GasLog Partners’ Earnings Shrink

Illustration; Image Courtesy: GasLog

Greece-based owner and operator of LNG carriers GasLog Partners has seen its profit for the second quarter of 2017 decrease by 9 percent to USD 20.5 million from USD 22.5 million seen in the three-month period ended June 30, 2016.

The decrease in profit is attributable to an increase of USD 2.3 million in net financial costs, mainly due to increased interest expense and loss on interest rate swaps in the three months ended June 30, 2017, partially offset by an increase in profit from operations of USD 0.4 million.

Despite a decrease in profit, the company’s quarterly revenues witnessed a slight rise of 2 percent ending the quarter at USD 65.2 million, compared to USD 64 million reported in the same period a year earlier.

Subsequent to the end of the second quarter, the company completed the acquisition of the GasLog Geneva from GasLog for USD 211 million, with attached multi-year charter to a subsidiary of Shell. Earlier in the quarter, the company also finalized the purchase of LNG tanker GasLog Greece.

“Following the successful acquisition of the GasLog Greece, GasLog Partners delivered our highest-ever quarterly Partnership Performance Results for Revenues and EBITDA, among other metrics,” Andrew Orekar, Chief Executive Officer, said.

The acquisitions expanded the Partnership’s fleet to 11 wholly owned LNG carriers.

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