GasLog doubling down on fleet
NYSE-listed GasLog has unveiled its ‘40:17 Vision’, a plan to grow its fleet from 25 LNG vessels to 40 by the end of 2017.“Some of the greatest fortunes in shipping were made in the 1950s, a boom time for tankers when the growth trajectory was the best it has been. I’m thinking along similar lines as I look at the LNG business today,” GasLog chairman Peter Livanos told investors during a presentation on 2 December. Noting that GasLog doubled its fleet in the two and a half years since it went public, Livanos said: “I would be enormously disappointed if we didn’t double it again in the next five years. “I’ll go a step further: I would be enormously disappointed in my management team if we didn’t add a couple more ships with revenue this year,” Livanos said, referring to looming vessel acquisitions with long-term charters attached. Evercore analyst Jon Chappell opined that GasLog’s target of 40 ships by the end of 2017 “is more than achievable” given that the company already “has eight newbuilding options, accounting for more than half of the growth plan”. According to Wells Fargo analyst Michael Webber: "We would not be surprised to see GasLog far exceed that [40:17] target."