Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document information | |
Entity Registrant Name | GasLog Partners LP |
Entity Incorporation, State or Country Code | 1T |
Entity Central Index Key | 0001598655 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Units, Units Outstanding | 47,517,824 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | true |
Class B units | |
Document information | |
Entity Class B Units, Units Outstanding | 2,075,000 |
Series A preference units | |
Document information | |
Entity Preference Units, Units Outstanding | 5,750,000 |
Series B preference units | |
Document information | |
Entity Preference Units, Units Outstanding | 4,600,000 |
Series C preference units | |
Document information | |
Entity Preference Units, Units Outstanding | 4,000,000 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Other non-current assets | $ 186 | $ 128 |
Tangible fixed assets | 2,206,618 | 2,286,430 |
Right-of-use assets | 516 | 1,033 |
Total non-current assets | 2,207,320 | 2,287,591 |
Current assets | ||
Trade and other receivables | 16,265 | 7,147 |
Inventories | 3,036 | 3,353 |
Prepayments and other current assets | 2,691 | 1,597 |
Derivative financial instruments | 372 | |
Cash and cash equivalents | 103,736 | 96,884 |
Total current assets | 125,728 | 109,353 |
Total assets | 2,333,048 | 2,396,944 |
Owners'/partners' equity | ||
Common unitholders (46,860,182 units issued and outstanding as of December 31, 2019 and 47,517,824 units issued and outstanding as of December 31, 2020) | 594,901 | 606,811 |
General partner (1,021,336 units issued and outstanding as of December 31, 2019 and December 31, 2020) | 11,028 | 11,271 |
Preference unitholders (5,750,000 Series A Preference Units, 4,600,000 Series B Preference Units and 4,000,000 Series C Preference Units issued and outstanding as of December 31, 2019 and December 31, 2020) | 347,889 | 347,889 |
Total owners'/partners' equity | 953,818 | 965,971 |
Current liabilities | ||
Trade accounts payable | 13,578 | 16,630 |
Due to related parties | 7,525 | 5,642 |
Derivative financial instruments | 8,185 | 2,607 |
Other payables and accruals | 50,679 | 51,570 |
Borrowings-current portion | 104,908 | 109,822 |
Lease liabilities-current portion | 332 | 472 |
Total current liabilities | 185,207 | 186,743 |
Non-current liabilities | ||
Derivative financial instruments | 12,152 | 6,688 |
Borrowings-non-current portion | 1,180,635 | 1,236,202 |
Lease liabilities-non-current portion | 112 | 414 |
Other non-current liabilities | 1,124 | 926 |
Total non-current liabilities | 1,194,023 | 1,244,230 |
Total owners'/partners' equity and liabilities | $ 2,333,048 | $ 2,396,944 |
Consolidated statements of fi_2
Consolidated statements of financial position (Parenthetical) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common units | ||
Partners' equity | ||
Number of units issued | 47,517,824 | 46,860,182 |
Number of units outstanding | 47,517,824 | 46,860,182 |
General partner units | ||
Partners' equity | ||
Number of units issued | 1,021,336 | 1,021,336 |
Number of units outstanding | 1,021,336 | 1,021,336 |
Preference units | ||
Partners' equity | ||
Number of units outstanding | 14,350,000 | 14,350,000 |
Series A preference units | ||
Partners' equity | ||
Number of units issued | 5,750,000 | 5,750,000 |
Number of units outstanding | 5,750,000 | 5,750,000 |
Series B preference units | ||
Partners' equity | ||
Number of units issued | 4,600,000 | 4,600,000 |
Number of units outstanding | 4,600,000 | 4,600,000 |
Series C preference units | ||
Partners' equity | ||
Number of units issued | 4,000,000 | 4,000,000 |
Number of units outstanding | 4,000,000 | 4,000,000 |
Consolidated statements of prof
Consolidated statements of profit or loss and total comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss and total comprehensive income | |||
Revenues | $ 333,662 | $ 378,687 | $ 383,201 |
Net pool allocation | 1,058 | 3,700 | |
Voyage expenses and commissions | (10,443) | (7,308) | (7,506) |
Vessel operating costs | (74,798) | (76,742) | (73,697) |
Depreciation | (83,058) | (89,309) | (87,584) |
General and administrative expenses | (18,960) | (19,401) | (19,754) |
Impairment loss on vessels | (23,923) | (138,848) | |
Profit from operations | 122,480 | 48,137 | 198,360 |
Financial costs | (50,987) | (71,998) | (72,714) |
Financial income | 295 | 1,887 | 2,448 |
Loss on derivatives | (14,929) | (12,795) | (48) |
Total other expenses, net | (65,621) | (82,906) | (70,314) |
Profit/(loss) for the year | 56,859 | (34,769) | 128,046 |
Total comprehensive income/(loss) for the year | $ 56,859 | $ (34,769) | $ 128,046 |
Common units | |||
Earnings/(loss) per unit attributable to the Partnership, basic and diluted: | |||
Earnings/(loss) per unit (basic) | $ 0.55 | $ (1.43) | $ 1.77 |
Earnings/(loss) per unit (diluted) | 0.52 | (1.43) | 1.76 |
General partner units | |||
Earnings/(loss) per unit attributable to the Partnership, basic and diluted: | |||
Earnings/(loss) per unit (basic) | 0.55 | (1.52) | 1.83 |
Earnings/(loss) per unit (diluted) | 0.55 | (1.52) | 1.83 |
Earnings/(loss) per unit (basic and diluted) | $ 0.55 | $ (1.52) | $ 1.83 |
Consolidated statements of chan
Consolidated statements of changes in owners'/partners' equity - USD ($) $ in Thousands | General partner units | Common units | Class B units | Incentive distribution rights | Preference units | Total Partners' equity | Total Owners' Capital | Total | |
Balance as of beginning of the year at Dec. 31, 2017 | $ 11,781 | $ 752,456 | $ 6,596 | $ 139,321 | $ 910,154 | $ 216,155 | $ 1,126,309 | ||
Balance as of beginning of the year (in units) at Dec. 31, 2017 | 836,779 | 41,002,121 | 5,750,000 | ||||||
Profit attributable to GasLog Ltd. ("GasLog")'s operations (Note 19) | 25,449 | 25,449 | |||||||
Total comprehensive income attributable to GasLog Ltd. ("GasLog")'s operations | 25,449 | 25,449 | |||||||
Net proceeds from public offerings of common units and issuances of general partner units (Note 5) | $ 2,171 | $ 60,013 | 62,184 | 62,184 | |||||
Number of common units in public offering or general partner units | 90,753 | 2,553,899 | |||||||
Net proceeds from public offering of preference units (Note 5) | $ 207,501 | 207,501 | 207,501 | ||||||
Number of units issued for net proceeds from public offering and issuance of preference units | 8,600,000 | ||||||||
Number of units of settlement of awards vested during the year | 33,998 | ||||||||
Issuance of common units to GasLog in exchange for net assets contributions to the Partnership (Note 5) | $ 45,000 | 45,000 | (45,000) | ||||||
Number of common units issued to GasLog in exchange for net assets contribution to the Partnership | 1,858,975 | ||||||||
Cash distribution to GasLog in exchange for net assets contribution to the Partnership | (128,482) | (128,482) | |||||||
Difference between net book values of acquired subsidiaries and consideration paid | $ (337) | $ (4,675) | (5,012) | 5,012 | |||||
Distributions declared (Note 5) | (1,942) | (91,022) | (4,141) | $ (20,989) | (118,094) | (118,094) | |||
Share-based compensation, net of accrued distribution | 14 | 607 | 103 | 724 | 724 | ||||
Modification of incentive distribution rights "IDRs" (Note 5) | (25,395) | (25,395) | (25,395) | ||||||
Partnership's profit (loss) (Note 19) | 1,602 | 75,879 | 2,618 | 22,498 | 102,597 | 102,597 | |||
Partnership's total comprehensive income (loss) | 1,602 | 75,879 | 2,618 | 22,498 | 102,597 | 102,597 | |||
Balance as of end of the year at Dec. 31, 2018 | $ 13,289 | $ 812,863 | 5,176 | $ 348,331 | 1,179,659 | 73,134 | 1,252,793 | ||
Balance as of end of the year (in units) at Dec. 31, 2018 | 927,532 | 45,448,993 | 14,350,000 | ||||||
IFRS 16 adjustment at Dec. 31, 2018 | [1] | $ 4 | $ 173 | 177 | 15 | 192 | |||
Balance at January 1, 2019 at Dec. 31, 2018 | [1] | $ 13,293 | $ 813,036 | 5,176 | $ 348,331 | 1,179,836 | 73,149 | 1,252,985 | |
Balance at January 1, 2019 (as restated, in units) at Dec. 31, 2018 | [1] | 927,532 | 45,448,993 | 14,350,000 | |||||
Profit attributable to GasLog Ltd. ("GasLog")'s operations (Note 19) | 2,650 | 2,650 | |||||||
Total comprehensive income attributable to GasLog Ltd. ("GasLog")'s operations | 2,650 | 2,650 | |||||||
Equity offering costs | $ (288) | $ 266 | (22) | (22) | |||||
Repurchases of common units (Note 5) | $ (22,890) | (22,890) | (22,890) | ||||||
Number of units of repurchases of common units | (1,171,572) | ||||||||
Elimination of IDRs and issuance of common and Class B units (Note 5) | $ 1,796 | (2,391) | (595) | (595) | |||||
Number of units on elimination of IDRs and issuance of common and class B units | 2,532,911 | 2,490,000 | |||||||
Net proceeds from public offerings of common units and issuances of general partner units (Note 5) | $ 1,996 | 1,996 | 1,996 | ||||||
Number of common units in public offering or general partner units | 93,804 | ||||||||
Number of units of settlement of awards vested during the year | 49,850 | ||||||||
Cash distribution to GasLog in exchange for net assets contribution to the Partnership | (93,646) | (93,646) | |||||||
Difference between net book values of acquired subsidiaries and consideration paid | $ (357) | $ (17,490) | (17,847) | $ 17,847 | |||||
Distributions declared (Note 5) | (2,200) | (101,932) | $ (2,785) | (31,036) | (137,953) | (137,953) | |||
Share-based compensation, net of accrued distribution | 18 | 847 | 865 | 865 | |||||
Partnership's profit (loss) (Note 19) | (1,479) | (66,268) | 30,328 | (37,419) | (37,419) | ||||
Partnership's total comprehensive income (loss) | (1,479) | (66,268) | 30,328 | (37,419) | (37,419) | ||||
Balance as of end of the year at Dec. 31, 2019 | $ 11,271 | $ 606,811 | $ 347,889 | 965,971 | 965,971 | ||||
Balance as of end of the year (in units) at Dec. 31, 2019 | 1,021,336 | 46,860,182 | 2,490,000 | 14,350,000 | |||||
Equity offering costs | $ (132) | (132) | (132) | ||||||
Repurchases of common units (Note 5) | $ (996) | (996) | (996) | ||||||
Number of units of repurchases of common units | (191,490) | ||||||||
Number of Common units upon conversion of Class B units | 415,000 | (415,000) | |||||||
Number of units of settlement of awards vested during the year | 434,132 | ||||||||
Distributions declared (Note 5) | $ (839) | $ (38,389) | $ (30,328) | (69,556) | (69,556) | ||||
Share-based compensation, net of accrued distribution | 35 | 1,637 | 1,672 | 1,672 | |||||
Partnership's profit (loss) (Note 19) | 561 | 25,970 | 30,328 | 56,859 | 56,859 | ||||
Partnership's total comprehensive income (loss) | 561 | 25,970 | 30,328 | 56,859 | 56,859 | ||||
Balance as of end of the year at Dec. 31, 2020 | $ 11,028 | $ 594,901 | $ 347,889 | $ 953,818 | $ 953,818 | ||||
Balance as of end of the year (in units) at Dec. 31, 2020 | 1,021,336 | 47,517,824 | 2,075,000 | 14,350,000 | |||||
[1] | Restated so as to reflect an adjustment introduced due to the adoption of International Financial Reporting Standard (“IFRS”) 16 Leases on January 1, 2019. |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Profit/(loss) for the year | $ 56,859 | $ (34,769) | $ 128,046 |
Adjustments for: | |||
Depreciation | 83,058 | 89,309 | 87,584 |
Impairment loss on vessels | 23,923 | 138,848 | |
Financial costs | 50,987 | 71,998 | 72,714 |
Financial income | (295) | (1,887) | (2,448) |
Unrealized loss on derivatives held for trading | 8,568 | 13,858 | 1,411 |
Share-based compensation | 1,908 | 1,158 | 1,034 |
Realized foreign exchange losses | 542 | ||
Adjusted profit | 225,008 | 279,057 | 288,341 |
(Increase)/decrease in trade and other receivables | (9,150) | 6,601 | (9,847) |
(Increase)/decrease in inventories | 317 | 26 | (58) |
Change in related parties, net | (1,971) | 17,559 | (20,498) |
Decrease/(increase) in prepayments and other current assets | (1,094) | (352) | 520 |
(Increase)/decrease in other non-current assets | (58) | 672 | (800) |
Increase/(decrease) in other non-current liabilities | (281) | (1,245) | 1,439 |
Increase/(decrease) in trade accounts payable | (1,807) | 3,651 | 185 |
Increase in other payables and accruals | 2,739 | 851 | 588 |
Cash provided by operations | 213,703 | 306,820 | 259,870 |
Interest paid | (47,088) | (67,759) | (63,227) |
Net cash provided by operating activities | 166,615 | 239,061 | 196,643 |
Cash flows from investing activities: | |||
Payments for tangible fixed asset additions | (23,618) | (13,940) | (24,177) |
Return of capital expenditures | 7,465 | ||
Financial income received | 326 | 1,950 | 2,361 |
Purchase of short-term investments | (33,000) | (38,000) | |
Maturity of short-term investments | 43,000 | 28,000 | |
Net cash (used in)/provided by investing activities | (23,292) | 5,475 | (31,816) |
Cash flows from financing activities: | |||
Borrowings drawdowns | 479,984 | 445,000 | 25,940 |
Borrowings repayments | (540,701) | (465,195) | (209,336) |
Payment of loan issuance costs | (7,362) | (6,173) | (153) |
Proceeds from entering into interest rate swaps | 16,056 | ||
Payments for termination of interest rate swaps | (13,210) | ||
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 1,996 | 62,516 | |
Proceeds from public offering of preference units (net of underwriting discounts and commissions) | 208,394 | ||
Repurchases of common units | (996) | (22,890) | |
Payment of offering costs | (146) | (1,670) | (915) |
Cash distribution to GasLog in exchange for contribution of net assets | (93,646) | (128,482) | |
Payments for IDR modification (including third-party fees) | (25,002) | ||
Distributions paid | (69,556) | (137,953) | (118,094) |
Payments for lease liabilities | (540) | (491) | |
Net cash used in financing activities | (136,471) | (281,022) | (185,132) |
(Decrease)/increase in cash and cash equivalents | 6,852 | (36,486) | (20,305) |
Cash and cash equivalents, beginning of the year | 96,884 | 133,370 | 153,675 |
Cash and cash equivalents, end of the year | 103,736 | 96,884 | 133,370 |
Non-Cash Investing and Financing Activities: | |||
Capital expenditures included in liabilities at the end of the year | $ 13,261 | 10,261 | 11,442 |
Financing costs included in liabilities at the end of the year | 164 | ||
Offering costs included in liabilities at the end of the year | 14 | 1,067 | |
Issuance of common units to GasLog in exchange for contribution of net assets | 45,000 | ||
Liabilities related to leases at the end of the year | $ 65 | $ 47 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2020 | |
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, being a wholly owned subsidiary of 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”) on May 12, 2014. On April 26, 2018, GasLog Partners acquired 100% of the ownership interests in GAS-fourteen Ltd., the entity that owns a 174,000 cbm LNG carrier, the GasLog Gibraltar , for an aggregate purchase price of $207,000. On November 14, 2018, GasLog Partners acquired 100% of the ownership interests in GAS-twenty seven Ltd., the entity that owns a 170,000 cbm LNG carrier, the Methane Becki Anne , for an aggregate purchase price of $207,400. On April 1, 2019, GasLog Partners acquired 100% of the ownership interests in GAS-twelve Ltd., the entity that owns a 174,000 cbm LNG carrier, the GasLog Glasgow , for an aggregate purchase price of $214,000. Since its IPO, the Partnership has acquired from GasLog 100% of the ownership interests in 15 vessel-owning entities in aggregate, including the ones mentioned above. The above acquisitions were accounted for as reorganizations of companies under common control. The Partnership’s historical results and net assets were retroactively restated to reflect the historical results of the acquired entities from their respective dates of incorporation by GasLog. The carrying amounts of assets and liabilities included are based on the historical carrying amounts of such assets and liabilities recognized by the subsidiaries. As of December 31, 2020, GasLog holds a 35.3% 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 Partnership’s principal business is the acquisition and operation of vessels in the LNG market, providing transportation services of LNG on a worldwide basis primarily under multi-year charters. 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 the Bermuda, provides technical services to the Partnership. On May 18, 2018, the Partnership through the GasLog Shanghai entered the Cool Pool, an LNG carrier pooling arrangement operated by GasLog and Golar LNG Ltd. (the “Cool Pool”) to market their vessels operating in the LNG shipping spot market. The Cool Pool allowed the participating owners to optimize the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the Cool Pool was to serve the growing LNG market by providing customers with reliable, flexible and innovative solutions to meet their increasingly complex shipping requirements. The Cool Pool chartered vessels (tri-fuel diesel electric (“TFDE”) LNG carriers in the 155,000-170,000 cbm range) for periods up to one year in duration as agents for the owners, who each remained responsible for the technical and commercial operation of their vessels and performance of the contracts. The Partnership through the GasLog Shanghai exited the Cool Pool on June 23, 2019. As of December 31, 2020, the companies listed below were 100% held by the Partnership: Cargo Place of Date of Capacity Name incorporation incorporation Principal activities Vessel (cbm) Delivery Date GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai 155,000 January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago 155,000 March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney 155,000 May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle 155,000 December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris 155,000 June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece 174,000 March 2016 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company GasLog Glasgow 174,000 June 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva 174,000 September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar 174,000 October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea 145,000 April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth 145,000 April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria 145,000 June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth 145,000 June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally 145,000 June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company Methane Becki Anne 170,000 March 2015 GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Statement of compliance The consolidated financial statements of the Partnership have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). Basis of preparation The consolidated financial statements have been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below. The consolidated financial statements are expressed in 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. In considering going concern, management has reviewed the Partnership’s future cash requirements, covenant compliance and earnings projections. As of December 31, 2020, the Partnership’s current assets totaled $125,728 while current liabilities totaled $185,207, resulting in a negative working capital position of $59,479. Current liabilities include an amount of $25,828 of unearned revenue in relation to vessel hires received in advance (which represents a non-cash liability that will be recognized as revenues after December 31, 2020 as the services are rendered). In considering going concern, management has reviewed the Partnership’s future cash requirements, covenant compliance and earnings projections, incorporating the negative impact of the COVID-19 pandemic on near-term market rates. Management monitors the Partnership’s liquidity position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including debt service commitments, and to monitor compliance with the financial covenants within its loan facilities. Taking into account the volatile commercial and financial market conditions experienced throughout 2020, management anticipates that the Partnership’s primary sources of funds for at least twelve months from the date of this report will be available cash, cash from operations and existing debt facilities. Management believes that these anticipated sources of funds, as well as its decision to decrease the common unit distributions and preserve liquidity, will be sufficient for the Partnership to meet its liquidity needs and to comply with its banking covenants for at least twelve months from the date of this report and therefore it is appropriate to prepare the financial statements on a going concern basis. Additionally, the Partnership may enter into new debt facilities in the future, as well as public equity or debt instruments, although there can be no assurance that the Partnership will be able to obtain additional debt or equity financing on terms acceptable to the Partnership, which will also depend on financial, commercial and other factors, as well as a significant recovery in capital market conditions and a sustainable improvement in the LNG charter market, that are beyond the Partnership’s control. The Partnership’s long-term ability to repay its debts and maintain compliance with its debt covenants for at least twelve months from the date of this report without reliance on additional sources of finance is also dependent on a sustainable longer-term recovery in the LNG charter market from the market disruption observed in 2020 as a result of the COVID-19 outbreak. On March 2, 2021, the Partnership’s board of directors authorized the consolidated financial statements for issuance and filing. Basis of consolidation The accompanying consolidated financial statements include the accounts of the Partnership and its subsidiaries assuming that they are consolidated from the date of their incorporation by GasLog, as they were under the common control of GasLog. All intra-group transactions and balances are eliminated on consolidation. Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions Revenues comprise revenues from time charters for the charter hire of the Partnership’s vessels earned during the period in accordance with existing contracts and gross pool revenues. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer, except for any off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the reporting date relating to services to be rendered after the reporting date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases . The revenue in relation to the service component relates to vessel operating expenses, which include expenses that are paid by the vessel owner such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses. These costs are essential to operating a charter and the charterers receive the benefit of these when the vessel is used during the contracted time and, therefore, these costs are accounted for in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers . Pool revenues were recognized on a gross basis representing time charter revenues earned by a GasLog Partners vessel participating in the pool under charter agreements where GasLog Partners contracted directly with charterers. Revenue was recognized on a monthly basis, when the vessel was made available and services were provided to the charterer during the period, the amount could be estimated reliably and collection of the related revenue was reasonably assured. Time charter hires are received monthly in advance and are classified as liabilities until such time as the criteria for recognizing the revenue as earned are met. Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses, as well as broker’s commissions, are paid by the vessel owner, whereas the majority of voyage expenses such as bunkers, port expenses, agents’ fees and extra war risk insurance are paid by the charterer. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses are recognized over the period of each contract, and not at a certain point in time, in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers , to match the recognition of the respective hire revenues realized. All other voyage expenses and vessel operating costs are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the period of the time charter. Bunkers’ consumption included in voyage expenses represents mainly bunkers consumed during vessels’ unemployment and off-hire. Net pool allocation The Partnership because of its participation in the Cool Pool (until June 23, 2019) also received a net allocation from the pool, which was recognized separately in the consolidated statement of profit or loss under “Net Pool Allocation” and represented GasLog Partners’ share of the net revenues earned from the other pool participants’ vessels less the other participants’ share of the net revenues earned by GasLog Partners’ vessels included in the pool. Each participant’s share of the net pool revenues was based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. Financial income and costs Interest income, interest expense, other borrowing costs and realized loss on derivatives are recognized on an accrual basis. Foreign currencies Transactions in currencies other than USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. Deferred financing costs Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra debt while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are classified contra debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. Tangible fixed assets: Vessels Vessels are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of an LNG vessel is split into two components, a “vessel component” and a “dry-docking component”. Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the value of the vessels. Residual values are based on management’s estimation of the amount that the Partnership would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo a dry-docking overhaul every five years that cannot be performed while the vessels are operating to restore their service potential and to meet their classification requirements. The dry-docking component is estimated at the time of a vessel’s delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking, subsequent to its acquisition, based on the Partnership’s historical experience with similar types of vessels. For subsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in the case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessel’s last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock, and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of the vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as the dry-docking. The expected useful lives are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from the Partnership’s vessels. The residual value is also reviewed at each financial period end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Partnership might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When vessels are sold, they are derecognized and any gain or loss resulting from their disposals is included in profit or loss. Impairment of vessels All vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of a vessel exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of a vessel’s fair value less cost of disposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of a vessel in an arm’s length transaction less the costs of disposal, while “value in use” is the present value of estimated future cash flows expected to arise from the continuing use of a vessel and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual vessels. Each vessel is considered to be a single cash-generating unit. The fair value less cost of disposal of the vessels is estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under “Vessels”. Concurrently, an equal amount is deferred as a liability and amortized to profit or loss as income over the remaining tenure of the charter party agreement. Leases Until December 31, 2018, the Partnership’s leases of vessel communication equipment were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019 and onwards, each lease has been recognized as a right-of-use asset, with a corresponding liability recognized at the date at which the leased asset is available for use by the Partnership. Assets and liabilities arising from a lease are initially measured on a present value basis, i.e. at the present value of the minimum lease payments, discounted at the interest rate implicit in the lease, if practicable, or else at the Partnership’s incremental borrowing rate. The corresponding rental obligations, net of future finance charges, are included in current and non-current liabilities as lease liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect lease payments made. The right-of-use asset is depreciated over its useful life or over the shorter of its useful life and the lease term if there is no reasonable certainty that the Partnership will obtain ownership at the end of the lease term. Payments associated with short-term leases and low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel equipment. Provisions Provisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, it is probable that the Partnership will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Inventories Inventories represent lubricants on board the vessel and, in the event of a vessel not being employed under a charter, bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first-in, first-out basis, and net realizable value. Financial instruments Financial assets and liabilities are recognized when the Partnership has become a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. · Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. · Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. · Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 4 for further information about the Partnership’s accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Partnership recognizes lifetime expected credit losses (“ECLs”) on the trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. · Borrowings Borrowings are measured at amortized cost, using the effective interest method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. · Derivative financial instruments Derivative financial instruments, such as interest rate swaps or forward foreign exchange contracts, are used to economically hedge the Partnership’s exposure to interest rate or foreign exchange rate risks. Derivative financial instruments are initially recognized at fair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which case the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Partnership and as liabilities when unfavorable to the Partnership. Criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects the consolidated statement of profit or loss. Hedge accounting is discontinued when the Partnership terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. Segment information Each vessel-owning company owns one LNG carrier which is operated under a time charter with similar operating and economic characteristics. Consequently, the information provided to the Chief Executive Officer (the Partnership’s chief operating decision maker) to review the Partnership’s operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. Share-based compensation Share-based compensation to executives and others providing similar services is measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 20. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Partnership’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Partnership revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses recognized in the consolidated financial statements. The Partnership’s management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods which management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments In the process of applying the Partnership’s accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the Partnership interests: The interests in the Partnership comprise common units, preference units, a general partner interest and incentive distribution rights. Under the terms of the Partnership Agreement, the Partnership is required to distribute 100% of available cash (as defined in the Partnership Agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the board of directors to (i) provide for the proper conduct of the business of the Partnership (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the interests in the Partnership should be classified as liabilities or equity interests, the Partnership has considered the wide discretion of the board of directors to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the Partnership interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Impairment of vessels: The Partnership evaluates the carrying amounts of each of its vessels to determine whether there is any indication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. The total carrying amount of the Partnership’s vessels as of December 31, 2020, was $2,203,899 (December 31, 2019: $2,286,430). Recoverable amount is the higher of fair value less costs to sell and value in use. The Partnership’s estimates of recoverable value assume that the vessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. In assessing the fair value less cost to sell of the vessel, the Partnership obtains charter-free market values for its vessels from independent and internationally recognized ship brokers on a semi-annual basis, which are also commonly used and accepted by the Partnership’s lenders for determining compliance with the relevant covenants in the Partnership’s credit facilities. Vessel values can be highly volatile, so the charter-free market values may not be indicative of the future market value of the Partnership’s vessels, or prices that could be achieved if it were to sell them. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates including future charter rates, vessel operating expenses and the discount rate. As of June 30, 2020 and December 31, 2020, the carrying amounts of each of the five steam turbine propulsion (“Steam”) vessels (the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally ) and six TFDE vessels (the GasLog Sydney, the GasLog Seattle, the Solaris, the GasLog Greece, the GasLog Glasgow and the Methane Becki Anne ) were higher than the charter-free market values estimated by ship brokers on both dates, while two additional TFDE vessels, the GasLog Geneva and the GasLog Gibraltar had carrying amounts higher than their estimated charter-free market values as of December 31, 2020 only. The Partnership concluded that this, together with certain other events and circumstances (as further described in Note 3), indicated the existence of potential impairment of these vessels. As a result, the Partnership performed an impairment assessment for these vessels by comparing their values in use, being the discounted projected net operating cash flows for these vessels to their carrying values as of June 30, 2020 and December 31, 2020. The assumptions that the Partnership used in its discounted projected net operating cash flow analysis included, among others, utilization, operating revenues, voyage expenses and commissions, dry-docking costs, operating expenses (including vessel management costs), residual values and the discount rate. The key assumptions, being those to which the outcome of the impairment assessment is most sensitive, are the estimates of charter rates for non-contracted revenue days and the discount rate. Revenue assumptions were based on contracted time charter rates up to the end of the current contract for each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire based on the fleet’s historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of June 30, 2020 and December 31, 2020, (iii) historical average time charter rates, based on publications by independent third party maritime research services (“maritime research publications”), (iv) estimated future time charter rates, based on maritime research publications that provide such forecasts and (v) management’s internal assessment of long-term charter rates achievable by each class of vessel. More specifically, for vessels whose charters expire within the next twelve months, the estimated charter rates and utilization for the first year from the assessment date were based on the approved annual budget for the respective year, which was formed based on the anticipated market conditions for that period (including the effect |
Tangible fixed assets
Tangible fixed assets | 12 Months Ended |
Dec. 31, 2020 | |
Tangible fixed assets | |
Tangible fixed assets | 3. Tangible fixed assets The movements in tangible fixed assets are reported in the following table: Other tangible Total tangible Vessels assets fixed assets Cost As of January 1, 2019 2,859,265 — 2,859,265 Additions 12,759 — 12,759 Return of capital expenditures (8,007) — (8,007) Fully amortized dry-docking component (4,845) — (4,845) As of December 31, 2019 2,859,172 — 2,859,172 Additions 23,899 2,719 26,618 Fully amortized dry-docking component (9,242) — (9,242) As of December 31, 2020 2,873,829 2,719 2,876,548 Accumulated depreciation As of January 1, 2019 349,982 — 349,982 Depreciation expense 88,757 — 88,757 Impairment loss on vessels 138,848 — 138,848 Fully amortized dry-docking component (4,845) — (4,845) As of December 31, 2019 572,742 — 572,742 Depreciation expense 82,507 — 82,507 Impairment loss on vessels 23,923 — 23,923 Fully amortized dry-docking component (9,242) — (9,242) As of December 31, 2020 669,930 — 669,930 Net book value As of December 31, 2019 2,286,430 — 2,286,430 As of December 31, 2020 2,203,899 2,719 2,206,618 All vessels have been pledged as collateral under the terms of the Partnership’s bank loan agreements (Note 6). In April and May 2017, GasLog LNG Services entered into agreements in relation to investments in certain of the Partnership’s and GasLog’s vessels, with the aim of enhancing their operational performance. On March 7, 2019, GasLog LNG Services and one of its suppliers signed an interim agreement regarding the reimbursement of amounts already paid by the Partnership in respect of the aforementioned enhancements, which were not timely delivered or in the correct contractual condition. In accordance with the terms of this agreement, $7,465 was reimbursed to the Partnership, with realized foreign exchange losses of $542 recognized in profit or loss in the year ended December 31, 2019. On April 1, 2019, the Partnership acquired from GasLog 100% of the ownership interests in GAS-twelve Ltd., the entity which owns the GasLog Glasgow , for an aggregate purchase price of $214,000. As consideration for this acquisition, the Partnership paid GasLog $93,646 representing the difference between the $214,000 aggregate purchase price and the $134,107 of outstanding indebtedness of the acquired entity assumed by the Partnership plus an adjustment of $13,753 in order to maintain the agreed working capital position in the acquired entity of $1,000 at the time of acquisition. Following the acquisition of (i) the Methane Rita Andrea and the Methane Jane Elizabeth , (ii) the Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally and (iii) the Methane Becki Anne , the Partnership, through its subsidiaries (i) GAS-sixteen Ltd. and GAS-seventeen Ltd., (ii) GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd., and (iii) GAS-twenty seven Ltd., respectively, was counter guarantor for the acquisition from BG Group plc of depot spares purchased with respect to the aforementioned vessels. In June 2020, the Partnership acquired from GasLog the relevant spares at a cost of $2,719. As of June 30, 2020 and December 31, 2020, a number of negative indicators, such as the downward pressure on economic activity and energy demand, as well as the significant uncertainty regarding future LNG demand and, therefore, LNG shipping requirements pursuant to the COVID-19 pandemic, combined with our reduced expectations for the estimated rates at which employment for the Partnership’s vessels could be secured over the near-term in the spot market, prompted the Partnership to perform an impairment assessment of its vessels in accordance with the Partnership’s accounting policy. The recoverable amounts (values in use) for four Steam vessels owned by the Partnership (in the table below) calculated as per above were lower than the respective carrying amounts of these vessels and, consequently, an aggregate impairment loss of $23,923 was recognized in profit or loss in the year ended December 31, 2020. As of and for the year ended December 31, 2020 Impairment loss on Recoverable Vessel vessels amount Methane Rita Andrea (4,933) 91,162 Methane Alison Victoria (2,359) 96,385 Methane Shirley Elisabeth (12,412) 92,688 Methane Heather Sally (4,219) 103,274 Total (23,923) 383,509 As of December 31, 2020, the most sensitive and/or subjective assumptions that have the potential to affect the outcome of the impairment assessment for the Steam vessels are the projected charter hire rate used to forecast future cash flows for non-contracted revenue days (the “re-chartering rate”) and the discount rate used. The average re-chartering rate over the remaining useful life of the vessels used in our impairment exercise for the Steam vessels was $40 per day. Increasing/decreasing the average re-chartering rate used by $5 per day would result in an impairment reversal of $90,403/ impairment loss of $94,337, respectively. The discount rate used for the Steam vessels was 6.4% as of December 31, 2020. Increasing/decreasing the discount rate by 0.5% would have resulted in an impairment loss of $21,758/ impairment reversal of $11,417, respectively. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade and Other Receivables | |
Trade and Other Receivables | 4. Trade and Other Receivables Trade and other receivables consisted of the following: As of December 31, 2019 2020 Due from charterers 1,767 5,070 VAT receivable 26 48 Accrued income 1,646 4,010 Insurance claims 1,099 3,584 Other receivables 2,609 3,553 Total 7,147 16,265 Accrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables. |
Owners' Capital_Partners' Equit
Owners' Capital/Partners' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Owners' Capital/Partners' Equity | |
Owners' Capital/Partners' Equity | 5. Owners’ Capital/Partners’ Equity As of January 1, 2018, the capital of each of the subsidiaries consisted of 12,000 authorized common shares with a par value of $1 per share, all of which had been issued and were outstanding, resulting in a total share capital of $36. Each share was entitled to one vote. Capital contributions represent capital contributed by the owner of each subsidiary in excess of par value to fund working capital and shipyard installments and capital contributed through contributed services. The reconciliation of owners’ capital is as follows: Total Share Contributed Retained Owners’ capital surplus earnings capital Balance as of January 1, 2018 36 165,537 50,582 216,155 Profit and total comprehensive income attributable to GasLog’s operations (Note 19) — — 25,449 25,449 Net contribution to the Partnership (24) (124,949) (43,497) (168,470) Balance as of December 31, 2018 12 40,588 32,534 73,134 IFRS 16 adjustment — — 15 15 Balance as of January 1, 2019 12 40,588 32,549 73,149 Profit and total comprehensive income attributable to GasLog’s operations (Note 19) — — 2,650 2,650 Net contribution to the Partnership (12) (40,588) (35,199) (75,799) Balance as of December 31, 2019 and 2020 — — — — On January 17, 2018, GasLog Partners completed a public offering of 4,600,000 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”), including 600,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Series B Preference Units, liquidation preference $25.00 per unit, at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $111,194. The Series B Preference Units are listed on the New York Stock Exchange under the symbol “GLOP PR B”. On April 3, 2018, GasLog Partners issued 33,998 common units in connection with the vesting of 16,999 Restricted Common Units (“RCUs”) and 16,999 Performance Common Units (“PCUs”) under its 2015 Long-Term Incentive Plan (the “2015 Plan”) at a price of $23.55 per unit. Subsequently, on April 26, 2018, in connection with the acquisition of GAS-fourteen Ltd., the entity that owns and charters the GasLog Gibraltar , GasLog Partners issued 1,858,975 common units to GasLog at a price of $24.21 per unit. In connection with these common equity issuances and in order for GasLog to retain its 2.0% general partner interest, GasLog Partners also issued 38,632 general partner units to GasLog, for net proceeds of $935. On November 15, 2018, GasLog Partners completed a public offering of 4,000,000 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”, and together with the Series A Preference Units and Series B Preference Units, the “Preference Units”), liquidation preference $25.00 per unit, at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $96,307. The Series C Preference Units are listed on the New York Stock Exchange under the symbol “GLOP PR C”. Under the Partnership’s “at-the-market” common equity offering programme (“ATM Programme”) established in 2017, in the year ended December 31, 2018, GasLog Partners issued and received payment for 2,553,899 common units at a weighted average price of $23.72 per common unit for total net proceeds, after deducting fees and other expenses, of $60,013. In connection with the issuance of common units under the ATM Programme during this year, the Partnership also issued 52,121 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of the general partner units were $1,236. On January 29, 2019, the board of directors of GasLog Partners authorized a unit repurchase programme of up to $25,000 covering the period January 31, 2019 to December 31, 2021. Under the terms of the repurchase programme, GasLog Partners may repurchase common units from time to time, at its discretion, on the open market or in privately negotiated transactions. During the year ended December 31, 2019, GasLog Partners repurchased and cancelled 1,171,572 common units at a weighted average price of $19.52 per common unit, for a total cost of $22,890 including commissions. On February 26, 2019, the Partnership entered into a Third Amended and Restated Equity Distribution Agreement to further increase the size of the ATM Programme from $144,040 to $250,000. As of December 31, 2019, the unutilized portion of the ATM Programme was $126,556. On April 1, 2019, GasLog Partners issued 49,850 common units in connection with the vesting of 24,925 Restricted Common Units (“RCUs”) and 24,925 Performance Common Units (“PCUs”) under its 2015 Long-Term Incentive Plan (the “2015 Plan”). On June 24, 2019, the Partnership Agreement was amended to eliminate the IDRs, effective as of June 30, 2019, in exchange for the issuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. With respect to the aforementioned transactions during the year, the Partnership also issued 93,804 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of the general partner units were $1,996. On February 5, 2020, the board of directors of GasLog Partners authorized a renewal of the unit repurchase programme taking the total authority outstanding under the programme to $25,000, to be utilized from February 10, 2020 to December 31, 2021. During the year ended December 31, 2020, GasLog Partners repurchased and cancelled a total of 191,490 units at a weighted average price of $5.18 per common unit for a total amount of $996, including commissions. On April 3, 2020, GasLog Partners issued 46,843 common units in connection with the vesting of 25,551 RCUs and 21,292 PCUs under its 2015 Long-Term Incentive Plan (the “2015 Plan”). On June 30, 2020, GasLog Partners issued an additional 21,589 common units in connection with the vesting of 11,776 RCUs and 9,813 PCUs under its 2015 Plan. On July 1, 2020, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the first tranche of its Class B units issued upon the elimination of IDRs in June 2019. Finally, on September 25, 2020, GasLog Partners issued 365,700 common units in connection with the vesting of 182,850 RCUs and 182,850 PCUs under its 2015 Plan. As of December 31, 2020, the Partnership’s capital consisted of 47,517,824 outstanding common units, 1,021,336 outstanding general partner units, 2,075,000 Class B units and 14,350,000 Preference Units. Cash distributions The Partnership’s cash distributions for the years ended December 31, 2018, 2019 and 2020 are presented in the following table: Type of Distribution Payment Amount Declaration date units per unit date paid January 30, 2018 Common $ 0.5235 February 14, 2018 22,845 February 8, 2018 Preference (Series A, B) $ 0.5390625, $0.33028 March 15, 2018 4,619 April 26, 2018 Common $ 0.53 May 11, 2018 24,272 May 11, 2018 Preference (Series A, B) $ 0.5390625, $0.5125 June 15, 2018 5,457 July 25, 2018 Common $ 0.53 August 10, 2018 24,272 July 25, 2018 Preference (Series A, B) $ 0.5390625, $0.5125 September 17, 2018 5,457 October 24, 2018 Common $ 0.53 November 9, 2018 25,716 November 15, 2018 Preference (Series A, B) $ 0.5390625, $0.5125 December 17, 2018 5,456 Total $ 118,094 January 29, 2019 Common $ 0.55 February 13, 2019 26,929 February 22, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.7083 March 15, 2019 8,290 April 24, 2019 Common $ 0.55 May 10, 2019 26,911 May 10, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 17, 2019 7,582 July 24, 2019 Common $ 0.55 August 9, 2019 26,640 July 24, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 16, 2019 7,582 October 29, 2019 Common $ 0.55 November 13, 2019 26,437 November 14, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 16, 2019 7,582 Total $ 137,953 February 5, 2020 Common $ 0.561 February 21, 2020 26,754 February 5, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 16, 2020 7,582 May 6, 2020 Common $ 0.125 May 21, 2020 5,967 May 14, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 15, 2020 7,582 August 4, 2020 Common $ 0.125 August 20, 2020 6,022 August 4, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 15, 2020 7,582 November 9, 2020 Common $ 0.01 November 25, 2020 485 November 9, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 15, 2020 7,582 Total $ 69,556 Voting Rights The following is a summary of the unitholder vote required for the approval of the matters specified below. Matters that require the approval of a “unit majority” require the approval of a majority of the outstanding common units voting as a single class. In voting their common units the general partner and its affiliates will have no fiduciary duty or obligation whatsoever to the Partnership or the limited partners, including any duty to act in good faith or in the best interests of the Partnership or the limited partners. Each outstanding common unit is entitled to one vote on matters subject to a vote of common unitholders. However, to preserve the Partnership’s ability to claim an exemption from U.S. federal income tax under Section 883 of the Code, if at any time any person or group owns beneficially more than 4.9% of any class or series of units then outstanding, any units beneficially owned by that person or group in excess of 4.9% may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting of limited partners, calculating required votes (except for purposes of nominating a person for election to the board of directors), determining the presence of a quorum or for other similar purposes under the Partnership Agreement, unless otherwise required by law. Effectively, this means that the voting rights of any such unitholders in excess of 4.9% will be redistributed pro rata among the other common unitholders holding less than 4.9% of the voting power of all classes of units entitled to vote. The general partner, its affiliates and persons who acquired common units with the prior approval of the board of directors will not be subject to this 4.9% limitation except with respect to voting their common units in the election of the elected directors. This loss of voting rights does not apply to the preference units. The Partnership holds a meeting of the limited partners every year to elect one or more members of the board of directors and to vote on any other matters that are properly brought before the meeting. The general partner retains the right to appoint four of the directors. Preference unitholders generally have no voting rights. However, the consent of at least two thirds of the outstanding preference units, voting as a single class, is required prior to any amendment to the Partnership Agreement that would have a material adverse effect on the existing terms of the preference units, the issuance of securities that rank pari passu to the preference units if distributions are in arrears, or the issuance of securities that rank senior to the preference units. In addition, preference unitholders become entitled to elect one director to the Partnership’s board of directors if and whenever distributions payable are in arrears for six or more quarterly periods, whether or not consecutive. In such a case, the general partner will also be entitled to appoint one additional director to the board of directors. General Partner Interest The Partnership Agreement provides that the general partner initially will be entitled to 2.0% of all distributions that the Partnership makes prior to its liquidation. The general partner has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its 2.0% general partner interest if the Partnership issues additional units. The general partner’s 2.0% interest, and the percentage of the Partnership’s cash distributions to which it is entitled, will be proportionately reduced if the Partnership issues additional units in the future and the general partner does not contribute a proportionate amount of capital to the Partnership in order to maintain its 2.0% general partner interest. The general partner will be entitled to make a capital contribution in order to maintain its 2.0% general partner interest in the form of the contribution to the Partnership of common units based on the current market value of the contributed common units. Incentive Distribution Rights IDRs represented the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the payment of preference unit distributions and after the minimum quarterly distribution and the target distribution levels had been achieved. Since completion of the IPO, GasLog had held 100% of the IDRs. On November 27, 2018, the Partnership Agreement was amended to allow for the substitution of the then existing IDRs (the “Old IDRs”) with a new class of IDRs (the “New IDRs”, together with the Old IDRs, the “IDRs”) with revised rights to distributions. Pursuant to this amendment, the 48.0% tier of distributions to the New IDRs holders was removed, while the definition of available cash from operating surplus for distribution to the New IDRs holders was revised to exclude any available cash from operating surplus generated from third-party (i.e., non-GasLog) acquisitions, as defined in the agreement. In exchange for the waiving of the aforementioned rights, the Partnership paid $25,000 to GasLog, the holder of the IDRs, sourced from available cash. The following table illustrates the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions, in respect to such rights, until November 27, 2018: Marginal Percentage Interest in Distributions Total Quarterly Distribution General Holders of Old IDRs Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Third Target Distribution $ 0.46875 up to $ 0.5625 75.0 % 2.0 % 23.0 % Thereafter Above $ 0.5625 50.0 % 2.0 % 48.0 % Effective November 27, 2018 (and until the IDR elimination, described above), the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions and excluding available cash from operating surplus derived from non-GasLog acquisitions, was amended, in respect to such rights, as follows: Marginal Percentage Interest in Distributions Total Quarterly Distribution General Holders of New IDRs Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Thereafter Above $ 0.46875 75.0 % 2.0 % 23.0 % Following the IDR elimination, 98% of the available cash is distributed to the common unitholders and 2% is distributed to the general partner. The updated earnings allocation applies to the Partnership’s earnings for the three months ended June 30, 2019 and onwards (Note 19). Class B units The Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation in distributions until such time as GasLog exercises its right to convert the Class B units to common units. After the conversion of the first tranche of 415,000 Class B units to common units on July 1, 2020, the remaining 2,075,000 Class B units will become eligible for conversion on a one-for-one basis into common units at GasLog’s option on July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-2 units, Class B-3 units, Class B-4 units, Class B-5 units and Class B-6 units, respectively. Preference Units From and including the original issue date to, but excluding, June 15, 2027, distributions on the Series A Preference Units will accrue at 8.625% per annum per $25.00 of liquidation preference per unit. From and including June 15, 2027, the distribution rate will be a floating rate equal to the three-month USD London Interbank Offered Rate (“LIBOR”)* plus a spread of 6.31% per annum per $25.00 of liquidation preference per unit of Series A Preference Units. From and including the original issue date to, but excluding, March 15, 2023, distributions on the Series B Preference Units will accrue at 8.200% per annum per $25.00 of liquidation preference per unit. From and including March 15, 2023, the distribution rate will be a floating rate equal to three-month LIBOR* plus a spread of 5.839% per annum per $25.00 of liquidation preference per unit of Series B Preference Units. From and including the original issue date to, but excluding, March 15, 2024, the distribution rate for the Series C Preference Units will accrue at 8.500% per annum per $25.00 of liquidation preference per unit. From and including March 15, 2024, the distribution rate will be a floating rate equal to the three-month LIBOR* plus a spread of 5.317% per annum per $25.00 of liquidation preference per unit of Series C Preference Units. The Preference Units issued are not convertible into common units and have been accounted for as equity instruments based on certain characteristics such as the absolute discretion held by our board of directors over distributions, which can be deferred and accumulated, as well as the redemption rights held only by the Partnership. The Series A, Series B and Series C Preference Units have preference upon liquidation and the holders would receive $25.00 per unit plus any accumulated and unpaid distributions. * Upon discontinuance of the LIBOR base rate, the appointed calculation agent will use a substitute or successor base rate that it has determined in its discretion, after consultation with the Partnership, and which is most comparable to the LIBOR base rate . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings | |
Borrowings | 6. Borrowings Borrowings as of December 31, 2019 and 2020 consisted of the following: As of December 31, 2019 2020 Amounts due within one year 115,572 109,673 Less: unamortized deferred loan issuance costs (5,750) (4,765) Borrowings—current portion 109,822 104,908 Amounts due after one year 1,250,059 1,195,241 Less: unamortized deferred loan issuance costs (13,857) (14,606) Borrowings—non-current portion 1,236,202 1,180,635 Total 1,346,024 1,285,543 Terminated Facilities: (a) Citibank N.A., London Branch, Nordea Bank Finland PLC London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas facility On November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd, GasLog Partners LP and GasLog Partners Holdings LLC entered into a loan agreement with Citibank N.A., London Branch, acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility for up to $450,000 (the “Terminated Partnership Facility”) for the purpose of refinancing in full the existing debt facilities. The agreement provided for a single tranche that was drawn on November 18, 2014. The credit facility bore interest at LIBOR plus a margin. On March 6, 2019, the Partnership prepaid an amount of $354,375 for the aggregate outstanding debt of GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd., which would have been due in November 2019. On March 7, 2019, the facility was terminated and the respective unamortized loan fees of $988 were written-off to profit or loss. (b) Five Vessel Refinancing On February 18, 2016, subsidiaries of the Partnership and GasLog entered into credit agreements (the “Five Vessel Refinancing”) to refinance the debt maturities that were scheduled to become due in 2016 and 2017. The Five Vessel Refinancing was comprised of a five-year senior tranche facility of up to $396,500 and a two-year bullet junior tranche of up to $180,000. The vessels covered by the Five Vessel Refinancing were the Partnership-owned Methane Alison Victoria , Methane Shirley Elisabeth , Methane Heather Sally and Methane Becki Anne and the GasLog-owned Methane Lydon Volney . ABN AMRO Bank N.V. and DNB (UK) Ltd. were mandated lead arrangers to the transaction. The other banks in the syndicate were: DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited. Following the acquisition of the Methane Becki Anne on November 14, 2018, the Partnership assumed $93,896 of outstanding indebtedness of the acquired entity. On April 5, 2016, $323,162 and $149,792 under the senior and junior tranche, respectively, of the Five Vessel Refinancing were drawn to refinance $535,500 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd and GAS-twenty seven Ltd. The balance outstanding for the entities owned by the Partnership as of December 31, 2019 was $240,422 under the senior tranche. Amounts drawn bore interest at LIBOR plus a margin. The balance under the junior tranche was prepaid by the Partnership on April 5, 2017 and January 5, 2018, in amounts of $120,042 and $29,750, respectively, with the junior tranche subsequently cancelled. The senior tranche was terminated on July 16, 2020, with the subsequent the prepayment of the remaining outstanding amount of $221,553, and the respective unamortized loan fees of $977 were written-off to profit or loss. (c) Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. facility On July 19, 2016, GasLog entered into a credit agreement to refinance the existing indebtedness on eight of its on-the-water vessels of up to $1,050,000 (the “Legacy Facility Refinancing”) with a number of international banks, extending the maturities of six existing credit facilities to 2021. The vessels covered by the Legacy Facility Refinancing were the GasLog Savannah , the GasLog Singapore , the GasLog Skagen , the GasLog Seattle , the Solaris , the GasLog Saratoga , the GasLog Salem and the GasLog Chelsea . Citigroup Global Market Limited, Credit Suisse AG and Nordea Bank AB were mandated lead arrangers to the transaction. The other banks in the syndicate were: Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. Nordea Bank AB, London Branch was the agent and security agent for the transaction. The Legacy Facility Refinancing was comprised of a five-year term loan facility of up to $950,000 and a revolving credit facility of up to $100,000. Following the acquisitions of GAS-seven Ltd. and GAS-eight Ltd., the Partnership assumed $122,292 and $124,141 of indebtedness drawn on July 25, 2016 under the term loan facility to refinance the existing indebtedness of $124,000 and $127,080 for GAS-seven Ltd. and GAS-eight Ltd., respectively. Amounts drawn bore interest at LIBOR plus a margin. On November 13, 2018, $25,940 was drawn under the revolving credit facility, which was repaid on December 12, 2018. The balance outstanding for the entities owned by the Partnership as of December 31, 2019 was $201,037. On March 13, 2020, $25,940 was drawn under the revolving credit facility. Finally, the facility was terminated on July 16, 2020, with the subsequent prepayment of the remaining outstanding amount of $211,846, and the respective unamortized loan fees of $941 were written-off to profit or loss. Existing Facilities: (a) GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd. and GAS-fourteen facility Following the acquisitions of GAS-eleven Ltd. on May 3, 2017, GAS-thirteen Ltd. on July 3, 2017, GAS-fourteen Ltd. on April 26, 2018 and GAS-twelve Ltd. on April 1, 2019, the Partnership assumed $151,423, $155,005, $143,622 and $134,107 of outstanding indebtedness of the acquired entities, respectively, under a debt financing agreement dated October 16, 2015 with 14 international banks, with Citibank N.A. London Branch and Nordea Bank AB, London Branch acting as agents on behalf of the other finance parties. The financing is backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who are either directly lending or providing cover for over 60% of the facility (the “Assumed October 2015 Facility”). The loan agreements with GAS-eleven Ltd. and GAS-twelve Ltd., with respect to the GasLog Greece and the GasLog Glasgow, respectively, provided for four tranches of $51,257, $25,615, $24,991 and $61,104, while the loan agreements with GAS-thirteen Ltd. and GAS-fourteen Ltd., with respect to the GasLog Geneva and the GasLog Gibraltar , respectively, each provided for four tranches of $50,544, $25,258, $24,643 and $60,252. Under the terms of the agreement, each drawing under the first three tranches would be repaid in 24 consecutive semi-annual equal installments commencing six months after the actual deliveries of the GasLog Greece , the GasLog Glasgow , the GasLog Geneva and the GasLog Gibraltar , respectively, according to a 12-year profile. Each drawing under the fourth tranche would be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016 and on June 24, 2016, $162,967 was drawn down on each date to partially finance the delivery of the GasLog Greece and the GasLog Glasgow , respectively, while on September 26, 2016 and on October 25, 2016, $160,697 was drawn down on each date to partially finance the deliveries of the GasLog Geneva and the GasLog Gibraltar , respectively. The aggregate balance outstanding for the entities owned by the Partnership as of December 31, 2020 is $452,369 (December 31, 2019: $498,223). Amounts drawn under each applicable tranche bear interest at LIBOR plus a margin. (b) 2019 Partnership Facility On February 20, 2019, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners and GasLog Partners Holdings LLC entered into a loan agreement with Credit Suisse AG, Nordea Bank Abp, filial i Norge and Iyo Bank Ltd., Singapore Branch, each an original lender and Nordea acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility of up to $450,000 (the “2019 Partnership Facility”) for the purpose of refinancing in full the Terminated Partnership Facility described above. Subsequently, on the same date, the Development Bank of Japan, Inc. entered the facility as lender via transfer certificate. The vessels covered by the 2019 Partnership Facility are the GasLog Shanghai , the GasLog Santiago , the GasLog Sydney , the Methane Rita Andrea and the Methane Jane Elizabeth . The agreement provides for an amortizing revolving credit facility which can be repaid and redrawn at any time, subject to the outstanding amount immediately after any drawdown not exceeding (i) 75.0% of the aggregate of the market values of all vessels under the agreement, or (ii) the total facility amount. The total facility amount reduces in 20 equal quarterly amounts of $7,357, with a final balloon amount of up to $302,860, together with the last quarterly reduction in February 2024. The credit facility bears interest at LIBOR plus a margin. On March 6, 2019, the Partnership drew down $360,000 under the 2019 Partnership Facility, out of which $354,375 was used to prepay the outstanding debt under the Terminated Partnership Facility, which would have been due in November 2019. On April 1, 2019, the Partnership drew down an additional $75,000 under the 2019 Partnership Facility. The aggregate balance outstanding as of December 31, 2020 is $398,501 (December 31, 2019: $425,949), with no amount available to be redrawn as of December 31, 2020 (December 31, 2019: $1,980). (c) BNP Paribas, Credit Suisse AG and Alpha Bank S.A. On July 16, 2020, GasLog Partners entered into a credit agreement of $260,331 with BNP Paribas, Credit Suisse AG and Alpha Bank S.A., each an original lender, with BNP Paribas acting as security agent and trustee for and on behalf of the other finance parties mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,597 beginning in January 2021, with a final balloon amount of $174,361 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin. The relevant amount of $260,331 was drawn on July 21, 2020, out of which $258,532 was used to refinance the outstanding indebtedness of GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd., the respective entities owning the Methane Shirley Elisabeth , the GasLog Seattle and the Solaris . The balance outstanding under the facility as of December 31, 2020 is $260,331. (d) DNB Bank ASA, London Branch, and ING Bank N.V., London Branch Also, on July 16, 2020, GasLog Partners entered into a credit agreement of $193,713 with DNB Bank ASA, London Branch, and ING Bank N.V., London Branch, each an original lender, with DNB Bank ASA, London Branch acting as security agent and trustee for and on behalf of the other finance party mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,599 beginning in January 2021, with a final balloon amount of $107,723 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin. An amount of $193,713 was drawn down on July 21, 2020, out of which $174,867 was used to refinance the outstanding indebtedness of GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., the respective entities owning the Methane Alison Victoria , the Methane Heather Sally and the Methane Becki Anne . The balance outstanding under the facility as of December 31, 2020 is $193,713. Securities Covenants and Guarantees The credit agreements are secured as follows: (i) first priority mortgages over the ships owned by the respective borrowers; (ii) in the case of the 2019 Partnership Facility, guarantees from the Partnership and the Partnership’s subsidiary GasLog Partners Holdings LLC, and in the case of the Assumed October 2015 Facility, guarantees from the Partnership and GasLog Partners Holdings LLC up to the value of the commitments relating to the GasLog Greece , the GasLog Glasgow , the GasLog Geneva and the GasLog Gibraltar and guarantees from GasLog and GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels; (iii) a pledge or a negative pledge of the share capital of the respective borrower; and (iv) a first priority assignment of all earnings and insurance related to the ships owned by the respective borrower. Certain of the credit facilities also impose certain restrictions relating to the Partnership and GasLog, and their other subsidiaries, including restrictions that limit the Partnership’s and GasLog’s ability to make any substantial change in the nature of the Partnership’s or GasLog’s business or to engage in transactions that would constitute a change of control, without repaying part or all of the Partnership’s and GasLog’s indebtedness in full. The credit facilities contain customary events of default, including non-payment of principal or interest, breach of covenants or material inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the credit facilities contain covenants requiring the Partnership and certain of the Partnership’s subsidiaries to maintain the aggregate of (i) the market value, on a charter exclusive basis, of the mortgaged vessel or vessels and (ii) the market value of any additional security provided to the lenders, at a value of not less than 120.0% of the then outstanding amount under the applicable facility (130.0% of the aggregate outstanding principal balance plus any hedging exposure for the DNB Bank ASA - ING Bank N.V. facility). If we fail to comply with these covenants and are not able to obtain covenant waivers or modifications, the lenders could require the Partnership to make prepayments or provide additional collateral sufficient to bring the Partnership into compliance with such covenants, and if we fail to do so the lenders could accelerate the indebtedness. The credit facilities impose certain operating and financial restrictions on the Partnership and GasLog. These restrictions generally limit the Partnership’s and GasLog’s collective subsidiaries’ ability to, among other things: (a) incur additional indebtedness, create liens or provide guarantees, (b) provide any form of credit or financial assistance to, or enter into any non-arms’ length transactions with, the Partnership, GasLog or any of their affiliates, (c) sell or otherwise dispose of assets, including ships, (d) engage in merger transactions, (e) terminate any charter, (f) change the manager of ships, or (g) acquire assets, make investments or enter into any joint venture arrangements outside of the ordinary course of business. In addition, under each facility, the respective vessel-owning entities are also required to maintain at all times minimum liquidity of $1,500 per entity ($5,500 for GAS-twenty Ltd.) and are in compliance as of December 31, 2020. The Partnership, as corporate guarantor is also subject to specified financial covenants on a consolidated basis. These financial covenants include the following as defined in the agreements: (i) the aggregate amount of cash and cash equivalents, short-term investments and available undrawn facilities with remaining maturities of at least six months (excluding loans from affiliates) must be at least $45,000; (ii) total indebtedness divided by total assets must be less than 65.0%; (iii) the Partnership is permitted to declare or pay any dividends or distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends or distributions. The Assumed October 2015 Facility also imposes specified financial covenants that apply to GasLog and its subsidiaries on a consolidated basis: (i) net working capital (excluding the current portion of long-term debt) must be not less than $0; (ii) total indebtedness divided by total assets must not exceed 75.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the GasLog guarantees (including interest and debt repayments, but excluding any prepayments) on a trailing 12 months basis must be not less than 110.0%; the ratio shall be regarded as having been complied with even if the ratio falls below the stipulated 110.0% when cash and cash equivalents and short-term investments are at least $110,000; and (iv) the aggregate amount of cash and cash equivalents and short-term investments must be not less than $75,000; (v) GasLog’s market value adjusted net worth must at all times be not less than $350,000. The second set of covenants could also be applicable to GasLog and its subsidiaries on a consolidated basis under the DNB Bank ASA - ING Bank N.V. facility in the event of a reverse drop-down of a vessel from the Partnership to GasLog. GasLog Partners and GasLog are in compliance with all financial covenants as of December 31, 2020. Loan From Related Parties: On April 3, 2017, GasLog Partners entered into an unsecured five-year term loan of $45,000 and a five-year revolving credit facility of $30,000 with GasLog (together, the “Sponsor Credit Facility”). On April 5, 2017, under the Sponsor Credit Facility, an amount of $45,000 under the term loan facility and an amount of $15,000 under the revolving credit facility were drawn by the Partnership and were used on the same date to prepay $60,125 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. under the junior tranche of the Five Vessel Refinancing, which would have been originally due in April 2018. The Partnership repaid $15,000 under the revolving credit facility of the Sponsor Credit Facility on May 22, 2017. The Sponsor Credit Facility is unsecured and the revolving credit facility provides for an availability period of five years. Each borrowing under the Sponsor Credit Facility accrues interest at a rate of 9.125% per annum with an annual 1.0% commitment fee on the undrawn balance. On March 23, 2018, the outstanding amount of $45,000 under the Sponsor Credit Facility was prepaid. On the same date, the term loan facility was terminated and the respective unamortized loan fees of $900 were written-off to profit or loss. On November 14, 2019, the Partnership drew down $10,000 under the revolving credit facility of the Sponsor Credit Facility, which was subsequently repaid on December 31, 2019. As of December 31, 2020, the outstanding balance of the Sponsor Credit Facility is nil. The Sponsor Credit Facility contains customary events of default, including non-payment of principal or interest, breach of covenants or material inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the Sponsor Credit Facility covenants require that at all times GasLog must continue to control, directly or indirectly, the affairs or composition of the Partnership’s board of directors and any amendment to our Partnership Agreement, in the reasonable opinion of the lender, must not be adverse to its interests in connection with the Sponsor Credit Facility. Borrowings Repayment Schedule The maturity table below reflects the principal repayments of the borrowings outstanding as of December 31, 2020 based on their repayment schedules: As of December 31, 2020 Not later than one year 109,673 Later than one year and not later than three years 219,347 Later than three years and not later than five years 752,791 Later than five years 223,103 Total 1,304,914 The weighted average interest rate for the abovementioned credit facilities in the year ended December 31, 2020 is 3.1% (December 31, 2019: 4.5%). As the bank facilities bear interest at variable interest rates, their aggregate fair value as of December 31, 2020 is equal to the principal amount outstanding of $1,304,914. |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2020 | |
Other Payables and Accruals | |
Other Payables and Accruals | 7. Other Payables and Accruals An analysis of other payables and accruals is as follows: As of December 31, 2019 2020 Unearned revenue 27,916 25,828 Accrued off-hire 1,688 1,802 Accrued purchases 3,335 4,187 Accrued interest 12,393 10,855 Other accruals 6,238 8,007 Total 51,570 50,679 The unearned revenue of $25,828 represents monthly charter hires received in advance as of December 31, 2020 relating to January 2021 (December 31, 2019: $27,916). |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenues | |
Revenues | 8. Revenues The Partnership has recognized the following amounts relating to revenues: For the year ended December 31, 2018 2019 2020 Revenues from long-term time charters 355,251 312,978 243,288 Revenues from spot time charters 16,475 60,715 90,374 Revenues from the Cool Pool 11,475 4,994 — Total 383,201 378,687 333,662 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. Revenues from the Cool Pool relate only to the pool revenues received from a GasLog Partners vessel operating in the Cool Pool and do not include the Net pool allocation to GasLog Partners of a gain of $1,058 for the year ended December 31, 2019 and $3,700 for the year ended December 31, 2018. On June 23, 2019, the GasLog Shanghai exited the pool following a termination agreement dated June 6, 2019 that GasLog entered into with the Cool Pool and Golar in order to assume commercial control of GasLog’s and GasLog Partners’ vessels operating in the spot market. |
Voyage Expenses and Commissions
Voyage Expenses and Commissions | 12 Months Ended |
Dec. 31, 2020 | |
Voyage Expenses and Commissions | |
Voyage Expenses and Commissions | 9. Voyage Expenses and Commissions An analysis of voyage expenses and commissions is as follows: For the year ended December 31, 2018 2019 2020 Brokers’ commissions on revenues 4,680 4,258 3,393 Bunkers’ consumption and other voyage expenses 2,826 3,050 7,050 Total 7,506 7,308 10,443 Bunkers’ consumption represents mainly bunkers consumed during periods when a vessel is not employed under a charter or off-hire periods (including bunkers consumed during dry-docking). |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2020 | |
General and Administrative Expenses | |
General and Administrative Expenses | 10. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the year ended December 31, 2018 2019 2020 Administrative fees (Note 13) 10,398 8,963 7,838 Commercial management fees (Note 13) 5,400 5,400 5,400 Share-based compensation (Note 20) 1,034 1,158 1,908 Other expenses 2,922 3,880 3,814 Total 19,754 19,401 18,960 |
Vessel Operating Costs
Vessel Operating Costs | 12 Months Ended |
Dec. 31, 2020 | |
Vessel Operating Costs | |
Vessel Operating Costs | 11. Vessel Operating Costs An analysis of vessel operating costs is as follows: For the year ended December 31, 2018 2019 2020 Crew costs 38,637 36,944 36,881 Technical maintenance expenses 16,174 20,987 21,295 Other operating expenses 18,886 18,811 16,622 Total 73,697 76,742 74,798 |
Net Financial Income and Costs
Net Financial Income and Costs | 12 Months Ended |
Dec. 31, 2020 | |
Net Financial Income and Costs | |
Net Financial Income and Costs | 12. Net Financial Income and Costs An analysis of financial income and financial costs is as follows: For the year ended December 31, 2018 2019 2020 Financial income Financial income 2,448 1,887 295 Total financial income 2,448 1,887 295 Financial costs Amortization and write-off of deferred loan issuance costs 7,463 6,806 7,434 Interest expense on loans 64,282 63,912 42,459 Lease expense — 56 33 Commitment fees 522 729 359 Other financial costs including bank commissions 447 495 702 Total financial costs 72,714 71,998 50,987 In the year ended December 31, 2020, an amount of $1,918 representing the write-off of the unamortized deferred loan issuance costs in connection with the termination of the Five Vessel Refinancing and the Legacy Facility Refinancing (Note 6) was included in Amortization of deferred loan issuance costs (December 31, 2019: $988 in connection with the termination of the Terminated Partnership Facility, December 31, 2018: $900 in connection with the termination of the term loan facility of the Sponsor Credit Facility). |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions | |
Related party transactions | 13. Related Party Transactions The Partnership has the following balances with related parties which are included in the consolidated statements of financial position: As of December 31, 2019 2020 Amounts due to related parties Due to GasLog LNG Services (a) 4,908 7,361 Due to GasLog (b) 734 164 Total 5,642 7,525 (a) The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balances represent payments made by GasLog on behalf of the Partnership. The details of the credit facility with GasLog are disclosed in Note 6. In June 2020, the Partnership paid an amount of $2,719 to GasLog for the acquisition of depot spares purchased from BG Group plc with respect to six of its vessels (Note 3). The Partnership had the following transactions with related parties for the years ended December 31, 2018, 2019 and 2020: Company Details Account 2018 2019 2020 GasLog/ GasLog LNG Services Commercial management fee (i) General and administrative expenses 5,400 5,400 5,400 GasLog Administrative services fee (ii) General and administrative expenses 10,398 8,963 7,838 GasLog LNG Services Management fees (iii) Vessel operating costs 7,728 7,728 7,728 GasLog LNG Services Other vessel operating costs Vessel operating costs 124 65 40 GasLog Interest expense under Sponsor Credit Facility (Note 6) Financial costs 935 119 — GasLog Commitment fee under Sponsor Credit Facility (Note 6) Financial costs 304 291 305 GasLog Realized (gain)/loss on interest rate swaps (Note 17) Loss on derivatives (1,772) (2,358) 4,347 GasLog Realized loss on forward foreign exchange contracts held for trading (Note 17) Loss on derivatives 409 1,295 61 GasLog Compensation for lost hire (iv) Revenues (481) — — Cool Pool Adjustment for net pool allocation (v) Net pool allocation (3,700) (1,058) — (i) Commercial Management Agreements Upon completion of the IPO on May 12, 2014, the vessel-owning subsidiaries of the initial fleet entered into amended commercial management agreements with GasLog (the “Amended Commercial Management Agreements”), pursuant to which GasLog provides certain commercial management services, including chartering services, consultancy services on market issues and invoicing and collection of hire payables, to the Partnership. The annual commercial management fee under the amended agreements is $360 for each vessel payable quarterly in advance in lump sum amounts. In December 2013, GAS-seven Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $540 that was amended to $360 when the vessel was acquired by the Partnership on November 1, 2016. Additionally, in June 2015, GAS-eight Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $360. The same provisions are included in the commercial management agreements that GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into with GasLog upon the deliveries of the GasLog Greece , the GasLog Glasgow , the GasLog Geneva , the GasLog Gibraltar , the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth , the Methane Heather Sally and the Methane Becki Anne , respectively, into GasLog’s fleet in March 2016, June 2016, September 2016, October 2016, April 2014, June 2014 and March 2015 (together with the Amended Commercial Management Agreements and the commercial management agreements entered into by GAS-seven Ltd. and GAS-eight Ltd. with GasLog, the “Commercial Management Agreements”). Effective July 21, 2020 and October 1, 2020, the commercial management agreements between the vessel-owning entities and GasLog were novated to GasLog LNG Services as the provider of commercial management services. (ii) Administrative Services Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an administrative services agreement (the “Administrative Services Agreement”) with GasLog, pursuant to which GasLog will provide certain management and administrative services. The services provided under the Administrative Services Agreement are provided as the Partnership may direct, and include bookkeeping, audit, legal, insurance, administrative, clerical, banking, financial, advisory, client and investor relations services. The Administrative Services Agreement will continue indefinitely until terminated by the Partnership upon 90 days’ notice for any reason in the sole discretion of the Partnership’s board of directors. For the years ended December 31, 2018, 2019 and 2020, the annual service fee was $812, $608 and $523 per vessel per year, respectively. With effect from January 1, 2021, the service fee was reduced to $314 per vessel per year. (iii) Ship Management Agreements Upon completion of the IPO on May 12, 2014, each of the vessel owning subsidiaries of the initial fleet entered into an amended ship management agreement (collectively, the “Amended Ship Management Agreements”) under which the vessel owning subsidiaries pay a management fee of $46 per month to the Manager and reimburse the Manager for all expenses incurred on their behalf. The Amended Ship Management Agreements also provide for superintendent fees of $1 per day payable to the Manager for each day in excess of 25 days per calendar year for which a superintendent performed visits to the vessels, an annual incentive bonus of up to $72 based on key performance indicators predetermined annually and contain clauses for decreased management fees in case of a vessel’s lay-up. The management fees are subject to an annual adjustment, agreed between the parties in good faith, on the basis of general inflation and proof of increases in actual costs incurred by the Manager. Each Amended Ship Management Agreement continues indefinitely until terminated by either party. The same provisions are included in the ship management agreements that GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into with the Manager upon the deliveries of the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth , the Methane Heather Sally and the Methane Becki Anne , respectively, into GasLog’s fleet in April 2014, June 2014 and March 2015 (together with the Amended Ship Management Agreements and the ship management agreement that GAS-seven Ltd. entered into with the Manager upon its vessel’s delivery from the shipyard in 2013, the “Ship Management Agreements”). In May 2015, the Ship Management Agreements were further amended to delete the annual incentive bonus and superintendent fees clauses and, in the case of GAS-seven Ltd., to also increase the fixed monthly charge to $46 with effect from April 1, 2015. In April 2016, the Ship Management Agreements were amended to consolidate all ship management related fees into a single fee structure. This single fee structure was already provided for in the ship management agreements that GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd. and GAS-fourteen Ltd. had entered into with GasLog upon the deliveries of the GasLog Greece in March 2016, the GasLog Glasgow in June 2016, the GasLog Geneva in September 2016 and the GasLog Gibraltar in October 2016, respectively (with a fixed monthly charge of $46). (iv) On January 16, 2019, the Partnership entered into an agreement with GasLog, whereby the latter agreed to compensate the Partnership for a delay in the scheduled commencement of the time charter of the GasLog Sydney in December 2018. The lost hire was calculated based on the estimated number of days of the delay multiplied by the daily hire rate of the time charter contract. (v) In the period from May 2018 until June 2019, the Partnership, through the GasLog Shanghai , participated in the Cool Pool to market their vessels operating in the LNG shipping spot market. (vi) In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of $400 from the Partnership for consultancy services provided in relation to the Partnership’s debt re-financings completed in July 2020. This amount is classified under Deferred loan issuance costs (i.e. contra debt) and will be amortized over the duration of the respective facilities. (vii) Omnibus Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. The omnibus agreement governs among other things (i) when and the extent to which the Partnership and GasLog may compete against each other, (ii) the time and the value at which the Partnership may exercise the right to purchase certain offered vessels by GasLog (iii) certain rights of first offer granted to GasLog to purchase any of its vessels on charter for less than five full years from the Partnership and vice versa and (iv) GasLog’s provisions of certain indemnities to the Partnership. On September 29, 2014, June 26, 2015, October 27, 2016, March 9, 2017, May 25, 2017, August 30, 2017, March 3, 2018, October 24, 2018 and March 7, 2019, the Partnership exercised the option to acquire (i) the Methane Rita Andrea and the Methane Jane Elizabeth, (ii) the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , (iii) the GasLog Seattle (iv) the GasLog Greece , (v) the GasLog Geneva , (vi) the Solaris , (vii) the GasLog Gibraltar , (viii) the Methane Becki Anne and (ix) the GasLog Glasgow , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 14. Commitments and Contingencies Future gross minimum lease payments receivable in relation to non-cancellable time charter agreements for vessels in operation as of December 31, 2020, are as follows (30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early delivery of the vessels by the charterers or any exercise of the charterers’ options to extend the terms of the charters are not accounted for): As of December 31, 2020 Period Not later than one year 175,642 Later than one year and not later than two years 139,708 Later than two years and not later than three years 116,197 Later than three years and not later than four years 56,156 Later than four years and not later than five years 50,280 Later than five years 14,469 Total 552,452 In September 2017 and July 2018, GasLog LNG Services Ltd. entered into maintenance agreements with Wartsila Greece S.A. (“Wartsila”) in respect of eight 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 December 31, 2020, ballast water management systems had been installed on six 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. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Financial Risk Management | |
Financial Risk Management | 15. Financial Risk Management The Partnership’s activities expose it to a variety of financial risks, including market risk, liquidity risk and credit risk. The Partnership’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Partnership’s financial performance. The Partnership makes use of derivative financial instruments such as interest rate swaps and forward foreign exchange contracts to mitigate certain risk exposures. Market risk Interest Rate Risk: The Partnership is subject to market risks relating to changes in interest rates because it has floating rate debt outstanding. Significant increases in interest rates could adversely affect the Partnership’s results of operations and its ability to service its debt. The Partnership uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize economic risks and costs associated with its floating rate debt and not for speculative or trading purposes. As of December 31, 2020, the Partnership had economically hedged 36.3% of its floating interest rate exposure on its outstanding borrowings (excluding the Sponsor Credit Facility) by swapping the variable rate for a fixed rate (December 31, 2019: 45.8%). The aggregate principal amount of the Partnership’s outstanding floating rate debt which was not economically hedged as of December 31, 2020 was $831,581 (December 31, 2019: $740,631). As an indication of the extent of the Partnership’s sensitivity to interest rate changes, an increase or decrease in LIBOR of 10 basis points would have decreased or increased, respectively, the profit during the year ended December 31, 2020 by $766, based upon its debt level during the period (December 31, 2019: $782 and December 31, 2018: $933). Interest Rate Sensitivity Analysis: The fair value of the interest rate swaps as of December 31, 2020 was estimated as a net liability of $20,337 (December 31, 2019: $8,868). For the three years ended December 31, 2020, the interest rate swaps were not designated as cash flow hedging instruments (Note 17). The interest rate swap agreements described below are subject to market risk as they are recorded at fair value in the statement of financial position at year end. The fair value of interest rate swap liabilities increases when interest rates decrease and decreases when interest rates increase. As of December 31, 2020, if interest rates had increased or decreased by 10 basis points with all other variables held constant, the positive/(negative) impact, respectively, on the fair value of the interest rate swaps would have amounted to approximately $844 (December 31, 2019: $1,468 and December 31, 2018: $2,021) affecting Loss on derivatives in the respective periods. Currency Risk: Currency risk is the risk that the value of financial instruments and/or the cost of commercial transactions will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Partnership’s functional currency. The Partnership is exposed to foreign exchange risk arising from various currency exposures primarily with respect to technical maintenance and crew costs denominated in euros. Specifically, for the year ended December 31, 2020, approximately $48,664 of the operating and administrative expenses were denominated in euros (December 31, 2019: $43,543 and December 31, 2018: $54,222). As of December 31, 2020, approximately $12,279 of the Partnership’s outstanding trade payables and accruals were denominated in euros (December 31, 2019: $11,817). The Partnership uses forward foreign exchange contracts to reduce its exposure to movements in exchange rates. As an indication of the extent of the Partnership’s sensitivity to changes in exchange rate, a 10% increase in the average euro/dollar exchange rate would have decreased its profit and cash flows during the year ended December 31, 2020 by $4,866, based upon its expenses during the year (December 31, 2019: $4,354 and December 31, 2018: $5,422). Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. The Partnership manages its liquidity risk by having secured credit lines, by receiving capital contributions to fund its commitments and by maintaining cash and cash equivalents. The following tables detail the Partnership’s expected cash flows for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Partnership can be required to pay. The table includes both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR plus the margins applicable to the Partnership’s loans at the end of each year presented. Weighted- average effective Less interest than 1 rate month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2020 Trade accounts payable 13,434 144 — — — 13,578 Due to related parties — 7,525 — — — 7,525 Other payables and accruals* 10,043 8,053 5,401 — — 23,497 Other non-current liabilities* — — — 73 — 73 Lease liabilities 42 85 218 113 — 458 Variable interest loans 2.48 % 17,999 21,272 93,479 1,062,227 228,265 1,423,242 Fixed interest loans** — 75 229 49 — 353 Total 41,518 37,154 99,327 1,062,462 228,265 1,468,726 December 31, 2019 Trade accounts payable 13,588 2,982 60 — — 16,630 Due to related parties — 5,642 — — — 5,642 Other payables and accruals* 8,549 9,454 4,027 — — 22,030 Other non-current liabilities* — — — 231 — 231 Lease liabilities 42 85 377 428 — 932 Variable interest loans 4.05 % 14,131 23,500 120,116 1,098,128 288,587 1,544,462 Fixed interest loans** — 78 477 516 — 1,071 Total 36,310 41,741 125,057 1,099,303 288,587 1,590,998 * Non-financial liabilities are excluded. ** A commitment fee is charged at 1.0% on the available amount of the Sponsor Credit Facility. In addition, as of December 31, 2019, 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd. and 0.7% on the available amount of the 2019 Partnership Facility. The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period. The following tables detail the Partnership’s expected cash flows for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that are settled on a net basis. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of the reporting period. The undiscounted contractual cash flows are based on the contractual maturities of the interest rate swaps and forward foreign exchange contracts. Less than 1 month 1-3 months 3-12 months 1-5 years Total December 31, 2020 Interest rate swaps 79 351 7,764 12,222 20,416 Total 79 351 7,764 12,222 20,416 December 31, 2019 Interest rate swaps (12) 57 1,562 7,766 9,373 Forward foreign exchange contracts (9) (16) 32 — 7 Total (21) 41 1,594 7,766 9,380 The Partnership expects to be able to meet its current obligations resulting from financing and operating its vessels using the liquidity existing at year-end and the cash generated by operating activities. The Partnership expects to be able to meet its long-term obligations resulting from financing its vessels through cash generated from operations. Credit risk Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss. The Partnership is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Partnership currently deals exclusively with financial institutions and customers with high credit ratings. As of December 31, 2019 2020 Cash and cash equivalents 96,884 103,736 Trade and other receivables 7,147 16,265 Derivative financial instruments, current and non-current portion 372 — For the years ended December 31, 2018, December 31, 2019 and December 31, 2020, 93%, 83% and 73%, respectively, of the Partnership’s revenues were earned from subsidiaries of Royal Dutch Shell plc (“Shell”) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Partnership’s principal counterparty and the fact that the hire is being collected in advance. The Partnership did not experience any credit losses on its accounts receivable portfolio during the three years ended December 31, 2020. The carrying amount of financial assets recorded in the consolidated financial statements represents the Partnership’s maximum exposure to credit risk. Management monitors exposure to credit risk and believes that there is no substantial credit risk arising from the Partnership’s counterparty. The credit risk on liquid funds and derivative financial instruments is limited because the direct and indirect counterparties are banks with high credit ratings assigned by international credit rating agencies. |
Capital Risk Management
Capital Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Capital Risk Management | |
Capital Risk Management | 16. Capital Risk Management The Partnership’s objectives when managing capital are to safeguard the Partnership’s ability to continue as a going concern and to pursue future growth opportunities. Among other metrics, the Partnership monitors capital using a total indebtedness to total assets ratio (Note 6), which is defined under certain of the Partnership’s credit facilities as total debt and derivative financial instruments divided by total assets. The total indebtedness to total assets ratio is as follows: As of December 31, 2019 2020 Derivative financial instruments—current asset (372) — Borrowings—current liability 109,822 104,908 Borrowings—non-current liability 1,236,202 1,180,635 Lease liabilities—current portion 472 332 Lease liabilities —non-current portion 414 112 Derivative financial instruments—current liability 2,607 8,185 Derivative financial instruments—non-current liability 6,688 12,152 Total indebtedness 1,355,833 1,306,324 Total assets 2,396,944 2,333,048 Total indebtedness/total assets 56.6 % 56.0 % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 17. Derivative Financial Instruments The fair value of the derivative assets is as follows: As of December 31, 2019 2020 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps 365 — Forward foreign exchange contracts 7 — Total 372 — Derivative financial instruments, current asset 372 — Total 372 — The fair value of the derivative liabilities is as follows: As of December 31, 2019 2020 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 9,233 20,337 Forward foreign exchange contracts 62 — Total 9,295 20,337 Derivative financial instruments, current liability 2,607 8,185 Derivative financial instruments, non-current liability 6,688 12,152 Total 9,295 20,337 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 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 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 interest rate swaps held for trading were as follows: Fixed Notional Amount Trade Effective Termination Interest December 31, December 31, Company Counterparty Date Date Date Rate 2019 2020 GasLog Partners GasLog Nov 2016 Nov 2016 July 2020 1.54%/1.34 %* 130,000 — GasLog Partners GasLog Nov 2016 Nov 2016 July 2021 1.63%/1.43 %* 130,000 130,000 GasLog Partners GasLog Nov 2016 Nov 2016 July 2022 1.72%/1.52 %* 130,000 130,000 GasLog Partners GasLog July 2017 July 2017 June 2022 2.19%/1.99 %* 80,000 80,000 GasLog Partners GasLog May 2018 May 2018 Sep. 2020 3.15%/2.95 %* 80,000 — GasLog Partners GasLog Dec 2018 Jan 2019 Sep. 2020 3.14%/2.94 %* 75,000 — GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 July 2024 % — 48,889 GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 April 2025 % — 40,000 GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 July 2024 % — 24,444 GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 April 2025 % — 20,000 Total 625,000 473,333 * Pursuant to the Credit Support Annex entered into in March 2020, whereby GasLog Partners agreed to effect deposit cash collateral payments with GasLog in connection with its derivative instruments with GasLog (Note 13), the fixed interest rates of the interest rate swaps were decreased by 20 basis points or 0.2%. In November 2020, the Credit Support Annex was amended and the cash collateral held with GasLog was fully released and the fixed interest rates of the three remaining interest rate swaps with GasLog were reverted to their initial fixed rates with effect on the next interest period. In the year ended December 31, 2020, the Partnership terminated two interest rate swap agreements with an aggregate notional amount of $155,000 initially due in 2023 and 2024 with GasLog by paying an amount of $13,210 equal to their aggregate fair values upon termination. Also, GAS-twenty seven Ltd. entered into four new interest rate swap agreements with an aggregate notional amount of $133,333 due in 2024 and 2025 with DNB Bank ASA, London Branch and ING Bank N.V., London Branch, the banks which were registered as hedging providers under the relevant facility entered into in July 2020 (Note 6), receiving an amount of $16,056. The derivative instruments listed above were not designated as cash flow hedging instruments as of December 31, 2020. The change in the fair value of the interest rate swaps for the year ended December 31, 2020 amounted to a loss of $8,623 (December 31, 2019, $14,381 and December 31, 2018: $833), which was recognized in profit or loss in the year incurred and is included in Loss on derivatives. During the year ended December 31, 2020, the loss of $8,623 was mainly attributable to changes in the LIBOR yield curve, which was used to calculate the present value of the estimated future cash flows, resulting in an increase in net derivative liabilities, respectively, from interest rate swaps held for trading. Forward foreign exchange contracts The Partnership uses non-deliverable forward foreign exchange contracts to mitigate foreign exchange transaction exposures in Euros and Singapore Dollars (“SGD”). Under these non-deliverable forward foreign exchange contracts, the counterparties settle the difference between the fixed exchange rate and the prevailing rate on the agreed notional amounts on the respective settlement dates. All forward foreign exchange contracts are considered by management to be part of economic hedge arrangements but have not been formally designated as such. Forward foreign exchange contracts held for trading In the year ended December 31, 2020, the Partnership did not enter into any new forward foreign exchange contracts, while twenty-four contracts expired. The derivative instruments mentioned above were not designated as cash flow hedging instruments as of December 31, 2019. The change in the fair value of these contracts for the year ended December 31, 2020 amounted to a gain of $55 (December 31, 2019: a gain of $523 and December 31, 2018: a loss of $578), which was recognized in profit or loss for the year incurred and is included in Loss on derivatives. An analysis of Loss on derivatives is as follows: For the year ended December 31, 2018 2019 2020 Realized (gain)/loss on interest rate swaps held for trading (1,772) (2,358) 6,300 Realized loss on forward foreign exchange contracts held for trading 409 1,295 61 Unrealized loss on interest rate swaps held for trading 833 14,381 8,623 Unrealized loss/(gain) on forward foreign exchange contracts held for trading 578 (523) (55) Total loss on derivatives 48 12,795 14,929 Fair value measurements The fair value of the Partnership’s financial assets and liabilities approximate to their carrying amounts at the reporting date. The fair value of derivatives at the end of the reporting period is determined by discounting the future cash flows using the interest rate curves at the end of the reporting period, the estimation of the counterparty risk and the Partnership’s own risk inherent in the contract. The derivatives met Level 2 classification, according to the fair value hierarchy as defined by IFRS 13 Fair Value Measurement. There were no financial instruments in Levels 1 or 3 and no transfers between Levels 1, 2 or 3 during the periods presented. The definitions of the levels, provided by IFRS 13 Fair Value Measurement , are based on the degree to which the fair value is observable: · Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities; · Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and · Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Cash Flow Reconciliations
Cash Flow Reconciliations | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 18. Cash Flow Reconciliations The reconciliations of the Partnership’s financing activities for the three years ended December 31, 2020 are presented in the following tables: A reconciliation of borrowings arising from financing activities is as follows: Deferred Non-cash financing Opening balance Cash flows items costs, assets Total Borrowings outstanding as of January 1, 2018 1,541,836 — — — 1,541,836 Borrowings drawdowns — 25,940 — — 25,940 Borrowings repayments — (209,336) — — (209,336) Additions in deferred loan issuance costs — (153) — 50 (103) Amortization and write-off of deferred loan issuance costs (Note 12) — — 7,463 — 7,463 Borrowings outstanding as of December 31, 2018 1,541,836 (183,549) 7,463 50 1,365,800 Borrowings outstanding as of January 1, 2019 1,365,800 — — — 1,365,800 Borrowings drawdowns — 445,000 — — 445,000 Borrowings repayments — (465,195) — — (465,195) Additions in deferred loan issuance costs — (6,173) (164) (50) (6,387) Amortization and write-off of deferred loan issuance costs (Note 12) — — 6,806 — 6,806 Borrowings outstanding as of December 31, 2019 1,365,800 (26,368) 6,642 (50) 1,346,024 Borrowings outstanding as of January 1, 2020 1,346,024 — — — 1,346,024 Borrowings drawdowns (Note 6) — 479,984 — — 479,984 Borrowings repayments (Note 6) — (540,701) — — (540,701) Additions in deferred loan issuance costs — (7,362) 164 — (7,198) Amortization and write-off of deferred loan issuance costs (Note 12) — — 7,434 — 7,434 Borrowings outstanding as of December 31, 2020 1,346,024 (68,079) 7,598 — 1,285,543 A reconciliation of net derivative assets/liabilities arising from financing activities is as follows: Non-cash Opening balance Cash flows items Total Net derivative assets as of January 1, 2018 6,346 — — 6,346 Unrealized loss on interest rate swaps held for trading (Note 17) — — (833) (833) Unrealized loss on forward foreign exchange contracts held for trading (Note 17) — — (578) (578) Net derivative assets as of December 31, 2018 6,346 — (1,411) 4,935 Net derivative assets as of January 1, 2019 4,935 — — 4,935 Unrealized loss on interest rate swaps held for trading (Note 17) — — (14,381) (14,381) Unrealized gain on forward foreign exchange contracts held for trading (Note 17) — — 523 523 Net derivative liabilities as of December 31, 2019 4,935 — (13,858) (8,923) Net derivative liabilities as of January 1, 2020 (8,923) — — (8,923) Proceeds from entering into interest rate swaps — (16,056) — (16,056) Payment for interest rate swaps termination — 13,210 — 13,210 Unrealized loss on interest rate swaps held for trading (Note 17) — — (8,623) (8,623) Unrealized gain on forward foreign exchange contracts held for trading (Note 17) — — 55 55 Net derivative liabilities as of December 31, 2020 (8,923) (2,846) (8,568) (20,337) |
Earnings Per Unit
Earnings Per Unit | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Unit | |
Earnings Per Unit | 19. Earnings Per Unit The Partnership calculates earnings per unit by allocating reported profit for each period to each class of units based on the distribution policy for available cash stated in the Partnership Agreement as generally described in Note 5 above. In the three years ended December 31, 2020, the Partnership completed equity offerings of common units and issued general partner units to its general partner in order for GasLog to retain its 2%, as presented in Note 5. Also, on June 30, 2019, the Partnership issued to GasLog 2,490,000 Class B units, which become eligible for conversion on a one-for-one basis into common units at GasLog’s option on July 1, 2020 (Note 5), July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025. Basic earnings per unit is determined by dividing profit for the year reported at the end of each period after deducting preference unit distributions by the weighted average number of units outstanding during the year. Diluted earnings per unit is calculated by dividing the profit 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. For the year ended December 31, 2018 2019 2020 Profit/(loss) for the year 128,046 (34,769) 56,859 Less: Profit attributable to GasLog’s operations* (25,449) (2,650) — Partnership’s profit/(loss) 102,597 (37,419) 56,859 Adjustment for: Paid and accrued preference unit distributions (22,498) (30,328) (30,328) Partnership’s profit/(loss) attributable to: 80,099 (67,747) 26,531 Common unitholders 75,879 (66,268) 25,970 General partner 1,602 (1,479) 561 Incentive distribution rights ** 2,618 — N/A Weighted average units outstanding (basic) Common units 42,945,432 46,272,598 47,042,494 General partner units 876,255 975,531 1,021,336 Earnings/(loss) per unit (basic) Common unitholders 1.77 (1.43) 0.55 General partner 1.83 (1.52) 0.55 Weighted average units outstanding (diluted) Common units*** 43,034,117 46,272,598 49,567,506 General partner units 876,255 975,531 1,021,336 Earnings/(loss) per unit (diluted) Common unitholders 1.76 (1.43) 0.52 General partner 1.83 (1.52) 0.55 * Includes profits of: (i) GAS-fourteen Ltd. for the period prior to its transfer to the Partnership on April 26, 2018, (ii) GAS-twenty seven Ltd. for the period prior to its transfer to the Partnership on November 14, 2018 and (iii) GAS-twelve Ltd. for the period prior to its transfer to the Partnership on April 1, 2019. While such amounts are reflected in the Partnership’s financial statements because the transfers to the Partnership were accounted for as reorganizations of entities under common control (Note 1), the aforementioned entities were not owned by the Partnership prior to their transfers to the Partnership on the respective dates and accordingly the Partnership was not entitled to the cash or results generated in the period prior to such transfers. ** The IDRs were eliminated on June 30, 2019 (Note 5). Until their elimination, they represented the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels had been achieved. GasLog held the incentive distribution rights following completion of the Partnership’s IPO. The IDRs could be transferred separately from any other interests, subject to restrictions in the Partnership Agreement. Based on the nature of such right, earnings attributable to IDRs could not be allocated on a per unit basis. *** Includes unvested awards (Note 20) for the years ended December 31, 2018 and December 31, 2020; does not include unvested awards and Class B units for the year ended December 31, 2019, because their effect would be anti-dilutive. The 2,490,000 Class B units were issued on June 30, 2019 and are included in the weighted average number of units outstanding for the calculation of diluted EPU from July 1, 2019 and onwards. They become eligible for conversion on a one-for-one basis into common units at GasLog’s option in six tranches of 415,000 units per annum on July 1 of 2020 (Note 5), 2021, 2022, 2023, 2024 and 2025; as a result, they do not have an impact on the calculation of basic EPU until conversion. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation | |
Share-based Compensation | 20. Share-based Compensation The Partnership has granted to its executives Restricted Common Units (“RCUs”) and Performance Common Units (“PCUs”) in accordance with its 2015 Long-Term Incentive Plan (the “2015 Plan”). The details of the granted awards are presented in the following table: Fair value at Awards Number Grant date grant date RCUs 16,999 April 1, 2015 $ 24.12 PCUs 16,999 April 1, 2015 $ 24.12 RCUs 24,925 April 1, 2016 $ 16.45 PCUs 24,925 April 1, 2016 $ 16.45 RCUs 26,097 April 3, 2017 $ 23.85 PCUs 26,097 April 3, 2017 $ 23.85 RCUs 24,608 April 2, 2018 $ 23.40 PCUs 24,608 April 2, 2018 $ 23.40 RCUs 26,308 April 1, 2019 $ 22.99 PCUs 26,308 April 1, 2019 $ 22.99 RCUs 233,688 April 1, 2020 $ 2.02 PCUs 233,688 April 1, 2020 $ 2.02 The RCUs and PCUs vest three years after the grant dates subject to the recipients’ continued service; vesting of the PCUs is also subject to the achievement of certain performance targets in relation to total unitholder return. Specifically, the performance measure is based on the total unitholder return (“TUR”) achieved by the Partnership during the performance period, benchmarked against the TUR of a selected group of peer companies. TUR above the 75th percentile of the peer group results in 100% of the award vesting; TUR between the 50th and 75th percentile of the peer group results in 50% of award vesting; TUR below the 50th percentile of the peer group results in none of the award vesting. The holders are entitled to cash distributions that are accrued and settled on vesting. The awards are settled in cash or in common units at the sole discretion of the board of directors or such committee as may be designated by the board to administer the 2015 Plan. These awards have been treated as equity settled because the Partnership has no present obligation to settle them in cash. Fair value The fair value per common unit of the RCUs and PCUs in accordance with the 2015 Plan was determined by using the grant date closing price of $24.12 for the 2015 grant, $16.45 for the 2016 grant, $23.85 for the 2017 grant, $23.40 for the 2018 grant, $22.99 for the 2019 grant and $2.02 for the 2020 grant and was not further adjusted since the holders are entitled to cash distributions. Movement in RCUs and PCUs during the year The summary of RCUs and PCUs is presented below: Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (220,177) — (1,816) Outstanding as of December 31, 2020 89,978 2.04 446 PCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (213,955) — (1,668) Forfeited during the year (6,222) — (148) Outstanding as of December 31, 2020 89,978 2.04 446 The total expense recognized in respect of equity-settled employee benefits for the year ended December 31, 2020 was $1,908 ($1,158 for the year ended December 31, 2019; $1,034 for the year ended December 31, 2018). The total accrued cash distribution as of December 31, 2020 is $129 (December 31, 2019: $530). |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Taxation | |
Taxation | 21. Taxation Under the laws of the countries of the Partnership’s incorporation and the vessels’ registration, the Partnership is not subject to tax on international shipping income. However, it is subject to registration and tonnage taxes, which are included in vessel operating costs in the consolidated statement of profit or loss. Under the United States Internal Revenue Code of 1986, as amended (the “Code”), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Partnership, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. The Partnership did not qualify for this exemption for the three years ended December 31, 2020. During the year ended December 31, 2020, the estimated U.S. source gross transportation tax was $1,300 (December 31, 2019: $978 and December 31, 2018: $635). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | 22. Subsequent Events On January 27, 2021, the board of directors of GasLog Partners approved and declared a quarterly cash distribution, with respect to the quarter ended December 31, 2020, of $0.01 per unit. The cash distribution was paid on February 11, 2021, to all common unitholders of record as of February 8, 2021. The aggregate amount of the declared distribution was $485. On February 19, 2021, 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 March 15, 2021 to all unitholders of record as of March 8, 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Statement of compliance | Statement of compliance The consolidated financial statements of the Partnership have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). |
Basis of preparation | Basis of preparation The consolidated financial statements have been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below. The consolidated financial statements are expressed in 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. In considering going concern, management has reviewed the Partnership’s future cash requirements, covenant compliance and earnings projections. As of December 31, 2020, the Partnership’s current assets totaled $125,728 while current liabilities totaled $185,207, resulting in a negative working capital position of $59,479. Current liabilities include an amount of $25,828 of unearned revenue in relation to vessel hires received in advance (which represents a non-cash liability that will be recognized as revenues after December 31, 2020 as the services are rendered). In considering going concern, management has reviewed the Partnership’s future cash requirements, covenant compliance and earnings projections, incorporating the negative impact of the COVID-19 pandemic on near-term market rates. Management monitors the Partnership’s liquidity position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including debt service commitments, and to monitor compliance with the financial covenants within its loan facilities. Taking into account the volatile commercial and financial market conditions experienced throughout 2020, management anticipates that the Partnership’s primary sources of funds for at least twelve months from the date of this report will be available cash, cash from operations and existing debt facilities. Management believes that these anticipated sources of funds, as well as its decision to decrease the common unit distributions and preserve liquidity, will be sufficient for the Partnership to meet its liquidity needs and to comply with its banking covenants for at least twelve months from the date of this report and therefore it is appropriate to prepare the financial statements on a going concern basis. Additionally, the Partnership may enter into new debt facilities in the future, as well as public equity or debt instruments, although there can be no assurance that the Partnership will be able to obtain additional debt or equity financing on terms acceptable to the Partnership, which will also depend on financial, commercial and other factors, as well as a significant recovery in capital market conditions and a sustainable improvement in the LNG charter market, that are beyond the Partnership’s control. The Partnership’s long-term ability to repay its debts and maintain compliance with its debt covenants for at least twelve months from the date of this report without reliance on additional sources of finance is also dependent on a sustainable longer-term recovery in the LNG charter market from the market disruption observed in 2020 as a result of the COVID-19 outbreak. On March 2, 2021, the Partnership’s board of directors authorized the consolidated financial statements for issuance and filing. |
Basis of consolidation | Basis of consolidation The accompanying consolidated financial statements include the accounts of the Partnership and its subsidiaries assuming that they are consolidated from the date of their incorporation by GasLog, as they were under the common control of GasLog. All intra-group transactions and balances are eliminated on consolidation. |
Accounting for revenues and related operating expenses and voyage expenses and commissions | Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions Revenues comprise revenues from time charters for the charter hire of the Partnership’s vessels earned during the period in accordance with existing contracts and gross pool revenues. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer, except for any off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the reporting date relating to services to be rendered after the reporting date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the service component relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases . The revenue in relation to the service component relates to vessel operating expenses, which include expenses that are paid by the vessel owner such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses. These costs are essential to operating a charter and the charterers receive the benefit of these when the vessel is used during the contracted time and, therefore, these costs are accounted for in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers . Pool revenues were recognized on a gross basis representing time charter revenues earned by a GasLog Partners vessel participating in the pool under charter agreements where GasLog Partners contracted directly with charterers. Revenue was recognized on a monthly basis, when the vessel was made available and services were provided to the charterer during the period, the amount could be estimated reliably and collection of the related revenue was reasonably assured. Time charter hires are received monthly in advance and are classified as liabilities until such time as the criteria for recognizing the revenue as earned are met. Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses, as well as broker’s commissions, are paid by the vessel owner, whereas the majority of voyage expenses such as bunkers, port expenses, agents’ fees and extra war risk insurance are paid by the charterer. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses are recognized over the period of each contract, and not at a certain point in time, in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers , to match the recognition of the respective hire revenues realized. All other voyage expenses and vessel operating costs are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the period of the time charter. Bunkers’ consumption included in voyage expenses represents mainly bunkers consumed during vessels’ unemployment and off-hire. |
Net pool allocation | Net pool allocation The Partnership because of its participation in the Cool Pool (until June 23, 2019) also received a net allocation from the pool, which was recognized separately in the consolidated statement of profit or loss under “Net Pool Allocation” and represented GasLog Partners’ share of the net revenues earned from the other pool participants’ vessels less the other participants’ share of the net revenues earned by GasLog Partners’ vessels included in the pool. Each participant’s share of the net pool revenues was based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. |
Financial income and costs | Financial income and costs Interest income, interest expense, other borrowing costs and realized loss on derivatives are recognized on an accrual basis. |
Foreign currencies | Foreign currencies Transactions in currencies other than USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. |
Deferred financing costs | Deferred financing costs Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra debt while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are classified contra debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. |
Tangible fixed assets: Vessels | Tangible fixed assets: Vessels Vessels are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of an LNG vessel is split into two components, a “vessel component” and a “dry-docking component”. Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the value of the vessels. Residual values are based on management’s estimation of the amount that the Partnership would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo a dry-docking overhaul every five years that cannot be performed while the vessels are operating to restore their service potential and to meet their classification requirements. The dry-docking component is estimated at the time of a vessel’s delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking, subsequent to its acquisition, based on the Partnership’s historical experience with similar types of vessels. For subsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in the case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessel’s last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock, and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of the vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as the dry-docking. The expected useful lives are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from the Partnership’s vessels. The residual value is also reviewed at each financial period end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Partnership might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When vessels are sold, they are derecognized and any gain or loss resulting from their disposals is included in profit or loss. |
Impairment of vessels | Impairment of vessels All vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of a vessel exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of a vessel’s fair value less cost of disposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of a vessel in an arm’s length transaction less the costs of disposal, while “value in use” is the present value of estimated future cash flows expected to arise from the continuing use of a vessel and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual vessels. Each vessel is considered to be a single cash-generating unit. The fair value less cost of disposal of the vessels is estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. |
Reimbursable capital expenditures | Reimbursable capital expenditures Costs eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the period incurred under “Vessels”. Concurrently, an equal amount is deferred as a liability and amortized to profit or loss as income over the remaining tenure of the charter party agreement. |
Leases | Leases Until December 31, 2018, the Partnership’s leases of vessel communication equipment were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019 and onwards, each lease has been recognized as a right-of-use asset, with a corresponding liability recognized at the date at which the leased asset is available for use by the Partnership. Assets and liabilities arising from a lease are initially measured on a present value basis, i.e. at the present value of the minimum lease payments, discounted at the interest rate implicit in the lease, if practicable, or else at the Partnership’s incremental borrowing rate. The corresponding rental obligations, net of future finance charges, are included in current and non-current liabilities as lease liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect lease payments made. The right-of-use asset is depreciated over its useful life or over the shorter of its useful life and the lease term if there is no reasonable certainty that the Partnership will obtain ownership at the end of the lease term. Payments associated with short-term leases and low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel equipment. |
Provisions | Provisions Provisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, it is probable that the Partnership will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Inventories | Inventories Inventories represent lubricants on board the vessel and, in the event of a vessel not being employed under a charter, bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first-in, first-out basis, and net realizable value. |
Financial instruments | Financial instruments Financial assets and liabilities are recognized when the Partnership has become a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. · Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. · Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. · Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful accounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 4 for further information about the Partnership’s accounting for trade receivables. The simplified approach is applied to trade and other receivables and the Partnership recognizes lifetime expected credit losses (“ECLs”) on the trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. · Borrowings Borrowings are measured at amortized cost, using the effective interest method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. · Derivative financial instruments Derivative financial instruments, such as interest rate swaps or forward foreign exchange contracts, are used to economically hedge the Partnership’s exposure to interest rate or foreign exchange rate risks. Derivative financial instruments are initially recognized at fair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which case the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Partnership and as liabilities when unfavorable to the Partnership. Criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects the consolidated statement of profit or loss. Hedge accounting is discontinued when the Partnership terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. |
Segment information | Segment information Each vessel-owning company owns one LNG carrier which is operated under a time charter with similar operating and economic characteristics. Consequently, the information provided to the Chief Executive Officer (the Partnership’s chief operating decision maker) to review the Partnership’s operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Share-based compensation | Share-based compensation Share-based compensation to executives and others providing similar services is measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 20. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Partnership’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Partnership revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses recognized in the consolidated financial statements. The Partnership’s management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods which management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments In the process of applying the Partnership’s accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the Partnership interests: The interests in the Partnership comprise common units, preference units, a general partner interest and incentive distribution rights. Under the terms of the Partnership Agreement, the Partnership is required to distribute 100% of available cash (as defined in the Partnership Agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the board of directors to (i) provide for the proper conduct of the business of the Partnership (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the interests in the Partnership should be classified as liabilities or equity interests, the Partnership has considered the wide discretion of the board of directors to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the Partnership interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Impairment of vessels: The Partnership evaluates the carrying amounts of each of its vessels to determine whether there is any indication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. The total carrying amount of the Partnership’s vessels as of December 31, 2020, was $2,203,899 (December 31, 2019: $2,286,430). Recoverable amount is the higher of fair value less costs to sell and value in use. The Partnership’s estimates of recoverable value assume that the vessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. In assessing the fair value less cost to sell of the vessel, the Partnership obtains charter-free market values for its vessels from independent and internationally recognized ship brokers on a semi-annual basis, which are also commonly used and accepted by the Partnership’s lenders for determining compliance with the relevant covenants in the Partnership’s credit facilities. Vessel values can be highly volatile, so the charter-free market values may not be indicative of the future market value of the Partnership’s vessels, or prices that could be achieved if it were to sell them. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates including future charter rates, vessel operating expenses and the discount rate. As of June 30, 2020 and December 31, 2020, the carrying amounts of each of the five steam turbine propulsion (“Steam”) vessels (the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally ) and six TFDE vessels (the GasLog Sydney, the GasLog Seattle, the Solaris, the GasLog Greece, the GasLog Glasgow and the Methane Becki Anne ) were higher than the charter-free market values estimated by ship brokers on both dates, while two additional TFDE vessels, the GasLog Geneva and the GasLog Gibraltar had carrying amounts higher than their estimated charter-free market values as of December 31, 2020 only. The Partnership concluded that this, together with certain other events and circumstances (as further described in Note 3), indicated the existence of potential impairment of these vessels. As a result, the Partnership performed an impairment assessment for these vessels by comparing their values in use, being the discounted projected net operating cash flows for these vessels to their carrying values as of June 30, 2020 and December 31, 2020. The assumptions that the Partnership used in its discounted projected net operating cash flow analysis included, among others, utilization, operating revenues, voyage expenses and commissions, dry-docking costs, operating expenses (including vessel management costs), residual values and the discount rate. The key assumptions, being those to which the outcome of the impairment assessment is most sensitive, are the estimates of charter rates for non-contracted revenue days and the discount rate. Revenue assumptions were based on contracted time charter rates up to the end of the current contract for each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire based on the fleet’s historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of June 30, 2020 and December 31, 2020, (iii) historical average time charter rates, based on publications by independent third party maritime research services (“maritime research publications”), (iv) estimated future time charter rates, based on maritime research publications that provide such forecasts and (v) management’s internal assessment of long-term charter rates achievable by each class of vessel. More specifically, for vessels whose charters expire within the next twelve months, the estimated charter rates and utilization for the first year from the assessment date were based on the approved annual budget for the respective year, which was formed based on the anticipated market conditions for that period (including the effect of the COVID-19 pandemic) and the latest available maritime research publications from ship brokers for short-term (less than 12 months) employment of a vessel operating in the spot market on less than one-year time charter contracts. For non-contracted periods starting on the second year for already expired charters or upon the expiration of the firm charter period of a vessel and up to June 30, 2022, the Partnership used the most recent market rate for a longer-term (3-year) time charter based on available data from maritime research publications, reflecting management’s view of the anticipated extent of the market disruption caused by the COVID-19 pandemic. For non-contracted periods starting on July 1, 2022 for already expired charters or upon the expiration of the firm charter period of a vessel and up to June 30, 2025, the Partnership used charter rates based on a combination of recent charter market rates for a term (3-year) time charter rate based on available data from maritime research publications, historical average time charter rates and estimated future time charter rates, in order to incorporate the anticipated effect of the gradual stabilization of the LNG shipping market in the post-COVID-19 era. Such rates were lower than prevailing spot rates on each of the assessment dates. For the remaining period from July 1, 2025, through the end of each vessel’s useful life (for non-contracted periods), the estimated average time charter rates for Steam and TFDE vessels were based on analysis of future supply and demand for LNG, analysis of future LNG shipping supply and demand balances, internally estimated and market-derived costs of building and financing newbuild LNG vessels, the technical characteristics of each vessel and an assessment of the appropriate discount for Steam and TFDE vessels’ charter rates compared to modern newbuild LNG carriers, which is driven largely by unit freight cost differentials and utilization of such vessels. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Partnership’s control, management believes that the use of the revenue estimates discussed above to be reasonable as of the reporting date. The Partnership has assumed no inflation or any other revenue escalation or growth factors in determining forecasted time charter rates beyond the contracted charter period through the end of a vessel’s useful life, consistent with long-run historical evidence. The Partnership used an annual operating expenses escalation factor equal to 1% based on its historical data and experience, as well as its expectations of future inflation and operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet and residual and scrap values are the same as those used for the Partnership's depreciation policy. All estimates used and assumptions made were in accordance with the Partnership’s internal budgets and historical experience of the shipping industry. In the Partnership’s impairment assessment, the rate used to discount future estimated cash flows to their present values was 6.1% to 6.4% as of December 31, 2020 (7.0% to 7.25% as of December 31, 2019). This was based on an estimated weighted average cost of capital calculated using cost of equity and cost of debt components, adjusted also for vessel-specific risks and uncertainties. The values in use for four out of the five Steam vessels calculated as per above were lower than the respective carrying amounts of those vessels and, consequently, an impairment loss of $23,923 was recognized in the year ended December 31, 2020 (Note 3). The values in use for the remaining Steam vessel and each of the TFDE vessels with indicators of impairment were greater than their respective carrying amounts, and therefore no impairment loss was recognized for these vessels. In connection with the impairment testing of our vessels as of December 31, 2020, we performed a sensitivity analysis on the most difficult, subjective, or complex assumptions that have the potential to affect the outcome of the impairment assessment, which are the projected charter hire rate used to forecast future cash flows for non-contracted revenue days and the discount rate used, in particular for the Steam vessels (Note 3). It is reasonably possible that changes to these assumptions within the next financial year could require a material adjustment of the carrying amount of the Partnership’s Steam vessels. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period The following standards and amendments relevant to the Partnership were effective in the current year: In October 2018, the IASB issued amendments to IFRS 3 Business Combinations with respect to the definition of a business. The amendments were intended to assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The amendments clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs and introduce an optional fair value concentration test. The amendments are effective for annual periods beginning on or after January 1, 2020. The implementation of this standard did not have an impact on the Partnership’s financial statements, since the acquisitions of vessel-owning entities from GasLog continued to be assessed as business acquisitions under the revised definition. All other IFRS standards and amendments that became effective in the current year are not relevant to the Partnership or are not 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 standard relevant to the Partnership was 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 defines 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, 2022 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. 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. |
Organization and Operations (Ta
Organization and Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization and Operations | |
Schedule of composition of the group | As of December 31, 2020, the companies listed below were 100% held by the Partnership: Cargo Place of Date of Capacity Name incorporation incorporation Principal activities Vessel (cbm) Delivery Date GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai 155,000 January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago 155,000 March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney 155,000 May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle 155,000 December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris 155,000 June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece 174,000 March 2016 GAS-twelve Ltd. Bermuda December 2012 Vessel-owning company GasLog Glasgow 174,000 June 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva 174,000 September 2016 GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar 174,000 October 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea 145,000 April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth 145,000 April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria 145,000 June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth 145,000 June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally 145,000 June 2014 GAS-twenty seven Ltd. Bermuda January 2015 Vessel-owning company Methane Becki Anne 170,000 March 2015 GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Schedule of expected useful lives | Vessel LNG vessel component 35 years Dry-docking component 5 years |
Tangible fixed assets (Tables)
Tangible fixed assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tangible fixed assets | |
Schedule of movements in tangible fixed assets | Other tangible Total tangible Vessels assets fixed assets Cost As of January 1, 2019 2,859,265 — 2,859,265 Additions 12,759 — 12,759 Return of capital expenditures (8,007) — (8,007) Fully amortized dry-docking component (4,845) — (4,845) As of December 31, 2019 2,859,172 — 2,859,172 Additions 23,899 2,719 26,618 Fully amortized dry-docking component (9,242) — (9,242) As of December 31, 2020 2,873,829 2,719 2,876,548 Accumulated depreciation As of January 1, 2019 349,982 — 349,982 Depreciation expense 88,757 — 88,757 Impairment loss on vessels 138,848 — 138,848 Fully amortized dry-docking component (4,845) — (4,845) As of December 31, 2019 572,742 — 572,742 Depreciation expense 82,507 — 82,507 Impairment loss on vessels 23,923 — 23,923 Fully amortized dry-docking component (9,242) — (9,242) As of December 31, 2020 669,930 — 669,930 Net book value As of December 31, 2019 2,286,430 — 2,286,430 As of December 31, 2020 2,203,899 2,719 2,206,618 |
Schedule of impairment loss recognized for vessels | As of and for the year ended December 31, 2020 Impairment loss on Recoverable Vessel vessels amount Methane Rita Andrea (4,933) 91,162 Methane Alison Victoria (2,359) 96,385 Methane Shirley Elisabeth (12,412) 92,688 Methane Heather Sally (4,219) 103,274 Total (23,923) 383,509 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | As of December 31, 2019 2020 Due from charterers 1,767 5,070 VAT receivable 26 48 Accrued income 1,646 4,010 Insurance claims 1,099 3,584 Other receivables 2,609 3,553 Total 7,147 16,265 |
Owners' Capital_Partners' Equ_2
Owners' Capital/Partners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Owners' Capital/Partners' Equity | |
Schedule of reconciliation of owners' capital | Total Share Contributed Retained Owners’ capital surplus earnings capital Balance as of January 1, 2018 36 165,537 50,582 216,155 Profit and total comprehensive income attributable to GasLog’s operations (Note 19) — — 25,449 25,449 Net contribution to the Partnership (24) (124,949) (43,497) (168,470) Balance as of December 31, 2018 12 40,588 32,534 73,134 IFRS 16 adjustment — — 15 15 Balance as of January 1, 2019 12 40,588 32,549 73,149 Profit and total comprehensive income attributable to GasLog’s operations (Note 19) — — 2,650 2,650 Net contribution to the Partnership (12) (40,588) (35,199) (75,799) Balance as of December 31, 2019 and 2020 — — — — |
Schedule of cash distributions | Type of Distribution Payment Amount Declaration date units per unit date paid January 30, 2018 Common $ 0.5235 February 14, 2018 22,845 February 8, 2018 Preference (Series A, B) $ 0.5390625, $0.33028 March 15, 2018 4,619 April 26, 2018 Common $ 0.53 May 11, 2018 24,272 May 11, 2018 Preference (Series A, B) $ 0.5390625, $0.5125 June 15, 2018 5,457 July 25, 2018 Common $ 0.53 August 10, 2018 24,272 July 25, 2018 Preference (Series A, B) $ 0.5390625, $0.5125 September 17, 2018 5,457 October 24, 2018 Common $ 0.53 November 9, 2018 25,716 November 15, 2018 Preference (Series A, B) $ 0.5390625, $0.5125 December 17, 2018 5,456 Total $ 118,094 January 29, 2019 Common $ 0.55 February 13, 2019 26,929 February 22, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.7083 March 15, 2019 8,290 April 24, 2019 Common $ 0.55 May 10, 2019 26,911 May 10, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 17, 2019 7,582 July 24, 2019 Common $ 0.55 August 9, 2019 26,640 July 24, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 16, 2019 7,582 October 29, 2019 Common $ 0.55 November 13, 2019 26,437 November 14, 2019 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 16, 2019 7,582 Total $ 137,953 February 5, 2020 Common $ 0.561 February 21, 2020 26,754 February 5, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 16, 2020 7,582 May 6, 2020 Common $ 0.125 May 21, 2020 5,967 May 14, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 15, 2020 7,582 August 4, 2020 Common $ 0.125 August 20, 2020 6,022 August 4, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 15, 2020 7,582 November 9, 2020 Common $ 0.01 November 25, 2020 485 November 9, 2020 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 15, 2020 7,582 Total $ 69,556 |
Schedule of distribution policy and profit allocation | Marginal Percentage Interest in Distributions Total Quarterly Distribution General Holders of Old IDRs Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Third Target Distribution $ 0.46875 up to $ 0.5625 75.0 % 2.0 % 23.0 % Thereafter Above $ 0.5625 50.0 % 2.0 % 48.0 % Marginal Percentage Interest in Distributions Total Quarterly Distribution General Holders of New IDRs Target Amount Unitholders Partner IDRs Minimum Quarterly Distribution $ 0.375 98.0 % 2.0 % 0 % First Target Distribution $ 0.375 up to $ 0.43125 98.0 % 2.0 % 0 % Second Target Distribution $ 0.43125 up to $ 0.46875 85.0 % 2.0 % 13.0 % Thereafter Above $ 0.46875 75.0 % 2.0 % 23.0 % |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2019 2020 Amounts due within one year 115,572 109,673 Less: unamortized deferred loan issuance costs (5,750) (4,765) Borrowings—current portion 109,822 104,908 Amounts due after one year 1,250,059 1,195,241 Less: unamortized deferred loan issuance costs (13,857) (14,606) Borrowings—non-current portion 1,236,202 1,180,635 Total 1,346,024 1,285,543 |
Borrowings repayment schedule | As of December 31, 2020 Not later than one year 109,673 Later than one year and not later than three years 219,347 Later than three years and not later than five years 752,791 Later than five years 223,103 Total 1,304,914 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | As of December 31, 2019 2020 Unearned revenue 27,916 25,828 Accrued off-hire 1,688 1,802 Accrued purchases 3,335 4,187 Accrued interest 12,393 10,855 Other accruals 6,238 8,007 Total 51,570 50,679 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenues | |
Schedule of revenues | For the year ended December 31, 2018 2019 2020 Revenues from long-term time charters 355,251 312,978 243,288 Revenues from spot time charters 16,475 60,715 90,374 Revenues from the Cool Pool 11,475 4,994 — Total 383,201 378,687 333,662 |
Voyage Expenses and Commissio_2
Voyage Expenses and Commissions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Voyage Expenses and Commissions | |
Schedule of voyage expenses and commissions | For the year ended December 31, 2018 2019 2020 Brokers’ commissions on revenues 4,680 4,258 3,393 Bunkers’ consumption and other voyage expenses 2,826 3,050 7,050 Total 7,506 7,308 10,443 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the year ended December 31, 2018 2019 2020 Administrative fees (Note 13) 10,398 8,963 7,838 Commercial management fees (Note 13) 5,400 5,400 5,400 Share-based compensation (Note 20) 1,034 1,158 1,908 Other expenses 2,922 3,880 3,814 Total 19,754 19,401 18,960 |
Vessel Operating Costs (Tables)
Vessel Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Vessel Operating Costs | |
Schedule of vessel operating costs | For the year ended December 31, 2018 2019 2020 Crew costs 38,637 36,944 36,881 Technical maintenance expenses 16,174 20,987 21,295 Other operating expenses 18,886 18,811 16,622 Total 73,697 76,742 74,798 |
Net Financial Income and Costs
Net Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Financial Income and Costs | |
Schedule of net financial income and costs | For the year ended December 31, 2018 2019 2020 Financial income Financial income 2,448 1,887 295 Total financial income 2,448 1,887 295 Financial costs Amortization and write-off of deferred loan issuance costs 7,463 6,806 7,434 Interest expense on loans 64,282 63,912 42,459 Lease expense — 56 33 Commitment fees 522 729 359 Other financial costs including bank commissions 447 495 702 Total financial costs 72,714 71,998 50,987 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions | |
Schedule of balances with related parties | As of December 31, 2019 2020 Amounts due to related parties Due to GasLog LNG Services (a) 4,908 7,361 Due to GasLog (b) 734 164 Total 5,642 7,525 (a) The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balances represent payments made by GasLog on behalf of the Partnership. |
Schedule of related party transactions | Company Details Account 2018 2019 2020 GasLog/ GasLog LNG Services Commercial management fee (i) General and administrative expenses 5,400 5,400 5,400 GasLog Administrative services fee (ii) General and administrative expenses 10,398 8,963 7,838 GasLog LNG Services Management fees (iii) Vessel operating costs 7,728 7,728 7,728 GasLog LNG Services Other vessel operating costs Vessel operating costs 124 65 40 GasLog Interest expense under Sponsor Credit Facility (Note 6) Financial costs 935 119 — GasLog Commitment fee under Sponsor Credit Facility (Note 6) Financial costs 304 291 305 GasLog Realized (gain)/loss on interest rate swaps (Note 17) Loss on derivatives (1,772) (2,358) 4,347 GasLog Realized loss on forward foreign exchange contracts held for trading (Note 17) Loss on derivatives 409 1,295 61 GasLog Compensation for lost hire (iv) Revenues (481) — — Cool Pool Adjustment for net pool allocation (v) Net pool allocation (3,700) (1,058) — (i) Commercial Management Agreements Upon completion of the IPO on May 12, 2014, the vessel-owning subsidiaries of the initial fleet entered into amended commercial management agreements with GasLog (the “Amended Commercial Management Agreements”), pursuant to which GasLog provides certain commercial management services, including chartering services, consultancy services on market issues and invoicing and collection of hire payables, to the Partnership. The annual commercial management fee under the amended agreements is $360 for each vessel payable quarterly in advance in lump sum amounts. In December 2013, GAS-seven Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $540 that was amended to $360 when the vessel was acquired by the Partnership on November 1, 2016. Additionally, in June 2015, GAS-eight Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $360. The same provisions are included in the commercial management agreements that GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., GAS-fourteen Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into with GasLog upon the deliveries of the GasLog Greece , the GasLog Glasgow , the GasLog Geneva , the GasLog Gibraltar , the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth , the Methane Heather Sally and the Methane Becki Anne , respectively, into GasLog’s fleet in March 2016, June 2016, September 2016, October 2016, April 2014, June 2014 and March 2015 (together with the Amended Commercial Management Agreements and the commercial management agreements entered into by GAS-seven Ltd. and GAS-eight Ltd. with GasLog, the “Commercial Management Agreements”). Effective July 21, 2020 and October 1, 2020, the commercial management agreements between the vessel-owning entities and GasLog were novated to GasLog LNG Services as the provider of commercial management services. (ii) Administrative Services Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an administrative services agreement (the “Administrative Services Agreement”) with GasLog, pursuant to which GasLog will provide certain management and administrative services. The services provided under the Administrative Services Agreement are provided as the Partnership may direct, and include bookkeeping, audit, legal, insurance, administrative, clerical, banking, financial, advisory, client and investor relations services. The Administrative Services Agreement will continue indefinitely until terminated by the Partnership upon 90 days’ notice for any reason in the sole discretion of the Partnership’s board of directors. For the years ended December 31, 2018, 2019 and 2020, the annual service fee was $812, $608 and $523 per vessel per year, respectively. With effect from January 1, 2021, the service fee was reduced to $314 per vessel per year. (iii) Ship Management Agreements Upon completion of the IPO on May 12, 2014, each of the vessel owning subsidiaries of the initial fleet entered into an amended ship management agreement (collectively, the “Amended Ship Management Agreements”) under which the vessel owning subsidiaries pay a management fee of $46 per month to the Manager and reimburse the Manager for all expenses incurred on their behalf. The Amended Ship Management Agreements also provide for superintendent fees of $1 per day payable to the Manager for each day in excess of 25 days per calendar year for which a superintendent performed visits to the vessels, an annual incentive bonus of up to $72 based on key performance indicators predetermined annually and contain clauses for decreased management fees in case of a vessel’s lay-up. The management fees are subject to an annual adjustment, agreed between the parties in good faith, on the basis of general inflation and proof of increases in actual costs incurred by the Manager. Each Amended Ship Management Agreement continues indefinitely until terminated by either party. The same provisions are included in the ship management agreements that GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. entered into with the Manager upon the deliveries of the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth , the Methane Heather Sally and the Methane Becki Anne , respectively, into GasLog’s fleet in April 2014, June 2014 and March 2015 (together with the Amended Ship Management Agreements and the ship management agreement that GAS-seven Ltd. entered into with the Manager upon its vessel’s delivery from the shipyard in 2013, the “Ship Management Agreements”). In May 2015, the Ship Management Agreements were further amended to delete the annual incentive bonus and superintendent fees clauses and, in the case of GAS-seven Ltd., to also increase the fixed monthly charge to $46 with effect from April 1, 2015. In April 2016, the Ship Management Agreements were amended to consolidate all ship management related fees into a single fee structure. This single fee structure was already provided for in the ship management agreements that GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd. and GAS-fourteen Ltd. had entered into with GasLog upon the deliveries of the GasLog Greece in March 2016, the GasLog Glasgow in June 2016, the GasLog Geneva in September 2016 and the GasLog Gibraltar in October 2016, respectively (with a fixed monthly charge of $46). (iv) On January 16, 2019, the Partnership entered into an agreement with GasLog, whereby the latter agreed to compensate the Partnership for a delay in the scheduled commencement of the time charter of the GasLog Sydney in December 2018. The lost hire was calculated based on the estimated number of days of the delay multiplied by the daily hire rate of the time charter contract. (v) In the period from May 2018 until June 2019, the Partnership, through the GasLog Shanghai , participated in the Cool Pool to market their vessels operating in the LNG shipping spot market. (vi) In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of $400 from the Partnership for consultancy services provided in relation to the Partnership’s debt re-financings completed in July 2020. This amount is classified under Deferred loan issuance costs (i.e. contra debt) and will be amortized over the duration of the respective facilities. (vii) Omnibus Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. The omnibus agreement governs among other things (i) when and the extent to which the Partnership and GasLog may compete against each other, (ii) the time and the value at which the Partnership may exercise the right to purchase certain offered vessels by GasLog (iii) certain rights of first offer granted to GasLog to purchase any of its vessels on charter for less than five full years from the Partnership and vice versa and (iv) GasLog’s provisions of certain indemnities to the Partnership. On September 29, 2014, June 26, 2015, October 27, 2016, March 9, 2017, May 25, 2017, August 30, 2017, March 3, 2018, October 24, 2018 and March 7, 2019, the Partnership exercised the option to acquire (i) the Methane Rita Andrea and the Methane Jane Elizabeth, (ii) the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , (iii) the GasLog Seattle (iv) the GasLog Greece , (v) the GasLog Geneva , (vi) the Solaris , (vii) the GasLog Gibraltar , (viii) the Methane Becki Anne and (ix) the GasLog Glasgow , respectively |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Schedule of future gross minimum payments receivable in relation to non-cancellable time charter agreements | As of December 31, 2020 Period Not later than one year 175,642 Later than one year and not later than two years 139,708 Later than two years and not later than three years 116,197 Later than three years and not later than four years 56,156 Later than four years and not later than five years 50,280 Later than five years 14,469 Total 552,452 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Risk Management | |
Schedule of expected cash flows for non-derivative financial liabilities | Weighted- average effective Less interest than 1 rate month 1-3 months 3-12 months 1-5 years 5+ years Total December 31, 2020 Trade accounts payable 13,434 144 — — — 13,578 Due to related parties — 7,525 — — — 7,525 Other payables and accruals* 10,043 8,053 5,401 — — 23,497 Other non-current liabilities* — — — 73 — 73 Lease liabilities 42 85 218 113 — 458 Variable interest loans 2.48 % 17,999 21,272 93,479 1,062,227 228,265 1,423,242 Fixed interest loans** — 75 229 49 — 353 Total 41,518 37,154 99,327 1,062,462 228,265 1,468,726 December 31, 2019 Trade accounts payable 13,588 2,982 60 — — 16,630 Due to related parties — 5,642 — — — 5,642 Other payables and accruals* 8,549 9,454 4,027 — — 22,030 Other non-current liabilities* — — — 231 — 231 Lease liabilities 42 85 377 428 — 932 Variable interest loans 4.05 % 14,131 23,500 120,116 1,098,128 288,587 1,544,462 Fixed interest loans** — 78 477 516 — 1,071 Total 36,310 41,741 125,057 1,099,303 288,587 1,590,998 * Non-financial liabilities are excluded. ** A commitment fee is charged at 1.0% on the available amount of the Sponsor Credit Facility. In addition, as of December 31, 2019, 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd. and 0.7% on the available amount of the 2019 Partnership Facility. |
Schedule of expected cash flows for derivative financial instruments | Less than 1 month 1-3 months 3-12 months 1-5 years Total December 31, 2020 Interest rate swaps 79 351 7,764 12,222 20,416 Total 79 351 7,764 12,222 20,416 December 31, 2019 Interest rate swaps (12) 57 1,562 7,766 9,373 Forward foreign exchange contracts (9) (16) 32 — 7 Total (21) 41 1,594 7,766 9,380 |
Summary of credit risk exposure | As of December 31, 2019 2020 Cash and cash equivalents 96,884 103,736 Trade and other receivables 7,147 16,265 Derivative financial instruments, current and non-current portion 372 — |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Capital Risk Management | |
Schedule of the total indebtedness to total assets ratio | As of December 31, 2019 2020 Derivative financial instruments—current asset (372) — Borrowings—current liability 109,822 104,908 Borrowings—non-current liability 1,236,202 1,180,635 Lease liabilities—current portion 472 332 Lease liabilities —non-current portion 414 112 Derivative financial instruments—current liability 2,607 8,185 Derivative financial instruments—non-current liability 6,688 12,152 Total indebtedness 1,355,833 1,306,324 Total assets 2,396,944 2,333,048 Total indebtedness/total assets 56.6 % 56.0 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Financial Instruments | |
Schedule of fair value of the derivative assets | As of December 31, 2019 2020 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps 365 — Forward foreign exchange contracts 7 — Total 372 — Derivative financial instruments, current asset 372 — Total 372 — |
Schedule of fair value of the derivative liabilities | As of December 31, 2019 2020 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 9,233 20,337 Forward foreign exchange contracts 62 — Total 9,295 20,337 Derivative financial instruments, current liability 2,607 8,185 Derivative financial instruments, non-current liability 6,688 12,152 Total 9,295 20,337 |
Schedule of interest rate swaps held for trading | Fixed Notional Amount Trade Effective Termination Interest December 31, December 31, Company Counterparty Date Date Date Rate 2019 2020 GasLog Partners GasLog Nov 2016 Nov 2016 July 2020 1.54%/1.34 %* 130,000 — GasLog Partners GasLog Nov 2016 Nov 2016 July 2021 1.63%/1.43 %* 130,000 130,000 GasLog Partners GasLog Nov 2016 Nov 2016 July 2022 1.72%/1.52 %* 130,000 130,000 GasLog Partners GasLog July 2017 July 2017 June 2022 2.19%/1.99 %* 80,000 80,000 GasLog Partners GasLog May 2018 May 2018 Sep. 2020 3.15%/2.95 %* 80,000 — GasLog Partners GasLog Dec 2018 Jan 2019 Sep. 2020 3.14%/2.94 %* 75,000 — GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 July 2024 % — 48,889 GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 April 2025 % — 40,000 GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 July 2024 % — 24,444 GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 April 2025 % — 20,000 Total 625,000 473,333 |
Schedule of analysis of Loss on derivatives | For the year ended December 31, 2018 2019 2020 Realized (gain)/loss on interest rate swaps held for trading (1,772) (2,358) 6,300 Realized loss on forward foreign exchange contracts held for trading 409 1,295 61 Unrealized loss on interest rate swaps held for trading 833 14,381 8,623 Unrealized loss/(gain) on forward foreign exchange contracts held for trading 578 (523) (55) Total loss on derivatives 48 12,795 14,929 |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Deferred Non-cash financing Opening balance Cash flows items costs, assets Total Borrowings outstanding as of January 1, 2018 1,541,836 — — — 1,541,836 Borrowings drawdowns — 25,940 — — 25,940 Borrowings repayments — (209,336) — — (209,336) Additions in deferred loan issuance costs — (153) — 50 (103) Amortization and write-off of deferred loan issuance costs (Note 12) — — 7,463 — 7,463 Borrowings outstanding as of December 31, 2018 1,541,836 (183,549) 7,463 50 1,365,800 Borrowings outstanding as of January 1, 2019 1,365,800 — — — 1,365,800 Borrowings drawdowns — 445,000 — — 445,000 Borrowings repayments — (465,195) — — (465,195) Additions in deferred loan issuance costs — (6,173) (164) (50) (6,387) Amortization and write-off of deferred loan issuance costs (Note 12) — — 6,806 — 6,806 Borrowings outstanding as of December 31, 2019 1,365,800 (26,368) 6,642 (50) 1,346,024 Borrowings outstanding as of January 1, 2020 1,346,024 — — — 1,346,024 Borrowings drawdowns (Note 6) — 479,984 — — 479,984 Borrowings repayments (Note 6) — (540,701) — — (540,701) Additions in deferred loan issuance costs — (7,362) 164 — (7,198) Amortization and write-off of deferred loan issuance costs (Note 12) — — 7,434 — 7,434 Borrowings outstanding as of December 31, 2020 1,346,024 (68,079) 7,598 — 1,285,543 |
Schedule of reconciliation of derivatives arising from financing activities | Non-cash Opening balance Cash flows items Total Net derivative assets as of January 1, 2018 6,346 — — 6,346 Unrealized loss on interest rate swaps held for trading (Note 17) — — (833) (833) Unrealized loss on forward foreign exchange contracts held for trading (Note 17) — — (578) (578) Net derivative assets as of December 31, 2018 6,346 — (1,411) 4,935 Net derivative assets as of January 1, 2019 4,935 — — 4,935 Unrealized loss on interest rate swaps held for trading (Note 17) — — (14,381) (14,381) Unrealized gain on forward foreign exchange contracts held for trading (Note 17) — — 523 523 Net derivative liabilities as of December 31, 2019 4,935 — (13,858) (8,923) Net derivative liabilities as of January 1, 2020 (8,923) — — (8,923) Proceeds from entering into interest rate swaps — (16,056) — (16,056) Payment for interest rate swaps termination — 13,210 — 13,210 Unrealized loss on interest rate swaps held for trading (Note 17) — — (8,623) (8,623) Unrealized gain on forward foreign exchange contracts held for trading (Note 17) — — 55 55 Net derivative liabilities as of December 31, 2020 (8,923) (2,846) (8,568) (20,337) |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Unit | |
Schedule of Earnings Per Unit | For the year ended December 31, 2018 2019 2020 Profit/(loss) for the year 128,046 (34,769) 56,859 Less: Profit attributable to GasLog’s operations* (25,449) (2,650) — Partnership’s profit/(loss) 102,597 (37,419) 56,859 Adjustment for: Paid and accrued preference unit distributions (22,498) (30,328) (30,328) Partnership’s profit/(loss) attributable to: 80,099 (67,747) 26,531 Common unitholders 75,879 (66,268) 25,970 General partner 1,602 (1,479) 561 Incentive distribution rights ** 2,618 — N/A Weighted average units outstanding (basic) Common units 42,945,432 46,272,598 47,042,494 General partner units 876,255 975,531 1,021,336 Earnings/(loss) per unit (basic) Common unitholders 1.77 (1.43) 0.55 General partner 1.83 (1.52) 0.55 Weighted average units outstanding (diluted) Common units*** 43,034,117 46,272,598 49,567,506 General partner units 876,255 975,531 1,021,336 Earnings/(loss) per unit (diluted) Common unitholders 1.76 (1.43) 0.52 General partner 1.83 (1.52) 0.55 * Includes profits of: (i) GAS-fourteen Ltd. for the period prior to its transfer to the Partnership on April 26, 2018, (ii) GAS-twenty seven Ltd. for the period prior to its transfer to the Partnership on November 14, 2018 and (iii) GAS-twelve Ltd. for the period prior to its transfer to the Partnership on April 1, 2019. While such amounts are reflected in the Partnership’s financial statements because the transfers to the Partnership were accounted for as reorganizations of entities under common control (Note 1), the aforementioned entities were not owned by the Partnership prior to their transfers to the Partnership on the respective dates and accordingly the Partnership was not entitled to the cash or results generated in the period prior to such transfers. ** The IDRs were eliminated on June 30, 2019 (Note 5). Until their elimination, they represented the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels had been achieved. GasLog held the incentive distribution rights following completion of the Partnership’s IPO. The IDRs could be transferred separately from any other interests, subject to restrictions in the Partnership Agreement. Based on the nature of such right, earnings attributable to IDRs could not be allocated on a per unit basis. *** Includes unvested awards (Note 20) for the years ended December 31, 2018 and December 31, 2020; does not include unvested awards and Class B units for the year ended December 31, 2019, because their effect would be anti-dilutive. The 2,490,000 Class B units were issued on June 30, 2019 and are included in the weighted average number of units outstanding for the calculation of diluted EPU from July 1, 2019 and onwards. They become eligible for conversion on a one-for-one basis into common units at GasLog’s option in six tranches of 415,000 units per annum on July 1 of 2020 (Note 5), 2021, 2022, 2023, 2024 and 2025; as a result, they do not have an impact on the calculation of basic EPU until conversion. |
Share-based Compensation (Table
Share-based Compensation (Tables) - Long-Term Incentive Plan 2015 | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation | |
Summary of awards granted | Fair value at Awards Number Grant date grant date RCUs 16,999 April 1, 2015 $ 24.12 PCUs 16,999 April 1, 2015 $ 24.12 RCUs 24,925 April 1, 2016 $ 16.45 PCUs 24,925 April 1, 2016 $ 16.45 RCUs 26,097 April 3, 2017 $ 23.85 PCUs 26,097 April 3, 2017 $ 23.85 RCUs 24,608 April 2, 2018 $ 23.40 PCUs 24,608 April 2, 2018 $ 23.40 RCUs 26,308 April 1, 2019 $ 22.99 PCUs 26,308 April 1, 2019 $ 22.99 RCUs 233,688 April 1, 2020 $ 2.02 PCUs 233,688 April 1, 2020 $ 2.02 |
Summary of activity | Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (220,177) — (1,816) Outstanding as of December 31, 2020 89,978 2.04 446 PCUs Outstanding as of January 1, 2019 75,084 1.25 1,595 Granted during the year 26,308 — 605 Vested during the year (24,925) — (410) Outstanding as of December 31, 2019 76,467 1.26 1,790 Granted during the year 233,688 — 472 Vested during the year (213,955) — (1,668) Forfeited during the year (6,222) — (148) Outstanding as of December 31, 2020 89,978 2.04 446 |
Organization and Operations - G
Organization and Operations - General information (Details) $ in Thousands | Dec. 31, 2020m³ | Apr. 01, 2019USD ($)m³ | Nov. 14, 2018USD ($)m³ | Apr. 26, 2018USD ($)m³ | May 12, 2014item | Dec. 31, 2020m³ | Dec. 31, 2020item | Dec. 31, 2019 |
Organization and Operations | ||||||||
Number of LNG carriers acquired on IPO | item | 3 | |||||||
Percentage of ownership in each entity acquired | 100.00% | |||||||
Number of entities acquired | item | 15 | |||||||
GAS-fourteen Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | ||||||
LNG Cargo capacity (in cbm) | 174,000 | 174,000 | ||||||
Aggregate purchase price | $ | $ 207,000 | |||||||
GAS-twenty seven Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | ||||||
LNG Cargo capacity (in cbm) | 170,000 | 170,000 | ||||||
Aggregate purchase price | $ | $ 207,400 | |||||||
GAS-twelve Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | ||||||
LNG Cargo capacity (in cbm) | 174,000 | 174,000 | ||||||
Aggregate purchase price | $ | $ 214,000 | |||||||
GasLog Ltd. | ||||||||
Organization and Operations | ||||||||
General partner interest in GasLog Partners | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||
GasLog Ltd. | GasLog Partners LP | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 35.30% | |||||||
General partner interest in GasLog Partners | 2.00% | 2.00% | 2.00% | |||||
GasLog Ltd. | General partner | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
Cool Pool | ||||||||
Organization and Operations | ||||||||
Maximum period of Cool Pool vessels as agents for owners | 1 year | |||||||
Cool Pool | Maximum | ||||||||
Organization and Operations | ||||||||
LNG Cargo capacity (in cbm) | 170,000 | |||||||
Cool Pool | Minimum | ||||||||
Organization and Operations | ||||||||
LNG Cargo capacity (in cbm) | 155,000 |
Organization and Operations - C
Organization and Operations - Composition of the group (Details) - m³ | Dec. 31, 2020 | Apr. 01, 2019 | Nov. 14, 2018 | Apr. 26, 2018 |
GAS-three Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 155,000 | |||
GAS-four Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 155,000 | |||
GAS-five Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 155,000 | |||
GAS-seven Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 155,000 | |||
GAS-eight Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 155,000 | |||
GAS-eleven Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 174,000 | |||
GAS-twelve Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | ||
Cargo capacity (in cbm) | 174,000 | 174,000 | ||
GAS-thirteen Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 174,000 | |||
GAS-fourteen Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | ||
Cargo capacity (in cbm) | 174,000 | 174,000 | ||
GAS-sixteen Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 145,000 | |||
GAS-seventeen Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 145,000 | |||
GAS-nineteen Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 145,000 | |||
GAS-twenty Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 145,000 | |||
GAS-twenty one Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | |||
Cargo capacity (in cbm) | 145,000 | |||
GAS-twenty seven Ltd. | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% | ||
Cargo capacity (in cbm) | 170,000 | 170,000 | ||
GasLog Partners Holdings LLC | ||||
Organization and Operations | ||||
Ownership interest in subsidiary (in percent) | 100.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Significant Accounting Policies | ||
Current assets | $ 125,728 | $ 109,353 |
Current liabilities | 185,207 | 186,743 |
Working capital position | 59,479 | |
Unearned revenue | $ 25,828 | $ 27,916 |
Significant Accounting Polici_5
Significant Accounting Policies - Tangible fixed assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Vessels | |
Vessel cost: | |
Useful lives | 35 years |
Dry-docking component | |
Vessel cost: | |
Useful lives | 5 years |
Significant Accounting Polici_6
Significant Accounting Policies -Segment information (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Significant Accounting Policies | |
Number of LNG carriers owned by each vessel-owning company | 1 |
Significant Accounting Polici_7
Significant Accounting Policies - Critical accounting judgments and key sources of estimation uncertainty (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Jun. 30, 2020item | |
Classification of the Partnership interests: | |||
Percentage of available cash required to be distributed | 100.00% | ||
Number of days after quarter end to distribute cash to partner | 45 days | ||
Impairment of vessels | |||
Tangible fixed assets | $ 2,206,618 | $ 2,286,430 | |
Charter rate term used to determine rate | 3 years | ||
Annual escalation factor for operating expenses (as a percent) | 1.00% | ||
Impairment loss | $ 23,923 | $ 138,848 | |
Minimum | |||
Impairment of vessels | |||
Discount rate used to estimate future cash flows | 6.10% | 7.00% | |
Maximum | |||
Impairment of vessels | |||
Discount rate used to estimate future cash flows | 6.40% | 7.25% | |
Vessels | |||
Impairment of vessels | |||
Tangible fixed assets | $ 2,203,899 | $ 2,286,430 | |
Steam vessels | |||
Impairment of vessels | |||
Number of vessels with carrying amount higher than the charter free market values | item | 5 | 5 | |
Discount rate used to estimate future cash flows | 6.40% | ||
Number of vessels for which value in use is lower than carrying amount | item | 4 | ||
Impairment loss | $ 23,923 | ||
TFDE vessels | |||
Impairment of vessels | |||
Number of vessels with carrying amount higher than the charter free market values | item | 6 | 6 | |
Number of additional vessels with carrying amount higher than the charter free market values | item | 2 | ||
Impairment loss | $ 0 |
Tangible fixed assets (Details)
Tangible fixed assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2019 | |
Tangible fixed assets | |||
Balance, at the beginning of the year | $ 2,286,430 | ||
Impairment loss on vessels | (23,923) | $ (138,848) | |
Balance, at the end of the year | 2,206,618 | 2,286,430 | |
Amount reimbursed | 7,465 | ||
Realized foreign exchange losses on reimbursement | 542 | ||
Cost | |||
Tangible fixed assets | |||
Balance, at the beginning of the year | 2,859,172 | 2,859,265 | |
Additions | 26,618 | 12,759 | |
Return of capital expenditures | (8,007) | ||
Fully amortized dry-docking component | (9,242) | (4,845) | |
Balance, at the end of the year | 2,876,548 | 2,859,172 | |
Accumulated depreciation and impairment | |||
Tangible fixed assets | |||
Balance, at the beginning of the year | (572,742) | (349,982) | |
Depreciation expense | (82,507) | (88,757) | |
Impairment loss on vessels | (23,923) | (138,848) | |
Fully amortized dry-docking component | 9,242 | 4,845 | |
Balance, at the end of the year | (669,930) | (572,742) | |
Vessels | |||
Tangible fixed assets | |||
Balance, at the beginning of the year | 2,286,430 | ||
Balance, at the end of the year | 2,203,899 | 2,286,430 | |
Vessels | Cost | |||
Tangible fixed assets | |||
Balance, at the beginning of the year | 2,859,172 | 2,859,265 | |
Additions | 23,899 | 12,759 | |
Return of capital expenditures | (8,007) | ||
Fully amortized dry-docking component | (9,242) | (4,845) | |
Balance, at the end of the year | 2,873,829 | 2,859,172 | |
Vessels | Accumulated depreciation and impairment | |||
Tangible fixed assets | |||
Balance, at the beginning of the year | (572,742) | (349,982) | |
Depreciation expense | (82,507) | (88,757) | |
Impairment loss on vessels | (23,923) | (138,848) | |
Fully amortized dry-docking component | 9,242 | 4,845 | |
Balance, at the end of the year | (669,930) | $ (572,742) | |
Other tangible assets | |||
Tangible fixed assets | |||
Balance, at the end of the year | 2,719 | ||
Other tangible assets | Cost | |||
Tangible fixed assets | |||
Additions | 2,719 | ||
Balance, at the end of the year | $ 2,719 | ||
GAS-twelve Ltd. | |||
Tangible fixed assets | |||
Percentage of ownership interest | 100.00% | ||
Aggregate purchase price | $ 214,000 | ||
Cash transferred | 93,646 | ||
Debt assumed | 134,107 | ||
Adjustments in order to maintain agreed working capital | 13,753 | ||
Minimum working capital | $ 1,000 |
Tangible fixed assets - Impairm
Tangible fixed assets - Impairment (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Tangible fixed assets | |||
Impairment loss | $ (23,923) | $ (138,848) | |
Tangible fixed assets | $ 2,206,618 | $ 2,286,430 | |
Purchase of depot spares | GasLog Ltd. | |||
Tangible fixed assets | |||
Depot spares purchased from related party | $ 2,719 | ||
Steam vessels | |||
Tangible fixed assets | |||
Number of vessels for which value in use is lower than carrying amount | item | 4 | ||
Impairment loss | $ (23,923) | ||
Impairment reversal resulting from potential increase in re-chartering rate | 90,403 | ||
Impairment loss resulting from potential decrease in re-chartering rate | $ 94,337 | ||
Discount rate used to estimate future cash flows | 6.40% | ||
Percentage of increase or decrease in the discount rate for sensitivity analysis | 0.50% | ||
Impairment loss due to increase in discount rate | $ 21,758 | ||
Impairment reversal due to decrease in discount rate | 11,417 | ||
Steam vessels | Average | |||
Tangible fixed assets | |||
Charter market rate used (per day) | 40 | ||
Increase or decrease in re-chartering rate for sensitivity analysis | 5 | ||
Steam vessels impaired during current period | |||
Tangible fixed assets | |||
Impairment loss | (23,923) | ||
Tangible fixed assets | 383,509 | ||
Methane Rita Andrea | |||
Tangible fixed assets | |||
Impairment loss | (4,933) | ||
Tangible fixed assets | 91,162 | ||
Methane Alison Victoria | |||
Tangible fixed assets | |||
Impairment loss | (2,359) | ||
Tangible fixed assets | 96,385 | ||
Methane Shirley Elisabeth | |||
Tangible fixed assets | |||
Impairment loss | (12,412) | ||
Tangible fixed assets | 92,688 | ||
Methane Heather Sally | |||
Tangible fixed assets | |||
Impairment loss | (4,219) | ||
Tangible fixed assets | $ 103,274 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and Other Receivables | ||
Due from charterers | $ 5,070 | $ 1,767 |
VAT receivable | 48 | 26 |
Accrued income | 4,010 | 1,646 |
Insurance claims | 3,584 | 1,099 |
Other receivables | 3,553 | 2,609 |
Total | $ 16,265 | $ 7,147 |
Owners' Capital_Partners' Equ_3
Owners' Capital/Partners' Equity (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2017USD ($)Vote$ / sharesshares |
All subsidiaries | |
Owners' Capital/Partners' Equity | |
Share capital | $ | $ 36 |
Each subsidiary | |
Owners' Capital/Partners' Equity | |
Number of shares authorized | 12,000 |
Par value per share | $ / shares | $ 1 |
Number of shares issued | 12,000 |
Number of shares outstanding | 12,000 |
Vote per share | Vote | 1 |
Owners' Capital_Partners' Equ_4
Owners' Capital/Partners' Equity - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Balance as of beginning of the year | $ 1,252,793 | $ 1,126,309 | |
IFRS 16 adjustment | [1] | 192 | |
Balance at January 1, 2019 | [1] | 1,252,985 | |
Profit attributable to GasLog Ltd.'s operations (Note 19) | 2,650 | 25,449 | |
Total comprehensive income attributable to GasLog's operations (Note 19) | 2,650 | 25,449 | |
Balance as of end of the year | 965,971 | 1,252,793 | |
Total Owners' Capital | |||
Balance as of beginning of the year | 73,134 | 216,155 | |
IFRS 16 adjustment | [1] | 15 | |
Balance at January 1, 2019 | [1] | 73,149 | |
Profit attributable to GasLog Ltd.'s operations (Note 19) | 2,650 | 25,449 | |
Total comprehensive income attributable to GasLog's operations (Note 19) | 2,650 | 25,449 | |
Net contribution to the Partnership | (75,799) | (168,470) | |
Balance as of end of the year | 73,134 | ||
Share capital | |||
Balance as of beginning of the year | 12 | 36 | |
Balance at January 1, 2019 | 12 | ||
Net contribution to the Partnership | (12) | (24) | |
Balance as of end of the year | 12 | ||
Contributed surplus | |||
Balance as of beginning of the year | 40,588 | 165,537 | |
Balance at January 1, 2019 | 40,588 | ||
Net contribution to the Partnership | (40,588) | (124,949) | |
Balance as of end of the year | 40,588 | ||
Retained earnings | |||
Balance as of beginning of the year | 32,534 | 50,582 | |
IFRS 16 adjustment | 15 | ||
Balance at January 1, 2019 | 32,549 | ||
Profit attributable to GasLog Ltd.'s operations (Note 19) | 2,650 | 25,449 | |
Total comprehensive income attributable to GasLog's operations (Note 19) | 2,650 | 25,449 | |
Net contribution to the Partnership | $ (35,199) | (43,497) | |
Balance as of end of the year | $ 32,534 | ||
[1] | Restated so as to reflect an adjustment introduced due to the adoption of International Financial Reporting Standard (“IFRS”) 16 Leases on January 1, 2019. |
Owners' Capital_Partners' Equ_5
Owners' Capital/Partners' Equity Additional (Details) $ / shares in Units, $ in Thousands | Sep. 25, 2020EquityInstrumentsshares | Jul. 01, 2020shares | Jun. 30, 2020EquityInstrumentsshares | Apr. 03, 2020EquityInstrumentsshares | Jun. 30, 2019shares | Jun. 24, 2019shares | Apr. 01, 2019EquityInstrumentsshares | Feb. 26, 2019USD ($) | Feb. 25, 2019USD ($) | Nov. 15, 2018USD ($)$ / sharesshares | Apr. 26, 2018USD ($)$ / sharesshares | Apr. 03, 2018EquityInstruments$ / sharesshares | Jan. 17, 2018USD ($)$ / sharesshares | Dec. 31, 2020USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2019USD ($)EquityInstruments$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Feb. 05, 2020USD ($) | Jan. 29, 2019USD ($) | Dec. 31, 2017shares |
Equity transactions | |||||||||||||||||||
Repurchases of common units, including commissions | $ | $ 996 | $ 22,890 | |||||||||||||||||
RCUs | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units vested during the period | EquityInstruments | 182,850 | 11,776 | 25,551 | 24,925 | 16,999 | 220,177 | 24,925 | ||||||||||||
PCUs | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units vested during the period | EquityInstruments | 182,850 | 9,813 | 21,292 | 24,925 | 16,999 | 213,955 | 24,925 | ||||||||||||
GasLog Ltd. | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
General partner interest in GasLog Partners | 2.00% | 2.00% | 2.00% | ||||||||||||||||
ATM Programme | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Size of programme | $ | $ 250,000 | $ 144,040 | |||||||||||||||||
Remaining authorized amount | $ | $ 126,556 | ||||||||||||||||||
ATM Programme | GasLog Ltd. | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
General partner interest in GasLog Partners | 2.00% | ||||||||||||||||||
Common units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Price per unit | $ / shares | $ 24.21 | $ 23.55 | |||||||||||||||||
Number of units issued in share-based payment | 434,132 | 49,850 | 33,998 | ||||||||||||||||
Number of common units issued to GasLog in exchange for net assets contribution to the Partnership | 1,858,975 | 1,858,975 | |||||||||||||||||
Number of common units in public offering or general partner units | 2,553,899 | ||||||||||||||||||
Number of units repurchased | (191,490) | (1,171,572) | |||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 2,532,911 | 2,532,911 | |||||||||||||||||
Number of units outstanding | 47,517,824 | 46,860,182 | 45,448,993 | 41,002,121 | |||||||||||||||
Common units | Long-Term Incentive Plan 2015 | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units issued in share-based payment | 365,700 | 21,589 | 46,843 | 49,850 | 33,998 | ||||||||||||||
Common units | Unit repurchase programme | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Unit repurchase programme limit | $ | $ 25,000 | $ 25,000 | |||||||||||||||||
Number of units repurchased | 191,490 | 1,171,572 | |||||||||||||||||
Number of units cancelled | 191,490 | 1,171,572 | |||||||||||||||||
Unit repurchase programme, weighted average price | $ / shares | $ 5.18 | $ 19.52 | |||||||||||||||||
Repurchases of common units, including commissions | $ | $ 996 | $ 22,890 | |||||||||||||||||
Common units | ATM Programme | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Price per unit | $ / shares | $ 23.72 | ||||||||||||||||||
Net proceeds from issuance of units | $ | $ 60,013 | ||||||||||||||||||
Number of common units in public offering or general partner units | 2,553,899 | ||||||||||||||||||
Common units | Conversion of B units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units issued upon conversion | 415,000 | ||||||||||||||||||
Preference units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of preference units issued | 4,000,000 | 4,600,000 | 8,600,000 | ||||||||||||||||
Distribution rate | 8.50% | 8.20% | |||||||||||||||||
Liquidation preference per unit | $ / shares | $ 25 | $ 25 | |||||||||||||||||
Price per unit | $ / shares | $ 25 | $ 25 | |||||||||||||||||
Net proceeds from issuance of preference units | $ | $ 96,307 | $ 111,194 | |||||||||||||||||
Number of units outstanding | 14,350,000 | 14,350,000 | 14,350,000 | 5,750,000 | |||||||||||||||
Preference units | Underwriters | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of preference units issued | 600,000 | ||||||||||||||||||
General partner units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Net proceeds from issuance of units | $ | $ 935 | $ 1,996 | |||||||||||||||||
Number of common units in public offering or general partner units | 38,632 | 93,804 | 90,753 | ||||||||||||||||
Number of units outstanding | 1,021,336 | 1,021,336 | 927,532 | 836,779 | |||||||||||||||
General partner units | ATM Programme | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Net proceeds from issuance of units | $ | $ 1,236 | ||||||||||||||||||
Number of common units in public offering or general partner units | 52,121 | ||||||||||||||||||
Class B units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 2,490,000 | 2,490,000 | 2,490,000 | ||||||||||||||||
Number of units outstanding | 2,075,000 | 2,490,000 | |||||||||||||||||
Class B-1 units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 415,000 | ||||||||||||||||||
Class B-2 units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 415,000 | ||||||||||||||||||
Class B-3 units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 415,000 | ||||||||||||||||||
Class B-4 units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 415,000 | ||||||||||||||||||
Class B-5 units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 415,000 | ||||||||||||||||||
Class B-6 units | |||||||||||||||||||
Equity transactions | |||||||||||||||||||
Number of units on elimination of IDRs and issuance of common and class B units | 415,000 |
Owners' Capital_Partners' Equ_6
Owners' Capital/Partners' Equity - Cash distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2020 | Nov. 25, 2020 | Nov. 09, 2020 | Sep. 15, 2020 | Aug. 20, 2020 | Aug. 04, 2020 | Jun. 15, 2020 | May 21, 2020 | May 14, 2020 | May 06, 2020 | Mar. 16, 2020 | Feb. 21, 2020 | Feb. 05, 2020 | Dec. 16, 2019 | Nov. 14, 2019 | Nov. 13, 2019 | Oct. 29, 2019 | Sep. 16, 2019 | Aug. 09, 2019 | Jul. 24, 2019 | Jun. 17, 2019 | May 10, 2019 | Apr. 24, 2019 | Mar. 15, 2019 | Feb. 22, 2019 | Feb. 13, 2019 | Jan. 29, 2019 | Dec. 17, 2018 | Nov. 15, 2018 | Nov. 09, 2018 | Oct. 24, 2018 | Sep. 17, 2018 | Aug. 10, 2018 | Jul. 25, 2018 | Jun. 15, 2018 | May 11, 2018 | Apr. 26, 2018 | Mar. 15, 2018 | Feb. 14, 2018 | Feb. 08, 2018 | Jan. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Amount paid | $ 69,556 | $ 137,953 | $ 118,094 | |||||||||||||||||||||||||||||||||||||||||
Common units | ||||||||||||||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | $ 0.01 | $ 0.125 | $ 0.125 | $ 0.561 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.53 | $ 0.53 | $ 0.53 | $ 0.5235 | ||||||||||||||||||||||||||||||||
Amount paid | $ 485 | $ 6,022 | $ 5,967 | $ 26,754 | $ 26,437 | $ 26,640 | $ 26,911 | $ 26,929 | $ 25,716 | $ 24,272 | $ 24,272 | $ 22,845 | ||||||||||||||||||||||||||||||||
Preference units | ||||||||||||||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Amount paid | $ 7,582 | $ 7,582 | $ 7,582 | $ 7,582 | $ 7,582 | $ 7,582 | $ 7,582 | $ 8,290 | $ 5,456 | $ 5,457 | $ 5,457 | $ 4,619 | ||||||||||||||||||||||||||||||||
Series A preference units | ||||||||||||||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | 0.5390625 | 0.5390625 | $ 0.5390625 | 0.5390625 | $ 0.5390625 | 0.5390625 | $ 0.5390625 | $ 0.5390625 | $ 0.5390625 | 0.5390625 | $ 0.5390625 | $ 0.5390625 | ||||||||||||||||||||||||||||||||
Series B preference units | ||||||||||||||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | $ 0.5125 | $ 0.5125 | $ 0.5125 | $ 0.33028 | ||||||||||||||||||||||||||||||||
Series C preference units | ||||||||||||||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.7083 |
Owners' Capital_Partners' Equ_7
Owners' Capital/Partners' Equity - Voting Rights (Details) | Dec. 31, 2020Voteitemdirector |
Owners' Capital/Partners' Equity | |
Maximum percentage of ownership that can be voted | 4.90% |
Minimum number of board of directors that may be elected in annual meeting | 1 |
General partner | |
Owners' Capital/Partners' Equity | |
Number of directors that may be appointed | 4 |
Common units | |
Owners' Capital/Partners' Equity | |
Number of votes per unit | Vote | 1 |
Preference units | |
Owners' Capital/Partners' Equity | |
Number of votes per unit | Vote | 0 |
Percentage of units whose consent is required for certain events | 66.67% |
Number of directors that may be appointed | 1 |
Minimum number of quarterly periods of distributions in arrears for unitholders to become entitled to elect director | item | 6 |
Preference units | General partner | |
Owners' Capital/Partners' Equity | |
Number of directors that may be appointed | 1 |
Owners' Capital_Partners' Equ_8
Owners' Capital/Partners' Equity - General Partner Interest (Details) | Dec. 31, 2020 |
General partner | |
Owners' Capital/Partners' Equity | |
General partner interest in GasLog Partners | 2.00% |
Owners' Capital_Partners' Equ_9
Owners' Capital/Partners' Equity - Incentive Distribution Rights (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 27, 2018 | Mar. 31, 2019 | Nov. 26, 2018 | Dec. 31, 2020 | Mar. 31, 2019 |
Minimum Quarterly Distribution | Maximum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | $ 0.375 | $ 0.375 | |||
First Target Distribution | Minimum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | 0.375 | 0.375 | |||
First Target Distribution | Maximum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | 0.43125 | 0.43125 | |||
Second Target Distribution | Minimum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | 0.43125 | 0.43125 | |||
Second Target Distribution | Maximum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | 0.46875 | 0.46875 | |||
Third Target Distribution | Minimum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | 0.46875 | ||||
Third Target Distribution | Maximum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | 0.5625 | ||||
Thereafter | Minimum | |||||
Owners' Capital/Partners' Equity | |||||
Total Quarterly Distribution Target Amount | $ 0.46875 | $ 0.5625 | |||
GasLog Ltd. | |||||
Owners' Capital/Partners' Equity | |||||
Percentage of IDRs held | 100.00% | ||||
Common units | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 98.00% | ||||
Common units | Minimum Quarterly Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 98.00% | 98.00% | |||
Common units | First Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 98.00% | 98.00% | |||
Common units | Second Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 85.00% | 85.00% | |||
Common units | Third Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 75.00% | ||||
Common units | Thereafter | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 75.00% | 50.00% | |||
General partner units | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 2.00% | ||||
General partner units | Minimum Quarterly Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 2.00% | 2.00% | |||
General partner units | First Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 2.00% | 2.00% | |||
General partner units | Second Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 2.00% | 2.00% | |||
General partner units | Third Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 2.00% | ||||
General partner units | Thereafter | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 2.00% | 2.00% | |||
Incentive distribution rights | |||||
Owners' Capital/Partners' Equity | |||||
Payment in exchange for waiving of rights | $ 25,000 | ||||
Marginal percentage interest in distributions | 48.00% | ||||
Incentive distribution rights | Minimum Quarterly Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 0.00% | 0.00% | |||
Incentive distribution rights | First Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 0.00% | 0.00% | |||
Incentive distribution rights | Second Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 13.00% | 13.00% | |||
Incentive distribution rights | Third Target Distribution | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 23.00% | ||||
Incentive distribution rights | Thereafter | |||||
Owners' Capital/Partners' Equity | |||||
Marginal percentage interest in distributions | 23.00% | 48.00% |
Owners' Capital_Partners' Eq_10
Owners' Capital/Partners' Equity - Class B units (Details) - Class B units | Dec. 31, 2020shares | Jul. 01, 2020shares | Jun. 30, 2019 | Dec. 31, 2019shares |
Disclosure of classes of share capital [line items] | ||||
Number of units converted | 415,000 | |||
Number of units outstanding | 2,075,000 | 2,490,000 | ||
Conversion ratio of class B units into common units | 1 | 1 |
Owners' Capital_Partners' Eq_11
Owners' Capital/Partners' Equity - Preference Units (Details) - $ / shares | Jun. 15, 2027 | Mar. 15, 2024 | Mar. 15, 2023 | Nov. 15, 2018 | Jan. 17, 2018 | May 15, 2017 | Mar. 14, 2023 | Mar. 14, 2024 | Jun. 14, 2027 |
Series A preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Distribution rate | 8.625% | ||||||||
Liquidation preference per unit | $ 25 | ||||||||
Variable rate spread | 6.31% | ||||||||
Series B preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Distribution rate | 8.20% | ||||||||
Liquidation preference per unit | $ 25 | ||||||||
Variable rate spread | 5.839% | ||||||||
Series C preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Distribution rate | 8.50% | ||||||||
Liquidation preference per unit | $ 25 | ||||||||
Variable rate spread | 5.317% |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowings | ||
Amounts due within one year | $ 109,673 | $ 115,572 |
Less: unamortized deferred loan issuance costs | (4,765) | (5,750) |
Borrowings - current portion | 104,908 | 109,822 |
Amounts due after one year | 1,195,241 | 1,250,059 |
Less: unamortized deferred loan issuance costs | (14,606) | (13,857) |
Borrowings - non-current portion | 1,180,635 | 1,236,202 |
Total | $ 1,285,543 | $ 1,346,024 |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) $ in Thousands | Jul. 16, 2020USD ($) | Mar. 13, 2020USD ($) | Mar. 07, 2019USD ($) | Mar. 06, 2019USD ($) | Dec. 12, 2018USD ($) | Nov. 13, 2018USD ($) | Jan. 05, 2018USD ($) | Apr. 05, 2017USD ($) | Jul. 25, 2016USD ($) | Jul. 19, 2016USD ($)item | Apr. 05, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 14, 2018USD ($) | Feb. 18, 2016USD ($) | Nov. 12, 2014USD ($) |
Borrowings | |||||||||||||||||
Unamortized loan fees written off to profit or loss | $ 1,918 | $ 988 | $ 900 | ||||||||||||||
Drawn amount | 479,984 | 445,000 | 25,940 | ||||||||||||||
Amount outstanding | 1,285,543 | 1,346,024 | |||||||||||||||
Amount repaid | $ 540,701 | 465,195 | $ 209,336 | ||||||||||||||
Citibank N.A., London Branch, Nordea Bank Finland PLC London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas facility (Terminated Partnership Facility) | GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners LP, GasLog Partners Holdings LLC | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum loan facility amount | $ 450,000 | ||||||||||||||||
Prepayment of debt | $ 354,375 | ||||||||||||||||
Unamortized loan fees written off to profit or loss | $ 988 | ||||||||||||||||
Five Vessel Refinancing | |||||||||||||||||
Borrowings | |||||||||||||||||
Unamortized loan fees written off to profit or loss | $ 977 | ||||||||||||||||
Five Vessel Refinancing | GAS-twenty seven Ltd. | |||||||||||||||||
Borrowings | |||||||||||||||||
Debt assumed from acquired entities | $ 93,896 | ||||||||||||||||
Five Vessel Refinancing | GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd and GAS-twenty seven Ltd | |||||||||||||||||
Borrowings | |||||||||||||||||
Refinance of outstanding debt | $ 535,500 | ||||||||||||||||
Five-year senior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Prepayment of debt | 221,553 | ||||||||||||||||
Drawn amount | 323,162 | ||||||||||||||||
Amount outstanding | 240,422 | ||||||||||||||||
Five-year senior tranche facility | Maximum | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum loan facility amount | $ 396,500 | ||||||||||||||||
Two-year bullet junior tranche facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Prepayment of debt | $ 29,750 | $ 120,042 | |||||||||||||||
Drawn amount | $ 149,792 | ||||||||||||||||
Two-year bullet junior tranche facility | Maximum | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum loan facility amount | $ 180,000 | ||||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Legacy Facility Refinancing) | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum loan facility amount | $ 1,050,000 | ||||||||||||||||
Prepayment of debt | 211,846 | ||||||||||||||||
Unamortized loan fees written off to profit or loss | $ 941 | ||||||||||||||||
Amount outstanding | $ 201,037 | ||||||||||||||||
Number of vessels refinanced | item | 8 | ||||||||||||||||
Number of existing credit facilities being refinanced | item | 6 | ||||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Legacy Facility Refinancing) | GAS-seven Ltd. | |||||||||||||||||
Borrowings | |||||||||||||||||
Debt assumed from acquired entities | $ 122,292 | ||||||||||||||||
Refinance of outstanding debt | 124,000 | ||||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Legacy Facility Refinancing) | GAS-eight Ltd. | |||||||||||||||||
Borrowings | |||||||||||||||||
Debt assumed from acquired entities | 124,141 | ||||||||||||||||
Refinance of outstanding debt | $ 127,080 | ||||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Term loan facility) | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum loan facility amount | $ 950,000 | ||||||||||||||||
Term of debt instrument | 5 years | ||||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Revolving credit facility) | |||||||||||||||||
Borrowings | |||||||||||||||||
Maximum loan facility amount | $ 100,000 | ||||||||||||||||
Drawn amount | $ 25,940 | $ 25,940 | |||||||||||||||
Amount repaid | $ 25,940 |
Borrowings - Existing facilitie
Borrowings - Existing facilities (Details) $ in Thousands | Jul. 21, 2020USD ($) | Jul. 16, 2020USD ($)installmentitem | Apr. 01, 2019USD ($) | Mar. 06, 2019USD ($) | Feb. 20, 2019USD ($)installment | Oct. 25, 2016USD ($) | Sep. 26, 2016USD ($) | Jun. 24, 2016USD ($) | Mar. 22, 2016USD ($) | Oct. 16, 2015USD ($)trancheinstallmentitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 26, 2018USD ($) | Jul. 03, 2017USD ($) | May 03, 2017USD ($) |
Borrowings | ||||||||||||||||
Drawn amount | $ 479,984 | $ 445,000 | $ 25,940 | |||||||||||||
Amount outstanding | 1,285,543 | 1,346,024 | ||||||||||||||
Assumed October 2015 Facility | ||||||||||||||||
Borrowings | ||||||||||||||||
Amount outstanding | 452,369 | 498,223 | ||||||||||||||
Number of international banks | item | 14 | |||||||||||||||
Number of semi annual installments for first three tranches | installment | 24 | |||||||||||||||
Number of years in profile for first three tranches | 12 years | |||||||||||||||
Number of years in profile for fourth tranche | 20 years | |||||||||||||||
Number of semi annual installments for the fourth tranche | installment | 20 | |||||||||||||||
Assumed October 2015 Facility | GAS-eleven Ltd. | ||||||||||||||||
Borrowings | ||||||||||||||||
Debt assumed from acquired entities | $ 151,423 | |||||||||||||||
Drawn amount | $ 162,967 | |||||||||||||||
Number of tranches in loan agreement | item | 4 | |||||||||||||||
Loan agreement amount tranche one | $ 51,257 | |||||||||||||||
Loan agreement amount tranche two | 25,615 | |||||||||||||||
Loan agreement amount tranche three | 24,991 | |||||||||||||||
Loan agreement amount tranche four | $ 61,104 | |||||||||||||||
Assumed October 2015 Facility | GAS-twelve Ltd. | ||||||||||||||||
Borrowings | ||||||||||||||||
Debt assumed from acquired entities | $ 134,107 | |||||||||||||||
Drawn amount | $ 162,967 | |||||||||||||||
Number of tranches in loan agreement | tranche | 4 | |||||||||||||||
Loan agreement amount tranche one | $ 51,257 | |||||||||||||||
Loan agreement amount tranche two | 25,615 | |||||||||||||||
Loan agreement amount tranche three | 24,991 | |||||||||||||||
Loan agreement amount tranche four | $ 61,104 | |||||||||||||||
Assumed October 2015 Facility | GAS-thirteen Ltd. | ||||||||||||||||
Borrowings | ||||||||||||||||
Debt assumed from acquired entities | $ 155,005 | |||||||||||||||
Drawn amount | $ 160,697 | |||||||||||||||
Number of tranches in loan agreement | item | 4 | |||||||||||||||
Loan agreement amount tranche one | $ 50,544 | |||||||||||||||
Loan agreement amount tranche two | 25,258 | |||||||||||||||
Loan agreement amount tranche three | 24,643 | |||||||||||||||
Loan agreement amount tranche four | $ 60,252 | |||||||||||||||
Assumed October 2015 Facility | GAS-fourteen Ltd. | ||||||||||||||||
Borrowings | ||||||||||||||||
Debt assumed from acquired entities | $ 143,622 | |||||||||||||||
Drawn amount | $ 160,697 | |||||||||||||||
Number of tranches in loan agreement | tranche | 4 | |||||||||||||||
Loan agreement amount tranche one | $ 50,544 | |||||||||||||||
Loan agreement amount tranche two | 25,258 | |||||||||||||||
Loan agreement amount tranche three | 24,643 | |||||||||||||||
Loan agreement amount tranche four | $ 60,252 | |||||||||||||||
KEXIM and K-Sure | ||||||||||||||||
Borrowings | ||||||||||||||||
Percentage of finance coverage | 60.00% | |||||||||||||||
2019 Partnership Facility | GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners LP, GasLog Partners Holdings LLC | ||||||||||||||||
Borrowings | ||||||||||||||||
Amount of credit facility | $ 450,000 | |||||||||||||||
Drawn amount | $ 75,000 | $ 360,000 | ||||||||||||||
Amount outstanding | 398,501 | 425,949 | ||||||||||||||
Number of quarterly repayable installments | installment | 20 | |||||||||||||||
Installment amount | $ 7,357 | |||||||||||||||
Final balloon payment | $ 302,860 | |||||||||||||||
Prepaid amount of debt | $ 354,375 | |||||||||||||||
Maximum percentage of aggregate amount outstanding under facility to aggregate market value of vessels securing facility | 75.00% | |||||||||||||||
Amount available to be redrawn | 0 | $ 1,980 | ||||||||||||||
BNP Paribas, Credit Suisse AG and Alpha Bank S.A | ||||||||||||||||
Borrowings | ||||||||||||||||
Amount of credit facility | $ 260,331 | |||||||||||||||
Drawn amount | $ 260,331 | |||||||||||||||
Amount outstanding | 260,331 | |||||||||||||||
Installment amount | 8,597 | |||||||||||||||
Final balloon payment | $ 174,361 | |||||||||||||||
Number of vessels refinanced | item | 3 | |||||||||||||||
Number of semi annual installments | installment | 10 | |||||||||||||||
BNP Paribas, Credit Suisse AG and Alpha Bank S.A | GAS-twenty, GAS-seven and GAS-eight Ltd. | ||||||||||||||||
Borrowings | ||||||||||||||||
Refinance of outstanding debt | 258,532 | |||||||||||||||
DNB Bank ASA, London Branch, and ING Bank N.V., London Branch | ||||||||||||||||
Borrowings | ||||||||||||||||
Amount of credit facility | $ 193,713 | |||||||||||||||
Drawn amount | 193,713 | |||||||||||||||
Amount outstanding | $ 193,713 | |||||||||||||||
Installment amount | 8,599 | |||||||||||||||
Final balloon payment | $ 107,723 | |||||||||||||||
Number of vessels refinanced | installment | 3 | |||||||||||||||
Number of semi annual installments | item | 10 | |||||||||||||||
DNB Bank ASA, London Branch, and ING Bank N.V., London Branch | GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty-seven Ltd. | ||||||||||||||||
Borrowings | ||||||||||||||||
Refinance of outstanding debt | $ 174,867 |
Borrowings - Securities Covenan
Borrowings - Securities Covenants and Guarantees (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Borrowings | |
Minimum aggregate market value of mortgaged vessels and market value of additional security, as percentage of outstanding facility amount | 120.00% |
Minimum liquidity required at all times per entity | $ 1,500 |
Minimum amount of cash and cash equivalents, short-term investments and available undrawn facilities with remaining maturities of at least six months (excluding loans from affiliates) | $ 45,000 |
Maximum percentage of total indebtedness to total assets | 65.00% |
GAS-twenty Ltd. | |
Borrowings | |
Minimum liquidity required at all times per entity | $ 5,500 |
DNB Bank ASA, London Branch, and ING Bank N.V., London Branch | |
Borrowings | |
Minimum aggregate market value of mortgaged vessels and market value of additional security, as percentage of outstanding facility amount | 130.00% |
Assumed October 2015 Facility | GasLog and subsidiaries | |
Borrowings | |
Maximum percentage of total indebtedness to total assets | 75.00% |
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 |
Minimum percentage of EBITDA over debt service obligations on a trailing 12-month basis | 110.00% |
Minimum amount of cash and cash equivalent and short-term investments for EBITDA over debt service obligations ratio to be regarded as complied with | $ 110,000 |
Minimum market value adjusted net worth | 350,000 |
Assumed October 2015 Facility | Minimum | GasLog and subsidiaries | |
Borrowings | |
Minimum amount of cash and cash equivalents and short term investments | $ 75,000 |
Borrowings - Loan From Related
Borrowings - Loan From Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Nov. 14, 2019 | Mar. 23, 2018 | May 22, 2017 | Apr. 05, 2017 | Apr. 03, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings | |||||||||
Drawn amount | $ 479,984 | $ 445,000 | $ 25,940 | ||||||
Borrowings outstanding balance | $ 1,346,024 | 1,285,543 | 1,346,024 | ||||||
Borrowings repayments | 540,701 | 465,195 | 209,336 | ||||||
Unamortized loan fees written off to profit or loss | 1,918 | $ 988 | $ 900 | ||||||
Sponsor Credit Facility | |||||||||
Borrowings | |||||||||
Facility availability period | 5 years | ||||||||
Interest rate | 9.125% | ||||||||
Percentage of commitment fee on the undrawn balance | 1.00% | ||||||||
Drawn amount | $ 10,000 | ||||||||
Borrowings outstanding balance | $ 0 | ||||||||
Borrowings repayments | $ 10,000 | ||||||||
Prepayment of debt | $ 45,000 | ||||||||
Unamortized loan fees written off to profit or loss | $ 900 | ||||||||
Sponsor Credit Facility | GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | |||||||||
Borrowings | |||||||||
Prepayment of debt | $ 60,125 | ||||||||
Term loan sponsor credit facility | |||||||||
Borrowings | |||||||||
Amount of credit facility | $ 45,000 | ||||||||
Facility availability period | 5 years | ||||||||
Drawn amount | 45,000 | ||||||||
Revolving credit sponsor facility | |||||||||
Borrowings | |||||||||
Amount of credit facility | $ 30,000 | ||||||||
Facility availability period | 5 years | ||||||||
Drawn amount | $ 15,000 | ||||||||
Borrowings repayments | $ 15,000 |
Borrowings - Repayment Schedule
Borrowings - Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | $ 1,304,914 | |
Fair value of bank facilities | $ 1,304,914 | |
Average | ||
Borrowings Repayment Schedule | ||
Interest rate | 3.10% | 4.50% |
Not later than one year | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | $ 109,673 | |
Later than one year and not later than three years | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | 219,347 | |
Later than three years and not later than five years | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | 752,791 | |
Later than five years | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | $ 223,103 |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Payables and Accruals | ||
Unearned revenue | $ 25,828 | $ 27,916 |
Accrued off-hire | 1,802 | 1,688 |
Accrued purchases | 4,187 | 3,335 |
Accrued interest | 10,855 | 12,393 |
Other accruals | 8,007 | 6,238 |
Total | $ 50,679 | $ 51,570 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Revenues | $ 333,662 | $ 378,687 | $ 383,201 |
Net pool allocation | 1,058 | 3,700 | |
Long-term time charters | |||
Revenues | |||
Revenues | $ 243,288 | 312,978 | 355,251 |
Long-term time charters | Minimum | |||
Revenues | |||
Initial duration of charter party agreement | 5 years | ||
Spot time charters | |||
Revenues | |||
Revenues | $ 90,374 | 60,715 | 16,475 |
Spot time charters | Maximum | |||
Revenues | |||
Initial duration of charter party agreement | 5 years | ||
Cool Pool | |||
Revenues | |||
Revenues | 4,994 | 11,475 | |
Net pool allocation | $ 1,058 | $ 3,700 |
Voyage Expenses and Commissio_3
Voyage Expenses and Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Voyage Expenses and Commissions | |||
Brokers' commissions on revenues | $ 3,393 | $ 4,258 | $ 4,680 |
Bunkers' consumption and other voyage expenses | 7,050 | 3,050 | 2,826 |
Total | $ 10,443 | $ 7,308 | $ 7,506 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expenses | |||
Administrative fees (Note 13) | $ 7,838 | $ 8,963 | $ 10,398 |
Commercial management fees (Note 13) | 5,400 | 5,400 | 5,400 |
Share-based compensation (Note 20) | 1,908 | 1,158 | 1,034 |
Other expenses | 3,814 | 3,880 | 2,922 |
Total | $ 18,960 | $ 19,401 | $ 19,754 |
Vessel Operating Costs (Details
Vessel Operating Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Vessel Operating Costs | |||
Crew costs | $ 36,881 | $ 36,944 | $ 38,637 |
Technical maintenance expenses | 21,295 | 20,987 | 16,174 |
Other operating expenses | 16,622 | 18,811 | 18,886 |
Total | $ 74,798 | $ 76,742 | $ 73,697 |
Net Financial Income and Cost_2
Net Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial income | |||
Financial income | $ 295 | $ 1,887 | $ 2,448 |
Total financial income | 295 | 1,887 | 2,448 |
Financial costs | |||
Amortization and write-off of deferred loan issuance costs | 7,434 | 6,806 | 7,463 |
Interest expense on loans | 42,459 | 63,912 | 64,282 |
Lease expense | 33 | 56 | |
Commitment fees | 359 | 729 | 522 |
Other financial costs including bank commissions | 702 | 495 | 447 |
Total financial costs | 50,987 | 71,998 | 72,714 |
Unamortized loan fees written off to profit or loss | $ 1,918 | $ 988 | $ 900 |
Related party transactions - Ba
Related party transactions - Balances (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balances with related parties | |||
Amounts due to related parties | $ 7,525 | $ 5,642 | |
GasLog LNG Services | |||
Balances with related parties | |||
Amounts due to related parties | 7,361 | 4,908 | |
GasLog Ltd. | |||
Balances with related parties | |||
Amounts due to related parties | $ 164 | $ 734 | |
GasLog Ltd. | Purchase of depot spares | |||
Balances with related parties | |||
Depot spares purchased from related party | $ 2,719 |
Related party transactions - Su
Related party transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transactions | |||
General and administrative expense | $ 18,960 | $ 19,401 | $ 19,754 |
Vessel operating costs | 74,798 | 76,742 | 73,697 |
Financial costs | 50,987 | 71,998 | 72,714 |
Loss on derivatives | 14,929 | 12,795 | 48 |
Revenues | (333,662) | (378,687) | (383,201) |
Net pool allocation | (1,058) | (3,700) | |
GasLog Ltd. / GasLog LNG Services | Commercial management fee | |||
Transactions | |||
General and administrative expense | 5,400 | 5,400 | 5,400 |
GasLog Ltd. | Administrative services fee | |||
Transactions | |||
General and administrative expense | 7,838 | 8,963 | 10,398 |
GasLog Ltd. | Interest expense under Sponsor Credit Facility | |||
Transactions | |||
Financial costs | 119 | 935 | |
GasLog Ltd. | Commitment fee under Sponsor Credit Facility | |||
Transactions | |||
Financial costs | 305 | 291 | 304 |
GasLog Ltd. | Realized (gain)/loss on interest rate swaps | |||
Transactions | |||
Loss on derivatives | 4,347 | (2,358) | (1,772) |
GasLog Ltd. | Realized loss on forward foreign exchange contracts held for trading | |||
Transactions | |||
Loss on derivatives | 61 | 1,295 | 409 |
GasLog Ltd. | Compensation for lost hire | |||
Transactions | |||
Revenues | (481) | ||
GasLog LNG Services | Management fees | |||
Transactions | |||
Vessel operating costs | 7,728 | 7,728 | 7,728 |
GasLog LNG Services | Other vessel operating costs | |||
Transactions | |||
Vessel operating costs | $ 40 | 65 | 124 |
Cool Pool | Adjustment for net pool allocation | |||
Transactions | |||
Net pool allocation | $ (1,058) | $ (3,700) |
Related party transactions - Ge
Related party transactions - General (Details) - USD ($) $ in Thousands | Nov. 01, 2016 | Apr. 01, 2015 | May 12, 2014 | Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
GasLog Ltd. | Commercial management fee | GAS-three Ltd., GAS-four Ltd., and GAS-five Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-seven Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | $ 540 | ||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-eight Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-eleven Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-twelve Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-thirteen Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-fourteen Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Commercial management fee | GAS-twenty seven Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 360 | |||||||||||||||
GasLog Ltd. | Administrative services fee | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual fee per vessel | $ 314 | $ 523 | $ 608 | $ 812 | ||||||||||||
Termination notice period | 90 days | |||||||||||||||
GasLog Ltd. | Omnibus Agreement | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Maximum term of charter related to certain rights of first offer | 5 years | |||||||||||||||
GasLog LNG Services | Management fees | GAS-three Ltd., GAS-four Ltd., and GAS-five Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
Superintendent fee per day upon threshold number of days | $ 1 | |||||||||||||||
Threshold number of days for superintendent fee | 25 days | |||||||||||||||
GasLog LNG Services | Management fees | GAS-three Ltd., GAS-four Ltd., and GAS-five Ltd. | Maximum | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Annual incentive bonus | $ 72 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-seven Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-eleven Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-twelve Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-thirteen Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-fourteen Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
GasLog LNG Services | Management fees | GAS-twenty seven Ltd. | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Management fee fixed monthly charge per vessel | $ 46 | |||||||||||||||
Ceres Shipping Enterprises S.A. | Consultancy services | ||||||||||||||||
Related Party Transactions | ||||||||||||||||
Fee for consultancy services for debt re-financing | $ 400 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2020USD ($)item | Mar. 31, 2019item | Jul. 31, 2018item |
Commitments and Contingencies | |||
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days | ||
Future gross minimum lease payments receivable | $ 552,452 | ||
Wartsila Greece | GasLog LNG Services | |||
Commitments and Contingencies | |||
Number of vessels under maintenance agreement | item | 8 | ||
Samsung Heavy Industries Co., Ltd | GasLog LNG Services | |||
Commitments and Contingencies | |||
Number of vessels under maintenance agreement | item | 11 | ||
Period of services to be provided (in years) | 6 years | ||
Number of vessels with ballast water management system installed | item | 6 | ||
Not later than one year | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | $ 175,642 | ||
Later than one year and not later than two years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 139,708 | ||
Later than two years and not later than three years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 116,197 | ||
Later than three years and not later than four years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 56,156 | ||
Later than four years and not later than five years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 50,280 | ||
Later than five years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | $ 14,469 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest rate risk | Interest rate swaps | |||
Financial Risk Management | |||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% |
Fair value of interest rate swaps / net liability | $ 20,337 | $ 8,868 | |
Increase in fair value due to reasonably possible increase in interest rates | $ 844 | $ 1,468 | $ 2,021 |
Interest rate risk | Floating interest rate | |||
Financial Risk Management | |||
Percent of variable interest rate exposure hedged | 36.30% | 45.80% | |
Principal amount of debt not hedged | $ 831,581 | $ 740,631 | |
Interest rate basis | LIBOR | LIBOR | LIBOR |
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% |
Increase (decrease) in profit or loss due to reasonably possible increase in assumption | $ (766) | $ (782) | $ (933) |
Currency risk | |||
Financial Risk Management | |||
Sensitivity analysis, increase (decrease) in EUR/USD exchange rate | 10.00% | 10.00% | 10.00% |
Increase (decrease) in profit and cash flows | $ (4,866) | $ (4,354) | $ (5,422) |
Currency risk | EUR | |||
Financial Risk Management | |||
Operating and administrative expenses denominated in euros | 48,664 | 43,543 | $ 54,222 |
Trade payables and accruals denominated in euros | $ 12,279 | $ 11,817 |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - USD ($) $ in Thousands | Apr. 03, 2017 | Dec. 31, 2020 | Dec. 31, 2019 |
Sponsor Credit Facility | |||
Financial Risk Management | |||
Interest rate | 9.125% | ||
Percentage of commitment fee on the undrawn balance | 1.00% | ||
Liquidity risk | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,468,726 | $ 1,590,998 | |
Derivative financial liabilities, undiscounted cash flows | 20,416 | 9,380 | |
Liquidity risk | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 41,518 | 36,310 | |
Derivative financial liabilities, undiscounted cash flows | 79 | (21) | |
Liquidity risk | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 37,154 | 41,741 | |
Derivative financial liabilities, undiscounted cash flows | 351 | 41 | |
Liquidity risk | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 99,327 | 125,057 | |
Derivative financial liabilities, undiscounted cash flows | 7,764 | 1,594 | |
Liquidity risk | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,062,462 | 1,099,303 | |
Derivative financial liabilities, undiscounted cash flows | 12,222 | 7,766 | |
Liquidity risk | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 228,265 | 288,587 | |
Liquidity risk | Interest rate swaps | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 20,416 | 9,373 | |
Liquidity risk | Interest rate swaps | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 79 | (12) | |
Liquidity risk | Interest rate swaps | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 351 | 57 | |
Liquidity risk | Interest rate swaps | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 7,764 | 1,562 | |
Liquidity risk | Interest rate swaps | 1 - 5 years | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 12,222 | 7,766 | |
Liquidity risk | Forward foreign exchange contracts | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 7 | ||
Liquidity risk | Forward foreign exchange contracts | Less than 1 month | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | (9) | ||
Liquidity risk | Forward foreign exchange contracts | 1 - 3 months | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | (16) | ||
Liquidity risk | Forward foreign exchange contracts | 3 - 12 months | |||
Financial Risk Management | |||
Derivative financial liabilities, undiscounted cash flows | 32 | ||
Liquidity risk | Trade accounts payable | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 13,578 | 16,630 | |
Liquidity risk | Trade accounts payable | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 13,434 | 13,588 | |
Liquidity risk | Trade accounts payable | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 144 | 2,982 | |
Liquidity risk | Trade accounts payable | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 60 | ||
Liquidity risk | Due to related parties | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 7,525 | 5,642 | |
Liquidity risk | Due to related parties | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 7,525 | 5,642 | |
Liquidity risk | Other payables and accruals | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 23,497 | 22,030 | |
Liquidity risk | Other payables and accruals | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 10,043 | 8,549 | |
Liquidity risk | Other payables and accruals | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 8,053 | 9,454 | |
Liquidity risk | Other payables and accruals | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 5,401 | 4,027 | |
Liquidity risk | Other non-current liabilities | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 73 | 231 | |
Liquidity risk | Other non-current liabilities | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 73 | 231 | |
Liquidity risk | Lease liabilities | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 458 | 932 | |
Liquidity risk | Lease liabilities | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 42 | 42 | |
Liquidity risk | Lease liabilities | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 85 | 85 | |
Liquidity risk | Lease liabilities | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 218 | 377 | |
Liquidity risk | Lease liabilities | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 113 | 428 | |
Liquidity risk | Floating interest rate | Loans received | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,423,242 | $ 1,544,462 | |
Interest rate | 2.48% | 4.05% | |
Liquidity risk | Floating interest rate | Loans received | Less than 1 month | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 17,999 | $ 14,131 | |
Liquidity risk | Floating interest rate | Loans received | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 21,272 | 23,500 | |
Liquidity risk | Floating interest rate | Loans received | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 93,479 | 120,116 | |
Liquidity risk | Floating interest rate | Loans received | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 1,062,227 | 1,098,128 | |
Liquidity risk | Floating interest rate | Loans received | Later than five years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 228,265 | 288,587 | |
Liquidity risk | Fixed interest rate | Loans received | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 353 | 1,071 | |
Liquidity risk | Fixed interest rate | Loans received | 1 - 3 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 75 | 78 | |
Liquidity risk | Fixed interest rate | Loans received | 3 - 12 months | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | 229 | 477 | |
Liquidity risk | Fixed interest rate | Loans received | 1 - 5 years | |||
Financial Risk Management | |||
Non-derivative financial liabilities, undiscounted cash flows | $ 49 | $ 516 | |
Liquidity risk | Fixed interest rate | Loans received | Sponsor Credit Facility | |||
Financial Risk Management | |||
Percentage of commitment fee on the undrawn balance | 1.00% | 1.00% | |
Liquidity risk | Fixed interest rate | Loans received | Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Revolving credit facility) | |||
Financial Risk Management | |||
Percentage of commitment fee on the undrawn balance | 0.90% | ||
Liquidity risk | Fixed interest rate | Loans received | 2019 Partnership Facility | |||
Financial Risk Management | |||
Percentage of commitment fee on the undrawn balance | 0.70% |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 103,736 | $ 96,884 | $ 133,370 | $ 153,675 |
Trade and other receivables | 16,265 | 7,147 | ||
Credit risk | ||||
Financial Risk Management | ||||
Cash and cash equivalents | 103,736 | 96,884 | ||
Trade and other receivables | $ 16,265 | 7,147 | ||
Derivative financial instruments, current and non-current portion | $ 372 | |||
Credit risk | Shell | ||||
Financial Risk Management | ||||
Percentage of entity's revenue | 73.00% | 83.00% | 93.00% |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Risk Management | ||
Derivative financial instruments-current asset | $ (372) | |
Borrowings-current liability | $ 104,908 | 109,822 |
Borrowings-non-current liability | 1,180,635 | 1,236,202 |
Lease liabilities, current portion | 332 | 472 |
Lease liabilities, non-current portion | 112 | 414 |
Derivative financial instruments, current liability | 8,185 | 2,607 |
Derivative financial instruments, non-current liability | 12,152 | 6,688 |
Total indebtedness | 1,306,324 | 1,355,833 |
Total assets | $ 2,333,048 | $ 2,396,944 |
Total indebtedness/total assets | 56.00% | 56.60% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of the derivative assets and liabilities | ||
Derivative financial instruments, current asset | $ 372 | |
Derivative financial instruments, current liability | $ 8,185 | 2,607 |
Derivative financial instruments, non-current liability | 12,152 | 6,688 |
Financial assets carried at fair value through profit or loss (FVTPL) | ||
Fair value of the derivative assets and liabilities | ||
Derivative financial instruments, current asset | 372 | |
Derivative asset | 372 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Fair value of the derivative assets and liabilities | ||
Derivative asset | 365 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Fair value of the derivative assets and liabilities | ||
Derivative asset | 7 | |
Financial liabilities carried at fair value through profit or loss (FVTPL) | ||
Fair value of the derivative assets and liabilities | ||
Derivative financial instruments, current liability | 8,185 | 2,607 |
Derivative financial instruments, non-current liability | 12,152 | 6,688 |
Derivative liability | 20,337 | 9,295 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Fair value of the derivative assets and liabilities | ||
Derivative liability | $ 20,337 | 9,233 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Forward foreign exchange contracts | ||
Fair value of the derivative assets and liabilities | ||
Derivative liability | $ 62 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest rate swaps held for trading (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2020 | Mar. 31, 2020 | |
Interest rate swaps held for trading | |||||
Disclosure of detailed information about financial instruments | |||||
Notional Amount | $ 473,333 | $ 625,000 | |||
Unrealized gain (loss) on derivatives held for trading | $ (8,623) | (14,381) | $ (833) | ||
Gaslog Partners with GasLog, fixed interest rate of 1.54%/1.34% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 1.54% | 1.34% | 1.54% | ||
Notional Amount | 130,000 | ||||
Trade date | Nov 2016 | ||||
Effective date | Nov 2016 | ||||
Termination date | July 2020 | ||||
Decrease in interest rate due to collateral | (0.20%) | ||||
Gaslog Partners with GasLog, fixed interest rate of 1.63%/1.43% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 1.63% | 1.43% | 1.63% | ||
Notional Amount | $ 130,000 | 130,000 | |||
Trade date | Nov 2016 | ||||
Effective date | Nov 2016 | ||||
Termination date | July 2021 | ||||
Decrease in interest rate due to collateral | (0.20%) | ||||
Gaslog Partners with GasLog, fixed interest rate of 1.72%/1.52% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 1.72% | 1.52% | 1.72% | ||
Notional Amount | $ 130,000 | 130,000 | |||
Trade date | Nov 2016 | ||||
Effective date | Nov 2016 | ||||
Termination date | July 2022 | ||||
Decrease in interest rate due to collateral | (0.20%) | ||||
Gaslog Partners with GasLog, fixed interest rate of 2.19%/1.99% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 2.19% | 1.99% | 2.19% | ||
Notional Amount | $ 80,000 | 80,000 | |||
Trade date | July 2017 | ||||
Effective date | July 2017 | ||||
Termination date | June 2022 | ||||
Decrease in interest rate due to collateral | (0.20%) | ||||
Gaslog Partners with GasLog, fixed interest rate of 3.15%/2.95% and 3.14%/2.94% | |||||
Disclosure of detailed information about financial instruments | |||||
Notional Amount | $ 155,000 | ||||
Number of terminated agreements | item | 2 | ||||
Payment made on termination of agreement | $ 13,210 | ||||
Gaslog Partners with GasLog, fixed interest rate of 3.15%/2.95% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 3.15% | 2.95% | 3.15% | ||
Notional Amount | 80,000 | ||||
Trade date | May 2018 | ||||
Effective date | May 2018 | ||||
Termination date | Sep. 2020 | ||||
Decrease in interest rate due to collateral | (0.20%) | ||||
Gaslog Partners with GasLog, fixed interest rate of 3.14%/2.94% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 3.14% | 2.94% | 3.14% | ||
Notional Amount | $ 75,000 | ||||
Trade date | Dec 2018 | ||||
Effective date | Jan 2019 | ||||
Termination date | Sep. 2020 | ||||
Decrease in interest rate due to collateral | (0.20%) | ||||
GAS-twenty seven Ltd with DNB Bank ASA and Ing Bank N.V | |||||
Disclosure of detailed information about financial instruments | |||||
Notional Amount | $ 133,333 | ||||
Number of agreements entered into | item | 4 | ||||
Payment received on entering into agreement | $ 16,056 | ||||
GAS-twenty seven Ltd with DNB Bank ASA, fixed interest rate of 3.146% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 3.146% | ||||
Notional Amount | $ 48,889 | ||||
Trade date | July 2020 | ||||
Effective date | July 2020 | ||||
Termination date | July 2024 | ||||
GAS-twenty seven Ltd with DNB Bank ASA, fixed interest rate of 3.069% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 3.069% | ||||
Notional Amount | $ 40,000 | ||||
Trade date | July 2020 | ||||
Effective date | July 2020 | ||||
Termination date | April 2025 | ||||
GAS-twenty seven Ltd with ING Bank N.V, fixed interest rate of 3.24% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 3.24% | ||||
Notional Amount | $ 24,444 | ||||
Trade date | July 2020 | ||||
Effective date | July 2020 | ||||
Termination date | July 2024 | ||||
GAS-twenty seven Ltd with ING Bank N.V, fixed interest rate of 3.176% | |||||
Disclosure of detailed information about financial instruments | |||||
Fixed Interest Rate | 3.176% | ||||
Notional Amount | $ 20,000 | ||||
Trade date | July 2020 | ||||
Effective date | July 2020 | ||||
Termination date | April 2025 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Foreign exchange (Details) - Forward foreign exchange contracts held for trading $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Forward foreign exchange contracts held for trading | |||
Number of expired contracts | item | 24 | ||
Unrealized gain (loss) on derivatives held for trading | $ | $ 55 | $ 523 | $ (578) |
Derivative Financial Instrume_6
Derivative Financial Instruments - (Gain)/loss on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of Loss/(gain) on derivatives | |||
Total loss on derivatives | $ 14,929 | $ 12,795 | $ 48 |
Transfers from Level 1 to Level 2, assets | 0 | 0 | 0 |
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 |
Transfers from Level 1 to Level 2, liabilities | 0 | 0 | 0 |
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 |
Interest rate swaps held for trading | |||
Analysis of Loss/(gain) on derivatives | |||
Realized (gain)/loss on derivative financial instruments held for trading | 6,300 | (2,358) | (1,772) |
Unrealized (gain)/loss on derivative financial instruments held for trading | 8,623 | 14,381 | 833 |
Forward foreign exchange contracts held for trading | |||
Analysis of Loss/(gain) on derivatives | |||
Realized (gain)/loss on derivative financial instruments held for trading | 61 | 1,295 | 409 |
Unrealized (gain)/loss on derivative financial instruments held for trading | $ (55) | $ (523) | $ 578 |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowings and derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | $ 1,346,024 | $ 1,365,800 | $ 1,541,836 |
Cash flows | (68,079) | (26,368) | (183,549) |
Non-cash items | 7,598 | 6,642 | 7,463 |
Deferred financing costs, assets | (50) | 50 | |
Liabilities/(assets) arising from financing activities at end of year | 1,285,543 | 1,346,024 | 1,365,800 |
Borrowings | Drawdowns | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 479,984 | 445,000 | 25,940 |
Total | 479,984 | 445,000 | 25,940 |
Borrowings | Repayments | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (540,701) | (465,195) | (209,336) |
Total | (540,701) | (465,195) | (209,336) |
Borrowings | Additions in deferred loan issuance costs | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (7,362) | (6,173) | (153) |
Non-cash items | 164 | (164) | |
Deferred financing costs, assets | (50) | 50 | |
Total | (7,198) | (6,387) | (103) |
Borrowings | Amortization and write-off of deferred loan issuance costs | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 7,434 | 6,806 | 7,463 |
Total | 7,434 | 6,806 | 7,463 |
Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | 8,923 | (4,935) | (6,346) |
Cash flows | 2,846 | ||
Non-cash items | 8,568 | 13,858 | 1,411 |
Liabilities/(assets) arising from financing activities at end of year | 20,337 | 8,923 | (4,935) |
Derivatives | Proceeds from entering into interest rate swaps | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 16,056 | ||
Total | 16,056 | ||
Derivatives | Payment for interest rate swaps termination | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (13,210) | ||
Total | (13,210) | ||
Derivatives | Unrealized loss on interest rate swaps held for trading | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 8,623 | 14,381 | 833 |
Total | 8,623 | 14,381 | 833 |
Derivatives | Unrealized loss/(gain) on forward foreign exchange contracts held for trading | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | (55) | (523) | 578 |
Total | $ (55) | $ (523) | $ 578 |
Earnings Per Unit - Issuance of
Earnings Per Unit - Issuance of units since IPO (Details) | Dec. 31, 2020 | Jun. 30, 2019shares | Jun. 24, 2019shares | Dec. 31, 2019shares | Apr. 26, 2018 |
Class B units | |||||
Earnings per unit | |||||
Number of units issued | 2,490,000 | 2,490,000 | 2,490,000 | ||
Conversion ratio of class B units into common units | 1 | 1 | |||
GasLog Ltd. | |||||
Earnings per unit | |||||
General partner interest in GasLog Partners | 2.00% | 2.00% | 2.00% |
Earnings Per Unit (Details)
Earnings Per Unit (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Jun. 30, 2019trancheshares | Jun. 24, 2019shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Earnings per unit | ||||||
Profit/(loss) for the year | $ 56,859 | $ (34,769) | $ 128,046 | |||
Profit attributable to Gaslog's operations | (2,650) | (25,449) | ||||
Partnership's profit | 56,859 | (37,419) | 102,597 | |||
Paid and accrued preference unit distributions | (30,328) | (30,328) | (22,498) | |||
Partnership's profit attributable to unitholders | 26,531 | (67,747) | 80,099 | |||
Common units | ||||||
Earnings per unit | ||||||
Partnership's profit | 25,970 | (66,268) | 75,879 | |||
Partnership's profit attributable to unitholders | $ 25,970 | $ (66,268) | $ 75,879 | |||
Weighted average number of units outstanding (basic) | ||||||
Weighted average number of units outstanding (basic) | shares | 47,042,494 | 46,272,598 | 42,945,432 | |||
Earnings/(loss) per unit (basic) | ||||||
Earnings/(loss) per unit (basic) | $ / shares | $ 0.55 | $ (1.43) | $ 1.77 | |||
Weighted average number of units outstanding (diluted) | ||||||
Weighted average number of units outstanding (diluted) | shares | 49,567,506 | 46,272,598 | 43,034,117 | |||
Earnings/(loss) per unit (diluted) | ||||||
Earnings/(loss) per unit (diluted) | $ / shares | $ 0.52 | $ (1.43) | $ 1.76 | |||
Number of units issued | shares | 2,532,911 | 2,532,911 | ||||
General partner units | ||||||
Earnings per unit | ||||||
Partnership's profit | $ 561 | $ (1,479) | $ 1,602 | |||
Partnership's profit attributable to unitholders | $ 561 | $ (1,479) | $ 1,602 | |||
Weighted average number of units outstanding (basic) | ||||||
Weighted average number of units outstanding (basic) | shares | 1,021,336 | 975,531 | 876,255 | |||
Earnings/(loss) per unit (basic) | ||||||
Earnings/(loss) per unit (basic) | $ / shares | $ 0.55 | $ (1.52) | $ 1.83 | |||
Weighted average number of units outstanding (diluted) | ||||||
Weighted average number of units outstanding (diluted) | shares | 1,021,336 | 975,531 | 876,255 | |||
Earnings/(loss) per unit (diluted) | ||||||
Earnings/(loss) per unit (diluted) | $ / shares | $ 0.55 | $ (1.52) | $ 1.83 | |||
Incentive distribution rights | ||||||
Earnings per unit | ||||||
Partnership's profit | $ 2,618 | |||||
Partnership's profit attributable to unitholders | $ 2,618 | |||||
Class B units | ||||||
Earnings/(loss) per unit (diluted) | ||||||
Number of units issued | shares | 2,490,000 | 2,490,000 | 2,490,000 | |||
Conversion ratio of class B units into common units | 1 | 1 | ||||
Number of tranches | tranche | 6 | |||||
Number of units issued in each tranche | shares | 415,000 |
Share-based Compensation - 2015
Share-based Compensation - 2015 Plan (Details) | Apr. 01, 2020USD ($)EquityInstruments | Apr. 01, 2019USD ($)EquityInstruments | Apr. 02, 2018USD ($)EquityInstruments | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Dec. 31, 2020EquityInstruments | Dec. 31, 2019EquityInstruments |
RCUs | ||||||||
Share-based Compensation | ||||||||
Number of awards granted | EquityInstruments | 233,688 | 26,308 | 24,608 | 26,097 | 24,925 | 16,999 | 233,688 | 26,308 |
Fair value at grant date | $ | $ 2.02 | $ 22.99 | $ 23.40 | $ 23.85 | $ 16.45 | $ 24.12 | ||
Vesting period after grant date | 3 years | |||||||
PCUs | ||||||||
Share-based Compensation | ||||||||
Number of awards granted | EquityInstruments | 233,688 | 26,308 | 24,608 | 26,097 | 24,925 | 16,999 | 233,688 | 26,308 |
Fair value at grant date | $ | $ 2.02 | $ 22.99 | $ 23.40 | $ 23.85 | $ 16.45 | $ 24.12 | ||
Vesting period after grant date | 3 years | |||||||
PCUs | Above 75th percentile of peer group | ||||||||
Share-based Compensation | ||||||||
Vesting percentage of awards | 100.00% | |||||||
PCUs | Between 50th and 75th percentile of peer group | ||||||||
Share-based Compensation | ||||||||
Vesting percentage of awards | 50.00% | |||||||
PCUs | Below the 50th percentile of peer group | ||||||||
Share-based Compensation | ||||||||
Vesting percentage of awards | 0.00% |
Share-based Compensation - RCUs
Share-based Compensation - RCUs movement (Details) - RCUs $ in Thousands | Dec. 31, 2020USD ($)EquityInstruments | Sep. 25, 2020EquityInstruments | Jun. 30, 2020EquityInstruments | Apr. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments | Apr. 01, 2019EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments | Apr. 03, 2018EquityInstruments | Apr. 02, 2018EquityInstruments | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments |
Number of awards | |||||||||||||||
Outstanding at the beginning of the period | EquityInstruments | 76,467 | 75,084 | |||||||||||||
Granted during the period | EquityInstruments | 233,688 | 26,308 | 24,608 | 26,097 | 24,925 | 16,999 | 233,688 | 26,308 | |||||||
Vested during the period | EquityInstruments | (182,850) | (11,776) | (25,551) | (24,925) | (16,999) | (220,177) | (24,925) | ||||||||
Outstanding at end of the period | EquityInstruments | 89,978 | 76,467 | 75,084 | 89,978 | 76,467 | ||||||||||
Weighted average contractual life | |||||||||||||||
Weighted average contractual life | 2 years 15 days | 1 year 3 months 4 days | 1 year 3 months | ||||||||||||
Aggregate fair value | |||||||||||||||
Outstanding at the beginning of the period | $ | $ 1,790 | $ 1,595 | |||||||||||||
Granted during the period | $ | 472 | 605 | |||||||||||||
Vested during the period | $ | (1,816) | (410) | |||||||||||||
Outstanding at the end of the period | $ | $ 446 | $ 1,790 | $ 1,595 | $ 446 | $ 1,790 |
Share-based Compensation - PCUs
Share-based Compensation - PCUs movement (Details) - PCUs $ in Thousands | Dec. 31, 2020USD ($)EquityInstruments | Sep. 25, 2020EquityInstruments | Jun. 30, 2020EquityInstruments | Apr. 03, 2020EquityInstruments | Apr. 01, 2020EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments | Apr. 01, 2019EquityInstruments | Dec. 31, 2018USD ($)EquityInstruments | Apr. 03, 2018EquityInstruments | Apr. 02, 2018EquityInstruments | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2020USD ($)EquityInstruments | Dec. 31, 2019USD ($)EquityInstruments |
Number of awards | |||||||||||||||
Outstanding at the beginning of the period | EquityInstruments | 76,467 | 75,084 | |||||||||||||
Granted during the period | EquityInstruments | 233,688 | 26,308 | 24,608 | 26,097 | 24,925 | 16,999 | 233,688 | 26,308 | |||||||
Vested during the period | EquityInstruments | (182,850) | (9,813) | (21,292) | (24,925) | (16,999) | (213,955) | (24,925) | ||||||||
Forfeited during the period | EquityInstruments | (6,222) | ||||||||||||||
Outstanding at end of the period | EquityInstruments | 89,978 | 76,467 | 75,084 | 89,978 | 76,467 | ||||||||||
Weighted average contractual life | |||||||||||||||
Weighted average contractual life | 2 years 15 days | 1 year 3 months 4 days | 1 year 3 months | ||||||||||||
Aggregate fair value | |||||||||||||||
Outstanding at the beginning of the period | $ | $ 1,790 | $ 1,595 | |||||||||||||
Granted during the period | $ | 472 | 605 | |||||||||||||
Vested during the period | $ | (1,668) | (410) | |||||||||||||
Forfeited during the period | $ | (148) | ||||||||||||||
Outstanding at the end of the period | $ | $ 446 | $ 1,790 | $ 1,595 | $ 446 | $ 1,790 |
Share-based Compensation - Expe
Share-based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation | |||
Total expense recognized | $ 1,908 | $ 1,158 | $ 1,034 |
Total accrued cash distribution | $ 129 | $ 530 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxation | |||
U.S. Federal income tax rate (in percent) | 4.00% | ||
U.S. source gross transportation income (as percentage of gross shipping income for transportation that begins or ends in the United States) | 50.00% | ||
Number of years that the Partnership did not qualify for tax exemption | 3 years | ||
U.S. source gross transportation tax expense | $ 1,300 | $ 978 | $ 635 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 19, 2021 | Jan. 27, 2021 |
Common units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.01 | |
Aggregate amount of the declared distribution | $ 485 | |
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 |