GasLog Ltd. (NYSE:GLOG) Q3 2019 Earnings Conference Call Transcript
Nov 06, 2019 • 08:30 am ET
Good morning, my name is Josh, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2019 GasLog Limited Earnings Conference Call. [Operator Instructions] Today's speakers are Paul Wogan, Chief Executive Officer; Alastair Maxwell, Chief Financial Officer and to commence the call, Phil Corbett, Head of Investor Relations. Mr Corbett, you may begin your conference.
Thank you, Josh. Good morning or good afternoon and thank you for joining GasLog Limited third quarter 2019 earnings conference call. For your convenience, this webcast and presentation are available on the Investor Relations section of our website www.gaslogltd.com, where a replay will also be available. Please now turn to slide 2 of the presentation. Many of our remarks contain forward-looking statements. For factors that could cause actual results to differ materially, from these forward-looking statements, please refer to our third quarter earnings press release.
In addition, some of our remarks contain non-GAAP financial measures as defined by the SEC. A reconciliation of these is included in the appendix of the presentation. I will now hand over to Paul Wogan, CEO of GasLog Limited.
Thank you Phil, good morning or good afternoon, and thank you for joining our third quarter earnings call. Before I begin, those of you who have participated in our previous calls, may have noticed our new presentation format. This is part of a larger rebranding initiative of both GasLog Limited in GasLog Partners to emphasize on priorities of safety, operational excellence, and customer focus, and we're delighted to be sharing this with you today. On today's call, I'll begin with our highlights for the quarter, including our recent commercial successes. Alastair will then take you through the quarter's financial performance. Finally, I will review the current trends in the LNG and LNG shipping markets before opening the call for questions.
Turning to slide 3, during the third quarter, we continue to see the positive financial impact of our charter-packed Newbuilding program as well as an improvement in the earnings of our vessels operating in the spot market. For the nine months ended September 30th, our revenues increased 7% year-over-year. For the same period, EBITDA was 9% higher, driven in part by continued good progress on our cost reduction initiatives. Notably, the earnings of our vessels trading in the spot market were enhanced by market-linked charters on both the GasLog Shanghai and GasLog Salem. In late July, we took delivery of our fifth XDF vessel, the GasLog Warsaw, which immediately commenced the charter with Cheniere ahead of her long-term charter with Endesa.
We were also successful in signing a 10-year charter for one of our TFDEs to act as a floating storage unit for a gas-to-power project, being developed in Panama. We declared an unchanged dividend of $0.15 per quarter -- per share, sorry, for the quarter. I'm also very proud to share with you that the crew of the Methane Alison Victoria was awarded crew of the year at this year's IHS