No slow-go for Livanos
GasLog Ltd chairman Peter Livanos does not plan to wait to begin delivering on growth goals unveiled today, nor does he intend to stop at the new plan’s 2017 horizon.
With GasLog’s strong balance sheet, the Greek shipowner said he will be “enormously disappointed” if the company is not able to double its business in five years.
“I’ll go a step further and say I would be enormously disappointed in my management team if they weren’t able to add a couple more ships with revenue this year,” he said during an investor day held by the New York-listed LNG carrier owner. “And I think they can do it.”
Earlier today, GasLog announced a plan to boost its fleet to 40 LNG carriers by 2017. GasLog and its spinoff GasLog Partners currently own 25 LNG carriers and newbuildings, plus a 25% stake in another vessel, and manage five more.
Livanos, who is GasLog’s largest shareholder, seemed unconcerned about current investor jitters about the energy industry, which have hit gas shipping stocks hard.
But he said Monaco-based GasLog’s business was not built on the type of volatility hitting oil markets.
“It was built on a solid foundation of relationships with great gas companies such as BG, Shell and others, and around providing them with long-term, service-related contracts,” he said. “We’ve done that. We continue to do that. We will continue to do that. It’s on course.”