UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the month of July 2022
Commission File Number 001-36433
GasLog Partners LP
(Translation of registrant’s name into English)
c/o GasLog LNG Services Ltd.
69 Akti Miaouli, 18537
Piraeus, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ Form 40-F ◻
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): | ◻ |
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): | ◻ |
The press release issued by GasLog Partners LP on July 28, 2022 relating to its results for the three-month period ended June 30, 2022 and the related financial report are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively.
INCORPORATION BY REFERENCE
Exhibits 99.2 and 99.3 to this Report on Form 6-K shall be incorporated by reference into our registration statement on Form F-3 (File No. 333-249399), filed with the Securities and Exchange Commission (the “SEC”) on October 9, 2020 and the registration statement on Form S-8 (File No. 333-203139), filed with the SEC on March 31, 2015, in each case to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.
EXHIBIT LIST
Exhibit |
| Description |
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|
|
99.1 | | |
| | |
99.2 |
| Financial Report for the Three and Six Months Ended June 30, 2022 |
|
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|
|
| Management’s Discussion and Analysis of Financial Condition and Results of Operation |
|
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|
99.3 |
| |
| | |
101.INS | | XBRL Instance Document |
| | |
101.SCH | | XBRL Taxonomy Extension Schema |
| | |
101.CAL | | XBRL Taxonomy Extension Scheme Calculation Linkbase |
| | |
101.DEF | | XBRL Taxonomy Extension Scheme Definition Linkbase |
| | |
101.LAB | | XBRL Taxonomy Extension Scheme Label Linkbase |
| | |
101.PRE | | XBRL Taxonomy Extension Scheme Presentation Linkbase |
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 28, 2022 |
| | |||
| | | |||
| | GASLOG PARTNERS LP | |||
| | | | | |
| | | by | /s/ Paolo Enoizi | |
| | | Name: | Paolo Enoizi | |
| | | Title: | Chief Executive Officer | |
3
Exhibit 99.1
Press Release
GasLog Partners LP Reports Financial Results for the Second Quarter of 2022 and Declares Cash Distribution
Majuro, Marshall Islands, July 28, 2022, GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP), an international owner and operator of liquefied natural gas (“LNG”) carriers, today reported its financial results for the second quarter of 2022.
Highlights
· | Rechartered the Methane Rita Andrea, a steam turbine propulsion (“Steam”) LNG carrier, with an energy major for one year and signed a new multi-month time charter agreement for the GasLog Seattle, a tri-fuel diesel electric (“TFDE”) LNG carrier, with a major trading house |
· | Entered into an agreement to sell, subject to customary and other closing conditions, the Steam LNG carrier Methane Shirley Elisabeth, to an unrelated third party for approximately $54.0 million, with the sale expected to be completed in the third quarter of 2022, while pursuing an agreement for the sale and lease-back of another Steam vessel within the next 12 months |
· | Repurchased $8.7 million of preference units in the open market in the second quarter of 2022 and a total of $18.7 million of repurchased preference units in the first six months of 2022 |
· | Repaid $19.9 million of debt and lease liabilities during the second quarter of 2022 and $56.9 million in the first six months of 2022 |
· | Quarterly Revenues, Profit, Adjusted Profit(1) and Adjusted EBITDA(1) of $84.9 million, $0.8 million, $26.3 million and $59.3 million, respectively |
· | Quarterly Earnings/(loss) per unit (“EPU”) of ($0.12) and Adjusted EPU(1) of $0.37 |
· | Declared cash distribution of $0.01 per common unit for the second quarter of 2022 |
CEO Statement
Paolo Enoizi, Chief Executive Officer, commented: “The Partnership is glad to report a positive operating result for the second quarter of 2022, driven by an improved LNG shipping spot market and a sustained interest for term business. Our team has been able to secure important chartering opportunities for two vessels in our fleet, the Steam LNG carrier Methane Rita Andrea and the TFDE LNG carrier GasLog Seattle, and realize another two important transactions with the expected sale of the Methane Shirley Elisabeth and the potential sale and lease-back of an additional Steam vessel at prices that reflect the improved LNG carrier sale and purchase market. The two new charters are expected to add approximately $50.0 million of incremental EBITDA(1) to our contract portfolio, while the sale of the Methane Shirley Elisabeth is expected to contribute approximately $20.0 million of incremental net liquidity (net sale proceeds less debt prepayment) to our balance sheet.
We continue to successfully execute on our business strategy and capital allocation plan, de-leveraging our balance sheet and continuing our preference unit repurchase programme and further reducing the all-in break-evens of our fleet.”
Financial Summary
| | | | | | | |
| | For the three months ended | | | | ||
(All amounts expressed in thousands of U.S. dollars, except per unit amounts) |
| June 30, 2021 |
| June 30, 2022 |
| % Change | |
Revenues |
| 70,352 |
| 84,922 |
| 21 | % |
Profit |
| 14,663 |
| 761 |
| (95) | % |
EPU, common (basic) |
| 0.14 |
| (0.12) |
| (186) | % |
Adjusted Profit(1) |
| 12,701 |
| 26,329 |
| 107 | % |
Adjusted EBITDA(1) |
| 44,968 |
| 59,323 |
| 32 | % |
Adjusted EPU, common (basic)(1) |
| 0.10 |
| 0.37 |
| 270 | % |
There were 1,365 available days for the second quarter of 2022, as compared to 1,283 available days for the second quarter of 2021, due to the scheduled dry-dockings of three of our vessels in the second quarter of 2021.
Management classifies the Partnership’s vessels from a commercial point of view into two categories: (a) spot fleet and (b) long-term fleet. The spot fleet includes all vessels under charter party agreements with an initial duration of up to five years (excluding optional periods), while the long-term fleet comprises all vessels with charter party agreements of an initial duration of more than five years (excluding optional periods).
1
For the three months ended June 30, 2021 and 2022, an analysis of available days, revenues and voyage expenses and commissions per category is presented below:
|
| For the three months ended |
| For the three months ended | ||||
| | June 30, 2021 | | June 30, 2022 | ||||
All amounts expressed in thousands of U.S. dollars, except number of days | | Spot fleet | | Long-term fleet | | Spot fleet | | Long-term fleet |
Available days (*) |
| 761 |
| 522 |
| 819 |
| 546 |
Revenues |
| 27,471 |
| 42,881 |
| 41,424 |
| 43,498 |
Voyage expenses and commissions |
| (1,064) |
| (788) |
| (663) |
| (1,509) |
(*) Available days represent total calendar days in the period after deducting off-hire days where vessels are undergoing dry-dockings and unavailable days (for example days before and after a dry-docking where the vessel has limited practical ability for chartering opportunities).
Revenues were $84.9 million for the second quarter of 2022, compared to $70.4 million for the same period in 2021. The increase of $14.5 million is mainly attributable to a net increase in revenues from our vessels operating in the spot market in the second quarter of 2022, in line with the improvement of the LNG shipping spot and term market, combined with an increase in revenues resulting from the 82 off-hire days due to the scheduled dry-dockings of three of our vessels in the second quarter of 2021 (compared to nil in the same period in 2022).
Voyage expenses and commissions were $2.2 million for the second quarter of 2022, compared to $1.9 million for the same period in 2021. The increase of $0.3 million in voyage expenses and commissions is mainly attributable to an increase in broker commissions in line with the abovementioned increase in revenues in the second quarter of 2022, as compared to the same period in 2021.
Vessel operating costs were $19.0 million for the second quarter of 2022, compared to $20.0 million for the same period in 2021. The decrease of $1.0 million in vessel operating costs is mainly attributable to a decrease in technical maintenance expenses and a decrease in vessel management fees, partially offset by an increase in crew costs, with the latter largely related to the in-house management of the Solaris (after her redelivery into our managed fleet on April 6, 2022). As a result, daily operating costs per vessel decreased to $14,005 per day for the second quarter of 2022 from $15,734 per day for the second quarter of 2021.
General and administrative expenses were $4.4 million for the second quarter of 2022, compared to $3.5 million for the same period in 2021. The increase of $0.9 million is mainly attributable to an aggregate increase in administrative services fees for our fleet in connection with the increase in the annual fee per vessel payable to GasLog Ltd. in 2022 (approximately $0.3 million per vessel per year). As a result, daily general and administrative expenses increased to $3,211 per vessel ownership day for the second quarter of 2022 from $2,554 per vessel ownership day for the second quarter of 2021.
Impairment loss on vessels was $28.0 million for the second quarter of 2022, compared to nil for the same period in 2021. The impairment loss was recognized pursuant to the reclassification of two of our Steam vessels as held for sale and remeasurement of their carrying amounts as of June 30, 2022.
Adjusted EBITDA(1) was $59.3 million for the second quarter of 2022, compared to $45.0 million for the same period in 2021. The increase of $14.3 million is mainly attributable to the increase in revenues of $14.5 million described above.
Financial costs were $9.8 million for the second quarter of 2022, compared to $9.1 million for the same period in 2021. The increase of $0.7 million in financial costs is attributable to an increase in interest expense on loans, mainly due to an increase in the London Interbank Offered Rate (“LIBOR”) rates in the second quarter of 2022 as compared to the same period in 2021, and an increase in interest expense on leases, pursuant to the sale and leaseback of the GasLog Shanghai in October 2021. During the second quarter of 2022, we had an average of $1,058.1 million of bank borrowings outstanding under our credit facilities with a weighted average interest rate of 3.1%, compared to an average of $1,261.1 million of bank borrowings outstanding under our credit facilities with a weighted average interest rate of 2.4% during the second quarter of 2021.
Gain on derivatives was $1.2 million for the second quarter of 2022, compared to a loss of $0.4 million for the same period in 2021. The decrease of $1.6 million in the loss on derivatives is attributable to a decrease in realized loss on derivatives held for trading and an increase in unrealized gain from the mark-to-market valuation of derivatives (interest rate swaps) held for trading, which were carried at fair value through profit or loss, mainly due to changes in the forward yield curve.
Profit was $0.8 million for the second quarter of 2022, compared to $14.7 million for the same period in 2021. The decrease in profit of $13.9 million is mainly attributable to the impairment loss of $28.0 million, partially offset by the increase in revenues of $14.5 million, as described above.
Adjusted Profit was $26.3 million for the second quarter of 2022, compared to $12.7 million for the same period in 2021. The increase in Adjusted Profit of $13.6 million is mainly attributable to the increase in Adjusted EBITDA(1) discussed above.
2
As of June 30, 2022, we had $147.3 million of cash and cash equivalents, out of which $51.8 million was held in current accounts and $95.5 million was held in time deposits with an original duration of less than three months. An additional amount of $10.0 million of time deposits with an original duration greater than three months was classified under short-term cash deposits.
As of June 30, 2022, we had an aggregate of $1,036.1 million of bank borrowings outstanding under our credit facilities, of which $159.3 million was repayable within one year. Current bank borrowings include an amount of $69.1 million with respect to the associated debt of our two Steam vessels classified as held for sale as of June 30, 2022. As of June 30, 2022, we also had an aggregate of $50.9 million of lease liabilities mainly related to the sale and leaseback of the GasLog Shanghai, of which $10.5 million was payable within one year.
As of June 30, 2022, our current assets totaled $291.6 million and current liabilities totaled $239.8 million, resulting in a positive working capital position of $51.8 million.
(1) | Adjusted Profit, EBITDA, Adjusted EBITDA and Adjusted EPU are non-GAAP financial measures and should not be used in isolation or as substitutes for GasLog Partners’ financial results presented in accordance with International Financial Reporting Standards (“IFRS”). For the definitions and reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release. |
Sale of Vessels
In June 2022, GasLog Partners entered into an agreement to sell, subject to customary and other closing conditions, the Methane Shirley Elisabeth, a 145,000 cubic meter Steam LNG carrier built in 2007, to an unrelated third party for a gross sale price of approximately $54.0 million, resulting in the reclassification of the vessel as held for sale and the recognition of an impairment loss of $14.7 million as of June 30, 2022. The transaction is expected to be completed in the third quarter of 2022, upon redelivery of the vessel from its current charterer.
In addition, as of June 30, 2022, GasLog Partners had been pursuing an agreement for the sale and lease-back of another Steam vessel, resulting in the reclassification of that vessel as held for sale and the recognition of an impairment loss of $13.3 million. While no definitive agreement has yet been reached, the agreement is expected to be executed and the sale expected to be completed within the next 12 months.
Preference Unit Repurchase Programme
In the second quarter of 2022, under the Partnership’s preference unit repurchase programme (the “Repurchase Programme”) established in March 2021, GasLog Partners repurchased and cancelled 72,762 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series A Preference Units”), 140,201 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) and 132,715 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”), for an aggregate amount of $8.7 million, including commissions.
Since inception of the Repurchase Programme in March 2021 and up to June 30, 2022, GasLog Partners has repurchased and cancelled 80,600 Series A Preference Units, 777,220 Series B Preference Units and 615,599 Series C Preference Units at a weighted average price of $25.44, $25.06 and $25.23 per preference unit for Series A, Series B and Series C, respectively, for an aggregate amount of $37.1 million, including commissions.
LNG Market Update and Outlook
Global LNG demand was forecasted to be 95.7 million tonnes (“mt”) in the second quarter of 2022, according to Wood Mackenzie, Energy Research and Consultancy (“WoodMac”), compared to 92 mt in the second quarter of 2021, an increase of approximately 4%, primarily led by continued strong demand from Europe in response to low inventories and continued disruption of gas pipeline imports from Russia. As a result of increased LNG imports, European inventories were recovering to seasonal average levels. However, Russia has reduced flows via Nord Stream 1 pipeline into Germany by 60%, citing technical issues for the reduction.
Global LNG supply was approximately 101.3 mt in the second quarter of 2022, growing by 6.5 mt, or 6.9%, compared to the second quarter of 2021 according to WoodMac. LNG supply in 2022 retained strong levels compared to the first quarter of 2022, declining by just 0.1 mt as a result of high utilization in the United States (“U.S.”) and the gradual recovery of Norwegian exports. Looking ahead, approximately 163 mt of new LNG capacity is currently under construction and scheduled to come online between 2023 and 2027.
Headline spot rates for TFDE LNG carriers, as reported by Clarkson Research Services Limited (“Clarksons”), averaged $61,846 per day in the second quarter of 2022, a 6.7% increase over the $57,962 per day average in the second quarter of 2021. Headline spot rates for Steam LNG carriers averaged $40,346 per day in the second quarter of 2022, 10% lower than the average of $44,654 per day in the second quarter of 2021. Headline spot rates in the second quarter of 2022 were impacted by an increased availability of sublet tonnage, limited spot vessel enquiries and declining inter-basin demand. Most recently, the fire at the Freeport LNG export facility significantly negatively affected demand for LNG carriers in the Atlantic Basin while simultaneously releasing additional vessels into the spot market. The market for independently owned vessels, however, is supported by strong demand in the multi-month/multi-year market, despite the recent underperformance of the spot market, due to uncertainty, volatility and the small number of uncommitted vessels able to offer charterers the necessary flexibility. One-year time charter rates for TFDE LNG carriers averaged
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$112,250 per day in the second quarter of 2022, a 43% increase over the $78,267 per day average in the second quarter of 2021. One-year time charter rates for Steam LNG carriers averaged $62,450 per day in the second quarter of 2022, a 20% increase over the $52,083 daily average in the second quarter of 2021.
As of July 1, 2022, Clarksons assessed headline spot rates for TFDE and Steam LNG carriers at $58,750 per day and $32,500 per day, respectively. Forward assessments for LNG carrier spot rates indicate rising spot rates through the remainder of the year.
As of July 1, 2022, Poten & Partners Group Inc. estimated that the orderbook totaled 219 dedicated LNG carriers (>100,000 cbm), representing 37% of the on-the-water fleet. Of these, 189 vessels (or 86%) have multi-year charters. There were 88 orders for newbuild LNG carriers in the first six months of 2022 compared with 77 orders for all of 2021.
Preference Unit Distributions
On July 27, 2022, the board of directors of GasLog Partners approved and declared a distribution on the Series A Preference Units of $0.5390625 per preference unit, a distribution on the Series B Preference Units of $0.5125 per preference unit and a distribution on the Series C Preference Units of $0.53125 per preference unit. The cash distributions are payable on September 15, 2022 to all unitholders of record as of September 8, 2022.
Common Unit Distribution
On July 27, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended June 30, 2022. The cash distribution is payable on August 11, 2022 to all unitholders of record as of August 8, 2022.
ATM Common Equity Offering Programme (“ATM Programme”)
The Partnership did not issue any common units under the ATM Programme during the second quarter of 2022.
Conference Call
GasLog Partners will host a conference call to discuss its results for the second quarter of 2022 at 8.00 a.m. EDT (3.00 p.m. EEST) on Thursday, July 28, 2022. The Partnership’s senior management will review the operational and financial performance for the period. Management’s presentation will be followed by a Q&A session.
The dial-in numbers for the conference call are as follows:
+1 866 374 5140 (USA)
+44 20 3100 4191 (United Kingdom)
+33 1 72 25 67 60 (France)
+852 800 9337 52 (Hong Kong)
Conference ID: 57987430
A live webcast of the conference call will be available on the Investor Relations page of the GasLog Partners website
(http://www.gaslogmlp.com/investors).
For those unable to participate in the conference call, a replay of the webcast will be available on the Investor Relations page of the GasLog Partners
website (http://www.gaslogmlp.com/investors).
About GasLog Partners
GasLog Partners is an owner and operator of LNG carriers. The Partnership’s fleet consists of 14 wholly-owned LNG carriers as well as one vessel on a bareboat charter, with an average carrying capacity of approximately 158,000 cbm. GasLog Partners is a publicly traded master limited partnership (NYSE: GLOP) but has elected to be treated as a C corporation for U.S. income tax purposes and therefore its investors receive an Internal Revenue Service Form 1099 with respect to any distributions declared and received. Visit GasLog Partners’ website at http://www.gaslogmlp.com.
Forward-Looking Statements
All statements in this press release that are not statements of historical fact are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Partnership expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial
4
position, liquidity and cash available for distributions, and the impact of changes to cash distributions on the Partnership’s business and growth prospects, plans, strategies and changes and trends in our business and the markets in which we operate. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this press release, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ include, but are not limited to, the following:
· | general LNG shipping market conditions and trends, including spot and multi-year charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, including geopolitical events, technological advancements and opportunities for the profitable operations of LNG carriers; |
· | fluctuations in charter hire rates, vessel utilization and vessel values; |
· | our ability to secure new multi-year charters at economically attractive rates; |
· | our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels which are not operating under multi-year charters, including the risk that certain of our vessels may no longer have the latest technology at such time which may impact our ability to secure employment for such vessels as well as the rate at which we can charter such vessels; |
· | changes in our operating expenses, including crew costs, maintenance, dry-docking and insurance costs and bunker prices; |
· | number of off-hire days and dry-docking requirements, including our ability to complete scheduled dry-dockings on time and within budget; |
· | planned capital expenditures and availability of capital resources to fund capital expenditures; |
· | business disruptions resulting from measures taken to reduce the spread of COVID-19, including possible delays due to the quarantine of vessels and crew, as well as government-imposed shutdowns; |
· | fluctuations in prices for crude oil, petroleum products and natural gas, including LNG; |
· | fluctuations in exchange rates, especially the U.S. dollar and Euro; |
· | our ability to expand our portfolio by acquiring vessels through our drop-down pipeline with GasLog or by acquiring other assets from third parties; |
· | our ability to leverage GasLog’s relationships and reputation in the shipping industry and the ability of GasLog to maintain long-term relationships with major energy companies and major LNG producers, marketers and consumers to obtain new charter contracts; |
· | GasLog’s relationships with its employees and ship crews, its ability to retain key employees and provide services to us, and the availability of skilled labor, ship crews and management; |
· | changes in the ownership of our charterers; |
· | our customers’ performance of their obligations under our time charters and other contracts; |
· | our future operating performance, financial condition, liquidity and cash available for distributions; |
· | our distribution policy and our ability to make cash distributions on our units or the impact of changes to cash distributions on our financial position; |
· | our ability to obtain debt and equity financing on acceptable terms to fund capital expenditures, acquisitions and other corporate activities, funding by banks of their financial commitments and our ability to meet our restrictive covenants and other obligations under our credit facilities; |
· | future, pending or recent acquisitions of ships or other assets, business strategy, areas of possible expansion and expected capital spending; |
· | risks inherent in ship operation, including the discharge of pollutants; |
· | any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity event; |
· | the expected cost of and our ability to comply with environmental and regulatory requirements related to climate change, including with respect to emissions of air pollutants and greenhouse gases, as well as future changes in such requirements or other actions taken by regulatory authorities, governmental organizations, classification societies and standards imposed by our charterers applicable to our business; |
· | potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists; |
· | potential liability from future litigation; and |
· | other risks and uncertainties described in the Partnership’s Annual Report on Form 20-F filed with the SEC on March 1, 2022, available at http://www.sec.gov. |
We undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, a change in our views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
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The declaration and payment of distributions are at all times subject to the discretion of our board of directors and will depend on, amongst other things, risks and uncertainties described above, restrictions in our credit facilities, the provisions of Marshall Islands law and such other factors as our board of directors may deem relevant.
Contacts:
Robert Brinberg
Rose & Company
Phone: +1 212-517-0810
Email: gaslog@roseandco.com
6
EXHIBIT I – Unaudited Interim Financial Information
Unaudited condensed consolidated statements of financial position
As of December 31, 2021 and June 30, 2022
(All amounts expressed in thousands of U.S. Dollars, except unit data)
| | December 31, | | June 30, |
|
| 2021 |
| 2022 |
Assets | | | | |
Non-current assets |
|
|
|
|
Other non-current assets |
| 44 |
| 128 |
Derivative financial instruments – non-current portion |
| — |
| 25 |
Tangible fixed assets |
| 1,888,583 |
| 1,714,062 |
Right-of-use assets |
| 81,996 |
| 73,555 |
Total non-current assets |
| 1,970,623 |
| 1,787,770 |
Current assets |
|
|
|
|
Vessels held for sale |
| — |
| 113,435 |
Trade and other receivables |
| 11,156 |
| 15,828 |
Inventories |
| 2,991 |
| 3,153 |
Prepayments and other current assets |
| 1,433 |
| 1,808 |
Derivative financial instruments – current portion |
| — |
| 94 |
Short-term cash deposits |
| — |
| 10,000 |
Cash and cash equivalents |
| 145,530 |
| 147,272 |
Total current assets |
| 161,110 |
| 291,590 |
Total assets |
| 2,131,733 |
| 2,079,360 |
Partners’ equity and liabilities |
|
|
|
|
Partners’ equity |
|
|
|
|
Common unitholders (51,137,201 units issued and outstanding as of December 31, 2021 and 51,272,865 units issued and outstanding as of June 30, 2022) |
| 579,447 |
| 600,151 |
General partner (1,077,494 units issued and outstanding as of December 31, 2021 and 1,080,263 units issued and outstanding as of June 30, 2022) |
| 10,717 |
| 11,170 |
Preference unitholders (5,750,000 Series A Preference Units, 4,135,571 Series B Preference Units and 3,730,451 Series C Preference Units issued and outstanding as of December 31, 2021 and 5,669,400 Series A Preference Units, 3,822,780 Series B Preference Units and 3,384,401 Series C Preference Units issued and outstanding as of June 30, 2022) |
| 329,334 |
| 310,606 |
Total partners’ equity |
| 919,498 |
| 921,927 |
Current liabilities |
|
|
|
|
Trade accounts payable |
| 9,547 |
| 14,220 |
Due to related parties |
| 952 |
| 4,350 |
Derivative financial instruments—current portion |
| 5,184 |
| 10 |
Other payables and accruals |
| 50,171 |
| 51,352 |
Borrowings—current portion |
| 99,307 |
| 159,342 |
Lease liabilities—current portion |
| 10,342 |
| 10,512 |
Total current liabilities |
| 175,503 |
| 239,786 |
Non-current liabilities |
|
|
|
|
Derivative financial instruments—non-current portion |
| 4,061 |
| 72 |
Borrowings—non-current portion |
| 986,451 |
| 876,802 |
Lease liabilities—non-current portion |
| 45,556 |
| 40,367 |
Other non-current liabilities |
| 664 |
| 406 |
Total non-current liabilities |
| 1,036,732 |
| 917,647 |
Total partners’ equity and liabilities |
| 2,131,733 |
| 2,079,360 |
7
Unaudited condensed consolidated statements of profit or loss
For the three and six months ended June 30, 2021 and 2022
(All amounts expressed in thousands of U.S. Dollars, except per unit data)
|
| For the three months ended |
| For the six months ended | ||||
| | June 30, 2021 | | June 30, 2022 | | June 30, 2021 | | June 30, 2022 |
Revenues |
| 70,352 |
| 84,922 |
| 157,440 |
| 170,381 |
Voyage expenses and commissions |
| (1,852) |
| (2,172) |
| (3,931) |
| (3,633) |
Vessel operating costs |
| (20,044) |
| (19,047) |
| (37,851) |
| (37,621) |
Depreciation |
| (20,798) |
| (22,224) |
| (41,484) |
| (44,211) |
General and administrative expenses |
| (3,488) |
| (4,380) |
| (6,559) |
| (9,071) |
Impairment loss on vessels |
| — |
| (28,027) |
| — |
| (28,027) |
Profit from operations |
| 24,170 |
| 9,072 |
| 67,615 |
| 47,818 |
Financial costs |
| (9,115) |
| (9,778) |
| (18,531) |
| (18,559) |
Financial income |
| 11 |
| 221 |
| 23 |
| 260 |
(Loss)/gain on derivatives |
| (403) |
| 1,246 |
| 916 |
| 6,223 |
Total other expenses, net |
| (9,507) |
| (8,311) |
| (17,592) |
| (12,076) |
Profit and total comprehensive income for the period |
| 14,663 |
| 761 |
| 50,023 |
| 35,742 |
| | | | | | | | |
Earnings/(loss) per unit, basic and diluted: |
|
|
|
|
|
|
|
|
Common unit, basic |
| 0.14 |
| (0.12) |
| 0.71 |
| 0.42 |
Common unit, diluted |
| 0.14 |
| (0.12) |
| 0.68 |
| 0.40 |
General partner unit |
| 0.14 |
| (0.12) |
| 0.72 |
| 0.42 |
8
Unaudited condensed consolidated statements of cash flows
For the six months ended June 30, 2021 and 2022
(All amounts expressed in thousands of U.S. Dollars)
|
| For the six months ended | ||
| | June 30, | | June 30, |
| | 2021 | | 2022 |
Cash flows from operating activities: |
|
|
|
|
Profit for the period |
| 50,023 |
| 35,742 |
Adjustments for: |
|
|
|
|
Depreciation |
| 41,484 |
| 44,211 |
Impairment loss on vessels |
| — |
| 28,027 |
Financial costs |
| 18,531 |
| 18,559 |
Financial income |
| (23) |
| (260) |
Gain on derivatives |
| (916) |
| (6,223) |
Share-based compensation |
| 167 |
| 463 |
|
| 109,266 |
| 120,519 |
Movements in working capital |
| 3,751 |
| 1,662 |
Net cash provided by operating activities |
| 113,017 |
| 122,181 |
Cash flows from investing activities: |
|
|
|
|
Payments for tangible fixed assets additions |
| (12,241) |
| (1,219) |
Financial income received |
| 23 |
| 123 |
Purchase of short-term cash deposits | | (2,500) | | (10,000) |
Net cash used in investing activities |
| (14,718) |
| (11,096) |
Cash flows from financing activities: |
|
|
|
|
Borrowings repayments |
| (54,838) |
| (51,746) |
Principal elements of lease payments |
| (224) |
| (5,151) |
Interest paid |
| (21,384) |
| (18,646) |
Release of cash collateral for interest rate swaps |
| 280 |
| — |
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) |
| 10,205 |
| 16 |
Repurchases of preference units |
| — |
| (18,742) |
Payment of offering costs |
| (124) |
| (20) |
Distributions paid (including common and preference) |
| (16,134) |
| (15,054) |
Net cash used in financing activities |
| (82,219) |
| (109,343) |
Increase in cash and cash equivalents |
| 16,080 |
| 1,742 |
Cash and cash equivalents, beginning of the period |
| 103,736 |
| 145,530 |
Cash and cash equivalents, end of the period |
| 119,816 |
| 147,272 |
9
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA is defined as earnings before financial income and costs, gain/loss on derivatives, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before impairment loss on vessels, loss on disposal of vessel and restructuring costs. Adjusted Profit represents earnings before (a) non-cash gain/loss on derivatives that includes unrealized gain/loss on derivatives held for trading, (b) write-off and accelerated amortization of unamortized loan fees, (c) impairment loss on vessels, (d) loss on disposal of vessel and (e) restructuring costs. Adjusted EPU represents Adjusted Profit (as defined above), after deducting preference unit distributions and adding/deducting any difference between the carrying amount of preference units and the fair value of the consideration paid to settle them, divided by the weighted average number of units outstanding during the period. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU, which are non-GAAP financial measures, are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Partnership believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Partnership believes that including EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our ongoing financial and operational strength in assessing whether to purchase and/or to continue to hold our common units. This increased comparability is achieved by excluding the potentially disparate effects between periods of, in the case of EBITDA and Adjusted EBITDA, financial costs, gain/loss on derivatives, taxes, depreciation and amortization; in the case of Adjusted EBITDA, impairment loss on vessels, loss on disposal of vessel and restructuring costs and, in the case of Adjusted Profit and Adjusted EPU, non-cash gain/loss on derivatives, write-off and accelerated amortization of unamortized loan fees, impairment loss on vessels, loss on disposal of vessel and restructuring costs, which items are affected by various and possibly changing financing methods, financial market conditions, general shipping market conditions, capital structure and historical cost basis and which items may significantly affect results of operations between periods. Restructuring costs are excluded from Adjusted EBITDA, Adjusted Profit and Adjusted EPU because restructuring costs represent charges reflecting specific actions taken by management to improve the Partnership’s future profitability and therefore are not considered representative of the underlying operations of the Partnership. Impairment loss is excluded from Adjusted EBITDA, Adjusted Profit and Adjusted EPU because impairment loss on vessels represents the excess of their carrying amount over the amount that is expected to be recovered from them in the future and therefore is not considered representative of the underlying operations of the Partnership. Loss on disposal of vessel is excluded from Adjusted EBITDA, Adjusted Profit and Adjusted EPU because loss on disposal of vessel represents the excess of its carrying amount over the amount that was recovered through sale and therefore is not considered representative of the underlying operations of the Partnership.
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU have limitations as analytical tools and should not be considered as alternatives to, or as substitutes for, or superior to, profit, profit from operations, earnings per unit or any other measure of operating performance presented in accordance with IFRS. Some of these limitations include the fact that they do not reflect (i) our cash expenditures or future requirements for capital expenditures or contractual commitments, (ii) changes in, or cash requirements for, our working capital needs and (iii) the cash requirements necessary to service interest or principal payments on our debt. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU are not adjusted for all non-cash income or expense items that are reflected in our statement of cash flows and other companies in our industry may calculate these measures differently to how we do, limiting their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU exclude some, but not all, items that affect profit or loss and these measures may vary among other companies. Therefore, EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU as presented herein may not be comparable to similarly titled measures of other companies. The following tables reconcile EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU to Profit, the most directly comparable IFRS financial measure, for the periods presented.
In evaluating EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPU should not be construed as an inference that our future results will be unaffected by the excluded items.
The estimated incremental EBITDA in 2022 and 2023 in connection with the recharterings of the Methane Rita Andrea and the Gaslog Seattle is based on the following assumptions:
- | continuation of the time charters for the Methane Rita Andrea and the Gaslog Seattle through expiration in October 2023 and March 2023, respectively; |
- | vessel operating and supervision costs and voyage expenses and commissions per current internal estimates; and |
- | general and administrative expenses based on management’s current internal estimates. |
We consider the above assumptions to be reasonable as of the date of this press release, but if these assumptions prove to be incorrect, actual EBITDA could differ materially from our estimates. The prospective financial information was not prepared with a view toward public disclosure or with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants, but, in the view of the Partnership’s management, was prepared on a reasonable basis and reflects the best currently available estimates and judgments. However, this information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this press release are cautioned not to place undue reliance on the prospective financial information.
10
Neither our independent auditors nor any other independent accountants have compiled, examined, or performed any procedures with respect to the prospective financial information contained above, nor have they expressed any opinion or any other form of assurance on such information or its achievability and assume no responsibility for, and disclaim any association with, such prospective financial information.
Reconciliation of Profit to EBITDA and Adjusted EBITDA:
(Amounts expressed in thousands of U.S. Dollars)
|
| For the three months ended |
| For the six months ended | ||||
|
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 |
Profit for the period |
| 14,663 |
| 761 |
| 50,023 |
| 35,742 |
Depreciation |
| 20,798 |
| 22,224 |
| 41,484 |
| 44,211 |
Financial costs |
| 9,115 |
| 9,778 |
| 18,531 |
| 18,559 |
Financial income |
| (11) |
| (221) |
| (23) |
| (260) |
Loss/(gain) on derivatives |
| 403 |
| (1,246) |
| (916) |
| (6,223) |
EBITDA |
| 44,968 |
| 31,296 |
| 109,099 |
| 92,029 |
Impairment loss on vessels |
| — |
| 28,027 |
| — |
| 28,027 |
Restructuring costs |
| — |
| — |
| — |
| 168 |
Adjusted EBITDA |
| 44,968 |
| 59,323 |
| 109,099 |
| 120,224 |
Reconciliation of Profit to Adjusted Profit:
(Amounts expressed in thousands of U.S. Dollars)
|
| For the three months ended |
| For the six months ended | ||||
| | June 30,2021 | | June 30,2022 | | June 30,2021 | | June 30,2022 |
Profit for the period |
| 14,663 |
| 761 |
| 50,023 |
| 35,742 |
Non-cash gain on derivatives |
| (1,962) |
| (2,459) |
| (5,569) |
| (9,282) |
Impairment loss on vessels |
| — |
| 28,027 |
| — |
| 28,027 |
Restructuring costs |
| — |
| — |
| — |
| 168 |
Adjusted Profit |
| 12,701 |
| 26,329 |
| 44,454 |
| 54,655 |
Reconciliation of Profit to EPU and Adjusted EPU:
(Amounts expressed in thousands of U.S. Dollars)
|
| For the three months ended |
| For the six months ended | ||||
|
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 |
Profit for the period |
| 14,663 |
| 761 |
| 50,023 |
| 35,742 |
Adjustment for: |
|
|
|
|
|
|
|
|
Accrued preference unit distributions |
| (7,582) |
| (6,818) |
| (15,164) |
| (13,808) |
Differences on repurchase of preference units |
| — |
| (134) |
| — |
| (216) |
Partnership’s profit/(loss) attributable to: |
| 7,081 |
| (6,191) |
| 34,859 |
| 21,718 |
Common units |
| 6,933 |
| (6,064) |
| 34,127 |
| 21,269 |
General partner units |
| 148 |
| (127) |
| 732 |
| 449 |
Weighted average units outstanding (basic) |
|
|
|
|
|
|
|
|
Common units |
| 48,161,285 |
| 51,171,651 |
| 47,841,332 |
| 51,154,521 |
General partner units |
| 1,021,953 |
| 1,077,524 |
| 1,021,646 |
| 1,077,509 |
EPU (basic) |
|
|
|
|
|
|
|
|
Common units |
| 0.14 |
| (0.12) |
| 0.71 |
| 0.42 |
General partner units |
| 0.14 |
| (0.12) |
| 0.72 |
| 0.42 |
11
|
| For the three months ended |
| For the six months ended | ||||
|
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 |
Profit for the period |
| 14,663 |
| 761 |
| 50,023 |
| 35,742 |
Adjustment for: |
|
|
|
|
|
|
|
|
Accrued preference unit distributions |
| (7,582) |
| (6,818) |
| (15,164) |
| (13,808) |
Differences on repurchase of preference units |
| — |
| (134) |
| — |
| (216) |
Partnership’s profit/(loss) used in EPU calculation |
| 7,081 |
| (6,191) |
| 34,859 |
| 21,718 |
Non-cash gain on derivatives |
| (1,962) |
| (2,459) |
| (5,569) |
| (9,282) |
Impairment loss on vessels |
| — |
| 28,027 |
| — |
| 28,027 |
Restructuring costs |
| — |
| — |
| — |
| 168 |
Adjusted Partnership’s profit used in EPU calculation attributable to: |
| 5,119 |
| 19,377 |
| 29,290 |
| 40,631 |
Common units |
| 5,013 |
| 18,978 |
| 28,675 |
| 39,793 |
General partner units |
| 106 |
| 399 |
| 615 |
| 838 |
Weighted average units outstanding (basic) |
|
|
|
|
|
|
|
|
Common units |
| 48,161,285 |
| 51,171,651 |
| 47,841,332 |
| 51,154,521 |
General partner units |
| 1,021,953 |
| 1,077,524 |
| 1,021,646 |
| 1,077,509 |
Adjusted EPU (basic) |
|
|
|
|
|
|
|
|
Common units |
| 0.10 |
| 0.37 |
| 0.60 |
| 0.78 |
General partner units |
| 0.10 |
| 0.37 |
| 0.60 |
| 0.78 |
12
Exhibit 99.2
Financial Report for the Three and Six Months Ended June 30, 2022
Management’s Discussion and Analysis of Financial Condition and Results of Operation
The following is a discussion of our financial condition and results of operations for the three-and six-month periods ended June 30, 2021 and June 30, 2022. References to “GasLog Partners”, “we”, “our”, “us” and “the Partnership” or similar terms refer to GasLog Partners LP and its subsidiaries. You should read this section in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our Annual Report on Form 20-F filed with the United States Securities Exchange Commission (the “SEC”) on March 1, 2022. This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements. See also discussion in the section entitled “Forward-Looking Statements” below.
Forward-Looking Statements
All statements in this report that are not statements of historical fact are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Partnership expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial position, liquidity and cash available for dividends or distributions and the impact of changes to our cash distributions on the Partnership’s business and growth prospects, plans, strategies, business prospects and changes and trends in our business and the markets in which we operate. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this report, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ include, but are not limited to, the following:
| ● | general liquefied natural gas (“LNG”) shipping market conditions and trends, including spot and multi-year charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, including geopolitical events, technological advancements and opportunities for the profitable operations of LNG carriers; |
| ● | fluctuations in charter hire rates, vessel utilization and vessel values; |
| ● | our ability to secure new multi-year charters at economically attractive rates; |
| ● | our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels which are not operating under multi-year charters, including the risk that certain of our vessels may no longer have the latest technology at such time which may impact our ability to secure employment for such vessels as well as the rate at which we can charter such vessels; |
| ● | changes in our operating expenses, including crew costs, maintenance, dry-docking and insurance costs and bunker prices; |
| ● | number of off-hire days and dry-docking requirements, including our ability to complete scheduled dry-dockings on time and within budget; |
| ● | planned capital expenditures and availability of capital resources to fund capital expenditures; |
| ● | business disruptions resulting from measures taken to reduce the spread of COVID-19, including possible delays due to the quarantine of vessels and crew, as well as government-imposed shutdowns; |
| ● | fluctuations in prices for crude oil, petroleum products and natural gas, including LNG; |
| ● | fluctuations in exchange rates, especially the U.S. dollar and Euro; |
| ● | our ability to expand our portfolio by acquiring vessels through our drop-down pipeline with GasLog Ltd. (“GasLog”) or by acquiring other assets from third parties; |
| ● | our ability to leverage GasLog’s relationships and reputation in the shipping industry and the ability of GasLog to maintain long-term relationships with major energy companies and major LNG producers, marketers and consumers to obtain new charter contracts; |
| ● | GasLog’s relationships with its employees and ship crews, its ability to retain key employees and provide services to us, and the availability of skilled labor, ship crews and management; |
| ● | changes in the ownership of our charterers; |
| ● | our customers’ performance of their obligations under our time charters and other contracts; |
| ● | our future operating performance, financial condition, liquidity and cash available for distributions; |
| ● | our distribution policy and our ability to make cash distributions on our units or the impact of changes to cash distributions on our financial position; |
| ● | our ability to obtain debt and equity financing on acceptable terms to fund capital expenditures, acquisitions and other corporate activities, funding by banks of their financial commitments and our ability to meet our restrictive covenants and other obligations under our credit facilities; |
| ● | future, pending or recent acquisitions of ships or other assets, business strategy, areas of possible expansion and expected capital spending; |
| ● | risks inherent in ship operation, including the discharge of pollutants; |
1
| ● | any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity event; |
| ● | the expected cost of and our ability to comply with environmental and regulatory requirements related to climate change, including with respect to emissions of air pollutants and greenhouse gases, as well as future changes in such requirements or other actions taken by regulatory authorities, governmental organizations, classification societies and standards imposed by our charterers applicable to our business; |
| ● | potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists; |
| ● | potential liability from future litigation; and |
| ● | other risks and uncertainties described in the Partnership’s Annual Report on Form 20-F filed with the SEC on March 1, 2022, available at http://www.sec.gov. |
The declaration and payment of distributions are at all times subject to the discretion of our board of directors and will depend on, amongst other things, the risks and uncertainties described above, restrictions in our credit facilities, the provisions of Marshall Islands law and such other factors as our board of directors may deem relevant.
We undertake no obligation to update or revise any forward-looking statements contained in this report, whether as a result of new information, future events, a change in our views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
Cash Distribution
On July 27, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended June 30, 2022. The cash distribution is payable on August 11, 2022 to all unitholders of record as of August 8, 2022. The aggregate amount of the declared distribution will be $0.5 million based on the number of units issued and outstanding as of June 30, 2022.
Overview
GasLog Partners is an owner and operator of LNG carriers. Since our initial public offering (“IPO”) in May 2014, we have grown our fleet from three vessels at the time of our IPO to 15 today (including one vessel sold and leased back under a bareboat charter). Our focus is on capital allocation to debt repayment, prioritizing balance sheet strength for 2022, in order to lower our cash break-evens, reduce our cost of capital and further enhance the Partnership’s competitive positioning.
As of June 30, 2022, our owned and bareboat fleet consisted of ten vessels with tri-fuel diesel electric (“TFDE”) propulsion and five steam turbine propulsion (“Steam”) vessels. In June 2022, we entered into an agreement to sell the Methane Shirley Elisabeth, with the sale expected to be completed in the third quarter of 2022 and we are in active discussions for the sale and lease-back of a second Steam vessel. We also have options and other rights under which we may acquire additional LNG carriers from GasLog, as described below. We believe that such options and rights could provide us with built-in growth opportunities, subject to certain conditions described below. We may also acquire vessels or other LNG infrastructure assets from shipyards or other owners. However, we cannot assure you that we will make any acquisition or that, as a consequence, we will successfully grow our distributions per common unit. Among other things, our ability to acquire any additional LNG carriers or other LNG infrastructure assets will be dependent upon our ability to raise additional equity and debt financing.
2
Our Fleet
Owned Fleet
| | | | | | | | | | | | | | |
| | | | | Cargo | | Charterer (for | | | | Charter | | | |
| | | | | Capacity | | contracts of more | | | | Expiration | | | |
LNG Carrier |
| Year Built |
| (cbm) |
| than six months) |
| Propulsion |
| (Firm Period) |
| Optional Period |
| |
1 | Solaris | | 2014 | | 155,000 | | Spot Market | | TFDE | | — | | — |
|
2 | Methane Heather Sally | | 2007 | | 145,000 | | Spot Market | | Steam | | — | | — |
|
3 | Methane Shirley Elisabeth (1) | | 2007 | | 145,000 | | JOVO | (2) | Steam | | August 2022 | | — |
|
4 | GasLog Santiago |
| 2013 |
| 155,000 |
| Trafigura | (3) | TFDE |
| December 2022 |
| 2023–2028 | (3) |
5 | Methane Jane Elizabeth |
| 2006 |
| 145,000 |
| Cheniere | (4) | Steam |
| March 2023 |
| 2024–2025 | (4) |
6 | GasLog Seattle |
| 2013 |
| 155,000 |
| Major Trading House |
| TFDE |
| March 2023 |
| — | |
7 | GasLog Sydney |
| 2013 |
| 155,000 |
| Naturgy | (5) | TFDE |
| April 2023 |
| — | |
8 | Methane Rita Andrea |
| 2006 |
| 145,000 |
| Gunvor | (6) | Steam |
| October 2022 |
| — | |
| |
| |
| | | Energy Major | (7) | | | October 2023 | | — | |
9 | GasLog Geneva |
| 2016 |
| 174,000 |
| Shell | (8) | TFDE |
| September 2023 |
| 2028–2031 | (8) |
10 | Methane Alison Victoria |
| 2007 |
| 145,000 |
| CNTIC VPower | (9) | Steam |
| October 2023 |
| 2024–2025 | (9) |
11 | GasLog Gibraltar |
| 2016 |
| 174,000 |
| Shell |
| TFDE |
| October 2023 |
| 2028–2031 | (8) |
12 | Methane Becki Anne |
| 2010 |
| 170,000 |
| Shell |
| TFDE |
| March 2024 |
| 2027–2029 | (10) |
13 | GasLog Greece |
| 2016 |
| 174,000 |
| Shell |
| TFDE |
| March 2026 |
| 2031 | (11) |
14 | GasLog Glasgow |
| 2016 |
| 174,000 |
| Shell |
| TFDE |
| June 2026 |
| 2031 | (11) |
(1) | The Partnership has entered into an agreement and expects to complete the sale of the vessel in the third quarter of 2022. |
(2) | The vessel is chartered to Singapore Carbon Hydrogen Energy Pte. Ltd., a wholly owned subsidiary of JOVO Group (“JOVO”). |
(3) | The vessel is chartered to Trafigura Maritime Logistics PTE Ltd. (“Trafigura”). Charterer may extend the term of this time charter for a period ranging from one to six years, provided that the charterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period. |
(4) | The vessel is chartered to Cheniere Marketing International LLP, a subsidiary of Cheniere Energy Inc. (“Cheniere”). Charterers may extend the term of the time charters by two additional periods of one year, provided that the charterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period. |
(5) | The vessel is chartered to Naturgy Aprovisionamentos S.A. (“Naturgy”). |
(6) | The vessel is chartered to Clearlake Shipping Pte. Ltd., a subsidiary of Gunvor Group Ltd. (“Gunvor”). |
(7) | The vessel is expected to begin its time charter with an energy major right after the expiration of its current charter with Gunvor. |
(8) | The vessel is chartered to a wholly owned subsidiary of Shell plc (“Shell”). Charterer may extend the term of the time charters by two additional periods of five and three years, respectively, provided that the charterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period. |
(9) | The vessel is chartered to CNTIC VPower Energy Ltd. (“CNTIC VPower”), an independent Chinese energy company. The charterer may extend the term of the related charter by two additional periods of one year, provided that the charterer gives us advance notice of its exercise of any extension option. The period shown reflects the expiration of the minimum optional period and the maximum optional period. |
(10) | Charterer may extend the term of the related charter for one extension period of three or five years, provided that the charterer gives us advance notice of its exercise of any extension option. The period shown reflects the expiration of the minimum optional period and the maximum optional period. |
(11) | Charterer may extend the term of these time charters for a period of five years, provided that the charterer gives us advance notice of declaration. |
Bareboat Vessel
| | | | | | | | | | | | | |
| | | | | Cargo | | Charterer (for | | | | Charter | | |
| | | | | Capacity | | contracts of more | | | | Expiration | | |
LNG Carrier |
| Year Built |
| (cbm) | | than six months) |
| Propulsion |
| (Firm Period) |
| Optional Period | |
1 | GasLog Shanghai (1) |
| 2013 |
| 155,000 |
| Gunvor |
| TFDE |
| November 2022 |
| — |
(1) | In October 2021, the vessel was sold and leased back from China Development Bank Financial Leasing Co. Ltd. (“CDBL”) for a period of five years, with no repurchase option or obligation. |
Additional Vessels
Five-Year Vessel Business Opportunities
GasLog has agreed, and has caused its controlled affiliates (other than us, our general partner and our subsidiaries) to agree, not to acquire, own, operate or charter any LNG carrier with a cargo capacity greater than 75,000 cbm engaged in oceangoing LNG transportation under a charter for five full years or more without, within 30 calendar days after the consummation of the acquisition or the commencement of the operations or charter of such a vessel, notifying us and offering us the opportunity to purchase such vessel at fair market value. We refer to these vessels, together with any related charters, as “Five-Year Vessels”.
3
Results of Operations
Our results set forth below are derived from the unaudited condensed consolidated financial statements of the Partnership.
Three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2022
(in thousands of U.S. dollars) | | | | | | |
|
| June 30, 2021 |
| June 30, 2022 |
| Change |
Revenues | | 70,352 | | 84,922 | | 14,570 |
Voyage expenses and commissions |
| (1,852) |
| (2,172) |
| (320) |
Vessel operating costs |
| (20,044) |
| (19,047) |
| 997 |
Depreciation |
| (20,798) |
| (22,224) |
| (1,426) |
General and administrative expenses |
| (3,488) |
| (4,380) |
| (892) |
Impairment loss on vessels |
| — |
| (28,027) |
| (28,027) |
Profit from operations |
| 24,170 |
| 9,072 |
| (15,098) |
Financial costs |
| (9,115) |
| (9,778) |
| (663) |
Financial income |
| 11 |
| 221 |
| 210 |
(Loss)/gain on derivatives |
| (403) |
| 1,246 |
| 1,649 |
Profit for the period |
| 14,663 |
| 761 |
| (13,902) |
For the three-month period ended June 30, 2021, we had an average of 15.0 vessels operating in our owned fleet having 1,283 available days, while during the three-month period ended June 30, 2022, we had an average of 15.0 vessels operating in our owned and bareboat fleet having 1,365 available days. The increase in available days is due to the scheduled dry-dockings of three of our vessels in the second quarter of 2021 (compared to nil in the same period in 2022).
Revenues: Revenues increased by $14.5 million, or 20.6%, from $70.4 million for the three-month period ended June 30, 2021, to $84.9 million for the same period in 2022. The increase is mainly attributable to a net increase in revenues from our vessels operating in the spot market in the second quarter of 2022, in line with the improvement of the LNG shipping spot and term market, combined with an increase in revenues resulting from the 82 off-hire days due to the scheduled dry-dockings of three of our vessels in the second quarter of 2021 (compared to nil in the same period in 2022). The average daily hire rate increased from $57,383 for the three-month period ended June 30, 2021, to $63,327 for the three-month period ended June 30, 2022.
Voyage Expenses and Commissions: Voyage expenses and commissions increased by $0.3 million, or 15.8%, from $1.9 million for the three-month period ended June 30, 2022, to $2.2 million for the same period in 2022. The increase in voyage expenses and commissions is mainly attributable to an increase in broker commissions in line with the abovementioned increase in revenues in the three-month period ended June 30, 2022, as compared to the same period in 2021.
Vessel Operating Costs: Vessel operating costs decreased by $1.0 million, or 5.0%, from $20.0 million for the three-month period ended June 30, 2021, to $19.0 million for the same period in 2022. The decrease in vessel operating costs is mainly attributable to a decrease of $2.0 million in technical maintenance expenses, primarily in connection with the dry-dockings of three of our vessels in the second quarter of 2021 (compared to nil in the same period in 2022), and a decrease of $0.3 million in vessel management fees mainly in connection with the decrease of the annual fee payable to our manager (approximately $0.1 million per vessel per year), partially offset by an increase of $1.3 million in crew costs, largely related to the in-house management of the Solaris (after her redelivery into our managed fleet on April 6, 2022). As a result, daily operating costs per vessel decreased from $15,734 per day for the three-month period ended June 30, 2021, to $14,005 per day for the three-month period ended June 30, 2022.
General and Administrative Expenses: General and administrative expenses increased by $0.9 million, or 25.7%, from $3.5 million for the three-month period ended June 30, 2021, to $4.4 million for the same period in 2022. The increase in general and administrative expenses is mainly attributable to an aggregate increase of $1.0 million in administrative services fees for our fleet in connection with the increase in the annual fee per vessel payable to GasLog in 2022 (approximately $0.3 million per vessel per year). As a result, daily general and administrative expenses increased from $2,554 per vessel ownership day for the three-month period ended June 30, 2021, to $3,211 per vessel ownership day for the three-month period ended June 30, 2022.
Impairment Loss on Vessels: Impairment loss on vessels was $28.0 million for the three-month period ended June 30, 2022 and nil for the same period in 2021. The impairment loss was recognized pursuant to the reclassification of two of our Steam vessels as held for sale and remeasurement of their carrying amounts as of June 30, 2022.
Financial Costs: Financial costs increased by $0.7 million, or 7.7%, from $9.1 million for the three-month period ended June 30, 2021, to $9.8 million for the same period in 2022. The increase in financial costs is attributable to an increase of $0.5 million in interest expense on loans, mainly due to an increase in the London Interbank Offered Rate (“LIBOR”) rates in the three months ended June 30, 2022 as compared to the same period in 2021, and an increase of $0.4 million in interest expense on leases, pursuant to the sale and leaseback of the GasLog Shanghai in October 2021. During the three-month period ended June 30, 2021, we had an average of $1,261.1 million of bank borrowings outstanding under our credit facilities with a weighted average interest rate of 2.4%, compared to an average of $1,058.1 million of bank borrowings outstanding under our credit facilities with a weighted average interest rate of 3.1% during the three-month period ended June 30, 2022.
4
(Loss)/gain on Derivatives: Loss on derivatives decreased by $1.6 million, from a loss of $0.4 million for the three-month period ended June 30, 2021, to a gain of $1.2 million for the same period in 2022. The decrease is attributable to a decrease of $1.1 million in realized loss on derivatives held for trading and a $0.5 million increase in unrealized gain from the mark-to-market valuation of derivatives (interest rate swaps) held for trading, which were carried at fair value through profit or loss, mainly due to changes in the forward yield curve.
Profit for the Period: Profit for the period decreased by $13.9 million, or 94.6%, from $14.7 million for the three-month period ended June 30, 2021, to $0.8 million for the same period in 2022, as a result of the aforementioned factors.
Six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2022
(in thousands of U.S. dollars) | | | | | | |
|
| June 30, 2021 |
| June 30, 2022 |
| Change |
Revenues | | 157,440 | | 170,381 | | 12,941 |
Voyage expenses and commissions |
| (3,931) |
| (3,633) |
| 298 |
Vessel operating costs |
| (37,851) |
| (37,621) |
| 230 |
Depreciation |
| (41,484) |
| (44,211) |
| (2,727) |
General and administrative expenses |
| (6,559) |
| (9,071) |
| (2,512) |
Impairment loss on vessels |
| — |
| (28,027) |
| (28,027) |
Profit from operations |
| 67,615 |
| 47,818 |
| (19,797) |
Financial costs |
| (18,531) |
| (18,559) |
| (28) |
Financial income |
| 23 |
| 260 |
| 237 |
Gain on derivatives |
| 916 |
| 6,223 |
| 5,307 |
Profit for the period |
| 50,023 |
| 35,742 |
| (14,281) |
For the six-month period ended June 30, 2021, we had an average of 15.0 vessels operating in our owned fleet having 2,619 available days, while during the six-month period ended June 30, 2022, we had an average of 15.0 vessels operating in our owned and bareboat fleet having 2,715 available days. The increase in available days is due to the scheduled dry-dockings of three of our vessels in the second quarter of 2021 (compared to nil in the same period in 2022).
Revenues: Revenues increased by $13.0 million, or 8.3%, from $157.4 million for the six-month period ended June 30, 2021, to $170.4 million for the same period in 2022. The increase is mainly attributable to a net increase in revenues from our vessels operating in the spot market in the first six months of 2022, in line with the improvement of the LNG shipping spot and term market, combined with an increase in revenues resulting from the 96 off-hire days due to the scheduled dry-dockings of three of our vessels in the first six months of 2021 (compared to nil in the same period in 2022). The average daily hire rate increased from $62,057 for the six-month period ended June 30, 2021, to $63,504 for the six-month period ended June 30, 2022.
Voyage Expenses and Commissions: Voyage expenses and commissions decreased by $0.3 million, or 7.7%, from $3.9 million for the six-month period ended June 30, 2022, to $3.6 million for the same period in 2022. The decrease in voyage expenses and commissions is mainly attributable to a decrease in bunker consumption costs due to the increased utilization of our vessels operating in the spot market in the six-month period ended June 30, 2022, as compared to the same period in 2021, partially offset by an increase in broker commissions, in line with the increase in revenues mentioned above.
Vessel Operating Costs: Vessel operating costs decreased by $0.3 million, or 0.8%, from $37.9 million for the six-month period ended June 30, 2021, to $37.6 million for the same period in 2022. The decrease in vessel operating costs is mainly attributable to a decrease of $2.3 million in technical maintenance expenses, primarily in connection with the dry-dockings of three of our vessels in 2021 (compared to nil in the same period in 2022) and a decrease of $0.6 million in vessel management fees, mainly in connection with the decrease of the annual fee payable to our manager (approximately $0.1 million per vessel per year), which were partially offset by an increase of $2.6 million in crew costs, largely related to the in-house management of the Solaris (after her redelivery into our managed fleet on April 6, 2022) and additional costs following our COVID-19 enhanced protocols in 2022, crew extension bonuses to support our seafarers, travelling and extended quarantine days for seafarers prior to embarkation. As a result, daily operating costs per vessel decreased from $14,937 per day for the six-month period ended June 30, 2021, to $14,359 per day for the six-month period ended June 30, 2022.
General and Administrative Expenses: General and administrative expenses increased by $2.5 million, or 37.9%, from $6.6 million for the six-month period ended June 30, 2021, to $9.1 million for the same period in 2022. The increase in general and administrative expenses is mainly attributable to an aggregate increase of $2.0 million in administrative services fees for our fleet in connection with the increase in the annual fee per vessel payable to GasLog in 2022 (approximately $0.3 million per vessel per year) and an increase of $0.6 million in legal and professional fees. As a result, daily general and administrative expenses increased from $2,415 per vessel ownership day for the six-month period ended June 30, 2021, to $3,340 per vessel ownership day for the six-month period ended June 30, 2022.
Impairment Loss on Vessels: Impairment loss on vessels was $28.0 million for the six-month period ended June 30, 2022 and nil for the same period in 2021. The impairment loss was recognized pursuant to the reclassification of two of our Steam vessels as held for sale and remeasurement of their carrying amounts as of June 30, 2022.
5
Financial Costs: Financial costs increased by $0.1 million, or 0.5%, from $18.5 million for the six-month period ended June 30, 2021, to $18.6 million for the same period in 2022. The increase in financial costs is mainly attributable to an increase of $0.8 million in interest expense on leases, pursuant to the sale and leaseback of the GasLog Shanghai in October 2021, partially offset by a decrease of $0.5 million in interest expense on loans, primarily due to the lower debt balances year-over-year. During the six-month period ended June 30, 2021, we had an average of $1,274.4 million of bank borrowings outstanding under our credit facilities with a weighted average interest rate of 2.4%, compared to an average of $1,070.7 million of bank borrowings outstanding under our credit facilities with a weighted average interest rate of 2.8% during the six-month period ended June 30, 2022.
Gain on Derivatives: Gain on derivatives increased by $5.3 million, from $0.9 million for the six-month period ended June 30, 2021, to $6.2 million for the same period in 2022. The increase is attributable to a $3.7 million increase in unrealized gain from the mark-to-market valuation of derivatives (interest rate swaps) held for trading, which were carried at fair value through profit or loss, mainly due to changes in the forward yield curve, and a decrease of $1.6 million in realized loss on derivatives held for trading.
Profit for the Period: Profit for the period decreased by $14.3 million, or 28.6%, from $50.0 million for the six-month period ended June 30, 2021, to $35.7 million for the same period in 2022, as a result of the aforementioned factors.
Liquidity and Capital Resources
We operate in a capital-intensive industry and we expect to finance the purchase of any additional vessels or other capital expenditures through a combination of borrowings from commercial banks, cash generated from operations and debt, lease and equity financings, if any. In addition to paying distributions and potentially repurchasing common and preference units, our other liquidity requirements relate to paying our operating and general and administrative expenses, servicing our debt, funding investments, funding working capital and maintaining cash reserves against fluctuations in operating cash flows. Our funding and treasury activities are intended to maximize investment returns while maintaining appropriate liquidity and complying with our financial covenants under our debt facilities.
In the three months ended June 30, 2022, under the Partnership’s preference unit repurchase programme established in March 2021, GasLog Partners repurchased and cancelled 72,762 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series A Preference Units”), 140,201 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) and 132,715 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”), for an aggregate amount of $8.7 million, including commissions.
The Partnership did not issue any common units during the second quarter of 2022 under the ATM Common Equity Offering Programme.
As of June 30, 2022, we had $147.3 million of cash and cash equivalents, out of which $51.8 million was held in current accounts and $95.5 million was held in time deposits with an original duration of less than three months. An additional amount of $10.0 million of time deposits with an original duration greater than three months was classified under short-term cash deposits.
As of June 30, 2022, we had an aggregate of $1,036.1 million of borrowings outstanding under our credit facilities, of which $159.3 million was repayable within one year. Current bank borrowings include an amount of $69.1 million with respect to the associated debt of our two Steam vessels classified as held for sale as of June 30, 2022. As of June 30, 2022, we also had an aggregate of $50.9 million of lease liabilities mainly related to the sale and leaseback of the GasLog Shanghai, of which $10.5 million was payable within one year.
As of June 30, 2022, the Partnership had in place five interest rate swap agreements at a notional value of $263.3 million in aggregate, maturing between 2022 and 2025. As a result of its hedging agreements, the Partnership had hedged 25.1% of its floating interest rate exposure on its outstanding debt (excluding the lease liability) as of June 30, 2022, at a weighted average interest rate of approximately 2.4% (excluding margin).
Working Capital Position
As of June 30, 2022, our current assets totaled $291.6 million and current liabilities totaled $239.8 million, resulting in a positive working capital position of $51.8 million.
We believe that our current resources, cash from operations and existing debt facilities will be sufficient to meet our working capital requirements and comply with our banking covenants for at least twelve months from the date of this report.
6
Cash Flows
Six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2022
The following table summarizes our net cash flows from operating, investing and financing activities for the periods indicated:
(in thousands of U.S. dollars) |
| Six months ended |
|
| ||
| | June 30, 2021 | | June 30, 2022 | | Change |
Net cash provided by operating activities | | 113,017 | | 122,181 | | 9,164 |
Net cash used in investing activities |
| (14,718) |
| (11,096) |
| 3,622 |
Net cash used in financing activities |
| (82,219) |
| (109,343) |
| (27,124) |
Net Cash provided by Operating Activities:
Net cash provided by operating activities increased by $9.2 million, from $113.0 million in the six-month period ended June 30, 2021, to $122.2 million in the six-month period ended June 30, 2022. The increase of $9.2 million is mainly attributable to an increase in revenues of $13.0 million, partially offset by a $2.1 million movement in working capital accounts and a net increase of $1.9 million in voyage expenses and commissions, vessel operating costs and general and administrative expenses.
Net Cash used in Investing Activities:
Net cash used in investing activities decreased by $3.6 million, from $14.7 million in the six-month period ended June 30, 2021, to $11.1 million in the six-month period ended June 30, 2022. The decrease of $3.6 million is mainly attributable to a decrease of cash used in payments for tangible fixed assets of $11.0 million, partially offset by an increase in purchases of short-term cash deposits of $7.5 million.
Net Cash used in Financing Activities:
Net cash used in financing activities increased by $27.1 million, from $82.2 million in the six-month period ended June 30, 2021, to $109.3 million in the six-month period ended June 30, 2022. The increase of $27.1 million is mainly attributable to an increase of $18.7 million in cash used for repurchases of preference units, a decrease in proceeds from issuance of common and general partner units of $10.2 million and an increase of $4.9 million in lease payments (principal elements), partially offset by a decrease of $3.1 million in bank loan repayments, a decrease of $2.7 million in interest paid and a decrease of $1.1 million in paid distributions.
Contracted Charter Revenues
The following table summarizes GasLog Partners’ contracted charter revenues and vessel utilization for the periods ending December 31, 2022 and 2023:
(in millions of U.S. dollars, except days and percentages) |
| July – December 2022 |
| 2023 |
| ||
Contracted time charter revenues(1)(2)(3)(4) | | $ | 159.1 | | $ | 173.2 |
|
Total contracted days(1)(2) | | | 2,310 | | | 2,236 |
|
Total available days(5) |
| | 2,648 |
| | 4,990 | |
Total unfixed days(6) |
| | 338 |
| | 2,754 | |
Percentage of total contracted days/ total available days |
| | 87.2 | % | | 44.8 | % |
After giving effect to the charter parties signed from July 1, 2022 until July 28, 2022, contracted time charter revenues increased to $163.1 million for the remainder of 2022 and $193.3 million for 2023, while the percentage of total contracted days to total available days for the remainder of 2022 and 2023 increased to 89.5% and 50.9%, respectively.
(1) | Reflects time charter revenues and contracted days for the 15 LNG carriers in our fleet as of June 30, 2022 and through December 31, 2023 (including one vessel sold and leased back under a bareboat charter in October 2021). Contracted days are calculated taking into account the firm period charter expiration and expected market conditions as of June 30, 2022. |
(2) | Our ships are scheduled to undergo dry-docking once every five years. Revenue calculations assume 365 revenue days per ship per annum, with 30 off-hire days when each ship undergoes scheduled dry-docking. |
(3) | For time charters that include a variable rate of hire within an agreed range during the charter period, revenue calculations are based on the agreed minimum rate of hire for the respective period. |
(4) | Revenue calculations assume no exercise of any option to extend the terms of the charters. |
(5) | Available days represent total calendar days after deducting 30 off-hire days when the ship undergoes scheduled dry-docking. |
(6) | Represents available days for the ships after the expiration of the existing charters (assuming charterers do not exercise any option to extend the terms of the charters). |
The table above provides information about our contracted charter revenues and ship utilization based on contracts in effect for the 15 LNG carriers in our fleet as of June 30, 2022 and through December 31, 2023 (including one vessel sold and leased back under a bareboat charter in October 2021). The table reflects only our contracted charter revenues for the ships in our owned and bareboat fleet for which we have secured time
7
charters, and it does not reflect the costs or expenses we will incur in fulfilling our obligations under the charters. In particular, the table does not reflect time charter revenues from any additional ships we may acquire in the future, nor does it reflect the options under our time charters that permit our charterers to extend the time charter terms for successive multi-year periods at comparable charter hire rates. If exercised, the options to extend the terms of our existing charters would result in an increase in the number of contracted days and the contracted revenue for our fleet in the future. Although the contracted charter revenues are based on contracted charter hire rate provisions, they reflect certain assumptions, including assumptions relating to future ship operating costs. We consider the assumptions to be reasonable as of the date of this report, but if these assumptions prove to be incorrect, our actual time charter revenues could differ from those reflected in the table. Furthermore, any contract is subject to various risks, including non-performance by the counterparties or an early termination of the contract pursuant to its terms. If the charterers are unable or unwilling to make charter payments to us, or if we agree to renegotiate charter terms at the request of a charterer or if contracts are prematurely terminated for any reason, we would be exposed to prevailing market conditions at the time and our results of operations and financial condition may be materially adversely affected. Please see the disclosure under the heading “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on March 1, 2022. For these reasons, the contracted charter revenue information presented above is not fact and should not be relied upon as being necessarily indicative of future results and readers are cautioned not to place undue reliance on this information. Neither the Partnership’s independent auditors nor any other independent accountants, have compiled, examined or performed any procedures with respect to the information presented in the table, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, the information in the table.
8
Exhibit 99.3
GASLOG PARTNERS LP
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Page | |
F-2 | |
F-3 | |
F-4 | |
F-5 | |
Notes to the unaudited condensed consolidated financial statements | F-6 |
F-1
GasLog Partners LP
Unaudited condensed consolidated statements of financial position
As of December 31, 2021 and June 30, 2022
(All amounts expressed in thousands of U.S. Dollars, except unit data)
|
| December 31, |
| June 30, | ||
Note | 2021 | 2022 | ||||
Assets |
|
|
|
| ||
Non-current assets |
|
|
|
| ||
Other non-current assets | | | ||||
Derivative financial instruments – non-current portion |
| 12 |
| — | | |
Tangible fixed assets |
| 4 |
| | | |
Right-of-use assets | 5 | | | |||
Total non-current assets |
|
| | | ||
Current assets |
|
|
|
| ||
Vessels held for sale | 4 | — | | |||
Trade and other receivables |
|
| | | ||
Inventories |
|
|
| | | |
Prepayments and other current assets |
|
| | | ||
Derivative financial instruments – current portion | 12 | — | | |||
Short-term cash deposits |
|
|
| — | | |
Cash and cash equivalents |
|
|
| | | |
Total current assets |
|
|
| | | |
Total assets |
|
|
| | | |
Partners’ equity and liabilities |
|
|
|
| ||
Partners’ equity |
|
|
| |||
Common unitholders ( |
| 6 |
| | | |
General partner ( units and outstanding as of December 31, 2021 and |
| 6 |
| | | |
Preference unitholders ( | 6 | | | |||
Total partners’ equity |
|
|
| | | |
Current liabilities |
|
|
|
| ||
Trade accounts payable |
|
|
| | | |
Due to related parties |
| 3 |
| | | |
Derivative financial instruments—current portion |
| 12 |
| | | |
Other payables and accruals |
| 8 |
| | | |
Borrowings—current portion |
| 7 |
| | | |
Lease liabilities-current portion | 5 | | | |||
Total current liabilities |
|
|
| | | |
Non-current liabilities |
|
|
|
| ||
Derivative financial instruments—non-current portion |
| 12 |
| | | |
Borrowings—non-current portion |
| 7 |
| | | |
Lease liabilities-non-current portion | 5 | | | |||
Other non-current liabilities |
|
|
| | | |
Total non-current liabilities |
|
|
| | | |
Total partners’ equity and liabilities |
|
|
| | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-2
GasLog Partners LP
Unaudited condensed consolidated statements of profit or loss and total comprehensive income
For the three and six months ended June 30, 2021 and 2022
(All amounts expressed in thousands of U.S. Dollars, except per unit data)
|
| For the three months ended |
| For the six months ended | ||||||
| Note |
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 | |
Revenues |
| 9 |
| | |
| |
| | |
Voyage expenses and commissions |
|
|
| ( | ( |
| ( |
| ( | |
Vessel operating costs | 11 | ( | ( | ( | ( | |||||
Depreciation |
| 4,5 |
| ( | ( |
| ( |
| ( | |
General and administrative expenses |
| 10 |
| ( | ( |
| ( |
| ( | |
Impairment loss on vessels | 4 | — | ( | — | ( | |||||
Profit from operations |
|
|
| | |
| |
| | |
Financial costs |
| 13 |
| ( | ( |
| ( |
| ( | |
Financial income |
|
| | |
| |
| | ||
(Loss)/gain on derivatives |
| 13 |
| ( | |
| |
| | |
Total other expenses, net |
|
|
| ( | ( |
| ( |
| ( | |
Profit and total comprehensive income for the period |
|
|
| | |
| |
| | |
Earnings/(loss) per unit, basic and diluted: |
| 14 |
| |||||||
Common unit, basic |
|
|
| ( |
|
| | |||
Common unit, diluted |
|
|
| ( |
|
| | |||
General partner unit |
|
|
| ( |
|
| | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-3
GasLog Partners LP
Unaudited condensed consolidated statements of changes in partners’ equity
For the six months ended June 30, 2021 and 2022
(All amounts expressed in thousands of U.S. Dollars, except unit data)
Class B | Preference | Total | ||||||||||||||
| General partner | Common unitholders | unitholders | unitholders | Partners’ | |||||||||||
| Units |
| Amounts |
| Units |
| Amounts |
| Units |
| Units |
| Amounts |
| equity | |
Balance as of January 1, 2021 |
|
| |
|
| |
| | |
| | |||||
Net proceeds from public offerings of common units and issuances of general partner units | | | | | — | — | — | | ||||||||
Settlement of awards vested during the period | — | — | | — | — | — | — | — | ||||||||
Distributions declared |
| — |
| ( |
| — |
| ( |
| — | — | ( |
| ( | ||
Share-based compensation, net of accrued distribution |
| — |
| |
| — |
| |
| — | — | — |
| | ||
Partnership’s profit and total comprehensive income (Note 14) |
| — |
| |
| — |
| |
| — | — | |
| | ||
Balance as of June 30, 2021 |
|
| |
|
| |
| | |
| | |||||
Balance as of January 1, 2022 | | | | | | |||||||||||
Repurchases of preference units (Notes 6, 14) | — | ( | — | ( | — | ( | ( | ( | ||||||||
Settlement of awards vested during the period and issuance of general partner units (Note 6) | | | | — | — | — | — | | ||||||||
Distributions declared (Note 6) | — | ( | — | ( | — | — | ( | ( | ||||||||
Share-based compensation, net of accrued distribution | — | | — | | — | — | — | | ||||||||
Partnership’s profit and total comprehensive income (Note 14) | — | | — | | — | — | | | ||||||||
Balance as of June 30, 2022 | | | | | | |||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-4
GasLog Partners LP
Unaudited condensed consolidated statements of cash flows
For the six months ended June 30, 2021 and 2022
(All amounts expressed in thousands of U.S. Dollars)
| For the six months ended | |||||
June 30, | June 30, | |||||
| Note |
| 2021 |
| 2022 | |
Cash flows from operating activities: |
|
|
|
|
| |
Profit for the period |
|
| |
| | |
Adjustments for: |
|
|
| |||
Depreciation |
| 4,5 |
| |
| |
Impairment loss on vessels | 4 | — | | |||
Financial costs |
| 13 |
| |
| |
Financial income |
|
| ( |
| ( | |
Gain on derivatives | 13 | ( | ( | |||
Share-based compensation |
| 10 |
| |
| |
|
| |
| | ||
Movements in working capital |
|
| |
| | |
Net cash provided by operating activities | | | ||||
Cash flows from investing activities: |
|
|
| |||
Payments for tangible fixed assets additions | ( | ( | ||||
Financial income received |
|
| |
| | |
Purchase of short-term cash deposits |
|
| ( |
| ( | |
Net cash used in investing activities |
|
| ( |
| ( | |
Cash flows from financing activities: |
|
|
| |||
Borrowings repayments |
| 7 |
| ( |
| ( |
Principal elements of lease payments | 5 | ( | ( | |||
Interest paid | 8, 13 | ( | ( | |||
Release of cash collateral for interest rate swaps |
|
| |
| — | |
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 6 | | | |||
Repurchases of preference units | 6 | — | ( | |||
Payment of offering costs | ( | ( | ||||
Distributions paid (including common and preference) |
| 6 |
| ( |
| ( |
Net cash used in financing activities |
|
| ( |
| ( | |
Increase in cash and cash equivalents |
|
| |
| | |
Cash and cash equivalents, beginning of the period |
|
| |
| | |
Cash and cash equivalents, end of the period |
|
| |
| | |
Non-cash investing and financing activities: |
|
|
|
|
| |
Capital expenditures included in liabilities at the end of the period |
|
| |
| | |
Financing costs included in liabilities at the end of the period | — | | ||||
Offering costs included in liabilities at the end of the period |
|
| |
| — | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-5
GasLog Partners LP
Notes to the unaudited condensed consolidated financial statements
For the six months ended June 30, 2021 and 2022
(All amounts expressed in thousands of U.S. Dollars, except unit data)
1. Organization and Operations
GasLog Partners LP (“GasLog Partners” or the “Partnership”) was formed as a limited partnership under the laws of the Marshall Islands on January 23, 2014, as a wholly owned subsidiary of GasLog Ltd. (“GasLog”) for the purpose of initially acquiring the interests in
The Partnership’s principal business is the acquisition and operation of LNG vessels, providing LNG transportation services on a worldwide basis. GasLog LNG Services Ltd. (“GasLog LNG Services” or the “Manager”), a related party and a wholly owned subsidiary of GasLog, incorporated under the laws of Bermuda, provides technical and commercial services to the Partnership. As of June 30, 2022, the Partnership wholly owned
As of June 30, 2022, GasLog held a
The accompanying unaudited condensed consolidated financial statements include the financial statements of GasLog Partners and its subsidiaries, which are
2. Basis of Presentation
These unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Certain information and footnote disclosures required by International Financial Reporting Standards (“IFRS”) for a complete set of annual financial statements have been omitted, and, therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Partnership’s annual consolidated financial statements for the year ended December 31, 2021, filed on an Annual Report on Form 20-F with the Securities Exchange Commission on March 1, 2022.
The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2021. On July 28, 2022, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance.
The critical accounting judgments and key sources of estimation uncertainty were disclosed in the Partnership’s annual consolidated financial statements for the year ended December 31, 2021 and remain unchanged.
The unaudited condensed consolidated financial statements are expressed in thousands of U.S. Dollars (“USD”), which is the functional currency of the Partnership and each of its subsidiaries because their vessels operate in international shipping markets, in which revenues and expenses are primarily settled in USD and the Partnership’s most significant assets and liabilities are paid for and settled in USD.
Adoption of new and revised IFRS
(a) Standards and interpretations adopted in the current period
There were no IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements.
(b) Standards and amendments in issue not yet adopted
At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Partnership were in issue but not yet effective:
F-6
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 clarifies what IAS 1 means when it refers to 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, 2024 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 Partnership’s financial statements.
In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, IFRS Practice Statement 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to improve accounting policy disclosures and help the users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments will be effective for annual periods beginning on or after January 1, 2023. Management anticipates that these amendments will not have a material impact on the Partnership’s financial statements.
The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to the Partnership’s financial statements.
3. Related Party Transactions
The Partnership has the following balances with related parties, which have been included in the unaudited condensed consolidated statements of financial position:
Amounts due to related parties |
|
| ||
December 31, 2021 | June 30, 2022 | |||
Due to GasLog LNG Services (a) |
| |
| |
Due to GasLog (b) |
| |
| |
Total |
| |
| |
| (a) | The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. |
| (b) | The balances represent mainly payments made by GasLog on behalf of the Partnership. |
Loans due to related parties
The main terms of the revolving credit facility of $
The main terms of the Partnership’s related party transactions, including the commercial management agreements, administrative services agreement and ship management agreements with GasLog and GasLog LNG Services, have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 14 “Related Party Transactions”.
The Partnership had the following transactions with such related parties, which have been included in the unaudited condensed consolidated statements of profit or loss for the three and six months ended June 30, 2021 and 2022:
For the three months ended | For the six months ended | |||||||||||
Company |
| Details |
| Account |
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 |
GasLog LNG Services |
| Commercial management fees(i) |
| General and administrative expenses | |
| |
| |
| | |
GasLog |
| Administrative services fees(ii) |
| General and administrative expenses | |
| |
| |
| | |
GasLog LNG Services |
| Management fees(iii) |
| Vessel operating costs | |
| |
| |
| | |
GasLog LNG Services | Other vessel operating costs | Vessel operating costs | — | | | | ||||||
GasLog |
| Commitment fee under Sponsor Credit Facility (Note 13) |
| Financial costs | |
| — |
| |
| | |
GasLog | Realized loss on interest rate swaps held for trading (Note 13) | (Loss)/gain on derivatives | | | | | ||||||
| (i) | Effective January 1, 2022, the annual commercial management fee changed from $ |
| (ii) | Effective January 1, 2022, the annual administrative services fee was changed to $ |
| (iii) | Effective January 1, 2022, the management fee was changed to $ |
F-7
4. Tangible Fixed Assets
The movement in tangible fixed assets (i.e. vessels and their associated depot spares) is reported in the following table:
Other tangible | Total tangible fixed | |||||
| Vessels |
| assets |
| assets | |
Cost | ||||||
As of January 1, 2022 |
| | | | ||
Additions |
| | | | ||
Transfer under Vessels held for sale | ( | — | ( | |||
As of June 30, 2022 |
| | | | ||
Accumulated depreciation and impairment loss |
|
| ||||
As of January 1, 2022 |
| | — | | ||
Depreciation |
| | — | | ||
Transfer under Vessels held for sale | ( | — | ( | |||
As of June 30, 2022 |
| | — | | ||
Net book value |
|
| ||||
As of December 31, 2021 |
| | | | ||
As of June 30, 2022 |
| | | |
All vessels have been pledged as collateral under the terms of the Partnership’s credit facilities.
In June 2022, GAS-twenty Ltd., the vessel-owning entity of the Methane Shirley Elisabeth, entered into a Memorandum of Agreement with respect to the sale of its vessel to an unrelated third party, with the transaction expected to be completed in the third quarter of 2022. Also, as of June 30, 2022, GasLog Partners was actively pursuing to enter into an agreement for the sale and lease-back of a second steam turbine propulsion (“Steam”) vessel. All criteria outlined by IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were deemed to have been met as of the reporting date with respect to both vessels. As a result, the carrying amounts of the Methane Shirley Elisabeth ($
As of June 30, 2022, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its remaining vessels.
5. Leases
The movements in right-of-use assets are reported in the following table:
Vessels’ | ||||||
Right-of-Use Assets |
| Vessel |
| Equipment |
| Total |
As of January 1, 2022 |
| |
| |
| |
Additions |
| — |
| |
| |
Depreciation |
| ( |
| ( |
| ( |
As of June 30, 2022 |
| |
| |
| |
An analysis of the lease liabilities is as follows:
|
| Lease Liabilities |
As of January 1, 2022 |
| |
Additions | | |
Interest expense on leases (Note 13) |
| |
Payments |
| ( |
As of June 30, 2022 |
| |
Lease liabilities—current portion |
| |
Lease liabilities—non-current portion |
| |
Total |
| |
F-8
6. Partners’ Equity
The Partnership’s cash distributions for the six months ended June 30, 2022 are presented in the following table:
Declaration date |
| Type of units |
| Distribution per unit |
| Payment date |
| Amount paid | ||
January 26, 2022 |
| Common | $ | February 9, 2022 |
| | ||||
February 25, 2022 |
| Preference (Series A, B, C) | $ | March 15, 2022 |
| | ||||
April 27, 2022 |
| Common | $ | May 11, 2022 |
| | ||||
May 12, 2022 |
| Preference (Series A, B, C) | $ | June 15, 2022 |
| | ||||
| Total | $ | | |||||||
In the six months ended June 30, 2022, under the Partnership’s preference unit repurchase programme established in March 2021 and covering the period March 11, 2021 to March 31, 2023, GasLog Partners repurchased and
On April 1, 2022, GasLog Partners issued
7. Borrowings
December 31, | June 30, | |||
| 2021 |
| 2022 | |
Amounts due within one year |
| |
| |
Less: unamortized deferred loan issuance costs |
| ( |
| ( |
Borrowings - current portion |
| |
| |
Amounts due after one year |
| |
| |
Less: unamortized deferred loan issuance costs |
| ( |
| ( |
Borrowings - non-current portion |
| |
| |
Total |
| |
| |
The main terms of the credit facilities, including financial covenants, and the Sponsor Credit Facility have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 7 “Borrowings”.
In the six months ended June 30, 2022, the Partnership repaid $
The current portion of borrowings includes an amount of $
GasLog Partners was in compliance with its financial covenants as of June 30, 2022.
8. Other Payables and Accruals
An analysis of other payables and accruals is as follows:
December 31, | June 30, | |||
| 2021 |
| 2022 | |
Unearned revenue |
| |
| |
Accrued off-hire |
| |
| |
Accrued purchases |
| |
| |
Accrued interest |
| |
| |
Other accruals |
| |
| |
Total |
| |
| |
F-9
9. Revenues
The Partnership has recognized the following amounts relating to revenues:
For the three months ended | For the six months ended | |||||||
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 | |
Revenues from long-term time charters |
| |
| |
| |
| |
Revenues from spot time charters |
| |
| |
| |
| |
Total |
| |
| |
| |
| |
The Partnership defines long-term time charters as charter party agreements with an initial duration of more than
10. General and Administrative Expenses
An analysis of general and administrative expenses is as follows:
For the three months ended | For the six months ended | |||||||
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 | |
Administrative services fees (Note 3) |
| |
| |
| |
| |
Commercial management fees (Note 3) |
| |
| |
| |
| |
Share-based compensation | | | | | ||||
Other expenses |
| |
| |
| |
| |
Total |
| |
| |
| |
| |
11. Vessel Operating Costs
An analysis of vessel operating costs is as follows:
For the three months ended | For the six months ended | |||||||
June 30, 2021 | June 30, 2022 | June 30, 2021 | June 30, 2022 | |||||
Crew costs |
| |
| | |
| | |
Technical maintenance expenses |
| |
| | |
| | |
Other operating expenses |
| |
| | |
| | |
Total |
| |
| | |
| | |
12. Derivative Financial Instruments
The fair value of the Partnership’s derivative assets is as follows:
December 31, | June 30, | |||
| 2021 |
| 2022 | |
Derivative assets carried at fair value through profit or loss (FVTPL) |
|
|
|
|
Interest rate swaps |
| — |
| |
Total |
| — |
| |
Derivative financial instruments, current assets |
| — |
| |
Derivative financial instruments, non-current assets |
| — |
| |
Total |
| — |
| |
F-10
The fair value of the Partnership’s derivative liabilities is as follows:
December 31, | June 30, | |||
| 2021 |
| 2022 | |
Derivative liabilities carried at fair value through profit or loss (FVTPL) |
|
|
|
|
Interest rate swaps |
| |
| |
Total |
| |
| |
Derivative financial instruments, current liability |
| |
| |
Derivative financial instruments, non-current liability |
| |
| |
Total |
| |
| |
Interest rate swap agreements
The Partnership enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to economically hedge a portion of the Partnership’s exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the counterparty effects quarterly floating-rate payments to the Partnership for the notional amount based on the three-month USD London Interbank Offered Rate (“LIBOR”), and the Partnership effects quarterly payments to the counterparty on the notional amount at the respective fixed rates.
Interest rate swaps held for trading
The principal terms of the Partnership’s interest rate swaps held for trading have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 18 “Derivative Financial Instruments”.
The derivative instruments of the Partnership were not designated as cash flow hedging instruments as of June 30, 2022. The change in the fair value of the interest rate swaps for the three and six months ended June 30, 2022 amounted to a gain of $
13. Financial Costs and (Loss)/gain on Derivatives
An analysis of financial costs is as follows:
For the three months ended | For the six months ended | |||||||
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 | |
Amortization of deferred loan issuance costs |
| | | |
| | ||
Interest expense on loans |
| | | |
| | ||
Interest expense on leases | | | | | ||||
Commitment fees |
| | — | |
| | ||
Other financial costs including bank commissions |
| | | |
| | ||
Total financial costs |
| | | |
| | ||
An analysis of loss/(gain) on derivatives is as follows:
For the three months ended | For the six months ended | |||||||
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 | |
Unrealized gain on interest rate swaps held for trading (Note 12) |
| ( |
| ( | ( |
| ( | |
Realized loss on interest rate swaps held for trading |
| |
| | |
| | |
Total loss/(gain) on derivatives |
| |
| ( |
| ( |
| ( |
14. Earnings/(loss) per Unit (“EPU”)
The Partnership calculates earnings/(loss) per unit by allocating reported profit or loss for each period to each class of units based on the distribution policy for available cash stated in the Partnership Agreement.
Basic earnings/(loss) per unit is determined by dividing profit or loss for the period, after deducting preference unit distributions and adding/ deducting any difference of the carrying amount of preference units above/below the fair value of the consideration paid to settle them, by the weighted average number of units outstanding during the period. Diluted earnings/(loss) per unit is calculated by dividing the profit or loss of the
F-11
period attributable to common unitholders by the weighted average number of potential ordinary common units assumed to have been converted into common units, unless such potential ordinary common units have an antidilutive effect.
Earnings/(loss) per unit is presented for the period in which the units were outstanding, with earnings/(loss) calculated as follows:
For the three months ended | For the six months ended | |||||||
| June 30, 2021 |
| June 30, 2022 |
| June 30, 2021 |
| June 30, 2022 | |
Profit for the period and Partnership’s profit |
| | |
| |
| | |
Adjustment for: | ||||||||
Accrued preference unit distributions | ( | ( | ( | ( | ||||
Differences on repurchase of preference units | — | ( | — | ( | ||||
Partnership’s profit/(loss) attributable to: |
| | ( |
| |
| | |
Common unitholders |
| | ( |
| |
| | |
General partner |
| | ( |
| |
| | |
Weighted average number of units outstanding (basic) |
|
|
| |||||
Common units |
| | |
| |
| | |
General partner units |
| | |
| |
| | |
Earnings/(loss) per unit (basic) |
| |||||||
Common unitholders |
| | ( |
| |
| | |
General partner |
| | ( |
| |
| | |
Weighted average number of units outstanding (diluted) |
| |||||||
Common units* |
| | |
| |
| | |
General partner units |
| | |
| |
| | |
Earnings/(loss) per unit (diluted) |
|
|
| |||||
Common unitholders |
| | ( |
| |
| | |
General partner |
| | ( |
| |
| | |
* | Includes unvested awards with respect to the 2015 Plan and Class B units. After the conversion of the first and second tranche of |
15. Commitments and Contingencies
Future gross minimum lease payments receivable in relation to non-cancellable time charter agreements for vessels in operation, including a vessel under a lease (Note 5) as of June 30, 2022, are as follows (
Period |
| June 30, 2022 | |
Not later than one year |
| | |
Later than one year and not later than two years | | ||
Later than two years and not later than three years |
| | |
Later than three years and not later than four years |
| | |
Total | $ | | |
In September 2017 and July 2018, GasLog LNG Services entered into maintenance agreements with Wartsila Greece S.A. in respect of
In March 2019, GasLog LNG Services entered into an agreement with Samsung Heavy Industries Co., Ltd. (“Samsung”) in respect of
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 Partnership’s vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the consolidated financial statements.
F-12
16. Subsequent Events
On July 1, 2022, GasLog Partners issued
On July 27, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $
On July 27, 2022, the board of directors of GasLog Partners approved and declared a distribution on the Series A Preference Units of $
F-13
Document and Entity Information |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Document and Entity Information | |
| Entity Registrant Name | GasLog Partners LP |
| Entity Central Index Key | 0001598655 |
| Document Type | 6-K |
| Document Period End Date | Jun. 30, 2022 |
| Amendment Flag | false |
| Current Fiscal Year End Date | --12-31 |
| Document Fiscal Year Focus | 2022 |
| Document Fiscal Period Focus | Q2 |
Unaudited condensed consolidated statements of financial position (Parenthetical) - shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Common units | ||
| Partners' equity | ||
| Number of units issued | 51,272,865 | 51,137,201 |
| Number of units outstanding | 51,272,865 | 51,137,201 |
| General partner units | ||
| Partners' equity | ||
| Number of units issued | 1,080,263 | 1,077,494 |
| Number of units outstanding | 1,080,263 | 1,077,494 |
| Preference units | ||
| Partners' equity | ||
| Number of units outstanding | 12,876,581 | 13,616,022 |
| Series A preference units | ||
| Partners' equity | ||
| Number of units issued | 5,669,400 | 5,750,000 |
| Number of units outstanding | 5,669,400 | 5,750,000 |
| Series B preference units | ||
| Partners' equity | ||
| Number of units issued | 3,822,780 | 4,135,571 |
| Number of units outstanding | 3,822,780 | 4,135,571 |
| Series C preference units | ||
| Partners' equity | ||
| Number of units issued | 3,384,401 | 3,730,451 |
| Number of units outstanding | 3,384,401 | 3,730,451 |
Unaudited condensed consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
|---|---|---|
| Non-cash investing and financing activities: | ||
| Capital expenditures included in liabilities at the end of the period | $ 8,621 | $ 10,523 |
| Financing costs included in liabilities at the end of the period | $ 51 | |
| Offering costs included in liabilities at the end of the period | $ 283 |
Organization and Operations |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Organization and Operations | |
| Organization and Operations | 1. Organization and Operations GasLog Partners LP (“GasLog Partners” or the “Partnership”) was formed as a limited partnership under the laws of the Marshall Islands on January 23, 2014, as a wholly owned subsidiary of GasLog Ltd. (“GasLog”) for the purpose of initially acquiring the interests in three liquefied natural gas (“LNG”) carriers that were contributed to the Partnership by GasLog in connection with the initial public offering of its common units (the “IPO”). The Partnership’s principal business is the acquisition and operation of LNG vessels, providing LNG transportation services on a worldwide basis. GasLog LNG Services Ltd. (“GasLog LNG Services” or the “Manager”), a related party and a wholly owned subsidiary of GasLog, incorporated under the laws of Bermuda, provides technical and commercial services to the Partnership. As of June 30, 2022, the Partnership wholly owned 14 LNG vessels, of which one was agreed to be subsequently sold (Note 4), and operated one LNG vessel leased back under a bareboat charter. As of June 30, 2022, GasLog held a 33.2% ownership interest in the Partnership (including 2.0% through its general partner interest). As a result of its 100% 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. The accompanying unaudited condensed consolidated financial statements include the financial statements of GasLog Partners and its subsidiaries, which are 100% owned by the Partnership. No new subsidiaries were established or acquired in the six months ended June 30, 2022. |
Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Basis of Presentation | |
| Basis of Presentation | 2. Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Certain information and footnote disclosures required by International Financial Reporting Standards (“IFRS”) for a complete set of annual financial statements have been omitted, and, therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Partnership’s annual consolidated financial statements for the year ended December 31, 2021, filed on an Annual Report on Form 20-F with the Securities Exchange Commission on March 1, 2022. The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2021. On July 28, 2022, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. The critical accounting judgments and key sources of estimation uncertainty were disclosed in the Partnership’s annual consolidated financial statements for the year ended December 31, 2021 and remain unchanged. The unaudited condensed consolidated financial statements are expressed in thousands of U.S. Dollars (“USD”), which is the functional currency of the Partnership and each of its subsidiaries because their vessels operate in international shipping markets, in which revenues and expenses are primarily settled in USD and the Partnership’s most significant assets and liabilities are paid for and settled in USD. Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period There were no IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements. (b) Standards and amendments in issue not yet adopted At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Partnership were in issue but not yet effective: 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 clarifies what IAS 1 means when it refers to 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, 2024 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 Partnership’s financial statements. In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, IFRS Practice Statement 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to improve accounting policy disclosures and help the users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments will be effective for annual periods beginning on or after January 1, 2023. Management anticipates that these amendments will not have a material impact on the Partnership’s financial statements. The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to the Partnership’s financial statements. |
Related Party Transactions |
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| Related Party Transactions | 3. Related Party Transactions The Partnership has the following balances with related parties, which have been included in the unaudited condensed consolidated statements of financial position:
Loans due to related parties The main terms of the revolving credit facility of $30,000 with GasLog (the “Sponsor Credit Facility”) have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 7 “Borrowings”. As of December 31, 2021, the amount outstanding under the Sponsor Credit Facility was nil. The Sponsor Credit Facility matured in March 2022. The main terms of the Partnership’s related party transactions, including the commercial management agreements, administrative services agreement and ship management agreements with GasLog and GasLog LNG Services, have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 14 “Related Party Transactions”. The Partnership had the following transactions with such related parties, which have been included in the unaudited condensed consolidated statements of profit or loss for the three and six months ended June 30, 2021 and 2022:
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Tangible Fixed Assets |
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| Tangible Fixed Assets | 4. Tangible Fixed Assets The movement in tangible fixed assets (i.e. vessels and their associated depot spares) is reported in the following table:
All vessels have been pledged as collateral under the terms of the Partnership’s credit facilities. In June 2022, GAS-twenty Ltd., the vessel-owning entity of the Methane Shirley Elisabeth, entered into a Memorandum of Agreement with respect to the sale of its vessel to an unrelated third party, with the transaction expected to be completed in the third quarter of 2022. Also, as of June 30, 2022, GasLog Partners was actively pursuing to enter into an agreement for the sale and lease-back of a second steam turbine propulsion (“Steam”) vessel. All criteria outlined by IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were deemed to have been met as of the reporting date with respect to both vessels. As a result, the carrying amounts of the Methane Shirley Elisabeth ($67,339) and the second vessel ($74,123) were reclassified as “Vessels held for sale” (within current assets) and remeasured at the lower between carrying amount and fair value less costs to sell, resulting in the recognition of an impairment loss of $14,664 and $13,363, respectively. As of June 30, 2022, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its remaining vessels. |
Leases |
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| Leases | 5. Leases The movements in right-of-use assets are reported in the following table:
An analysis of the lease liabilities is as follows:
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Partners' Equity |
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| Partners' Equity | 6. Partners’ Equity The Partnership’s cash distributions for the six months ended June 30, 2022 are presented in the following table:
In the six months ended June 30, 2022, under the Partnership’s preference unit repurchase programme established in March 2021 and covering the period March 11, 2021 to March 31, 2023, GasLog Partners repurchased and 80,600 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series A Preference Units”), 312,791 8.200% Series B Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) and 346,050 8.500% Series C Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”). The aggregate amount paid during the period for repurchases of preference units was $18,742, including commissions. On April 1, 2022, GasLog Partners issued 33,700 common units in connection with the vesting of 19,638 Restricted Common Units (“RCUs”) and 14,062 Performance Common Units (“PCUs”) under its 2015 Long-Term Incentive Plan (the “2015 Plan”). On June 30, 2022, GasLog Partners issued 101,964 common units in connection with the vesting of 50,982 RCUs and 50,982 PCUs under its 2015 Plan. During this period, the Partnership also issued 2,769 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest for net proceeds of $16. |
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Borrowings |
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| Borrowings | 7. Borrowings
The main terms of the credit facilities, including financial covenants, and the Sponsor Credit Facility have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 7 “Borrowings”. In the six months ended June 30, 2022, the Partnership repaid $51,746 in accordance with the repayment terms under its credit facilities. The current portion of borrowings includes an amount of $69,125 (debt less unamortized loan issuance costs) with respect to our two Steam vessels reclassified under "Vessels held for sale" as of June 30, 2022 (Note 4). GasLog Partners was in compliance with its financial covenants as of June 30, 2022. |
Other Payables and Accruals |
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| Other Payables and Accruals | 8. Other Payables and Accruals An analysis of other payables and accruals is as follows:
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Revenues |
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| Revenues | 9. Revenues The Partnership has recognized the following amounts relating to revenues:
The Partnership defines long-term time charters as charter party agreements with an initial duration of more than five years (excluding any optional periods), while all charter party agreements of an initial duration of less than (or equal to) five years (excluding any optional periods) are classified as spot time charters. |
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General and Administrative Expenses |
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| General and Administrative Expenses | 10. General and Administrative Expenses An analysis of general and administrative expenses is as follows:
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Vessel Operating Costs |
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| Vessel Operating Costs | 11. Vessel Operating Costs An analysis of vessel operating costs is as follows:
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Derivative Financial Instruments |
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| Derivative Financial Instruments | 12. Derivative Financial Instruments The fair value of the Partnership’s derivative assets is as follows:
The fair value of the Partnership’s derivative liabilities is as follows:
Interest rate swap agreements The Partnership enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to economically hedge a portion of the Partnership’s exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the counterparty effects quarterly floating-rate payments to the Partnership for the notional amount based on the three-month USD London Interbank Offered Rate (“LIBOR”), and the Partnership effects quarterly payments to the counterparty on the notional amount at the respective fixed rates. Interest rate swaps held for trading The principal terms of the Partnership’s interest rate swaps held for trading have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 18 “Derivative Financial Instruments”. The derivative instruments of the Partnership were not designated as cash flow hedging instruments as of June 30, 2022. The change in the fair value of the interest rate swaps for the three and six months ended June 30, 2022 amounted to a gain of $2,459 and a gain of $9,282, respectively (for the three and six months ended June 30, 2021, a gain of $1,962 and a gain of $5,569, respectively), which was recognized in profit or loss in the period incurred and is included in (Loss)/gain on derivatives. During the three and six months ended June 30, 2022, the gain of $2,459 and the gain of $9,282, respectively (Note 13), was mainly attributable to changes in the USD LIBOR yield curve, which was used to calculate the present value of the estimated future cash flows, resulting in a decrease in derivative liabilities from interest rate swaps held for trading. |
Financial Costs and (Loss) gain on Derivatives |
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| Financial Costs and (Loss)/gain on Derivatives | 13. Financial Costs and (Loss)/gain on Derivatives An analysis of financial costs is as follows:
An analysis of loss/(gain) on derivatives is as follows:
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Earnings (loss) per Unit ("EPU") |
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| Earnings/(loss) per Unit ("EPU") | 14. Earnings/(loss) per Unit (“EPU”) The Partnership calculates earnings/(loss) per unit by allocating reported profit or loss for each period to each class of units based on the distribution policy for available cash stated in the Partnership Agreement. Basic earnings/(loss) per unit is determined by dividing profit or loss for the period, after deducting preference unit distributions and adding/ deducting any difference of the carrying amount of preference units above/below the fair value of the consideration paid to settle them, by the weighted average number of units outstanding during the period. Diluted earnings/(loss) per unit is calculated by dividing the profit or loss of the period attributable to common unitholders by the weighted average number of potential ordinary common units assumed to have been converted into common units, unless such potential ordinary common units have an antidilutive effect. Earnings/(loss) per unit is presented for the period in which the units were outstanding, with earnings/(loss) calculated as follows:
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Commitments and Contingencies |
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| Commitments and Contingencies | 15. Commitments and Contingencies Future gross minimum lease payments receivable in relation to non-cancellable time charter agreements for vessels in operation, including a vessel under a lease (Note 5) as of June 30, 2022, are as follows (30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early redelivery of the vessels by the charterers or any exercise of the charterers’ options to extend the terms of the charters are not accounted for):
In September 2017 and July 2018, GasLog LNG Services entered into maintenance agreements with Wartsila Greece S.A. in respect of nine of the Partnership’s LNG carriers. The agreements ensure dynamic maintenance planning, technical support, security of spare parts supply, specialist technical personnel and performance monitoring. In March 2019, GasLog LNG Services entered into an agreement with Samsung Heavy Industries Co., Ltd. (“Samsung”) in respect of eleven of the Partnership’s LNG carriers. 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 June 30, 2022, ballast water management systems had been installed on seven out of the eleven vessels. 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 Partnership’s vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the consolidated financial statements. |
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Subsequent Events |
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| Subsequent Events | |
| Subsequent Events | 16. Subsequent Events On July 1, 2022, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the third tranche of its Class B units issued upon the elimination of incentive distributions rights in June 2019. On July 27, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended June 30, 2022. The cash distribution is payable on August 11, 2022 to all unitholders of record as of August 8, 2022. The aggregate amount of the declared distribution will be $524 based on the number of units issued and outstanding as of June 30, 2022. On July 27, 2022, the board of directors of GasLog Partners approved and declared a distribution on the Series A Preference Units of $0.5390625 per preference unit, a distribution on the Series B Preference Units of $0.5125 per preference unit and a distribution on the Series C Preference Units of $0.53125 per preference unit. The cash distributions are payable on September 15, 2022 to all unitholders of record as of September 8, 2022. |
Basis of Presentation (Policies) |
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| Basis of Presentation | |
| Accounting policies and methods of computation followed in interim financial statements | The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2021. On July 28, 2022, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. |
| Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period There were no IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements. (b) Standards and amendments in issue not yet adopted At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Partnership were in issue but not yet effective: 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 clarifies what IAS 1 means when it refers to 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, 2024 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 Partnership’s financial statements. In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, IFRS Practice Statement 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to improve accounting policy disclosures and help the users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments will be effective for annual periods beginning on or after January 1, 2023. Management anticipates that these amendments will not have a material impact on the Partnership’s financial statements. The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to the Partnership’s financial statements. |
Related Party Transactions (Tables) |
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of balances with related parties |
|
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| Schedule of related party transactions |
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Tangible Fixed Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tangible Fixed Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of movements in tangible fixed assets |
|
Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of movements in right-of-use assets |
|
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| Schedule of analysis of lease liabilities |
|
Partners' Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash distributions |
|
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Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of borrowings |
|
Other Payables and Accruals (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Other Payables and Accruals | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other payables and accruals |
|
Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of revenues |
|
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General and Administrative Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General and Administrative Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of general and administrative expenses |
|
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Vessel Operating Costs (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vessel Operating Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of vessel operating costs |
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Derivative Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value of the derivative assets |
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| Schedule of fair value of the derivative liabilities |
|
Financial Costs and (Loss) gain on Derivatives (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Costs and (Loss)/gain on Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial costs and loss/(gain) on derivatives | An analysis of financial costs is as follows:
An analysis of loss/(gain) on derivatives is as follows:
|
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Earnings (loss) per Unit ("EPU") (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings/(loss) per Unit ("EPU") | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings/(loss) per unit |
|
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||
| Commitments and Contingencies | |||||||||||||||||||||||||||||
| Schedule of future gross minimum payments receivable in relation to non-cancellable time charter agreements |
|
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Organization and Operations (Details) - item |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2022 |
May 12, 2014 |
Jun. 30, 2022 |
|
| Organization and Operations | |||
| Number of LNG carriers acquired on IPO | 3 | ||
| Number of vessels owned | 14 | 14 | |
| Number of vessels agreed to be subsequently sold | 1 | 1 | |
| Number of vessels under leaseback | 1 | 1 | |
| Number of subsidiaries established or acquired | 0 | ||
| All subsidiaries | |||
| Organization and Operations | |||
| Ownership interest in subsidiary (in percent) | 100.00% | ||
| GasLog Ltd. | GasLog Partners LP | |||
| Organization and Operations | |||
| Ownership interest in subsidiary (in percent) | 33.20% | ||
| General partner interest in GasLog Partners | 2.00% | 2.00% | |
| GasLog Ltd. | General partner | |||
| Organization and Operations | |||
| Ownership interest in subsidiary (in percent) | 100.00% |
Related Party Transactions - Balances (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Balances with related parties | ||
| Amounts due to related parties | $ 4,350 | $ 952 |
| GasLog LNG Services | ||
| Balances with related parties | ||
| Amounts due to related parties | 2,013 | 131 |
| GasLog Ltd. | ||
| Balances with related parties | ||
| Amounts due to related parties | $ 2,337 | $ 821 |
Related Party Transactions - General (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 01, 2022 |
Dec. 31, 2021 |
Jun. 30, 2022 |
|
| Related Party Transactions | |||
| Borrowings outstanding balance | $ 1,085,758,000 | $ 1,036,144,000 | |
| GasLog Ltd. | Sponsor Credit Facility | |||
| Related Party Transactions | |||
| Amount of credit facility | 30,000,000 | ||
| Borrowings outstanding balance | 0 | ||
| GasLog Ltd. | Administrative services fees | |||
| Related Party Transactions | |||
| Annual fee per vessel | $ 579,000 | 314,000 | |
| GasLog LNG Services | Commercial management fees | |||
| Related Party Transactions | |||
| Annual fee per vessel | 360,000 | ||
| Annual fee per vessel as percentage of gross charter revenues | 1.25% | ||
| GasLog LNG Services | Management fees | |||
| Related Party Transactions | |||
| Management fee fixed monthly charge per vessel | $ 37,500 | $ 46,000 |
Tangible Fixed Assets - Impairment (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
|
| Methane Shirley Elisabeth | ||
| Tangible fixed assets | ||
| Carrying amount reclassified as "Vessel held for sale" | $ 67,339 | |
| Impairment loss from remeasurement at lower of carrying amount and fair value less costs to sell | $ 14,664 | |
| Second vessel | ||
| Tangible fixed assets | ||
| Carrying amount reclassified as "Vessel held for sale" | $ 74,123 | |
| Impairment loss from remeasurement at lower of carrying amount and fair value less costs to sell | $ 13,363 |
Leases - Movements in right-of use assets (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2022
USD ($)
| |
| Leases | |
| Balance at the beginning | $ 81,996 |
| Additions | 132 |
| Depreciation | (8,573) |
| Balance at the end | 73,555 |
| Vessels | |
| Leases | |
| Balance at the beginning | 81,651 |
| Depreciation | (8,395) |
| Balance at the end | 73,256 |
| Vessels' Equipment | |
| Leases | |
| Balance at the beginning | 345 |
| Additions | 132 |
| Depreciation | (178) |
| Balance at the end | $ 299 |
Leases - Analysis of the lease liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
| Lease liabilities [abstract] | |||||
| Balance at the beginning | $ 55,898 | ||||
| Additions | 132 | ||||
| Interest expense on leases (Note 13) | $ 397 | $ 4 | 808 | $ 9 | |
| Payments | (5,959) | ||||
| Balance at the end | 50,879 | 50,879 | |||
| Lease liabilities-current portion | 10,512 | 10,512 | $ 10,342 | ||
| Lease liabilities-non-current portion | $ 40,367 | $ 40,367 | $ 45,556 | ||
Partners' Equity - Cash distribution (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 15, 2022 |
May 12, 2022 |
May 11, 2022 |
Apr. 27, 2022 |
Mar. 15, 2022 |
Feb. 25, 2022 |
Feb. 09, 2022 |
Jan. 26, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Owners' Capital/Partners' Equity | ||||||||||
| Amount paid | $ 15,054 | $ 16,134 | ||||||||
| Common units | ||||||||||
| Owners' Capital/Partners' Equity | ||||||||||
| Cash distribution declared | $ 0.01 | $ 0.01 | ||||||||
| Amount paid | $ 522 | $ 522 | ||||||||
| Preference units | ||||||||||
| Owners' Capital/Partners' Equity | ||||||||||
| Amount paid | $ 6,898 | $ 7,112 | ||||||||
| Series A preference units | ||||||||||
| Owners' Capital/Partners' Equity | ||||||||||
| Cash distribution declared | $ 0.5390625 | $ 0.5390625 | ||||||||
| Series B preference units | ||||||||||
| Owners' Capital/Partners' Equity | ||||||||||
| Cash distribution declared | 0.5125 | 0.5125 | ||||||||
| Series C preference units | ||||||||||
| Owners' Capital/Partners' Equity | ||||||||||
| Cash distribution declared | $ 0.53125 | $ 0.53125 | ||||||||
Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Borrowings | ||
| Amounts due within one year | $ 163,821 | $ 103,493 |
| Less: unamortized deferred loan issuance costs | (4,479) | (4,186) |
| Borrowings - current portion | 159,342 | 99,307 |
| Amounts due after one year | 884,168 | 996,242 |
| Less: unamortized deferred loan issuance costs | (7,366) | (9,791) |
| Borrowings - non-current portion | 876,802 | 986,451 |
| Total | $ 1,036,144 | $ 1,085,758 |
Borrowings - Other (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Borrowings | ||
| Borrowings repayments | $ 51,746 | $ 54,838 |
| Two steam vessels reclassified as held for sale | ||
| Borrowings | ||
| Current portion of borrowings | $ 69,125 | |
Other Payables and Accruals (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Other Payables and Accruals | ||
| Unearned revenue | $ 28,530 | $ 28,325 |
| Accrued off-hire | 2,311 | 1,768 |
| Accrued purchases | 2,037 | 3,273 |
| Accrued interest | 10,020 | 9,180 |
| Other accruals | 8,454 | 7,625 |
| Total | $ 51,352 | $ 50,171 |
Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Revenues | ||||
| Revenues | $ 84,922 | $ 70,352 | $ 170,381 | $ 157,440 |
| Long-term time charters | ||||
| Revenues | ||||
| Revenues | 43,498 | 42,881 | $ 88,850 | 92,915 |
| Long-term time charters | Minimum | ||||
| Revenues | ||||
| Initial duration of charter party agreement | 5 years | |||
| Spot time charters | ||||
| Revenues | ||||
| Revenues | $ 41,424 | $ 27,471 | $ 81,531 | $ 64,525 |
| Spot time charters | Maximum | ||||
| Revenues | ||||
| Initial duration of charter party agreement | 5 years | |||
General and Administrative Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| General and Administrative Expenses | ||||
| Administrative services fees (Note 3) | $ 2,171 | $ 1,177 | $ 4,342 | $ 2,354 |
| Commercial management fees (Note 3) | 1,047 | 1,350 | 2,112 | 2,700 |
| Share-based compensation | 203 | 94 | 463 | 167 |
| Other expenses | 959 | 867 | 2,154 | 1,338 |
| Total | $ 4,380 | $ 3,488 | $ 9,071 | $ 6,559 |
Vessel Operating Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Vessel Operating Costs | ||||
| Crew costs | $ 10,936 | $ 9,675 | $ 21,286 | $ 18,647 |
| Technical maintenance expenses | 3,893 | 5,848 | 7,937 | 10,214 |
| Other operating expenses | 4,218 | 4,521 | 8,398 | 8,990 |
| Total | $ 19,047 | $ 20,044 | $ 37,621 | $ 37,851 |
Derivative Financial Instruments - Derivative contracts (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Interest rate swaps held for trading | ||||
| Forward foreign exchange contracts held for trading | ||||
| Unrealized gain (loss) on derivatives held for trading | $ 2,459 | $ 1,962 | $ 9,282 | $ 5,569 |
Financial Costs and (Loss) gain on Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Financial costs | ||||
| Amortization of deferred loan issuance costs | $ 1,053 | $ 1,215 | $ 2,132 | $ 2,439 |
| Interest expense on loans | 8,172 | 7,716 | 15,077 | 15,599 |
| Interest expense on leases | 397 | 4 | 808 | 9 |
| Commitment fees | 76 | 68 | 151 | |
| Other financial costs including bank commissions | 156 | 104 | 474 | 333 |
| Total financial costs | 9,778 | 9,115 | 18,559 | 18,531 |
| Total loss/(gain) on derivatives | (1,246) | 403 | (6,223) | (916) |
| Interest rate swaps held for trading | ||||
| Financial costs | ||||
| Unrealized gain on interest rate swaps held for trading (Note 12) | (2,459) | (1,962) | (9,282) | (5,569) |
| Realized loss on interest rate swaps held for trading | $ 1,213 | $ 2,365 | $ 3,059 | $ 4,653 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jul. 27, 2022 |
Jul. 01, 2022 |
|---|---|---|
| Common units | ||
| Subsequent Events | ||
| GasLog Partners declaration of distribution (USD/unit) | $ 0.01 | |
| Aggregate amount of the declared distribution | $ 524 | |
| Series A preference units | ||
| Subsequent Events | ||
| GasLog Partners declaration of distribution (USD/unit) | $ 0.5390625 | |
| Series B preference units | ||
| Subsequent Events | ||
| GasLog Partners declaration of distribution (USD/unit) | 0.5125 | |
| Series C preference units | ||
| Subsequent Events | ||
| GasLog Partners declaration of distribution (USD/unit) | $ 0.53125 | |
| Conversion of Class B units held by GasLog Ltd | Common units | ||
| Subsequent Events | ||
| Number of units issued | 415,000 |