contracted period starting upon the expiration of the firm charter period of each vessel and up to December 31, 2023, the Group used the most recent charter market rates for a 5-year time charter agreement based on available data from maritime research publications which is $45 per day for steam-powered ("Steam") vessels and $75 per day for TFDE vessels. Such rates are lower than current spot rates at December 31, 2018. For the remaining period from January 1, 2024 through the end of each vessel's useful life, the estimated average time charter rates for Steam and TFDE vessels were based on analysis of future supply and demand for LNG, analysis of future LNG shipping supply and demand balances, internally estimated and market-derived costs of building and financing newbuild LNG vessels, the technical characteristics of each vessel and 5-year historical average 5-year time charter rates based on maritime research publications. In connection with the impairment testing of our vessels as of December 31, 2018, we performed a sensitivity analysis on the most sensitive and/or subjective assumption that has the potential to affect the outcome of the impairment exercise, which is the projected charter hire rate used to forecast future cash flows for non-contracted days for the Steam vessels. The average charter rate used in our impairment exercise for the Steam vessels was $58, while the average break-even charter hire rate, being the average of the contracted charter rate and the break-even re-chartering hire rate, was $50. Using an average charter rate of $49, which is 2% lower than the break-even charter hire rate, would result in an aggregate impairment charge of $23,087. For vessels operating in the spot market and employed through the Cool Pool, the estimated charter rates and utilization for the first year from the reporting date were based on the latest available maritime research publications from ship brokers for short-term (less than 12 months) employment of a vessel operating in the spot market on less than 1-year time charter contracts (in line with the Cool Pool strategy). The estimated charter rates are also based on existing charter contracts and forecasts generated by the Cool Pool directly, which reflect conditions existing in the current LNG spot shipping market. For the remaining period and through the end of each vessel's useful life, the Group assumes that all vessels are operating under multi-year time charters, as a result of which the revenue assumptions were the same as the forecasted rates used for the remaining vessels of the fleet as discussed above. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Group's control, management believes the use of revenue estimates discussed above to be reasonable as of the reporting date. The Group does not take into account any growth rate assumptions or inflation factors for determining forecasted time charter rates beyond the contracted charter rate period through the end of a vessel's useful life. In assessing the factors mentioned above for the purposes of determining estimated revenues, the Group has placed particular reliance on available third-party maritime research publications and analysis of LNG shipping supply and demand data. In addition, the Group used an annual operating expenses escalation factor equal to 1% based on its historical data and performance, as well as expectations of future inflation and operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet and residual and scrap values are the same as those used for the Group's depreciation policy. In the Group's impairment assessment, the weighted average cost of capital used to discount future estimated cash flows to their present values was approximately 7.5% as of December 31, 2018. This was based on the calculated cost of equity and cost of debt components. All estimates used and assumptions made were in accordance with the Group's internal budgets and historical experience of the shipping industry. The value in use for the fourteen vessels calculated as per above was higher than the carrying amount of these vessels and, consequently, no impairment loss was recognized. Measurement of share-based compensation: Share-based compensation to executives and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 22. The fair value determined at the grant date of the equity-settled share-based compensation is expensed over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. Impairment of goodwill: The Group reviews goodwill for impairment at least annually. For the purpose of impairment testing, goodwill has been allocated to the cash-generating unit representing the management company, GasLog LNG Services Ltd., which was acquired by the Group in 2005. Determining whether goodwill is impaired requires an estimation of the recoverable amount, which is the higher of fair value less costs to sell and value in use, of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit(s) and a suitable discount rate in order to calculate present value. Details of the assumptions used in our impairment analysis are set out in Note 3. No impairment loss was recognized for any of the periods presented. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers which applies to all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 specifies how and when an IFRS reporter will recognize revenue and requires such entities to provide users of financial statements with more informative, relevant disclosures. The standard supersedes IAS 18 Revenue , IAS 11 Construction Contracts and a number of revenue-related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018 and is applied by the Group using the modified retrospective approach. The adoption of the standard as of January 1, 2018 resulted in an increase of $246 to the Group's Accumulated deficit and an increase of the same amount on the Group's Other payables and accruals under the modified retrospective approach, as a result of the reassessment of the timing of the performance obligations in relation to positioning and repositioning fees and associated expenses. The Group assessed that under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel's operating costs. The revenue in relation to the lease component of the agreements is accounted for under IAS 17 Leases . The revenue in relation to the service component relates to vessel operating expenses, which include expenses that are paid by the vessel owner such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses. These costs are essential to operating a charter and the charterers receive the benefit of these when the vessel is used during the contracted time and, therefore, these costs are accounted for in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers . Management believes mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. On that basis, it was concluded that positioning and repositioning fees and associated expenses should be recognized over the period of the contract, and not at a certain point in time. In July 2014, the IASB issued the complete version of IFRS 9 Financial Instruments . IFRS 9 Financial Instruments specifies how an entity should classify and measure financial assets and financial liabilities. The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. The standard also requires a financial liability to be classified as either at fair value through profit or loss or at amortized cost. In addition, a new hedge accounting model was introduced, that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. When an entity first applies IFRS 9 Financial Instruments , it may choose as its accounting policy to continue to apply the hedge accounting requirements of IAS 39 Financial Instruments, Recognition and Measurement , instead of the requirements in Chapter 6 of IFRS 9 Financial Instruments . An entity shall apply that policy to all of its hedging relationships. The Group has selected to apply hedge accounting under IFRS 9 Financial Instruments . The Group has elected to take the transition relief as provided by IFRS 9.7.2.15, which permits an entity not to restate prior periods on initial application of IFRS 9 Financial Instruments and any adjustments to be made in the current year. The adoption of this standard as of January 1, 2018 resulted in a decrease of $436 to the Group's Accumulated deficit and an equal decrease to the Group's Reserves, as a result of the change in the accounting for the currency basis element of the CCSs to flow directly to the statement of profit or loss. (b) Standards and amendments in issue not yet adopted At the date of authorization of these financial statements, the following standards and amendments relevant to the Group were issued but not yet effective: In January 2016, the IASB issued IFRS 16 Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ("lessee") and the supplier ("lessor"). IFRS 16 eliminates the classification of leases by lessees as either operating leases or finance leases and, instead, introduces a single lessee accounting model. Applying that model, a lessee is required to recognize: (a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and (b) depreciation of lease assets separately from interest on lease liabilities in the statement of profit or loss. Lessors continue to classify their leases as operating leases or finance leases, and to account for those two types of leases differently. IFRS 16 Leases supersedes the previous leases Standard, IAS 17 Leases , and related Interpretations. The standard is effective from January 1, 2019. For leases where the Group is the lessee, the Group has elected to apply the simplified approach, by which comparative information is not restated and any adjustment is recognized at the date of initial application of IFRS 16 Leases . The adoption of the standard on January 1, 2019, will result in an increase in total assets of $7,210, an increase in retained earnings of $300 and an increase in total liabilities of $6,910, which are not considered significant for the Group's consolidated financial statements. The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material on the Group's consolidated financial statements. |
Organization and Operations (Ta
Organization and Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization and Operations | |
Schedule of partnership acquired 100% of ownership interests in subsidiaries | Date Acquisition Completed Subsidiaries Acquired Vessels Purchased September 29, 2014 GAS-sixteen Ltd. and Methane Rita Andrea and Methane Jane Elizabeth July 1, 2015 GAS-nineteen Ltd., Methane Alison Victoria, and Methane Heather Sally November 1, 2016 GAS-seven Ltd. GasLog Seattle May 3, 2017 GAS-eleven Ltd. GasLog Greece July 3, 2017 GAS-thirteen Ltd. GasLog Geneva October 20, 2017 GAS-eight Ltd. Solaris April 26, 2018 GAS-fourteen Ltd. GasLog Gibraltar November 14, 2018 GAS-twenty seven Ltd. Methane Becki Anne |
Schedule of composition of the group's structure | As of December 31, 2018, the Group's structure is as follows: Name Place of Date of Principal activities Cargo Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. Bermuda February 2008 Holding company — — — GasLog Shipping Company Ltd. Bermuda January 2006 Holding company — — — GasLog Partners GP LLC Marshall Islands January 2014 Holding company — — — GasLog Cyprus Investments Ltd. Cyprus December 2016 Holding company — — — GasLog Services UK Ltd. England and Wales May 2014 Service company — — — GasLog Services US Inc. Delaware May 2014 Service company — — — GasLog Asia Pte Ltd. Singapore May 2015 Service company — — — GasLog LNG Services Ltd. Bermuda August 2004 Vessel management services — — — GasLog Monaco S.A.M. Monaco February 2010 Service company — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Vessel-owning company GasLog Salem April 2015 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company GasLog Glasgow June 2016 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company GasLog Genoa March 2018 GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company Hull No. 2131 Q1 2019 (1) GAS-twenty four Ltd. Bermuda June 2014 Vessel-owning company GasLog Houston January 2018 GAS-twenty five Ltd. Bermuda June 2014 Vessel-owning company GasLog Hong Kong March 2018 GAS-twenty six Ltd. Bermuda January 2015 Finance lease asset company (2) Methane Julia Louise March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2213 Q2 2020 (1) GAS-twenty nine Ltd. Bermuda September 2016 Vessel-owning company Hull No. 2212 Q3 2019 (1) GAS-thirty Ltd. Bermuda December 2017 Vessel-owning company Hull No. 2262 Q3 2020 (1) GAS-thirty one Ltd. Bermuda December 2017 Vessel-owning company Hull No. 2274 Q2 2020 (1) GAS-thirty two Ltd. Bermuda December 2017 Vessel-owning company Hull No. 2300 Q4 2020 (1) GAS-thirty three Ltd. Bermuda May 2018 Vessel-owning company Hull No. 2301 Q4 2020 (1) GAS-thirty four Ltd. Bermuda May 2018 Vessel-owning company Hull No. 2311 Q2 2021 (1) GAS-thirty five Ltd. Bermuda December 2018 Vessel-owning company Hull No. 2312 Q3 2021 (1) GAS-thirty six Ltd. Bermuda December 2018 Dormant — — — GAS-thirty seven Ltd. Bermuda December 2018 Dormant — — — GasLog Shipping Limited BVI July 2003 Dormant — — — 27.5% interest subsidiaries: GasLog Partners LP Marshall Islands January 2014 Holding company — — — GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece March 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company Methane Becki Anne March 2015 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. ("Gastrade") Greece June 2010 Service company — — — 50% joint venture: The Cool Pool Limited (3) Marshall Islands September 2015 Service company — — — (1) For newbuildings, expected delivery quarters as of December 31, 2018 are presented. (2) On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui Co. Ltd. ("Mitsui"). Refer to Note 6. (3) On October 1, 2015, GasLog Carriers, Dynagas Ltd. ("Dynagas") and Golar LNG Limited ("Golar") ("Pool Owners") and The Cool Pool Limited signed an LNG carrier pooling agreement (the "LNG Carrier Pool", "Pool Agreement" or "Cool Pool") to market their vessels, which are currently operating in the LNG shipping spot market. For the operation of the Cool Pool, a Marshall Islands service company named "The Cool Pool Limited" or the "Pool Manager", was incorporated in September 2015 acting as an agent. In June and July 2018, Dynagas removed its three vessels from the Cool Pool and ceased to be a shareholder. As of December 31, 2018, the Cool Pool consists of 16 modern, high quality and essentially equivalent vessels powered by fuel efficient tri-fuel diesel electric ("TFDE") engine propulsion technology. The participation of the Pool Owners' vessels in the Cool Pool is as follows: GasLog: six vessels; and Golar: ten vessels. Each vessel owner continues to be fully responsible for the crew and technical management of their respective vessels. In addition, as of December 31, 2018, the GasLog Skagen was substituted for the GasLog Saratoga in the Cool Pool. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Schedule of expected useful lives | Vessel LNG vessel component 35 years Dry-docking component 5 years Furniture, computer, software and other office equipment 3 - 5 years Leasehold improvements 12 years (or remaining term of the lease) |
Equity Transactions (Tables)
Equity Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Transactions | |
Schedule of balance of non-controlling interests | Non-controlling interests 2017 2018 As of January 1, Net proceeds from the Partnership's equity offerings Dividend declared and paid to non-controlling interests ) ) Profit allocated to non-controlling interests As of December 31, |
Schedule of distribution policy and profit allocation | The following table illustrates the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions, in respect to such rights, until November 27, 2018: Marginal Percentage Interest in Distributions Old IDRs Total Quarterly Common General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Third Target Distribution $0.46875 up to $0.5625 % % % Thereafter Above $0.5625 % % % Effective November 27, 2018, the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions and excluding available cash from operating surplus derived from non-GasLog acquisitions was amended, in respect to such rights, as follows: Marginal Percentage Interest in Distributions New IDRs Total Quarterly Common General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Thereafter Above $0.46875 % % % Allocation of GasLog Partners' profit (*) 2017 2018 Partnership's profit attributable to: Common unitholders Subordinated unitholders — General partner IDRs Paid and accrued preference equity distributions Total Partnership's profit allocated to GasLog Partnership's profit allocated to non-controlling interests Total * Excludes profits of GAS-eleven Ltd., GAS-thirteen Ltd., GAS-eight Ltd., GAS-fourteen Ltd. and GAS-twenty seven Ltd. for the periods prior to their transfers to the Partnership on May 3, 2017, July 3, 2017, October 20, 2017, April 26, 2018 and November 14, 2018, respectively. |
Investment in Associates and _2
Investment in Associates and Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Associates and Joint Venture | |
Schedule of investment in associates and joint venture | % of Country of Nature of Measurement Principal Name 2017 2018 Egypt LNG Shipping Ltd. (1) Bermuda % % Associate Equity method Vessel-owning company Gastrade (2) Greece % % Associate Equity method Service company The Cool Pool Limited (3) Marshall Islands % % Joint venture Equity method Service company (1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cbm LNG vessel built in 2007. (2) Gastrade is a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure. (3) The Cool Pool Limited is the commercial manager of the Cool Pool acting as an agent (Note 1). |
Rollforward schedule of investment in associates and joint venture | Associates 2017 2018 As of January 1, Additions Share of profit of associates Return of investment from associate ) — Dividend declared ) ) As of December 31, |
Schedule of summarized financial information of associates and joint venture | Associates Joint Venture 2017 2018 2017 2018 Current Total current assets Total current liabilities ) ) ) ) Non-current Total non-current assets — — Total non-current liabilities ) ) — — Net assets — — Group's share — — Effect from translation ) — — Goodwill — — Investment in associates and joint venture — — Associates Joint Venture 2016 2017 2018 2016 2017 2018 Revenues Profit for the year — — — Total comprehensive income for the year — — — Group's share in profit — — — Dividend declared ) ) ) — — — Group's share in dividend — — — |
Tangible Fixed Assets, Vessel_2
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease | |
Schedule of movements in tangible fixed assets, vessels under construction and vessel held under finance lease | Vessels Office property Total Vessels Vessel held Cost As of January 1, 2017 Additions — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 Additions Transfer from vessels under construction — ) — Transfer under "Other non-current assets" — — — ) — Fully amortized fixed assets ) ) ) — — As of December 31, 2018 Accumulated depreciation As of January 1, 2017 — Depreciation — Fully amortized fixed assets ) ) ) — — As of December 31, 2017 — Depreciation — Fully amortized fixed assets ) ) ) — — As of December 31, 2018 — Net book value As of December 31, 2017 As of December 31, 2018 |
Schedule of vessels under construction | As of 2017 2018 Progress shipyard installments Onsite supervision costs Critical spare parts, equipment and other vessel delivery expenses Total |
Sale and Leaseback (Tables)
Sale and Leaseback (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Sale and Leaseback | |
Schedule of movements in finance lease liabilities | 2017 2018 As of January 1, Finance lease charge (Note 19) Payments ) ) As of December 31, Finance lease liability, current portion Finance lease liability, non-current portion Total |
Schedule of commitments in relation to finance leases | As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Minimum lease payments Future finance charges ) Total lease liabilities |
Schedule of present value of finance lease liabilities | As of December 31, Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total lease liabilities |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | As of December 31, 2017 2018 Current accounts Time deposits (with original maturities of three months or less) Ship management client accounts Total |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | As of 2017 2018 Trade receivables VAT receivable Accrued income Insurance claims Other receivables Total |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Non-Current Assets | |
Schedule of other non-current assets | As of 2017 2018 Various guarantees Other long-term assets — Total |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share Capital | |
Schedule of the movements in the number of shares, the share capital, the Preference Shares, the contributed surplus and the treasury shares | Number of Shares Amounts Number of Number of Number of Share Preference Contributed Treasury Outstanding as of January 1, 2016 ) Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2016 ) Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — ) — Treasury shares distributed for awards vested or exercised in the year ) — — — — Outstanding as of December 31, 2017 ) Purchase of treasury shares ) — — — — ) Treasury shares distributed for awards vested or exercised in the year ) — — — — Equity raising fees — — — — — ) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — ) — Outstanding as of December 31, 2018 ) |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reserves. | |
Schedule of movements in reserves | Hedging Employee Share-based Total Balance as of January 1, 2016 ) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial loss — ) — ) Balance as of December 31, 2016 ) ) Effective portion of changes in fair value of cash flow hedges — — Recycled loss of cash flow hedges reclassified to profit or loss — — Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Balance as of December 31, 2017 ) ) Retained earnings adjustment (1) ) — — ) Balance as of January 1, 2018 (restated) ) ) Effective portion of changes in fair value of cash flow hedges ) — — ) Share-based compensation, net of accrued dividend — — Settlement of share-based compensation — — ) ) Actuarial loss — ) — ) Balance as of December 31, 2018 ) ) (1) Adjusted so as to reflect certain amendments introduced due to the adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments , which became effective on January 1, 2018 (Note 2). |
Schedule of dividend distributions | Declaration date Type of shares Dividend Payment date Amount paid February 24, 2016 Common $ March 17, 2016 March 11, 2016 Preference $ April 1, 2016 May 5, 2016 Common $ May 26, 2016 May 5, 2016 Preference $ July 1, 2016 August 3, 2016 Common $ August 25, 2016 September 14, 2016 Preference $ October 3, 2016 November 2, 2016 Common $ November 24, 2016 November 17, 2016 Preference $ January 3, 2017 Total February 16, 2017 Common $ March 16, 2017 March 9, 2017 Preference $ April 3, 2017 May 4, 2017 Common $ May 25, 2017 May 4, 2017 Preference $ July 3, 2017 August 2, 2017 Common $ August 24, 2017 September 14, 2017 Preference $ October 2, 2017 November 1, 2017 Common $ November 22, 2017 November 16, 2017 Preference $ January 2, 2018 Total February 15, 2018 Common $ March 15, 2018 March 8, 2018 Preference $ April 2, 2018 May 3, 2018 Common $ May 24, 2018 May 11, 2018 Preference $ July 2, 2018 August 1, 2018 Common $ August 23, 2018 September 13, 2018 Preference $ October 1, 2018 October 31, 2018 Common $ November 21, 2018 November 15, 2018 Preference $ January 2, 2019 November 28, 2018 Common $ December 17, 2018 Total |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2017 2018 Amounts due within one year Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, current portion Amounts due after one year Less: unamortized deferred loan/bond issuance costs ) ) Borrowings, non-current portion Total |
Debt Repayment Schedule | As of December 31, 2018 Not later than one year 531,209 Later than one year and not later than three years 1,313,170 Later than three years and not later than five years 412,291 Later than five years 618,928 Total 2,875,598 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | As of 2017 2018 Social contributions Unearned revenue Accrued legal and professional fees Accrued board of directors' fees Accrued employee costs Accrued off-hire Accrued crew costs Accrued purchases Accrued financing cost Accrued interest Accrued payable to charterers Other accruals Total |
Vessel Operating and Supervis_2
Vessel Operating and Supervision Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Vessel Operating and Supervision Costs | |
Schedule of vessel operating and supervision costs | For the year ended 2016 2017 2018 Crew wages and vessel management employee costs Technical maintenance expenses Other vessel operating expenses Total |
Voyage Expenses and Commissio_2
Voyage Expenses and Commissions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Voyage Expenses and Commissions | |
Schedule of voyage expenses and commissions | For the year 2016 2017 2018 Brokers' commissions on revenue Bunkers' consumption and other voyage expenses Total |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the year ended 2016 2017 2018 Employee costs Share-based compensation (Note 22) Other expenses Total |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenues from Contracts with Customers | |
Schedule of revenues from Contracts with Customers | For the year ended 2016 2017 2018 Revenues from time charters Revenues from The Cool Pool Limited (GasLog vessels) Revenues from vessel management services Total |
Financial Income and Costs (Tab
Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Income and Costs | |
Schedule of financial income and costs | For the year ended 2016 2017 2018 Financial Income Interest income Total financial income Financial Costs Amortization and write-off of deferred loan/bond issuance costs and premium Interest expense on loans and realized loss on cash flow hedges Interest expense on bonds and realized loss on CCSs Finance lease charge Loss arising on NOK Bonds repurchase at a premium (Note 13) — Other financial costs Total financial costs |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions | |
Schedule of balances with related parties | As of 2017 2018 Dividends receivable from associate (Note 5) Due from The Cool Pool Limited Other receivables Total As of 2017 2018 Ship management creditors Amounts due to related parties |
Schedule of transactions with related parties | Company Details Statement of 2016 2017 2018 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues ) ) ) (b) Nea Dimitra Property Office rent and utilities General and administrative expenses (b) Nea Dimitra Property Other office services General and administrative expenses — (c) Seres S.A. Catering services General and administrative expenses (c) Seres S.A. Consultancy services General and administrative expenses (d) Chartwell Management Inc. Travel expenses General and administrative expenses — (e) Ceres Monaco S.A.M. Professional services General and administrative expenses — (f) A.S. Papadimitriou and Partners Law Firm Professional services General and administrative expenses (g) The Cool Pool Limited Adjustment for net pool allocation Net pool allocation ) ) (h) Ceres Shipping Ltd. Travel expenses General and administrative expenses — — (a) One of the Group's subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25% ownership interest. (b) Through its subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. (c) GasLog LNG Services Ltd. has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG Services Ltd. has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and documentation services for the staff based in Piraeus. (d) Chartwell Management Inc. is an entity controlled by the Livanos family which provides travel services to GasLog's directors and officers. (e) GasLog entered into a consulting agreement for the services of an employee of Ceres Monaco S.A.M., an entity controlled by the Livanos family, for consultancy services in connection with the acquisition of GasLog's shareholding in Gastrade. GasLog agreed to pay a fixed fee for work carried out between May 1, 2016 and December 31, 2017 in the sum of $100 and an ongoing consultancy arrangement fee of $12 per month for a minimum of 12 days per month, terminable upon notice by GasLog. For the year ended December 31, 2016, the amount of $100 was included in the line "Other non-current assets". (f) A.S. Papadimitriou and Partners Law Firm, an entity controlled by one of our directors, provided legal services in relation to the legal due diligence process of our investment in Gastrade. In addition to the $4 recognized in profit or loss (December 31, 2017: $15), no amount was capitalized under "Investment in associates" (December 31, 2017: $24). (g) GasLog's pool results were adjusted by a net gain of $17,818 (2017: net gain of $7,254) to include the net allocation from the pool in accordance with the profit sharing terms specified in the Pool Agreement. (h) Ceres Shipping Ltd., an entity controlled by the Livanos family, requested reimbursement of travel expenses provided during the year. |
Schedule of remuneration of directors and key management | For the year ended 2016 2017 2018 Remuneration Short-term benefits Expense recognized in respect of share-based compensation Total |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
The Plan | |
Share-Based Compensation | |
Summary of awards granted | Awards Number Grant date Expiry date Exercise price* Fair value at RSUs May 17, 2013 n/a n/a $ SARs May 17, 2013 April 29, 2023 $12.86 $ RSUs April 1, 2014 n/a n/a $ SARs April 1, 2014 March 31, 2024 $23.60 $ RSUs April 1, 2015 n/a n/a $ SARs April 1, 2015 March 31, 2025 $19.08 $ RSUs April 1, 2016 n/a n/a $ SARs April 1, 2016 March 31, 2026 $8.88 $ RSUs April 3, 2017 n/a n/a $ SARs April 3, 2017 April 3, 2027 $15.15 $ RSUs April 2, 2018 n/a n/a $ SARs April 2, 2018 April 2, 2028 $15.90 $ * The exercise prices were decreased by $0.40 to reflect the effect from the distribution of the special dividend declared on November 28, 2018. |
SARs | |
Share-Based Compensation | |
Summary of significant assumptions used to estimate the fair value | Inputs into the model 2013 2014 2015 2016 2017 2018 Grant date share closing price $ $ $ $ $ $ Exercise price* $ $ $ $ $ $ Expected volatility % % % % % % Expected term 6 years 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term % % % % % % |
Summary of activity | SARs Outstanding as of January 1, 2017 — Granted during the year — — Exercised during the year ) — ) Forfeited during the year ) — — ) Outstanding as of December 31, 2017 — Granted during the year — — Exercised during the year ) ) Forfeited during the year ) — — ) Expired during the year ) — — ) Outstanding as of December 31, 2018 — |
RSUs | |
Share-Based Compensation | |
Summary of activity | Number of Weighted Weighted average Weighted Aggregate RSUs Outstanding as of January 1, 2017 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2017 — — Granted during the year — — — Vested during the year ) — — — ) Forfeited during the year ) — — — ) Outstanding as of December 31, 2018 — — |
GasLog Partners' Plan | GasLog Partners LP | |
Share-Based Compensation | |
Summary of awards granted | Awards Number Grant date Expiry date Fair value at RCUs April 1, 2015 n/a $ PCUs April 1, 2015 n/a $ RCUs April 1, 2016 n/a $ PCUs April 1, 2016 n/a $ RCUs April 3, 2017 n/a $ PCUs April 3, 2017 n/a $ RCUs April 2, 2018 n/a $ PCUs April 2, 2018 n/a $ |
RCUs | GasLog Partners LP | |
Share-Based Compensation | |
Summary of activity | Number of Weighted Aggregate RCUs Outstanding as of January 1, 2017 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 Granted during the year — Vested during the year ) — ) Outstanding as of December 31, 2018 |
PCUs | GasLog Partners LP | |
Share-Based Compensation | |
Summary of activity | PCUs Outstanding as of January 1, 2017 Granted during the year — Forfeited during the year ) — ) Outstanding as of December 31, 2017 Granted during the year — Vested during the year ) — ) Outstanding as of December 31, 2018 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments | |
Schedule of commitments as lessee relating to buildings under operating leases | As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years More than five years Total |
Schedule of commitments relating to vessels under construction | As of Not later than one year Later than one year and not later than three years Total |
Schedule of future gross minimum revenues receivable in relation to non-cancellable time charter agreements | As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total |
Schedule of commitments relating to group vessels agreement | As of Not later than one year Total |
Schedule of commitments relating to engineering agreements for FSRU conversion of one vessel | As of Not later than one year Total |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Risk Management | |
Schedule of expected cash flows for non-derivative financial liabilities | Weighted Less than 1 - 3 3 - 12 1 - 5 5+ Total December 31, 2017 Trade and other accounts payable $ — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities* — — — Variable interest loans % NOK Bonds — Finance lease liability Total $ December 31, 2018 Trade and other accounts payable $ — — Amounts due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — Variable interest loans % Bonds — — Finance lease liability Total $ * Non-financial liabilities are excluded. |
Schedule of expected cash flows for derivative financial instruments | Less than 1 - 3 months 3 - 12 months 1 - 5 years 5+ years Total December 31, 2017 Interest rate swaps ) — ) Cross currency swaps — ) — ) Forward foreign exchange contracts ) ) ) — — ) Total ) ) ) — ) December 31, 2018 Interest rate swaps ) ) ) ) ) ) Cross currency swaps — — Forward foreign exchange contracts — — Total ) ) ) |
Summary of credit risk exposure | As of 2017 2018 Cash and cash equivalents Short-term investments — Trade and other receivables Dividends receivable and other amounts due from related parties Derivative financial instruments |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital Risk Management | |
Schedule of the gearing ratio | As of 2017 2018 Borrowings, current portion Borrowings, non-current portion Finance lease liability, current portion Finance lease liability, non-current portion Total debt Total equity Total debt and equity Gearing ratio % % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments | |
Schedule of fair value of the derivative assets | As of 2017 2018 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps Forward foreign exchange contracts — Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps — Total Derivative financial instruments, current assets Derivative financial instruments, non-current assets Total |
Schedule of fair value of the derivative liabilities | As of 2017 2018 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps Forward foreign exchange contracts — Derivative liabilities designated and effective as hedging instruments carried at fair value Cross currency swaps Total Derivative financial instruments, current liability Derivative financial instruments, non-current liability — Total |
Schedule of analysis of (Loss)/gain on swaps | For the year ended 2016 2017 2018 Unrealized gain/(loss) on derivative financial instruments held for trading ) Realized (loss)/gain on interest rate swaps held for trading ) ) Realized gain on forward foreign exchange contracts held for trading — Recycled loss of cash flow hedges reclassified to profit or loss ) ) — Ineffective portion of cash flow hedges — ) ) Total ) ) |
Interest rate swaps | |
Financial Instruments | |
Schedule of principal terms of instruments held for trading | Notional Amount Company Counterparty Trade Effective Termination Fixed December 31, December 31, GasLog Deutsche Bank AG July 2016 July 2016 July 2020 % GasLog Deutsche Bank AG July 2016 July 2016 July 2021 % GasLog Deutsche Bank AG July 2016 July 2016 July 2022 % GasLog (1) DNB Bank ASA ("DNB") July 2016 July 2016 July 2020 % GasLog (2) DNB July 2016 July 2016 July 2021 % — GasLog DNB July 2016 July 2016 July 2022 % GasLog (3) HSBC Bank plc ("HSBC") July 2016 July 2016 July 2020 % — GasLog (3) HSBC July 2016 July 2016 July 2021 % — GasLog HSBC July 2016 July 2016 July 2022 % GasLog (4) Nordea Bank Finland July 2016 July 2016 July 2020 % — GasLog (5) Nordea Bank Finland July 2016 July 2016 July 2021 % — GasLog Nordea Bank Finland July 2016 July 2016 July 2022 % GasLog (6) Skandinavinska Enskilda Banken AB ("SEB") July 2016 July 2016 July 2020 % — GasLog SEB July 2016 July 2016 July 2021 % GasLog (3) SEB July 2016 July 2016 July 2022 % — GasLog HSBC Feb 2017 Feb 2017 Feb 2022 % GasLog Nordea Bank Finland Feb 2017 Feb 2017 Mar 2022 % GasLog ABN Amro Bank NV ("ABN") Feb 2017 Feb 2017 Mar 2022 % GasLog (7) Nordea Bank Finland May 2018 July 2020 July 2026 % — N/A GasLog (5) Nordea Bank Finland May 2018 May 2018 July 2026 % — GasLog (7) SEB May 2018 July 2020 July 2024 % — N/A GasLog (3) SEB May 2018 Apr 2018 July 2025 % — GasLog (7) DNB May 2018 July 2020 July 2024 % — N/A GasLog (2) DNB May 2018 July 2018 July 2025 % — GasLog (3) HSBC May 2018 Apr 2018 July 2024 % — GasLog (3) HSBC May 2018 Apr 2018 July 2025 % — GasLog (7) Citibank Europe Plc. ("CITI") May 2018 July 2020 July 2024 % — N/A GasLog (7) CITI May 2018 July 2021 July 2025 % — N/A GasLog (6) SEB December 2018 October 2018 July 2026 % — GasLog (4) Nordea December 2018 October 2018 July 2028 % — GasLog (1) DNB December 2018 January 2019 July 2025 % — N/A GasLog (8) SEB December 2018 July 2020 July 2024 % — N/A GasLog (8) Nordea December 2018 July 2020 July 2024 % — N/A GasLog (8) DNB December 2018 April 2020 April 2025 % — N/A Total (1) In December 2018, the Group terminated an interest rate swap originally maturing in July 2020 with an effective date of January 2019. This swap was subsequently replaced with a new swap of the same notional amount of $73,333 with an effective date of January 2019 and a new maturity date of July 2025. (2) In May 2018, the Group terminated an interest rate swap originally maturing in July 2021 with an effective date of July 2018. This swap was subsequently replaced with a new swap of the same notional amount of $73,333 with an effective date of July 2018 and a new maturity date of July 2025. (3) Effective May 2018, the Group terminated the interest rate swap with SEB originally maturing in July 2022 and replaced with a new swap of the same notional amount of $50,000 with an effective date of April 2018 and a new maturity date of July 2025. In addition, in May 2018, the Group terminated the interest rate swap agreements with HSBC with an aggregate notional value of $66,667 and entered into new agreements of the same notional amounts with an effective date April 2018. (4) Effective December 2018, the Group terminated the interest rate swap with Nordea originally maturing in July 2020 and replaced with a new swap of the same notional amount of $66,667 with an effective date of October 2018 and a new maturity date of July 2028. (5) Effective May 2018, the Group terminated the interest rate swap originally maturing in July 2021 and replaced it with a new swap of the same notional amount of $66,667 maturing in July 2026. (6) Effective December 2018, the Group terminated the interest rate swap with SEB originally maturing in July 2020 and replaced with a new swap of the same notional amount of $50,000 with an effective date of October 2018 and a new maturity date of July 2026. (7) In May 2018, the Group entered into new interest rate swap agreements with various counterparties with an aggregate notional value of $250,000, with effective dates in July 2020 and July 2021, maturing between 2024 and 2026. (8) In December 2018, the Group entered into new interest rate swap agreements with various counterparties with an aggregate notional value of $210,000, with effective dates in April and July 2020, maturing between 2024 and 2025. |
Cross currency swaps | |
Financial Instruments | |
Schedule of principal terms of the hedging instruments | Notional Amount Company Counterparty Trade Effective Original Fixed December 31, December 31, GasLog (1) DNB Bank ASA June 2016 June 2016 May 2021 % GasLog (1) SEB June 2016 June 2016 May 2021 % GasLog (1) Nordea Bank Finland June 2016 June 2016 May 2021 % Total (1) On June 27, 2017, GasLog terminated the three CCS agreements by paying their fair value of $20,603 on that date. The cumulative loss of $4,368 from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2017. |
Forward foreign exchange contracts | |
Financial Instruments | |
Schedule of principal terms of instruments held for trading | Company Counterparty Trade Date Number of Settlement Fixed Total GasLog SEB August 2018 January - March 2019 £1,200 GasLog SEB October 2018 April - June 2019 £1,350 GasLog SEB October 2018 July - December 2019 £2,700 Total £5,250 Company Counterparty Trade Date Number of Settlement Fixed Total Exchange GasLog Citibank May 2018 January 2019 € GasLog Citibank May 2018 February 2019 € GasLog Citibank May 2018 March 2019 € GasLog SEB May 2018 January - March 2019 € GasLog ABN June 2018 April 2019 € GasLog ABN June 2018 May 2019 € GasLog ABN June 2018 June 2019 € GasLog DNB June 2018 April 2019 € GasLog DNB June 2018 May 2019 € GasLog DNB June 2018 June 2019 € GasLog Nordea Bank Finland August 2018 July 2019 € GasLog Nordea Bank Finland August 2018 September 2019 € GasLog DNB August 2018 July 2019 € GasLog DNB August 2018 August 2019 € Total € |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Opening Cash flows Other Non-cash Deferred Total Borrowings outstanding as of January 1, 2017 — — — — Proceeds from bank loans and bonds — — — — Bank loans and bond repayments — ) — — — ) Additions in deferred loan/bond fees — ) — ) ) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — — Retranslation of the NOK Bonds in U.S. dollars — — — — Borrowings outstanding as of December 31, 2017 ) Opening Cash flows Other Non-cash Deferred Total Borrowings outstanding as of January 1, 2018 — — — — Proceeds from bank loans and bonds — — — — Bank loans and bond repayments — ) — — — ) Additions in deferred loan/bond fees — ) — ) ) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — — Retranslation of the NOK Bonds in U.S. dollars — — ) — — ) Borrowings outstanding as of December 31, 2018 ) ) |
Schedule of reconciliation of derivatives arising from financing activities | Opening Cash flows Other Non-cash Total Net derivative liabilities as of January 1, 2017 ) — — — ) Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedge — — — Payment for CCS termination (Note 26) — — — Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — — Net derivative (liabilities)/assets as of December 31, 2017 ) Opening Cash flows Other Non-cash Total Net derivative assets as of January 1, 2018 []16,396 — — — Unrealized loss on derivative financial instruments held for trading — — — ) ) Ineffective portion of cash flow hedges — — — ) ) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — ) — ) Net derivative assets as of December 31, 2018 — ) ) |
Schedule of reconciliation of tangible fixed assets, vessels under construction and vessel held under finance lease arising from investing activities | Opening Cash flows Non-cash Total Tangible fixed assets, vessels under construction and vessel held under finance lease as of January 1, 2017 — — Additions (Note 6) — Depreciation expense (Note 6) — — ) ) Tangible fixed assets, vessels under construction and vessel held under finance lease as of December 31, 2017 ) Opening Cash flows Non-cash Total Tangible fixed assets, vessels under construction and vessel held under finance lease as of January 1, 2018 — — Additions (Note 6) — Transfer under "Other non-current assets" — — ) ) Depreciation expense (Note 6) — — ) ) Tangible fixed assets, vessels under construction and vessel held under finance lease as of December 31, 2018 ) |
Schedule of reconciliation of finance lease liabilities arising from financing activities | Opening Cash flows Non-cash Total Finance lease liabilities as of January 1, 2017 — — Finance lease charge (Note 19) — — Payments for interest — ) — ) Payments for finance lease liability — ) — ) Finance lease liabilities as of December 31, 2017 ) Opening Cash flows Non-cash Total Finance lease liabilities as of January 1, 2018 — — Finance lease charge (Note 19) — — Payments for interest — ) — ) Payments for finance lease liability — ) — ) Finance lease liabilities as of December 31, 2018 ) |
Schedule of reconciliation of equity offerings arising from financing activities | Cash flows Non-cash Total Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) — Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2017 ) Cash flows Non-cash Total Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) — Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2018 ) |
Earnings_(losses) per share (_2
Earnings/(losses) per share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/(losses) per share ("EPS") | |
Schedule of earnings/(losses) per share | For the year ended December 31, 2016 2017 2018 Basic (loss)/earnings per share Profit/(loss) for the year attributable to owners of the Group ) Less: Dividends on Preference Shares ) ) ) (Loss)/profit for the year available to owners of the Group ) Weighted average number of shares outstanding, basic Basic (loss)/earnings per share ) Diluted (loss)/ earnings per share (Loss)/profit for the year available to owners of the Group used in the calculation of diluted EPS ) Weighted average number of shares outstanding, basic Dilutive potential ordinary shares — Weighted average number of shares used in the calculation of diluted EPS Diluted (loss)/earnings per share ) |
Organization and Operations - G
Organization and Operations - General information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Apr. 26, 2018 | Apr. 03, 2018 | Jan. 27, 2017 | Aug. 05, 2016 | May 12, 2014 |
Organization and Operations | ||||||
Beneficial interest owned by chairman and his family (in percent) | 40.09% | |||||
GasLog Partners LP | Common shares/units | ||||||
Organization and Operations | ||||||
Number of units issued | 1,858,975 | 33,998 | 3,750,000 | 2,750,000 | ||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 78,197 | $ 52,299 | ||||
GasLog Partners LP | IPO | ||||||
Organization and Operations | ||||||
Ownership interest in GasLog Partners offered under initial public offering (in percent) | 48.20% | |||||
GasLog Partners LP | IPO | Common shares/units | ||||||
Organization and Operations | ||||||
Number of units issued | 9,660,000 | |||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 186,029 | |||||
GasLog Partners LP | Over allotment | Common shares/units | ||||||
Organization and Operations | ||||||
Number of units issued | 1,260,000 | |||||
GasLog Partners LP | Acquisition of subsidiaries | ||||||
Organization and Operations | ||||||
Ownership interest in GasLog Partners in transaction with parent (in percent) | 49.80% | |||||
Incentive distribution rights threshold for cash distribution per quarter (in dollars per unit) | $ 0.43125 | |||||
Cash consideration paid to GasLog in exchange for the contribution of net assets | $ 65,695 | |||||
GasLog Partners LP | Acquisition of subsidiaries | Common shares/units | ||||||
Organization and Operations | ||||||
Number of units issued | 162,358 | |||||
GasLog Partners LP | Acquisition of subsidiaries | Subordinated units | ||||||
Organization and Operations | ||||||
Number of units issued | 9,822,358 | |||||
GasLog Partners LP | Acquisition of subsidiaries | General partner units | ||||||
Organization and Operations | ||||||
Number of units issued | 400,913 | |||||
General partner interest in GasLog Partners | 2.00% | |||||
GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 27.50% | |||||
General partner interest in GasLog Partners | 2.00% | |||||
GAS-three Ltd | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 27.50% | |||||
GAS-three Ltd | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||
GAS-four Ltd | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 27.50% | |||||
GAS-four Ltd | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||
GAS-five Ltd | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 27.50% | |||||
GAS-five Ltd | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||
GasLog Partners' subsidiaries acquired after IPO | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% |
Organization and Operations - C
Organization and Operations - Composition of the group (Details) | Dec. 31, 2018itemm³ | Dec. 31, 2017 | Feb. 09, 2017 | Jul. 31, 2018item | Dec. 31, 2018employeeitem | Dec. 31, 2017employee | Dec. 31, 2016employee | ||
Organization and Operations | |||||||||
Number of owned LNG carriers operating in the Cool Pool | item | 6 | ||||||||
Average number of employees employed | employee | 172 | 184 | 173 | ||||||
Series A Cumulative Redeemable Perpetual Preference Shares | |||||||||
Organization and Operations | |||||||||
Interest rate on Cumulative Redeemable Perpetual Preference Shares (in percent) | 8.75% | ||||||||
Golar - Cool Pool participant | |||||||||
Organization and Operations | |||||||||
Number of owned LNG carriers operating in the Cool Pool | item | 10 | ||||||||
The Cool Pool Limited / Joint venture | |||||||||
Organization and Operations | |||||||||
Ownership interest in joint venture (in percent) | 50.00% | [1] | 33.33% | ||||||
Number of LNG carriers operating in the Cool Pool | item | 16 | ||||||||
The Cool Pool Limited / Joint venture | Dynagas - Cool Pool participant | |||||||||
Organization and Operations | |||||||||
Number of vessels removed from Cool Pool | item | 3 | ||||||||
Egypt LNG Shipping Ltd / Associate | |||||||||
Organization and Operations | |||||||||
Ownership interest in associate (in percent) | 25.00% | 25.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
Gastrade / Associate | |||||||||
Organization and Operations | |||||||||
Ownership interest in associate (in percent) | 20.00% | 20.00% | 20.00% | ||||||
GasLog Investments Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Carriers Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Shipping Company, Ltd. | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Partners GP LLC | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Cyprus Investments Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Services UK Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Services US Inc | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Asia Pte Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog LNG Services Ltd. | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Monaco S.A.M. | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GAS-one Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-two Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-six Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-nine Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-ten Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-twelve Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-fifteen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 153,600 | ||||||||
GAS-eighteen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
GAS-twenty two Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-twenty three Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 174,000 | |||||||
GAS-twenty four Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-twenty five Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-twenty six Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [3] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [3] | 170,000 | |||||||
GAS-twenty eight Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 180,000 | |||||||
GAS-twenty nine Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 180,000 | |||||||
GAS-thirty Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 180,000 | |||||||
GAS-thirty one Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 180,000 | |||||||
GAS-thirty two Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 174,000 | |||||||
GAS-thirty three Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 174,000 | |||||||
GAS-thirty four Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 180,000 | |||||||
GAS-thirty five Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | [2] | 100.00% | |||||||
LNG Cargo capacity (in cbm) per vessel | [2] | 180,000 | |||||||
GAS-thirty six Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GAS-thirty seven Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Shipping Limited | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||||||
GasLog Partners LP | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
GasLog Partners Holdings LLC | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
GAS-three Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-four Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-five Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-seven Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-eight Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | ||||||||
GAS-eleven Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-thirteen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-fourteen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | ||||||||
GAS-sixteen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
GAS-seventeen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
GAS-nineteen Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
GAS-twenty Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
GAS-twenty one Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | ||||||||
GAS-twenty seven Ltd | |||||||||
Organization and Operations | |||||||||
Ownership interest in subsidiary (in percent) | 27.50% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | ||||||||
[1] | On October 1, 2015, GasLog Carriers, Dynagas Ltd. (“Dynagas”) and Golar LNG Limited (“Golar”) (“Pool Owners”) and The Cool Pool Limited signed an LNG carrier pooling agreement (the “LNG Carrier Pool”, “Pool Agreement” or “Cool Pool”) to market their vessels, which are currently operating in the LNG shipping spot market. For the operation of the Cool Pool, a Marshall Islands service company named “The Cool Pool Limited” or the “Pool Manager”, was incorporated in September 2015 acting as an agent. In June and July 2018, Dynagas removed its three vessels from the Cool Pool and ceased to be a shareholder.As of December 31, 2018, the Cool Pool consists of 16 modern, high quality and essentially equivalent vessels powered by fuel efficient tri-fuel diesel electric (“TFDE”) engine propulsion technology. The participation of the Pool Owners’ vessels in the Cool Pool is as follows: GasLog: six vessels; and Golar: ten vessels. Each vessel owner continues to be fully responsible for the crew and technical management of their respective vessels. In addition, as of December 31, 2018, the GasLog Skagen was substituted for the GasLog Saratoga in the Cool Pool. | ||||||||
[2] | For newbuildings, expected delivery quarters as of December 31, 2018 are presented. | ||||||||
[3] | On February 24, 2016, GAS-twenty six Ltd. completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui Co. Ltd. (“Mitsui”). Refer to Note 6. |
Significant Accounting Polici_4
Significant Accounting Policies - Going concern (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Feb. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Going concern | |||
Current assets | $ 438,888 | $ 417,071 | |
Current liabilities | 669,405 | 294,857 | |
Working capital position | (230,517) | ||
Borrowings, current portion | 520,550 | $ 179,367 | |
GasLog Partners LP | Maximum | |||
Going concern | |||
Refinance of outstanding debt | $ 450,000 | ||
Maturity In November 2019 | |||
Going concern | |||
Borrowings, current portion | $ 360,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Useful lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Vessels | |
Useful lives of long lived assets | |
Useful lives | 35 years |
Dry-docking component | |
Useful lives of long lived assets | |
Useful lives | 5 years |
Furniture, computer, software and other office equipment | Minimum | |
Useful lives of long lived assets | |
Useful lives | 3 years |
Furniture, computer, software and other office equipment | Maximum | |
Useful lives of long lived assets | |
Useful lives | 5 years |
Leasehold improvements | |
Useful lives of long lived assets | |
Useful lives | 12 years |
Significant Accounting Polici_6
Significant Accounting Policies - Classification of the non-controlling interests (Details) | 12 Months Ended |
Dec. 31, 2018item | |
GasLog Partners LP | |
Disclosure of subsidiaries | |
Available cash percentage the Partnership is required to distribute | 100.00% |
Number of days after the quarter cash distributed to partners | 45 days |
GasLog Partners LP | |
Disclosure of subsidiaries | |
GasLog Partner common units not directly or indirectly held by GasLog | 33,605,302 |
Significant Accounting Polici_7
Significant Accounting Policies - Key sources of estimation uncertainty (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)item | |
Vessels | |
Number of vessels with carrying amount higher than the charter free market values | item | 14 |
Vessels utilization rate assumed (as a percent) | 99.50% |
Charter agreement term used to determine rate, up to December 31, 2023 | 5 years |
Number of years of historical average used to estimate the average time charter rate after January 1, 2024 | 5 years |
Number of years of charter rates used to estimate the average time charter rate after January 1, 2024 | 5 years |
Annual escalation factor for operating expenses (as a percent) | 1.00% |
Weighted average cost of capital | 7.50% |
Impairment loss of vessels | $ 0 |
Impairment loss of goodwill | 0 |
Steam Vessels | |
Vessels | |
Charter market rate used (per day) | $ 45 |
Percentage of decrease in break-even charter hire rate for sensitivity analysis | 2.00% |
Aggregate impairment charge resulting from sensitivity analysis | $ 23,087 |
Steam Vessels | Average | |
Vessels | |
Charter market rate used (per day) | 58 |
Break-even charter hire rate (per day) | 50 |
Charter hire rate used for sensitivity analysis (per day) | 49 |
TFDE Vessels | |
Vessels | |
Charter market rate used (per day) | $ 75 |
Significant Accounting Polici_8
Significant Accounting Policies - Standards and interpretations adopted in current period (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity | $ 1,983,122 | $ 1,763,134 | $ 1,509,682 | $ 1,507,920 |
Other payables and accruals | 127,450 | 93,418 | ||
Retained earnings/(accumulated deficit) | ||||
Equity | 12,614 | (5,980) | (21,486) | 1,846 |
Reserves | ||||
Equity | $ 18,962 | 18,347 | $ 10,160 | $ (8,829) |
Increase (decrease) due to application of IFRS 15 | ||||
Other payables and accruals | 246 | |||
Increase (decrease) due to application of IFRS 15 | Retained earnings/(accumulated deficit) | ||||
Equity | (246) | |||
Increase (decrease) due to application of IFRS 9 | Retained earnings/(accumulated deficit) | ||||
Equity | 436 | |||
Increase (decrease) due to application of IFRS 9 | Reserves | ||||
Equity | $ (436) |
Significant Accounting Polici_9
Significant Accounting Policies - Standards and amendments not yet adopted (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of expected impact of initial application of new standards or interpretations | ||
Assets | $ 5,174,807 | $ 4,634,891 |
(Accumulated deficit)/retained earnings | 12,614 | $ (5,980) |
Increase (decrease) due to application of IFRS 16 | ||
Disclosure of expected impact of initial application of new standards or interpretations | ||
Assets | 7,210 | |
(Accumulated deficit)/retained earnings | 300 | |
Liabilities | $ 6,910 |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended |
Dec. 31, 2018€ / $ | |
Assumptions | |
Foreign exchange rate (EUR/USD) | 1.225 |
Goodwill | |
Assumptions | |
Average inflation rate | 1.00% |
Pre-tax discount rate | 9.40% |
Annual growth rate | 1.00% |
Equity Transactions - Offerings
Equity Transactions - Offerings (Details) - GasLog Partners LP $ / shares in Units, $ in Thousands | Nov. 15, 2018USD ($)$ / sharesshares | Apr. 26, 2018$ / sharesshares | Apr. 03, 2018EquityInstruments$ / sharesshares | Jan. 17, 2018USD ($)$ / sharesshares | May 16, 2017USD ($)shares | May 15, 2017USD ($)$ / sharesshares | Feb. 24, 2017shares | Jan. 27, 2017USD ($)$ / sharesshares | Aug. 05, 2016USD ($)$ / sharesshares | Dec. 31, 2018USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Nov. 03, 2017USD ($) |
Equity transactions | ||||||||||||
Number of subordinated units converted into common units | 9,822,358 | |||||||||||
Conversion ratio of subordinated units to common units | 1 | |||||||||||
RCUs | ||||||||||||
Equity transactions | ||||||||||||
Number of units vested during the period | EquityInstruments | 16,999 | 16,999 | ||||||||||
PCUs | ||||||||||||
Equity transactions | ||||||||||||
Number of units vested during the period | EquityInstruments | 16,999 | 16,999 | ||||||||||
Common shares/units | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 1,858,975 | 33,998 | 3,750,000 | 2,750,000 | ||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 24.21 | $ 23.55 | $ 20.50 | $ 19.50 | ||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 78,197 | $ 52,299 | ||||||||||
Common shares/units | Underwriters | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 120,000 | |||||||||||
Common shares/units | ATM Programme | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 2,553,899 | 2,737,405 | ||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 23.72 | $ 22.97 | ||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 60,013 | $ 61,225 | ||||||||||
Aggregate offering value | $ | $ 100,000 | $ 144,040 | ||||||||||
Partnership's Series A Preference Units | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 5,750,000 | |||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 25 | |||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 138,804 | |||||||||||
Distribution rate | 8.625% | |||||||||||
Liquidation preference per share/unit (in dollars per share/unit) | $ / shares | $ 25 | |||||||||||
Partnership's Series A Preference Units | Underwriters | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 750,000 | |||||||||||
Partnership's Series B Preference Units | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 4,600,000 | |||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 25 | |||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 111,194 | |||||||||||
Distribution rate | 8.20% | |||||||||||
Partnership's Series B Preference Units | Underwriters | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 600,000 | |||||||||||
Partnership's Series C Preference Units | ||||||||||||
Equity transactions | ||||||||||||
Number of units issued | 4,000,000 | |||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 25 | |||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ | $ 96,307 | |||||||||||
Distribution rate | 8.50% |
Equity Transactions - Balance o
Equity Transactions - Balance of non-controlling interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of year | $ 1,763,134 | $ 1,509,682 | $ 1,507,920 |
Net proceeds from the Partnership's equity offerings | 267,514 | 278,226 | 52,299 |
Dividend declared | (178,028) | (121,071) | (99,207) |
Profit for the year | 126,398 | 84,209 | 28,051 |
Balance at the end of the year | 1,983,122 | 1,763,134 | 1,509,682 |
Non-controlling interests | |||
Balance at beginning of year | 845,105 | 564,039 | 506,246 |
Net proceeds from the Partnership's equity offerings | 267,514 | 278,226 | 52,299 |
Dividend declared | (87,954) | (65,863) | (44,043) |
Profit for the year | 78,715 | 68,703 | 49,537 |
Balance at the end of the year | $ 1,103,380 | $ 845,105 | $ 564,039 |
Equity Transactions - Distribut
Equity Transactions - Distribution policy (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 27, 2018 | Dec. 31, 2018 | Nov. 26, 2018 |
IDRs | |||
Amount paid in exchange of waiving of rights to holders of existing IDRs | $ 25,000 | ||
Minimum Quarterly Distribution | GasLog Partners LP | Common shares/units | |||
Marginal percentage interest in distributions | 98.00% | 98.00% | |
Minimum Quarterly Distribution | GasLog Partners LP | General partner units | |||
Marginal percentage interest in distributions | 2.00% | 2.00% | |
Minimum Quarterly Distribution | GasLog Partners LP | IDRs | |||
Marginal percentage interest in distributions | 0.00% | 0.00% | |
Minimum Quarterly Distribution | GasLog Partners LP | Maximum | |||
Total Quarterly Distribution Target Amount | $ 0.375 | $ 0.375 | |
First Target Distribution | GasLog Partners LP | Common shares/units | |||
Marginal percentage interest in distributions | 98.00% | 98.00% | |
First Target Distribution | GasLog Partners LP | General partner units | |||
Marginal percentage interest in distributions | 2.00% | 2.00% | |
First Target Distribution | GasLog Partners LP | IDRs | |||
Marginal percentage interest in distributions | 0.00% | 0.00% | |
First Target Distribution | GasLog Partners LP | Minimum | |||
Total Quarterly Distribution Target Amount | $ 0.375 | $ 0.375 | |
First Target Distribution | GasLog Partners LP | Maximum | |||
Total Quarterly Distribution Target Amount | $ 0.43125 | $ 0.43125 | |
Second Target Distribution | GasLog Partners LP | Common shares/units | |||
Marginal percentage interest in distributions | 85.00% | 85.00% | |
Second Target Distribution | GasLog Partners LP | General partner units | |||
Marginal percentage interest in distributions | 2.00% | 2.00% | |
Second Target Distribution | GasLog Partners LP | IDRs | |||
Marginal percentage interest in distributions | 13.00% | 13.00% | |
Second Target Distribution | GasLog Partners LP | Minimum | |||
Total Quarterly Distribution Target Amount | $ 0.43125 | $ 0.43125 | |
Second Target Distribution | GasLog Partners LP | Maximum | |||
Total Quarterly Distribution Target Amount | $ 0.46875 | $ 0.46875 | |
Third Target Distribution | GasLog Partners LP | Common shares/units | |||
Marginal percentage interest in distributions | 75.00% | ||
Third Target Distribution | GasLog Partners LP | General partner units | |||
Marginal percentage interest in distributions | 2.00% | ||
Third Target Distribution | GasLog Partners LP | IDRs | |||
Marginal percentage interest in distributions | 23.00% | ||
Third Target Distribution | GasLog Partners LP | Minimum | |||
Total Quarterly Distribution Target Amount | $ 0.46875 | ||
Third Target Distribution | GasLog Partners LP | Maximum | |||
Total Quarterly Distribution Target Amount | $ 0.5625 | ||
Thereafter | GasLog Partners LP | Common shares/units | |||
Marginal percentage interest in distributions | 75.00% | 50.00% | |
Thereafter | GasLog Partners LP | General partner units | |||
Marginal percentage interest in distributions | 2.00% | 2.00% | |
Thereafter | GasLog Partners LP | IDRs | |||
Marginal percentage interest in distributions | 23.00% | 48.00% | |
Thereafter | GasLog Partners LP | Minimum | |||
Total Quarterly Distribution Target Amount | $ 0.46875 | $ 0.5625 |
Equity Transactions - Allocatio
Equity Transactions - Allocation of GasLog Partners' profit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allocation of GasLog Partners' profit | |||
Profit for the year | $ 126,398 | $ 84,209 | $ 28,051 |
Profit/(loss) for the year attributable to owners of the Group | 47,683 | 15,506 | (21,486) |
Profit and total comprehensive income allocated to non-controlling interests | 78,715 | 68,703 | $ 49,537 |
GasLog Partners LP | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 102,597 | 94,117 | |
Profit/(loss) for the year attributable to owners of the Group | 23,882 | 25,414 | |
Profit and total comprehensive income allocated to non-controlling interests | 78,715 | 68,703 | |
GasLog Partners LP | Common shares/units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 75,879 | 76,347 | |
GasLog Partners LP | Subordinated units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 5,085 | ||
GasLog Partners LP | General partner units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 1,602 | 1,728 | |
GasLog Partners LP | IDRs | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | 2,618 | 3,208 | |
GasLog Partners LP | Preference shares/units | |||
Allocation of GasLog Partners' profit | |||
Profit for the year | $ 22,498 | $ 7,749 |
Equity Transactions - Distrib_2
Equity Transactions - Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividend distributions | |||
Dividend declared | $ 178,028 | $ 121,071 | $ 99,207 |
Non-controlling interests | |||
Dividend distributions | |||
Dividend declared | 87,954 | $ 65,863 | $ 44,043 |
GasLog Partners LP | Non-controlling interests | Common shares/units | |||
Dividend distributions | |||
Dividend declared | 66,964 | ||
GasLog Partners LP | Non-controlling interests | Preference shares/units | |||
Dividend distributions | |||
Dividend declared | $ 20,990 |
Investment in Associates and _3
Investment in Associates and Joint Venture - Associate (Details) $ in Thousands | Dec. 31, 2018USD ($)m³ | Dec. 31, 2017USD ($) | Feb. 09, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Rollforward of investment in associate and joint venture | ||||||
Share of profit of associates | $ 1,800 | $ 1,159 | $ 1,422 | |||
Associates | ||||||
Rollforward of investment in associate and joint venture | ||||||
Beginning balance | 20,800 | 6,265 | ||||
Additions | 136 | 14,125 | ||||
Share of profit of associates | 1,800 | 1,159 | 1,422 | |||
Return of investment from associate | (59) | |||||
Dividend declared | (2,023) | (690) | (1,239) | |||
Ending balance | $ 20,713 | $ 20,800 | 20,713 | 20,800 | $ 6,265 | |
Egypt LNG Shipping Ltd / Associate | ||||||
Interest in Associate | ||||||
Equity interest in associate (as a percent) | 25.00% | 25.00% | ||||
Cargo capacity (in cbm) | m³ | 145,000 | |||||
Gastrade / Associate | ||||||
Interest in Associate | ||||||
Equity interest in associate (as a percent) | 20.00% | 20.00% | 20.00% | |||
Rollforward of investment in associate and joint venture | ||||||
Additions | $ 136 | $ 14,125 |
Investment in Associates and _4
Investment in Associates and Joint Venture - Associate Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Total current assets | $ 438,888 | $ 417,071 | |
Total current liabilities | (669,405) | (294,857) | |
Non-current | |||
Total non-current assets | 4,735,919 | 4,217,820 | |
Total non-current liabilities | (2,522,280) | (2,576,900) | |
Financial information from the statements of profit or loss | |||
Revenues | 618,344 | 525,229 | $ 466,059 |
Profit for the year | 126,398 | 84,209 | 28,051 |
Total comprehensive income for the year | 126,089 | 91,244 | 45,020 |
Group's share in profit | 1,800 | 1,159 | 1,422 |
Dividend declared | (178,028) | (121,071) | (99,207) |
Associates | |||
Current | |||
Total current assets | 20,836 | 17,691 | |
Total current liabilities | (16,333) | (12,996) | |
Non-current | |||
Total non-current assets | 114,459 | 122,531 | |
Total non-current liabilities | (90,879) | (99,086) | |
Net assets | 28,083 | 28,140 | |
Group's share | 6,939 | 6,963 | |
Effect from translation | (47) | 16 | |
Goodwill | 13,821 | 13,821 | |
Investment in associates and joint venture | 20,713 | 20,800 | 6,265 |
Financial information from the statements of profit or loss | |||
Revenues | 23,513 | 19,627 | 16,636 |
Profit for the year | 7,040 | 4,637 | 5,686 |
Total comprehensive income for the year | 7,040 | 4,637 | 5,686 |
Group's share in profit | 1,800 | 1,159 | 1,422 |
Dividend declared | (8,091) | (2,759) | (4,950) |
Group's share in dividend | $ 2,023 | $ 690 | $ 1,239 |
Investment in Associates and _5
Investment in Associates and Joint Venture - Joint Venture (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | ||||||
Total current assets | $ 438,888 | $ 417,071 | $ 438,888 | $ 417,071 | ||
Total current liabilities | (669,405) | (294,857) | (669,405) | (294,857) | ||
Non-current | ||||||
Total non-current assets | 4,735,919 | 4,217,820 | 4,735,919 | 4,217,820 | ||
Total non-current liabilities | (2,522,280) | (2,576,900) | (2,522,280) | (2,576,900) | ||
Consolidated statements of profit or loss | ||||||
Revenues | 618,344 | 525,229 | $ 466,059 | |||
Profit for the year | 126,398 | 84,209 | 28,051 | |||
Total comprehensive income for the year | 126,089 | 91,244 | 45,020 | |||
Group's share in profit | 1,800 | 1,159 | 1,422 | |||
Dividend declared | (178,028) | (121,071) | (99,207) | |||
Joint ventures | ||||||
Current | ||||||
Total current assets | 98,448 | 40,661 | 98,448 | 40,661 | ||
Total current liabilities | $ (98,448) | $ (40,661) | (98,448) | (40,661) | ||
Consolidated statements of profit or loss | ||||||
Revenues | $ 346,170 | $ 159,460 | $ 73,348 | |||
The Cool Pool Limited / Joint venture | ||||||
Interest in joint venture | ||||||
Equity interest in joint venture (as a percent) | 50.00% | [1] | 33.33% | |||
[1] | On October 1, 2015, GasLog Carriers, Dynagas Ltd. (“Dynagas”) and Golar LNG Limited (“Golar”) (“Pool Owners”) and The Cool Pool Limited signed an LNG carrier pooling agreement (the “LNG Carrier Pool”, “Pool Agreement” or “Cool Pool”) to market their vessels, which are currently operating in the LNG shipping spot market. For the operation of the Cool Pool, a Marshall Islands service company named “The Cool Pool Limited” or the “Pool Manager”, was incorporated in September 2015 acting as an agent. In June and July 2018, Dynagas removed its three vessels from the Cool Pool and ceased to be a shareholder.As of December 31, 2018, the Cool Pool consists of 16 modern, high quality and essentially equivalent vessels powered by fuel efficient tri-fuel diesel electric (“TFDE”) engine propulsion technology. The participation of the Pool Owners’ vessels in the Cool Pool is as follows: GasLog: six vessels; and Golar: ten vessels. Each vessel owner continues to be fully responsible for the crew and technical management of their respective vessels. In addition, as of December 31, 2018, the GasLog Skagen was substituted for the GasLog Saratoga in the Cool Pool. |
Tangible Fixed Assets, Vessel_3
Tangible Fixed Assets, Vessels Under Construction and Vessel Held Under Finance Lease (Details) $ in Thousands | Jul. 10, 2018item | Dec. 31, 2018USD ($)itemm³ | Aug. 31, 2018itemm³ | May 31, 2018itemm³ | Mar. 31, 2018itemm³ | Jan. 31, 2018USD ($)itemm³ | Sep. 30, 2016itemm³ | Jun. 30, 2014itemm³ | May 31, 2014itemm³ | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | $ 4,153,550 | $ 4,153,550 | $ 4,207,407 | ||||||||
Additions | 690,903 | 83,330 | |||||||||
Depreciation | (153,193) | (137,187) | |||||||||
Transfer under "Other non-current assets" | (1,650) | ||||||||||
Balance, at the end of the year | $ 4,689,610 | 4,689,610 | 4,153,550 | ||||||||
Vessels pledged as collateral | 4,304,252 | 4,304,252 | 3,757,051 | ||||||||
HOA with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Amount paid to Samsung for potential conversion of existing vessel | 3,400 | 3,400 | |||||||||
Agreement with Keppel | |||||||||||
Property, plant and equipment | |||||||||||
Amount paid to Keppel for detailed engineering in relation to FSRU conversion of vessel | $ 6,539 | 6,539 | |||||||||
Number of vessels under FSRU conversion | item | 1 | ||||||||||
GAS-twenty two Ltd. | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||
GAS-twenty four Ltd. and GAS-twenty five Ltd | Ship building contracts with Hyundai | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 2 | ||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||
GAS-twenty three Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||
GAS-twenty nine Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||
GAS-twenty eight Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||
GAS-thirty one Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||
GAS-thirty Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||
GAS-thirty two Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||
GAS-thirty three Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||
GAS-thirty four Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||
GAS-thirty five Ltd | Ship building contracts with Samsung | |||||||||||
Property, plant and equipment | |||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||
Tangible fixed assets | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | $ 3,772,566 | 3,772,566 | |||||||||
Balance, at the end of the year | $ 4,323,582 | 4,323,582 | 3,772,566 | ||||||||
Vessels | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 3,757,051 | 3,757,051 | |||||||||
Balance, at the end of the year | 4,304,252 | 4,304,252 | 3,757,051 | ||||||||
Office property and other tangible assets | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 15,515 | 15,515 | |||||||||
Balance, at the end of the year | 19,330 | 19,330 | 15,515 | ||||||||
Vessels under construction | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 166,655 | 166,655 | |||||||||
Balance, at the end of the year | 159,275 | 159,275 | 166,655 | ||||||||
Progress shipyard installments | 152,075 | 152,075 | 153,116 | ||||||||
Onsite supervision costs | 5,766 | 5,766 | 10,570 | ||||||||
Critical spare parts, equipment and other vessel delivery expenses | 1,434 | 1,434 | 2,969 | ||||||||
Vessels held under financial lease | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 214,329 | 214,329 | |||||||||
Balance, at the end of the year | 206,753 | 206,753 | 214,329 | ||||||||
Cost | Tangible fixed assets | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 4,237,090 | 4,237,090 | 4,227,350 | ||||||||
Additions | 53,714 | 13,031 | |||||||||
Transfer from vessels under construction | 642,776 | ||||||||||
Fully amortized fixed assets | (10,192) | (3,291) | |||||||||
Balance, at the end of the year | 4,923,388 | 4,923,388 | 4,237,090 | ||||||||
Cost | Vessels | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 4,217,866 | 4,217,866 | 4,212,849 | ||||||||
Additions | 49,036 | 7,517 | |||||||||
Transfer from vessels under construction | 642,776 | ||||||||||
Fully amortized fixed assets | (10,000) | (2,500) | |||||||||
Balance, at the end of the year | 4,899,678 | 4,899,678 | 4,217,866 | ||||||||
Cost | Office property and other tangible assets | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 19,224 | 19,224 | 14,501 | ||||||||
Additions | 4,678 | 5,514 | |||||||||
Fully amortized fixed assets | (192) | (791) | |||||||||
Balance, at the end of the year | 23,710 | 23,710 | 19,224 | ||||||||
Cost | Vessels under construction | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 166,655 | 166,655 | 96,356 | ||||||||
Additions | 637,046 | 70,299 | |||||||||
Transfer from vessels under construction | (642,776) | ||||||||||
Transfer under "Other non-current assets" | (1,650) | ||||||||||
Balance, at the end of the year | 159,275 | 159,275 | 166,655 | ||||||||
Cost | Vessels held under financial lease | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | 228,523 | 228,523 | 228,523 | ||||||||
Additions | 143 | ||||||||||
Balance, at the end of the year | 228,666 | 228,666 | 228,523 | ||||||||
Accumulated depreciation | Tangible fixed assets | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | (464,524) | (464,524) | (338,303) | ||||||||
Depreciation | (145,474) | (129,512) | |||||||||
Fully amortized fixed assets | 10,192 | 3,291 | |||||||||
Balance, at the end of the year | (599,806) | (599,806) | (464,524) | ||||||||
Accumulated depreciation | Vessels | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | (460,815) | (460,815) | (334,960) | ||||||||
Depreciation | (144,611) | (128,355) | |||||||||
Fully amortized fixed assets | 10,000 | 2,500 | |||||||||
Balance, at the end of the year | (595,426) | (595,426) | (460,815) | ||||||||
Accumulated depreciation | Office property and other tangible assets | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | (3,709) | (3,709) | (3,343) | ||||||||
Depreciation | (863) | (1,157) | |||||||||
Fully amortized fixed assets | 192 | 791 | |||||||||
Balance, at the end of the year | (4,380) | (4,380) | (3,709) | ||||||||
Accumulated depreciation | Vessels held under financial lease | |||||||||||
Property, plant and equipment | |||||||||||
Balance, at the beginning of the year | $ (14,194) | (14,194) | (6,519) | ||||||||
Depreciation | (7,719) | (7,675) | |||||||||
Balance, at the end of the year | $ (21,913) | $ (21,913) | $ (14,194) |
Sale and Leaseback (Details)
Sale and Leaseback (Details) - USD ($) $ in Thousands | Feb. 24, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Sale and Leaseback | ||||||
Proceeds from sale and finance leaseback | $ 217,000 | |||||
Duration of bareboat hire holiday period which expired on September 21, 2016 (in days) | 210 days | |||||
Movements in finance lease liabilities | ||||||
Finance lease liabilities at the beginning of the period | $ 213,428 | $ 220,401 | ||||
Finance lease charge | 10,520 | 10,875 | ||||
Payments | (17,849) | (17,848) | ||||
Finance lease liabilities at the end of the period | 206,099 | 213,428 | 220,401 | |||
Finance lease liabilities breakdown | ||||||
Finance lease liability, current portion | $ 6,675 | $ 6,302 | ||||
Finance lease liability, non-current portion | 199,424 | 207,126 | ||||
Total | $ 213,428 | $ 220,401 | $ 220,401 | $ 206,099 | $ 213,428 | |
Minimum | ||||||
Sale and Leaseback | ||||||
Sale leaseback, repurchase period | 10 years | |||||
Maximum | ||||||
Sale and Leaseback | ||||||
Leaseback bareboat charter period in years | 20 years | |||||
Sale leaseback, repurchase period | 17 years | |||||
GAS-twenty six Ltd | ||||||
Sale and Leaseback | ||||||
Proceeds from sale and finance leaseback | $ 217,000 |
Sale and Leaseback - Commitment
Sale and Leaseback - Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments in relation to finance leases | |
Minimum lease payments | $ 306,836 |
Future finance charges | (100,737) |
Finance lease liabilities | 206,099 |
Not later than one year | |
Commitments in relation to finance leases | |
Minimum lease payments | 17,849 |
Finance lease liabilities | 6,675 |
Later than one year and not later than three years | |
Commitments in relation to finance leases | |
Minimum lease payments | 35,746 |
Finance lease liabilities | 16,626 |
Later than three years and not later than five years | |
Commitments in relation to finance leases | |
Minimum lease payments | 35,697 |
Finance lease liabilities | 18,341 |
More than five years | |
Commitments in relation to finance leases | |
Minimum lease payments | 217,544 |
Finance lease liabilities | $ 164,457 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents | ||||
Current accounts | $ 220,089 | $ 191,773 | ||
Time deposits (with original maturities of three months or less) | 121,925 | 189,925 | ||
Ship management client accounts | 580 | 2,394 | ||
Total cash and cash equivalents | $ 342,594 | $ 384,092 | $ 227,024 | $ 302,988 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and Other Receivables | ||
Trade receivables | $ 808 | $ 1,129 |
VAT receivable | 1,094 | 833 |
Accrued income | 9,473 | 4,034 |
Insurance claims | 1,282 | 1,452 |
Other receivables | 7,587 | 3,258 |
Total | 20,244 | 10,706 |
Allowance for receivables | $ 0 | $ 0 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Non-Current Assets | ||
Various guarantees | $ 451 | $ 428 |
Other long-term assets | 2,092 | |
Total | $ 2,543 | $ 428 |
Share Capital (Details)
Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Capital | |||
Shares authorized (in shares) | 500,000,000 | ||
Par value per share (in dollar per share) | $ 0.01 | ||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||
Balance at beginning of year | $ 1,763,134 | $ 1,509,682 | $ 1,507,920 |
Purchase of treasury shares | (62) | ||
Treasury shares distributed for awards vested or exercised in the year | 682 | 949 | 53 |
Equity raising fees | (395) | ||
Dividend declared deducted from contributed surplus due to accumulated deficit | (178,028) | (121,071) | (99,207) |
Balance at the end of the year | $ 1,983,122 | $ 1,763,134 | $ 1,509,682 |
Issued capital | Common shares/units | |||
Share Capital | |||
Par value per share (in dollar per share) | $ 0.01 | $ 0.01 | |
Shares issued | 80,861,246 | 80,717,885 | |
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||
Outstanding at beginning of year (in shares) | 80,717,885 | 80,561,353 | 80,496,499 |
Balance at beginning of year | $ 810 | $ 810 | $ 810 |
Purchase of treasury shares (in shares) | (2,818) | ||
Treasury shares distributed for awards vested or exercised in the year (in shares) | 146,179 | 156,532 | 64,854 |
Outstanding at end of year (in shares) | 80,861,246 | 80,717,885 | 80,561,353 |
Balance at the end of the year | $ 810 | $ 810 | $ 810 |
Issued capital | Preference shares/units | |||
Share Capital | |||
Shares issued | 4,600,000 | 4,600,000 | |
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||
Outstanding at beginning of year (in shares) | 4,600,000 | 4,600,000 | 4,600,000 |
Balance at beginning of year | $ 46 | $ 46 | $ 46 |
Outstanding at end of year (in shares) | 4,600,000 | 4,600,000 | 4,600,000 |
Balance at the end of the year | $ 46 | $ 46 | $ 46 |
Treasury shares | |||
Share Capital | |||
Shares issued | 131,880 | 275,241 | |
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||
Outstanding at beginning of year (in shares) | 275,241 | 431,773 | 496,627 |
Balance at beginning of year | $ (6,960) | $ (10,861) | $ (12,491) |
Purchase of treasury shares (in shares) | 2,818 | ||
Purchase of treasury shares | $ (62) | ||
Treasury shares distributed for awards vested or exercised in the year (in shares) | (146,179) | (156,532) | (64,854) |
Treasury shares distributed for awards vested or exercised in the year | $ 3,756 | $ 3,901 | $ 1,630 |
Outstanding at end of year (in shares) | 131,880 | 275,241 | 431,773 |
Balance at the end of the year | $ (3,266) | $ (6,960) | $ (10,861) |
Contributed surplus | |||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||
Balance at beginning of year | 911,766 | 966,974 | 1,020,292 |
Equity raising fees | (395) | ||
Dividend declared deducted from contributed surplus due to accumulated deficit | (60,795) | (55,208) | (53,318) |
Balance at the end of the year | $ 850,576 | $ 911,766 | $ 966,974 |
Reserves - Movements in reserve
Reserves - Movements in reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Reserves | ||||
Balance at beginning of year | $ 1,763,134 | $ 1,509,682 | $ 1,507,920 | |
New Standards adjustment | [1] | (246) | ||
Balance as of January 1, 2018 | 1,762,888 | |||
Effective portion of changes in fair value of cash flow hedges | (258) | 2,667 | (6,522) | |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | ||
Share-based compensation, net of accrued dividend | 4,434 | 4,104 | 3,597 | |
Settlement of share-based compensation | 682 | 949 | 53 | |
Actuarial loss | (51) | (23) | ||
Balance at the end of the year | 1,983,122 | 1,763,134 | 1,509,682 | |
Reserves | ||||
Reserves | ||||
Balance at beginning of year | 18,347 | 10,160 | (8,829) | |
New Standards adjustment | [1] | (436) | ||
Balance as of January 1, 2018 | 17,911 | |||
Effective portion of changes in fair value of cash flow hedges | (258) | 2,667 | (6,522) | |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | ||
Share-based compensation, net of accrued dividend | 4,434 | 4,104 | 3,597 | |
Settlement of share-based compensation | (3,074) | (2,952) | (1,577) | |
Actuarial loss | (51) | (23) | ||
Balance at the end of the year | 18,962 | 18,347 | 10,160 | |
Hedging | Reserves | ||||
Reserves | ||||
Balance at beginning of year | (142) | (7,177) | (24,169) | |
New Standards adjustment | (436) | |||
Balance as of January 1, 2018 | (578) | |||
Effective portion of changes in fair value of cash flow hedges | (258) | 2,667 | (6,522) | |
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 23,514 | ||
Balance at the end of the year | (836) | (142) | (7,177) | |
Employee Benefits | Reserves | ||||
Reserves | ||||
Balance at beginning of year | (105) | (105) | (82) | |
Balance as of January 1, 2018 | (105) | |||
Actuarial loss | (51) | (23) | ||
Balance at the end of the year | (156) | (105) | (105) | |
Share-based compensation reserve | Reserves | ||||
Reserves | ||||
Balance at beginning of year | 18,594 | 17,442 | 15,422 | |
Balance as of January 1, 2018 | 18,594 | |||
Share-based compensation, net of accrued dividend | 4,434 | 4,104 | 3,597 | |
Settlement of share-based compensation | (3,074) | (2,952) | (1,577) | |
Balance at the end of the year | $ 19,954 | $ 18,594 | $ 17,442 | |
[1] | Adjusted so as to reflect certain amendments introduced due to the adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, which became effective on January 1, 2018 (Note 2). |
Reserves - Dividend distributio
Reserves - Dividend distributions - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2019 | Dec. 17, 2018 | Nov. 28, 2018 | Nov. 21, 2018 | Nov. 15, 2018 | Oct. 31, 2018 | Oct. 01, 2018 | Sep. 13, 2018 | Aug. 23, 2018 | Aug. 01, 2018 | Jul. 02, 2018 | May 24, 2018 | May 11, 2018 | May 03, 2018 | Apr. 02, 2018 | Mar. 15, 2018 | Mar. 08, 2018 | Feb. 15, 2018 | Jan. 02, 2018 | Nov. 22, 2017 | Nov. 16, 2017 | Nov. 01, 2017 | Oct. 02, 2017 | Sep. 14, 2017 | Aug. 24, 2017 | Aug. 02, 2017 | Jul. 03, 2017 | May 25, 2017 | May 04, 2017 | Apr. 03, 2017 | Mar. 16, 2017 | Mar. 09, 2017 | Feb. 16, 2017 | Jan. 03, 2017 | Nov. 24, 2016 | Nov. 17, 2016 | Nov. 02, 2016 | Oct. 03, 2016 | Sep. 14, 2016 | Aug. 25, 2016 | Aug. 03, 2016 | Jul. 01, 2016 | May 26, 2016 | May 05, 2016 | Apr. 01, 2016 | Mar. 17, 2016 | Mar. 11, 2016 | Feb. 24, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Dividend distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 90,074 | $ 55,208 | $ 55,164 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shares/units | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.40 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 32,342 | $ 12,126 | $ 12,122 | $ 12,120 | $ 11,300 | $ 11,291 | $ 11,288 | $ 11,287 | $ 11,278 | $ 11,277 | $ 11,277 | $ 11,277 | $ 11,270 | ||||||||||||||||||||||||||||||||||||||
Preference shares/units | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | $ 0.546875 | |||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,515 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Borrowings | ||
Amounts due within one year | $ 531,209 | $ 188,167 |
Less: unamortized deferred loan/bond issuance costs | (10,659) | (8,800) |
Borrowings, current portion | 520,550 | 179,367 |
Amounts due after one year | 2,344,389 | 2,399,849 |
Less: unamortized deferred loan/bond issuance costs | (36,480) | (31,660) |
Borrowings, non-current portion | 2,307,909 | 2,368,189 |
Total | $ 2,828,459 | $ 2,547,556 |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) $ in Thousands | Jul. 25, 2016USD ($)item | Apr. 05, 2016USD ($) | Feb. 24, 2016USD ($) | Dec. 29, 2015USD ($) | Dec. 10, 2015USD ($) | Sep. 04, 2015USD ($) | Apr. 24, 2015USD ($) | Dec. 10, 2014USD ($) | Nov. 19, 2014USD ($) | Oct. 09, 2014USD ($) | Jun. 24, 2014USD ($) | Jun. 10, 2014USD ($) | Jun. 03, 2014USD ($) | May 14, 2014USD ($)item | May 12, 2014USD ($) | Apr. 01, 2014USD ($)entityitem | Feb. 28, 2019USD ($) | Oct. 31, 2013USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 25, 2016USD ($) | Jul. 01, 2015entity | Mar. 25, 2015USD ($) | Sep. 25, 2013USD ($) | May 17, 2013USD ($) | Jan. 18, 2012USD ($)item | Dec. 23, 2011USD ($)trancheitem | Oct. 03, 2011USD ($)trancheitem | Mar. 31, 2008USD ($) |
Borrowings | ||||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 231,753 | $ 397,008 | $ 1,983,576 | |||||||||||||||||||||||||||
Maximum | GasLog Partners LP | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum amount of refinancing of the outstanding debt | $ 450,000 | |||||||||||||||||||||||||||||
Danish Ship Finance A/S loan | GAS-one Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 174,033 | |||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 8 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 115,523 | |||||||||||||||||||||||||||||
Danish Ship Finance A/S loan | Maximum | GAS-one Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum amount of refinancing of the outstanding debt | 1,050,000 | |||||||||||||||||||||||||||||
DNB Bank ASA, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and Skandinaviska Enskilda Banken AB (publ) loan | GAS-two Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Bank loans and bond repayments | 122,175 | |||||||||||||||||||||||||||||
Term loan facility | GAS-two Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 110,000 | |||||||||||||||||||||||||||||
Revolving credit facility | GAS-two Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 50,000 | |||||||||||||||||||||||||||||
Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan | GAS-five Ltd. and GAS-six Ltd. | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 277,000 | |||||||||||||||||||||||||||||
Number of LNG vessels financed | item | 2 | |||||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 2 | |||||||||||||||||||||||||||||
Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan | GAS-five Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 48,225 | |||||||||||||||||||||||||||||
Prepayment of debt | $ 82,634 | |||||||||||||||||||||||||||||
Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated loan | GAS-six Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Bank loans and bond repayments | 116,096 | |||||||||||||||||||||||||||||
Credit Suisse AG loan | GAS-seven Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 144,000 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | 124,000 | |||||||||||||||||||||||||||||
Number of new building vessels financed | item | 1 | |||||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) loan | GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 435,000 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | 398,780 | |||||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 3 | |||||||||||||||||||||||||||||
Number of new building vessels financed | item | 3 | |||||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) loan | GAS-eight Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Drawn amount | $ 143,000 | |||||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) loan | GAS-nine Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Drawn amount | $ 146,000 | |||||||||||||||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) loan | GAS-ten Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Drawn amount | $ 146,000 | |||||||||||||||||||||||||||||
Citibank N.A., London Branch, Citibank International Plc. and DVB America N.V., term loan facility | GAS-fifteen Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 100,000 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 83,325 | |||||||||||||||||||||||||||||
Amount transferred between lenders | $ 50,000 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-eighteen Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 108,500 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-sixteen Ltd., GAS-seventeen Ltd. and GAS-eighteen Ltd. | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 325,500 | |||||||||||||||||||||||||||||
Number of LNG vessels financed | item | 3 | |||||||||||||||||||||||||||||
Facility term | 2 years | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 192,000 | |||||||||||||||||||||||||||||
Number of entities acquired | entity | 2 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-sixteen Ltd. and GAS-seventeen Ltd. | GasLog Partners LP | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Prepayment of debt | $ 25,000 | |||||||||||||||||||||||||||||
Debt assumed from acquired entities | $ 217,000 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-nineteen Ltd, GAS-twenty Ltd and GAS-twenty one Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 325,500 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | 305,500 | |||||||||||||||||||||||||||||
Number of LNG vessels financed | item | 3 | |||||||||||||||||||||||||||||
Drawn amount | $ 108,500 | $ 108,500 | $ 108,500 | |||||||||||||||||||||||||||
Facility term | 2 years | |||||||||||||||||||||||||||||
Number of entities acquired | entity | 3 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-nineteen Ltd, GAS-twenty Ltd and GAS-twenty one Ltd | GasLog Partners LP | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Debt assumed from acquired entities | $ 325,500 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-nineteen Ltd | GasLog Partners LP | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Prepayment of debt | $ 10,000 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-twenty Ltd | GasLog Partners LP | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Prepayment of debt | $ 5,000 | |||||||||||||||||||||||||||||
Citibank, N.A. London Branch loan | GAS-twenty one Ltd | GasLog Partners LP | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Prepayment of debt | $ 5,000 | |||||||||||||||||||||||||||||
Senior secured term loan facility | GAS-twenty six Ltd. and GAS-twenty seven Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 325,000 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | 162,500 | |||||||||||||||||||||||||||||
Prepayment of debt | $ 162,500 | |||||||||||||||||||||||||||||
Subordinated term loan facility | GAS-twenty six Ltd. and GAS-twenty seven Ltd | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Maximum loan facility amount | $ 135,000 | |||||||||||||||||||||||||||||
Bank loans and bond repayments | $ 67,500 | |||||||||||||||||||||||||||||
Prepayment of debt | $ 67,500 |
Borrowings - Existing Facilitie
Borrowings - Existing Facilities (Details) $ in Thousands | Dec. 12, 2018USD ($) | Nov. 13, 2018USD ($) | Mar. 23, 2018USD ($) | Mar. 14, 2018USD ($) | Jan. 05, 2018USD ($) | Jan. 02, 2018USD ($) | Jul. 03, 2017USD ($) | Apr. 05, 2017USD ($) | Jan. 17, 2017USD ($) | Oct. 25, 2016USD ($) | Sep. 26, 2016USD ($) | Jul. 25, 2016USD ($) | Jul. 19, 2016USD ($)facilityitem | Jun. 24, 2016USD ($) | Apr. 05, 2016USD ($)installment | Mar. 22, 2016USD ($) | Oct. 16, 2015USD ($)trancheloanbuildinginstallmentitem | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)entityinstallment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 18, 2016USD ($) | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||||||||
Outstanding balance | $ 2,828,459 | $ 2,547,556 | |||||||||||||||||||||
Deferred financing costs | 4,576 | 17,519 | |||||||||||||||||||||
Unamortized fees written off | $ 23,097 | ||||||||||||||||||||||
Repayment of borrowings | 231,753 | 397,008 | 1,983,576 | ||||||||||||||||||||
GasLog Partners LP | Maximum | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Refinance of outstanding debt | $ 450,000 | ||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | Citibank N.A., Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas loan | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 450,000 | ||||||||||||||||||||||
Outstanding balance | $ 360,000 | 382,500 | |||||||||||||||||||||
Number of equal quarterly installment of debt repayment | installment | 4 | ||||||||||||||||||||||
Installment amount | $ 5,625 | ||||||||||||||||||||||
Final balloon payment | 337,500 | ||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | Citibank N.A., Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas loan | Maximum | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Refinance of outstanding debt | $ 450,000 | ||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Crdit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HANA Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Socit Gnrale and The Korea Development Bank loan | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 1,311,356 | ||||||||||||||||||||||
Outstanding balance | $ 1,024,655 | 589,930 | |||||||||||||||||||||
Number of international banks with debt financing agreement | item | 14 | ||||||||||||||||||||||
Number of new buildings expected to be delivered | building | 8 | ||||||||||||||||||||||
Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure") coverage over facility | 60.00% | ||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 4 | ||||||||||||||||||||||
Number of sub-divided loans in the facility | loan | 8 | ||||||||||||||||||||||
Drawn amount | $ 165,805 | $ 166,210 | $ 166,210 | $ 160,697 | $ 160,697 | $ 162,967 | $ 162,967 | ||||||||||||||||
Number of entities with required minimum liquidity | entity | 7 | ||||||||||||||||||||||
Minimum liquidity required at all times | $ 1,500 | ||||||||||||||||||||||
Deferred financing costs | 4,526 | 17,519 | |||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 1 | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 412,458 | ||||||||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 24 | ||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 2 | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 201,094 | ||||||||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 24 | ||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 3 | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 206,115 | ||||||||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 24 | ||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 4 | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 491,690 | ||||||||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 20 | ||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||
Profile of debt instrument (in years) | 20 years | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | ABN AMRO Bank N.V., DNB (UK) Ltd., DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited loan (Five Vessel Refinancing) | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Minimum liquidity required at all times | 1,500 | ||||||||||||||||||||||
Refinance of outstanding debt | $ 644,000 | ||||||||||||||||||||||
Balance debt paid from available cash | 68,800 | ||||||||||||||||||||||
Unamortized fees written off | 3,046 | ||||||||||||||||||||||
Decrease in aggregate available amount | 1,300 | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Five-year senior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 396,500 | ||||||||||||||||||||||
Outstanding balance | 321,439 | 353,170 | |||||||||||||||||||||
Drawn amount | 395,450 | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Five-year senior tranche facility, first four advances | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 72,288 | ||||||||||||||||||||||
Number of equal quarterly installment of debt repayment | installment | 20 | ||||||||||||||||||||||
Commencement of first installment after drawdown | 3 months | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Senior tranche facility, fifth advance | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 106,298 | ||||||||||||||||||||||
Number of equal quarterly installment of debt repayment | installment | 17 | ||||||||||||||||||||||
Commencement of first installment after drawdown | 12 months | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Two-year bullet junior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 180,000 | ||||||||||||||||||||||
Outstanding balance | 0 | 29,750 | |||||||||||||||||||||
Drawn amount | $ 179,750 | ||||||||||||||||||||||
Prepayment of debt instrument | $ 150,000 | ||||||||||||||||||||||
Unamortized loan fees amortised | 1,016 | ||||||||||||||||||||||
Accelerated amortization | $ 213 | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Two-year bullet junior tranche facility | GasLog Partners LP | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Prepayment of debt instrument | $ 29,750 | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Two-year bullet junior tranche facility, first four advances | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 29,958 | ||||||||||||||||||||||
Advance repayable after drawdown | 24 months | ||||||||||||||||||||||
GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | Two-year bullet Junior tranche facility, fifth advance | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 59,918 | ||||||||||||||||||||||
Advance repayable after drawdown | 24 months | ||||||||||||||||||||||
GAS-eighteen Ltd | Two-year bullet junior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Prepayment of debt instrument | 29,958 | ||||||||||||||||||||||
GAS-nineteen Ltd | Two-year bullet junior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Prepayment of debt instrument | 9,917 | 20,042 | |||||||||||||||||||||
GAS-twenty Ltd | Two-year bullet junior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Prepayment of debt instrument | 9,917 | 20,042 | |||||||||||||||||||||
GAS-twenty one Ltd | Two-year bullet junior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Prepayment of debt instrument | $ 9,916 | 20,042 | |||||||||||||||||||||
GAS-twenty seven Ltd | Two-year bullet junior tranche facility | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Prepayment of debt instrument | $ 59,918 | ||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. | Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, London Branch, Skandinaviska Enskilda Banken AB (publ), HSBC Bank plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. loan (Legacy Facility Refinancing) | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 1,050,000 | ||||||||||||||||||||||
Profile of debt instrument (in years) | 5 years | ||||||||||||||||||||||
Minimum liquidity required at all times | 1,500 | ||||||||||||||||||||||
Refinance of outstanding debt | $ 959,899 | ||||||||||||||||||||||
Unamortized fees written off | $ 18,215 | ||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 8 | ||||||||||||||||||||||
Number of legacy facilities refinanced | facility | 6 | ||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. | Five-year term loan facility (Legacy Facility Refinancing) | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 950,000 | ||||||||||||||||||||||
Outstanding balance | 833,333 | ||||||||||||||||||||||
Installment amount | 29,167 | ||||||||||||||||||||||
Final balloon payment | $ 687,500 | ||||||||||||||||||||||
Number of equal semi-annual installments for debt repayment | installment | 5 | ||||||||||||||||||||||
Drawn amount | 950,000 | ||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. | Revolving credit facilities (Legacy Facility Refinancing) | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Maximum loan facility amount | $ 100,000 | ||||||||||||||||||||||
Outstanding balance | $ 0 | ||||||||||||||||||||||
Drawn amount | $ 25,940 | $ 30,000 | $ 11,641 | ||||||||||||||||||||
Repayment of borrowings | $ 25,940 | $ 41,641 | |||||||||||||||||||||
Available facility amount | $ 100,000 |
Borrowings - Securities covenan
Borrowings - Securities covenants and guarantees, Bonds and Corporate guarantor financial covenants (Details) $ / shares in Units, kr in Thousands, $ in Thousands | Jun. 27, 2017NOK (kr) | Jun. 27, 2017USD ($) | Mar. 22, 2017USD ($) | Jun. 27, 2016NOK (kr) | Jun. 27, 2016USD ($) | May 02, 2014USD ($) | Oct. 31, 2015 | May 26, 2021 | Dec. 26, 2020 | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Jun. 26, 2020 | Dec. 31, 2019$ / shares | Dec. 31, 2018USD ($)$ / kr$ / shares | Dec. 31, 2017USD ($)$ / kr | Dec. 31, 2016USD ($) | Jun. 27, 2016USD ($) | May 02, 2014NOK (kr) | May 02, 2014USD ($) | Jun. 27, 2013NOK (kr) | Jun. 27, 2013USD ($) |
Borrowings | |||||||||||||||||||||
Minimum percentage that the aggregate fair market value of the vessels securing the facility to the aggregate amount outstanding under the facility | 120.00% | ||||||||||||||||||||
Repayment of borrowings | $ 231,753 | $ 397,008 | $ 1,983,576 | ||||||||||||||||||
Loss on redemption of bond | 1,459 | 2,120 | |||||||||||||||||||
Unamortized fees written off | 23,097 | ||||||||||||||||||||
Outstanding balance | $ 2,828,459 | 2,547,556 | |||||||||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 3.00% | ||||||||||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 50,000 | ||||||||||||||||||||
Maximum percentage of total indebtedness to total assets | 75.00% | ||||||||||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months | 110.00% | ||||||||||||||||||||
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 | ||||||||||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness, to pay dividends | 4.00% | ||||||||||||||||||||
Minimum market value adjusted net worth | $ 350,000 | ||||||||||||||||||||
GasLog Partners LP | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 3.00% | ||||||||||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 15,000 | ||||||||||||||||||||
Maximum percentage of total indebtedness to total assets | 60.00% | ||||||||||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months | 110.00% | ||||||||||||||||||||
Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Crdit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HANA Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Socit Gnrale and The Korea Development Bank loan | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Minimum percentage that the aggregate fair market value of the vessels securing the facility to the aggregate amount outstanding under the facility | 115.00% | 120.00% | |||||||||||||||||||
NOK 2018 Bonds | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Issue of senior unsecured bond | kr 500,000 | $ 83,612 | kr 500,000 | $ 83,206 | |||||||||||||||||
Premium on issuance | $ 4,180 | ||||||||||||||||||||
Repayment of borrowings | kr 424,360 | $ 70,783 | kr 588,000 | $ 70,677 | |||||||||||||||||
Percentage of redemption price of par value | 103.00% | 103.00% | 103.00% | 103.00% | |||||||||||||||||
Loss on redemption of bond | $ 1,459 | $ 2,120 | |||||||||||||||||||
Unamortized fees written off | (283) | $ 1,836 | |||||||||||||||||||
Outstanding balance | kr 412,000 | $ 49,522 | |||||||||||||||||||
NOK 2021 Bonds | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Issue of senior unsecured bond | kr 750,000 | $ 90,150 | |||||||||||||||||||
Percentage of redemption price of par value | 101.00% | 102.50% | 104.00% | ||||||||||||||||||
Outstanding balance | $ 85,231 | 89,723 | |||||||||||||||||||
Fair value of bond | $ 91,664 | $ 97,416 | |||||||||||||||||||
Exchange rate | $ / kr | 0.1149 | 0.1213 | |||||||||||||||||||
NOK 2021 Bonds | Maximum | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Distributions per share | $ / shares | $ 1.20 | $ 1.20 | $ 1.20 | $ 1.10 | |||||||||||||||||
8.875% Senior Notes | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Percentage of redemption price of par value | 100.00% | ||||||||||||||||||||
Outstanding balance | $ 246,760 | ||||||||||||||||||||
Principal amount of notes issued | $ 250,000 | ||||||||||||||||||||
Interest rate on borrowings | 8.875% | ||||||||||||||||||||
Percentage of original price for issued price | 100.00% | ||||||||||||||||||||
Basis points for redemption price | 0.50% | ||||||||||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 2.50% | ||||||||||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 35,000 | ||||||||||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months | 100.00% | ||||||||||||||||||||
Minimum market value adjusted net worth | $ 300,000 | ||||||||||||||||||||
NIBOR | NOK 2021 Bonds | |||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Interest rate | 6.90% | 6.90% |
Borrowings - Debt Repayment Sch
Borrowings - Debt Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | $ 2,875,598 | |
Not later than one year | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 531,209 | |
Later than one year and not later than three years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 1,313,170 | |
Later than three years and not later than five years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 412,291 | |
More than five years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | $ 618,928 | |
Average | ||
Borrowings Repayment Schedule / Total | ||
Interest rate | 4.84% | 4.14% |
Other Payables and Accruals (De
Other Payables and Accruals (Details) $ in Thousands | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item |
Other Payables and Accruals | ||
Social contributions | $ 1,158 | $ 1,244 |
Unearned revenue | 38,680 | 34,926 |
Accrued legal and professional fees | 1,321 | 1,567 |
Accrued board of directors' fees | 599 | 577 |
Accrued employee costs | 5,617 | 5,494 |
Accrued off-hire | 7,376 | 5,284 |
Accrued crew costs | 3,729 | 4,027 |
Accrued purchases | 18,578 | 4,227 |
Accrued financing cost | 849 | 1,984 |
Accrued interest | 38,107 | 27,851 |
Accrued payable to charterers | 6,481 | 4,179 |
Other accruals | 4,955 | 2,058 |
Total | $ 127,450 | $ 93,418 |
Unearned Revenue, Number of Vessels | item | 17 | 15 |
Vessel Operating and Supervis_3
Vessel Operating and Supervision Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Vessel Operating and Supervision Costs | |||
Crew wages and vessel management employee costs | $ 79,624 | $ 72,652 | $ 63,605 |
Technical maintenance expenses | 28,694 | 28,736 | 29,520 |
Other vessel operating expenses | 19,766 | 21,098 | 19,507 |
Total | $ 128,084 | $ 122,486 | $ 112,632 |
Voyage Expenses and Commissio_3
Voyage Expenses and Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage Expenses and Commissions | |||
Brokers' commissions on revenue | $ 7,555 | $ 6,456 | $ 5,526 |
Bunkers' consumption and other voyage expenses | 12,819 | 8,948 | 4,984 |
Total | $ 20,374 | $ 15,404 | $ 10,510 |
Voyage Expenses and Commissio_4
Voyage Expenses and Commissions Reclassification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification | |||
Voyage expenses and commissions | $ 20,374 | $ 15,404 | $ 10,510 |
Increase (decrease) due to reclassification | |||
Reclassification | |||
Voyage expenses and commissions | $ 7,254 | $ (4,674) |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
General and Administrative Expenses | |||
Employee costs | $ 20,980 | $ 18,789 | $ 17,037 |
Share-based compensation (Note 22) | 5,216 | 4,565 | 3,869 |
Other expenses | 15,797 | 16,496 | 17,736 |
Total | $ 41,993 | $ 39,850 | $ 38,642 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from Contracts with Customers | |||
Revenue | $ 618,344 | $ 525,229 | $ 466,059 |
Net pool allocation | 17,818 | 7,254 | (4,674) |
Time Charters | |||
Revenues from Contracts with Customers | |||
Revenue | 515,324 | 485,961 | 444,407 |
Cool Pool Services | |||
Revenues from Contracts with Customers | |||
Revenue | 102,253 | 38,046 | 19,789 |
Vessel Management Services | |||
Revenues from Contracts with Customers | |||
Revenue | $ 767 | $ 1,222 | $ 1,863 |
Financial Income and Costs (Det
Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial Income | |||
Interest income | $ 4,784 | $ 2,650 | $ 720 |
Total financial income | 4,784 | 2,650 | 720 |
Financial Costs | |||
Amortization and write-off of deferred loan/bond issuance costs and premium | 12,593 | 12,398 | 35,141 |
Interest expense on loans and realized loss on cash flow hedges | 111,600 | 85,813 | 76,495 |
Interest expense on bonds and realized loss on CCSs | 30,029 | 27,085 | 11,723 |
Finance lease charge | 10,520 | 10,875 | 9,367 |
Loss arising on NOK Bonds repurchase at a premium (Note 13) | 1,459 | 2,120 | |
Other financial costs | 1,885 | 1,551 | 2,470 |
Total financial costs | $ 166,627 | $ 139,181 | 137,316 |
Unamortized deferred loan and bond issuance costs written off | $ 23,097 |
Related Party Transactions - Re
Related Party Transactions - Receivables and Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | $ 33,395 | $ 8,666 |
Ship management creditors | 580 | 2,394 |
Amounts due to related parties | 169 | 35 |
Other receivables | ||
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | 113 | 355 |
Reimbursement of expenses incurred, for office lease, and other operating expenses | ||
Dividends receivable and other amounts due from related parties | ||
Amounts due to related parties | 169 | 35 |
Related parties | ||
Dividends receivable and other amounts due from related parties | ||
Ship management creditors | 268 | 993 |
Associates | Dividends receivable | ||
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | 885 | 125 |
The Cool Pool Limited / Joint venture | Accrued income receivable | ||
Dividends receivable and other amounts due from related parties | ||
Dividends receivable and other amounts due from related parties | $ 32,397 | $ 8,186 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transactions | |||
Revenues | $ (618,344) | $ (525,229) | $ (466,059) |
General and administrative expenses | 41,993 | 39,850 | 38,642 |
Net pool allocation | (17,818) | (7,254) | 4,674 |
Egypt LNG Shipping Ltd / Associate | Vessel management services | |||
Transactions | |||
Revenues | (703) | (752) | (211) |
Nea Dimitra Property | Office rent and utilities | |||
Transactions | |||
General and administrative expenses | 934 | 842 | 754 |
Nea Dimitra Property | Other office services | |||
Transactions | |||
General and administrative expenses | 1 | 3 | |
Seres S.A. | Catering services | |||
Transactions | |||
General and administrative expenses | 372 | 281 | 181 |
Seres S.A. | Consultancy services | |||
Transactions | |||
General and administrative expenses | 56 | 68 | 55 |
Chartwell Management Inc. | Travel expenses | |||
Transactions | |||
General and administrative expenses | 111 | 323 | |
Ceres Monaco S.A.M. | Professional services | |||
Transactions | |||
General and administrative expenses | 144 | 159 | |
A.S. Papadimitriou and Partners Law Firm | |||
Transactions | |||
General and administrative expenses | 4 | 15 | |
A.S. Papadimitriou and Partners Law Firm | Professional services | |||
Transactions | |||
General and administrative expenses | 4 | 15 | 73 |
The Cool Pool Limited / Joint venture | |||
Transactions | |||
Net pool allocation | (17,818) | (7,254) | |
The Cool Pool Limited / Joint venture | Adjustment for net pool allocation | |||
Transactions | |||
Net pool allocation | (17,818) | $ (7,254) | $ 4,674 |
Ceres Shipping Ltd | Travel expenses | |||
Transactions | |||
General and administrative expenses | $ 38 |
Related Party Transactions - Ge
Related Party Transactions - General (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) |
Related Party Transactions | ||||||
Services recognized in profit or loss | $ 41,993 | $ 39,850 | $ 38,642 | |||
Net pool allocation | 17,818 | 7,254 | (4,674) | |||
Egypt LNG Shipping Ltd / Associate | ||||||
Related Party Transactions | ||||||
Proportion of ownership interest in associate | 25.00% | |||||
Seres S.A. | ||||||
Related Party Transactions | ||||||
Maximum per person per day catering service rate | € | € 10 | |||||
Ceres Monaco S.A.M. | ||||||
Related Party Transactions | ||||||
Consultancy agreement fixed fee for service of employees | $ 100 | |||||
Consultancy arrangement fee per month | $ 12 | |||||
Consultancy arrangement minimum days per month | 12 days | |||||
Services capitalized | $ 100 | |||||
A.S. Papadimitriou and Partners Law Firm | ||||||
Related Party Transactions | ||||||
Services recognized in profit or loss | 4 | 15 | ||||
Services capitalized | $ 0 | 0 | 24 | $ 24 | ||
The Cool Pool Limited / Joint venture | ||||||
Related Party Transactions | ||||||
Net pool allocation | $ 17,818 | $ 7,254 |
Related Party Transactions - Co
Related Party Transactions - Compensation of key management personnel (Details) - Directors and key management - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transactions | |||
Remuneration | $ 7,011 | $ 7,603 | $ 6,117 |
Short-term benefits | 136 | 106 | 73 |
Expense recognized in respect of share-based compensation | 1,992 | 1,821 | 1,454 |
Total | $ 9,139 | $ 9,530 | $ 7,644 |
Share-Based Compensation - Omni
Share-Based Compensation - Omnibus Incentive Compensation Plan (Details) | Apr. 02, 2018USD ($)EquityInstruments | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Apr. 01, 2014USD ($)EquityInstruments | May 17, 2013USD ($)EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments$ / shares | Dec. 31, 2017USD ($)EquityInstruments |
RSUs | ||||||||
Share-Based Compensation | ||||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | ||
Number of awards granted | EquityInstruments | 149,786 | 144,142 | 212,837 | 88,492 | 76,251 | 64,792 | 149,786 | 144,142 |
Fair value at grant date | $ 16.30 | $ 15.55 | $ 9.28 | $ 19.48 | $ 22.58 | $ 11.95 | ||
SARs | ||||||||
Share-Based Compensation | ||||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | ||
Awards that vest on each anniversary (as a percent) | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | ||
Number of awards granted | EquityInstruments | 416,458 | 448,045 | 848,981 | 305,859 | 286,746 | 325,943 | 416,458 | 448,045 |
Exercise price | $ 15.90 | $ 15.15 | $ 8.88 | $ 19.08 | $ 23.60 | $ 12.86 | $ 15.90 | $ 15.55 |
Fair value at grant date | $ 5.3000 | $ 5.0021 | $ 2.3263 | $ 5.6352 | $ 6.0035 | $ 2.3753 | ||
Decrease in exercise price to reflect effect from distribution of special dividend | $ / shares | $ 0.40 |
Share-Based Compensation - SARs
Share-Based Compensation - SARs fair value (Details) - SARs | Apr. 02, 2018USD ($)Y | Apr. 03, 2017USD ($)Y | Apr. 01, 2016USD ($)Y | Apr. 01, 2015USD ($)Y | Apr. 01, 2014USD ($)Y | May 17, 2013USD ($)Y | Dec. 31, 2018$ / shares |
Share-Based Compensation | |||||||
Grant date share closing price | $ 16.30 | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 | |
Exercise price | $ 15.90 | $ 15.15 | $ 8.88 | $ 19.08 | $ 23.60 | $ 12.86 | |
Expected volatility (as a percent) | 44.50% | 46.00% | 47.30% | 39.30% | 29.42% | 29.31% | |
Expected term (Years) | Y | 6 | 6 | 6 | 6 | 6 | 6 | |
Risk-free interest rate for the period similar to the expected term | 2.61% | 1.99% | 1.37% | 1.48% | 2.03% | 1.08% | |
Decrease in exercise price to reflect effect from distribution of special dividend | $ / shares | $ 0.40 |
Share-Based Compensation - RSUs
Share-Based Compensation - RSUs fair value (Details) - RSUs - USD ($) | Apr. 02, 2018 | Apr. 03, 2017 | Apr. 01, 2016 | Apr. 01, 2015 | Apr. 01, 2014 | May 17, 2013 |
Share-Based Compensation | ||||||
Grant date share closing price | $ 16.30 | $ 15.55 | $ 9.28 | $ 19.48 | $ 24 | $ 13.26 |
Risk-free interest rate for the period similar to the expected term | 0.91% | 0.40% | ||||
Term until expiry | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years |
Fair value at grant date | $ 16.30 | $ 15.55 | $ 9.28 | $ 19.48 | $ 22.58 | $ 11.95 |
Share-Based Compensation - RS_2
Share-Based Compensation - RSUs movement (Details) - RSUs $ in Thousands | Dec. 31, 2018USD ($)EquityInstruments | Apr. 02, 2018EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Apr. 03, 2017EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Apr. 01, 2014EquityInstruments | May 17, 2013EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments |
Number of awards | |||||||||||
Outstanding at the beginning of the year | EquityInstruments | 425,702 | 368,437 | |||||||||
Granted during the year | EquityInstruments | 149,786 | 144,142 | 212,837 | 88,492 | 76,251 | 64,792 | 149,786 | 144,142 | |||
Vested during the year | EquityInstruments | (86,136) | (72,189) | |||||||||
Forfeited during the year | EquityInstruments | (1,179) | (14,688) | |||||||||
Outstanding at end of the year | EquityInstruments | 488,173 | 425,702 | 368,437 | 488,173 | 425,702 | ||||||
Weighted average contractual life | |||||||||||
Weighted average contractual life | 1 year 1 month 17 days | 1 year 4 months 21 days | 1 year 7 months 17 days | ||||||||
Aggregate fair value | |||||||||||
Outstanding at the beginning of the year | $ | $ 5,636 | $ 5,225 | |||||||||
Granted during the year | $ | 2,441 | 2,241 | |||||||||
Vested during the year | $ | (1,655) | (1,630) | |||||||||
Forfeited during the year | $ | (14) | (200) | |||||||||
Outstanding at the end of the year | $ | $ 6,408 | $ 5,636 | $ 5,225 | $ 6,408 | $ 5,636 |
Share-Based Compensation - SA_2
Share-Based Compensation - SARs movement (Details) - SARs | Dec. 31, 2018USD ($)EquityInstruments | Apr. 02, 2018USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Apr. 03, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Apr. 01, 2014USD ($)EquityInstruments | May 17, 2013USD ($)EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments |
Number of awards | |||||||||||
Outstanding at beginning of the year | EquityInstruments | 2,031,279 | 1,713,702 | |||||||||
Granted during the year | EquityInstruments | 416,458 | 448,045 | 848,981 | 305,859 | 286,746 | 325,943 | 416,458 | 448,045 | |||
Exercised during the year | EquityInstruments | (60,043) | (93,265) | |||||||||
Forfeited during the year | EquityInstruments | (3,333) | (37,203) | |||||||||
Expired during the year | EquityInstruments | (12,198) | ||||||||||
Outstanding at end of the year | EquityInstruments | 2,372,163 | 2,031,279 | 1,713,702 | 2,372,163 | 2,031,279 | ||||||
Vested but not been exercised | EquityInstruments | 1,395,692 | 1,395,692 | |||||||||
Weighted average exercise price per share | |||||||||||
Outstanding at the beginning of the year | $ 14.59 | $ 14.11 | |||||||||
Granted during the year | $ 15.90 | $ 15.15 | $ 8.88 | $ 19.08 | $ 23.60 | $ 12.86 | 15.90 | 15.55 | |||
Exercised during the year | 11.93 | 11.06 | |||||||||
Forfeited during the year | 11.46 | 13.09 | |||||||||
Expired during the year | 22.87 | ||||||||||
Outstanding at end of the year | $ 14.51 | $ 14.59 | $ 14.11 | 14.51 | 14.59 | ||||||
Weighted average share price at the date of exercise | |||||||||||
Exercised during the year | 20.71 | 18.69 | |||||||||
Weighted average contractual life | |||||||||||
Weighted average contractual life | 7 years 2 months 1 day | 7 years 8 months 5 days | 8 years 3 months | ||||||||
Aggregate fair value | |||||||||||
Outstanding at the beginning of the year | 7,874,000 | 6,010,000 | |||||||||
Granted during the year | 2,207,000 | 2,241,000 | |||||||||
Exercised during the year | (158,000) | (233,000) | |||||||||
Forfeited during the year | (12,000) | (144,000) | |||||||||
Expired during the year | (72,000) | ||||||||||
Outstanding at the end of the year | $ 9,839,000 | $ 7,874,000 | $ 6,010,000 | $ 9,839,000 | $ 7,874,000 |
Share-Based Compensation - GasL
Share-Based Compensation - GasLog Partners' Plan (Details) - GasLog Partners LP | Apr. 02, 2018USD ($)EquityInstruments | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Dec. 31, 2018EquityInstruments | Dec. 31, 2017EquityInstruments |
RCUs | ||||||
Share-Based Compensation | ||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | ||
Number of awards granted | EquityInstruments | 24,608 | 26,097 | 24,925 | 16,999 | 24,608 | 26,097 |
Fair value at grant date | $ | $ 23.40 | $ 23.85 | $ 16.45 | $ 24.12 | ||
PCUs | ||||||
Share-Based Compensation | ||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | ||
Number of awards granted | EquityInstruments | 24,608 | 26,097 | 24,925 | 16,999 | 24,608 | 26,097 |
Fair value at grant date | $ | $ 23.40 | $ 23.85 | $ 16.45 | $ 24.12 | ||
PCUs | TUR above 75th Percentile of peer group | ||||||
Share-Based Compensation | ||||||
Vesting percentage of awards | 100.00% | 100.00% | 100.00% | 100.00% | ||
PCUs | TUR Between 50th and 75th percentile of peer group | ||||||
Share-Based Compensation | ||||||
Vesting percentage of awards | 50.00% | 50.00% | 50.00% | 50.00% | ||
PCUs | TUR Below the 50th percentile of peer group | ||||||
Share-Based Compensation | ||||||
Vesting percentage of awards | 0.00% | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - RCUs
Share-Based Compensation - RCUs and PCUs fair value (Details) - USD ($) | Apr. 02, 2018 | Apr. 03, 2017 | Apr. 01, 2016 | Apr. 01, 2015 |
GasLog Partners' Plan | GasLog Partners LP | ||||
Share-Based Compensation | ||||
Grant date share closing price | $ 23.40 | $ 23.85 | $ 16.45 | $ 24.12 |
Share-Based Compensation - RC_2
Share-Based Compensation - RCUs movement (Details) - RCUs - GasLog Partners LP $ in Thousands | Dec. 31, 2018USD ($)EquityInstruments | Apr. 03, 2018EquityInstruments | Apr. 02, 2018EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Apr. 03, 2017EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments |
Number of awards | ||||||||||
Outstanding at the beginning of the year | EquityInstruments | 67,475 | 41,924 | ||||||||
Granted during the year | EquityInstruments | 24,608 | 26,097 | 24,925 | 16,999 | 24,608 | 26,097 | ||||
Forfeited during the year | EquityInstruments | (546) | |||||||||
Vested during the year | EquityInstruments | (16,999) | (16,999) | ||||||||
Outstanding at end of the year | EquityInstruments | 75,084 | 67,475 | 41,924 | 75,084 | 67,475 | |||||
Weighted average contractual life | ||||||||||
Weighted average contractual life | 1 year 3 months | 1 year 4 months 17 days | 1 year 10 months 2 days | |||||||
Aggregate fair value | ||||||||||
Outstanding at the beginning of the year | $ | $ 1,429 | $ 820 | ||||||||
Granted during the year | $ | 576 | 622 | ||||||||
Forfeited during the year | $ | (13) | |||||||||
Vested during the year | $ | (410) | |||||||||
Outstanding at the end of the year | $ | $ 1,595 | $ 1,429 | $ 820 | $ 1,595 | $ 1,429 |
Share-Based Compensation - PCUs
Share-Based Compensation - PCUs movement (Details) - PCUs - GasLog Partners LP $ in Thousands | Dec. 31, 2018USD ($)EquityInstruments | Apr. 03, 2018EquityInstruments | Apr. 02, 2018EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Apr. 03, 2017EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments |
Number of awards | ||||||||||
Outstanding at the beginning of the year | EquityInstruments | 67,475 | 41,924 | ||||||||
Granted during the year | EquityInstruments | 24,608 | 26,097 | 24,925 | 16,999 | 24,608 | 26,097 | ||||
Forfeited during the year | EquityInstruments | (546) | |||||||||
Vested during the year | EquityInstruments | (16,999) | (16,999) | ||||||||
Outstanding at end of the year | EquityInstruments | 75,084 | 67,475 | 41,924 | 75,084 | 67,475 | |||||
Weighted average contractual life | ||||||||||
Weighted average contractual life | 1 year 3 months | 1 year 4 months 17 days | 1 year 10 months 2 days | |||||||
Aggregate fair value | ||||||||||
Outstanding at the beginning of the year | $ | $ 1,429 | $ 820 | ||||||||
Granted during the year | $ | 576 | 622 | ||||||||
Forfeited during the year | $ | (13) | |||||||||
Vested during the year | $ | (410) | |||||||||
Outstanding at the end of the year | $ | $ 1,595 | $ 1,429 | $ 820 | $ 1,595 | $ 1,429 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-Based Compensation | |||
Total expense recognized | $ 5,216 | $ 4,565 | $ 3,869 |
Total accrued cash distribution | $ 1,265 | $ 814 |
Commitments - Operating Lease C
Commitments - Operating Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | $ 6,125 | ||
Rental expense relating to operating leases | 1,567 | $ 1,525 | $ 1,527 |
Not later than one year | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | 1,281 | ||
Later than one year and not later than three years | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | 2,377 | ||
Later than three years and not later than five years | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | 1,849 | ||
More than five years | |||
Commitments as lessee relating to buildings under operating leases | |||
Operating lease commitment | $ 618 |
Commitments - Related to vessel
Commitments - Related to vessels under construction and reliquefaction (Details) - USD ($) $ in Thousands | Mar. 08, 2016 | Dec. 31, 2018 | Dec. 17, 2018 | Dec. 31, 2017 | Nov. 01, 2015 |
Commitments | |||||
Tangible fixed assets | $ 4,323,582 | $ 3,772,566 | |||
Ship building contracts with Samsung | |||||
Commitments | |||||
Capital commitment | 1,553,065 | ||||
MSL | |||||
Commitments | |||||
Tangible fixed assets | $ 2,004 | ||||
Liabilities | 2,004 | ||||
MSL | ALAT reliquefaction | GAS-twenty two Ltd. and GAS-twenty three Ltd. | |||||
Commitments | |||||
Amount to be reimbursed for installation of reliquefaction plants on vessels, as a percent | 50.00% | ||||
Aggregate commitment to be reimbursed per vessel | $ 3,200 | ||||
MSL | ALAT reliquefaction | GAS-twenty two Ltd. | |||||
Commitments | |||||
Aggregate commitment to be reimbursed per vessel | 3,200 | ||||
MSL | Newbuildings and/or modifications to existing vessels | |||||
Commitments | |||||
Capital commitment | $ 1,196 | $ 2,654 | |||
MSL | Newbuildings and/or modifications to existing vessels | Maximum | |||||
Commitments | |||||
Capital commitment | $ 3,801 | ||||
Not later than one year | Ship building contracts with Samsung | |||||
Commitments | |||||
Capital commitment | 430,600 | ||||
Later than one year and not later than three years | Ship building contracts with Samsung | |||||
Commitments | |||||
Capital commitment | $ 1,122,465 |
Commitments - Revenues From Non
Commitments - Revenues From Non-cancellable Charter Agreements (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Aug. 31, 2018 | May 31, 2018 | Oct. 31, 2016 | Apr. 30, 2015 | Dec. 31, 2018 | |
Time Charter Agreements | ||||||
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days | |||||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 1,789,699 | $ 1,789,699 | ||||
GAS-twenty three Ltd | Subsidiary of Shell | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 9 years 6 months | |||||
GAS-twenty eight Ltd | Wholly owned subsidiary of Centrica | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 7 years | |||||
GAS-thirty Ltd | Pioneer Shipping Limited | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 7 years | |||||
GAS-thirty two Ltd | Wholly owned subsidiary of Cheniere Energy | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 7 years | |||||
GAS-thirty three Ltd | Cheniere | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 7 years | |||||
GAS-thirty four Ltd | Cheniere | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 7 years | |||||
GAS-thirty five Ltd | Cheniere | ||||||
Time Charter Agreements | ||||||
Time Charter Agreement Duration | 7 years | |||||
Not later than one year | ||||||
Time Charter Agreements | ||||||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 410,411 | 410,411 | ||||
Later than one year and not later than three years | ||||||
Time Charter Agreements | ||||||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 570,822 | 570,822 | ||||
Later than three years and not later than five years | ||||||
Time Charter Agreements | ||||||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 411,911 | 411,911 | ||||
More than five years | ||||||
Time Charter Agreements | ||||||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 396,555 | $ 396,555 |
Commitments - Other commitments
Commitments - Other commitments and guarantees (Details) $ in Thousands | Jul. 01, 2018item | Sep. 27, 2017item | Oct. 11, 2016 | Dec. 31, 2014item | Dec. 31, 2015item | Dec. 31, 2014item | Dec. 31, 2018USD ($) |
MSL | |||||||
Commitments | |||||||
Number of vessels acquired | item | 2 | 6 | |||||
Keppel Shipyard Limited | |||||||
Commitments | |||||||
Threshold period after which if LLI has not been utilized in a vessel conversion for items will be charged at a percentage of the original cost, in years | 3 years | ||||||
LLI cost, expressed as a percentage of original cost | 110.00% | ||||||
LLI discounted purchase price, expressed as a percentage of the original cost | 85.00% | ||||||
GasLog LNG Services Ltd. | |||||||
Commitments | |||||||
Number of existing maintenance agreements related to vessels | item | 7 | ||||||
GasLog LNG Services Ltd. | Wartsila | |||||||
Commitments | |||||||
Number of maintenance agreements related to carriers | item | 8 | ||||||
Number of maintenance agreements related to vessels, renewed | item | 4 | ||||||
Number of service agreements related to carriers, additional | item | 7 | 4 | |||||
GasLog LNG Services Ltd. | Third Parties | Maximum | |||||||
Commitments | |||||||
Bank guarantee amount | $ 500 | ||||||
GasLog LNG Services Ltd. | Greek Ministry Of Finance | |||||||
Commitments | |||||||
Bank guarantee amount | 10 | ||||||
Enhancement of operational performance | GasLog LNG Services Ltd. | |||||||
Commitments | |||||||
Capital commitment | 2,280 | ||||||
Enhancement of operational performance | GasLog LNG Services Ltd. | Not later than one year | |||||||
Commitments | |||||||
Capital commitment | 2,280 | ||||||
Purchase of depot spares | MSL | |||||||
Commitments | |||||||
Capital commitment | 8,000 | ||||||
Depot spares purchased and paid | 660 | ||||||
Engineering in relation to FSRU conversion | Keppel Shipyard Limited | |||||||
Commitments | |||||||
Capital commitment | 1,894 | ||||||
Engineering in relation to FSRU conversion | Keppel Shipyard Limited | Not later than one year | |||||||
Commitments | |||||||
Capital commitment | $ 1,894 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial Risk Management | |||
Effective portion of changes in fair value of cash flow hedges | $ (258) | $ 2,667 | $ (6,522) |
Interest rate risk | Floating interest rate | |||
Financial Risk Management | |||
Percent of variable interest rate exposure hedged | 47.92% | 53.92% | |
Aggregate principal amount of floating rate debt outstanding | $ 1,369,428 | ||
Interest rate basis | LIBOR | LIBOR | LIBOR |
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% |
Increase in interest expense on un-hedged portion of loans | $ 1,395 | $ 1,264 | $ 1,433 |
Currency risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase in EUR/USD exchange rate | 10.00% | ||
Increase (decrease) in profit and cash flows | $ (11,625) | (8,740) | (8,578) |
Currency risk | EUR | |||
Financial Risk Management | |||
Operating and administrative expenses denominated in euros | 116,252 | 87,400 | 85,777 |
Trade payables and accruals denominated in euros | 21,177 | 14,743 | |
Interest rate swaps | Interest rate risk | |||
Financial Risk Management | |||
Fair value of interest rate swaps / net asset | 5,992 | 10,325 | |
Effective portion of changes in fair value of cash flow hedges | $ 0 | $ 0 | $ (4,922) |
Interest rate and cross currency swaps | Interest rate risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% |
Increase in fair value due to reasonably possible increase in interest rates | $ 7,351 | $ 4,416 | $ 4,027 |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 3,777,515 | $ 3,419,176 | |
Derivative financial instruments, undiscounted cash flows | (5,636) | (17,484) | |
Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 89,188 | 108,361 | |
Derivative financial instruments, undiscounted cash flows | 89 | (219) | |
1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 100,298 | 59,840 | |
Derivative financial instruments, undiscounted cash flows | 140 | (107) | |
3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 569,658 | 192,332 | |
Derivative financial instruments, undiscounted cash flows | (4,424) | 307 | |
1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,093,759 | 2,166,255 | |
Derivative financial instruments, undiscounted cash flows | 679 | (17,465) | |
More than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 924,612 | 892,388 | |
Derivative financial instruments, undiscounted cash flows | (2,120) | ||
Trade and other accounts payable | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 11,890 | 11,526 | |
Trade and other accounts payable | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 11,627 | 11,392 | |
Trade and other accounts payable | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 58 | 75 | |
Trade and other accounts payable | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 205 | 59 | |
Amounts due to related parties | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 169 | 35 | |
Amounts due to related parties | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 169 | 35 | |
Other payables and accruals | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 86,817 | 58,492 |
Other payables and accruals | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 31,835 | 28,087 |
Other payables and accruals | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 52,782 | 28,995 |
Other payables and accruals | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 2,200 | 1,410 |
Other non-current liabilities | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,696 | 1,585 | |
Other non-current liabilities | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 637 | 579 | |
Other non-current liabilities | More than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,059 | $ 1,006 | |
Loans | Floating interest rate | |||
Financial Risk Management | |||
Interest rate | 4.68% | 3.70% | |
Non-derivative financial liabilities, undiscounted cash flows | $ 2,942,702 | $ 2,532,126 | |
Loans | Floating interest rate | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 44,041 | 67,331 | |
Loans | Floating interest rate | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 37,047 | 21,152 | |
Loans | Floating interest rate | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 531,292 | 154,902 | |
Loans | Floating interest rate | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,624,313 | 1,887,806 | |
Loans | Floating interest rate | More than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 706,009 | 400,935 | |
Bonds | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 427,405 | 490,727 | |
Bonds | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 7,526 | 6,733 | |
Bonds | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 22,513 | 22,513 | |
Bonds | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 397,366 | 206,427 | |
Bonds | More than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 255,054 | ||
Finance lease liability | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 306,836 | 324,685 | |
Finance lease liability | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,516 | 1,516 | |
Finance lease liability | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,885 | 2,885 | |
Finance lease liability | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 13,448 | 13,448 | |
Finance lease liability | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 71,443 | 71,443 | |
Finance lease liability | More than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 217,544 | 235,393 | |
Interest rate swaps | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (8,504) | (10,990) | |
Interest rate swaps | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (161) | 20 | |
Interest rate swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (442) | 249 | |
Interest rate swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (5,546) | 1,343 | |
Interest rate swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (235) | (12,602) | |
Interest rate swaps | More than five years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (2,120) | ||
Cross currency swaps | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 1,429 | (4,290) | |
Cross currency swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 108 | 117 | |
Cross currency swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 407 | 456 | |
Cross currency swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 914 | (4,863) | |
Forward foreign exchange contracts | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 1,439 | (2,204) | |
Forward foreign exchange contracts | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 250 | (239) | |
Forward foreign exchange contracts | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 474 | (473) | |
Forward foreign exchange contracts | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | $ 715 | $ (1,492) | |
[1] | Non-financial liabilities are excluded. |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 342,594 | $ 384,092 | $ 227,024 | $ 302,988 |
Short-term investments | 25,000 | |||
Trade and other receivables | 20,244 | 10,706 | ||
Dividends receivable and other amounts due from related parties | 33,395 | 8,666 | ||
Derivative financial assets | 15,188 | 18,211 | ||
Credit risk | ||||
Financial Risk Management | ||||
Cash and cash equivalents | 342,594 | 384,092 | ||
Short-term investments | 25,000 | |||
Trade and other receivables | 20,244 | 10,706 | ||
Dividends receivable and other amounts due from related parties | 33,395 | 8,666 | ||
Derivative financial assets | $ 15,188 | $ 18,211 | ||
Credit risk | Shell | ||||
Financial Risk Management | ||||
Percentage of revenue | 74.20% | 92.60% | 94.90% |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Risk Management | ||||
Borrowings, current portion | $ 520,550 | $ 179,367 | ||
Borrowings, non-current portion | 2,307,909 | 2,368,189 | ||
Finance lease liability, current portion | 6,675 | 6,302 | ||
Finance lease liability, non-current portion | 199,424 | 207,126 | ||
Total debt | 3,034,558 | 2,760,984 | ||
Total equity | 1,983,122 | 1,763,134 | $ 1,509,682 | $ 1,507,920 |
Total debt and equity | $ 5,017,680 | $ 4,524,118 | ||
Gearing ratio | 60.48% | 61.03% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Instruments | ||
Derivative financial instruments, current assets | $ 6,222 | $ 2,199 |
Derivative financial instruments, non-current assets | 8,966 | 16,012 |
Total | 15,188 | 18,211 |
Derivative financial instruments, current liability | 2,091 | 1,815 |
Derivative financial instruments, non-current liability | 10,001 | |
Total | 12,092 | 1,815 |
Financial assets designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Financial Instruments | ||
Total | 4,553 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Total | 15,188 | 11,535 |
Financial assets carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Total | 2,123 | |
Financial liabilities designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Financial Instruments | ||
Total | 1,429 | 605 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Total | 9,196 | $ 1,210 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Total | $ 1,467 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest rate swaps designated as cash flow hedging instruments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($) | Dec. 31, 2018instrument | Jul. 31, 2016facility | |
Interest rate swaps | ||||
Recycled loss of cash flow hedges reclassified to profit or loss | $ 4,368 | $ 23,514 | ||
Interest rate swaps designated as cash flow hedging instruments | ||||
Interest rate swaps | ||||
Legacy facilities | facility | 6 | |||
Recycled loss of cash flow hedges reclassified to profit or loss | 12,953 | |||
Number of derivative financial instruments | instrument | 0 | 0 | ||
Effective portion of changes in fair value of cash flow hedges | (7,550) | |||
Recycled loss of cash flow hedges reclassified to profit or loss on realization of expense | $ 2,628 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Interest rate swaps held for trading (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2016facility | |
Financial Instruments | ||||
Recycled loss of cash flow hedges reclassified to profit or loss | $ 4,368 | $ 23,514 | ||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ (7,922) | 10,570 | 18,530 | |
Interest rate swaps held for trading | ||||
Financial Instruments | ||||
Notional Amount | 1,170,000 | 1,170,000 | ||
Number of legacy facilities | facility | 6 | |||
Recycled loss of cash flow hedges reclassified to profit or loss | 4,978 | |||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ (4,333) | 8,529 | $ 18,448 | |
GasLog with counterparty Deutsche Bank AG, termination in July 2020 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.98% | |||
Notional Amount | $ 66,667 | 66,667 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,020 | |||
GasLog with counterparty Deutsche Bank AG, termination in July 2021 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.98% | |||
Notional Amount | $ 66,667 | 66,667 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,021 | |||
GasLog with counterparty Deutsche Bank AG, termination in July 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.98% | |||
Notional Amount | $ 66,667 | 66,667 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,022 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2020 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.784% | |||
Notional Amount | $ 73,333 | 73,333 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,020 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2021 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.729% | |||
Notional Amount | 73,333 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,021 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.719% | |||
Notional Amount | $ 73,333 | 73,333 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,022 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2020 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.896% | |||
Notional Amount | 33,333 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,020 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2021 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.818% | |||
Notional Amount | 33,333 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,021 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.79% | |||
Notional Amount | $ 33,333 | 33,333 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,022 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2020 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.905% | |||
Notional Amount | 66,667 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,020 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2021 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.84% | |||
Notional Amount | 66,667 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,021 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.815% | |||
Notional Amount | $ 66,667 | 66,667 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,022 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2020 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.928% | |||
Notional Amount | 50,000 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,020 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2021 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.8405% | |||
Notional Amount | $ 50,000 | 50,000 | ||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,021 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 1.814% | |||
Notional Amount | 50,000 | |||
Trade date | July 2,016 | |||
Effective date | July 2,016 | |||
Termination date | July 2,022 | |||
GasLog with counterparty HSBC Bank plc, termination in February 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.005% | |||
Notional Amount | $ 100,000 | 100,000 | ||
Trade date | Feb 2,017 | |||
Effective date | Feb 2,017 | |||
Termination date | Feb 2,022 | |||
GasLog with counterparty Nordea Bank Finland, termination in March 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.0145% | |||
Notional Amount | $ 100,000 | 100,000 | ||
Trade date | Feb 2,017 | |||
Effective date | Feb 2,017 | |||
Termination date | Mar 2,022 | |||
GasLog with counterparty ABN Amro Bank NV ("ABN"), termination in March 2022 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.003% | |||
Notional Amount | $ 100,000 | $ 100,000 | ||
Trade date | Feb 2,017 | |||
Effective date | Feb 2,017 | |||
Termination date | Mar 2,022 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2026, Interest rate of 3.070 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.07% | |||
Trade date | May 2,018 | |||
Effective date | July 2,020 | |||
Termination date | July 2,026 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2026, Interest rate of 2.562 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.562% | |||
Notional Amount | $ 66,667 | |||
Trade date | May 2,018 | |||
Effective date | May 2,018 | |||
Termination date | July 2,026 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2024, interest rate of 3.025 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.025% | |||
Trade date | May 2,018 | |||
Effective date | July 2,020 | |||
Termination date | July 2,024 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2025 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.30% | |||
Notional Amount | $ 50,000 | |||
Trade date | May 2,018 | |||
Effective date | Apr 2,018 | |||
Termination date | July 2,025 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2024 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.056% | |||
Trade date | May 2,018 | |||
Effective date | July 2,020 | |||
Termination date | July 2,024 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2025, interest rate of 2.472 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.472% | |||
Notional Amount | $ 73,333 | |||
Trade date | May 2,018 | |||
Effective date | July 2,018 | |||
Termination date | July 2,025 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2024 and July 2025 | ||||
Financial Instruments | ||||
Notional Amount | $ 66,667 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2024 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.475% | |||
Notional Amount | $ 33,333 | |||
Trade date | May 2,018 | |||
Effective date | Apr 2,018 | |||
Termination date | July 2,024 | |||
GasLog with counterparty HSBC Bank, plc, termination in July 2025 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.55% | |||
Notional Amount | $ 33,333 | |||
Trade date | May 2,018 | |||
Effective date | Apr 2,018 | |||
Termination date | July 2,025 | |||
GasLog with counterparty Citibank Europe Plc, termination in July 2024 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.082% | |||
Trade date | May 2,018 | |||
Effective date | July 2,020 | |||
Termination date | July 2,024 | |||
GasLog with counterparty Citibank Europe Plc, termination in July 2025 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 3.095% | |||
Trade date | May 2,018 | |||
Effective date | July 2,021 | |||
Termination date | July 2,025 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2026 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.745% | |||
Notional Amount | $ 50,000 | |||
Trade date | December 2,018 | |||
Effective date | October 2,018 | |||
Termination date | July 2,026 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2028 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.793% | |||
Notional Amount | $ 66,667 | |||
Trade date | December 2,018 | |||
Effective date | October 2,018 | |||
Termination date | July 2,028 | |||
GasLog with counterparty DNB Bank ASA, termination in July 2025, interest rate of 2.685 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.685% | |||
Trade date | December 2,018 | |||
Effective date | January 2,019 | |||
Termination date | July 2,025 | |||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2024, interest rate of 2.9575 percent | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.9575% | |||
Trade date | December 2,018 | |||
Effective date | July 2,020 | |||
Termination date | July 2,024 | |||
GasLog with counterparty Nordea Bank Finland, termination in July 2024 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.937% | |||
Trade date | December 2,018 | |||
Effective date | July 2,020 | |||
Termination date | July 2,024 | |||
GasLog with counterparty DNB Bank ASA, termination in April 2025 | ||||
Financial Instruments | ||||
Fixed Interest Rate | 2.979% | |||
Trade date | December 2,018 | |||
Effective date | April 2,020 | |||
Termination date | April 2,025 | |||
Interest rate swaps, maturing between 2024 and 2026 | ||||
Financial Instruments | ||||
Notional Amount | $ 250,000 | |||
Interest rate swaps, maturing between 2024 and 2025 | ||||
Financial Instruments | ||||
Notional Amount | $ 210,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Cross currency swap agreements (Details) $ in Thousands | Jun. 27, 2017USD ($)agreement | Jun. 27, 2016agreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Cross currency swap agreements | |||||
Recycled loss of cash flow hedges reclassified to profit or loss | $ 4,368 | $ 23,514 | |||
Cross currency swaps qualified as cash flow hedging instruments | |||||
Cross currency swap agreements | |||||
Notional Amount | $ 90,150 | 90,150 | |||
Number of cross currency swap agreements terminated | agreement | 3 | 3 | |||
Payment on termination of cash flow hedge at fair value | $ 20,603 | ||||
Number of cross currency swap agreements remaining | agreement | 3 | ||||
Recycled loss of cash flow hedges reclassified to profit or loss | 4,368 | 5,583 | |||
Effective portion of changes in fair value of cash flow hedges | (5,543) | 7,291 | (2,559) | ||
Recycled loss of cash flow hedges reclassified to profit or loss on realization of expense | 454 | 398 | 2,446 | ||
Hedging gain/(loss) recognized in other comprehensive income due to retranslation of bonds | 4,831 | $ (5,022) | $ (1,487) | ||
Gaslog with counterparty DNB Bank ASA, traded in June 2016 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 8.59% | ||||
Notional Amount | $ 30,050 | $ 30,050 | |||
Trade date | June 2016 | ||||
Effective date | June 2016 | ||||
Original termination date | May 2021 | ||||
Gaslog with counterparty SEB, traded in June 2016 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 8.59% | ||||
Notional Amount | $ 30,050 | $ 30,050 | |||
Trade date | June 2016 | ||||
Effective date | June 2016 | ||||
Original termination date | May 2021 | ||||
Gaslog with counterparty Nordea Bank Finland, traded in June 2016 | |||||
Cross currency swap agreements | |||||
Fixed Interest Rate | 8.59% | ||||
Notional Amount | $ 30,050 | $ 30,050 | |||
Trade date | June 2016 | ||||
Effective date | June 2016 | ||||
Original termination date | May 2021 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Forward foreign exchange contracts (Details) € in Thousands, £ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018GBP (£)contract$ / €$ / £ | Dec. 31, 2018EUR (€)contract$ / €$ / £ | |
Forward foreign exchange contracts | |||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ (7,922) | $ 10,570 | $ 18,530 | ||
Forward foreign exchange contracts | |||||
Forward foreign exchange contracts | |||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ (3,589) | $ 2,041 | $ 82 | ||
Forward foreign exchange contracts | GBP | |||||
Forward foreign exchange contracts | |||||
Notional Amount | £ | £ 5,250 | ||||
Forward foreign exchange contracts | EUR | |||||
Forward foreign exchange contracts | |||||
Notional Amount | € | € 45,000 | ||||
GasLog with counterparty Citibank, settlement in January 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | May 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | January 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1954 | 1.1954 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Citibank, settlement in February 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | May 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | February 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1983 | 1.1983 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Citibank, settlement in March 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | May 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | March 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.2012 | 1.2012 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), settlement in January to March 2019 | GBP | |||||
Forward foreign exchange contracts | |||||
Trade date | August 2018 | ||||
Number of contracts | 3 | 3 | |||
Settlement Date | January- March 2019 | ||||
Fixed Exchange Rate | $ / £ | 1.2860 | 1.2860 | |||
Notional Amount | £ | £ 1,200 | ||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), settlement in January to March 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | May 2,018 | ||||
Number of contracts | 3 | 3 | |||
Settlement Date | January-March 2019 | ||||
Fixed Exchange Rate | $ / € | 1.1984 | 1.1984 | |||
Notional Amount | € | € 7,500 | ||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), settlement in April to June 2019 | GBP | |||||
Forward foreign exchange contracts | |||||
Trade date | October 2,018 | ||||
Number of contracts | 3 | 3 | |||
Settlement Date | April-June 2019 | ||||
Fixed Exchange Rate | $ / £ | 1.3128 | 1.3128 | |||
Notional Amount | £ | £ 1,350 | ||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), settlement in July to December 2019 | GBP | |||||
Forward foreign exchange contracts | |||||
Trade date | October 2,018 | ||||
Number of contracts | 6 | 6 | |||
Settlement Date | July-December 2019 | ||||
Fixed Exchange Rate | $ / £ | 1.3228 | 1.3228 | |||
Notional Amount | £ | £ 2,700 | ||||
GasLog with counterparty ABN Amro Bank NV ("ABN"), settlement in April 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | June 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | April 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1903 | 1.1903 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty ABN Amro Bank NV ("ABN"), settlement in May 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | June 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | May 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1936 | 1.1936 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty ABN Amro Bank NV ("ABN"), settlement in June 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | June 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | June 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1968 | 1.1968 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Dnb Bank, settlement in April 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | June 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | April 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1910 | 1.1910 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Dnb Bank, settlement in May 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | June 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | May 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1943 | 1.1943 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Dnb Bank, settlement in June 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | June 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | June 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1975 | 1.1975 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Nordea Bank AB, London Branch, settlement in July 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | August 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | July 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1715 | 1.1715 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Nordea Bank AB, London Branch, settlement in September 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | August 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | September 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1784 | 1.1784 | |||
Notional Amount | € | € 5,000 | ||||
GasLog with counterparty Dnb Bank, settlement in July 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | August 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | July 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1711 | 1.1711 | |||
Notional Amount | € | € 2,500 | ||||
GasLog with counterparty Dnb Bank, settlement in August 2019 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | August 2,018 | ||||
Number of contracts | 1 | 1 | |||
Settlement Date | August 2,019 | ||||
Fixed Exchange Rate | $ / € | 1.1747 | 1.1747 | |||
Notional Amount | € | € 5,000 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Analysis of (Loss)/gain on derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial Instruments | |||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ (7,922) | $ 10,570 | $ 18,530 |
Recycled loss of cash flow hedges reclassified to profit or loss | (4,368) | (23,514) | |
Ineffective portion of cash flow hedges | (289) | (65) | |
Total (loss)/gain on derivatives | (6,077) | 2,025 | (13,419) |
Interest rate swaps held for trading | |||
Financial Instruments | |||
Unrealized gain/(loss) on derivative financial instruments held for trading | (4,333) | 8,529 | 18,448 |
Realized gain/(loss) on derivative financial instruments held for trading | 1,893 | (7,842) | (8,435) |
Forward foreign exchange contracts | |||
Financial Instruments | |||
Unrealized gain/(loss) on derivative financial instruments held for trading | (3,589) | 2,041 | $ 82 |
Realized gain/(loss) on derivative financial instruments held for trading | $ 241 | $ 3,730 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Fair value measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Financial Instruments | |||
Transfers from Level 1 to Level 2, assets | $ 0 | $ 0 | $ 0 |
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 |
Transfers from Level 1 to Level 2, liabilities | 0 | 0 | 0 |
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 | $ 0 |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowings, derivatives and leases arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Liabilities/(assets) arising from financing activities at beginning of period | $ 2,547,556 | $ 2,652,026 |
Cash flows | 284,963 | (125,838) |
Other comprehensive income | (4,831) | 5,022 |
Non-cash items | 13,712 | 10,872 |
Deferred financing costs, assets | (12,941) | 5,474 |
Liabilities/(assets) arising from financing activities at end of period | 2,828,459 | 2,547,556 |
Borrowings | Proceeds from bank loans and bonds | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | 524,165 | 280,000 |
Total | 524,165 | 280,000 |
Borrowings | Bank loans and bond repayments | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (231,753) | (397,008) |
Total | (231,753) | (397,008) |
Borrowings | Additions in deferred loan/bond fees | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (7,449) | (8,830) |
Non-cash items | 1,119 | (1,526) |
Deferred financing costs, assets | (12,941) | 5,474 |
Total | (19,271) | (4,882) |
Borrowings | Amortization of deferred loan and bond issuance costs and premium | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 12,593 | 12,398 |
Total | 12,593 | 12,398 |
Borrowings | Retranslation of the bonds in U.S. dollars | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Other comprehensive income | (4,831) | 5,022 |
Total | (4,831) | 5,022 |
Derivatives | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Liabilities/(assets) arising from financing activities at beginning of period | (16,396) | 22,401 |
Cash flows | (20,603) | |
Other comprehensive income | 5,089 | (7,689) |
Non-cash items | 8,211 | (10,505) |
Liabilities/(assets) arising from financing activities at end of period | (3,096) | (16,396) |
Derivatives | Unrealized gain on derivative financial instruments held for trading including ineffective portion of cash flow hedge | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | (10,505) | |
Total | (10,505) | |
Derivatives | Unrealized loss on derivative financial instruments held for trading | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 7,922 | |
Total | 7,922 | |
Derivatives | Ineffective portion of cash flow hedges | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 289 | |
Total | 289 | |
Derivatives | Payment for CCS termination | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (20,603) | |
Total | (20,603) | |
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 income | 5,089 | (7,689) |
Total | 5,089 | (7,689) |
Finance lease liability | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Liabilities/(assets) arising from financing activities at beginning of period | 213,428 | 220,401 |
Cash flows | (17,849) | (17,848) |
Non-cash items | 10,520 | 10,875 |
Liabilities/(assets) arising from financing activities at end of period | 206,099 | 213,428 |
Finance lease liability | Finance lease charge | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Non-cash items | 10,520 | 10,875 |
Total | 10,520 | 10,875 |
Finance lease liability | Payments for interest | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (10,520) | (14,276) |
Total | (10,520) | (14,276) |
Finance lease liability | Payments for finance lease liability | ||
Disclosure of reconciliation of liabilities arising from financing activities | ||
Cash flows | (7,329) | (3,572) |
Total | $ (7,329) | $ (3,572) |
Cash Flow Reconciliations - R_2
Cash Flow Reconciliations - Reconciliation of tangible fixed assets, vessels under construction and vessel held under finance lease (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows | ||
Additions cash flows | $ 673,823 | $ 82,352 |
Cash flows | 673,823 | 82,352 |
Non-cash items | ||
Additions non-cash | 17,080 | 978 |
Transfer under "Other non-current assets" | (1,650) | |
Depreciation expense | (153,193) | (137,187) |
Non-cash | (137,763) | (136,209) |
Total | ||
Balance, at the beginning of the year | 4,153,550 | 4,207,407 |
Additions (Note 6) | 690,903 | 83,330 |
Transfer under "Other non-current assets" | (1,650) | |
Depreciation expense (Note 6) | (153,193) | (137,187) |
Balance, at the end of the year | $ 4,689,610 | $ 4,153,550 |
Cash Flow Reconciliations - R_3
Cash Flow Reconciliations - Reconciliation of equity offering arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows | |||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | $ 60,345 | $ 141,395 | $ 52,731 |
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 208,394 | 139,222 | |
Offering costs | (917) | (2,032) | $ (442) |
Net proceeds from equity offerings in the year | 267,822 | 278,585 | |
Non-cash items | |||
Offering costs | (703) | (359) | |
Net proceeds from equity offerings in the year | (703) | (359) | |
Total | |||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 60,345 | 141,395 | |
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 208,394 | 139,222 | |
Offering costs | (1,620) | (2,391) | |
Net proceeds from equity offerings in the year | $ 267,119 | $ 278,226 |
Taxation (Details)
Taxation (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Taxation | |
U.S. Federal income tax rate (in percent) | 4.00% |
U.S. source gross transportation income (as percentage of gross shipping income for transportation that begins or ends in the United States) | 50.00% |
Earnings_(losses) per share (_3
Earnings/(losses) per share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic (loss)/earnings per share | |||
Profit/(loss) for the year attributable to owners of the Group | $ 47,683 | $ 15,506 | $ (21,486) |
Less: Dividends on Preference Shares | (10,063) | (10,064) | (10,063) |
(Loss)/profit for the year available to owners of the Group | $ 37,620 | $ 5,442 | $ (31,549) |
Weighted average number of shares outstanding, basic | 80,792,837 | 80,622,788 | 80,534,702 |
Basic (loss)/earnings per share | $ 0.47 | $ 0.07 | $ (0.39) |
Diluted (loss)/earnings per share | |||
(Loss)/profit for the year available to owners of the Group used in the calculation of diluted EPS | $ 37,620 | $ 5,442 | $ (31,549) |
Weighted average number of shares outstanding, basic | 80,792,837 | 80,622,788 | 80,534,702 |
Dilutive potential ordinary shares | 844,185 | 643,342 | |
Weighted average number of shares used in the calculation of diluted EPS | 81,637,022 | 81,266,130 | 80,534,702 |
Diluted (loss)/earnings per share | $ 0.46 | $ 0.07 | $ (0.39) |
SARs | |||
Diluted (loss)/earnings per share | |||
Anti-dilutive potential ordinary shares | 555,453 | 998,502 | 1,713,702 |
RSUs | |||
Diluted (loss)/earnings per share | |||
Anti-dilutive potential ordinary shares | 0 | 0 | 368,437 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 20, 2019USD ($)item | Feb. 13, 2019$ / shares | Jan. 29, 2019USD ($) | Feb. 26, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 03, 2017USD ($) | May 16, 2017USD ($) |
Common shares/units | |||||||
Subsequent Events | |||||||
Declaration of quarterly cash dividend (per share) | $ / shares | $ 0.15 | ||||||
Common shares/units | ATM Programme | GasLog Partners LP | |||||||
Subsequent Events | |||||||
Size of ATM Programme | $ 144,040 | $ 100,000 | |||||
Announcement of unit repurchase programme | GasLog Partners LP | |||||||
Subsequent Events | |||||||
Unit repurchase programme limit | $ 25,000 | ||||||
Refinancing | Gaslog Partners Facility 2019 | GasLog Partners LP | |||||||
Subsequent Events | |||||||
Amount of credit facility | $ 450,000 | ||||||
Number of vessels on which the existing indebtedness is refinanced | item | 5 | ||||||
Term of debt instrument | 5 years | ||||||
Change to ATM Programme | ATM Programme | GasLog Partners LP | |||||||
Subsequent Events | |||||||
Size of ATM Programme | $ 250,000 | $ 144,000 |