Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entity Information | |
Entity Registrant Name | GasLog Ltd. |
Entity Incorporation, State or Country Code | D0 |
Entity Central Index Key | 0001534126 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Number of common shares outstanding | 95,176,443 |
Number of preference shares outstanding | 4,600,000 |
Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | true |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Goodwill | $ 9,511 | $ 9,511 |
Investment in associates | 21,759 | 21,620 |
Deferred financing costs | 5,150 | 11,592 |
Other non-current assets | 12,463 | 24,221 |
Derivative financial instruments | 5,561 | 3,572 |
Tangible fixed assets | 5,028,509 | 4,427,065 |
Vessels under construction | 132,839 | 203,323 |
Right-of-use assets | 203,437 | 206,495 |
Total non-current assets | 5,419,229 | 4,907,399 |
Current assets | ||
Trade and other receivables | 36,223 | 24,900 |
Dividends receivable and other amounts due from related parties | 1,259 | 573 |
Derivative financial instruments | 534 | 429 |
Inventories | 7,564 | 8,172 |
Prepayments and other current assets | 24,685 | 13,475 |
Short-term investments | 4,500 | |
Cash and cash equivalents | 367,269 | 263,747 |
Total current assets | 437,534 | 315,796 |
Total assets | 5,856,763 | 5,223,195 |
Equity | ||
Preference shares | 46 | 46 |
Share capital | 954 | 810 |
Contributed surplus | 759,822 | 760,671 |
Reserves | 18,667 | 16,799 |
Treasury shares | (1,340) | (2,159) |
Accumulated deficit | (132,780) | (87,832) |
Equity attributable to owners of the Group | 645,369 | 688,335 |
Non-controlling interests | 951,768 | 961,518 |
Total equity | 1,597,137 | 1,649,853 |
Current liabilities | ||
Trade accounts payable | 25,046 | 27,615 |
Ship management creditors | 397 | 601 |
Amounts due to related parties | 164 | 200 |
Derivative financial instruments | 35,415 | 8,095 |
Other payables and accruals | 143,057 | 136,242 |
Borrowings, current portion | 245,626 | 255,422 |
Lease liability, current portion | 9,644 | 9,363 |
Total current liabilities | 459,349 | 437,538 |
Non-current liabilities | ||
Derivative financial instruments | 78,440 | 41,837 |
Borrowings, non-current portion | 3,527,595 | 2,891,973 |
Lease liability, non-current portion | 186,526 | 195,567 |
Other non-current liabilities | 7,716 | 6,427 |
Total non-current liabilities | 3,800,277 | 3,135,804 |
Total equity and liabilities | $ 5,856,763 | $ 5,223,195 |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated statements of profit or loss | |||
Revenues | $ 674,089 | $ 668,637 | $ 618,344 |
Net pool allocation | (4,264) | 17,818 | |
Voyage expenses and commissions | (21,883) | (23,772) | (20,374) |
Vessel operating and supervision costs | (148,235) | (139,662) | (128,084) |
Depreciation | (177,213) | (168,041) | (153,193) |
Impairment loss on vessels | (28,627) | (162,149) | |
Loss on disposal of non-current assets | (572) | ||
General and administrative expenses | (47,249) | (47,385) | (41,993) |
Profit from operations | 250,310 | 123,364 | 292,518 |
Financial costs | (165,281) | (190,481) | (166,627) |
Financial income | 726 | 5,318 | 4,784 |
Loss on derivatives | (84,658) | (55,441) | (6,077) |
Share of profit of associates | 2,192 | 1,627 | 1,800 |
Total other expenses, net | (247,021) | (238,977) | (166,120) |
Profit/(loss) for the year | 3,289 | (115,613) | 126,398 |
Attributable to: | |||
Owners of the Group | (44,948) | (100,661) | 47,683 |
Non-controlling interests | $ 48,237 | $ (14,952) | $ 78,715 |
Earnings/(loss) per share-basic and diluted | |||
Earnings/(loss) per share - basic | $ (0.63) | $ (1.37) | $ 0.47 |
Earnings/(loss) per share - diluted | $ (0.63) | $ (1.37) | $ 0.46 |
Consolidated statements of comp
Consolidated statements of comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated statements of comprehensive income or loss | |||
Profit/(loss) for the year | $ 3,289 | $ (115,613) | $ 126,398 |
Items that may not be reclassified subsequently to profit or loss: | |||
Actuarial (loss)/gain | 57 | (51) | |
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 | (750) | (2,933) | (258) |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | ||
Other comprehensive loss for the year | (693) | (2,236) | (309) |
Total comprehensive income/(loss) for the year | 2,596 | (117,849) | 126,089 |
Attributable to: | |||
Owners of the Group | (45,641) | (102,897) | 47,374 |
Non-controlling interests | $ 48,237 | $ (14,952) | $ 78,715 |
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 | (Accumulated deficit)/ Retained earnings | Attributable to owners of the Group | Non-controlling interests | Total | |
Balance at beginning of year at Dec. 31, 2017 | $ 810 | $ 46 | $ 911,766 | $ 18,347 | $ (6,960) | $ (5,980) | $ 918,029 | $ 845,105 | $ 1,763,134 | |
Opening adjustment at Dec. 31, 2017 | [1] | (436) | 190 | (246) | (246) | |||||
Balance as of January 1, 2018 at Dec. 31, 2017 | 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 | ||||||||
Equity offering costs | (395) | (395) | (395) | |||||||
Dividend declared (common and preference shares) (Notes 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 or GasLog Partners' common units | (62) | (62) | (62) | |||||||
(Loss)/profit for the year | 47,683 | 47,683 | 78,715 | 126,398 | ||||||
Other comprehensive 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 | |
Opening adjustment at Dec. 31, 2018 | [2] | 215 | 215 | 128 | 343 | |||||
Balance as of January 1, 2019 at Dec. 31, 2018 | 810 | 46 | 850,576 | 18,962 | (3,266) | 12,829 | 879,957 | 1,103,508 | 1,983,465 | |
Equity offering costs | (595) | (595) | (22) | (617) | ||||||
Dividend declared (common and preference shares) (Notes 4 and 12) | (89,310) | (89,310) | (104,126) | (193,436) | ||||||
Share-based compensation, net of accrued dividend (Note 22) | 4,794 | 4,794 | 4,794 | |||||||
Settlement of share-based compensation | (4,721) | 4,859 | 138 | 138 | ||||||
Treasury shares, net or GasLog Partners' common units | (3,752) | (3,752) | (22,890) | (26,642) | ||||||
(Loss)/profit for the year | (100,661) | (100,661) | (14,952) | (115,613) | ||||||
Other comprehensive loss for the year | (2,236) | (2,236) | (2,236) | |||||||
Total comprehensive income/(loss) for the year | (2,236) | (100,661) | (102,897) | (14,952) | (117,849) | |||||
Balance at the end of the year at Dec. 31, 2019 | 810 | 46 | 760,671 | 16,799 | (2,159) | (87,832) | 688,335 | 961,518 | 1,649,853 | |
Proceeds from private placement, net of offering costs (Note 11) | 144 | 34,849 | 34,993 | 34,993 | ||||||
Equity offering costs | (132) | (132) | ||||||||
Dividend declared (common and preference shares) (Notes 4 and 12) | (35,698) | (35,698) | (56,859) | (92,557) | ||||||
Share-based compensation, net of accrued dividend (Note 22) | 5,385 | 5,385 | 5,385 | |||||||
Settlement of share-based compensation | (2,824) | 2,819 | (5) | (5) | ||||||
Treasury shares, net or GasLog Partners' common units | (2,000) | (2,000) | (996) | (2,996) | ||||||
(Loss)/profit for the year | (44,948) | (44,948) | 48,237 | 3,289 | ||||||
Other comprehensive loss for the year | (693) | (693) | (693) | |||||||
Total comprehensive income/(loss) for the year | (693) | (44,948) | (45,641) | 48,237 | 2,596 | |||||
Balance at the end of the year at Dec. 31, 2020 | $ 954 | $ 46 | $ 759,822 | $ 18,667 | $ (1,340) | $ (132,780) | $ 645,369 | $ 951,768 | $ 1,597,137 | |
[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. | |||||||||
[2] | Restated so as to reflect an adjustment introduced due to the adoption of IFRS 16 Leases on January 1, 2019. |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Profit/(loss) for the year | $ 3,289 | $ (115,613) | $ 126,398 |
Adjustments for: | |||
Depreciation | 177,213 | 168,041 | 153,193 |
Impairment loss on vessels | 28,627 | 162,149 | |
Loss on disposal of non-current assets | 572 | ||
Share of profit of associates | (2,192) | (1,627) | (1,800) |
Financial income | (726) | (5,318) | (4,784) |
Financial costs | 165,281 | 190,481 | 166,627 |
Unrealized foreign exchange losses on cash and cash equivalents | 329 | ||
Realized foreign exchange losses | 773 | ||
Unrealized loss on derivative financial instruments held for trading including ineffective portion of cash flow hedges | 64,367 | 54,201 | 8,211 |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | ||
Non-cash defined benefit obligations | 57 | (51) | |
Share-based compensation | 5,849 | 5,447 | 5,216 |
Adjusted profit | 442,337 | 459,231 | 453,339 |
Movements in operating assets and liabilities: | |||
(Increase)/decrease in trade and other receivables including related parties, net | (11,361) | 27,609 | (33,286) |
Decrease/(increase) in prepayments and other assets | (20,910) | 205 | 888 |
(Increase)/decrease in inventories | 607 | (419) | (915) |
(Increase)/decrease in other non-current assets | 11,758 | (21,678) | (465) |
Increase in other non-current liabilities | 375 | 864 | 2,957 |
Increase in accounts payable and other current liabilities | 21,678 | 23,436 | 3,113 |
Cash provided by operations | 444,484 | 489,248 | 425,631 |
Interest paid | (155,533) | (171,825) | (141,921) |
Net cash provided by operating activities | 288,951 | 317,423 | 283,710 |
Cash flows from investing activities: | |||
Payments for tangible fixed assets and vessels under construction | (732,385) | (479,618) | (673,787) |
Proceeds from sale of tangible fixed assets | 2,322 | ||
Return of capital expenditures | 10,451 | ||
Other investments | (472) | (158) | (136) |
Payments for right-of-use assets | (5,803) | (935) | (36) |
Dividends received from associate | 1,725 | 1,313 | 1,263 |
Purchase of short-term investments | (82,500) | (71,000) | |
Maturity of short-term investments | 4,500 | 103,000 | 46,000 |
Increase in restricted cash | (300) | ||
Financial income received | 844 | 5,469 | 4,697 |
Net cash used in investing activities | (729,569) | (442,978) | (692,999) |
Cash flows from financing activities: | |||
Proceeds from loans and bonds | 2,138,035 | 905,730 | 524,165 |
Loan and bond repayments | (1,481,709) | (547,751) | (231,753) |
Payment of loan and bond issuance costs | (35,795) | (25,912) | (7,449) |
Loan issuance costs received | 792 | ||
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions) | 60,345 | ||
Proceeds from GasLog Partners' preference unit offerings (net of underwriting discounts and commissions) | 208,394 | ||
Payment of equity raising costs | (1,153) | (1,670) | (917) |
Proceeds from private placement | 36,000 | ||
Payment for cross currency swaps' ("CCSs") termination/modification | (4,052) | (3,731) | |
Payment for bond repurchase at a premium | (1,937) | (46,721) | |
Payment for interest rate swaps termination | (31,662) | ||
Proceeds from entering into interest rate swaps | 31,622 | ||
Purchase of treasury shares or GasLog Partners' common units | (2,996) | (26,642) | (62) |
Proceeds from stock options' exercise | 149 | 754 | |
Dividends paid | (90,041) | (193,436) | (178,028) |
Payments for lease liability | (11,150) | (9,950) | (7,329) |
Net cash provided by financing activities | 545,954 | 50,066 | 368,120 |
Effects of exchange rate changes on cash and cash equivalents | (1,814) | (3,358) | (329) |
(Decrease)/increase in cash and cash equivalents | 103,522 | (78,847) | (41,498) |
Cash and cash equivalents, beginning of the year | 263,747 | 342,594 | 384,092 |
Cash and cash equivalents, end of the year | $ 367,269 | $ 263,747 | $ 342,594 |
Consolidated statements of ca_2
Consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Non-cash investing and financing activities | |||
Capital expenditures included in liabilities at the end of the year | $ 15,273 | $ 18,976 | $ 19,989 |
Capital expenditures included in liabilities at the end of the year - Right-of-use assets | 169 | 173 | 107 |
Equity raising costs included in liabilities at the end of the year | 14 | 1,067 | |
Loan issuance costs included in liabilities at the end of the year | 320 | 1,317 | 407 |
Dividend declared included in liabilities at the end of the year | 2,516 | ||
Liabilities related to leases at the end of the year | $ 3 | $ 228 | $ 287 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations GasLog Ltd. (“GasLog”) was incorporated in Bermuda on July 16, 2003. GasLog and its subsidiaries (the “Group”) are primarily engaged in the ownership, operation and management of vessels in the liquefied natural gas (“LNG”) market, providing maritime services for the transportation of LNG on a worldwide basis and LNG vessel management services. The Group conducts its operations through its vessel-owning subsidiaries and through its vessel management services subsidiary. The Group’s operations are carried out from offices in Piraeus, London and Singapore. The registered office of GasLog is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. 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. (“Blenheim Holdings”). As of December 31, 2020, entities controlled by members of the Livanos family, including GasLog’s chairman, are deemed to beneficially own approximately 41.4% 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, Methane Shirley Elisabeth 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 April 1, 2019 GAS-twelve Ltd. GasLog Glasgow As of December 31, 2020, GasLog holds a 35.3% ownership interest (including the 2% interest through general partner units) in GasLog Partners and, as a result of its ownership of the general partner and the fact that the general partner elects the majority of the Partnership’s directors in accordance with the Partnership Agreement, GasLog has the ability to control the Partnership’s affairs and policies. Consequently, GasLog Partners is consolidated in the Group’s financial statements. The accompanying consolidated financial statements include the financial statements of GasLog and its subsidiaries. Unless indicated otherwise, the subsidiaries listed below were 100% held (either directly or indirectly) by GasLog. As of December 31, 2020, the Group’s structure is as follows: Cargo Place of Date of capacity Cubic Name incorporation incorporation Principal activities meters ("cbm") Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. (“GasLog Carriers”) Bermuda February 2008 Holding company — — — GasLog Shipping Company Ltd. Bermuda January 2006 Holding company — — — GasLog Partners GP LLC Marshall Islands January 2014 Holding company — — — GasLog Cyprus Investments Ltd. Cyprus December 2016 Holding company — — — GasLog Services UK Ltd. England and Wales May 2014 Service company — — — GasLog Services US Inc. Delaware May 2014 Service company — — — GasLog Asia Pte Ltd. Singapore May 2015 Service company — — — GasLog LNG Services Ltd. Bermuda August 2004 Vessel management services — — — GasLog Monaco S.A.M. Monaco February 2010 Service company — — — GAS-Two Panama S.A. Panama November 2020 Dormant — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company 155,000 GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Vessel-owning company 155,000 GasLog Salem April 2015 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company 153,600 GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Genoa March 2018 GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Gladstone March 2019 GAS-twenty four Ltd. Bermuda June 2014 Vessel-owning company 174,000 GasLog Houston January 2018 GAS-twenty five Ltd. Bermuda June 2014 Lease asset company 174,000 GasLog Hong Kong March 2018 GAS-twenty six Ltd. Bermuda January 2015 Lease asset company 170,000 Methane Julia Louise March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company 180,000 GasLog Windsor April 2020 GAS-twenty nine Ltd. Bermuda September 2016 Dormant (2) — — — GAS-thirty Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Westminster July 2020 GAS-thirty one Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Wales May 2020 GAS-thirty two Ltd. Bermuda December 2017 Vessel-owning company 174,000 GasLog Georgetown November 2020 GAS-thirty three Ltd. Bermuda May 2018 Vessel-owning company 174,000 GasLog Galveston January 4, 2021 GAS-thirty four Ltd. Bermuda May 2018 Vessel-owning company 180,000 Hull No. 2311 Q2 2021 (1) GAS-thirty five Ltd. Bermuda December 2018 Vessel-owning company 180,000 Hull No. 2312 Q3 2021 (1) GAS-thirty six Ltd. Bermuda December 2018 Dormant — — — GAS-thirty seven Ltd. Bermuda December 2018 Dormant — — — GasLog Hellas-1 Special Maritime Enterprise Greece June 2019 Vessel-owning company 180,000 GasLog Warsaw (2) July 2019 35.3% interest subsidiaries: GasLog Partners LP Marshall Islands January 2014 Holding company — — — GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — GAS-three Ltd. Bermuda April 2010 Vessel-owning company 155,000 GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company 155,000 GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company 155,000 GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company 155,000 Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Greece March 2016 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Glasgow June 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Geneva September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Gibraltar October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Heather Sally June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company 170,000 Methane Becki Anne March 2015 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company 145,000 Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. ("Gastrade") Greece June 2010 Service company — — — (1) For newbuildings, expected delivery quarters as of December 31, 2020 are presented. (2) In June 2019, the newbuilding GasLog Warsaw , delivered on July 31, 2019, was transferred from GAS-twenty nine Ltd. to the subsidiary GasLog Hellas-1 Special Maritime Enterprise. On October 1, 2015, GasLog Carriers, Dynagas Ltd. (“Dynagas”) and Golar LNG Ltd. (“Golar”) (“Pool Owners”) and The Cool Pool Limited signed an LNG carrier pooling agreement (the “LNG Carrier Pool” or “Pool Agreement” or “Cool Pool”) to market their vessels operating in the LNG shipping spot market. For the operation of the Cool Pool, a Marshall Islands service company named “The Cool Pool Limited” or the “Pool Manager”, was incorporated in September 2015 acting as an agent. In June and July 2018, Dynagas removed its three vessels from the Cool Pool and ceased to be a shareholder. On June 6, 2019, GasLog entered into a termination agreement with the Cool Pool, whereby GasLog would assume commercial control of its six vessels operating in the LNG carrier spot market through the Cool Pool and on June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of The Cool Pool Limited. Following expiry of their commitments, GasLog vessels were withdrawn from the Cool Pool in June and July 2019. All entities in the Group have a December 31st year end. During 2020, the Group employed an average of 176 employees (2019: 163 and 2018: 172). 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, 2020 | |
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, incorporating the negative impact of the COVID-19 pandemic on near-term market rates. As of December 31, 2020, the Group’s current assets totaled $437,534, while current liabilities totaled $459,349, resulting in a negative working capital position of $21,815. Current liabilities include $59,612 of unearned revenue in relation to hires received in advance of December 31, 2020 (which represents a non-cash liability that will be recognized as revenue in January as the services are rendered). Management monitors the Company’s liquidity position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and debt service commitments, and to monitor compliance with the financial covenants within its loan and bond facilities. Taking into account the volatile commercial and financial market conditions experienced throughout 2020, management anticipates that our primary sources of funds over the next twelve months will be available cash, cash from operations and existing borrowings, including the credit agreements entered into on July 16, 2020 and July 30, 2020, which refinanced in full the debt maturities due in 2021, as well as the sale and leaseback transactions we concluded in October 2020 and January 2021 that released incremental liquidity of $61,224. Management believes that these anticipated sources of funds will be sufficient for the Company to meet its liquidity needs and to comply with its banking covenants for at least twelve months from the date of this report and therefore it is appropriate to prepare the financial statements on a going concern basis. Additionally, the Company may enter into new debt facilities in the future, as well as equity or debt instruments, although there can be no assurance that the Company will be able to obtain additional debt or equity financing on terms acceptable to the Company, which will also depend on financial, commercial and other factors, as well as a significant recovery in capital market conditions and a sustainable improvement of the LNG charter market, that are beyond the Company’s control. The Company’s long-term ability to repay its debts and maintain compliance with its debt covenants for at least twelve months from the date of this report without reliance on additional sources of finance is also dependent on a sustainable longer-term recovery in the LNG charter market from the market disruption observed in 2020 as a result of the COVID-19 outbreak. Finally, our 8.875% senior unsecured notes due in 2022 (the “8.875% Senior Notes”) will mature on March 22, 2022 (Note 13), which we plan to refinance in due course. 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, 2021, 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 was a joint venture until June 2019 when a termination agreement was entered between GasLog and the Cool Pool. 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”. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. The Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change are discussed below. Until December 31, 2018, leases of property, plant and equipment (i.e. vessels) where the Group, as lessee, had substantially all the risks and rewards of ownership were classified as finance leases. Finance leases were 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, were included in current and non-current liabilities as finance lease liabilities. Each lease payment was allocated between the liability and finance cost. The finance cost was 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 was depreciated over the asset’s useful life or over the shorter of the asset’s useful life and the lease term if there was no reasonable certainty that the Group would obtain ownership at the end of the lease term. In addition, leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases (i.e. vessels’ equipment, properties and other). Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019 and onwards, each of the above leases is recognized as a right-of-use asset, with a corresponding liability recognized at the date at which the leased asset is available for use by the Group. The Group is a lessee under a vessel sale and leaseback arrangement and also leases various properties, vessel and office equipment. Rental contracts are typically made for fixed periods but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Following the implementation of IFRS 16, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as lease liabilities. Each lease payment is allocated between the liability and finance cost. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect lease payment made. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate, which is the Group's current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. The right-of-use asset is depreciated over its useful life or over the shorter of its useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel or office equipment. Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the 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 (until July 2019), management fees, project supervision income and other income earned during the period in accordance with existing contracts. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer. Except for the off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases . 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 were recognized on a gross basis representing time charter revenues earned by GasLog vessels participating in the pool under charter agreements where GasLog contracts directly with charterers. Revenues were recognized on a monthly basis, when the vessel 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 (until July 2019), net pool allocation represents GasLog’s share of the net revenues earned from the other pool participants’ vessels less the other participants’ share of the net revenues earned by GasLog’s vessels included in the pool. Each participant’s share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. Financial income and costs Interest income is recognized on an accrual basis. Dividend income is recognized when the right to receive payment is established. Interest expense, other borrowing costs and realized loss on CCSs are recognized on an accrual basis. Foreign currencies Transactions in currencies other than the USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. The exchange differences from cash and bonds are classified in Financial costs, while all other foreign exchange differences are classified in General and administrative expenses. Deferred financing costs for undrawn facilities Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. 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 years Dry-docking component years Furniture, computer, software and other office equipment 3-5 years Leasehold improvements 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. Management estimates residual value of its vessels to be equal to the product of its lightweight tonnage (“LWT”) and an estimated scrap rate per LWT. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Group might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When assets are sold, they are derecognized and any gain or loss resulting from their disposal is included in profit or loss. Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease renamed to right-of-use assets All assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs of disposal, while “value in use” is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-generating unit. The fair values of the vessels are estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under “Vessels”. Concurrently, an equal amount is deferred as a liability and amortized to 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 and amounts held as guarantees as part of stand-by letters of credit. · Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. · Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 9 for further information about the Group’s accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Group recognizes lifetime expected credit losses (“ECLs”) on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. · Borrowings Borrowings are initially recognized at fair value (net of transaction costs). Borrowings are subsequently measured at amortized cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Borrowings also include arrangements such as sale and leaseback transactions with a right or obligation to re |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 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, 2021 and management forecasts until 2024. The key assumptions used in the value-in-use calculations (2021 and beyond) are as follows: (i) Average inflation of 1.0% per annum based on historical data and performance; (ii) A pre-tax discount rate of 7.2% per annum based on cost of equity; (iii) Annual growth rate of 1.0%; and (iv) 1 Euro = USD 1.20 based on the 2021 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, 2020 | |
Equity Transactions | |
Equity Transactions | 4. Equity Transactions GasLog Partners’ offerings 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”. 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: Old IDRs Marginal Percentage Interest in Distributions Total Quarterly Distribution Common General Holders of Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Third Target Distribution $ 0.46875 up to $ 0.5625 75.0 % 2.0 % 23.0 % Thereafter Above $ 0.5625 50.0 % 2.0 % 48.0 % 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: New IDRs Marginal Percentage Interest in Distributions Total Quarterly Distribution Common General Holders of Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Thereafter Above $ 0.46875 75.0 % 2.0 % 23.0 % Under the Partnership’s “at-the-market” common equity offering programme (“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. On January 29, 2019, the board of directors of GasLog Partners authorized a unit repurchase programme of up to $25,000 covering the period January 31, 2019 to December 31, 2021. Under the terms of the repurchase programme, GasLog Partners may repurchase common units from time to time, at its discretion, on the open market or in privately negotiated transactions. During the year ended December 31, 2019, GasLog Partners repurchased and cancelled 1,171,572 common units at a weighted average price of $19.52 per common unit, for a total cost of $22,890 including commissions. On February 26, 2019, the Partnership entered into a Third Amended and Restated Equity Distribution Agreement to further increase the size of the ATM Programme from $144,040 to $250,000. As of December 31, 2019, the unutilized portion of the ATM Programme is $126,556. On April 1, 2019, GasLog Partners issued 49,850 common units in connection with the vesting of 24,925 RCUs and 24,925 PCUs under the GasLog Partners’ Plan at a price of $22.99 per unit. On June 24, 2019, the Partnership Agreement was amended, effective June 30, 2019, to eliminate the IDRs in exchange for the issuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. The Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation in distributions until such time as GasLog exercises its right to convert the Class B units to common units. After the conversion of the first tranche of 415,000 Class B units to common units on July 1, 2020, the remaining 2,075,000 Class B units will become eligible for conversion on a one-for-one basis into common units at GasLog’s option on July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-2 units, Class B-3 units, Class B-4 units, Class B-5 units and the Class B-6 units, respectively. Following the IDRs’ elimination, 98% of the available cash is distributed to the common unitholders and 2% is distributed to the general partner. The updated earnings allocation applies to the Partnership’s earnings from June 30, 2019 and onwards. Allocation of GasLog Partners’ (loss)/profit (*) 2019 2020 Partnership’s (loss)/profit attributable to: Common unitholders (66,268) 25,970 General partner (1,479) 561 Paid and accrued preference equity distributions 30,328 30,328 Total (37,419) 56,859 Partnership’s (loss)/profit allocated to GasLog (22,467) 8,622 Partnership’s (loss)/profit allocated to non-controlling interests (14,952) 48,237 Total (37,419) 56,859 * Excludes profits of GAS-twelve Ltd. for the period prior to its transfer to the Partnership on April 1, 2019. On February 5, 2020, the board of directors of GasLog Partners authorized a renewal of the unit repurchase programme taking the total authority outstanding under the programme to $25,000, to be utilized from February 10, 2020 to December 31, 2021. In the year ended December 31, 2020, GasLog Partners repurchased and cancelled a total of 191,490 units at a weighted average price of $5.18 per common unit for a total amount of $996, including commissions. On April 3, 2020, GasLog Partners issued 46,843 common units in connection with the vesting of 25,551 RCUs and 21,292 PCUs under the GasLog Partners’ Plan. On June 30, 2020, GasLog Partners issued an additional 21,589 common units in connection with the vesting of 11,776 RCUs and 9,813 PCUs under the GasLog Partners’ Plan. On July 1, 2020, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the first tranche of its Class B units issued upon the elimination of IDRs in June 2019. Finally, on September 25, 2020, GasLog Partners issued 365,700 common units in connection with the vesting of 182,850 RCUs and 182,850 PCUs under the GasLog Partners’ Plan. 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, 2020, the board of directors of the Partnership approved and declared cash distributions of $26,531 and of $30,328 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, 2020 | |
Investment in Associates and Joint Venture | |
Investment in Associates and Joint Venture | 5. Investment in Associates and Joint Venture The Group participates in the following associates and joint venture: % of ownership Country of interest Nature of Measurement Name incorporation 2019 2020 relationship method Principal activity Egypt LNG Shipping Ltd. (1) Bermuda 25 % 25 % Associate Equity method Vessel-owning company Gastrade (2) Greece 20 % 20 % Associate Equity method Service company The Cool Pool Limited (3) Marshall Islands — — Joint venture Equity method Service company (1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cbm LNG vessel built in 2007. (2) Gastrade is a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit (“FSRU”) along with other fixed infrastructure. (3) The Cool Pool Limited is the commercial manager of the Cool Pool acting as an agent (Note 1). Investment in associates and joint venture consist of the following: Associates 2019 2020 As of January 1, 20,713 21,620 Additions 158 472 Share of profit of associates 1,627 2,192 Dividend declared (878) (2,525) As of December 31, 21,620 21,759 The additions of $472 relate to the investment in Gastrade (December 31, 2019: $158). 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 2019 2020 2019 2020 Current Total current assets 22,749 25,861 — — Total current liabilities (15,258) (18,393) — — Non-current Total non-current assets 106,421 98,926 — — Total non-current liabilities (82,153) (73,571) — — Net assets 31,759 32,823 — — Group’s share 7,840 8,025 — — Effect from translation (41) (87) — — Goodwill 13,821 13,821 — — Investment in associates and joint venture 21,620 21,759 — — Associates Joint Venture 2018 2019 2020 2018 2019 2020 Revenues 23,513 26,294 27,807 346,170 121,434 — Profit for the year 7,040 6,429 8,593 — — — Total comprehensive income for the year 7,040 6,429 8,593 — — — Group’s share in profit 1,800 1,627 2,192 — — — Dividend declared (8,091) (3,510) (10,100) — — — Group’s share in dividend 2,023 878 2,525 — — — |
Tangible Fixed Assets and Vesse
Tangible Fixed Assets and Vessels Under Construction | 12 Months Ended |
Dec. 31, 2020 | |
Tangible Fixed Assets and Vessels Under Construction | |
Tangible Fixed Assets and Vessels Under Construction | 6. Tangible Fixed Assets and Vessels Under Construction The movements in tangible fixed assets and vessels under construction are reported in the following table: Office property Total and other tangible Vessels tangible fixed under Vessels assets assets construction Cost As of January 1, 2019 4,899,678 23,710 4,923,388 159,275 Additions 26,233 1,454 27,687 450,918 Return of capital expenditures (11,224) — (11,224) — Transfer from vessels under construction 406,870 — 406,870 (406,870) Fully amortized fixed assets (7,209) — (7,209) — As of December 31, 2019 5,314,348 25,164 5,339,512 203,323 Additions 40,116 11,245 51,361 677,456 Disposals — (3,029) (3,029) — Transfer from vessels under construction 747,940 — 747,940 (747,940) Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 6,078,041 33,380 6,111,421 132,839 Accumulated depreciation As of January 1, 2019 595,426 4,380 599,806 — Depreciation 156,826 875 157,701 — Impairment loss on vessels 162,149 — 162,149 — Fully amortized fixed assets (7,209) — (7,209) — As of December 31, 2019 907,192 5,255 912,447 — Depreciation 165,411 166,201 — Impairment loss on vessels 28,627 — 28,627 — Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 1,076,867 6,045 1,082,912 — Net book value As of December 31, 2019 4,407,156 19,909 4,427,065 203,323 As of December 31, 2020 5,001,174 27,335 5,028,509 132,839 Vessels with an aggregate carrying amount of $5,001,174 as of December 31, 2020 (December 31, 2019: $4,407,156) have been pledged as collateral under the terms of the Group’s loan agreements (Note 13). As of June 30, 2020 and December 31, 2020, a number of negative indicators such as downward pressure on economic activity and energy demand, as well as significant uncertainty regarding future LNG demand and, therefore, LNG shipping requirements pursuant to the COVID-19 pandemic, combined with our reduced expectations for the estimated rates at which employment for the Group’s vessels could be secured over the near-term in the spot market prompted the Group to perform an impairment assessment of its vessels in accordance with the Group’s accounting policy (Note 2). The recoverable amounts (values in use) for four Steam vessels owned by the Partnership and the one Steam vessel owned by GasLog (in the table below) calculated as per above were lower than the respective carrying amounts of these vessels and, consequently, an aggregate impairment loss of $28,627 was recognized in profit or loss in the year ended December 31, 2020. As of and for the year ended December 31, 2020 Vessel Impairment loss Recoverable amount Methane Rita Andrea (4,933) 91,162 Methane Lydon Volney (4,704) 99,285 Methane Alison Victoria (2,359) 96,385 Methane Shirley Elisabeth (12,412) 92,688 Methane Heather Sally (4,219) 103,274 Total (28,627) 482,794 As of December 31, 2020, the most sensitive and/or subjective assumptions that have the potential to affect the outcome of the impairment assessment for the Steam vessels are the projected charter hire rate used to forecast future cash flows for non-contracted revenue days (the “re-chartering rate”) and the discount rate used. The average re-chartering rate over the remaining useful life of the vessels used in our impairment exercise for the Steam vessels was $40 per day (December 31, 2019: $41 per day). Increasing/decreasing the average re-chartering rate used by $5 per day would result in an impairment reversal of $109,772/ impairment loss of $115,887, respectively. The discount rate used for the Steam vessels was 6.4% as of December 31, 2020 (December 31, 2019: 7.25)%. Increasing/decreasing the discount rate by 0.5% would result in an impairment loss of $26,751/ an impairment reversal of $14,492, respectively. On October 11, 2016, GasLog LNG Services Ltd. entered into an arrangement whereby it would have access to all long lead items (“LLIs”) necessary for the conversion of a GasLog LNG carrier vessel into FSRUs whereby such conversion work would be undertaken by Keppel Shipyard Limited (“Keppel”). GasLog was only obligated to pay for such LLIs if utilized for a GasLog vessel conversion or, if the LLIs had not been utilized in a GasLog vessel conversion within three years from November 2016, the items might be put to GasLog at 85% of the original cost, or GasLog might call for the purchase of such LLIs at 115% of the original cost. On February 7, 2020, GasLog paid $17,625 for the acquisition of such LLIs, following the expiration of the arrangement. Related to the acquisition of six vessels from a subsidiary of Methane Services Limited (“MSL”) in 2014 and another two vessels in 2015, the Group was committed to purchase depot spares from MSL with an aggregate initial value of $8,000 of which depot spares with value of $660 had already been purchased and paid while the remaining were acquired and paid on June 2, 2020. In June 2020, GasLog LNG Services Ltd. agreed to sell a low-pressure turbine which was included in Office property and other tangible assets to Egypt LNG Shipping Ltd. to be installed on the Methane Nile Eagle at a price of $2,457. The disposal resulted in a loss of $572. In April and May 2017, GasLog LNG Services Ltd. entered into agreements in relation to investments in certain of the Partnership’s and GasLog’s vessels, with the aim of enhancing their operational performance. On March 7, 2019, GasLog LNG Services Ltd. and one of the suppliers signed an interim agreement regarding the reimbursement of amounts already paid by the Group in respect of the aforementioned enhancements which were not timely delivered or in the correct contractual condition. In accordance with the terms of the interim agreement, $10,451 has been reimbursed to the Group with realized foreign exchange losses of $773 recorded in profit or loss in the year ended December 31, 2019. In May 2014, GAS-twenty three Ltd. entered into a shipbuilding contract with Samsung Heavy Industries Co., Ltd. (“Samsung”) for the construction of an LNG carrier (174,000 cbm). The vessel (the GasLog Gladstone ) was delivered on March 15, 2019. In September 2016, GasLog Carriers entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Warsaw ) was delivered on July 31, 2019. In January 2018, GAS-twenty eight Ltd. entered into a shipbuilding contract with Samsung for the construction of one LNG carrier (180,000 cbm). The vessel (the GasLog Windsor ) was delivered on April 1, 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 (the GasLog Wales ) was delivered on May 11, 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 (the GasLog Westminster ) was delivered on July 15, 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 (the GasLog Georgetown ) was delivered on November 16, 2020. Vessels under construction As of December 31, 2020, GasLog has the following newbuildings on order at Samsung: Date of Estimated Cargo LNG Carrier agreement delivery Capacity (cbm) GasLog Galveston August 2018 Q1 2021 (1) 174,000 Hull No. 2311 December 2018 Q2 2021 180,000 Hull No. 2312 December 2018 Q3 2021 180,000 (1) The vessel was delivered on January 4, 2021 (Note 30). Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2020, the Group has paid to the shipyard $129,252 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(a)). The vessels under construction costs as of December 31, 2019 and 2020 are comprised of: As of December 31, 2019 2020 Progress shipyard installments 197,637 129,252 Onsite supervision costs 3,879 1,701 Critical spare parts, equipment and other vessel delivery expenses 1,807 1,886 Total 203,323 132,839 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | 7. Leases On adoption of IFRS 16, the Group recognised lease liabilities in relation to leases of various properties, vessel communication equipment and certain printers which had previously been classified as operating leases under IAS 17 Leases . As of January 1, 2019, these liabilities were measured at the present value of the remaining lease payments, discounted using the current weighted average incremental borrowing rate. 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 right-of-use assets are reported in the following table: Right-of-Use Assets Vessels Vessel Equipment Properties Other Total As of January 1, 2019 206,753 (*) 2,630 4,969 19 214,371 Additions 1,001 336 1,080 47 2,464 Depreciation expense (7,722) (1,109) (1,499) (10) (10,340) As of December 31, 2019 200,032 1,857 4,550 56 206,495 Additions, net 5,799 833 1,255 67 7,954 Depreciation expense (8,163) (1,253) (1,547) (49) (11,012) As of December 31, 2020 197,668 1,437 4,258 74 203,437 * The balance as of December 31, 2018 represented the vessel held under finance lease and was included in the financial statement line “Vessel held under finance lease”, which was renamed to “Right-of-use assets” as of January 1, 2019. An analysis of the lease liabilities is as follows: Lease Liabilities 2019 2020 As of January 1, 213,374 204,930 Additions, net 1,462 2,155 Lease charge (Note 19) 10,506 9,921 Payments (20,412) (20,836) As of December 31, 204,930 196,170 Lease liability, current portion 9,363 9,644 Lease liability, non-current portion 195,567 186,526 Total 204,930 196,170 An amount of $327 has been recognized in the consolidated statement of profit or loss for the year ended December 31, 2020 ($106 for the year ended December 31, 2019), which represents the lease expense incurred for low value leases not included in the measurement of the right-of-use assets and the lease liability. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 2020 Current accounts 113,655 182,056 Time deposits (with original maturities of three months or less) 149,491 36,971 Ship management client accounts 601 397 Restricted cash — 147,845 Total 263,747 367,269 Restricted cash represents the cash in relation to the amount drawn for the delivery of the GasLog Galveston until her delivery from the shipyard on January 4, 2021 (Note 30). 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, 2020 | |
Trade and Other Receivables | |
Trade and Other Receivables | 9. Trade and Other Receivables Trade and other receivables consist of the following: As of December 31, 2019 2020 Trade receivables 9,463 5,113 VAT receivable 637 1,139 Accrued income 8,274 16,818 Insurance claims 1,400 4,236 Other receivables 5,126 8,917 Total 24,900 36,223 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, 2019 and 2020 no allowance for expected credit losses was recorded. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Non-Current Assets | |
Other Non-Current Assets | 10. Other Non-Current Assets Other non-current assets consist of the following: As of December 31, 2019 2020 Various guarantees 388 289 Other long-term assets 1,613 5,378 Cash collaterals on swaps 22,220 6,796 Total 24,221 12,463 Cash collaterals on swaps represent cash deposited for the Group’s interest rate swaps being the difference between their fair value and an agreed threshold. An amount of $16,671 of cash collaterals has been included in Prepayments and other current assets (December 31, 2019: nil). |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2020 | |
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. On February 13, 2020 and February 14, 2020, GasLog repurchased 323,919 common shares at a weighted average price of $6.1443 per share for a total amount of $2,000 under its share repurchase programme. On June 29, 2020, GasLog issued 14,400,000 common shares at a price of $2.50 per share for total gross proceeds of $36,000 through a private placement of unregistered common shares. As of December 31, 2020, the share capital consisted of 95,176,443 issued and outstanding common shares, par value $0.01 per share, 216,683 treasury shares issued and held by GasLog and 4,600,000 P reference Shares issued and outstanding (December 31, 2019: 80,871,670 issued and outstanding common shares, par value $0.01 per share, 121,456 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 common treasury preference Share Preference Contributed Treasury shares shares shares capital shares surplus shares Outstanding as of January 1, 2018 80,717,885 275,241 4,600,000 810 46 911,766 (6,960) Purchase of treasury shares (2,818) 2,818 — — — — (62) Treasury shares distributed for awards vested or exercised in the year 146,179 (146,179) — — — — 3,756 Equity raising fees — — — — — (395) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (60,795) — Outstanding as of December 31, 2018 80,861,246 131,880 4,600,000 810 46 850,576 (3,266) Purchase of treasury shares (212,111) 212,111 — — — — (3,752) Treasury shares distributed for awards vested or exercised in the year 222,535 (222,535) — — — — 4,859 Equity raising fees — — — — — (595) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (89,310) — Outstanding as of December 31, 2019 80,871,670 121,456 4,600,000 810 46 760,671 (2,159) Purchase of treasury shares (323,919) 323,919 — — — — (2,000) Proceeds from private placement, net of offering costs 14,400,000 — — 144 — 34,849 — Treasury shares distributed for awards vested or exercised in the year 228,692 (228,692) — — — — 2,819 Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (35,698) — Outstanding as of December 31, 2020 95,176,443 216,683 4,600,000 954 46 759,822 (1,340) The treasury shares were acquired by GasLog in 2014, 2018, 2019 and 2020 in relation to the settlement of share-based compensation awards (Note 22). |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Reserves. | |
Reserves | 12. Reserves The movements in reserves are reported in the following table: Share-based Employee compensation Total Hedging benefits reserve reserves Balance as of December 31, 2017 (142) (105) 18,594 18,347 Retained earnings adjustment (1) (436) — — (436) Balance as of January 1, 2018 (restated) (578) (105) 18,594 17,911 Effective portion of changes in fair value of cash flow hedges (258) — — (258) Share-based compensation, net of accrued dividend — — 4,434 4,434 Settlement of share-based compensation — — (3,074) (3,074) Actuarial loss — (51) — (51) Balance as of December 31, 2018 (836) (156) 19,954 18,962 Effective portion of changes in fair value of cash flow hedges (2,933) — — (2,933) Recycled loss of cash flow hedges reclassified to profit or loss 697 — — 697 Share-based compensation, net of accrued dividend — — 4,794 4,794 Settlement of share-based compensation — — (4,721) (4,721) Balance as of December 31, 2019 (3,072) (156) 20,027 16,799 Effective portion of changes in fair value of cash flow hedges (750) — — (750) Share-based compensation, net of accrued dividend — — 5,385 5,385 Settlement of share-based compensation — — (2,824) (2,824) Actuarial gain — 57 — 57 Balance as of December 31, 2020 (3,822) (99) 22,588 18,667 (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. Dividend distributions GasLog’s dividend distributions for the years ended December 31, 2018, 2019 and 2020 are presented in the following table: Declaration date Type of shares Dividend per share Payment date Amount paid February 15, 2018 Common $ 0.14 March 15, 2018 11,300 March 8, 2018 Preference $ 0.546875 April 2, 2018 2,516 May 3, 2018 Common $ 0.15 May 24, 2018 12,120 May 11, 2018 Preference $ 0.546875 July 2, 2018 2,516 August 1, 2018 Common $ 0.15 August 23, 2018 12,122 September 13, 2018 Preference $ 0.546875 October 1, 2018 2,516 October 31, 2018 Common $ 0.15 November 21, 2018 12,126 November 15, 2018 Preference $ 0.546875 January 2, 2019 2,516 November 28, 2018 Common $ 0.40 December 17, 2018 32,342 Total 90,074 February 13, 2019 Common $ 0.15 March 14, 2019 12,129 March 7, 2019 Preference $ 0.546875 April 1, 2019 2,516 May 2, 2019 Common $ 0.15 May 23, 2019 12,129 May 10, 2019 Preference $ 0.546875 July 1, 2019 2,515 July 31, 2019 Common $ 0.15 August 22, 2019 12,129 September 17, 2019 Preference $ 0.546875 October 1, 2019 2,516 November 5, 2019 Common $ 0.15 November 21, 2019 12,129 November 14, 2019 Preference $ 0.546875 January 2, 2020 2,516 December 14, 2019 Common $ 0.38 December 31, 2019 30,731 Total 89,310 February 5, 2020 Common $ 0.15 March 12, 2020 12,082 March 12, 2020 Preference $ 0.546875 April 1, 2020 2,516 May 6, 2020 Common $ 0.05 May 28, 2020 4,035 May 14, 2020 Preference $ 0.546875 July 1, 2020 2,516 August 4, 2020 Common $ 0.05 August 27, 2020 4,758 September 16, 2020 Preference $ 0.546875 October 1, 2020 2,516 November 9, 2020 Common $ 0.05 November 30, 2020 4,759 December 9, 2020 Preference $ 0.546875 January 4, 2021 2,516 Total 35,698 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings | |
Borrowings | 13. Borrowings An analysis of the borrowings is as follows: As of December 31, 2019 2020 Amounts due within one year 268,090 258,262 Less: unamortized deferred loan/bond issuance costs (12,668) (12,636) Borrowings, current portion 255,422 245,626 Amounts due after one year 2,930,221 3,583,447 Less: unamortized premium 1,457 797 Less: unamortized deferred loan/bond issuance costs (39,705) (56,649) Borrowings, non-current portion 2,891,973 3,527,595 Total 3,147,395 3,773,221 Loans Terminated facilities: (a) Citibank N.A., Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V. (“ABN”), Skandinaviska Enskilda Banken AB (“SEB”) and BNP Paribas loan (Old Partnership Facility, as defined below) On November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners and GasLog Partners Holdings LLC entered into a loan agreement with Citibank N.A., London Branch, acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility for up to $450,000 (the “Old Partnership Facility”) for the purpose of refinancing in full the existing debt facilities. The agreement provided for a single tranche that was drawn on November 18, 2014. The credit facility bore interest at USD London Interbank Offered Rate (“LIBOR”) plus a margin. In February 2019, the Partnership signed a debt refinancing of up to $450,000 with certain financial institutions (refer to (b) in the Existing facilities section), in order to refinance such indebtedness. On March 6, 2019, the Partnership used $354,375 drawn down under the new facility to prepay the outstanding debt of GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd., which would have been due in November 2019. On March 7, 2019, the Old Partnership Facility was terminated and the respective unamortized loan fees of $988 were written-off to profit or loss. (b) ABN AMRO Bank N.V., DNB (UK) Ltd., DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V. (“ING”), London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited loan (Five Vessel Refinancing, as defined below) On February 18, 2016, GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into a credit agreement to refinance the debt maturities that were scheduled to become due in 2016 and 2017 (the “Five Vessel Refinancing”). The Five Vessel Refinancing comprised a five-year senior tranche facility of up to $396,500 and a two-year bullet junior tranche facility of up to $180,000. The vessels covered by the Five Vessel Refinancing were the GasLog Partners-owned Methane Alison Victoria , Methane Shirley Elisabeth , Methane Heather Sally and Methane Becki Anne and the GasLog-owned Methane Lydon Volney. On April 5, 2016, $395,450 and $179,750 under the senior and junior tranche, respectively, of the Five Vessel Refinancing were drawn to partially refinance $644,000 of the outstanding debt of GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd.. The balance of $68,800 was paid from available cash. On April 5, 2017, GasLog prepaid $150,000 under the junior tranche facility agreement and on January 5, 2018, GasLog Partners prepaid the outstanding balance of $29,750 under the junior tranche facility agreement, which was subsequently cancelled. The aggregate balance outstanding under the senior tranche as of December 31, 2019 was $289,709. Amounts drawn bore interest at LIBOR plus a margin. On July 21, 2020, pursuant to the multiple credit agreements entered into by the Group to refinance its existing indebtedness which was scheduled to become due in 2021 (refer to (e), (f) and (g) in the Existing Facilities section), the outstanding balances of GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., under the senior tranche totaling $265,911, were fully repaid. The existing loan facilities of the specified vessels under the Five Vessel Refinancing were terminated and the respective unamortized loan fees of $1,183 were written-off to profit or loss. A few days earlier, $7,933 were repaid in accordance with the repayment terms under the Five Vessel Refinancing Facility since the closing of the refinancing was delayed by approximately two weeks due to COVID-19. (c) Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, London Branch, Skandinaviska Enskilda Banken AB (publ), HSBC Bank plc (“HSBC”), ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. loan (Legacy Facility Refinancing, as defined below) On July 19, 2016, GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. entered into a credit agreement with a number of international banks (the “Legacy Facility Refinancing”) to refinance the existing indebtedness on eight of GasLog’s on-the-water vessels of up to $1,050,000, extending the maturities of six existing credit facilities to 2021. The vessels covered by the Legacy Facility Refinancing are the GasLog-owned GasLog Savannah , GasLog Singapore , GasLog Skagen , GasLog Saratoga , GasLog Salem and GasLog Chelsea and the GasLog Partners owned the GasLog Seattle and the Solaris . The Legacy Facility Refinancing was comprised of a five-year term loan facility of up to $950,000 and a revolving credit facility of up to $100,000. On July 25, 2016, the available amount of $950,000 under the term loan facility and $11,641 under the revolving credit facility were drawn to refinance the aggregate existing indebtedness of $959,899 of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. Amounts drawn bore interest at LIBOR plus a margin. On January 17, 2017, $30,000 was drawn under the revolving credit facility. On July 3, 2017, the full drawn amount of $41,641 under the revolving credit facility was repaid. On November 13, 2018, $25,940 was drawn under the revolving credit facility, which was repaid on December 12, 2018. The balance outstanding as of December 31, 2019 was $775,000 under the term loan facility and $0 under the revolving credit facility. On February 13, 2020, March 13, 2020 and March 18, 2020, $23,346, $50,714 and $25,940 were drawn under the revolving credit facility. On July 21, 2020, pursuant to the multiple credit agreements entered into by the Group to refinance its existing indebtedness which was scheduled to become due in 2021(refer to (e), (g) and (h) in the Existing Facilities section), the outstanding balances of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd., under the term and revolving credit facilities totaling $724,514 were fully repaid. In addition, on August 3, 2020, the outstanding balance of GAS-fifteen Ltd. under the term and revolving credit facility of $92,153 was fully repaid. The existing loan facilities of the specified vessels under the Legacy Facility Refinancing were terminated and the respective unamortized loan fees of $3,591 were written-off to profit or loss. A few days earlier, $25,875 were repaid in accordance with the repayment terms under the Legacy Facility Refinancing since the closing of the refinancing was delayed by approximately two weeks due to COVID-19. Existing facilities: (a) Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HANA Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Société Générale and The Korea Development Bank loan (October 2015 Facility, as defined below) On October 16, 2015, GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into a debt financing agreement with 14 international banks ("October 2015 Facility") for $1,311,356 to partially finance the delivery of the eight newbuildings expected to be delivered in 2016, 2018 and 2019. The financing is backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who are either directly lending or providing cover for over 60% of the facility. The loan agreement provides for four tranches of $412,458, $201,094, $206,115 and $491,690. The facility is also sub-divided into eight loans, one loan per newbuilding vessel, to be provided for each of the vessels on a pro rata basis under each of the four tranches. Each drawing under the first three tranches shall be repaid in 24 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 12-year profile. Each drawing under the fourth tranche shall be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016 and June 24, 2016, $162,967 was drawn down on each date with respect to the deliveries of the GasLog Greece 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 and March 11, 2019, $165,805 was drawn down on each date with respect to the deliveries of the GasLog Genoa and the GasLog Gladstone. Amounts drawn bear interest at LIBOR plus a margin. On October 21, 2020, the outstanding indebtedness of GAS-twenty five Ltd., in the amount of $136,776 was prepaid pursuant to the sale and leaseback agreement entered into with CMB Financial Leasing Co. Ltd. (“CMBFL”) (refer below). The relevant tranches of the loan agreement were terminated and the respective unamortized loan fees of $3,571 were written-off to profit or loss. The aggregate balance outstanding under the loan facility as of December 31, 2020 is $873,776 (December 31, 2019: $1,103,442). (b) Credit Suisse AG, Nordea Bank Abp, filial I Norge and Iyo Bank Ltd., Singapore Branch (2019 Partnership Facility, as defined below) On February 20, 2019, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners and GasLog Partners Holdings LLC entered into a loan agreement with Credit Suisse AG, Nordea Bank Abp, filial I Norge and Iyo Bank Ltd., Singapore Branch, each an original lender and Nordea acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility of up to $450,000 (the “2019 Partnership Facility”) for the purpose of refinancing in full the Old Partnership Facility described above. Subsequently, on the same date, the Development Bank of Japan, Inc. entered the facility as lender via transfer certificate. The vessels covered by the 2019 Partnership Facility are the GasLog Shanghai , the GasLog Santiago , the GasLog Sydney , the Methane Rita Andrea and the Methane Jane Elizabeth . The agreement provides for an amortizing revolving credit facility which can be repaid and redrawn at any time, subject to the outstanding amount immediately after any drawdown not exceeding (i) 75% of the aggregate of the market values of all vessels under the agreement, or (ii) the total facility amount. The total facility amount reduces in 20 equal quarterly amounts of $7,357, with a final balloon amount of up to $302,860, together with the last quarterly reduction in February 2024. The credit facility bears interest at LIBOR plus a margin. On March 6, 2019, the Partnership drew down $360,000 under the 2019 Partnership Facility, out of which $354,375 was used to prepay the outstanding debt under the Old Partnership Facility, which would have been due in November 2019. On April 1, 2019, the Partnership drew down an additional $75,000 under the 2019 Partnership Facility. The aggregate balance outstanding as of December 31, 2020 is $398,501 (December 31, 2019: $425,949), with no amount available to be redrawn as of December 31, 2020 (December 31, 2019: $1,980). (c) ABN AMRO BANK N.V. and Oversea-Chinese Banking Corporation Limited (“OCBC”) (GasLog Warsaw Facility, as defined below) On June 25, 2019, GasLog Hellas-1 Special Maritime Enterprise entered into a loan agreement with ABN AMRO BANK N.V. and OCBC, for the financing of the GasLog Warsaw , which was delivered on July 31, 2019 (the “GasLog Warsaw Facility”). The agreement provides for a single tranche of $129,500 that was drawn on July 25, 2019 and is repayable in 28 equal quarterly installments of $1,619 each and a final balloon payment of $84,175 payable concurrently with the last quarterly installment in June 2026. The loan bears interest at LIBOR plus a margin. The balance outstanding as of December 31, 2020 is $121,406 (December 31, 2019: $127,881). (d) Citibank, N.A., London Branch, DNB (UK) Ltd., Skandinaviska Enskilda Banken AB (publ), The Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas, Seoul Branch, Commonwealth Bank of Australia, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Société Générale, Standard Chartered Bank (“SCB”), The Korea Development Bank and KB Kookmin Bank (7xNB Facility, as defined below) On December 12, 2019, GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd. entered into a loan agreement (the “7xNB Facility”) with 13 international banks, with Citibank N.A. London Branch and DNB Bank ASA, London Branch acting as agents on behalf of the other finance parties. The financing is backed by KEXIM and K-Sure, who are either directly lending or providing cover for over 60% of the facility. The agreement of up to $1,052,791 partially finances the delivery of seven newbuildings scheduled to be delivered in 2020 and 2021. The loan agreement provides for four tranches of $176,547, $174,787, $356,671 and $344,786. The facility is also sub-divided into seven loans, one loan per newbuilding vessel, to be provided for each of the vessels on a pro rata basis under each of the four tranches. Each drawing under the first and the third tranche are combined and repaid in 24 consecutive semi-annual equal instalments commencing six months after the actual delivery of the relevant vessel according to an average 12-year profile. Each drawing under the second tranche is repaid in 14 consecutive semi-annual equal instalments commencing six months after the actual delivery of the relevant vessel according to an average 7-year profile. Each drawing under the fourth tranche is repaid in a single bullet seven years after the actual delivery of the relevant vessel. On March 26, 2020, on May 7, 2020, on July 9, 2020, on November 12, 2020 and on December 29, 2020, $152,525, $149,386, $149,281, $147,845 and $147,845, respectively, was drawn down with respect to the deliveries of the GasLog Windsor , the GasLog Wales, the GasLog Westminster, the GasLog Georgetown and the GasLog Galveston (delivered on January 4, 2021 (Note 30)). The aggregate balance outstanding under the loan facility as of December 31, 2020 is $738,422 (December 31, 2019: $0). Amounts drawn bear interest at LIBOR plus a margin. As of December 31, 2020, commitment, underwriting and legal fees of $4,658 (December 31, 2019: $11,592) for obtaining the undrawn portion of the financing are classified under Deferred financing costs in the statement of financial position and are netted off debt on the respective drawdown dates. (e) BNP Paribas, Credit Suisse AG and Alpha Bank S.A. (GasLog Partners $260.3M Facility, as defined below) On July 16, 2020, GasLog Partners entered into a credit agreement of $260,331 (the “GasLog Partners $260.3M Facility”) with BNP Paribas, Credit Suisse AG and Alpha Bank S.A., each an original lender, with BNP Paribas acting as security agent and trustee for and on behalf of the other finance parties mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,597 beginning in January 2021, with a final balloon amount of $174,361 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin. An amount of $260,331 was drawn on July 21, 2020, out of which $258,532 was used to refinance the outstanding indebtedness of GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd., the respective entities owning the Methane Shirley Elisabeth , the GasLog Seattle and the Solaris . The balance outstanding as of December 31, 2020 is $260,331. (f) DNB Bank ASA, London Branch, and ING Bank N.V., London Branch (GasLog Partners $193.7M Facility, as defined below) On July 16, 2020, GasLog Partners entered into a credit agreement of $193,713 (the “GasLog Partners $193.7M Facility”) with DNB Bank ASA, London Branch, and ING Bank N.V., London Branch, each an original lender, with DNB Bank ASA, London Branch acting as security agent and trustee for and on behalf of the other finance party mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,599 beginning in January 2021, with a final balloon amount of $107,723 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin. An amount of $193,713 was drawn down on July 21, 2020, out of which $174,867 was used to refinance the outstanding indebtedness of GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., the respective entities owning the Methane Alison Victoria , the Methane Heather Sally and the Methane Becki Anne . The balance outstanding as of December 31, 2020 is $193,713. (g) ABN AMRO Bank N.V., Citigroup Global Markets Limited and Nordea Bank ABP, Filial I Norge, HSBC Bank plc, Credit Agricole Corporate and Investment Bank, Unicredit Bank AG and National Bank of Australia Limited (GasLog $576.9M Facility, as defined below) On July 16, 2020 GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. entered into a credit agreement of $576,888 (the “GasLog $576.9M Facility”) with ABN AMRO Bank N.V., Citigroup Global Markets Limited and Nordea Bank ABP, Filial I Norge acting as global co-ordinators and bookrunners, while HSBC Bank plc acting as mandated lead arranger; Credit Agricole Corporate and Investment Bank acting as lead arranger and Unicredit Bank AG and National Bank of Australia Limited acting as arrangers, each of those being an original lender. The credit agreement was entered to refinance the existing indebtedness due in 2021 of six of the Group’s vessels. ABN AMRO Bank N.V. was appointed by the other finance parties in this syndicate as security agent and trustee. The facility comprises of a $494,475 Term Loan Facility which amortizes over 18 equal quarterly installments of $9,349 beginning in April 2021 (following an initial repayment in January 2021 in the amount of $18,698), with a final balloon amount of $307,495 payable concurrently with the last installment in June 2025 and a $82,413 revolving loan facility which also matures in June 2025. The facility bears interest at LIBOR plus a margin. An amount of $576,888 was drawn on July 21, 2020, out of which $557,026 was used to refinance the outstanding indebtedness of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd., the respective entities owning the GasLog Savannah , the GasLog Singapore , the GasLog Skagen , the GasLog Saratoga , the GasLog Salem and the Methane Lydon Volney . The balance of the proceeds was used for general corporate and working capital purposes. The balance outstanding under the term and revolving loan facility as of December 31, 2020 is $494,475 and $82,413, respectively. (h) National Bank of Greece S.A. (“NBG”) (GasLog Chelsea $96.8M Facility, as defined below) On July 30, 2020, GasLog-fifteen Ltd. entered into a credit agreement of $96,815 (the “GasLog Chelsea $96.8M Facility”) with National Bank of Greece S.A. for the refinancing of GAS-fifteen Ltd., the entity owning the GasLog Chelsea . National Bank of Greece S.A. is acting as the sole original lender. An amount of $96,815 was drawn on July 31, 2020, out of which $92,153 was used to refinance the outstanding indebtedness of the GasLog Chelsea . The balance of the proceeds was used for general corporate and working capital purposes. The facility amortizes over 20 equal quarterly installments of $1,891 beginning in October 2020, with a final balloon amount of $58,995 payable concurrently with the last instalment in July 2025. The loan bears interest at LIBOR plus a margin. The balance outstanding as of December 31, 2020 is $94,923. (i) CMB Financial Leasing Co. Ltd. (GasLog Hong Kong SLB, as defined below) On October 21, 2020, GasLog refinanced through a sale-and-leaseback transaction the GasLog Hong Kong , a 174,000 cbm LNG carrier with X-DF propulsion built in 2018. GasLog sold the vessel to an indirectly owned subsidiary of CMB Financial Leasing Co. Ltd. the ("GasLog Hong Kong SLB"), raising $163,406 and leased it back under a bareboat charter for a period of twelve years. At the end of the period, GasLog has the option to buy the vessel for $70,000 otherwise a premium of $30,000 will be payable. GasLog can also buy back the vessel at any time by paying the capital outstanding and a prepayment fee where applicable. The amount drawn was used to refinance the outstanding indebtedness of GAS-twenty five Ltd., in the amount of $136,776. The amount drawn on October 21, 2020 is repayable in 48 quarterly installments, the first 20 installments amount to $2,670 each and the following 28 installments amount to $1,429 each, and a final balloon payment of $70,000 payable concurrently with the last quarterly installment in October 2032. Interest on the outstanding capital of the bareboat charter will be payable at a rate of LIBOR plus a margin. GasLog has the option to repurchase the vessel and as a result under IFRS 15, the transfer of the vessel does not qualify as a sale and leaseback. The Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale-and-leaseback transaction as a financial liability. The balance outstanding as of December 31, 2020 is $163,406. Securities covenants and guarantees The obligations under the aforementioned facilities are secured by a first priority mortgage over the vessels, a pledge or negative pledge of the share capital of the respective vessel owning companies and a first priority assignment of earnings and insurance related to the vessels, including charter revenue, management revenue and any insurance and requisition compensation. Obligations under the 2019 Partnership Facility, the GasLog Partners $260.3M Facility and the GasLog Partners $193.7M Facility are facilities guaranteed by the Partnership and GasLog Partners Holdings LLC, obligations under the October 2015 Facility are guaranteed by the Partnership and GasLog Partners Holdings LLC for up to the value of the commitments relating to the GasLog Greece , the GasLog Geneva, the GasLog Glasgow and the GasLog Gibraltar and by GasLog and GasLog Carriers for up to the value of the commitments on the remaining vessels, while obligations under the GasLog Warsaw Facility, the 7xNB Facility, the GasLog $576.9M Facility and the GasLog Chelsea $96.8M Facility are guaranteed by GasLog and GasLog Carriers. 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 the GasLog Partners $193.7M Facility below 130% of the aggregate outstanding principal balance plus any hedging exposure and with respect to each individual vessel in the October 2015 Facility and the 7xNB Facility, 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). In respect to the CMB Financial Leasing transaction the minimum value threshold is 100%. In addition, under the facilities, the respective vessel-owning entities are also required to maintain at all times minimum liquidity of $1,500 per entity ($5,500 for GAS-twenty Ltd. and the equivalent of the next hire payment or $3,843 as of December 31, 2020 for GAS-twenty five Ltd.) and are in compliance as of December 31, 2020. The Group is in compliance with the required minimum security coverage as of December 31, 2020. Bonds On June 27, 2016, GasLog also completed the issuance of Norwegian Kroner (“NOK”) 750,000 (equivalent to $90,150) of new senior unsecured bonds (the “NOK 2021 Bonds”) in the Norwegian bond market. The NOK 2021 Bonds were due to mature in May 2021 and have a coupon of 6.9% over three-month Norwegian Interbank Offered Rate (“NIBOR”). On November 27, 2019, GasLog repurchased and cancelled NOK 316,000 of the outstanding NOK 2021 Bonds at a price of 104.75% of par value, resulting in a loss of $1,644. On January 31, 2020, GasLog repurchased and cancelled NOK 434,000 of the outstanding NOK 2021 Bonds at a price of 104.0% of par value, resulting in a loss of $1,937. The aforementioned repurchase was considered an extinguishment of the existing NOK 2021 Bonds, and as a result, the unamortized bond fees of $316 were written off to profit or loss for the year ended December 31, 2020. On March 22, 2017, GasLog closed a public offering of $250,000 aggregate principal amount of the 8.875% Senior Notes at a public offering price of 100% of the principal amount. On May 16, 2019, GasLog closed a follow-on issue of $75,000 aggregate principal amount of the 8.875% Senior Notes priced at 102.5% of par with a yield to maturity of 7.89%. The gross proceeds from this offering were $76,875, including a $1,875 premium. In addition, GasLog paid $10,000 for the partial exchange of the outstanding 8.875% Senior Notes at a price of 104.75% of par value, resulting in a loss of $475 for the year ended December 31, 2019. The exchange was completed on January 13, 2020. The carrying amount under the 8.875% Senior Notes, net of unamortized financing costs and premium as of December 31, 2020, was $313,773 (December 31, 2019: $322,938). Interest payment on the 8.875% Senior Notes is made in arrears on a quarterly basis. GasLog may redeem the 8.875% Senior Notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (a) 100% of the principal amount of such notes and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to but excluding the date of redemption), computed using a discount rate equal to the applicable treasury rate plus 50 basis points, plus accrued and unpaid interest thereon to the date of redemption. On November 27, 2019, GasLog completed the issuance of NOK 900,000 (equivalent to $98,550) of new senior unsecured bonds (the “NOK 2024 Bonds”) in the Norwegian bond market. The NOK 2024 Bonds mature in November 2024 and bear interest at NIBOR plus margin. Interest payments are made in arrears on a quarterly basis. GasLog may redeem the aforementioned bond in whole or in part as from May 2024 at 101% of par plus accrued interests on the redeemed amount. The carrying amount under the NOK 2024 Bonds, net of unamortized financing costs and unamortized premium, as of December 31, 2020 was $104,017 (carrying amount under the NOK 2021 Bonds and the NOK 2024 Bonds as of December 31, 2019: $149,433) while their fair value was $96,581 based on a USD/NOK exchange rate of 0.1170 as of December 31, 2020 (December 31, 2019: $157,383, based on a USD/NOK exchange rate of 0.1134). Corporate guarantor financial covenants GasLog Partners’ financial covenants GasLog Partners as corporate guarantor for the 2019 Partnership Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and for the debt of the vessels owned by GasLog Partners under the October 2015 Facility is subject to specified financial covenants on a consolidated basis. These financial covenants include the following: (i) the aggregate amount of cash and cash equivalents, short-term investments and available undrawn facilities with remaining maturities of at least six months (excluding loans from affiliates) must be at least $45,000; (ii) total indebtedness divided by total assets must be less than 65.0%; (iii) the Partnership is permitted to declare or pay any distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such distributions. The 2019 Partnership Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and the October 2015 Facility also impose certain restrictions relating to GasLog Partners, including restrictions that limit its ability to make any substantial change in the nature of its business or to change the corporate structure without approval from the lenders. Compliance with the financial covenants is required on a semi-annual basis. GasLog Partners was in compliance with the respective financial covenants as of December 31, 2020. GasLog’s financial covenants GasLog, as corporate guarantor for the loan facilities (except for the 2019 Partnership Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and the debt of the vessels owned by GasLog Partners under the October 2015 Facility) and NOK 2024 Bonds, is subject to specified financial covenants on a consolidated basis. These financial covenants include the following: (i) net working capital (excluding the current portion of long-term debt) must be not less than $0; (ii) total indebtedness divided by total assets must not exceed 75.0%; (iii) the aggregate amount of all unencumbered cash and cash equivalents must be at least $75,000; (iv) the ratio of EBITDA over debt service obligations (including interest and debt repayments) on a trailing twelve-month basis must be not less than 1.10:1 provided that such covenant is not applicable as long as all unencumbered cash and cash equivalent are not less than $110,000; (v) the market value adjusted net worth of GasLog must at all times be not less than $350,000; and (vi) GasLog is permitted to pay dividends, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends. The credit facilities also impose certain restrictions relating to GasLog, including restrictions that limit its ability to make any substantial change in the nature of its business or to engage in transactions that would constitute a change of control, as defined in the relevant credit facilities, without repaying all of the Group’s indebtedness in full, or to allow the Group’s largest shareholders to reduce their shareholding in GasLog below specified thresholds. In addition, the terms of the NOK 2024 Bonds include a dividend restriction according to which GasLog may not (i) declare or make any dividend payment or distribution, whether in cash or in kind, (ii) re-purchase any of the Group’s shares or undertake other similar transactions (including, but not limited to, total return swaps related to the Group’s shares), or (iii) grant any loans or make other distributions or transactions constituting a transfer of value to the Group’s shareholders (items (i), (ii) and (iii) collectively referred to as the “Distributions”) that in aggregate exceed during any calendar year $1.10/share. Notwithstanding the foregoing, GasLog may make any amount of Distributions, so long as the Group’s cash and cash equivalents and sh |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2020 | |
Other Payables and Accruals | |
Other Payables and Accruals | 14. Other Payables and Accruals An analysis of other payables and accruals is as follows: As of December 31, 2019 2020 Unearned revenue 48,183 59,612 Accrued off-hire 6,968 5,886 Accrued purchases 9,759 9,867 Accrued interest 36,746 33,600 Other accruals 34,586 34,092 Total 136,242 143,057 The unearned revenue represents charter hires received in advance in December 2020 relating to the hire period of January 2021 for 29 vessels (December 2019: 22 vessels). |
Vessel Operating and Supervisio
Vessel Operating and Supervision Costs | 12 Months Ended |
Dec. 31, 2020 | |
Vessel Operating and Supervision Costs | |
Vessel Operating and Supervision Costs | 15. Vessel Operating and Supervision Costs An analysis of vessel operating and supervision costs is as follows: For the year ended December 31, 2018 2019 2020 Crew wages and vessel management employee costs 79,624 80,713 89,463 Technical maintenance expenses 28,694 37,653 39,369 Other vessel operating expenses 19,766 21,296 19,403 Total 128,084 139,662 148,235 |
Voyage Expenses and Commissions
Voyage Expenses and Commissions | 12 Months Ended |
Dec. 31, 2020 | |
Voyage Expenses and Commissions | |
Voyage Expenses and Commissions | 16. Voyage Expenses and Commissions An analysis of voyage expenses and commissions is as follows: For the year ended December 31, 2018 2019 2020 Brokers’ commissions on revenue 7,555 7,527 7,050 Bunkers’ consumption and other voyage expenses 12,819 16,245 14,833 Total 20,374 23,772 21,883 Bunkers’ consumption and other voyage expenses represent mainly bunkers consumed during vessels’ unemployment and off-hire (including bunkers consumed during dry-docking). |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2020 | |
General and Administrative Expenses | |
General and Administrative Expenses | 17. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the year ended December 31, 2018 2019 2020 Employee costs 20,980 24,863 24,051 Share-based compensation (Note 22) 5,216 5,107 5,486 Other expenses 15,797 17,415 17,712 Total 41,993 47,385 47,249 General and administrative expenses include restructuring costs comprising of termination benefits, accelerated amortization for stock plan and restructuring obligation, of $5,312 for the year ended December 31, 2020 ($4,702 for the year ended December 31, 2019) pursuant to management’s decision to relocate more of its employees including several members of senior management to the Piraeus, Greece office and to close the Stamford, Connecticut office. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenues from Contracts with Customers | |
Revenues from Contracts with Customers | 18. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: For the year ended December 31, 2018 2019 2020 Revenues from long-term fleet 476,415 508,778 462,887 Revenues from spot fleet 38,909 113,822 210,390 Revenues from The Cool Pool Limited (GasLog vessels) 102,253 45,253 — Revenues from vessel management services 767 784 812 Total 618,344 668,637 674,089 Revenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 and $17,818 for the year ended December 31, 2018, which is recorded as a separate line item in the Profit or Loss Statement. Management allocates vessel revenues to two categories: a) spot fleet and b) long-term fleet, which reflects its commercial strategy. Specifically, the spot fleet category contains all vessels that have contracts with initial duration of less than five years. The long-term fleet category contains all vessels that have charter party agreements with initial duration of more than five years. Both categories, exclude optional periods. |
Financial Income and Costs
Financial Income and Costs | 12 Months Ended |
Dec. 31, 2020 | |
Financial Income and Costs | |
Financial Income and Costs | 19. Financial Income and Costs An analysis of financial income and costs is as follows: For the year ended December 31, 2018 2019 2020 Financial Income Interest income 4,784 5,318 726 Total financial income 4,784 5,318 726 Financial Costs Amortization and write-off of deferred loan/bond issuance costs/premium 12,593 14,154 22,876 Interest expense on loans 111,600 122,819 93,860 Interest expense on bonds and realized loss on CCSs 30,029 34,607 35,891 Lease charge 10,520 10,506 9,921 Loss arising on bond repurchases at a premium (Note 13) — 2,119 1,937 Other financial costs, net 1,885 6,276 796 Total financial costs 166,627 190,481 165,281 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
Related Party Transactions | |
Related Party Transactions | 21. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Current Assets Dividends receivable and other amounts due from related parties As of December 31, 2019 2020 Dividends receivable from associate (Note 5) 450 1,250 Other receivables 123 9 Total 573 1,259 Current Liabilities Amounts due to related parties As of December 31, 2019 2020 Ship management creditors 328 124 Amounts due to related parties 200 164 Ship management creditors’ liability comprises cash collected from Egypt LNG Shipping Ltd. to cover the obligations of its vessel under the Group’s management. Amounts due to related parties of $164 as of December 31, 2020 (December 31, 2019: $200) 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, 2018, 2019 and 2020: Statement of Company Details income account 2018 2019 2020 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues (703) (703) (703) (a) Egypt LNG Shipping Ltd. Sale of office property Loss on disposal of non-current assets — — 572 (b) Nea Dimitra Property Office rent and utilities General and administrative expenses 934 411 478 (b) Nea Dimitra Property Office rent Financial costs/Depreciation — 642 669 (b) Nea Dimitra Property Other office services General and administrative expenses — 1 1 (c) Seres S.A. Catering services General and administrative expenses 372 361 268 (c) Seres S.A. Consultancy services General and administrative expenses 56 55 56 (d) Chartwell Management Inc. Travel expenses General and administrative expenses — 284 23 (e) Ceres Monaco S.A.M. Professional services General and administrative expenses 144 144 144 (e) Ceres Monaco S.A.M. Travel expenses General and administrative expenses — 13 1 (f) A.S. Papadimitriou and Partners Law Firm Professional services General and administrative expenses 4 — — (g) The Cool Pool Limited Pool gross revenues Revenues (102,253) (45,253) — (g) The Cool Pool Limited Pool gross bunkers Voyage expenses and commissions 8,908 7,255 — (g) The Cool Pool Limited Pool other voyage expenses Voyage expenses and commissions 1,246 831 — (g) The Cool Pool Limited Adjustment for net pool allocation Net pool allocation (17,818) 4,264 — (h) Ceres Shipping Ltd. Travel expenses General and administrative expenses 38 — 1 (h) Ceres Shipping Ltd. Professional services General and administrative expenses — 10 — (a) One of the Group’s subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25% ownership interest. In addition, in June 2020, GasLog LNG Services Ltd. agreed to sell a low-pressure turbine to Egypt LNG Shipping Ltd. to be installed on the Methane Nile Eagle . The disposal resulted in a loss of $572 (Note 6). (b) Through its subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. (c) GasLog LNG Services Ltd. has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG Services Ltd. has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and documentation services for the staff based in Piraeus. (d) Chartwell Management Inc. is an entity controlled by the Livanos family which provides travel services to GasLog’s directors and officers. (e) GasLog entered into a consulting agreement for the services of an employee of Ceres Monaco S.A.M., an entity controlled by the Livanos family, for consultancy services in connection with the acquisition of GasLog’s shareholding in Gastrade. GasLog agreed to pay a fixed fee for work carried out between May 1, 2016 and December 31, 2017 in the sum of $100 and a consultancy arrangement fee of $12 per month up to December 31, 2020. (f) 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. For the years ended December 31, 2019 and 2020, no amount was recognized in general and administrative expenses. (December 31, 2018: $4). (g) GasLog recognized gross revenues and total voyage expenses of $45,253 and $8,086, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019 (December 31, 2018: $102,253 and $10,154, respectively). The aforementioned pool results were adjusted by a net loss of $4,264 (2018: net gain of $17,818) 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 professional expenses provided during the year. (i) In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of $1,000 for consultancy services provided in relation to the Group’s debt re-financings completed in July and August 2020. This amount is classified under Deferred loan issuance costs (i.e. contra debt) and will be amortized over the duration of the respective facilities. Compensation of key management personnel The remuneration of directors and key management was as follows: For the year ended December 31, 2018 2019 2020 Remuneration 7,011 7,536 8,663 Short-term benefits 136 172 181 Expense recognized in respect of share-based compensation 1,992 2,044 2,951 Total 9,139 9,752 11,795 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-Based Compensation | |
Share-Based Compensation | 22. Share-Based Compensation Omnibus Incentive Compensation Plan GasLog has granted to executives, managers and certain employees of the Group, Restricted Stock Units (“RSUs”), Stock Appreciation Rights or Stock Options (collectively, the “SARs”) and Performance Stock Units ("PSUs") in accordance with its 2013 Omnibus Incentive Compensation Plan (the “Plan”). The RSUs (with the exception of the RSUs granted in 2020 that are discussed below) and PSUs vest three years after the grant dates while the SARs and the RSUs granted in 2020 vest incrementally with one-third of the SARs and RSUs vesting on each of the three anniversaries of the grant dates. The compensation cost for the SARs is recognized on an accelerated basis as though each separate vesting portion of the SARs is a separate award. Prior to the exercise date the holders of the awards have no voting rights. Vesting of the PSUs is also subject to the achievement of certain performance targets in relation to the total shareholder return (“TSR”) achieved by the Company during the performance period weighted at 50%, the operating expenses reduction (“Opex reduction”) weighted at 25% and the general and administrative expense reduction (“G&A reduction”) weighted at 25%. Specifically, TSR is benchmarked against the TSR of a selected group of peer companies. TSR above the 75 th percentile of the peer group results in 100% of the award vesting; TSR between the 25 th and 75 th percentile of the peer group results in the achieved percentile of award vesting and TSR below the 25 th percentile of the peer group results in none of the award vesting. In addition, achieving more than 100%, 95%-100%, 90%-94% and 85%-89% of the three-year target Opex reduction results in 100% plus 1 point for each point in excess of target, 100%, 75% and 50% of award vesting, respectively while achieving less than 85% of target cost reduction results in none of the award vesting. Finally, achieving more than 100%, 95%-100%, 90%-94% and 85%-89% of the target G&A reduction results in 100% plus 1 point for each point in excess of target, 100%, 75% and 50% of award vesting, respectively while achieving less than 85% of target cost reduction, results in none of the award vesting. The compensation cost for the PSUs is recognized on an accelerated basis as though each separately vesting portion of PSUs is a separate award. The holders are entitled to cash distributions that will be accrued and settled on vesting. On April 1, 2020, GasLog granted to executives, managers and certain employees of the Group 496,742 RSUs and 496,742 PSUs in accordance with the Plan. The RSUs will vest incrementally with one third of the RSUs vesting on each of April 1, 2021, 2022 and 2023 and the PSUs will vest on April 1, 2023. Additionally, on August 3, 2020, GasLog granted 21,367 RSUs which will vest incrementally with one third of the RSUs vesting on each of August 3, 2021, 2022 and 2023 and on August 7, 2020 granted 4,702 RSUs and 4,702 PSUs, which will vest incrementally with one third of the RSUs vesting on each of August 7, 2021, 2022 and 2023 and the PSUs will vest on August 7, 2023. The details of the outstanding awards as of December 31, 2020 are presented in the following table: Fair value at Awards Number Grant date Expiry date Exercise price* grant date SARs 203,114 May 17, 2013 April 29, 2023 $ 12.48 $ 2.3753 SARs 259,417 April 1, 2014 March 31, 2024 $ 23.22 $ 6.0035 SARs 274,991 April 1, 2015 March 31, 2025 $ 18.70 $ 5.6352 SARs 712,673 April 1, 2016 March 31, 2026 $ 8.50 $ 2.3263 SARs 366,879 April 3, 2017 April 3, 2027 $ 14.77 $ 5.0021 RSUs 85,113 April 2, 2018 n/a n/a $ 16.30 SARs 363,540 April 2, 2018 April 2, 2028 $ 15.52 $ 5.3000 RSUs 49,886 April 1, 2019 n/a n/a $ 17.79 SARs 244,732 April 1, 2019 April 1, 2029 $ 17.41 $ 5.8612 RSUs 7,410 August 20, 2019 n/a n/a $ 12.34 SARs 27,132 August 20, 2019 August 20, 2029 $ 11.96 $ 3.37 RSUs 496,742 April 1, 2020 n/a n/a $ 3.51 PSUs 496,742 April 1, 2020 n/a n/a $ 3.51 RSUs 21,367 August 3, 2020 n/a n/a $ 3.03 RSUs 4,702 August 7, 2020 n/a n/a $ 3.19 PSUs 4,702 August 7, 2020 n/a n/a $ 3.19 * The exercise prices were decreased by $0.40 and/or $0.38 to reflect the effect from the distribution of the special dividends declared on November 28, 2018 and December 14, 2019, respectively. 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 2019 2019 Grant date share closing price $ 13.26 $ 24.00 $ 19.48 $ 9.28 $ 15.55 $ 16.30 $ 17.79 $ 12.34 Exercise price * $ 12.48 $ 23.22 $ 18.70 $ 8.50 $ 14.77 $ 15.52 $ 17.41 $ 11.96 Expected volatility 29.31 % 29.42 % 39.3 % 47.3 % 46.0 % 44.5 % 45.03 % 45.8 % Expected term 6 years 6 years 6 years 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term 1.08 % 2.03 % 1.48 % 1.37 % 1.99 % 2.61 % 2.35 % 1.47 % * The fair value of the RSUs and PSUs was determined by using the grant date closing price and was not further adjusted since the holders are entitled to dividends. Movement in RSUs, SARs and PSUs The summary of RSUs, SARs and PSUs is presented below: Weighted Weighted average average share Weighted Number of exercise price price at the average Aggregate awards per share date of exercise contractual life fair value RSUs Outstanding as of January 1, 2019 488,173 — — 1.13 6,408 Granted during the year 106,023 — — — 1,845 Vested during the year (207,819) — — — (1,943) Forfeited during the year (19,215) — — — (322) Outstanding as of December 31, 2019 367,162 — — 1.16 5,988 Granted during the year 522,811 — — — 1,824 Vested during the year (245,061) — — — (3,671) Forfeited during the year (1,059) — — — (17) Outstanding as of December 31, 2020 643,853 — — 1.90 4,124 SARs Outstanding as of January 1, 2019 2,372,163 14.51 — 7.17 9,839 Granted during the year 326,454 — — — 1,845 Exercised during the year (15,774) 8.88 11.25 — (37) Forfeited during the year (36,198) — — — (202) Expired during the year (16,472) — — — (78) Outstanding as of December 31, 2019 2,630,173 14.46 — 6.53 11,367 Forfeited during the year (1,085) — — — (6) Expired during the year (176,610) — — — (838) Outstanding as of December 31, 2020 2,452,478 14.44 — 5.47 10,523 PSUs Outstanding as of January 1, 2020 — — — — — Granted during the year 501,444 — — — 1,759 Outstanding as of December 31, 2020 501,444 — — 2.25 1,759 As of December 31, 2020, 2,185,148 SARs have vested but not been exercised. GasLog Partners has 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. On April 1, 2020, GasLog Partners granted to its executives 233,688 RCUs and 233,688 PCUs in accordance with the GasLog Partners' Plan. The RCUs and PCUs will vest on April 1, 2023. The holders are entitled to cash distributions that will be accrued and settled on vesting. The details of the outstanding awards as of December 31, 2020 are presented in the following table: Fair value at Awards Number Grant date grant date RCUs 26,097 April 3, 2017 $ 23.85 PCUs 26,097 April 3, 2017 $ 23.85 RCUs 24,608 April 2, 2018 $ 23.40 PCUs 24,608 April 2, 2018 $ 23.40 RCUs 26,308 April 1, 2019 $ 22.99 PCUs 26,308 April 1, 2019 $ 22.99 RCUs 233,688 April 1, 2020 $ 2.02 PCUs 233,688 April 1, 2020 $ 2.02 In accordance with the terms of the GasLog Partners’ Plan, the awards will be settled in cash or in common units at the sole discretion of the board of directors or such committee as may be designated by the board to administer the GasLog Partners’ Plan. These awards have been treated as equity settled because the Partnership has no present obligation to settle them in cash. Fair value The fair value of the RCUs and PCUs in accordance with the GasLog Partners' Plan was determined by using the grant date closing price and was not further adjusted since the holders are entitled to cash distributions. Movement in RCUs and PCUs The summary of RCUs and PCUs is presented below: Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (220,177) — (1,816) Outstanding as of December 31, 2020 89,978 2.04 446 PCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (213,955) — (1,668) Forfeited during the year (6,222) — (148) Outstanding as of December 31, 2020 89,978 2.04 446 The total expense recognized in respect of share-based compensation for the year ended December 31, 2020 was $5,486 (December 31, 2019: $5,107 and December 31, 2018: $ 5,216). The total accrued cash distribution as of December 31, 2020 is $552 (December 31, 2019: $ 1,176). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments | |
Commitments | 23. Commitments (a) Commitments relating to the vessels under construction (Note 6) on December 31, 2020 payable to Samsung were as follows: As of December 31, 2020 Not later than one year 466,930 Total 466,930 (b) Future gross minimum lease payments in relation to non-cancellable time charter agreements for vessels in operation, including a vessel under a lease (Note 7) as of December 31, 2020 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 December 31, 2020 Not later than one year 426,830 Later than one year and not later than two years 381,318 Later than two years and not later than three years 351,718 Later than three years and not later than four years 294,366 Later than four years and not later than five years 281,319 Later than five years 600,771 Total 2,336,322 Future gross minimum lease payments disclosed in the above table exclude the lease payments of the vessels that are under construction as of December 31, 2020 (Note 6). For these vessels, the following charter party agreements have been signed: · In August 2018, GAS-thirty three Ltd., signed an agreement with a wholly owned subsidiary of Cheniere Energy Inc. (“Cheniere”), for the GasLog Galveston to be chartered to Cheniere upon delivery in 2021 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. (c) In September 2017 (and in addition to the seven existing maintenance agreements signed in 2015 in relation to GasLog vessels), GasLog LNG Services Ltd. entered into further maintenance agreements with Wartsila Greece S.A. ("Wartsila") in respect of eight additional GasLog LNG carriers. In July 2018, GasLog LNG Services Ltd. renewed the maintenance agreements signed in 2015 with Wartsila. The agreements ensure dynamic maintenance planning, technical support, security of spare parts supply, specialist technical personnel and performance monitoring. (d) In March 2019, GasLog LNG Services entered into an agreement with Samsung in respect of nineteen of GasLog’s vessels. The agreement covers the supply of ballast water management systems on board the vessels by Samsung and associated field, commissioning and engineering services for a firm period of six years. As of December 31, 2020, ballast water management systems had been installed on twelve out of the nineteen vessels. (e) Other Guarantees: As of December 31, 2020, GasLog LNG Services Ltd. has provided bank guarantees as follows: · Up to $250 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. · Bank guarantee for $300 relating to the participation in a FSRU tender. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, the Group has economically hedged 47.64% 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, 2019: 44.22%). The aggregate principal amount of our outstanding floating rate debt as of December 31, 2020 was $1,843,110. As an indication of the extent of our sensitivity to interest rate changes, an increase in LIBOR of 10 basis points would increase the annual interest expense on the un-hedged portion of the Group’s loans by approximately $1,665 (December 31, 2019: $1,530 and December 31, 2018: $1,395). Interest rate sensitivity analysis: The fair value of the interest rate swaps as of December 31, 2020 was estimated as a net liability of $113,855 (December 31, 2019: net liability of $49,873). 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, 2020, 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 $5,162 (December 31, 2019: $6,285 and December 31, 2018: $7,351) affecting loss/(gain) on derivatives 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, 2020, $130,861 of the operating and administrative expenses were denominated in EUR (December 31, 2019: $113,804 and December 31, 2018: $116,252). As of December 31, 2020, $34,199 of the Group’s outstanding trade payables and accruals were denominated in EUR (December 31, 2019: $27,766). The Group is also exposed in currency risk in relation to our NOK 2024 Bonds (Note 13). The Group has entered into CCSs (Note 26) to hedge its currency exposure from the NOK 2024 Bonds and forward foreign exchange contracts to hedge its currency exposure from payments in EUR and Japanese Yen (“JPY”). 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, 2020 by $13,086, based upon its expenses during the year (December 31, 2019: $11,380 and December 31, 2018: $11,625). Interest rate risk on NOK 2024 Bonds (cash flow hedge): The Group uses approved instruments such as CCSs, in order to reduce the variability of the cash flows associated with the functional currency equivalent interest and principal of the NOK 2024 Bonds as well as changes in the cash flows associated with changes in the currency rates and is therefore exposed to the following interest rate benchmarks within its hedge accounting relationship, which are subject to interest rate benchmark reform: USD LIBOR and NIBOR (collectively “IBORs”). The Group has closely monitored the market and the output from the various industry working groups managing the transition to new benchmark interest rates. This includes announcements made by LIBOR regulators (including the Financial Conduct Authority (“FCA”) and the US Commodity Futures Trading Commission) regarding the transition away from IBORs to the Secured Overnight Financing Rate (“SOFR”) and the Norwegian Overnight Weighted Average (“NOWA”) respectively. The FCA has made clear that, at the end of 2021, it will no longer seek to persuade or compel banks to submit LIBOR estimates. The Group believes that all areas potentially impacted (including borrowings, derivative financial instruments etc.) have been identified. The Group’s NOK 2024 Bonds agreement includes fall back provisions for a case of cessation of the referenced benchmark interest rate. Specifically, it states that in the case that the interest rate referenced IBOR is no longer available, the interest rate will be set by the bond trustee in consultation with the issuer to: (i) any relevant replacement reference rate generally accepted in the market; or (ii) such interest rate that best reflects the interest rate for deposits in the bond currency offered for the relevant interest period. In each case, if any such rate is below zero, the reference rate will be deemed to be zero. For the Group’s CCSs, the International Swaps and Derivatives Association’s (“ISDA”) fall back clauses were made available at the end of 2019. These clauses or similar language has been inserted into a number of ISDA agreements across the Group and all outstanding agreements will be considered on a case by case basis with each counterparty. Below are details of the hedging instruments and hedged item in scope of the IFRS 9 amendments due to interest rate benchmark reform, by hedge type. The terms of the hedged item match those of the corresponding hedging instruments. Hedge type Instrument type Counterparty Maturing in Notional amount Hedged item Receive 3-month NIBOR, pay 3-month USD LIBOR floating CCS DNB Nov 2024 $ 32,850 Cash flow hedges Receive 3-month NIBOR, pay 3-month USD LIBOR floating CCS SEB Nov 2024 $ 32,850 NOK 2024 Bonds of the same maturity and notional of the CCSs. Receive 3-month NIBOR, pay 3-month USD LIBOR floating CCS Nordea Nov 2024 $ 32,850 Total $ 98,550 The Group will continue to apply the amendments to IFRS 9 until the uncertainty arising from the interest rate benchmark reforms with respect to the timing and the amount of the underlying cash flows that the Group is exposed ends. The Group has assumed that this uncertainty will not end until the Group’s contracts that reference IBORs are amended to specify the date on which the interest rate benchmark will be replaced, the cash flows of the alternative benchmark rate and relevant spread adjustment. Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cash equivalents and by having available adequate amounts of undrawn credit facilities. The following tables detail the Group’s expected cash flows for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR plus the margins applicable to the Group’s loans at the end of each year presented. Weighted average effective Less interest than 1 rate month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2019 Trade and other accounts payable $ 24,306 3,203 106 — — 27,615 Amounts due to related parties 200 — — — — 200 Other payables and accruals* 31,036 49,548 5,210 — — 85,794 Other non-current liabilities* — — — 551 1,174 1,725 Variable interest loans 4.10 % 45,591 44,867 208,217 2,004,266 807,894 3,110,835 Bonds 49,233 9,369 28,060 496,780 — 583,442 Lease liabilities 1,738 3,379 14,292 75,823 200,890 296,122 Total $ 152,104 110,366 255,885 2,577,420 1,009,958 4,105,733 December 31, 2020 Trade and other accounts payable $ 24,651 129 266 — — 25,046 Amounts due to related parties 164 — — — — 164 Other payables and accruals* 34,919 28,940 17,399 — — 81,258 Other non-current liabilities* — — — 612 1,379 1,991 Variable interest loans 2.46 % 54,892 39,196 227,325 2,224,725 1,264,577 3,810,715 Bonds — 10,640 32,485 478,314 — 521,439 Lease liabilities 1,756 3,361 14,072 75,303 182,880 277,372 Total $ 116,382 82,266 291,547 2,778,954 1,448,836 4,717,985 * Non-financial liabilities are excluded. The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period. The following tables detail the Group’s expected cash flows for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that are settled on a net basis. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of the reporting period. The undiscounted contractual cash flows are based on the contractual maturities of the derivatives. Less than 1 month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2019 Interest rate swaps 7 52 5,364 42,016 5,049 52,488 Cross currency swaps — 22 (26) (3,590) — (3,594) Forward foreign exchange contracts (48) (101) (768) — — (917) Total (41) (27) 4,570 38,426 5,049 47,977 December 31, 2020 Interest rate swaps 559 1,128 33,772 73,968 5,132 114,559 Cross currency swaps — (25) (182) (5,597) — (5,804) Forward foreign exchange contracts (113) (234) — — — (347) Total 446 869 33,590 68,371 5,132 108,408 Credit risk Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss and arises from cash and cash equivalents, short-term investments, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables, dividends receivable and other amounts due from related parties. The Group is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Group currently deals primarily with financial institutions and customers with high credit ratings. As of December 31, 2019 2020 Cash and cash equivalents 263,747 367,269 Short-term investments 4,500 — Trade and other receivables 24,900 36,223 Dividends receivable and other amounts due from related parties 573 1,259 Derivative financial instruments 4,001 6,095 For the year ended December 31, 2020, 57.2% of the Group’s revenue was earned from Shell (December 31, 2019 and December 31, 2018, 70.0% and 74.2%, respectively) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group’s counterparties. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2020. 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, 2020 | |
Capital Risk Management | |
Capital Risk Management | 25. Capital Risk Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value. The Group monitors capital using a gearing ratio, which is total debt divided by total equity plus total debt. The gearing ratio is calculated as follows: As of December 31, 2019 2020 Borrowings, current portion 255,422 245,626 Borrowings, non-current portion 2,891,973 3,527,595 Lease liabilities, current portion 9,363 9,644 Lease liabilities, non-current portion 195,567 186,526 Total debt 3,352,325 3,969,391 Total equity 1,649,853 1,597,137 Total debt and equity 5,002,178 5,566,528 Gearing ratio 67.0 % 71.3 % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 26. Derivative Financial Instruments The fair value of the derivative assets is as follows: As of December 31, 2019 2020 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps 18 — Forward foreign exchange contracts 389 327 Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps 3,594 5,768 Total 4,001 6,095 Derivative financial instruments, current assets 429 534 Derivative financial instruments, non-current assets 3,572 5,561 Total 4,001 6,095 The fair value of the derivative liabilities is as follows: As of December 31, 2019 2020 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 49,891 113,855 Forward foreign exchange contracts 41 — Total 49,932 113,855 Derivative financial instruments, current liability 8,095 35,415 Derivative financial instruments, non-current liability 41,837 78,440 Total 49,932 113,855 Interest rate swap agreements The Group enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to hedge a portion of the Group’s exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the bank counterparty effects quarterly floating-rate payments to the Group for the notional amount based on the LIBOR, and the Group effects quarterly payments to the bank on the notional amount at the respective fixed rates. Interest rate swaps designated as cash flow hedging instruments As of December 31, 2019 and 2020, there are no interest rate swaps designated as cash flow hedging instruments for accounting purposes. Interest rate swaps held for trading The principal terms of the interest rate swaps held for trading were as follows: Notional Amount Trade Effective Termination Fixed Interest December 31, December 31, Company Counterparty Date Date Date Rate 2019 2020 GasLog Deutsche Bank AG July 2016 July 2016 July 2020 1.98 % 66,667 N/A GasLog Deutsche Bank AG July 2016 July 2016 July 2021 1.98 % 66,667 66,667 GasLog Deutsche Bank AG July 2016 July 2016 July 2022 1.98 % 66,667 66,667 GasLog DNB July 2016 July 2016 July 2022 1.719 % 73,333 73,333 GasLog HSBC July 2016 July 2016 July 2022 1.79 % 33,333 33,333 GasLog (1) Nordea Bank Finland (“Nordea”) July 2016 July 2016 July 2020 1.815 % 66,667 N/A GasLog (1) SCB July 2020 July 2016 July 2022 2.015 % N/A 66,667 GasLog SEB July 2016 July 2016 July 2021 1.8405 % 50,000 50,000 GasLog (2) HSBC Feb 2017 Feb 2017 Feb 2022 2.005%/2.17 % 100,000 100,000 GasLog (1) Nordea Feb 2017 Feb 2017 July 2020 2.0145 % 100,000 N/A GasLog (1) SCB July 2020 Feb 2017 Mar 2022 2.2145 % N/A 100,000 GasLog ABN Feb 2017 Feb 2017 Mar 2022 2.003 % 100,000 100,000 GasLog Nordea May 2018 July 2020 July 2026 3.070 % N/A 66,667 GasLog Nordea May 2018 May 2018 July 2026 2.562 % 66,667 66,667 GasLog SEB May 2018 July 2020 July 2024 3.025 % N/A 50,000 GasLog (7) SEB May 2018 Apr 2018 September 2020 2.300 % 50,000 N/A GasLog (5) DNB May 2018 July 2020 July 2020 3.056 % N/A N/A GAS-twenty seven Ltd. (5) DNB July 2020 July 2020 July 2024 3.146 % N/A 48,889 GAS-twenty seven Ltd. (5) ING July 2020 July 2020 July 2024 3.24 % N/A 24,444 GasLog DNB May 2018 July 2018 July 2025 2.472 % 73,333 73,333 GasLog HSBC May 2018 Apr 2018 July 2024 2.475 % 33,333 33,333 GasLog HSBC May 2018 Apr 2018 July 2025 2.550 % 33,333 33,333 GasLog Citibank Europe Plc. (“CITI”) May 2018 July 2020 July 2024 3.082 % N/A 30,000 GasLog (3) CITI May 2018 July 2021 July 2025 3.095 % N/A N/A GasLog SEB December 2018 October 2018 July 2026 2.745 % 50,000 50,000 GasLog Nordea December 2018 October 2018 July 2028 2.793 % 66,667 66,667 GasLog DNB December 2018 January 2019 July 2025 2.685 % 73,333 73,333 GasLog SEB December 2018 July 2020 July 2024 2.958 % N/A 50,000 GasLog (4) Nordea December 2018 July 2020 May 2020 2.937 % N/A N/A GasLog (4) ING May 2020 July 2020 July 2024 3.127 % N/A 100,000 GasLog (6) DNB December 2018 April 2020 April 2020/July 2020 2.979 % N/A N/A GAS- twenty seven Ltd. (6) DNB July 2020 April 2020 April 2025 2.979%/3.069 % N/A 40,000 GAS- twenty seven Ltd. (6) ING July 2020 July 2020 April 2025 3.176 % N/A 20,000 GAS- fifteen Ltd. (7) NBG September 2020 October 2020 July 2025 % N/A 94,923 Total 1,170,000 1,578,256 (1) In July 2020, the Group novated to SCB two interest rate swaps with Nordea originally maturing in March and July 2022 with notional amounts of $100,000 and $66,667, respectively. Upon transfer, SCB amended the fixed interest rate for their additional credit charges of 20bps. (2) The fixed interest rate was agreed at 2.005% until May 2020 and was increased at 2.17% from May 2020 to February 2022. (3) In May 2018, the Group entered into a new interest rate swap agreement with a notional amount of $30,000 maturing in July 2025. (4) In May 2020, the Group terminated an interest rate swap with Nordea originally maturing in July 2024 and replaced it with a new swap with ING of the same notional amount of $100,000 and the same maturity date of July 2024 with an effective date of July 2020. The impact of these parallel transactions for the Group was a loss of $41. (5) In July 2020, the Group terminated an interest rate swap with DNB originally maturing in July 2024 and replaced it with two new interest rate swap agreements entered by GAS-twenty seven Ltd. with DNB and ING of the same total notional amount of $73,333 and the same maturity date of July 2024 with an effective date of July 2020 and with no cash impact on the Group. (6) In July 2020, the Group terminated an interest rate swap with DNB originally maturing in April 2025 and replaced it with two new interest rate swap agreements entered by GAS-twenty seven Ltd. with DNB and ING of the same total notional amount of $60,000 and the same maturity date of April 2025 with an effective date of April and July 2020 and with no cash impact on the Group. (7) In September 2020, the Group terminated an interest rate swap with SEB originally maturing in July 2025 and replaced it with a new interest rate swap agreement entered by GAS-fifteen Ltd. with NBG of initial notional amount of $96,815 and the same maturity date of July 2025 with an effective date of October 2020 and with no cash impact on the Group. 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, 2020 amounted to a net loss of $63,982 (December 31, 2019: $55,865 net loss, December 31, 2018: $4,333 net loss), which was recognized against profit or loss in the period incurred and is included in Loss on derivatives. During the year ended December 31, 2020, the net loss of $63,982 derived from changes in the LIBOR curve as well as modifications of the Group’s interest swap portfolio that includes interest rate swap agreements with maturities out to 2028. Cross currency swap agreements The Group entered into CCSs which converted the floating interest rate exposure and the variability of the USD functional currency equivalent cash flows into a fixed interest rate and principal on maturity with respect to the NOK 2021 Bonds and maintains CCSs which convert the floating interest rate exposure and the variability of the USD functional currency equivalent cash flows into a floating interest rate and principal on maturity with respect to NOK 2024 Bonds, in order to hedge the Group’s exposure to fluctuations deriving from NOK. The CCSs are designated as cash flow hedging instruments for accounting purposes. The principal terms of the CCSs designated as cash flow hedging instruments were as follows: Notional Amount Trade Effective Termination Interest December 31, December 31, Company Counterparty Date Date Date Rate 2019 2020 GasLog (1) DNB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog (1) SEB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog (1) Nordea Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 Total 98,550 98,550 (1) On November 27, 2019, in conjunction with the issuance of the NOK 2024 Bonds, the Group entered into these CCSs to exchange interest payments and principal on maturity on the same terms as the NOK 2024 Bonds. For the year ended December 31, 2020, the effective portion of changes in the fair value of CCSs amounting to a gain of $1,873 has been recognized in Other comprehensive loss (December 31, 2019: $3,215 loss, December 31, 2018: $5,543 loss). For the year ended December 31, 2020, a loss of $625 was recycled to profit or loss representing the realized loss on CCSs in relation to the interest expenses component of the hedge (December 31, 2019: $607 loss, December 31, 2018: $454 loss). Additionally, for the year ended December 31, 2020, a loss of $3,248 was recognized in Other comprehensive loss in relation to the retranslation of the NOK Bonds in U.S. dollars as of December 31, 2020 (December 31, 2019: $325 loss, December 31, 2018: $4,831 gain). Forward foreign exchange contracts The Group uses forward foreign exchange contracts to mitigate foreign exchange transaction exposures in EUR and JPY. Under these forward foreign exchange contracts, the bank counterparty will effect fixed payments in EUR or JPY 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: Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date contracts Settlement Dates (EUR/USD) (in thousands) GasLog ABN November 2020 3 January - March 2021 1.1978582 - 1.1995155 € 6,000 GasLog Citibank Europe PLC UK November 2020 3 January - March 2021 1.1975 - 1.1991 € 7,500 Total € 13,500 Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date contracts Settlement Dates (JPY/USD) (in thousands) GasLog Citibank Europe PLC UK November 2020 1 January 2021 0.0096019938 JP¥ Total JP¥ The derivative instruments listed above were not designated as cash flow hedging instruments as of December 31, 2020. The change in the fair value of these contracts for the year ended December 31, 2020 amounted to a net loss of $21 (for the year ended December 31, 2019: $1,815 net gain, December 31, 2018: $3,589 net loss), which was recognized against profit or loss in the year incurred and is included in Loss on derivatives. An analysis of Loss on derivatives is as follows: For the year ended December 31, 2018 2019 2020 Unrealized loss on derivative financial instruments held for trading (7,922) (54,050) (64,044) Realized gain/(loss) on interest rate swaps held for trading 1,893 3,164 (20,855) Realized gain/(loss) on forward foreign exchange contracts held for trading 241 (3,707) 564 Recycled loss of cash flow hedges reclassified to profit or loss — (697) — Ineffective portion of cash flow hedges (289) (151) (323) Total (6,077) (55,441) (84,658) 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, 2020 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 27. Cash Flow Reconciliations The reconciliation of the Group’s financing activities for the three years ended December 31, 2020 are presented in the tables below: A reconciliation of borrowings arising from financing activities is as follows: Other Deferred Opening comprehensive Non-cash financing balance Cash flows income items costs, assets Total Borrowings outstanding as of January 1, 2018 2,547,556 — — — — 2,547,556 Proceeds from bank loans and bonds — 524,165 — — — 524,165 Bank loans and bond repayments — (231,753) — — — (231,753) Additions in deferred loan/bond fees — (7,449) — 1,119 (12,941) (19,271) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — 12,593 — 12,593 Retranslation of the NOK 2021 Bonds in USD — — (4,831) — — (4,831) Borrowings outstanding as of December 31, 2018 2,547,556 284,963 (4,831) 13,712 (12,941) 2,828,459 Other Deferred Opening comprehensive Non-cash financing balance Cash flows income items costs, assets Total Borrowings outstanding as of January 1, 2019 2,828,459 — — — — 2,828,459 Proceeds from bank loans and bonds — 905,730 — — — 905,730 Bank loans and bond repayments — (547,751) — — — (547,751) Payment for bond repurchase — (34,602) — — — (34,602) Additions in deferred loan/bond fees — (25,912) — (910) 7,016 (19,806) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — 14,154 — 14,154 Retranslation of the NOK 2021 Bonds and the NOK 2024 Bonds in USD — — 1,211 — — 1,211 Borrowings outstanding as of December 31, 2019 2,828,459 297,465 1,211 13,244 7,016 3,147,395 Other Deferred Opening comprehensive Non-cash financing balance Cash flows income items costs, assets Total Borrowings outstanding as of January 1, 2020 3,147,395 — — — — 3,147,395 Proceeds from bank loans and bonds — 2,138,035 — — — 2,138,035 Bank loans and bond repayments — (1,481,709) — (8,063) — (1,489,772) Payment for bond repurchase at premium — (1,937) — — — (1,937) Additions in deferred loan fees — (35,795) — 997 (6,442) (41,240) Deferred loan fees received — 792 — — — 792 Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) — — — 22,876 — 22,876 Retranslation of the NOK 2024 Bonds in USD — — 3,248 (6,176) — (2,928) Borrowings outstanding as of December 31, 2020 3,147,395 619,386 3,248 9,634 (6,442) 3,773,221 A reconciliation of derivatives arising from financing activities is as follows: Other Opening Cash comprehensive Non-cash balance flows income items Total Net derivative assets as of January 1, 2018 16,396 — — — 16,396 Unrealized loss on derivative financial instruments held for trading — — — (7,922) (7,922) Ineffective portion of cash flow hedges — — — (289) (289) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — (5,089) — (5,089) Net derivative assets as of December 31, 2018 16,396 — (5,089) (8,211) 3,096 Other Opening Cash comprehensive Non-cash balance flows income items Total Net derivative assets as of January 1, 2019 3,096 — — — 3,096 Unrealized loss on derivative financial instruments held for trading — — — (54,050) (54,050) Ineffective portion of cash flow hedges — — — (151) (151) Payment for CCS termination — 3,731 — 4,051 7,782 Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — (2,608) — (2,608) Net derivative assets/(liabilities) as of December 31, 2019 3,096 3,731 (2,608) (50,150) (45,931) Other Opening Cash comprehensive Non-cash balance flows income items Total Net derivative liabilities as of January 1, 2020 (45,931) — — — (45,931) Unrealized loss on derivative financial instruments held for trading — — — (64,044) (64,044) Ineffective portion of cash flow hedges — — — (323) (323) Payment for interest rate swaps termination — 31,662 — — 31,662 Proceeds from entering into interest rate swaps — (31,622) — — (31,622) Payment for CCS termination — 4,052 — (4,052) — Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — 2,498 — 2,498 Net derivative liabilities as of December 31, 2020 (45,931) 4,092 2,498 (68,419) (107,760) A reconciliation of lease liabilities arising from financing activities is as follows: Opening balance Cash flows Non-cash items Total Lease liabilities as of January 1, 2018 213,428 — — 213,428 Lease charge (Note 19) — — 10,520 10,520 Payments for interest — (10,520) — (10,520) Payments for lease liability — (7,329) — (7,329) Lease liabilities as of December 31, 2018 213,428 (17,849) 10,520 206,099 Opening balance Cash flows Non-cash items Total Lease liabilities as of January 1, 2019 213,374 — — 213,374 Lease charge (Note 19) — — 10,506 10,506 Additions — — 1,462 1,462 Payments for interest — (10,521) — (10,521) Payments for lease liability — (9,950) 59 (9,891) Lease liabilities as of December 31, 2019 213,374 (20,471) 12,027 204,930 Opening balance Cash flows Non-cash items Total Lease liabilities as of January 1, 2020 204,930 — — 204,930 Lease charge (Note 19) — — 9,921 9,921 Additions — — 2,155 2,155 Payments for interest — (9,911) — (9,911) Payments for lease liability — (11,150) 225 (10,925) Lease liabilities as of December 31, 2020 204,930 (21,061) 12,301 196,170 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 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, 2020 | |
Earnings/(losses) per Share ("EPS") | |
Earnings/(losses) per share ("EPS") | 2 9. Earnings/(losses) per share (“EPS”) Basic earnings/(losses) per share was calculated by dividing the profit/(loss) 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/(loss) 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, 2018 2019 2020 Basic earnings/(loss) per share Profit/(loss) for the year attributable to owners of the Group 47,683 (100,661) (44,948) Less: Dividends on Preference Shares (10,063) (10,063) (10,063) Profit/(loss) for the year attributable to owners of the Group 37,620 (110,724) (55,011) Weighted average number of shares outstanding, basic 80,792,837 80,849,818 88,011,160 Basic earnings/(loss) per share 0.47 (1.37) (0.63) Diluted earnings/(loss) per share Profit/(loss) for the year attributable to owners of the Group used in the calculation of diluted EPS 37,620 (110,724) (55,011) Weighted average number of shares outstanding, basic 80,792,837 80,849,818 88,011,160 Dilutive potential ordinary shares 844,185 — — Weighted average number of shares used in the calculation of diluted EPS 81,637,022 80,849,818 88,011,160 Diluted earnings/(loss) per share 0.46 (1.37) (0.63) The Group excluded the effect of 2,452,478 SARs, 643,853 RSUs and 501,444 PSUs in calculating diluted EPS for the year ended December 31, 2020, as they were anti-dilutive (December 31, 2019: 2,630,173 SARs, 367,162 RSUs and nil PSUs, December 31, 2018: 555,453 SARs, nil RSUs and nil PSUs). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | 30. Subsequent Events On January 4, 2021, GasLog took delivery of the GasLog Galveston , a 174,000 cbm LNG carrier with X-DF propulsion constructed by Samsung. On January 22, 2021, GasLog's subsidiary, GAS-twenty four Ltd., completed the sale and leaseback of the GasLog Houston with Hai Kuo Shipping 2051G Limited ("Hai Kuo Shipping"). The vessel was sold to Hai Kuo Shipping. GasLog has leased back the vessel under a bareboat charter from Hai Kuo Shipping for a period of up to eight years. GasLog has the obligation to re-purchase the vessel at end of the charter period. GasLog has also the option to re-purchase the vessel on pre-agreed terms no earlier than the end of the first interest period and no later than the end of year eight of the bareboat charter. The vessel remains on its charter with Shell. On February 21, 2021, the board of directors declared a quarterly cash dividend of $0.05 per common share payable on March 11, 2021 to shareholders of record as of March 4, 2021. On February 21, 2021 GasLog entered into an agreement and plan of merger (the “Merger Agreement”) with BlackRock’s Global Energy & Power Infrastructure Team (collectively, “GEPIF”), pursuant to which GEPIF will acquire all of the outstanding common shares of GasLog Ltd. that are not held by certain existing shareholders of GasLog Ltd. for a purchase price of $5.80 in cash per share (the “Transaction”). Following the consummation of the Transaction, certain existing shareholders, including Blenheim Holdings, which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation, will continue to hold approximately 55% of the outstanding common shares of GasLog Ltd. and GEPIF will hold approximately 45%. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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, incorporating the negative impact of the COVID-19 pandemic on near-term market rates. As of December 31, 2020, the Group’s current assets totaled $437,534, while current liabilities totaled $459,349, resulting in a negative working capital position of $21,815. Current liabilities include $59,612 of unearned revenue in relation to hires received in advance of December 31, 2020 (which represents a non-cash liability that will be recognized as revenue in January as the services are rendered). Management monitors the Company’s liquidity position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and debt service commitments, and to monitor compliance with the financial covenants within its loan and bond facilities. Taking into account the volatile commercial and financial market conditions experienced throughout 2020, management anticipates that our primary sources of funds over the next twelve months will be available cash, cash from operations and existing borrowings, including the credit agreements entered into on July 16, 2020 and July 30, 2020, which refinanced in full the debt maturities due in 2021, as well as the sale and leaseback transactions we concluded in October 2020 and January 2021 that released incremental liquidity of $61,224. Management believes that these anticipated sources of funds will be sufficient for the Company to meet its liquidity needs and to comply with its banking covenants for at least twelve months from the date of this report and therefore it is appropriate to prepare the financial statements on a going concern basis. Additionally, the Company may enter into new debt facilities in the future, as well as equity or debt instruments, although there can be no assurance that the Company will be able to obtain additional debt or equity financing on terms acceptable to the Company, which will also depend on financial, commercial and other factors, as well as a significant recovery in capital market conditions and a sustainable improvement of the LNG charter market, that are beyond the Company’s control. The Company’s long-term ability to repay its debts and maintain compliance with its debt covenants for at least twelve months from the date of this report without reliance on additional sources of finance is also dependent on a sustainable longer-term recovery in the LNG charter market from the market disruption observed in 2020 as a result of the COVID-19 outbreak. Finally, our 8.875% senior unsecured notes due in 2022 (the “8.875% Senior Notes”) will mature on March 22, 2022 (Note 13), which we plan to refinance in due course. 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, 2021, 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 was a joint venture until June 2019 when a termination agreement was entered between GasLog and the Cool Pool. 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”. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. The Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change are discussed below. Until December 31, 2018, leases of property, plant and equipment (i.e. vessels) where the Group, as lessee, had substantially all the risks and rewards of ownership were classified as finance leases. Finance leases were 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, were included in current and non-current liabilities as finance lease liabilities. Each lease payment was allocated between the liability and finance cost. The finance cost was 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 was depreciated over the asset’s useful life or over the shorter of the asset’s useful life and the lease term if there was no reasonable certainty that the Group would obtain ownership at the end of the lease term. In addition, leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases (i.e. vessels’ equipment, properties and other). Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019 and onwards, each of the above leases is recognized as a right-of-use asset, with a corresponding liability recognized at the date at which the leased asset is available for use by the Group. The Group is a lessee under a vessel sale and leaseback arrangement and also leases various properties, vessel and office equipment. Rental contracts are typically made for fixed periods but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Following the implementation of IFRS 16, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The corresponding rental obligations, net of finance charges, are included in current and non-current liabilities as lease liabilities. Each lease payment is allocated between the liability and finance cost. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect lease payment made. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate, which is the Group's current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. The right-of-use asset is depreciated over its useful life or over the shorter of its useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel or office equipment. |
Deferral and presentation of government grants | Deferral and presentation of government grants Government grants relating to costs are deferred and recognized in the 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 (until July 2019), management fees, project supervision income and other income earned during the period in accordance with existing contracts. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer. Except for the off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases . 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 were recognized on a gross basis representing time charter revenues earned by GasLog vessels participating in the pool under charter agreements where GasLog contracts directly with charterers. Revenues were recognized on a monthly basis, when the vessel 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 (until July 2019), net pool allocation represents GasLog’s share of the net revenues earned from the other pool participants’ vessels less the other participants’ share of the net revenues earned by GasLog’s vessels included in the pool. Each participant’s share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. |
Financial income and costs | Financial income and costs Interest income is recognized on an accrual basis. Dividend income is recognized when the right to receive payment is established. Interest expense, other borrowing costs and realized loss on CCSs are recognized on an accrual basis. |
Foreign currencies | Foreign currencies Transactions in currencies other than the USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. The exchange differences from cash and bonds are classified in Financial costs, while all other foreign exchange differences are classified in General and administrative expenses. |
Deferred financing costs for undrawn facilities | Deferred financing costs for undrawn facilities Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. |
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 years Dry-docking component years Furniture, computer, software and other office equipment 3-5 years Leasehold improvements 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. Management estimates residual value of its vessels to be equal to the product of its lightweight tonnage (“LWT”) and an estimated scrap rate per LWT. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Group might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When assets are sold, they are derecognized and any gain or loss resulting from their disposal is included in profit or loss. |
Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease renamed to right-of-use assets | Impairment of tangible fixed assets, vessels under construction and vessel held under finance lease renamed to right-of-use assets All assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs of disposal, while “value in use” is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-generating unit. The fair values of the vessels are estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. |
Reimbursable capital expenditures | Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under “Vessels”. Concurrently, an equal amount is deferred as a liability and amortized to 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 and amounts held as guarantees as part of stand-by letters of credit. · Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. · Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 9 for further information about the Group’s accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Group recognizes lifetime expected credit losses (“ECLs”) on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. · Borrowings Borrowings are initially recognized at fair value (net of transaction costs). Borrowings are subsequently measured at amortized cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Borrowings also include arrangements such as sale and leaseback transactions with a right or obligation to repurchase the asset. The Group continues to recognize the asset and a financial liability for the amount of the consideration received from the customer. · Derivative financial instruments The Group enters into a variety of derivative financial instruments to economically hedge its exposure to interest rate and foreign exchange rate risks, including interest rate swaps, CCSs and forward foreign exchange contracts. Derivative financial instruments are initially recognized at fair value on the date the derivative contracts are entered into and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in the consolidated statement of profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statement of profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. The Group’s criteria for classifying a derivative instrument in a hedging relationship include: (1) the existence of an economic relationship between the hedged item and the hedging instrument (i.e., the hedging instrument and hedged item must, based on an economic rationale, be expected to move in opposite directions as a result of a change in the hedged risk); (2) the effect of the credit risk should not dominate the value changes of either the hedged item or the hedging instrument (i.e., credit risk can arise on both the hedging instrument and the hedged item in the form of the counterparty’s credit risk or the entity’s own credit risk); and (3) the hedge ratio (i.e., the ratio between the amount of hedged item and the amount of hedging instrument) of the hedging relationship is the same as that actually used in the economic hedge. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. 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. In accordance with the transition provisions, the Group has adopted the amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures which provide certain reliefs in connection with interest rate benchmark reform , retrospectively to hedging relationships that existed at the start of the reporting period or were designated thereafter. The amendments provide temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by interbank offered rate (“IBOR”) reform. The reliefs have the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement. The reliefs will cease to apply when the uncertainty arising from interest rate benchmark reform is no longer present. The Group uses CCSs in order to hedge the Group’s exposure to fluctuations deriving from its bonds (Note 26). The amendments permit continuation of hedge accounting even though there is uncertainty about the replacement of the floating interest rates included in its CCSs (Note 24). 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. · Lease liabilities Lease liabilities are initially measured at the fair value of the leased property or, if lower, the present value of the minimum lease payments—discounted at the interest rate implicit in the lease, if practicable, or else at the Group’s incremental borrowing rate—and subsequently measured at amortized cost, using the effective interest rate method. Finance charges in respect of finance leases are recognized in the consolidated statement of profit or loss under “Financial costs”. |
Segment Information | Segment information The information provided to the Group’s chief operating decision maker, being the Chief Executive Officer, to review the Group’s operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Group charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
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. |
Termination benefits | Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognizes costs for a restructuring that is within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. |
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 (32,726,222 units as of December 31, 2020). 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. The total carrying amount of the Group’s vessels as of December 31, 2020, was $5,001,174 (December 31, 2019: $4,407,156). 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 each vessel from independent and internationally recognized ship brokers on a semi-annual basis, which are also commonly used and accepted by the Group’s lenders for determining compliance with the relevant covenants in its credit facilities. Vessel values can be highly volatile, so the charter-free market values may not be indicative of the current or future market value of the Group’s vessels or prices that could be achieved if it were to sell them. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of discounted 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 June 30, 2020 and December 31, 2020, the carrying amounts of each of the six steam turbine propulsion (“Steam”) vessels (the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Lydon Volney , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally ), twelve tri-fuel diesel electric (“TFDE”)vessels (the GasLog Savannah , the GasLog Singapore , the GasLog Sydney , the GasLog Skagen , the GasLog Seattle , the Solaris , the GasLog Saratoga , the GasLog Salem , the GasLog Greece, the GasLog Glasgow , the Methane Julia Louise and the Methane Becki Anne ) and four low pressure dual fuel two-stroke propulsion (“X-DF”) vessels (the GasLog Genoa , the GasLog Gladstone , the GasLog Houston and the GasLog Hong Kong ) were higher than the charter free market values estimated by ship brokers on both dates, while two additional TFDE vessels, the GasLog Geneva and the GasLog Gibraltar had carrying amounts higher than their estimated charter-free market values as of December 31, 2020 only. The Group concluded that this, together with certain other events and circumstances (as further described in Note 6) indicated the existence of potential impairment of these vessels. As a result, the Group performed an impairment assessment for these vessels by comparing their values in use, being the discounted projected net operating cash flows for these vessels to their carrying values as of June 30, 2020 and December 31, 2020. The assumptions that the Group used in its discounted projected net operating cash flow analysis included, among others, utilization, operating revenues, voyage expenses and commissions, dry-docking costs, operating expenses (including vessel management costs), residual values and the discount rate. The key assumptions, being those to which the outcome of the impairment assessment is most sensitive, are the estimate of charter rates for non-contracted revenue days and the discount rate. Revenue assumptions were based on contracted time charter rates up to the end of the current contract for each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire based on the fleet’s historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter were based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of June 30, 2020 and December 31, 2020, (iii) historical average time charter rates, based on publications by independent third party maritime research services (“maritime research publications”), (iv) estimated future time charter rates, based on maritime research publications that provide such forecasts and (v) management’s internal assessment of long-term charter rates achievable by each class of vessel. More specifically, for vessels whose charters expire within the next twelve months, the estimated charter rates and utilization for the first year from the assessment date were based on the approved annual budget for the respective year, which was formed based on the anticipated market conditions for that period (including the effect of the COVID-19 pandemic) and the latest available maritime research publications from ship brokers for short-term (less than 12 months) employment of a vessel operating in the spot market on less than one-year time charter contracts. For non-contracted periods starting on the second year for already expired charters or upon the expiration of the firm charter period of a vessel and up to June 30, 2022, the Group used the most recent market rate for a longer-term (3- year) time charter rate based on available data from maritime research publications reflecting management’s view of the anticipated extent of the market disruption caused by the COVID-19 pandemic. For non-contracted periods starting on July 1, 2022 for already expired charters or upon the expiration of the firm charter period of a vessel and up to June 30, 2025, the Group used charter rates based on a combination of recent charter market rates for a term (3-year) time charter rate based on available data from maritime research publication, historical average time charter rates and estimated future time charter rates, in order to incorporate the anticipated effect of the gradual stabilization of the LNG shipping market in the post-COVID-19 era. Such rates were lower than prevailing spot rates on each of the assessment dates. For the remaining period from July 1, 2025 through the end of each vessel’s useful life (for non-contracted periods), the estimated average time charter rates for Steam, TFDE and X-DF 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 an assessment of the appropriate discount for Steam and TFDE vessels’ charter rates compared to modern newbuild LNG carriers, which is driven largely by unit freight cost differentials and utilization of such vessels. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Group’s control, management believes that the use of the revenue estimates discussed above to be reasonable as of the reporting date. The Group has assumed no inflation or any other revenue escalation or growth factors in determining forecasted time charter rates beyond the contracted charter period through the end of a vessel’s useful life, consistent with long-run historical evidence. The Group used an annual operating expenses escalation factor equal to 1% based on its historical data and experience, as well as its 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. All estimates used and assumptions made were in accordance with the Group’s internal budgets and historical experience of the shipping industry. In the Group’s impairment assessment, the rate used to discount future estimated cash flows to their present values was approximately 5.8% to 6.4% as of December 31, 2020 (6.5% to 7.25% as of December 31, 2019). This was based on an estimated weighted average cost of capital calculated using cost of equity and cost of debt components, adjusted also for vessel-specific risks and uncertainties. The values in use for five of the six Steam vessels calculated as per above were lower than the respective carrying amounts of those vessels and, consequently, an impairment loss of $28,627 was recognized in the year ended December 31, 2020 (Note 6). The values in use for each of the remaining Steam, TFDE and X-DF vessels with indicators of impairment were greater than their respective carrying amounts, and therefore no impairment loss was recognized for these vessels. In connection with the impairment testing of our vessels as of December 31, 2020, we performed a sensitivity analysis on the most difficult, subjective or complex assumptions that have the potential to affect the outcome of the impairment assessment, which are the projected charter hire rates used to forecast future cash flows for non-contracted revenue days and the discount rate used, in particular for the Steam vessels (Note 6). It is reasonably possible that changes to these assumptions within the next financial year could require a material adjustment of the carrying amount of the Group’s Steam vessels. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period At the date of authorization of these consolidated financial statements, there were no IFRS standards and amendments adopted in the current period with a material effect on the Group’s financial statements. (b) Standards and amendments in issue not yet adopted In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements , to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waiver or a breach of covenant). The amendment also defines the “settlement” of a liability as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. The amendment will be effective for annual periods beginning on or after January 1, 2022 and should be applied retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Earlier application is permitted. Management anticipates that this amendment will not have a material impact on the Group’s financial statements. In August 2020, the IASB issued the Phase 2 amendments to IFRS 9 Financial Instruments , IFRS 7 Financial Instruments: Disclosures , IFRS 4 and IFRS 16 in connection with the Phase 2 of the interest rate benchmark reform. The amendments address the issues arising from the implementation of the reforms, including the replacement of one benchmark with an alternative one. The amendment will be effective for annual periods beginning on or after January 1, 2021. Early application is permitted. Management is currently evaluating the impact of this standard on the Group’s consolidated financial statements. |
Organization and Operations (Ta
Organization and Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, Methane Shirley Elisabeth 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 April 1, 2019 GAS-twelve Ltd. GasLog Glasgow |
Schedule of composition of the group's structure | As of December 31, 2020, the Group’s structure is as follows: Cargo Place of Date of capacity Cubic Name incorporation incorporation Principal activities meters ("cbm") Vessel Delivery date Subsidiaries: GasLog Investments Ltd. BVI July 2003 Holding company — — — GasLog Carriers Ltd. (“GasLog Carriers”) Bermuda February 2008 Holding company — — — GasLog Shipping Company Ltd. Bermuda January 2006 Holding company — — — GasLog Partners GP LLC Marshall Islands January 2014 Holding company — — — GasLog Cyprus Investments Ltd. Cyprus December 2016 Holding company — — — GasLog Services UK Ltd. England and Wales May 2014 Service company — — — GasLog Services US Inc. Delaware May 2014 Service company — — — GasLog Asia Pte Ltd. Singapore May 2015 Service company — — — GasLog LNG Services Ltd. Bermuda August 2004 Vessel management services — — — GasLog Monaco S.A.M. Monaco February 2010 Service company — — — GAS-Two Panama S.A. Panama November 2020 Dormant — — — GAS-one Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Savannah May 2010 GAS-two Ltd. Bermuda February 2008 Vessel-owning company 155,000 GasLog Singapore July 2010 GAS-six Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Skagen July 2013 GAS-nine Ltd. Bermuda June 2011 Vessel-owning company 155,000 GasLog Saratoga December 2014 GAS-ten Ltd. Bermuda June 2011 Vessel-owning company 155,000 GasLog Salem April 2015 GAS-fifteen Ltd. Bermuda August 2013 Vessel-owning company 153,600 GasLog Chelsea October 2013 GAS-eighteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Lydon Volney April 2014 GAS-twenty two Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Genoa March 2018 GAS-twenty three Ltd. Bermuda May 2014 Vessel-owning company 174,000 GasLog Gladstone March 2019 GAS-twenty four Ltd. Bermuda June 2014 Vessel-owning company 174,000 GasLog Houston January 2018 GAS-twenty five Ltd. Bermuda June 2014 Lease asset company 174,000 GasLog Hong Kong March 2018 GAS-twenty six Ltd. Bermuda January 2015 Lease asset company 170,000 Methane Julia Louise March 2015 GAS-twenty eight Ltd. Bermuda September 2016 Vessel-owning company 180,000 GasLog Windsor April 2020 GAS-twenty nine Ltd. Bermuda September 2016 Dormant (2) — — — GAS-thirty Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Westminster July 2020 GAS-thirty one Ltd. Bermuda December 2017 Vessel-owning company 180,000 GasLog Wales May 2020 GAS-thirty two Ltd. Bermuda December 2017 Vessel-owning company 174,000 GasLog Georgetown November 2020 GAS-thirty three Ltd. Bermuda May 2018 Vessel-owning company 174,000 GasLog Galveston January 4, 2021 GAS-thirty four Ltd. Bermuda May 2018 Vessel-owning company 180,000 Hull No. 2311 Q2 2021 (1) GAS-thirty five Ltd. Bermuda December 2018 Vessel-owning company 180,000 Hull No. 2312 Q3 2021 (1) GAS-thirty six Ltd. Bermuda December 2018 Dormant — — — GAS-thirty seven Ltd. Bermuda December 2018 Dormant — — — GasLog Hellas-1 Special Maritime Enterprise Greece June 2019 Vessel-owning company 180,000 GasLog Warsaw (2) July 2019 35.3% interest subsidiaries: GasLog Partners LP Marshall Islands January 2014 Holding company — — — GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — GAS-three Ltd. Bermuda April 2010 Vessel-owning company 155,000 GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company 155,000 GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company 155,000 GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company 155,000 GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company 155,000 Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Greece March 2016 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company 174,000 GasLog Glasgow June 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Geneva September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company 174,000 GasLog Gibraltar October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company 145,000 Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company 145,000 Methane Heather Sally June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company 170,000 Methane Becki Anne March 2015 25% interest associate: Egypt LNG Shipping Ltd. Bermuda May 2010 Vessel-owning company 145,000 Methane Nile Eagle December 2007 20% interest associate: Gastrade S.A. ("Gastrade") Greece June 2010 Service company — — — (1) For newbuildings, expected delivery quarters as of December 31, 2020 are presented. (2) In June 2019, the newbuilding GasLog Warsaw , delivered on July 31, 2019, was transferred from GAS-twenty nine Ltd. to the subsidiary GasLog Hellas-1 Special Maritime Enterprise. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Schedule of expected useful lives | Vessel LNG vessel component years Dry-docking component years Furniture, computer, software and other office equipment 3-5 years Leasehold improvements years (or remaining term of the lease) |
Equity Transactions (Tables)
Equity Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Transactions | |
Schedule 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: Old IDRs Marginal Percentage Interest in Distributions Total Quarterly Distribution Common General Holders of Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Third Target Distribution $ 0.46875 up to $ 0.5625 75.0 % 2.0 % 23.0 % Thereafter Above $ 0.5625 50.0 % 2.0 % 48.0 % 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: New IDRs Marginal Percentage Interest in Distributions Total Quarterly Distribution Common General Holders of Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Thereafter Above $ 0.46875 75.0 % 2.0 % 23.0 % Allocation of GasLog Partners’ (loss)/profit (*) 2019 2020 Partnership’s (loss)/profit attributable to: Common unitholders (66,268) 25,970 General partner (1,479) 561 Paid and accrued preference equity distributions 30,328 30,328 Total (37,419) 56,859 Partnership’s (loss)/profit allocated to GasLog (22,467) 8,622 Partnership’s (loss)/profit allocated to non-controlling interests (14,952) 48,237 Total (37,419) 56,859 * Excludes profits of GAS-twelve Ltd. for the period prior to its transfer to the Partnership on April 1, 2019. |
Investment in Associates and _2
Investment in Associates and Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Associates and Joint Venture | |
Schedule of investment in associates and joint venture | % of ownership Country of interest Nature of Measurement Name incorporation 2019 2020 relationship method Principal activity Egypt LNG Shipping Ltd. (1) Bermuda 25 % 25 % Associate Equity method Vessel-owning company Gastrade (2) Greece 20 % 20 % Associate Equity method Service company The Cool Pool Limited (3) Marshall Islands — — Joint venture Equity method Service company (1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cbm LNG vessel built in 2007. (2) Gastrade is a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit (“FSRU”) along with other fixed infrastructure. (3) The Cool Pool Limited is the commercial manager of the Cool Pool acting as an agent (Note 1). |
Schedule of movements in investment in associates | Associates 2019 2020 As of January 1, 20,713 21,620 Additions 158 472 Share of profit of associates 1,627 2,192 Dividend declared (878) (2,525) As of December 31, 21,620 21,759 |
Schedule of summarized financial information of associates and joint venture | Associates Joint Venture 2019 2020 2019 2020 Current Total current assets 22,749 25,861 — — Total current liabilities (15,258) (18,393) — — Non-current Total non-current assets 106,421 98,926 — — Total non-current liabilities (82,153) (73,571) — — Net assets 31,759 32,823 — — Group’s share 7,840 8,025 — — Effect from translation (41) (87) — — Goodwill 13,821 13,821 — — Investment in associates and joint venture 21,620 21,759 — — Associates Joint Venture 2018 2019 2020 2018 2019 2020 Revenues 23,513 26,294 27,807 346,170 121,434 — Profit for the year 7,040 6,429 8,593 — — — Total comprehensive income for the year 7,040 6,429 8,593 — — — Group’s share in profit 1,800 1,627 2,192 — — — Dividend declared (8,091) (3,510) (10,100) — — — Group’s share in dividend 2,023 878 2,525 — — — |
Tangible Fixed Assets and Ves_2
Tangible Fixed Assets and Vessels Under Construction (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tangible Fixed Assets and Vessels Under Construction | |
Schedule of movements in tangible fixed assets and vessels under construction | Office property Total and other tangible Vessels tangible fixed under Vessels assets assets construction Cost As of January 1, 2019 4,899,678 23,710 4,923,388 159,275 Additions 26,233 1,454 27,687 450,918 Return of capital expenditures (11,224) — (11,224) — Transfer from vessels under construction 406,870 — 406,870 (406,870) Fully amortized fixed assets (7,209) — (7,209) — As of December 31, 2019 5,314,348 25,164 5,339,512 203,323 Additions 40,116 11,245 51,361 677,456 Disposals — (3,029) (3,029) — Transfer from vessels under construction 747,940 — 747,940 (747,940) Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 6,078,041 33,380 6,111,421 132,839 Accumulated depreciation As of January 1, 2019 595,426 4,380 599,806 — Depreciation 156,826 875 157,701 — Impairment loss on vessels 162,149 — 162,149 — Fully amortized fixed assets (7,209) — (7,209) — As of December 31, 2019 907,192 5,255 912,447 — Depreciation 165,411 166,201 — Impairment loss on vessels 28,627 — 28,627 — Fully amortized fixed assets (24,363) — (24,363) — As of December 31, 2020 1,076,867 6,045 1,082,912 — Net book value As of December 31, 2019 4,407,156 19,909 4,427,065 203,323 As of December 31, 2020 5,001,174 27,335 5,028,509 132,839 |
Schedule of impairment loss recognized for vessels | As of and for the year ended December 31, 2020 Vessel Impairment loss Recoverable amount Methane Rita Andrea (4,933) 91,162 Methane Lydon Volney (4,704) 99,285 Methane Alison Victoria (2,359) 96,385 Methane Shirley Elisabeth (12,412) 92,688 Methane Heather Sally (4,219) 103,274 Total (28,627) 482,794 |
Schedule of new buildings on order at Samsung | Date of Estimated Cargo LNG Carrier agreement delivery Capacity (cbm) GasLog Galveston August 2018 Q1 2021 (1) 174,000 Hull No. 2311 December 2018 Q2 2021 180,000 Hull No. 2312 December 2018 Q3 2021 180,000 |
Schedule of vessels under construction | As of December 31, 2019 2020 Progress shipyard installments 197,637 129,252 Onsite supervision costs 3,879 1,701 Critical spare parts, equipment and other vessel delivery expenses 1,807 1,886 Total 203,323 132,839 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Schedule of movements in right-of-use assets | Right-of-Use Assets Vessels Vessel Equipment Properties Other Total As of January 1, 2019 206,753 (*) 2,630 4,969 19 214,371 Additions 1,001 336 1,080 47 2,464 Depreciation expense (7,722) (1,109) (1,499) (10) (10,340) As of December 31, 2019 200,032 1,857 4,550 56 206,495 Additions, net 5,799 833 1,255 67 7,954 Depreciation expense (8,163) (1,253) (1,547) (49) (11,012) As of December 31, 2020 197,668 1,437 4,258 74 203,437 * The balance as of December 31, 2018 represented the vessel held under finance lease and was included in the financial statement line “Vessel held under finance lease”, which was renamed to “Right-of-use assets” as of January 1, 2019. |
Schedule of analysis of lease liabilities | Lease Liabilities 2019 2020 As of January 1, 213,374 204,930 Additions, net 1,462 2,155 Lease charge (Note 19) 10,506 9,921 Payments (20,412) (20,836) As of December 31, 204,930 196,170 Lease liability, current portion 9,363 9,644 Lease liability, non-current portion 195,567 186,526 Total 204,930 196,170 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | As of December 31, 2019 2020 Current accounts 113,655 182,056 Time deposits (with original maturities of three months or less) 149,491 36,971 Ship management client accounts 601 397 Restricted cash — 147,845 Total 263,747 367,269 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | As of December 31, 2019 2020 Trade receivables 9,463 5,113 VAT receivable 637 1,139 Accrued income 8,274 16,818 Insurance claims 1,400 4,236 Other receivables 5,126 8,917 Total 24,900 36,223 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Non-Current Assets | |
Schedule of other non-current assets | As of December 31, 2019 2020 Various guarantees 388 289 Other long-term assets 1,613 5,378 Cash collaterals on swaps 22,220 6,796 Total 24,221 12,463 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 common treasury preference Share Preference Contributed Treasury shares shares shares capital shares surplus shares Outstanding as of January 1, 2018 80,717,885 275,241 4,600,000 810 46 911,766 (6,960) Purchase of treasury shares (2,818) 2,818 — — — — (62) Treasury shares distributed for awards vested or exercised in the year 146,179 (146,179) — — — — 3,756 Equity raising fees — — — — — (395) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (60,795) — Outstanding as of December 31, 2018 80,861,246 131,880 4,600,000 810 46 850,576 (3,266) Purchase of treasury shares (212,111) 212,111 — — — — (3,752) Treasury shares distributed for awards vested or exercised in the year 222,535 (222,535) — — — — 4,859 Equity raising fees — — — — — (595) — Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (89,310) — Outstanding as of December 31, 2019 80,871,670 121,456 4,600,000 810 46 760,671 (2,159) Purchase of treasury shares (323,919) 323,919 — — — — (2,000) Proceeds from private placement, net of offering costs 14,400,000 — — 144 — 34,849 — Treasury shares distributed for awards vested or exercised in the year 228,692 (228,692) — — — — 2,819 Dividends declared deducted from contributed surplus due to accumulated deficit — — — — — (35,698) — Outstanding as of December 31, 2020 95,176,443 216,683 4,600,000 954 46 759,822 (1,340) |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reserves. | |
Schedule of movements in reserves | Share-based Employee compensation Total Hedging benefits reserve reserves Balance as of December 31, 2017 (142) (105) 18,594 18,347 Retained earnings adjustment (1) (436) — — (436) Balance as of January 1, 2018 (restated) (578) (105) 18,594 17,911 Effective portion of changes in fair value of cash flow hedges (258) — — (258) Share-based compensation, net of accrued dividend — — 4,434 4,434 Settlement of share-based compensation — — (3,074) (3,074) Actuarial loss — (51) — (51) Balance as of December 31, 2018 (836) (156) 19,954 18,962 Effective portion of changes in fair value of cash flow hedges (2,933) — — (2,933) Recycled loss of cash flow hedges reclassified to profit or loss 697 — — 697 Share-based compensation, net of accrued dividend — — 4,794 4,794 Settlement of share-based compensation — — (4,721) (4,721) Balance as of December 31, 2019 (3,072) (156) 20,027 16,799 Effective portion of changes in fair value of cash flow hedges (750) — — (750) Share-based compensation, net of accrued dividend — — 5,385 5,385 Settlement of share-based compensation — — (2,824) (2,824) Actuarial gain — 57 — 57 Balance as of December 31, 2020 (3,822) (99) 22,588 18,667 (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. |
Schedule of dividend distributions | Declaration date Type of shares Dividend per share Payment date Amount paid February 15, 2018 Common $ 0.14 March 15, 2018 11,300 March 8, 2018 Preference $ 0.546875 April 2, 2018 2,516 May 3, 2018 Common $ 0.15 May 24, 2018 12,120 May 11, 2018 Preference $ 0.546875 July 2, 2018 2,516 August 1, 2018 Common $ 0.15 August 23, 2018 12,122 September 13, 2018 Preference $ 0.546875 October 1, 2018 2,516 October 31, 2018 Common $ 0.15 November 21, 2018 12,126 November 15, 2018 Preference $ 0.546875 January 2, 2019 2,516 November 28, 2018 Common $ 0.40 December 17, 2018 32,342 Total 90,074 February 13, 2019 Common $ 0.15 March 14, 2019 12,129 March 7, 2019 Preference $ 0.546875 April 1, 2019 2,516 May 2, 2019 Common $ 0.15 May 23, 2019 12,129 May 10, 2019 Preference $ 0.546875 July 1, 2019 2,515 July 31, 2019 Common $ 0.15 August 22, 2019 12,129 September 17, 2019 Preference $ 0.546875 October 1, 2019 2,516 November 5, 2019 Common $ 0.15 November 21, 2019 12,129 November 14, 2019 Preference $ 0.546875 January 2, 2020 2,516 December 14, 2019 Common $ 0.38 December 31, 2019 30,731 Total 89,310 February 5, 2020 Common $ 0.15 March 12, 2020 12,082 March 12, 2020 Preference $ 0.546875 April 1, 2020 2,516 May 6, 2020 Common $ 0.05 May 28, 2020 4,035 May 14, 2020 Preference $ 0.546875 July 1, 2020 2,516 August 4, 2020 Common $ 0.05 August 27, 2020 4,758 September 16, 2020 Preference $ 0.546875 October 1, 2020 2,516 November 9, 2020 Common $ 0.05 November 30, 2020 4,759 December 9, 2020 Preference $ 0.546875 January 4, 2021 2,516 Total 35,698 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2019 2020 Amounts due within one year 268,090 258,262 Less: unamortized deferred loan/bond issuance costs (12,668) (12,636) Borrowings, current portion 255,422 245,626 Amounts due after one year 2,930,221 3,583,447 Less: unamortized premium 1,457 797 Less: unamortized deferred loan/bond issuance costs (39,705) (56,649) Borrowings, non-current portion 2,891,973 3,527,595 Total 3,147,395 3,773,221 |
Debt Repayment Schedule | As of December 31, 2020 Not later than one year 258,262 Later than one year and not later than three years 812,825 Later than three years and not later than five years 1,574,258 Later than five years 1,196,364 Total 3,841,709 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | As of December 31, 2019 2020 Unearned revenue 48,183 59,612 Accrued off-hire 6,968 5,886 Accrued purchases 9,759 9,867 Accrued interest 36,746 33,600 Other accruals 34,586 34,092 Total 136,242 143,057 |
Vessel Operating and Supervis_2
Vessel Operating and Supervision Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Vessel Operating and Supervision Costs | |
Schedule of vessel operating and supervision costs | For the year ended December 31, 2018 2019 2020 Crew wages and vessel management employee costs 79,624 80,713 89,463 Technical maintenance expenses 28,694 37,653 39,369 Other vessel operating expenses 19,766 21,296 19,403 Total 128,084 139,662 148,235 |
Voyage Expenses and Commissio_2
Voyage Expenses and Commissions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Voyage Expenses and Commissions | |
Schedule of voyage expenses and commissions | For the year ended December 31, 2018 2019 2020 Brokers’ commissions on revenue 7,555 7,527 7,050 Bunkers’ consumption and other voyage expenses 12,819 16,245 14,833 Total 20,374 23,772 21,883 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the year ended December 31, 2018 2019 2020 Employee costs 20,980 24,863 24,051 Share-based compensation (Note 22) 5,216 5,107 5,486 Other expenses 15,797 17,415 17,712 Total 41,993 47,385 47,249 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenues from Contracts with Customers | |
Schedule of revenues from contracts with customers | For the year ended December 31, 2018 2019 2020 Revenues from long-term fleet 476,415 508,778 462,887 Revenues from spot fleet 38,909 113,822 210,390 Revenues from The Cool Pool Limited (GasLog vessels) 102,253 45,253 — Revenues from vessel management services 767 784 812 Total 618,344 668,637 674,089 |
Financial Income and Costs (Tab
Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Income and Costs | |
Schedule of financial income and costs | For the year ended December 31, 2018 2019 2020 Financial Income Interest income 4,784 5,318 726 Total financial income 4,784 5,318 726 Financial Costs Amortization and write-off of deferred loan/bond issuance costs/premium 12,593 14,154 22,876 Interest expense on loans 111,600 122,819 93,860 Interest expense on bonds and realized loss on CCSs 30,029 34,607 35,891 Lease charge 10,520 10,506 9,921 Loss arising on bond repurchases at a premium (Note 13) — 2,119 1,937 Other financial costs, net 1,885 6,276 796 Total financial costs 166,627 190,481 165,281 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Schedule of balances with related parties | As of December 31, 2019 2020 Dividends receivable from associate (Note 5) 450 1,250 Other receivables 123 9 Total 573 1,259 As of December 31, 2019 2020 Ship management creditors 328 124 Amounts due to related parties 200 164 |
Schedule of transactions with related parties | Statement of Company Details income account 2018 2019 2020 (a) Egypt LNG Shipping Ltd. Vessel management services Revenues (703) (703) (703) (a) Egypt LNG Shipping Ltd. Sale of office property Loss on disposal of non-current assets — — 572 (b) Nea Dimitra Property Office rent and utilities General and administrative expenses 934 411 478 (b) Nea Dimitra Property Office rent Financial costs/Depreciation — 642 669 (b) Nea Dimitra Property Other office services General and administrative expenses — 1 1 (c) Seres S.A. Catering services General and administrative expenses 372 361 268 (c) Seres S.A. Consultancy services General and administrative expenses 56 55 56 (d) Chartwell Management Inc. Travel expenses General and administrative expenses — 284 23 (e) Ceres Monaco S.A.M. Professional services General and administrative expenses 144 144 144 (e) Ceres Monaco S.A.M. Travel expenses General and administrative expenses — 13 1 (f) A.S. Papadimitriou and Partners Law Firm Professional services General and administrative expenses 4 — — (g) The Cool Pool Limited Pool gross revenues Revenues (102,253) (45,253) — (g) The Cool Pool Limited Pool gross bunkers Voyage expenses and commissions 8,908 7,255 — (g) The Cool Pool Limited Pool other voyage expenses Voyage expenses and commissions 1,246 831 — (g) The Cool Pool Limited Adjustment for net pool allocation Net pool allocation (17,818) 4,264 — (h) Ceres Shipping Ltd. Travel expenses General and administrative expenses 38 — 1 (h) Ceres Shipping Ltd. Professional services General and administrative expenses — 10 — (a) One of the Group’s subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25% ownership interest. In addition, in June 2020, GasLog LNG Services Ltd. agreed to sell a low-pressure turbine to Egypt LNG Shipping Ltd. to be installed on the Methane Nile Eagle . The disposal resulted in a loss of $572 (Note 6). (b) Through its subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. (c) GasLog LNG Services Ltd. has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG Services Ltd. has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and documentation services for the staff based in Piraeus. (d) Chartwell Management Inc. is an entity controlled by the Livanos family which provides travel services to GasLog’s directors and officers. (e) GasLog entered into a consulting agreement for the services of an employee of Ceres Monaco S.A.M., an entity controlled by the Livanos family, for consultancy services in connection with the acquisition of GasLog’s shareholding in Gastrade. GasLog agreed to pay a fixed fee for work carried out between May 1, 2016 and December 31, 2017 in the sum of $100 and a consultancy arrangement fee of $12 per month up to December 31, 2020. (f) 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. For the years ended December 31, 2019 and 2020, no amount was recognized in general and administrative expenses. (December 31, 2018: $4). (g) GasLog recognized gross revenues and total voyage expenses of $45,253 and $8,086, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019 (December 31, 2018: $102,253 and $10,154, respectively). The aforementioned pool results were adjusted by a net loss of $4,264 (2018: net gain of $17,818) 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 professional expenses provided during the year. (i) In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of $1,000 for consultancy services provided in relation to the Group’s debt re-financings completed in July and August 2020. This amount is classified under Deferred loan issuance costs (i.e. contra debt) and will be amortized over the duration of the respective facilities. |
Schedule of remuneration of directors and key management | For the year ended December 31, 2018 2019 2020 Remuneration 7,011 7,536 8,663 Short-term benefits 136 172 181 Expense recognized in respect of share-based compensation 1,992 2,044 2,951 Total 9,139 9,752 11,795 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
The Plan | |
Share-Based Compensation | |
Summary of awards granted | Fair value at Awards Number Grant date Expiry date Exercise price* grant date SARs 203,114 May 17, 2013 April 29, 2023 $ 12.48 $ 2.3753 SARs 259,417 April 1, 2014 March 31, 2024 $ 23.22 $ 6.0035 SARs 274,991 April 1, 2015 March 31, 2025 $ 18.70 $ 5.6352 SARs 712,673 April 1, 2016 March 31, 2026 $ 8.50 $ 2.3263 SARs 366,879 April 3, 2017 April 3, 2027 $ 14.77 $ 5.0021 RSUs 85,113 April 2, 2018 n/a n/a $ 16.30 SARs 363,540 April 2, 2018 April 2, 2028 $ 15.52 $ 5.3000 RSUs 49,886 April 1, 2019 n/a n/a $ 17.79 SARs 244,732 April 1, 2019 April 1, 2029 $ 17.41 $ 5.8612 RSUs 7,410 August 20, 2019 n/a n/a $ 12.34 SARs 27,132 August 20, 2019 August 20, 2029 $ 11.96 $ 3.37 RSUs 496,742 April 1, 2020 n/a n/a $ 3.51 PSUs 496,742 April 1, 2020 n/a n/a $ 3.51 RSUs 21,367 August 3, 2020 n/a n/a $ 3.03 RSUs 4,702 August 7, 2020 n/a n/a $ 3.19 PSUs 4,702 August 7, 2020 n/a n/a $ 3.19 * The exercise prices were decreased by $0.40 and/or $0.38 to reflect the effect from the distribution of the special dividends declared on November 28, 2018 and December 14, 2019, respectively. |
Summary of activity | Weighted Weighted average average share Weighted Number of exercise price price at the average Aggregate awards per share date of exercise contractual life fair value RSUs Outstanding as of January 1, 2019 488,173 — — 1.13 6,408 Granted during the year 106,023 — — — 1,845 Vested during the year (207,819) — — — (1,943) Forfeited during the year (19,215) — — — (322) Outstanding as of December 31, 2019 367,162 — — 1.16 5,988 Granted during the year 522,811 — — — 1,824 Vested during the year (245,061) — — — (3,671) Forfeited during the year (1,059) — — — (17) Outstanding as of December 31, 2020 643,853 — — 1.90 4,124 SARs Outstanding as of January 1, 2019 2,372,163 14.51 — 7.17 9,839 Granted during the year 326,454 — — — 1,845 Exercised during the year (15,774) 8.88 11.25 — (37) Forfeited during the year (36,198) — — — (202) Expired during the year (16,472) — — — (78) Outstanding as of December 31, 2019 2,630,173 14.46 — 6.53 11,367 Forfeited during the year (1,085) — — — (6) Expired during the year (176,610) — — — (838) Outstanding as of December 31, 2020 2,452,478 14.44 — 5.47 10,523 PSUs Outstanding as of January 1, 2020 — — — — — Granted during the year 501,444 — — — 1,759 Outstanding as of December 31, 2020 501,444 — — 2.25 1,759 |
SARs | |
Share-Based Compensation | |
Summary of significant assumptions used to estimate the fair value | Inputs into the model 2013 2014 2015 2016 2017 2018 2019 2019 Grant date share closing price $ 13.26 $ 24.00 $ 19.48 $ 9.28 $ 15.55 $ 16.30 $ 17.79 $ 12.34 Exercise price * $ 12.48 $ 23.22 $ 18.70 $ 8.50 $ 14.77 $ 15.52 $ 17.41 $ 11.96 Expected volatility 29.31 % 29.42 % 39.3 % 47.3 % 46.0 % 44.5 % 45.03 % 45.8 % Expected term 6 years 6 years 6 years 6 years 6 years 6 years 6 years 6 years Risk-free interest rate for the period similar to the expected term 1.08 % 2.03 % 1.48 % 1.37 % 1.99 % 2.61 % 2.35 % 1.47 % * |
GasLog Partners' Plan | GasLog Partners LP | |
Share-Based Compensation | |
Summary of awards granted | Fair value at Awards Number Grant date grant date RCUs 26,097 April 3, 2017 $ 23.85 PCUs 26,097 April 3, 2017 $ 23.85 RCUs 24,608 April 2, 2018 $ 23.40 PCUs 24,608 April 2, 2018 $ 23.40 RCUs 26,308 April 1, 2019 $ 22.99 PCUs 26,308 April 1, 2019 $ 22.99 RCUs 233,688 April 1, 2020 $ 2.02 PCUs 233,688 April 1, 2020 $ 2.02 |
Summary of activity | Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (220,177) — (1,816) Outstanding as of December 31, 2020 89,978 2.04 446 PCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (213,955) — (1,668) Forfeited during the year (6,222) — (148) Outstanding as of December 31, 2020 89,978 2.04 446 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments | |
Schedule of commitments relating to vessels under construction | As of December 31, 2020 Not later than one year 466,930 Total 466,930 |
Schedule of future gross minimum lease payments in relation to non-cancellable time charter agreements | As of December 31, 2020 Not later than one year 426,830 Later than one year and not later than two years 381,318 Later than two years and not later than three years 351,718 Later than three years and not later than four years 294,366 Later than four years and not later than five years 281,319 Later than five years 600,771 Total 2,336,322 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Risk Management | |
Schedule of interest rate risk on NOK 2024 Bonds | Hedge type Instrument type Counterparty Maturing in Notional amount Hedged item Receive 3-month NIBOR, pay 3-month USD LIBOR floating CCS DNB Nov 2024 $ 32,850 Cash flow hedges Receive 3-month NIBOR, pay 3-month USD LIBOR floating CCS SEB Nov 2024 $ 32,850 NOK 2024 Bonds of the same maturity and notional of the CCSs. Receive 3-month NIBOR, pay 3-month USD LIBOR floating CCS Nordea Nov 2024 $ 32,850 Total $ 98,550 |
Schedule of expected cash flows for non-derivative financial liabilities | Weighted average effective Less interest than 1 rate month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2019 Trade and other accounts payable $ 24,306 3,203 106 — — 27,615 Amounts due to related parties 200 — — — — 200 Other payables and accruals* 31,036 49,548 5,210 — — 85,794 Other non-current liabilities* — — — 551 1,174 1,725 Variable interest loans 4.10 % 45,591 44,867 208,217 2,004,266 807,894 3,110,835 Bonds 49,233 9,369 28,060 496,780 — 583,442 Lease liabilities 1,738 3,379 14,292 75,823 200,890 296,122 Total $ 152,104 110,366 255,885 2,577,420 1,009,958 4,105,733 December 31, 2020 Trade and other accounts payable $ 24,651 129 266 — — 25,046 Amounts due to related parties 164 — — — — 164 Other payables and accruals* 34,919 28,940 17,399 — — 81,258 Other non-current liabilities* — — — 612 1,379 1,991 Variable interest loans 2.46 % 54,892 39,196 227,325 2,224,725 1,264,577 3,810,715 Bonds — 10,640 32,485 478,314 — 521,439 Lease liabilities 1,756 3,361 14,072 75,303 182,880 277,372 Total $ 116,382 82,266 291,547 2,778,954 1,448,836 4,717,985 * |
Schedule of expected cash flows for derivative financial instruments | Less than 1 month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2019 Interest rate swaps 7 52 5,364 42,016 5,049 52,488 Cross currency swaps — 22 (26) (3,590) — (3,594) Forward foreign exchange contracts (48) (101) (768) — — (917) Total (41) (27) 4,570 38,426 5,049 47,977 December 31, 2020 Interest rate swaps 559 1,128 33,772 73,968 5,132 114,559 Cross currency swaps — (25) (182) (5,597) — (5,804) Forward foreign exchange contracts (113) (234) — — — (347) Total 446 869 33,590 68,371 5,132 108,408 |
Summary of credit risk exposure | As of December 31, 2019 2020 Cash and cash equivalents 263,747 367,269 Short-term investments 4,500 — Trade and other receivables 24,900 36,223 Dividends receivable and other amounts due from related parties 573 1,259 Derivative financial instruments 4,001 6,095 |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Capital Risk Management | |
Schedule of the gearing ratio | As of December 31, 2019 2020 Borrowings, current portion 255,422 245,626 Borrowings, non-current portion 2,891,973 3,527,595 Lease liabilities, current portion 9,363 9,644 Lease liabilities, non-current portion 195,567 186,526 Total debt 3,352,325 3,969,391 Total equity 1,649,853 1,597,137 Total debt and equity 5,002,178 5,566,528 Gearing ratio 67.0 % 71.3 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments | |
Schedule of fair value of the derivative assets | As of December 31, 2019 2020 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps 18 — Forward foreign exchange contracts 389 327 Derivative assets designated and effective as hedging instruments carried at fair value Cross currency swaps 3,594 5,768 Total 4,001 6,095 Derivative financial instruments, current assets 429 534 Derivative financial instruments, non-current assets 3,572 5,561 Total 4,001 6,095 |
Schedule of fair value of the derivative liabilities | As of December 31, 2019 2020 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 49,891 113,855 Forward foreign exchange contracts 41 — Total 49,932 113,855 Derivative financial instruments, current liability 8,095 35,415 Derivative financial instruments, non-current liability 41,837 78,440 Total 49,932 113,855 |
Schedule of analysis of loss on derivatives | For the year ended December 31, 2018 2019 2020 Unrealized loss on derivative financial instruments held for trading (7,922) (54,050) (64,044) Realized gain/(loss) on interest rate swaps held for trading 1,893 3,164 (20,855) Realized gain/(loss) on forward foreign exchange contracts held for trading 241 (3,707) 564 Recycled loss of cash flow hedges reclassified to profit or loss — (697) — Ineffective portion of cash flow hedges (289) (151) (323) Total (6,077) (55,441) (84,658) |
Interest rate swaps | |
Financial Instruments | |
Schedule of principal terms of instruments held for trading | Notional Amount Trade Effective Termination Fixed Interest December 31, December 31, Company Counterparty Date Date Date Rate 2019 2020 GasLog Deutsche Bank AG July 2016 July 2016 July 2020 1.98 % 66,667 N/A GasLog Deutsche Bank AG July 2016 July 2016 July 2021 1.98 % 66,667 66,667 GasLog Deutsche Bank AG July 2016 July 2016 July 2022 1.98 % 66,667 66,667 GasLog DNB July 2016 July 2016 July 2022 1.719 % 73,333 73,333 GasLog HSBC July 2016 July 2016 July 2022 1.79 % 33,333 33,333 GasLog (1) Nordea Bank Finland (“Nordea”) July 2016 July 2016 July 2020 1.815 % 66,667 N/A GasLog (1) SCB July 2020 July 2016 July 2022 2.015 % N/A 66,667 GasLog SEB July 2016 July 2016 July 2021 1.8405 % 50,000 50,000 GasLog (2) HSBC Feb 2017 Feb 2017 Feb 2022 2.005%/2.17 % 100,000 100,000 GasLog (1) Nordea Feb 2017 Feb 2017 July 2020 2.0145 % 100,000 N/A GasLog (1) SCB July 2020 Feb 2017 Mar 2022 2.2145 % N/A 100,000 GasLog ABN Feb 2017 Feb 2017 Mar 2022 2.003 % 100,000 100,000 GasLog Nordea May 2018 July 2020 July 2026 3.070 % N/A 66,667 GasLog Nordea May 2018 May 2018 July 2026 2.562 % 66,667 66,667 GasLog SEB May 2018 July 2020 July 2024 3.025 % N/A 50,000 GasLog (7) SEB May 2018 Apr 2018 September 2020 2.300 % 50,000 N/A GasLog (5) DNB May 2018 July 2020 July 2020 3.056 % N/A N/A GAS-twenty seven Ltd. (5) DNB July 2020 July 2020 July 2024 3.146 % N/A 48,889 GAS-twenty seven Ltd. (5) ING July 2020 July 2020 July 2024 3.24 % N/A 24,444 GasLog DNB May 2018 July 2018 July 2025 2.472 % 73,333 73,333 GasLog HSBC May 2018 Apr 2018 July 2024 2.475 % 33,333 33,333 GasLog HSBC May 2018 Apr 2018 July 2025 2.550 % 33,333 33,333 GasLog Citibank Europe Plc. (“CITI”) May 2018 July 2020 July 2024 3.082 % N/A 30,000 GasLog (3) CITI May 2018 July 2021 July 2025 3.095 % N/A N/A GasLog SEB December 2018 October 2018 July 2026 2.745 % 50,000 50,000 GasLog Nordea December 2018 October 2018 July 2028 2.793 % 66,667 66,667 GasLog DNB December 2018 January 2019 July 2025 2.685 % 73,333 73,333 GasLog SEB December 2018 July 2020 July 2024 2.958 % N/A 50,000 GasLog (4) Nordea December 2018 July 2020 May 2020 2.937 % N/A N/A GasLog (4) ING May 2020 July 2020 July 2024 3.127 % N/A 100,000 GasLog (6) DNB December 2018 April 2020 April 2020/July 2020 2.979 % N/A N/A GAS- twenty seven Ltd. (6) DNB July 2020 April 2020 April 2025 2.979%/3.069 % N/A 40,000 GAS- twenty seven Ltd. (6) ING July 2020 July 2020 April 2025 3.176 % N/A 20,000 GAS- fifteen Ltd. (7) NBG September 2020 October 2020 July 2025 % N/A 94,923 Total 1,170,000 1,578,256 (1) In July 2020, the Group novated to SCB two interest rate swaps with Nordea originally maturing in March and July 2022 with notional amounts of $100,000 and $66,667, respectively. Upon transfer, SCB amended the fixed interest rate for their additional credit charges of 20bps. (2) The fixed interest rate was agreed at 2.005% until May 2020 and was increased at 2.17% from May 2020 to February 2022. (3) In May 2018, the Group entered into a new interest rate swap agreement with a notional amount of $30,000 maturing in July 2025. (4) In May 2020, the Group terminated an interest rate swap with Nordea originally maturing in July 2024 and replaced it with a new swap with ING of the same notional amount of $100,000 and the same maturity date of July 2024 with an effective date of July 2020. The impact of these parallel transactions for the Group was a loss of $41. (5) In July 2020, the Group terminated an interest rate swap with DNB originally maturing in July 2024 and replaced it with two new interest rate swap agreements entered by GAS-twenty seven Ltd. with DNB and ING of the same total notional amount of $73,333 and the same maturity date of July 2024 with an effective date of July 2020 and with no cash impact on the Group. (6) In July 2020, the Group terminated an interest rate swap with DNB originally maturing in April 2025 and replaced it with two new interest rate swap agreements entered by GAS-twenty seven Ltd. with DNB and ING of the same total notional amount of $60,000 and the same maturity date of April 2025 with an effective date of April and July 2020 and with no cash impact on the Group. (7) In September 2020, the Group terminated an interest rate swap with SEB originally maturing in July 2025 and replaced it with a new interest rate swap agreement entered by GAS-fifteen Ltd. with NBG of initial notional amount of $96,815 and the same maturity date of July 2025 with an effective date of October 2020 and with no cash impact on the Group. |
Cross currency swaps | |
Financial Instruments | |
Schedule of principal terms of the hedging instruments | Notional Amount Trade Effective Termination Interest December 31, December 31, Company Counterparty Date Date Date Rate 2019 2020 GasLog (1) DNB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog (1) SEB Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 GasLog (1) Nordea Nov 2019 Nov 2019 Nov 2024 floating 32,850 32,850 Total 98,550 98,550 (1) On November 27, 2019, in conjunction with the issuance of the NOK 2024 Bonds, the Group entered into these CCSs to exchange interest payments and principal on maturity on the same terms as the NOK 2024 Bonds. |
Forward foreign exchange contracts | |
Financial Instruments | |
Schedule of principal terms of instruments held for trading | Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date contracts Settlement Dates (EUR/USD) (in thousands) GasLog ABN November 2020 3 January - March 2021 1.1978582 - 1.1995155 € 6,000 GasLog Citibank Europe PLC UK November 2020 3 January - March 2021 1.1975 - 1.1991 € 7,500 Total € 13,500 Fixed Total Exchange Number of Exchange Rate Amount Company Counterparty Trade Date contracts Settlement Dates (JPY/USD) (in thousands) GasLog Citibank Europe PLC UK November 2020 1 January 2021 0.0096019938 JP¥ Total JP¥ |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Other Deferred Opening comprehensive Non-cash financing balance Cash flows income items costs, assets Total Borrowings outstanding as of January 1, 2018 2,547,556 — — — — 2,547,556 Proceeds from bank loans and bonds — 524,165 — — — 524,165 Bank loans and bond repayments — (231,753) — — — (231,753) Additions in deferred loan/bond fees — (7,449) — 1,119 (12,941) (19,271) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — 12,593 — 12,593 Retranslation of the NOK 2021 Bonds in USD — — (4,831) — — (4,831) Borrowings outstanding as of December 31, 2018 2,547,556 284,963 (4,831) 13,712 (12,941) 2,828,459 Other Deferred Opening comprehensive Non-cash financing balance Cash flows income items costs, assets Total Borrowings outstanding as of January 1, 2019 2,828,459 — — — — 2,828,459 Proceeds from bank loans and bonds — 905,730 — — — 905,730 Bank loans and bond repayments — (547,751) — — — (547,751) Payment for bond repurchase — (34,602) — — — (34,602) Additions in deferred loan/bond fees — (25,912) — (910) 7,016 (19,806) Amortization of deferred loan and bond issuance costs and premium (Note 19) — — — 14,154 — 14,154 Retranslation of the NOK 2021 Bonds and the NOK 2024 Bonds in USD — — 1,211 — — 1,211 Borrowings outstanding as of December 31, 2019 2,828,459 297,465 1,211 13,244 7,016 3,147,395 Other Deferred Opening comprehensive Non-cash financing balance Cash flows income items costs, assets Total Borrowings outstanding as of January 1, 2020 3,147,395 — — — — 3,147,395 Proceeds from bank loans and bonds — 2,138,035 — — — 2,138,035 Bank loans and bond repayments — (1,481,709) — (8,063) — (1,489,772) Payment for bond repurchase at premium — (1,937) — — — (1,937) Additions in deferred loan fees — (35,795) — 997 (6,442) (41,240) Deferred loan fees received — 792 — — — 792 Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) — — — 22,876 — 22,876 Retranslation of the NOK 2024 Bonds in USD — — 3,248 (6,176) — (2,928) Borrowings outstanding as of December 31, 2020 3,147,395 619,386 3,248 9,634 (6,442) 3,773,221 |
Schedule of reconciliation of derivatives arising from financing activities | Other Opening Cash comprehensive Non-cash balance flows income items Total Net derivative assets as of January 1, 2018 16,396 — — — 16,396 Unrealized loss on derivative financial instruments held for trading — — — (7,922) (7,922) Ineffective portion of cash flow hedges — — — (289) (289) Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — (5,089) — (5,089) Net derivative assets as of December 31, 2018 16,396 — (5,089) (8,211) 3,096 Other Opening Cash comprehensive Non-cash balance flows income items Total Net derivative assets as of January 1, 2019 3,096 — — — 3,096 Unrealized loss on derivative financial instruments held for trading — — — (54,050) (54,050) Ineffective portion of cash flow hedges — — — (151) (151) Payment for CCS termination — 3,731 — 4,051 7,782 Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — (2,608) — (2,608) Net derivative assets/(liabilities) as of December 31, 2019 3,096 3,731 (2,608) (50,150) (45,931) Other Opening Cash comprehensive Non-cash balance flows income items Total Net derivative liabilities as of January 1, 2020 (45,931) — — — (45,931) Unrealized loss on derivative financial instruments held for trading — — — (64,044) (64,044) Ineffective portion of cash flow hedges — — — (323) (323) Payment for interest rate swaps termination — 31,662 — — 31,662 Proceeds from entering into interest rate swaps — (31,622) — — (31,622) Payment for CCS termination — 4,052 — (4,052) — Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments — — 2,498 — 2,498 Net derivative liabilities as of December 31, 2020 (45,931) 4,092 2,498 (68,419) (107,760) |
Schedule of reconciliation of lease liabilities arising from financing activities | Opening balance Cash flows Non-cash items Total Lease liabilities as of January 1, 2018 213,428 — — 213,428 Lease charge (Note 19) — — 10,520 10,520 Payments for interest — (10,520) — (10,520) Payments for lease liability — (7,329) — (7,329) Lease liabilities as of December 31, 2018 213,428 (17,849) 10,520 206,099 Opening balance Cash flows Non-cash items Total Lease liabilities as of January 1, 2019 213,374 — — 213,374 Lease charge (Note 19) — — 10,506 10,506 Additions — — 1,462 1,462 Payments for interest — (10,521) — (10,521) Payments for lease liability — (9,950) 59 (9,891) Lease liabilities as of December 31, 2019 213,374 (20,471) 12,027 204,930 Opening balance Cash flows Non-cash items Total Lease liabilities as of January 1, 2020 204,930 — — 204,930 Lease charge (Note 19) — — 9,921 9,921 Additions — — 2,155 2,155 Payments for interest — (9,911) — (9,911) Payments for lease liability — (11,150) 225 (10,925) Lease liabilities as of December 31, 2020 204,930 (21,061) 12,301 196,170 |
Earnings_(losses) per Share (_2
Earnings/(losses) per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings/(losses) per Share ("EPS") | |
Schedule of earnings/(losses) per share | For the year ended December 31, 2018 2019 2020 Basic earnings/(loss) per share Profit/(loss) for the year attributable to owners of the Group 47,683 (100,661) (44,948) Less: Dividends on Preference Shares (10,063) (10,063) (10,063) Profit/(loss) for the year attributable to owners of the Group 37,620 (110,724) (55,011) Weighted average number of shares outstanding, basic 80,792,837 80,849,818 88,011,160 Basic earnings/(loss) per share 0.47 (1.37) (0.63) Diluted earnings/(loss) per share Profit/(loss) for the year attributable to owners of the Group used in the calculation of diluted EPS 37,620 (110,724) (55,011) Weighted average number of shares outstanding, basic 80,792,837 80,849,818 88,011,160 Dilutive potential ordinary shares 844,185 — — Weighted average number of shares used in the calculation of diluted EPS 81,637,022 80,849,818 88,011,160 Diluted earnings/(loss) per share 0.46 (1.37) (0.63) |
Organization and Operations - G
Organization and Operations - General information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Jun. 29, 2020 | Apr. 26, 2018 | Apr. 03, 2018 | May 12, 2014 | Dec. 31, 2020 |
Organization and Operations | ||||||
Beneficial interest owned by chairman and his family (in percent) | 41.40% | |||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 36,000 | |||||
Common shares/units | ||||||
Organization and Operations | ||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 36,000 | |||||
GasLog Partners LP | Common shares/units | ||||||
Organization and Operations | ||||||
Number of units issued | 1,858,975 | 33,998 | ||||
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) | 35.30% | |||||
General partner interest in GasLog Partners | 2.00% | |||||
GAS-three Ltd | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||
GAS-three Ltd | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||
GAS-four Ltd | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||
GAS-four Ltd | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||
GAS-five Ltd | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||
GAS-five Ltd | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||
GasLog Partners' subsidiaries acquired after IPO | GasLog Partners LP | ||||||
Organization and Operations | ||||||
Ownership interest in subsidiary (in percent) | 100.00% |
Organization and Operations - C
Organization and Operations - Composition of the group (Details) | Dec. 31, 2020m³ | Dec. 31, 2019 | Jun. 28, 2019shares | Jun. 06, 2019item | Feb. 09, 2017 | Jul. 31, 2018item | Dec. 31, 2020employee | Dec. 31, 2019employee | Dec. 31, 2018employee | |
Organization and Operations | ||||||||||
Number of vessels covered by termination agreement | item | 6 | |||||||||
Average number of employees employed | employee | 176 | 163 | 172 | |||||||
Series A Preference Shares | ||||||||||
Organization and Operations | ||||||||||
Interest rate on Cumulative Redeemable Perpetual Preference Shares (in percent) | 8.75% | |||||||||
The Cool Pool Limited / Joint venture | Golar - Cool Pool participant | ||||||||||
Organization and Operations | ||||||||||
Number of common capital stock transferred | shares | 100 | |||||||||
The Cool Pool Limited / Joint venture | Dynagas - Cool Pool participant | ||||||||||
Organization and Operations | ||||||||||
Number of vessels removed from Cool Pool | item | 3 | |||||||||
Egypt LNG Shipping Ltd / Associate | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in associate (in percent) | 25.00% | 25.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
Gastrade / Associate | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in associate (in percent) | 20.00% | 20.00% | 20.00% | |||||||
GasLog Investments Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Carriers Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Shipping Company, Ltd. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Partners GP LLC | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Cyprus Investments Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Services UK Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Services US Inc | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Asia Pte Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog LNG Services Ltd. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GasLog Monaco S.A.M. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GAS-Two Panama S.A. | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
GAS-one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-two Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-six Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-nine Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-ten Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-fifteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 153,600 | |||||||||
GAS-eighteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty two Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty three Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty four Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty five Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twenty six Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | |||||||||
GAS-twenty eight Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-twenty nine Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [1] | 100.00% | ||||||||
GAS-thirty Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-thirty one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 180,000 | |||||||||
GAS-thirty two Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-thirty three Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-thirty four Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [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 Hellas-1 Special Maritime Enterprise | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | [1] | 100.00% | ||||||||
LNG Cargo capacity (in cbm) per vessel | [1] | 180,000 | ||||||||
GasLog Partners LP | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
GasLog Partners Holdings LLC | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
GAS-three Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-four Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-five Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-seven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-eight Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 155,000 | |||||||||
GAS-eleven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-twelve Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-thirteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-fourteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 174,000 | |||||||||
GAS-sixteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-seventeen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-nineteen Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty one Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 145,000 | |||||||||
GAS-twenty seven Ltd | ||||||||||
Organization and Operations | ||||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||||
LNG Cargo capacity (in cbm) per vessel | 170,000 | |||||||||
[1] | In June 2019, the newbuilding GasLog Warsaw, delivered on July 31, 2019, was transferred from GAS-twenty nine Ltd. to the subsidiary GasLog Hellas-1 Special Maritime Enterprise. | |||||||||
[2] | For newbuildings, expected delivery quarters as of December 31, 2020 are presented. |
Significant Accounting Polici_4
Significant Accounting Policies - Going concern (Details) - USD ($) $ in Thousands | 4 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies | |||
Current assets | $ 437,534 | $ 315,796 | |
Current liabilities | 459,349 | 437,538 | |
Working capital position | (21,815) | ||
Unearned revenue | $ 59,612 | $ 48,183 | |
Incremental liquidity released | $ 61,224 |
Significant Accounting Polici_5
Significant Accounting Policies - Useful lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020item | |
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 | 32,726,222 |
Significant Accounting Polici_7
Significant Accounting Policies - Key sources of estimation uncertainty (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Jun. 30, 2020item | |
Vessels | |||
Charter rate term used to determine rate | 3 years | ||
Annual escalation factor for operating expenses (as a percent) | 1.00% | ||
Impairment loss on vessels | $ | $ 28,627 | $ 162,149 | |
Vessels | |||
Vessels | |||
Tangible fixed assets and vessels under construction | $ | $ 5,001,174 | $ 4,407,156 | |
Vessels | Minimum | |||
Vessels | |||
Discount rate used to estimate future cash flows | 5.80% | 6.50% | |
Vessels | Maximum | |||
Vessels | |||
Discount rate used to estimate future cash flows | 6.40% | 7.25% | |
Steam Vessels | |||
Vessels | |||
Number of vessels with carrying amount higher than the charter free market values | item | 6 | 6 | |
Discount rate used to estimate future cash flows | 6.40% | 7.25% | |
Number of vessels for which value in use is lower than carrying amount | item | 5 | ||
Impairment loss on vessels | $ | $ 28,627 | ||
TFDE Vessels | |||
Vessels | |||
Number of vessels with carrying amount higher than the charter free market values | item | 12 | 12 | |
Number of additional vessels with carrying amount higher than the charter free market values | item | 2 | ||
Impairment loss on vessels | $ | $ 0 | ||
X-DF Vessels | |||
Vessels | |||
Number of vessels with carrying amount higher than the charter free market values | item | 4 | 4 | |
Impairment loss on vessels | $ | $ 0 |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended |
Dec. 31, 2020€ / $ | |
Assumptions | |
Foreign exchange rate (EUR/USD) | 1.200 |
Goodwill | |
Assumptions | |
Average inflation rate | 1.00% |
Pre-tax discount rate | 7.20% |
Annual growth rate | 1.00% |
Equity Transactions - Offerings
Equity Transactions - Offerings (Details) $ / shares in Units, $ in Thousands | Sep. 25, 2020EquityInstrumentsshares | Jul. 01, 2020shares | Jun. 30, 2020EquityInstrumentsshares | Jun. 29, 2020USD ($) | Apr. 03, 2020EquityInstrumentsshares | Feb. 05, 2020USD ($) | Apr. 01, 2019EquityInstruments$ / sharesshares | Jan. 29, 2019USD ($) | Nov. 15, 2018USD ($)$ / sharesshares | Apr. 26, 2018$ / sharesshares | Apr. 03, 2018EquityInstruments$ / sharesshares | Jan. 17, 2018USD ($)$ / sharesshares | Dec. 31, 2020USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2019USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Feb. 26, 2019USD ($) | Feb. 25, 2019USD ($) |
Equity transactions | |||||||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 36,000 | ||||||||||||||||
Repurchases of common units | $ 2,996 | $ 26,642 | $ 62 | ||||||||||||||
GasLog Partners LP | RCUs | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units vested during the period | EquityInstruments | 182,850 | 11,776 | 25,551 | 24,925 | 16,999 | 220,177 | 24,925 | ||||||||||
GasLog Partners LP | PCUs | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units vested during the period | EquityInstruments | 182,850 | 9,813 | 21,292 | 24,925 | 16,999 | 213,955 | 24,925 | ||||||||||
ATM Programme | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Size of ATM Programme | $ 250,000 | $ 144,040 | |||||||||||||||
Remaining authorized amount | $ 126,556 | ||||||||||||||||
Common shares/units | |||||||||||||||||
Equity transactions | |||||||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 36,000 | ||||||||||||||||
Common shares/units | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 1,858,975 | 33,998 | |||||||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 24.21 | $ 23.55 | |||||||||||||||
Common shares/units | GasLog Partners LP | GasLog Partners' Plan | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 365,700 | 21,589 | 46,843 | 49,850 | |||||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 22.99 | ||||||||||||||||
Common shares/units | ATM Programme | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 2,553,899 | ||||||||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 23.72 | ||||||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 60,013 | ||||||||||||||||
Common shares/units | Unit repurchase programme | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Unit repurchase programme limit | $ 25,000 | $ 25,000 | |||||||||||||||
Number of units repurchased | shares | 191,490 | 1,171,572 | |||||||||||||||
Number of units cancelled | shares | 191,490 | 1,171,572 | |||||||||||||||
Stock repurchase program, weighted average price | $ / shares | $ 5.18 | $ 19.52 | |||||||||||||||
Repurchases of common units | $ 996 | $ 22,890 | |||||||||||||||
Common shares/units | Conversion Of B Units | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 415,000 | ||||||||||||||||
Partnership's Series B Preference Units | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 4,600,000 | ||||||||||||||||
Distribution rate | 8.20% | ||||||||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 25 | ||||||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 111,194 | ||||||||||||||||
Partnership's Series B Preference Units | GasLog Partners LP | Underwriters | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 600,000 | ||||||||||||||||
Partnership's Series C Preference Units | GasLog Partners LP | |||||||||||||||||
Equity transactions | |||||||||||||||||
Number of units issued | shares | 4,000,000 | ||||||||||||||||
Distribution rate | 8.50% | ||||||||||||||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 25 | ||||||||||||||||
Net proceeds after deducting underwriting discounts, commissions and other offering expenses | $ 96,307 |
Equity Transactions - Distribut
Equity Transactions - Distribution policy (Details) - GasLog Partners LP - USD ($) $ / shares in Units, $ in Thousands | Nov. 27, 2018 | Mar. 31, 2019 | Nov. 26, 2018 | Dec. 31, 2020 |
Minimum Quarterly Distribution | Maximum | ||||
Total Quarterly Distribution Target Amount | $ 0.375 | $ 0.375 | ||
First Target Distribution | Minimum | ||||
Total Quarterly Distribution Target Amount | 0.375 | 0.375 | ||
First Target Distribution | Maximum | ||||
Total Quarterly Distribution Target Amount | 0.43125 | 0.43125 | ||
Second Target Distribution | Minimum | ||||
Total Quarterly Distribution Target Amount | 0.43125 | 0.43125 | ||
Second Target Distribution | Maximum | ||||
Total Quarterly Distribution Target Amount | 0.46875 | 0.46875 | ||
Third Target Distribution | Minimum | ||||
Total Quarterly Distribution Target Amount | 0.46875 | |||
Third Target Distribution | Maximum | ||||
Total Quarterly Distribution Target Amount | 0.5625 | |||
Thereafter | Minimum | ||||
Total Quarterly Distribution Target Amount | $ 0.46875 | $ 0.5625 | ||
Common shares/units | ||||
Marginal percentage interest in distributions | 98.00% | |||
Common shares/units | Minimum Quarterly Distribution | ||||
Marginal percentage interest in distributions | 98.00% | 98.00% | ||
Common shares/units | First Target Distribution | ||||
Marginal percentage interest in distributions | 98.00% | 98.00% | ||
Common shares/units | Second Target Distribution | ||||
Marginal percentage interest in distributions | 85.00% | 85.00% | ||
Common shares/units | Third Target Distribution | ||||
Marginal percentage interest in distributions | 75.00% | |||
Common shares/units | Thereafter | ||||
Marginal percentage interest in distributions | 75.00% | 50.00% | ||
General partner units | ||||
Marginal percentage interest in distributions | 2.00% | |||
General partner units | Minimum Quarterly Distribution | ||||
Marginal percentage interest in distributions | 2.00% | 2.00% | ||
General partner units | First Target Distribution | ||||
Marginal percentage interest in distributions | 2.00% | 2.00% | ||
General partner units | Second Target Distribution | ||||
Marginal percentage interest in distributions | 2.00% | 2.00% | ||
General partner units | Third Target Distribution | ||||
Marginal percentage interest in distributions | 2.00% | |||
General partner units | Thereafter | ||||
Marginal percentage interest in distributions | 2.00% | 2.00% | ||
IDRs | ||||
Payment in exchange for waiving of rights | $ 25,000 | |||
Marginal percentage interest in distributions | 48.00% | |||
IDRs | Minimum Quarterly Distribution | ||||
Marginal percentage interest in distributions | 0.00% | 0.00% | ||
IDRs | First Target Distribution | ||||
Marginal percentage interest in distributions | 0.00% | 0.00% | ||
IDRs | Second Target Distribution | ||||
Marginal percentage interest in distributions | 13.00% | 13.00% | ||
IDRs | Third Target Distribution | ||||
Marginal percentage interest in distributions | 23.00% | |||
IDRs | Thereafter | ||||
Marginal percentage interest in distributions | 23.00% | 48.00% |
Equity Transactions - Issuance
Equity Transactions - Issuance (Details) - GasLog Partners LP | Jul. 01, 2020shares | Jun. 30, 2019shares | Apr. 26, 2018shares | Apr. 03, 2018shares | Dec. 31, 2020shares |
Common shares/units | |||||
Equity transactions | |||||
Number of units issued | 1,858,975 | 33,998 | |||
Marginal percentage interest in distributions | 98.00% | ||||
Class B Units | |||||
Equity transactions | |||||
Number of units converted | 415,000 | ||||
Number of shares outstanding | 2,075,000 | ||||
Conversion ratio of class B units into common units | 1 | ||||
General partner units | |||||
Equity transactions | |||||
Marginal percentage interest in distributions | 2.00% | ||||
GasLog Ltd. | Common shares/units | |||||
Equity transactions | |||||
Number of units issued | 2,532,911 | ||||
GasLog Ltd. | Class B Units | |||||
Equity transactions | |||||
Number of units issued | 2,490,000 | ||||
GasLog Ltd. | Class B-1 Units | |||||
Equity transactions | |||||
Number of units issued | 415,000 | ||||
GasLog Ltd. | Class B-2 Units | |||||
Equity transactions | |||||
Number of units issued | 415,000 | ||||
GasLog Ltd. | Class B-3 Units | |||||
Equity transactions | |||||
Number of units issued | 415,000 | ||||
GasLog Ltd. | Class B-4 Units | |||||
Equity transactions | |||||
Number of units issued | 415,000 | ||||
GasLog Ltd. | Class B-5 Units | |||||
Equity transactions | |||||
Number of units issued | 415,000 | ||||
GasLog Ltd. | Class B-6 Units | |||||
Equity transactions | |||||
Number of units issued | 415,000 |
Equity Transactions - Allocatio
Equity Transactions - Allocation of GasLog Partners' (loss)/profit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allocation of GasLog Partners' (loss)/profit | |||
Profit/(loss) for the year | $ 3,289 | $ (115,613) | $ 126,398 |
Profit/(loss) for the year attributable to owners of the Group | (44,948) | (100,661) | 47,683 |
Partnership's (loss)/profit allocated to non-controlling interests | 48,237 | (14,952) | $ 78,715 |
GasLog Partners LP | |||
Allocation of GasLog Partners' (loss)/profit | |||
Profit/(loss) for the year | 56,859 | (37,419) | |
Profit/(loss) for the year attributable to owners of the Group | 8,622 | (22,467) | |
Partnership's (loss)/profit allocated to non-controlling interests | 48,237 | (14,952) | |
GasLog Partners LP | Common shares/units | |||
Allocation of GasLog Partners' (loss)/profit | |||
Profit/(loss) for the year | 25,970 | (66,268) | |
GasLog Partners LP | General partner units | |||
Allocation of GasLog Partners' (loss)/profit | |||
Profit/(loss) for the year | 561 | (1,479) | |
GasLog Partners LP | Preference shares/units | |||
Allocation of GasLog Partners' (loss)/profit | |||
Profit/(loss) for the year | $ 30,328 | $ 30,328 |
Equity Transactions - Distrib_2
Equity Transactions - Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend distributions | |||
Dividend declared | $ 92,557 | $ 193,436 | $ 178,028 |
Non-controlling interests | |||
Dividend distributions | |||
Dividend declared | 56,859 | $ 104,126 | $ 87,954 |
GasLog Partners LP | Non-controlling interests | Common shares/units | |||
Dividend distributions | |||
Dividend declared | 26,531 | ||
GasLog Partners LP | Non-controlling interests | Preference shares/units | |||
Dividend distributions | |||
Dividend declared | $ 30,328 |
Investment in Associates and _3
Investment in Associates and Joint Venture - Associate (Details) $ in Thousands | Dec. 31, 2020USD ($)m³ | Dec. 31, 2019USD ($) | Feb. 09, 2017 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Rollforward of investment in associate | ||||||
Share of profit of associates | $ 2,192 | $ 1,627 | $ 1,800 | |||
Associates | ||||||
Rollforward of investment in associate | ||||||
Beginning balance | 21,620 | 20,713 | ||||
Additions | 472 | 158 | ||||
Share of profit of associates | 2,192 | 1,627 | 1,800 | |||
Dividend declared | (2,525) | (878) | (2,023) | |||
Ending balance | $ 21,759 | $ 21,620 | 21,759 | 21,620 | $ 20,713 | |
Egypt LNG Shipping Ltd / Associate | ||||||
Interest in Associate | ||||||
Equity interest in associate (as a percent) | 25.00% | 25.00% | ||||
Cargo capacity (in cbm) | m³ | 145,000 | |||||
Gastrade / Associate | ||||||
Interest in Associate | ||||||
Equity interest in associate (as a percent) | 20.00% | 20.00% | 20.00% | |||
Rollforward of investment in associate | ||||||
Additions | $ 472 | $ 158 |
Investment in Associates and _4
Investment in Associates and Joint Venture - Associate Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Total current assets | $ 437,534 | $ 315,796 | |
Total current liabilities | (459,349) | (437,538) | |
Non-current | |||
Total non-current assets | 5,419,229 | 4,907,399 | |
Total non-current liabilities | (3,800,277) | (3,135,804) | |
Financial information from the statements of profit or loss | |||
Revenues | 674,089 | 668,637 | $ 618,344 |
Profit/(loss) for the year | 3,289 | (115,613) | 126,398 |
Total comprehensive income for the year | 2,596 | (117,849) | 126,089 |
Group's share in profit | 2,192 | 1,627 | 1,800 |
Dividend declared | (92,557) | (193,436) | (178,028) |
Associates | |||
Current | |||
Total current assets | 25,861 | 22,749 | |
Total current liabilities | (18,393) | (15,258) | |
Non-current | |||
Total non-current assets | 98,926 | 106,421 | |
Total non-current liabilities | (73,571) | (82,153) | |
Net assets | 32,823 | 31,759 | |
Group's share | 8,025 | 7,840 | |
Effect from translation | (87) | (41) | |
Goodwill | 13,821 | 13,821 | |
Investment in associates and joint venture | 21,759 | 21,620 | 20,713 |
Financial information from the statements of profit or loss | |||
Revenues | 27,807 | 26,294 | 23,513 |
Profit/(loss) for the year | 8,593 | 6,429 | 7,040 |
Total comprehensive income for the year | 8,593 | 6,429 | 7,040 |
Group's share in profit | 2,192 | 1,627 | 1,800 |
Dividend declared | (10,100) | (3,510) | (8,091) |
Group's share in dividend | $ 2,525 | $ 878 | $ 2,023 |
Investment in Associates and _5
Investment in Associates and Joint Venture - Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Total current assets | $ 437,534 | $ 315,796 | |
Total current liabilities | (459,349) | (437,538) | |
Non-current | |||
Total non-current assets | 5,419,229 | 4,907,399 | |
Total non-current liabilities | (3,800,277) | (3,135,804) | |
Consolidated statements of profit or loss | |||
Revenues | 674,089 | 668,637 | $ 618,344 |
Profit/(loss) for the year | 3,289 | (115,613) | 126,398 |
Total comprehensive income for the year | 2,596 | (117,849) | 126,089 |
Group's share in profit | 2,192 | 1,627 | 1,800 |
Dividend declared | $ (92,557) | (193,436) | (178,028) |
Joint ventures | |||
Consolidated statements of profit or loss | |||
Revenues | $ 121,434 | $ 346,170 |
Tangible Fixed Assets and Ves_3
Tangible Fixed Assets and Vessels Under Construction (Details) $ in Thousands | Feb. 07, 2020USD ($) | Oct. 11, 2016 | Jun. 30, 2020USD ($) | Dec. 31, 2018USD ($)m³ | Aug. 31, 2018itemm³ | May 31, 2018itemm³ | Mar. 31, 2018itemm³ | Jan. 31, 2018itemm³ | Sep. 30, 2016itemm³ | May 31, 2014itemm³ | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2015item | Dec. 31, 2014item | Jun. 01, 2020USD ($) |
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | $ (28,627) | $ (162,149) | |||||||||||||
Vessels pledged as collateral | 5,001,174 | 4,407,156 | |||||||||||||
Loss from sale of property, plant and equipment | (572) | ||||||||||||||
Amount reimbursed | 10,451 | ||||||||||||||
Foreign exchange losses on reimbursement | 773 | ||||||||||||||
Keppel Shipyard Limited | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Threshold period after which if LLI has not been utilized in a vessel conversion for items will be charged at a percentage of the original cost, in years | 3 years | ||||||||||||||
LLI discounted purchase price, expressed as a percentage of the original cost | 85.00% | ||||||||||||||
LLI cost, expressed as a percentage of original cost | 115.00% | ||||||||||||||
Payment for acquisition of LLI | $ 17,625 | ||||||||||||||
MSL | Purchase of depot spares | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of vessels acquired | item | 2 | 6 | |||||||||||||
Aggregate initial value to purchase depot spares | $ 8,000 | ||||||||||||||
Value of depot spares already purchased and paid | $ 660 | ||||||||||||||
GAS-twenty three Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
GasLog Carriers Ltd | 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 | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty one Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
GAS-thirty two Ltd | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of LNG carriers per the shipbuilding contract | item | 1 | ||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
Tangible fixed assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 4,427,065 | ||||||||||||||
Balance, at the end of the year | 5,028,509 | 4,427,065 | |||||||||||||
Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 4,407,156 | ||||||||||||||
Balance, at the end of the year | 5,001,174 | $ 4,407,156 | |||||||||||||
Steam Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | $ (28,627) | ||||||||||||||
Number of vessels for which value in use is lower than carrying amount | item | 5 | ||||||||||||||
Impairment reversal resulting from potential increase in re-chartering rate | $ 109,772 | ||||||||||||||
Impairment loss resulting from potential decrease in re-chartering rate | $ 115,887 | ||||||||||||||
Discount rate applied to cash flow projections | 6.40% | 7.25% | |||||||||||||
Percentage of increase or decrease in the discount rate for sensitivity analysis | 0.50% | ||||||||||||||
Impairment loss due to increase in discount rate | $ 26,751 | ||||||||||||||
Impairment reversal due to decrease in discount rate | 14,492 | ||||||||||||||
Steam Vessels | Average | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Charter market rate used (per day) | 40 | $ 41 | |||||||||||||
Increase or decrease in re-chartering rate for sensitivity analysis | $ 5 | ||||||||||||||
Steam Vessels | GasLog Partners LP | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of vessels for which value in use is lower than carrying amount | 4 | ||||||||||||||
Steam Vessels | Gaslog Ltd. | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Number of vessels for which value in use is lower than carrying amount | 1 | ||||||||||||||
Steam vessels impaired during current period | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | $ (28,627) | ||||||||||||||
Balance, at the end of the year | 482,794 | ||||||||||||||
Methane Rita Andrea | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | (4,933) | ||||||||||||||
Balance, at the end of the year | 91,162 | ||||||||||||||
Methane Lydon Volney | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | (4,704) | ||||||||||||||
Balance, at the end of the year | 99,285 | ||||||||||||||
Methane Alison Victoria | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | (2,359) | ||||||||||||||
Balance, at the end of the year | 96,385 | ||||||||||||||
Methane Shirley Elisabeth | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | (12,412) | ||||||||||||||
Balance, at the end of the year | 92,688 | ||||||||||||||
Methane Heather Sally | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Impairment loss on vessels | (4,219) | ||||||||||||||
Balance, at the end of the year | 103,274 | ||||||||||||||
Office property and other tangible assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 19,909 | ||||||||||||||
Balance, at the end of the year | 27,335 | 19,909 | |||||||||||||
Office property and other tangible assets | Egypt LNG Shipping Ltd / Associate | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Price for selling property, plant and equipment | $ 2,457 | ||||||||||||||
Loss from sale of property, plant and equipment | $ (572) | ||||||||||||||
Vessels under construction | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 203,323 | ||||||||||||||
Balance, at the end of the year | 132,839 | 203,323 | |||||||||||||
Progress shipyard installments paid | 129,252 | ||||||||||||||
Progress shipyard installments | 129,252 | 197,637 | |||||||||||||
Onsite supervision costs | 1,701 | 3,879 | |||||||||||||
Critical spare parts, equipment and other vessel delivery expenses | 1,886 | 1,807 | |||||||||||||
Vessels under construction | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Aggregate initial value to purchase depot spares | 466,930 | ||||||||||||||
GasLog Galveston | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 174,000 | ||||||||||||||
Hull No. 2311 | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
Hull No. 2312 | Samsung | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Cargo capacity (in cbm) | m³ | 180,000 | ||||||||||||||
Cost | Tangible fixed assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 5,339,512 | 4,923,388 | |||||||||||||
Additions | 51,361 | 27,687 | |||||||||||||
Return of capital expenditures | (11,224) | ||||||||||||||
Disposals | (3,029) | ||||||||||||||
Transfer from vessels under construction | 747,940 | 406,870 | |||||||||||||
Fully amortized fixed assets | (24,363) | (7,209) | |||||||||||||
Balance, at the end of the year | $ 4,923,388 | 6,111,421 | 5,339,512 | ||||||||||||
Cost | Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 5,314,348 | 4,899,678 | |||||||||||||
Additions | 40,116 | 26,233 | |||||||||||||
Return of capital expenditures | (11,224) | ||||||||||||||
Transfer from vessels under construction | 747,940 | 406,870 | |||||||||||||
Fully amortized fixed assets | (24,363) | (7,209) | |||||||||||||
Balance, at the end of the year | 4,899,678 | 6,078,041 | 5,314,348 | ||||||||||||
Cost | Office property and other tangible assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 25,164 | 23,710 | |||||||||||||
Additions | 11,245 | 1,454 | |||||||||||||
Disposals | (3,029) | ||||||||||||||
Balance, at the end of the year | 23,710 | 33,380 | 25,164 | ||||||||||||
Cost | Vessels under construction | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | 203,323 | 159,275 | |||||||||||||
Additions | 677,456 | 450,918 | |||||||||||||
Transfer from vessels under construction | (747,940) | (406,870) | |||||||||||||
Balance, at the end of the year | 159,275 | 132,839 | 203,323 | ||||||||||||
Accumulated depreciation and impairment | Tangible fixed assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | (912,447) | (599,806) | |||||||||||||
Depreciation expense | (166,201) | (157,701) | |||||||||||||
Impairment loss on vessels | (28,627) | (162,149) | |||||||||||||
Fully amortized fixed assets | 24,363 | 7,209 | |||||||||||||
Balance, at the end of the year | (599,806) | (1,082,912) | (912,447) | ||||||||||||
Accumulated depreciation and impairment | Vessels | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | (907,192) | (595,426) | |||||||||||||
Depreciation expense | (165,411) | (156,826) | |||||||||||||
Impairment loss on vessels | (28,627) | (162,149) | |||||||||||||
Fully amortized fixed assets | 24,363 | 7,209 | |||||||||||||
Balance, at the end of the year | (595,426) | (1,076,867) | (907,192) | ||||||||||||
Accumulated depreciation and impairment | Office property and other tangible assets | |||||||||||||||
Property, plant and equipment | |||||||||||||||
Balance, at the beginning of the year | (5,255) | (4,380) | |||||||||||||
Depreciation expense | (790) | (875) | |||||||||||||
Balance, at the end of the year | $ (4,380) | $ (6,045) | $ (5,255) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Feb. 24, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Leases | ||||
Right-of-Use Assets at the beginning of the year | $ 206,495 | |||
Additions, net | 7,954 | $ 2,464 | ||
Depreciation expense | (11,012) | (10,340) | ||
Right-of-Use Assets at the end of the year | 203,437 | 206,495 | ||
Analysis of lease liabilities | ||||
Lease liabilities at the beginning of the year | 204,930 | |||
Additions, net | 2,155 | 1,462 | ||
Lease charge (Note 19) | 9,921 | 10,506 | $ 10,520 | |
Payments | (20,836) | (20,412) | ||
Lease liabilities at the end of the year | 196,170 | 204,930 | ||
Lease liability, current portion | 9,644 | 9,363 | ||
Lease liability, non-current portion | 186,526 | 195,567 | ||
Lease expense incurred for low value leases | 327 | 106 | ||
After initial application of IFRS 16 | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 214,371 | |||
Right-of-Use Assets at the end of the year | 214,371 | |||
Analysis of lease liabilities | ||||
Lease liabilities at the beginning of the year | 213,374 | |||
Lease liabilities at the end of the year | 213,374 | |||
GAS-twenty six Ltd | ||||
Leases | ||||
Proceeds from sale and finance leaseback | $ 217,000 | |||
Duration of bareboat hire holiday period which expired on September 21, 2016 (in days) | 210 days | |||
Minimum | GAS-twenty six Ltd | ||||
Leases | ||||
Sale leaseback, repurchase period | 10 years | |||
Maximum | GAS-twenty six Ltd | ||||
Leases | ||||
Leaseback bareboat charter period in years | 20 years | |||
Sale leaseback, repurchase period | 17 years | |||
Vessels | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 200,032 | |||
Additions, net | 5,799 | 1,001 | ||
Depreciation expense | (8,163) | (7,722) | ||
Right-of-Use Assets at the end of the year | 197,668 | 200,032 | ||
Vessels | After initial application of IFRS 16 | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 206,753 | |||
Right-of-Use Assets at the end of the year | 206,753 | |||
Vessel Equipment | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 1,857 | |||
Additions, net | 833 | 336 | ||
Depreciation expense | (1,253) | (1,109) | ||
Right-of-Use Assets at the end of the year | 1,437 | 1,857 | ||
Vessel Equipment | After initial application of IFRS 16 | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 2,630 | |||
Right-of-Use Assets at the end of the year | 2,630 | |||
Properties | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 4,550 | |||
Additions, net | 1,255 | 1,080 | ||
Depreciation expense | (1,547) | (1,499) | ||
Right-of-Use Assets at the end of the year | 4,258 | 4,550 | ||
Properties | After initial application of IFRS 16 | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 4,969 | |||
Right-of-Use Assets at the end of the year | 4,969 | |||
Other | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | 56 | |||
Additions, net | 67 | 47 | ||
Depreciation expense | (49) | (10) | ||
Right-of-Use Assets at the end of the year | $ 74 | 56 | ||
Other | After initial application of IFRS 16 | ||||
Leases | ||||
Right-of-Use Assets at the beginning of the year | $ 19 | |||
Right-of-Use Assets at the end of the year | $ 19 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents | ||||
Current accounts | $ 182,056 | $ 113,655 | ||
Time deposits (with original maturities of three months or less) | 36,971 | 149,491 | ||
Ship management client accounts | 397 | 601 | ||
Restricted cash | 147,845 | |||
Total cash and cash equivalents | $ 367,269 | $ 263,747 | $ 342,594 | $ 384,092 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and Other Receivables | ||
Trade receivables | $ 5,113 | $ 9,463 |
VAT receivable | 1,139 | 637 |
Accrued income | 16,818 | 8,274 |
Insurance claims | 4,236 | 1,400 |
Other receivables | 8,917 | 5,126 |
Total | 36,223 | 24,900 |
Allowance for receivables | $ 0 | $ 0 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Non-Current Assets | ||
Various guarantees | $ 289 | $ 388 |
Other long-term assets | 5,378 | 1,613 |
Cash collaterals on swaps | 6,796 | 22,220 |
Total | 12,463 | 24,221 |
Cash collateral on swaps included in prepayments and other current assets | $ 16,671 | $ 0 |
Share Capital (Details)
Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2020 | Feb. 14, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Capital | |||||
Shares authorized (in shares) | 500,000,000 | ||||
Par value per share (in dollar per share) | $ 0.01 | ||||
Repurchases of common units | $ 2,996 | $ 26,642 | $ 62 | ||
Proceeds from private placement | 36,000 | ||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Balance at beginning of year | 1,649,853 | 1,983,122 | 1,763,134 | ||
Purchase of treasury shares | (2,996) | (26,642) | (62) | ||
Proceeds from private placement, net of offering costs | 34,993 | ||||
Treasury shares distributed for awards vested or exercised in the year | (5) | 138 | 682 | ||
Equity raising fees | (132) | (617) | (395) | ||
Dividend declared deducted from contributed surplus due to accumulated deficit | (92,557) | (193,436) | (178,028) | ||
Balance at the end of the year | $ 1,597,137 | $ 1,649,853 | $ 1,983,122 | ||
Common shares/units | |||||
Share Capital | |||||
Price of issued shares | $ 2.50 | ||||
Proceeds from private placement | $ 36,000 | ||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Proceeds from private placement, net of offering costs (in shares) | 14,400,000 | ||||
Share repurchase programme | Common shares/units | |||||
Share Capital | |||||
Number of shares repurchased | 323,919 | ||||
Stock repurchase program, weighted average price | $ 6.1443 | ||||
Repurchases of common units | $ 2,000 | ||||
Issued capital | Common shares/units | |||||
Share Capital | |||||
Par value per share (in dollar per share) | $ 0.01 | $ 0.01 | |||
Shares issued | 95,176,443 | 80,871,670 | |||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Outstanding at beginning of year (in shares) | 80,871,670 | 80,861,246 | 80,717,885 | ||
Balance at beginning of year | $ 810 | $ 810 | $ 810 | ||
Purchase of treasury shares (in shares) | (323,919) | (212,111) | (2,818) | ||
Proceeds from private placement, net of offering costs (in shares) | 14,400,000 | ||||
Proceeds from private placement, net of offering costs | $ 144 | ||||
Treasury shares distributed for awards vested or exercised in the year (in shares) | 228,692 | 222,535 | 146,179 | ||
Outstanding at end of year (in shares) | 95,176,443 | 80,871,670 | 80,861,246 | ||
Balance at the end of the year | $ 954 | $ 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 | 216,683 | 121,456 | |||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Outstanding at beginning of year (in shares) | 121,456 | 131,880 | 275,241 | ||
Balance at beginning of year | $ (2,159) | $ (3,266) | $ (6,960) | ||
Purchase of treasury shares (in shares) | 323,919 | 212,111 | 2,818 | ||
Purchase of treasury shares | $ (2,000) | $ (3,752) | $ (62) | ||
Treasury shares distributed for awards vested or exercised in the year (in shares) | (228,692) | (222,535) | (146,179) | ||
Treasury shares distributed for awards vested or exercised in the year | $ 2,819 | $ 4,859 | $ 3,756 | ||
Outstanding at end of year (in shares) | 216,683 | 121,456 | 131,880 | ||
Balance at the end of the year | $ (1,340) | $ (2,159) | $ (3,266) | ||
Contributed surplus | |||||
Movements in number of shares, share capital, preference shares, contributed surplus and treasury shares | |||||
Balance at beginning of year | 760,671 | 850,576 | 911,766 | ||
Proceeds from private placement, net of offering costs | 34,849 | ||||
Equity raising fees | (595) | (395) | |||
Dividend declared deducted from contributed surplus due to accumulated deficit | (35,698) | (89,310) | (60,795) | ||
Balance at the end of the year | $ 759,822 | $ 760,671 | $ 850,576 |
Reserves - Movements in reserve
Reserves - Movements in reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reserves | ||||
Balance at beginning of year | $ 1,649,853 | $ 1,983,122 | $ 1,763,134 | |
Opening adjustment | [1] | (246) | ||
Balance as of January 1, 2018 | 1,762,888 | |||
Effective portion of changes in fair value of cash flow hedges | (750) | (2,933) | (258) | |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | |||
Share-based compensation, net of accrued dividend | 5,385 | 4,794 | 4,434 | |
Settlement of share-based compensation | (5) | 138 | 682 | |
Actuarial (loss)/gain | 57 | (51) | ||
Balance at the end of the year | 1,597,137 | 1,649,853 | 1,983,122 | |
Reserves | ||||
Reserves | ||||
Balance at beginning of year | 16,799 | 18,962 | 18,347 | |
Opening adjustment | [1] | (436) | ||
Balance as of January 1, 2018 | 17,911 | |||
Effective portion of changes in fair value of cash flow hedges | (750) | (2,933) | (258) | |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | |||
Share-based compensation, net of accrued dividend | 5,385 | 4,794 | 4,434 | |
Settlement of share-based compensation | (2,824) | (4,721) | (3,074) | |
Actuarial (loss)/gain | 57 | (51) | ||
Balance at the end of the year | 18,667 | 16,799 | 18,962 | |
Hedging | Reserves | ||||
Reserves | ||||
Balance at beginning of year | (3,072) | (836) | (142) | |
Opening adjustment | (436) | |||
Balance as of January 1, 2018 | (578) | |||
Effective portion of changes in fair value of cash flow hedges | (750) | (2,933) | (258) | |
Recycled loss of cash flow hedges reclassified to profit or loss | 697 | |||
Balance at the end of the year | (3,822) | (3,072) | (836) | |
Employee Benefits | Reserves | ||||
Reserves | ||||
Balance at beginning of year | (156) | (156) | (105) | |
Balance as of January 1, 2018 | (105) | |||
Actuarial (loss)/gain | 57 | (51) | ||
Balance at the end of the year | (99) | (156) | (156) | |
Share-based compensation reserve | Reserves | ||||
Reserves | ||||
Balance at beginning of year | 20,027 | 19,954 | 18,594 | |
Balance as of January 1, 2018 | 18,594 | |||
Share-based compensation, net of accrued dividend | 5,385 | 4,794 | 4,434 | |
Settlement of share-based compensation | (2,824) | (4,721) | (3,074) | |
Balance at the end of the year | $ 22,588 | $ 20,027 | $ 19,954 | |
[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. |
Reserves - Dividend distributio
Reserves - Dividend distributions - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 04, 2021 | Dec. 09, 2020 | Nov. 30, 2020 | Nov. 09, 2020 | Oct. 01, 2020 | Sep. 16, 2020 | Aug. 27, 2020 | Aug. 04, 2020 | Jul. 01, 2020 | May 28, 2020 | May 14, 2020 | May 06, 2020 | Apr. 01, 2020 | Mar. 12, 2020 | Feb. 05, 2020 | Jan. 02, 2020 | Dec. 31, 2019 | Dec. 14, 2019 | Nov. 21, 2019 | Nov. 14, 2019 | Nov. 05, 2019 | Oct. 01, 2019 | Sep. 17, 2019 | Aug. 22, 2019 | Jul. 31, 2019 | Jul. 01, 2019 | May 23, 2019 | May 10, 2019 | May 02, 2019 | Apr. 01, 2019 | Mar. 14, 2019 | Mar. 07, 2019 | Feb. 13, 2019 | 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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Dividend distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 35,698 | $ 89,310 | $ 90,074 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares/units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.38 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.40 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Dividend amount paid | $ 4,759 | $ 4,758 | $ 4,035 | $ 12,082 | $ 30,731 | $ 12,129 | $ 12,129 | $ 12,129 | $ 12,129 | $ 32,342 | $ 12,126 | $ 12,122 | $ 12,120 | $ 11,300 | ||||||||||||||||||||||||||||||||||||||||
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 | $ 2,515 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 | $ 2,516 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowings | ||
Amounts due within one year | $ 258,262 | $ 268,090 |
Less: unamortized deferred loan/bond issuance costs | (12,636) | (12,668) |
Borrowings, current portion | 245,626 | 255,422 |
Amounts due after one year | 3,583,447 | 2,930,221 |
Less: unamortized premium | 797 | 1,457 |
Less: unamortized deferred loan/bond issuance costs | (56,649) | (39,705) |
Borrowings, non-current portion | 3,527,595 | 2,891,973 |
Total | $ 3,773,221 | $ 3,147,395 |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) $ in Thousands | Aug. 03, 2020USD ($) | Aug. 02, 2020USD ($) | Jul. 21, 2020USD ($) | Jul. 20, 2020USD ($) | Mar. 18, 2020USD ($) | Mar. 13, 2020USD ($) | Feb. 13, 2020USD ($) | Apr. 01, 2019USD ($) | Mar. 07, 2019USD ($) | Mar. 06, 2019USD ($) | Dec. 12, 2018USD ($) | Nov. 13, 2018USD ($) | Jan. 05, 2018USD ($) | Jul. 03, 2017USD ($) | Apr. 05, 2017USD ($) | Jan. 17, 2017USD ($) | Jul. 25, 2016USD ($) | Jul. 19, 2016USD ($)facilityitem | Apr. 05, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 20, 2019USD ($) | Feb. 18, 2016USD ($) | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||||||||||
Outstanding balance | $ 3,773,221 | $ 3,147,395 | |||||||||||||||||||||||
Drawn amount | 2,138,035 | 905,730 | $ 524,165 | ||||||||||||||||||||||
Amount repaid | 1,481,709 | 547,751 | $ 231,753 | ||||||||||||||||||||||
Old Partnership Facility | GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||
Prepayment of debt | $ 354,375 | ||||||||||||||||||||||||
Unamortized fees written off | $ 988 | ||||||||||||||||||||||||
2019 Partnership Facility | GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||
Outstanding balance | $ 398,501 | 425,949 | |||||||||||||||||||||||
Drawn amount | $ 75,000 | $ 360,000 | |||||||||||||||||||||||
Five Vessel Refinancing Facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Unamortized fees written off | $ 1,183 | ||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 644,000 | ||||||||||||||||||||||||
Balance debt paid from available cash | 68,800 | ||||||||||||||||||||||||
Amount repaid | $ 7,933 | ||||||||||||||||||||||||
Five-year senior tranche facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 396,500 | ||||||||||||||||||||||||
Outstanding balance | 289,709 | ||||||||||||||||||||||||
Drawn amount | 395,450 | ||||||||||||||||||||||||
Amount repaid | 265,911 | ||||||||||||||||||||||||
Two-year bullet junior tranche facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 180,000 | ||||||||||||||||||||||||
Prepayment of debt | $ 150,000 | ||||||||||||||||||||||||
Drawn amount | $ 179,750 | ||||||||||||||||||||||||
Two-year bullet junior tranche facility | GAS-eighteen Ltd., GAS- nineteen Ltd., GAS- twenty Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | GasLog Partners LP | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Prepayment of debt | $ 29,750 | ||||||||||||||||||||||||
Legacy Facility Refinancing | GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,050,000 | ||||||||||||||||||||||||
Unamortized fees written off | $ 3,591 | ||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 959,899 | ||||||||||||||||||||||||
Amount repaid | $ 25,875 | ||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 8 | ||||||||||||||||||||||||
Number of legacy facilities refinanced | facility | 6 | ||||||||||||||||||||||||
Legacy Facility Refinancing | GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Amount repaid | $ 724,514 | ||||||||||||||||||||||||
Legacy Facility Refinancing | GAS-fifteen Ltd | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Amount repaid | $ 92,153 | ||||||||||||||||||||||||
Five-year term loan facility (Legacy Facility Refinancing) | GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 950,000 | ||||||||||||||||||||||||
Outstanding balance | 775,000 | ||||||||||||||||||||||||
Drawn amount | 950,000 | ||||||||||||||||||||||||
Term of debt instrument | 5 years | ||||||||||||||||||||||||
Revolving credit facilities (Legacy Facility Refinancing) | GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen Ltd. | |||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 100,000 | ||||||||||||||||||||||||
Outstanding balance | $ 0 | ||||||||||||||||||||||||
Drawn amount | $ 25,940 | $ 50,714 | $ 23,346 | $ 25,940 | $ 30,000 | $ 11,641 | |||||||||||||||||||
Amount repaid | $ 25,940 | $ 41,641 |
Borrowings - Existing Facilitie
Borrowings - Existing Facilities (Details) $ in Thousands | Dec. 29, 2020USD ($) | Nov. 12, 2020USD ($) | Oct. 21, 2020USD ($) | Jul. 31, 2020USD ($) | Jul. 21, 2020USD ($) | Jul. 09, 2020USD ($) | May 07, 2020USD ($) | Mar. 26, 2020USD ($) | Dec. 12, 2019USD ($)trancheloaninstallmentitem | Apr. 01, 2019USD ($) | Mar. 11, 2019USD ($) | Mar. 07, 2019USD ($) | Mar. 06, 2019USD ($) | Feb. 20, 2019USD ($)installment | Mar. 23, 2018USD ($) | Mar. 14, 2018USD ($) | Jan. 02, 2018USD ($) | Oct. 25, 2016USD ($) | Sep. 26, 2016USD ($) | Jun. 24, 2016USD ($) | Mar. 22, 2016USD ($) | Oct. 16, 2015USD ($)trancheloanitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 30, 2020USD ($)installment | Jul. 16, 2020USD ($)agreementloaninstallmentitem | Jun. 25, 2019USD ($)installment | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||||||||||||||
Drawn amount | $ 2,138,035 | $ 905,730 | $ 524,165 | ||||||||||||||||||||||||||
Outstanding balance | 3,773,221 | 3,147,395 | |||||||||||||||||||||||||||
Deferred financing costs | 5,150 | 11,592 | |||||||||||||||||||||||||||
GasLog Partners $260.3M Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 260,331 | ||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 10 | ||||||||||||||||||||||||||||
Drawn amount | $ 260,331 | ||||||||||||||||||||||||||||
Outstanding balance | 260,331 | ||||||||||||||||||||||||||||
Installment amount | $ 8,597 | ||||||||||||||||||||||||||||
Final balloon payment | $ 174,361 | ||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 3 | ||||||||||||||||||||||||||||
GasLog Partners $193.7M Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 193,713 | ||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 10 | ||||||||||||||||||||||||||||
Drawn amount | 193,713 | ||||||||||||||||||||||||||||
Outstanding balance | 193,713 | ||||||||||||||||||||||||||||
Installment amount | $ 8,599 | ||||||||||||||||||||||||||||
Final balloon payment | $ 107,723 | ||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | item | 3 | ||||||||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | October 2015 facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Number of international banks with debt financing agreement | item | 14 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,311,356 | ||||||||||||||||||||||||||||
Number of new buildings expected to be delivered | item | 8 | ||||||||||||||||||||||||||||
Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure") coverage over facility | 60.00% | ||||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 4 | ||||||||||||||||||||||||||||
Number of sub-divided loans in the facility | loan | 8 | ||||||||||||||||||||||||||||
Number of loans per newbuilding vessels | loan | 1 | ||||||||||||||||||||||||||||
Drawn amount | $ 165,805 | $ 165,805 | $ 166,210 | $ 166,210 | $ 160,697 | $ 160,697 | $ 162,967 | $ 162,967 | |||||||||||||||||||||
Outstanding balance | 873,776 | 1,103,442 | |||||||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranches 1-3 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Number of equal semi-annual instalments | tranche | 24 | ||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 1 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 412,458 | ||||||||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 2 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | 201,094 | ||||||||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 3 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | 206,115 | ||||||||||||||||||||||||||||
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd. and GAS-twenty five Ltd. | Tranche 4 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 491,690 | ||||||||||||||||||||||||||||
Number of equal semi-annual instalments | 20 | ||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 20 years | ||||||||||||||||||||||||||||
GAS-twenty five Ltd | October 2015 facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 136,776 | ||||||||||||||||||||||||||||
Unamortized fees written off | $ 3,571 | ||||||||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | Old Partnership Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||||||
Prepayment of debt instrument | $ 354,375 | ||||||||||||||||||||||||||||
Unamortized fees written off | $ 988 | ||||||||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | 2019 Partnership Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||||||
Drawn amount | $ 75,000 | $ 360,000 | |||||||||||||||||||||||||||
Outstanding balance | 398,501 | 425,949 | |||||||||||||||||||||||||||
Maximum percentage of aggregate amount outstanding under facility to aggregate market value of vessels securing facility | 75.00% | ||||||||||||||||||||||||||||
Number of quarterly repayments | installment | 20 | ||||||||||||||||||||||||||||
Installment amount | $ 7,357 | ||||||||||||||||||||||||||||
Amount available to be redrawn | 0 | 1,980 | |||||||||||||||||||||||||||
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners, GasLog Partners Holdings LLC | 2019 Partnership Facility | Maximum | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Final balloon payment | $ 302,860 | ||||||||||||||||||||||||||||
GasLog Hellas-1 Special Maritime Enterprise | GasLog Warsaw Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 129,500 | ||||||||||||||||||||||||||||
Outstanding balance | 121,406 | 127,881 | |||||||||||||||||||||||||||
Number of quarterly repayments | installment | 28 | ||||||||||||||||||||||||||||
Installment amount | $ 1,619 | ||||||||||||||||||||||||||||
Final balloon payment | $ 84,175 | ||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Number of international banks with debt financing agreement | item | 13 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,052,791 | ||||||||||||||||||||||||||||
Number of new buildings expected to be delivered | item | 7 | ||||||||||||||||||||||||||||
Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure") coverage over facility | 60.00% | ||||||||||||||||||||||||||||
Number of tranches in loan agreement | tranche | 4 | ||||||||||||||||||||||||||||
Number of sub-divided loans in the facility | loan | 7 | ||||||||||||||||||||||||||||
Number of loans per newbuilding vessels | loan | 1 | ||||||||||||||||||||||||||||
Drawn amount | $ 147,845 | $ 147,845 | $ 149,281 | $ 149,386 | $ 152,525 | ||||||||||||||||||||||||
Outstanding balance | 738,422 | 0 | |||||||||||||||||||||||||||
Deferred financing costs | 4,658 | $ 11,592 | |||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 1 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 176,547 | ||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 24 | ||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 2 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 174,787 | ||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 14 | ||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 7 years | ||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 3 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 356,671 | ||||||||||||||||||||||||||||
Number of equal semi-annual instalments | installment | 24 | ||||||||||||||||||||||||||||
Commencement of first installment after delivery of newbuilding | 6 months | ||||||||||||||||||||||||||||
Profile of debt instrument (in years) | 12 years | ||||||||||||||||||||||||||||
GAS-twenty eight Ltd., GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd. and GAS-thirty five Ltd | Facility 7xNB Tranche 4 | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 344,786 | ||||||||||||||||||||||||||||
Facility repayment period after delivery | 7 years | ||||||||||||||||||||||||||||
GAS-twenty Ltd., GAS-seven Ltd., GAS-eight Ltd. | GasLog Partners $260.3M Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | 258,532 | ||||||||||||||||||||||||||||
GAS-nineteen Ltd., GAS-twenty one Ltd., GAS-twenty seven Ltd. | GasLog Partners $193.7M Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | 174,867 | ||||||||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. | GasLog $576.9M Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 576,888 | ||||||||||||||||||||||||||||
Drawn amount | 576,888 | ||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 557,026 | ||||||||||||||||||||||||||||
Number of vessels on which the existing indebtedness is refinanced | agreement | 6 | ||||||||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. | GasLog $576.9M Facility Term Loan | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 494,475 | ||||||||||||||||||||||||||||
Outstanding balance | 494,475 | ||||||||||||||||||||||||||||
Number of quarterly repayments | loan | 18 | ||||||||||||||||||||||||||||
Installment amount | $ 9,349 | ||||||||||||||||||||||||||||
Final balloon payment | 307,495 | ||||||||||||||||||||||||||||
Amount of initial repayment | 18,698 | ||||||||||||||||||||||||||||
GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-nine Ltd., GAS-ten Ltd., and GAS-eighteen Ltd. | GasLog $576.9M Facility Revolving Loan | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 82,413 | ||||||||||||||||||||||||||||
Outstanding balance | 82,413 | ||||||||||||||||||||||||||||
GAS-fifteen Ltd | GasLog Chelsea $96.8M Facility | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 96,815 | ||||||||||||||||||||||||||||
Drawn amount | $ 96,815 | ||||||||||||||||||||||||||||
Outstanding balance | $ 94,923 | ||||||||||||||||||||||||||||
Number of quarterly repayments | installment | 20 | ||||||||||||||||||||||||||||
Installment amount | $ 1,891 | ||||||||||||||||||||||||||||
Final balloon payment | $ 58,995 | ||||||||||||||||||||||||||||
Refinancing of outstanding indebtedness | $ 92,153 |
Borrowings - CMB Financial Leas
Borrowings - CMB Financial Leasing Co. Ltd (Details) $ in Thousands | Dec. 31, 2020USD ($)m³ | Oct. 21, 2020USD ($)installmentm³ | Dec. 31, 2019USD ($) |
Borrowings | |||
Outstanding balance | $ 3,773,221 | $ 3,147,395 | |
GAS-twenty five Ltd | |||
Borrowings | |||
Cargo capacity (in cbm) | m³ | 174,000 | ||
GasLog Hong Kong SLB | |||
Borrowings | |||
Proceeds from sale and finance leaseback | $ 163,406 | ||
Leaseback bareboat charter period in years | 12 years | ||
Price at which the vessel can be bought back | $ 70,000 | ||
Amount of premium payable | $ 30,000 | ||
Number of quarterly repayments | installment | 48 | ||
Final balloon payment | $ 70,000 | ||
Outstanding balance | $ 163,406 | ||
GasLog Hong Kong SLB | First 20 installments | |||
Borrowings | |||
Number of quarterly repayments | installment | 20 | ||
Installment amount | $ 2,670 | ||
GasLog Hong Kong SLB | Following 28 installments | |||
Borrowings | |||
Number of quarterly repayments | installment | 28 | ||
Installment amount | $ 1,429 | ||
GasLog Hong Kong SLB | GAS-twenty five Ltd | |||
Borrowings | |||
Cargo capacity (in cbm) | m³ | 174,000 | ||
Refinancing of outstanding indebtedness | $ 136,776 |
Borrowings - Securities covenan
Borrowings - Securities covenants and guarantees, Bonds and Corporate guarantor financial covenants (Details) $ / shares in Units, kr in Thousands, $ in Thousands | Oct. 21, 2020USD ($) | Jan. 31, 2020NOK (kr) | Jan. 31, 2020USD ($) | Nov. 27, 2019NOK (kr) | Nov. 27, 2019USD ($) | May 16, 2019USD ($) | Mar. 22, 2017USD ($) | Dec. 31, 2020USD ($)$ / kr$ / shares | Dec. 31, 2019USD ($)$ / kr | Dec. 31, 2018USD ($) | Nov. 27, 2019USD ($) | Jun. 27, 2016NOK (kr) | Jun. 27, 2016USD ($) |
Borrowings | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 120.00% | ||||||||||||
Minimum liquidity at all times | $ 1,500 | ||||||||||||
Amount repaid | 1,481,709 | $ 547,751 | $ 231,753 | ||||||||||
Loss on redemption of bond | 1,937 | 2,119 | |||||||||||
Outstanding balance | 3,773,221 | 3,147,395 | |||||||||||
GasLog Partners LP | |||||||||||||
Borrowings | |||||||||||||
Minimum amount of cash and cash equivalents, short-term investments and available undrawn facilities with remaining maturities of at least six months (excluding loans from affiliates) | $ 45,000 | ||||||||||||
Maximum percentage of total indebtedness to total assets | 65.00% | ||||||||||||
GAS-twenty Ltd | |||||||||||||
Borrowings | |||||||||||||
Minimum liquidity at all times | $ 5,500 | ||||||||||||
GAS-twenty five Ltd | |||||||||||||
Borrowings | |||||||||||||
Minimum liquidity at all times | $ 3,843 | ||||||||||||
GasLog Partners $193.7M Facility | |||||||||||||
Borrowings | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 130.00% | ||||||||||||
Outstanding balance | $ 193,713 | ||||||||||||
October 2015 facility | |||||||||||||
Borrowings | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, first two years | 115.00% | ||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, after first two years | 120.00% | ||||||||||||
October 2015 facility | GAS-twenty five Ltd | |||||||||||||
Borrowings | |||||||||||||
Unamortized fees written off | $ 3,571 | ||||||||||||
Facility 7xNB | |||||||||||||
Borrowings | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, first two years | 115.00% | ||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount, after first two years | 120.00% | ||||||||||||
GasLog Hong Kong SLB | |||||||||||||
Borrowings | |||||||||||||
Minimum aggregate market value of mortgaged vessels, as percentage of outstanding facility amount | 100.00% | ||||||||||||
Outstanding balance | $ 163,406 | ||||||||||||
NOK 2021 and 2024 Bonds | |||||||||||||
Borrowings | |||||||||||||
Outstanding balance | 149,433 | ||||||||||||
Fair value of bond | $ 157,383 | ||||||||||||
Exchange rate | $ / kr | 0.1134 | ||||||||||||
NOK 2021 Bonds | |||||||||||||
Borrowings | |||||||||||||
Issue of senior unsecured bond | kr 750,000 | $ 90,150 | |||||||||||
Amount repaid | kr | kr 434,000 | kr 316,000 | |||||||||||
Percentage of redemption price of par value | 104.00% | 104.00% | 104.75% | 104.75% | |||||||||
Loss on redemption of bond | $ 1,937 | $ 1,644 | |||||||||||
Unamortized fees written off | 316 | ||||||||||||
NOK 2024 Bonds | |||||||||||||
Borrowings | |||||||||||||
Issue of senior unsecured bond | kr 900,000 | $ 98,550 | |||||||||||
Percentage of redemption price of par value | 101.00% | 101.00% | |||||||||||
Outstanding balance | 104,017 | ||||||||||||
Fair value of bond | $ 96,581 | ||||||||||||
Exchange rate | $ / kr | 0.1170 | ||||||||||||
Maximum permitted per share value of Distributions | $ / shares | $ 1.10 | ||||||||||||
Minimum amount of cash and cash equivalents and short-term investments for Distributions | $ 150,000 | ||||||||||||
8.875% Senior Notes | |||||||||||||
Borrowings | |||||||||||||
Percentage of redemption price of par value | 100.00% | ||||||||||||
Principal amount of notes issued | $ 75,000 | $ 250,000 | |||||||||||
Interest rate on borrowings | 8.875% | 8.875% | |||||||||||
Percentage of original price for issued price | 102.50% | 100.00% | |||||||||||
Yield to maturity | 7.89% | ||||||||||||
Gross proceeds from issuance of notes | $ 76,875 | ||||||||||||
Premium on issuance | $ 1,875 | ||||||||||||
Outstanding balance | $ 313,773 | $ 322,938 | |||||||||||
Basis points for redemption price | 0.50% | ||||||||||||
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 | ||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 35,000 | ||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months basis | 100.00% | ||||||||||||
Minimum market value adjusted net worth | $ 300,000 | ||||||||||||
Maximum percentage of total indebtedness plus total equity to total assets | 75.00% | ||||||||||||
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 2.50% | ||||||||||||
8.875% Senior Notes | Redemption of bonds and notes issued | |||||||||||||
Borrowings | |||||||||||||
Percentage of redemption price of par value | 104.75% | ||||||||||||
Loss on redemption of bond | $ 475 | ||||||||||||
Repayments of notes | $ 10,000 | ||||||||||||
Loan facilities (except for the 2019 Partnership Facility, the GasLog Partners $260.3M Facility, the GasLog Partners $193.7M Facility and the debt of the vessels owned by GasLog Partners under the October 2015 Facility) and NOK 2024 Bonds | |||||||||||||
Borrowings | |||||||||||||
Maximum percentage of total indebtedness to total assets | 75.00% | ||||||||||||
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 | ||||||||||||
Minimum amount of unencumbered cash and cash equivalents | $ 75,000 | ||||||||||||
Minimum percentage of EBITDA over debt service obligations on a trailing 12 months basis | 110.00% | ||||||||||||
Minimum amount of cash and cash equivalent and short-term investments for EBITDA over debt service obligations ratio to be regarded as complied with | $ 110,000 | ||||||||||||
Minimum market value adjusted net worth | $ 350,000 | ||||||||||||
NIBOR | NOK 2021 Bonds | |||||||||||||
Borrowings | |||||||||||||
Adjustment to interest rate basis | 6.90% | 6.90% |
Borrowings - Debt Repayment Sch
Borrowings - Debt Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | $ 3,841,709 | |
Not later than one year | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 258,262 | |
Later than one year and not later than three years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 812,825 | |
Later than three years and not later than five years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | 1,574,258 | |
Later than five years | ||
Borrowings Repayment Schedule / Total | ||
Borrowings before unamortised costs | $ 1,196,364 | |
Average | ||
Borrowings Repayment Schedule / Total | ||
Interest rate | 3.72% | 5.05% |
Other Payables and Accruals (De
Other Payables and Accruals (Details) $ in Thousands | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item |
Other Payables and Accruals | ||
Unearned revenue | $ 59,612 | $ 48,183 |
Accrued off-hire | 5,886 | 6,968 |
Accrued purchases | 9,867 | 9,759 |
Accrued interest | 33,600 | 36,746 |
Other accruals | 34,092 | 34,586 |
Total | $ 143,057 | $ 136,242 |
Unearned revenue, number of vessels | item | 29 | 22 |
Vessel Operating and Supervis_3
Vessel Operating and Supervision Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Vessel Operating and Supervision Costs | |||
Crew wages and vessel management employee costs | $ 89,463 | $ 80,713 | $ 79,624 |
Technical maintenance expenses | 39,369 | 37,653 | 28,694 |
Other vessel operating expenses | 19,403 | 21,296 | 19,766 |
Total | $ 148,235 | $ 139,662 | $ 128,084 |
Voyage Expenses and Commissio_3
Voyage Expenses and Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Voyage Expenses and Commissions | |||
Brokers' commissions on revenue | $ 7,050 | $ 7,527 | $ 7,555 |
Bunkers' consumption and other voyage expenses | 14,833 | 16,245 | 12,819 |
Total | $ 21,883 | $ 23,772 | $ 20,374 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expenses | |||
Employee costs | $ 24,051 | $ 24,863 | $ 20,980 |
Share-based compensation (Note 22) | 5,486 | 5,107 | 5,216 |
Other expenses | 17,712 | 17,415 | 15,797 |
Total | 47,249 | 47,385 | $ 41,993 |
Restructuring costs included in general and administrative expenses | $ 5,312 | $ 4,702 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenues from Contracts with Customers | |||
Revenue | $ 674,089 | $ 668,637 | $ 618,344 |
Net pool allocation | (4,264) | 17,818 | |
Number of categories for allocation of revenue | item | 2 | ||
Long-term fleet | |||
Revenues from Contracts with Customers | |||
Revenue | $ 462,887 | 508,778 | 476,415 |
Long-term fleet | Minimum | |||
Revenues from Contracts with Customers | |||
Initial duration of contract or charter party agreement | 5 years | ||
Spot fleet | |||
Revenues from Contracts with Customers | |||
Revenue | $ 210,390 | 113,822 | 38,909 |
Spot fleet | Maximum | |||
Revenues from Contracts with Customers | |||
Initial duration of contract or charter party agreement | 5 years | ||
Cool Pool Services | |||
Revenues from Contracts with Customers | |||
Revenue | 45,253 | 102,253 | |
Vessel Management Services | |||
Revenues from Contracts with Customers | |||
Revenue | $ 812 | $ 784 | $ 767 |
Financial Income and Costs (Det
Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Income | |||
Interest income | $ 726 | $ 5,318 | $ 4,784 |
Total financial income | 726 | 5,318 | 4,784 |
Financial costs | |||
Amortization and write-off of deferred loan/bond issuance costs/premium | 22,876 | 14,154 | 12,593 |
Interest expense on loans | 93,860 | 122,819 | 111,600 |
Interest expense on bonds and realized loss on CCS | 35,891 | 34,607 | 30,029 |
Lease charge | 9,921 | 10,506 | 10,520 |
Loss arising on bond repurchases at a premium (Note 13) | 1,937 | 2,119 | |
Other financial costs, net | 796 | 6,276 | 1,885 |
Total financial costs | $ 165,281 | $ 190,481 | $ 166,627 |
Related Party Transactions - Re
Related Party Transactions - Receivables and Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | $ 1,259 | $ 573 |
Amounts due to related parties | 164 | 200 |
Other receivables | ||
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | 9 | 123 |
Ship management creditors | ||
Related Party Transactions | ||
Amounts due to related parties | 124 | 328 |
Amounts due to related parties | ||
Related Party Transactions | ||
Amounts due to related parties | 164 | 200 |
Reimbursement of expenses incurred, payables for office lease and other operating expenses | ||
Related Party Transactions | ||
Amounts due to related parties | 164 | 200 |
Associates | Dividends receivable | ||
Related Party Transactions | ||
Dividends receivable and other amounts due from related parties | $ 1,250 | $ 450 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transactions | ||||
Revenues | $ (674,089) | $ (668,637) | $ (618,344) | |
Loss on disposal of non-current assets | 572 | |||
General and administrative expenses | 47,249 | 47,385 | 41,993 | |
Voyage expenses and commissions | 21,883 | 23,772 | 20,374 | |
Net pool allocation | 4,264 | (17,818) | ||
Egypt LNG Shipping Ltd / Associate | ||||
Transactions | ||||
Loss on disposal of non-current assets | $ 572 | |||
Egypt LNG Shipping Ltd / Associate | Vessel management services | ||||
Transactions | ||||
Revenues | (703) | (703) | (703) | |
Egypt LNG Shipping Ltd / Associate | Sale of office property | ||||
Transactions | ||||
Loss on disposal of non-current assets | 572 | |||
Nea Dimitra Property | Office rent and utilities | ||||
Transactions | ||||
General and administrative expenses | 478 | 411 | 934 | |
Nea Dimitra Property | Office rent | ||||
Transactions | ||||
Financial costs and depreciation | 669 | 642 | ||
Nea Dimitra Property | Other office services | ||||
Transactions | ||||
General and administrative expenses | 1 | 1 | ||
Seres S.A. | Catering services | ||||
Transactions | ||||
General and administrative expenses | 268 | 361 | 372 | |
Seres S.A. | Consultancy services | ||||
Transactions | ||||
General and administrative expenses | 56 | 55 | 56 | |
Chartwell Management Inc. | Travel expenses | ||||
Transactions | ||||
General and administrative expenses | 23 | 284 | ||
Ceres Monaco S.A.M. | Travel expenses | ||||
Transactions | ||||
General and administrative expenses | 1 | 13 | ||
Ceres Monaco S.A.M. | Professional services | ||||
Transactions | ||||
General and administrative expenses | 144 | 144 | 144 | |
A.S. Papadimitriou and Partners Law Firm | ||||
Transactions | ||||
General and administrative expenses | 0 | 0 | 4 | |
A.S. Papadimitriou and Partners Law Firm | Professional services | ||||
Transactions | ||||
General and administrative expenses | 4 | |||
The Cool Pool Limited / Joint venture | ||||
Transactions | ||||
Revenues | (45,253) | (102,253) | ||
Voyage expenses and commissions | 8,086 | 10,154 | ||
Net pool allocation | 4,264 | (17,818) | ||
The Cool Pool Limited / Joint venture | Pool gross revenues | ||||
Transactions | ||||
Revenues | (45,253) | (102,253) | ||
The Cool Pool Limited / Joint venture | Pool gross bunkers | ||||
Transactions | ||||
Voyage expenses and commissions | 7,255 | 8,908 | ||
The Cool Pool Limited / Joint venture | Pool other voyage expenses | ||||
Transactions | ||||
Voyage expenses and commissions | 831 | 1,246 | ||
The Cool Pool Limited / Joint venture | Adjustment for net pool allocation | ||||
Transactions | ||||
Net pool allocation | 4,264 | (17,818) | ||
Ceres Shipping Ltd | Travel expenses | ||||
Transactions | ||||
General and administrative expenses | $ 1 | $ 38 | ||
Ceres Shipping Ltd | Professional services | ||||
Transactions | ||||
General and administrative expenses | $ 10 |
Related Party Transactions - Ge
Related Party Transactions - General (Details) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transactions | |||||||
Gains (losses) on disposals of non-current assets | $ (572) | ||||||
Services recognized in general and administrative expenses | 47,249 | $ 47,385 | $ 41,993 | ||||
Revenue | (674,089) | (668,637) | (618,344) | ||||
Voyage expenses and commissions | 21,883 | 23,772 | 20,374 | ||||
Net pool allocation | 4,264 | (17,818) | |||||
Egypt LNG Shipping Ltd / Associate | |||||||
Related Party Transactions | |||||||
Gains (losses) on disposals of non-current assets | $ (572) | ||||||
Egypt LNG Shipping Ltd / Associate | GasLog Shipping Company, Ltd. | |||||||
Related Party Transactions | |||||||
Ownership interest in associate (in percent) | 25.00% | ||||||
Seres S.A. | |||||||
Related Party Transactions | |||||||
Maximum per person per day catering service rate | € | € 10 | ||||||
Ceres Monaco S.A.M. | |||||||
Related Party Transactions | |||||||
Consultancy agreement fixed fee for service of employees | $ 100 | ||||||
Consultancy arrangement fee per month | $ 12 | ||||||
A.S. Papadimitriou and Partners Law Firm | |||||||
Related Party Transactions | |||||||
Services recognized in general and administrative expenses | 0 | 0 | 4 | ||||
The Cool Pool Limited / Joint venture | |||||||
Related Party Transactions | |||||||
Revenue | (45,253) | (102,253) | |||||
Voyage expenses and commissions | 8,086 | 10,154 | |||||
Net pool allocation | $ 4,264 | $ (17,818) | |||||
Ceres Shipping Enterprises S.A. | |||||||
Related Party Transactions | |||||||
Fee for consultancy services for debt re-financing | $ 1,000 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions | |||
Remuneration | $ 8,663 | $ 7,536 | $ 7,011 |
Short-term benefits | 181 | 172 | 136 |
Expense recognized in respect of share-based compensation | 2,951 | 2,044 | 1,992 |
Total | $ 11,795 | $ 9,752 | $ 9,139 |
Share-Based Compensation - Omni
Share-Based Compensation - Omnibus Incentive Compensation Plan (Details) | Aug. 07, 2020USD ($)EquityInstruments | Aug. 03, 2020USD ($)EquityInstruments | Apr. 01, 2020USD ($)EquityInstruments | Dec. 14, 2019$ / shares | Aug. 20, 2019USD ($)$ / shares | Apr. 01, 2019USD ($)$ / shares | Nov. 28, 2018$ / shares | Apr. 02, 2018USD ($)$ / shares | Apr. 03, 2017USD ($)$ / shares | Apr. 01, 2016USD ($)$ / shares | Apr. 01, 2015USD ($)$ / shares | Apr. 01, 2014USD ($)$ / shares | May 17, 2013USD ($)$ / shares | Dec. 31, 2020EquityInstruments | Dec. 31, 2019EquityInstruments | Dec. 31, 2018EquityInstruments |
RSUs | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of units granted | 4,702 | 21,367 | 496,742 | 522,811 | 106,023 | |||||||||||
Number of units outstanding | 643,853 | 367,162 | 488,173 | |||||||||||||
RSUs granted before 2020 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting period | 3 years | |||||||||||||||
RSUs granted 2 April 2018 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of units outstanding | 85,113 | |||||||||||||||
Fair value of unit at grant date | $ | $ 16.30 | |||||||||||||||
RSUs granted 1 April 2019 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of units outstanding | 49,886 | |||||||||||||||
Fair value of unit at grant date | $ | $ 17.79 | |||||||||||||||
RSUs granted 20 August 2019 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of units outstanding | 7,410 | |||||||||||||||
Fair value of unit at grant date | $ | $ 12.34 | |||||||||||||||
RSUs granted 1 April 2020 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Awards that vest on each anniversary (as a percent) | 33.33% | |||||||||||||||
Number of units outstanding | 496,742 | |||||||||||||||
Fair value of unit at grant date | $ | $ 3.51 | |||||||||||||||
RSUs granted 3 August 2020 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Awards that vest on each anniversary (as a percent) | 33.33% | |||||||||||||||
Number of units outstanding | 21,367 | |||||||||||||||
Fair value of unit at grant date | $ | $ 3.03 | |||||||||||||||
RSUs granted 7 August 2020 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Awards that vest on each anniversary (as a percent) | 33.33% | |||||||||||||||
Number of units outstanding | 4,702 | |||||||||||||||
Fair value of unit at grant date | $ | $ 3.19 | |||||||||||||||
PSUs | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting period | 3 years | |||||||||||||||
Weight of performance targets in relation to total shareholder return | 50.00% | |||||||||||||||
Weight of operating expenses reduction | 25.00% | |||||||||||||||
Weight of general and administrative expense reduction | 25.00% | |||||||||||||||
Number of units granted | 4,702 | 496,742 | 501,444 | |||||||||||||
Number of units outstanding | 501,444 | |||||||||||||||
PSUs | TSR above the 75th percentile of the peer group | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 100.00% | |||||||||||||||
PSUs | TSR between the 25th and 75th percentile of the peer group | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards, description | achieved percentile of award vesting | |||||||||||||||
PSUs | TSR below the 25th percentile of the peer group | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 0.00% | |||||||||||||||
PSUs | Opex target cost reduction above 100% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards, description | 100% plus 1 point for each point in excess of target | |||||||||||||||
PSUs | Opex target cost reduction of 95-100% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 100.00% | |||||||||||||||
PSUs | Opex target cost reduction of 90-94% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 75.00% | |||||||||||||||
PSUs | Opex target cost reduction of 85-89% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 50.00% | |||||||||||||||
PSUs | Opex target cost reduction below 85% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 0.00% | |||||||||||||||
PSUs | G&A expense target cost reduction above 100% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards, description | 100% plus 1 point for each point in excess of target | |||||||||||||||
PSUs | G&A expense target cost reduction of 95-100% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 100.00% | |||||||||||||||
PSUs | G&A expense target cost reduction of 90-94% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 75.00% | |||||||||||||||
PSUs | G&A expense target cost reduction of 85-89% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 50.00% | |||||||||||||||
PSUs | G&A expense target cost reduction below 85% | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting percentage of awards | 0.00% | |||||||||||||||
PSUs Granted 1 April 2020 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of units outstanding | 496,742 | |||||||||||||||
Fair value of unit at grant date | $ | $ 3.51 | |||||||||||||||
PSUs Granted 7 August 2020 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of units outstanding | 4,702 | |||||||||||||||
Fair value of unit at grant date | $ | $ 3.19 | |||||||||||||||
SARs | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Vesting period | 3 years | |||||||||||||||
Awards that vest on each anniversary (as a percent) | 33.00% | |||||||||||||||
Number of awards outstanding | 2,452,478 | 2,630,173 | 2,372,163 | |||||||||||||
Decrease in exercise price to reflect effect from distribution of special dividend | $ / shares | $ 0.38 | $ 0.40 | ||||||||||||||
SARs granted 17 May 2013 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 203,114 | |||||||||||||||
Fair value of award at grant date | $ | $ 2.3753 | |||||||||||||||
Exercise price | $ / shares | $ 12.48 | |||||||||||||||
SARs granted 1 April 2014 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 259,417 | |||||||||||||||
Fair value of award at grant date | $ | $ 6.0035 | |||||||||||||||
Exercise price | $ / shares | $ 23.22 | |||||||||||||||
SARs granted 1 April 2015 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 274,991 | |||||||||||||||
Fair value of award at grant date | $ | $ 5.6352 | |||||||||||||||
Exercise price | $ / shares | $ 18.70 | |||||||||||||||
SARs granted 1 April 2016 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 712,673 | |||||||||||||||
Fair value of award at grant date | $ | $ 2.3263 | |||||||||||||||
Exercise price | $ / shares | $ 8.50 | |||||||||||||||
SARs granted 3 April 2017 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 366,879 | |||||||||||||||
Fair value of award at grant date | $ | $ 5.0021 | |||||||||||||||
Exercise price | $ / shares | $ 14.77 | |||||||||||||||
SARs granted 2 April 2018 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 363,540 | |||||||||||||||
Fair value of award at grant date | $ | $ 5.3000 | |||||||||||||||
Exercise price | $ / shares | $ 15.52 | |||||||||||||||
SARs granted 1 April 2019 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 244,732 | |||||||||||||||
Fair value of award at grant date | $ | $ 5.8612 | |||||||||||||||
Exercise price | $ / shares | $ 17.41 | |||||||||||||||
SARs granted 20 August 2019 | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
Number of awards outstanding | 27,132 | |||||||||||||||
Fair value of award at grant date | $ | $ 3.37 | |||||||||||||||
Exercise price | $ / shares | $ 11.96 |
Share-Based Compensation - SARs
Share-Based Compensation - SARs fair value (Details) | Dec. 14, 2019$ / shares | Nov. 28, 2018$ / shares | Dec. 31, 2020Y$ / shares |
SARs | |||
Share-Based Compensation | |||
Decrease in exercise price to reflect effect from distribution of special dividend | $ 0.38 | $ 0.40 | |
SARs granted 17 May 2013 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 13.26 | ||
Exercise price | $ 12.48 | ||
Expected volatility (as a percent) | 29.31% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.08% | ||
SARs granted 1 April 2014 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 24 | ||
Exercise price | $ 23.22 | ||
Expected volatility (as a percent) | 29.42% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 2.03% | ||
SARs granted 1 April 2015 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 19.48 | ||
Exercise price | $ 18.70 | ||
Expected volatility (as a percent) | 39.30% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.48% | ||
SARs granted 1 April 2016 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 9.28 | ||
Exercise price | $ 8.50 | ||
Expected volatility (as a percent) | 47.30% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.37% | ||
SARs granted 3 April 2017 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 15.55 | ||
Exercise price | $ 14.77 | ||
Expected volatility (as a percent) | 46.00% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.99% | ||
SARs granted 2 April 2018 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 16.30 | ||
Exercise price | $ 15.52 | ||
Expected volatility (as a percent) | 44.50% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 2.61% | ||
SARs granted 1 April 2019 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 17.79 | ||
Exercise price | $ 17.41 | ||
Expected volatility (as a percent) | 45.03% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 2.35% | ||
SARs granted 20 August 2019 | |||
Share-Based Compensation | |||
Grant date share closing price | $ 12.34 | ||
Exercise price | $ 11.96 | ||
Expected volatility (as a percent) | 45.80% | ||
Expected term (Years) | Y | 6 | ||
Risk-free interest rate for the period similar to the expected term | 1.47% |
Share-Based Compensation - RSUs
Share-Based Compensation - RSUs movement (Details) - RSUs $ in Thousands | Aug. 07, 2020EquityInstruments | Aug. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments |
Number of awards | ||||||
Outstanding at the beginning of the year | EquityInstruments | 367,162 | 488,173 | ||||
Granted during the year | EquityInstruments | 4,702 | 21,367 | 496,742 | 522,811 | 106,023 | |
Vested during the year | EquityInstruments | (245,061) | (207,819) | ||||
Forfeited during the year | EquityInstruments | (1,059) | (19,215) | ||||
Outstanding at end of the year | EquityInstruments | 643,853 | 367,162 | 488,173 | |||
Weighted average contractual life | ||||||
Weighted average contractual life | 1 year 10 months 24 days | 1 year 1 month 28 days | 1 year 1 month 17 days | |||
Aggregate fair value | ||||||
Outstanding at the beginning of the year | $ | $ 5,988 | $ 6,408 | ||||
Granted during the year | $ | 1,824 | 1,845 | ||||
Vested during the year | $ | (3,671) | (1,943) | ||||
Forfeited during the year | $ | (17) | (322) | ||||
Outstanding at the end of the year | $ | $ 4,124 | $ 5,988 | $ 6,408 |
Share-Based Compensation - SA_2
Share-Based Compensation - SARs movement (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)EquityInstruments$ / shares | Dec. 31, 2019USD ($)EquityInstruments$ / shares | Dec. 31, 2018USD ($)EquityInstruments$ / shares | |
Number of awards | |||
Vested but not exercised | 2,185,148 | ||
SARs | |||
Number of awards | |||
Outstanding at beginning of the year | 2,630,173 | 2,372,163 | |
Granted during the year | 326,454 | ||
Exercised during the year | (15,774) | ||
Forfeited during the year | (1,085) | (36,198) | |
Expired during the year | (176,610) | (16,472) | |
Outstanding at end of the year | 2,452,478 | 2,630,173 | 2,372,163 |
Weighted average exercise price per share | |||
Outstanding at the beginning of the year | $ / shares | $ 14.46 | $ 14.51 | |
Exercised during the year | $ / shares | 8.88 | ||
Outstanding at end of the year | $ / shares | $ 14.44 | 14.46 | $ 14.51 |
Weighted average share price at the date of exercise | |||
Exercised during the year | $ / shares | $ 11.25 | ||
Weighted average contractual life | |||
Weighted average contractual life | 5 years 5 months 19 days | 6 years 6 months 11 days | 7 years 2 months 1 day |
Aggregate fair value | |||
Outstanding at the beginning of the year | $ | $ 11,367 | $ 9,839 | |
Granted during the year | $ | 1,845 | ||
Exercised during the year | $ | (37) | ||
Forfeited during the year | $ | (6) | (202) | |
Expired during the year | $ | (838) | (78) | |
Outstanding at the end of the year | $ | $ 10,523 | $ 11,367 | $ 9,839 |
Share-Based Compensation - PSUs
Share-Based Compensation - PSUs movement (Details) - PSUs $ in Thousands | Aug. 07, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments |
Number of awards | |||
Granted during the year | EquityInstruments | 4,702 | 496,742 | 501,444 |
Outstanding at end of the year | EquityInstruments | 501,444 | ||
Weighted average contractual life | |||
Weighted average contractual life | 2 years 3 months | ||
Aggregate fair value | |||
Granted during the year | $ | $ 1,759 | ||
Outstanding at the end of the year | $ | $ 1,759 |
Share-Based Compensation - GasL
Share-Based Compensation - GasLog Partners' Plan (Details) - GasLog Partners LP | Apr. 01, 2020USD ($)EquityInstruments | Dec. 31, 2020EquityInstruments | Dec. 31, 2019EquityInstruments | Apr. 01, 2019USD ($) | Dec. 31, 2018EquityInstruments | Apr. 02, 2018USD ($) | Apr. 03, 2017USD ($) |
RCUs | |||||||
Share-Based Compensation | |||||||
Vesting period | 3 years | ||||||
Number of units granted | 233,688 | 233,688 | 26,308 | ||||
Number of units outstanding | 89,978 | 76,467 | 75,084 | ||||
RCUs granted 3 April 2017 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 26,097 | ||||||
Fair value of unit at grant date | $ | $ 23.85 | ||||||
RCUs granted 2 April 2018 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 24,608 | ||||||
Fair value of unit at grant date | $ | $ 23.40 | ||||||
RCUs granted 1 April 2019 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 26,308 | ||||||
Fair value of unit at grant date | $ | $ 22.99 | ||||||
RCUs granted 1 April 2020 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 233,688 | ||||||
Fair value of unit at grant date | $ | $ 2.02 | ||||||
PCUs | |||||||
Share-Based Compensation | |||||||
Vesting period | 3 years | ||||||
Number of units granted | 233,688 | 233,688 | 26,308 | ||||
Number of units outstanding | 89,978 | 76,467 | 75,084 | ||||
PCUs | TUR above 75th Percentile of peer group | |||||||
Share-Based Compensation | |||||||
Vesting percentage of awards | 100.00% | ||||||
PCUs | TUR Between 50th and 75th percentile of peer group | |||||||
Share-Based Compensation | |||||||
Vesting percentage of awards | 50.00% | ||||||
PCUs | TUR Below the 50th percentile of peer group | |||||||
Share-Based Compensation | |||||||
Vesting percentage of awards | 0.00% | ||||||
PCUs granted 3 April 2017 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 26,097 | ||||||
Fair value of unit at grant date | $ | $ 23.85 | ||||||
PCUs granted 2 April 2018 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 24,608 | ||||||
Fair value of unit at grant date | $ | $ 23.40 | ||||||
PCUs granted 1 April 2019 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 26,308 | ||||||
Fair value of unit at grant date | $ | $ 22.99 | ||||||
PCUs granted 1 April 2020 | |||||||
Share-Based Compensation | |||||||
Number of units outstanding | 233,688 | ||||||
Fair value of unit at grant date | $ | $ 2.02 |
Share-Based Compensation - RCUs
Share-Based Compensation - RCUs movement (Details) - RCUs - GasLog Partners LP $ in Thousands | Sep. 25, 2020EquityInstruments | Jun. 30, 2020EquityInstruments | Apr. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Apr. 01, 2019EquityInstruments | Apr. 03, 2018EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments |
Number of awards | |||||||||
Outstanding at the beginning of the year | EquityInstruments | 76,467 | 75,084 | |||||||
Granted during the year | EquityInstruments | 233,688 | 233,688 | 26,308 | ||||||
Vested during the year | EquityInstruments | (182,850) | (11,776) | (25,551) | (24,925) | (16,999) | (220,177) | (24,925) | ||
Outstanding at end of the year | EquityInstruments | 89,978 | 76,467 | 75,084 | ||||||
Weighted average contractual life | |||||||||
Weighted average contractual life | 2 years 15 days | 1 year 3 months 4 days | 1 year 3 months | ||||||
Aggregate fair value | |||||||||
Outstanding at the beginning of the year | $ | $ 1,790 | $ 1,595 | |||||||
Granted during the year | $ | 472 | 605 | |||||||
Vested during the year | $ | (1,816) | (410) | |||||||
Outstanding at the end of the year | $ | $ 446 | $ 1,790 | $ 1,595 |
Share-Based Compensation - PCUs
Share-Based Compensation - PCUs movement (Details) - PCUs - GasLog Partners LP $ in Thousands | Sep. 25, 2020EquityInstruments | Jun. 30, 2020EquityInstruments | Apr. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Apr. 01, 2019EquityInstruments | Apr. 03, 2018EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments |
Number of awards | |||||||||
Outstanding at the beginning of the year | EquityInstruments | 76,467 | 75,084 | |||||||
Granted during the year | EquityInstruments | 233,688 | 233,688 | 26,308 | ||||||
Vested during the year | EquityInstruments | (182,850) | (9,813) | (21,292) | (24,925) | (16,999) | (213,955) | (24,925) | ||
Forfeited during the year | EquityInstruments | (6,222) | ||||||||
Outstanding at end of the year | EquityInstruments | 89,978 | 76,467 | 75,084 | ||||||
Weighted average contractual life | |||||||||
Weighted average contractual life | 2 years 15 days | 1 year 3 months 4 days | 1 year 3 months | ||||||
Aggregate fair value | |||||||||
Outstanding at the beginning of the year | $ | $ 1,790 | $ 1,595 | |||||||
Granted during the year | $ | 472 | 605 | |||||||
Vested during the year | $ | (1,668) | (410) | |||||||
Forfeited during the year | $ | (148) | ||||||||
Outstanding at the end of the year | $ | $ 446 | $ 1,790 | $ 1,595 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-Based Compensation | |||
Total expense recognized | $ 5,486 | $ 5,107 | $ 5,216 |
Total accrued cash distribution | $ 552 | $ 1,176 |
Commitments - Related to vessel
Commitments - Related to vessels under construction (Details) - Vessels under construction - Samsung $ in Thousands | Dec. 31, 2020USD ($) |
Contractual commitments | |
Capital commitment | $ 466,930 |
Not later than one year | |
Contractual commitments | |
Capital commitment | $ 466,930 |
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 | Dec. 31, 2020 | |
Operating lease payments | |||
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days | ||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 2,336,322 | ||
GAS-thirty three Ltd | Cheniere | |||
Operating lease payments | |||
Time charter agreement term (in years) | 7 years | ||
GAS-thirty four Ltd | Cheniere | |||
Operating lease payments | |||
Time charter agreement term (in years) | 7 years | ||
GAS-thirty five Ltd | Cheniere | |||
Operating lease payments | |||
Time charter agreement term (in years) | 7 years | ||
Not later than one year | |||
Operating lease payments | |||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 426,830 | ||
Later than one year and not later than two years | |||
Operating lease payments | |||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 381,318 | ||
Later than two years and not later than three years | |||
Operating lease payments | |||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 351,718 | ||
Later than three years and not later than four years | |||
Operating lease payments | |||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 294,366 | ||
Later than four years and not later than five years | |||
Operating lease payments | |||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | 281,319 | ||
Later than five years | |||
Operating lease payments | |||
Future gross minimum lease revenues receivable in relation to non-cancellable time charter agreements | $ 600,771 |
Commitments - Other commitments
Commitments - Other commitments and guarantees (Details) - GasLog LNG Services Ltd. $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2019item | Sep. 30, 2017item | Dec. 31, 2015item | Dec. 31, 2020USD ($)item | |
Wartsila | ||||
Commitments | ||||
Number of existing maintenance agreements related to vessels | 7 | |||
Number of additional maintenance agreements related to carriers | 8 | |||
Samsung | ||||
Commitments | ||||
Number of vessels covered by agreement | 19 | |||
Period of services to be provided (in years) | 6 years | |||
Number of vessels with ballast water management system installed | 12 | |||
Third Parties | Maximum | ||||
Commitments | ||||
Bank guarantee amount | $ | $ 250 | |||
Greek Ministry Of Finance | ||||
Commitments | ||||
Bank guarantee amount | $ | 10 | |||
FSRU tender | ||||
Commitments | ||||
Bank guarantee amount | $ | $ 300 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest rate risk | Floating interest rate | |||
Financial Risk Management | |||
Percent of variable interest rate exposure hedged | 47.64% | 44.22% | |
Aggregate principal amount of floating rate debt outstanding | $ 1,843,110 | ||
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 | $ 1,665 | $ 1,530 | $ 1,395 |
Currency risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase in EUR/USD exchange rate | 10.00% | 10.00% | 10.00% |
Increase (decrease) in profit and cash flows | $ (13,086) | $ (11,380) | $ (11,625) |
Currency risk | EUR | |||
Financial Risk Management | |||
Operating and administrative expenses denominated in euros | 130,861 | 113,804 | $ 116,252 |
Trade payables and accruals denominated in euros | 34,199 | 27,766 | |
Interest rate swaps | Interest rate risk | |||
Financial Risk Management | |||
Fair value of interest rate swaps / net liability | $ 113,855 | $ 49,873 | |
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 | $ 5,162 | $ 6,285 | $ 7,351 |
Financial Risk Management - I_2
Financial Risk Management - Interest rate risk on NOK 2024 Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cross currency swaps qualified as cash flow hedging instruments | ||
Financial Risk Management | ||
Notional amount | $ 98,550 | $ 98,550 |
Gaslog with counterparty DNB, traded in November 2019 | ||
Financial Risk Management | ||
Notional amount | $ 32,850 | 32,850 |
Maturing in | Nov 2024 | |
Gaslog with counterparty SEB, traded in November 2019 | ||
Financial Risk Management | ||
Notional amount | $ 32,850 | 32,850 |
Maturing in | Nov 2024 | |
Gaslog with counterparty Nordea, traded in November 2019 | ||
Financial Risk Management | ||
Notional amount | $ 32,850 | $ 32,850 |
Maturing in | Nov 2024 |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 4,717,985 | $ 4,105,733 | |
Derivative financial instruments, undiscounted cash flows | 108,408 | 47,977 | |
Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 116,382 | 152,104 | |
Derivative financial instruments, undiscounted cash flows | 446 | (41) | |
1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 82,266 | 110,366 | |
Derivative financial instruments, undiscounted cash flows | 869 | (27) | |
3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 291,547 | 255,885 | |
Derivative financial instruments, undiscounted cash flows | 33,590 | 4,570 | |
1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,778,954 | 2,577,420 | |
Derivative financial instruments, undiscounted cash flows | 68,371 | 38,426 | |
Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,448,836 | 1,009,958 | |
Derivative financial instruments, undiscounted cash flows | 5,132 | 5,049 | |
Trade and other accounts payable | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 25,046 | 27,615 | |
Trade and other accounts payable | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 24,651 | 24,306 | |
Trade and other accounts payable | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 129 | 3,203 | |
Trade and other accounts payable | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 266 | 106 | |
Amounts due to related parties | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 164 | 200 | |
Amounts due to related parties | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 164 | 200 | |
Other payables and accruals | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 81,258 | 85,794 |
Other payables and accruals | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 34,919 | 31,036 |
Other payables and accruals | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 28,940 | 49,548 |
Other payables and accruals | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | [1] | 17,399 | 5,210 |
Other non-current liabilities | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,991 | 1,725 | |
Other non-current liabilities | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 612 | 551 | |
Other non-current liabilities | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,379 | $ 1,174 | |
Loans | Floating interest rate | |||
Financial Risk Management | |||
Interest rate | 2.46% | 4.10% | |
Non-derivative financial liabilities, undiscounted cash flows | $ 3,810,715 | $ 3,110,835 | |
Loans | Floating interest rate | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 54,892 | 45,591 | |
Loans | Floating interest rate | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 39,196 | 44,867 | |
Loans | Floating interest rate | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 227,325 | 208,217 | |
Loans | Floating interest rate | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 2,224,725 | 2,004,266 | |
Loans | Floating interest rate | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,264,577 | 807,894 | |
Bonds | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 521,439 | 583,442 | |
Bonds | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 49,233 | ||
Bonds | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 10,640 | 9,369 | |
Bonds | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 32,485 | 28,060 | |
Bonds | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 478,314 | 496,780 | |
Lease liability | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 277,372 | 296,122 | |
Lease liability | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,756 | 1,738 | |
Lease liability | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 3,361 | 3,379 | |
Lease liability | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 14,072 | 14,292 | |
Lease liability | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 75,303 | 75,823 | |
Lease liability | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 182,880 | 200,890 | |
Interest rate swaps | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 114,559 | 52,488 | |
Interest rate swaps | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 559 | 7 | |
Interest rate swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 1,128 | 52 | |
Interest rate swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 33,772 | 5,364 | |
Interest rate swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 73,968 | 42,016 | |
Interest rate swaps | Later than five years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | 5,132 | 5,049 | |
Cross currency swaps | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (5,804) | (3,594) | |
Cross currency swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (25) | 22 | |
Cross currency swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (182) | (26) | |
Cross currency swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (5,597) | (3,590) | |
Forward foreign exchange contracts | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (347) | (917) | |
Forward foreign exchange contracts | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | (113) | (48) | |
Forward foreign exchange contracts | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | $ (234) | (101) | |
Forward foreign exchange contracts | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial instruments, undiscounted cash flows | $ (768) | ||
[1] | Non-financial liabilities are excluded. |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 367,269 | $ 263,747 | $ 342,594 | $ 384,092 |
Short-term investments | 4,500 | |||
Trade and other receivables | 36,223 | 24,900 | ||
Dividends receivable and other amounts due from related parties | 1,259 | 573 | ||
Derivative financial assets | 6,095 | 4,001 | ||
Credit risk | ||||
Financial Risk Management | ||||
Cash and cash equivalents | 367,269 | 263,747 | ||
Short-term investments | 4,500 | |||
Trade and other receivables | 36,223 | 24,900 | ||
Dividends receivable and other amounts due from related parties | 1,259 | 573 | ||
Derivative financial assets | $ 6,095 | $ 4,001 | ||
Credit risk | Shell | ||||
Financial Risk Management | ||||
Percentage of revenue | 57.20% | 70.00% | 74.20% |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Risk Management | ||||
Borrowings, current portion | $ 245,626 | $ 255,422 | ||
Borrowings, non-current portion | 3,527,595 | 2,891,973 | ||
Lease liability, current portion | 9,644 | 9,363 | ||
Lease liability, non-current portion | 186,526 | 195,567 | ||
Total debt | 3,969,391 | 3,352,325 | ||
Total equity | 1,597,137 | 1,649,853 | $ 1,983,122 | $ 1,763,134 |
Total debt and equity | $ 5,566,528 | $ 5,002,178 | ||
Gearing ratio | 71.30% | 67.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments | ||
Derivative financial instruments, current assets | $ 534 | $ 429 |
Derivative financial instruments, non-current assets | 5,561 | 3,572 |
Derivative financial assets | 6,095 | 4,001 |
Derivative financial instruments, current liability | 35,415 | 8,095 |
Derivative financial instruments, non-current liability | 78,440 | 41,837 |
Derivative financial liabilities | 113,855 | 49,932 |
Financial assets designated and effective as hedging instruments carried at fair value | Cross currency swaps | ||
Financial Instruments | ||
Derivative financial assets | 5,768 | 3,594 |
Financial assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Derivative financial assets | 18 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Derivative financial assets | 327 | 389 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Financial Instruments | ||
Derivative financial liabilities | $ 113,855 | 49,891 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Financial Instruments | ||
Derivative financial liabilities | $ 41 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest rate swaps designated as cash flow hedging instruments (Details) - instrument | Dec. 31, 2020 | Dec. 31, 2019 |
Interest rate swaps designated as cash flow hedging instruments | ||
Interest rate swaps | ||
Number of derivative financial instruments | 0 | 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Interest rate swaps held for trading (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2020 | May 31, 2018 | |
Financial Instruments | ||||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ (64,044) | $ (54,050) | $ (7,922) | |||
Interest rate swaps held for trading | ||||||
Financial Instruments | ||||||
Notional amount | 1,578,256 | 1,170,000 | ||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ (63,982) | (55,865) | $ (4,333) | |||
GasLog with counterparty Deutsche Bank AG, termination in July 2020, interest rate of 1.98 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.98% | |||||
Notional amount | 66,667 | |||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2020 | |||||
GasLog with counterparty Deutsche Bank AG, termination in July 2021, interest rate of 1.98 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.98% | |||||
Notional amount | $ 66,667 | 66,667 | ||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2021 | |||||
GasLog with counterparty Deutsche Bank AG, termination in July 2022, interest rate of 1.98 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.98% | |||||
Notional amount | $ 66,667 | 66,667 | ||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2022 | |||||
GasLog with counterparty DNB Bank ASA, termination in July 2022, interest rate of 1.719 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.719% | |||||
Notional amount | $ 73,333 | 73,333 | ||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2022 | |||||
GasLog with counterparty HSBC Bank, plc, termination in July 2022, interest rate of 1.79 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.79% | |||||
Notional amount | $ 33,333 | 33,333 | ||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2022 | |||||
GasLog with counterparty Nordea, termination in July 2020, interest rate of 1.815 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.815% | |||||
Notional amount | 66,667 | |||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2020 | |||||
GasLog with counterparty SCB, termination in July 2022, interest rate of 2.015 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.015% | |||||
Notional amount | $ 66,667 | |||||
Additional interest rate due to collateral | 0.20% | |||||
Trade date | July 2020 | |||||
Effective date | July 2016 | |||||
Termination date | July 2022 | |||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2021, interest rate of 1.8405 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.8405% | |||||
Notional amount | $ 50,000 | 50,000 | ||||
Trade date | July 2016 | |||||
Effective date | July 2016 | |||||
Termination date | July 2021 | |||||
GasLog with counterparty HSBC Bank plc, termination in February 2022, interest rate of 2.005 / 2.170 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.005% | 2.17% | ||||
Notional amount | $ 100,000 | 100,000 | ||||
Trade date | Feb 2017 | |||||
Effective date | Feb 2017 | |||||
Termination date | Feb 2022 | |||||
GasLog with counterparty Nordea, termination in July 2020, interest rate of 2.0145 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.0145% | |||||
Notional amount | 100,000 | |||||
Trade date | Feb 2017 | |||||
Effective date | Feb 2017 | |||||
Termination date | July 2020 | |||||
GasLog with counterparty SCB, termination in March 2022, interest rate of 2.2145 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.2145% | |||||
Notional amount | $ 100,000 | |||||
Additional interest rate due to collateral | 0.20% | |||||
Trade date | July 2020 | |||||
Effective date | Feb 2017 | |||||
Termination date | Mar 2022 | |||||
GasLog with counterparty ABN AMRO Bank NV ("ABN"), termination in March 2022, interest rate of 2.003 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.003% | |||||
Notional amount | $ 100,000 | 100,000 | ||||
Trade date | Feb 2017 | |||||
Effective date | Feb 2017 | |||||
Termination date | Mar 2022 | |||||
GasLog with counterparty Nordea, termination in July 2026, interest rate of 3.070 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.07% | |||||
Notional amount | $ 66,667 | |||||
Trade date | May 2018 | |||||
Effective date | July 2020 | |||||
Termination date | July 2026 | |||||
GasLog with counterparty Nordea, termination in July 2026, interest rate of 2.562 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.562% | |||||
Notional amount | $ 66,667 | 66,667 | ||||
Trade date | May 2018 | |||||
Effective date | May 2018 | |||||
Termination date | July 2026 | |||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2024, interest rate of 3.025 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.025% | |||||
Notional amount | $ 50,000 | |||||
Trade date | May 2018 | |||||
Effective date | July 2020 | |||||
Termination date | July 2024 | |||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2025, interest rate of 2.300 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.30% | |||||
Notional amount | 50,000 | |||||
Trade date | May 2018 | |||||
Effective date | Apr 2018 | |||||
Termination date | September 2020 | |||||
GasLog with counterparty DNB Bank ASA, termination in July 2020, interest rate of 3.056 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.056% | |||||
Trade date | May 2018 | |||||
Effective date | July 2020 | |||||
Termination date | July 2020 | |||||
GAS-twenty seven Ltd with counterparty DNB Bank ASA and ING Bank, termination in July 2024 | ||||||
Financial Instruments | ||||||
Notional amount | $ 73,333 | |||||
GAS-twenty seven Ltd with counterparty DNB Bank ASA, termination in July 2024 interest rate of 3.146 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.146% | |||||
Notional amount | $ 48,889 | |||||
Trade date | July 2020 | |||||
Effective date | July 2020 | |||||
Termination date | July 2024 | |||||
GAS-twenty seven Ltd with counterparty ING Bank N.V, termination in July 2024, interest rate of 3.24 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.24% | |||||
Notional amount | $ 24,444 | |||||
Trade date | July 2020 | |||||
Effective date | July 2020 | |||||
Termination date | July 2024 | |||||
GasLog with counterparty DNB Bank ASA, termination in July 2025, interest rate of 2.472 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.472% | |||||
Notional amount | $ 73,333 | 73,333 | ||||
Trade date | May 2018 | |||||
Effective date | July 2018 | |||||
Termination date | July 2025 | |||||
GasLog with counterparty HSBC Bank, plc, termination in July 2024, interest rate of 2.475 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.475% | |||||
Notional amount | $ 33,333 | 33,333 | ||||
Trade date | May 2018 | |||||
Effective date | Apr 2018 | |||||
Termination date | July 2024 | |||||
GasLog with counterparty HSBC Bank, plc, termination in July 2025, interest rate of 2.550 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.55% | |||||
Notional amount | $ 33,333 | 33,333 | ||||
Trade date | May 2018 | |||||
Effective date | Apr 2018 | |||||
Termination date | July 2025 | |||||
GasLog with counterparty Citibank Europe Plc, termination in July 2024, interest rate of 3.082 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.082% | |||||
Notional amount | $ 30,000 | |||||
Trade date | May 2018 | |||||
Effective date | July 2020 | |||||
Termination date | July 2024 | |||||
GasLog with counterparty Citibank Europe Plc, termination in July 2025, interest rate of 3.095 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.095% | |||||
Trade date | May 2018 | |||||
Effective date | July 2021 | |||||
Termination date | July 2025 | |||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2026, interest rate of 2.745 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.745% | |||||
Notional amount | $ 50,000 | 50,000 | ||||
Trade date | December 2018 | |||||
Effective date | October 2018 | |||||
Termination date | July 2026 | |||||
GasLog with counterparty Nordea Bank Finland, termination in July 2028, interest rate of 2.793 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.793% | |||||
Notional amount | $ 66,667 | 66,667 | ||||
Trade date | December 2018 | |||||
Effective date | October 2018 | |||||
Termination date | July 2028 | |||||
GasLog with counterparty DNB Bank ASA, termination in July 2025, interest rate of 2.685 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.685% | |||||
Notional amount | $ 73,333 | $ 73,333 | ||||
Trade date | December 2018 | |||||
Effective date | January 2019 | |||||
Termination date | July 2025 | |||||
GasLog with counterparty Skandinavinska Enskilda Banken AB (publ) ("SEB"), termination in July 2024, interest rate of 2.958 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.958% | |||||
Notional amount | $ 50,000 | |||||
Trade date | December 2018 | |||||
Effective date | July 2020 | |||||
Termination date | July 2024 | |||||
GasLog with counterparty Nordea Bank Finland., termination in May 2020, interest rate of 2.937 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.937% | |||||
Trade date | December 2018 | |||||
Effective date | July 2020 | |||||
Termination date | May 2020 | |||||
GasLog with counterparty ING Bank N.V., termination in July 2024, interest rate of 3.127 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.127% | |||||
Notional amount | $ 100,000 | |||||
Trade date | May 2020 | |||||
Effective date | July 2020 | |||||
Termination date | July 2024 | |||||
Gain (loss) on swap replacement | $ (41) | |||||
GasLog with counterparty DNB Bank ASA, termination in April/July 2020, interest rate of 2.979 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 2.979% | |||||
Trade date | December 2018 | |||||
Effective date | April 2020 | |||||
Termination date | April 2020/July 2020 | |||||
GAS-twenty seven Ltd with counterparty DNB Bank ASA and ING Bank, termination in April 2025 | ||||||
Financial Instruments | ||||||
Notional amount | $ 60,000 | |||||
GAS-twenty seven Ltd with counterparty DNB Bank ASA, termination in April 2025, interest rate of 2.979/3.069 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.069% | 2.979% | ||||
Notional amount | $ 40,000 | |||||
Trade date | July 2020 | |||||
Effective date | April 2020 | |||||
Termination date | April 2025 | |||||
GAS-twenty seven Ltd with counterparty ING Bank N.V, termination in April 2025 interest rate of 3.176 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 3.176% | |||||
Notional amount | $ 20,000 | |||||
Trade date | July 2020 | |||||
Effective date | July 2020 | |||||
Termination date | April 2025 | |||||
GAS-fifteen Ltd with counterparty NBG, termination in July 2025, interest rate of 1.795 percent | ||||||
Financial Instruments | ||||||
Fixed Interest Rate | 1.795% | |||||
Notional amount | $ 94,923 | |||||
Trade date | September 2020 | |||||
Effective date | October 2020 | |||||
Termination date | July 2025 | |||||
Interest rate swaps, maturing in July 2025 | ||||||
Financial Instruments | ||||||
Notional amount | $ 30,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Cross currency swap agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cross currency swaps qualified as cash flow hedging instruments | |||
Cross currency swap agreements | |||
Notional amount | $ 98,550 | $ 98,550 | |
Effective portion of changes in fair value of cash flow hedges | 1,873 | (3,215) | $ (5,543) |
Recycled loss of cash flow hedges reclassified to profit or loss on realization of expense | 625 | 607 | 454 |
Hedging gain/(loss) recognized in other comprehensive income due to retranslation of bonds | (3,248) | (325) | $ 4,831 |
Gaslog with counterparty DNB, traded in November 2019 | |||
Cross currency swap agreements | |||
Notional amount | $ 32,850 | 32,850 | |
Trade date | Nov 2019 | ||
Effective date | Nov 2019 | ||
Termination date | Nov 2024 | ||
Gaslog with counterparty SEB, traded in November 2019 | |||
Cross currency swap agreements | |||
Notional amount | $ 32,850 | 32,850 | |
Trade date | Nov 2019 | ||
Effective date | Nov 2019 | ||
Termination date | Nov 2024 | ||
Gaslog with counterparty Nordea, traded in November 2019 | |||
Cross currency swap agreements | |||
Notional amount | $ 32,850 | $ 32,850 | |
Trade date | Nov 2019 | ||
Effective date | Nov 2019 | ||
Termination date | Nov 2024 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Forward foreign exchange contracts (Details) € in Thousands, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020JPY (¥)contract$ / €$ / ¥ | Dec. 31, 2020EUR (€)contract$ / €$ / ¥ | |
Forward foreign exchange contracts | |||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ (64,044) | $ (54,050) | $ (7,922) | ||
Forward foreign exchange contracts held for trading | |||||
Forward foreign exchange contracts | |||||
Unrealized gain/(loss) on derivative financial instruments held for trading | $ | $ (21) | $ 1,815 | $ (3,589) | ||
Forward foreign exchange contracts held for trading | EUR | |||||
Forward foreign exchange contracts | |||||
Notional amount | € | € 13,500 | ||||
Forward foreign exchange contracts held for trading | JPY | |||||
Forward foreign exchange contracts | |||||
Notional amount | ¥ | ¥ 29,397 | ||||
GasLog with counterparty ABN, settlement in January - March 2021 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | November 2020 | ||||
Number of contracts | contract | 3 | 3 | |||
Settlement Date | January - March 2021 | ||||
Notional amount | € | € 6,000 | ||||
GasLog with counterparty ABN, settlement in January - March 2021 | EUR | Minimum | |||||
Forward foreign exchange contracts | |||||
Fixed Exchange Rate | 1.1978582 | 1.1978582 | |||
GasLog with counterparty ABN, settlement in January - March 2021 | EUR | Maximum | |||||
Forward foreign exchange contracts | |||||
Fixed Exchange Rate | 1.1995155 | 1.1995155 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - March 2021 | EUR | |||||
Forward foreign exchange contracts | |||||
Trade date | November 2020 | ||||
Number of contracts | contract | 3 | 3 | |||
Settlement Date | January - March 2021 | ||||
Notional amount | € | € 7,500 | ||||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - March 2021 | EUR | Minimum | |||||
Forward foreign exchange contracts | |||||
Fixed Exchange Rate | 1.1975 | 1.1975 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January - March 2021 | EUR | Maximum | |||||
Forward foreign exchange contracts | |||||
Fixed Exchange Rate | 1.1991 | 1.1991 | |||
GasLog with counterparty Citibank Europe PLC UK, settlement in January 2021 | JPY | |||||
Forward foreign exchange contracts | |||||
Trade date | November 2020 | ||||
Number of contracts | contract | 1 | 1 | |||
Settlement Date | January 2021 | ||||
Fixed Exchange Rate | $ / ¥ | 0.0096019938 | 0.0096019938 | |||
Notional amount | ¥ | ¥ 29,397 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Gain/(loss) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
(Gain)/Loss on Derivatives | |||
Unrealized (loss)/gain on derivative financial instruments held for trading | $ (64,044) | $ (54,050) | $ (7,922) |
Recycled loss of cash flow hedges reclassified to profit or loss | (697) | ||
Ineffective portion of cash flow hedges | (323) | (151) | (289) |
Total gain/(loss) on derivatives | (84,658) | (55,441) | (6,077) |
Interest rate swaps held for trading | |||
(Gain)/Loss on Derivatives | |||
Unrealized (loss)/gain on derivative financial instruments held for trading | (63,982) | (55,865) | (4,333) |
Realized gain/(loss) on derivative financial instruments held for trading | (20,855) | 3,164 | 1,893 |
Forward foreign exchange contracts held for trading | |||
(Gain)/Loss on Derivatives | |||
Unrealized (loss)/gain on derivative financial instruments held for trading | (21) | 1,815 | (3,589) |
Realized gain/(loss) on derivative financial instruments held for trading | $ 564 | $ (3,707) | $ 241 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Fair value measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Financial Instruments | |||
Transfers from Level 1 to Level 2, assets | $ 0 | $ 0 | $ 0 |
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 |
Transfers from Level 1 to Level 2, liabilities | 0 | 0 | 0 |
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | $ 0 | $ 0 | $ 0 |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowing and derivatives arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of period | $ 3,147,395 | $ 2,828,459 | $ 2,547,556 |
Cash flows | 619,386 | 297,465 | 284,963 |
Other comprehensive income | 3,248 | 1,211 | (4,831) |
Non-cash items | 9,634 | 13,244 | 13,712 |
Deferred financing costs, assets | (6,442) | 7,016 | (12,941) |
Liabilities/(assets) arising from financing activities at end of period | 3,773,221 | 3,147,395 | 2,828,459 |
Borrowings | Proceeds from bank loans and bonds | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 2,138,035 | 905,730 | 524,165 |
Total | 2,138,035 | 905,730 | 524,165 |
Borrowings | Bank loans and bond repayments | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (1,481,709) | (547,751) | (231,753) |
Non-cash items | (8,063) | ||
Total | (1,489,772) | (547,751) | (231,753) |
Borrowings | Payment for bond repurchase at premium | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (1,937) | (34,602) | |
Total | (1,937) | (34,602) | |
Borrowings | Additions in deferred loan/bond fees | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (35,795) | (25,912) | (7,449) |
Non-cash items | 997 | (910) | 1,119 |
Deferred financing costs, assets | (6,442) | 7,016 | (12,941) |
Total | (41,240) | (19,806) | (19,271) |
Borrowings | Deferred loan fees received | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 792 | ||
Total | 792 | ||
Borrowings | Amortization and write-off of deferred loan/bond issuance costs/premium (Note 19) | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 22,876 | 14,154 | 12,593 |
Total | 22,876 | 14,154 | 12,593 |
Borrowings | Retranslation of the NOK Bonds in USD | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Other comprehensive income | 3,248 | 1,211 | (4,831) |
Non-cash items | (6,176) | ||
Total | (2,928) | 1,211 | (4,831) |
Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of period | 45,931 | (3,096) | (16,396) |
Cash flows | (4,092) | (3,731) | |
Other comprehensive income | (2,498) | 2,608 | 5,089 |
Non-cash items | 68,419 | 50,150 | 8,211 |
Liabilities/(assets) arising from financing activities at end of period | 107,760 | 45,931 | (3,096) |
Derivatives | Unrealized loss on derivative financial instruments held for trading | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 64,044 | 54,050 | 7,922 |
Total | 64,044 | 54,050 | 7,922 |
Derivatives | Ineffective portion of cash flow hedges | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 323 | 151 | 289 |
Total | 323 | 151 | 289 |
Derivatives | Payment for interest rate swaps termination | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (31,662) | ||
Total | (31,662) | ||
Derivatives | Proceeds from entering into interest rate swaps | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 31,622 | ||
Total | 31,622 | ||
Derivatives | Payment for CCS termination | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (4,052) | (3,731) | |
Non-cash items | 4,052 | (4,051) | |
Total | (7,782) | ||
Derivatives | Effective portion of changes in the fair value of derivatives designated as cash flow hedging instruments | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Other comprehensive income | (2,498) | 2,608 | 5,089 |
Total | (2,498) | 2,608 | 5,089 |
Lease liability | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of period | 204,930 | 206,099 | 213,428 |
Cash flows | (21,061) | (20,471) | (17,849) |
Non-cash items | 12,301 | 12,027 | 10,520 |
Liabilities/(assets) arising from financing activities at end of period | 196,170 | 204,930 | 206,099 |
Lease liability | After initial application of IFRS 16 | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of period | 213,374 | ||
Liabilities/(assets) arising from financing activities at end of period | 213,374 | ||
Lease liability | Lease charge (Note 19) | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 9,921 | 10,506 | 10,520 |
Total | 9,921 | 10,506 | 10,520 |
Lease liability | Additions | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 2,155 | 1,462 | |
Total | 2,155 | 1,462 | |
Lease liability | Payments for interest | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (9,911) | (10,521) | (10,520) |
Total | (9,911) | (10,521) | (10,520) |
Lease liability | Payments for lease liability | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (11,150) | (9,950) | (7,329) |
Non-cash items | 225 | 59 | |
Total | $ (10,925) | $ (9,891) | $ (7,329) |
Taxation (Details)
Taxation (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earnings/(loss) per share | |||
Profit/(loss) for the year attributable to owners of the Group | $ (44,948) | $ (100,661) | $ 47,683 |
Less: Dividends on Preference Shares | (10,063) | (10,063) | (10,063) |
Profit/(loss) for the year attributable to owners of the Group | $ (55,011) | $ (110,724) | $ 37,620 |
Weighted average number of shares outstanding, basic | 88,011,160 | 80,849,818 | 80,792,837 |
Basic earnings/(loss) per share | $ (0.63) | $ (1.37) | $ 0.47 |
Diluted earnings/(loss) per share | |||
Profit/(loss) for the year attributable to owners of the Group used in the calculation of diluted EPS | $ (55,011) | $ (110,724) | $ 37,620 |
Weighted average number of shares outstanding, basic | 88,011,160 | 80,849,818 | 80,792,837 |
Dilutive potential ordinary shares | 844,185 | ||
Weighted average number of shares used in the calculation of diluted EPS | 88,011,160 | 80,849,818 | 81,637,022 |
Diluted earnings/(loss) per share | $ (0.63) | $ (1.37) | $ 0.46 |
SARs | |||
Diluted earnings/(loss) per share | |||
Anti-dilutive potential ordinary shares | 2,452,478 | 2,630,173 | 555,453 |
RSUs | |||
Diluted earnings/(loss) per share | |||
Anti-dilutive potential ordinary shares | 643,853 | 367,162 | 0 |
PSUs | |||
Diluted earnings/(loss) per share | |||
Anti-dilutive potential ordinary shares | 501,444 | 0 | 0 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 21, 2021$ / shares | Jan. 22, 2021 | Jan. 04, 2021m³ | Dec. 31, 2020m³ | Aug. 31, 2018m³ |
GAS-twenty four Ltd | |||||
Subsequent Events | |||||
Cargo capacity (in cbm) | 174,000 | ||||
Samsung | GasLog Galveston | |||||
Subsequent Events | |||||
Cargo capacity (in cbm) | 174,000 | ||||
Delivery of vessel | Samsung | GasLog Galveston | |||||
Subsequent Events | |||||
Cargo capacity (in cbm) | 174,000 | ||||
Sale and leaseback transaction | GAS-twenty four Ltd | Maximum | |||||
Subsequent Events | |||||
Leaseback bareboat charter period in years | 8 years | ||||
Sale leaseback, repurchase period | 8 years | ||||
Share transaction | |||||
Subsequent Events | |||||
Price per unit/share (in dollars per unit/share) | $ / shares | $ 5.80 | ||||
Share transaction | Certain existing shareholders | |||||
Subsequent Events | |||||
Percentage of ownership after transaction | 55.00% | ||||
Share transaction | Global Energy & Power Infrastructure Team | |||||
Subsequent Events | |||||
Percentage of ownership after transaction | 45.00% | ||||
Common shares/units | |||||
Subsequent Events | |||||
Declaration of quarterly cash dividend (per share) | $ / shares | $ 0.05 |