Monaco-based LNG shipper GasLog reported a profit for the full-year of 2017 as compared to a net loss in the previous year.

Profit attributable to GasLog owners reached $15.5 million last year as compared to a loss of $21.4 million the year before.

Revenues were $525.2 million for the year ended December 31, 2017, as compared to $466.1 million in the previous year.

For the fourth-quarter Gaslg posted a profit of $8.93 million and revenues of $135.8 million, This compares to $31.3 million profit and 126.5 million of revenues in the comparable quarter.

GasLog attributed the increase in quarterly revenues due to higher income from vessels operating in the spot market. The year-on-year increase in revenues was mainly driven by the full operation of the GasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar, it said.

Gaslog said it was upbeat on the increase in spot prices as demand rose in Asia, especially in China, however, the company remains cautious on the multi-year charter market.

“It may take time before the strength in the spot market observed this winter translates into the multi-year charter market as we are in the early stages of the recovery. However, we are observing increasing levels of tendering activity for charters ranging from multi-month to multi-year,” the company said.

In addition, some off-takers for LNG projects scheduled to begin production over the next two years have yet to secure their shipping requirements.

“We expect a number of vessels for these projects to be sourced from vessels currently operating in the short-term market, but also expect the coming increase in LNG supply to require additional LNG carriers beyond those currently on the water and in the orderbook,” it added.