GasLog Partners Delivers Highest Quarterly Profit

LNG tanker Gaslog SantiagoImage Courtesy: GasLog

Owner of LNG carriers GasLog Partners delivered its highest-ever quarterly partnership performance results in the first quarter of 2018.

The company’s profit increased by 7 percent from USD 29.9 million to USD 32 million reported in the first three months ended March 31, 2018.

Revenues for the quarter were slightly down at USD 77.1 million, compared to USD 77.2 million seen a year earlier.

The company mainly attributed the increase in profit to the USD 12.5 million profit from operations of the GasLog Greece, the GasLog Geneva and the Solaris, acquired by the Partnership on May 3, 2017, July 3, 2017, and October 20, 2017, respectively, and an increase of USD 6.3 million in gain on interest rate swaps.

“In the first quarter, GasLog Partners continued to execute its growth strategy, delivering our highest-ever Partnership Performance Results for Revenues, Profit, Adjusted Profit, EBITDA and Distributable cash flow,” Andrew Orekar, Chief Executive Officer, said.

“Following this strong performance, we are increasing our cash distribution for the sixth consecutive quarter to USD 0.53 per unit, or USD 2.12 per unit annualized, while maintaining prudent distribution coverage,” Orekar added.

During the quarter, GasLog Partners enter into an agreement with GasLog for the drop-down of the GasLog Gibraltar, the company’s fourth acquisition in the last twelve months.

Additionally, the company secured multiple charter agreements with a new customer, including a three-and-a-half year charter for the GasLog Santiago, as well as a one-year charter for one of its modern steam-powered vessels.

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