EX-99.1 2 tm2427032d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

GasLog Partners LP Reports Financial Results for the Three-Month Period Ended September 30, 2024

 

Majuro, Marshall Islands, October 31, 2024, GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP-PA, GLOP-PB, GLOP-PC), an international owner, operator and acquirer of liquefied natural gas (“LNG”) carriers, today reported its financial results for the three-month period ended September 30, 2024.

 

 

Recent Developments

 

GIC Acquisition of BlackRock’s Shareholding in GasLog Ltd.

 

GIC, a global institutional investor, and a fund managed by BlackRock’s Global Infrastructure Partners (“BlackRock”) have entered into an agreement whereby GIC will acquire BlackRock’s approximately 45% shareholding in GasLog Ltd. (“GasLog”), which holds 100% of the common units of the Partnership. Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and the Onassis Foundation will maintain their respective shareholdings of approximately 55% in the aggregate in GasLog. The transaction is expected to close in the fourth quarter of 2024 subject to regulatory approvals and customary closing conditions.

 

Sale and Leaseback of the GasLog Santiago

 

On August 27, 2024, the Partnership completed the sale and leaseback of the GasLog Santiago, a 155,000 cubic meter (“cbm”) tri-fuel diesel electric (“TFDE”) LNG carrier, built in 2013, with a wholly owned subsidiary of China Development Bank Financial Leasing Co. Ltd., (“CDBL”). The vessel was sold and leased back under a bareboat charter with CDBL for a period of three years with no repurchase option or obligation, at a price of $151.0 million. The completion of the transaction resulted in the recognition of a gain on disposal of $8.2 million in the three months ended September 30, 2024.

 

 

GasLog Partners Dividend Declaration 

 

On September 30, 2024, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $2.87 per common unit to GasLog that was settled during the quarter ended September 30, 2024.

 

 

Quarterly Financial Results

 

 Amounts in thousands of U.S. dollars   For the three months ended
    September 30,
2023
    September 30,
2024
Revenues   $ 100,747     $ 85,670
Profit for the period   $ 30,939     $ 44,488

 

 

Revenues were $85.7 million for the quarter ended September 30, 2024 ($100.7 million for the same period in 2023). The decrease of $15.0 million is mainly attributable to the second half of 2023 and 2024 fixtures, partially offset by the increase in available days (23 dry-docking off-hire days in the three-month period ended September 30, 2024, compared to 57 dry-docking and repair off-hire days in the same period in 2023).

 

Profit was $44.5 million for the quarter ended September 30, 2024 ($30.9 million for the same period in 2023). The increase in profit of $13.6 million is mainly attributable to a) a decrease of $15.0 million in net financial costs due to the debt prepayment in November 2023 (following the refinancing of all of our vessels at the parent level of GasLog), b) $8.2 million non-cash gain on disposal for the vessel sold and leased back and c) a decrease of $3.1 million in general and administrative expenses mainly attributable to legal and professional fees and amortization of share-based compensation both relating to the completion of the merger agreement with GasLog in July 2023, partially offset by a decrease of $15.0 million in revenues, as discussed above.

 

 

 

 

Unaudited condensed consolidated statements of financial position

(All amounts expressed in thousands of U.S. Dollars)

 

  December 31, 2023   September 30, 2024  
Assets        
Non-current assets        
Other non-current assets 1,988   1,606  
Tangible fixed assets 1,477,458   1,296,241  
Right-of-use assets 126,549   145,647  
Total non-current assets 1,605,995   1,443,494  
Current assets        
Trade and other receivables 24,444   16,394  
Inventories 2,912   2,722  
Due from related parties 15,295   13,044  
Prepayments and other current assets 5,706   4,173  
Cash and cash equivalents 11,887   3,803  
Total current assets 60,244   40,136  
Total assets 1,666,239   1,483,630  
Partners’ equity and liabilities        
Partners’ equity        
Common unitholders 1,235,671   1,043,415  
General partner 4,676   1,709  
Preference unitholders 280,069   280,328  
Total partners’ equity 1,520,416   1,325,452  
Current liabilities        
Trade accounts payable 9,330   4,983  
Other payables and accruals 42,188   34,061  
Lease liabilities—current portion 28,831   43,891  
Total current liabilities 80,349   82,935  
Non-current liabilities        
Lease liabilities—non-current portion 65,077   74,916  
Other non-current liabilities 397   327  
Total non-current liabilities 65,474   75,243  
Total partners’ equity and liabilities 1,666,239   1,483,630  

 

 

Unaudited condensed consolidated statements of profit or loss

(All amounts expressed in thousands of U.S. Dollars)

 

    For the three months ended   For the nine months ended  
    September 30, 2023   September 30, 2024   September 30, 2023   September 30, 2024  
                   
Revenues   100,747   85,670   296,777   271,037  
Voyage expenses and commissions   (3,128)   (1,370)   (7,766)   (4,295)  
Vessel operating costs   (17,969)   (17,345)   (49,649)   (50,639)  
Depreciation   (25,625)   (25,801)   (73,152)   (76,167)  
General and administrative expenses   (6,843)   (3,650)   (18,709)   (12,091)  
Gain/(loss) on disposal of vessel     8,196   (1,033)   8,196  
Impairment loss on vessel       (142)    
Profit from operations   47,182   45,700   146,326   136,041  
Financial costs   (17,450)   (1,232)   (51,847)   (3,193)  
Financial income   1,287   20   7,079   143  
(Loss)/gain on derivatives   (80)     1,459    
Total other expenses, net   (16,243)   (1,212)   (43,309)   (3,050)  
Profit for the period   30,939   44,488   103,017   132,991