Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document and Entity Information | |
Entity Registrant Name | GasLog Partners LP |
Entity Central Index Key | 0001598655 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Unaudited condensed consolidate
Unaudited condensed consolidated statements of financial position - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Other non-current assets | $ 88 | $ 186 |
Tangible fixed assets | 2,174,891 | 2,206,618 |
Right-of-use assets | 602 | 516 |
Total non-current assets | 2,175,581 | 2,207,320 |
Current assets | ||
Trade and other receivables | 13,948 | 16,265 |
Inventories | 3,146 | 3,036 |
Prepayments and other current assets | 2,171 | 2,691 |
Short-term investments | 2,500 | |
Cash and cash equivalents | 119,816 | 103,736 |
Total current assets | 141,581 | 125,728 |
Total assets | 2,317,162 | 2,333,048 |
Partners' equity | ||
Common unitholders (47,517,824 units issued and outstanding as of December 31, 2020 and 50,722,201 units issued and outstanding as of June 30, 2021) | 637,843 | 594,901 |
General partner (1,021,336 units issued and outstanding as of December 31, 2020 and 1,077,494 units issued and outstanding as of June 30, 2021) | 11,949 | 11,028 |
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, 2020 and June 30, 2021) | 347,889 | 347,889 |
Total partners' equity | 997,681 | 953,818 |
Current liabilities | ||
Trade accounts payable | 13,222 | 13,578 |
Due to related parties | 1,466 | 7,525 |
Derivative financial instruments-current portion | 7,632 | 8,185 |
Other payables and accruals | 55,447 | 50,679 |
Borrowings-current portion | 105,065 | 104,908 |
Lease liabilities-current portion | 363 | 332 |
Total current liabilities | 183,195 | 185,207 |
Non-current liabilities | ||
Derivative financial instruments-non-current portion | 7,136 | 12,152 |
Borrowings-non-current portion | 1,128,079 | 1,180,635 |
Lease liabilities-non-current portion | 197 | 112 |
Other non-current liabilities | 874 | 1,124 |
Total non-current liabilities | 1,136,286 | 1,194,023 |
Total partners' equity and liabilities | $ 2,317,162 | $ 2,333,048 |
Unaudited condensed consolida_2
Unaudited condensed consolidated statements of financial position (Parenthetical) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common units | ||
Partners' equity | ||
Number of units issued | 50,722,201 | 47,517,824 |
Number of units outstanding | 50,722,201 | 47,517,824 |
General partner units | ||
Partners' equity | ||
Number of units issued | 1,077,494 | 1,021,336 |
Number of units outstanding | 1,077,494 | 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 |
Unaudited condensed consolida_3
Unaudited condensed consolidated statements of profit or loss and total comprehensive income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Profit or loss and total comprehensive income | ||||
Revenues | $ 70,352 | $ 84,448 | $ 157,440 | $ 175,801 |
Voyage expenses and commissions | (1,852) | (2,782) | (3,931) | (6,670) |
Vessel operating costs | (20,044) | (16,895) | (37,851) | (35,988) |
Depreciation | (20,798) | (20,675) | (41,484) | (41,273) |
General and administrative expenses | (3,488) | (4,421) | (6,559) | (8,592) |
Impairment loss on vessels | (18,841) | (18,841) | ||
Profit from operations | 24,170 | 20,834 | 67,615 | 64,437 |
Financial costs | (9,115) | (13,067) | (18,531) | (28,580) |
Financial income | 11 | 77 | 23 | 276 |
Gain/(loss) on derivatives | (403) | 369 | 916 | (13,751) |
Total other expenses, net | (9,507) | (12,621) | (17,592) | (42,055) |
Profit for the period | 14,663 | 8,213 | 50,023 | 22,382 |
Total comprehensive income for the period | $ 14,663 | $ 8,213 | 50,023 | 22,382 |
Common units | ||||
Profit or loss and total comprehensive income | ||||
Profit for the period | 34,127 | 7,063 | ||
Total comprehensive income for the period | $ 34,127 | $ 7,063 | ||
Earnings per unit, basic and diluted: | ||||
Earnings per unit (basic) | $ 0.14 | $ 0.01 | $ 0.71 | $ 0.15 |
Earnings per unit (diluted) | 0.14 | 0.01 | $ 0.68 | $ 0.14 |
General partner units | ||||
Profit or loss and total comprehensive income | ||||
Profit for the period | $ 732 | $ 155 | ||
Total comprehensive income for the period | $ 732 | $ 155 | ||
Earnings per unit, basic and diluted: | ||||
Earnings per unit (basic) | 0.14 | 0.01 | $ 0.72 | $ 0.15 |
Earnings per unit (diluted) | 0.14 | 0.01 | 0.72 | 0.15 |
Earnings per unit (basic and diluted) | $ 0.14 | $ 0.01 | $ 0.72 | $ 0.15 |
Unaudited condensed consolida_4
Unaudited condensed consolidated statements of changes in partners' equity - USD ($) $ in Thousands | General partner units | Common units | Class B units | Preference units | Total |
Balance as of beginning of the period at Dec. 31, 2019 | $ 11,271 | $ 606,811 | $ 347,889 | $ 965,971 | |
Balance as of beginning of the period (in units) at Dec. 31, 2019 | 1,021,336 | 46,860,182 | 2,490,000 | 14,350,000 | |
Equity offering costs | $ (114) | (114) | |||
Number of units of settlement of awards vested during the period | 68,432 | ||||
Repurchases of common units | $ (996) | (996) | |||
Number of units of repurchases of common units | (191,490) | ||||
Distributions declared (Note 5) | $ (702) | $ (32,019) | $ (15,164) | (47,885) | |
Share-based compensation, net of accrued distribution | 11 | 482 | 493 | ||
Partnership's profit | 155 | 7,063 | 15,164 | 22,382 | |
Partnership's total comprehensive income | 155 | 7,063 | 15,164 | 22,382 | |
Balance as of end of the period at Jun. 30, 2020 | $ 10,735 | $ 581,227 | $ 347,889 | 939,851 | |
Balance as of end of the period (in units) at Jun. 30, 2020 | 1,021,336 | 46,737,124 | 2,490,000 | 14,350,000 | |
Balance as of beginning of the period at Dec. 31, 2020 | $ 11,028 | $ 594,901 | $ 347,889 | 953,818 | |
Balance as of beginning of the period (in units) at Dec. 31, 2020 | 1,021,336 | 47,517,824 | 2,075,000 | 14,350,000 | |
Net proceeds from public offerings of common units and issuances of general partner units (Note 5) | $ 205 | $ 9,593 | 9,798 | ||
Number of common units in public offering or general partner units (Note 5) | 56,158 | 3,195,401 | |||
Number of units of settlement of awards vested during the period | 8,976 | ||||
Distributions declared (Note 5) | $ (20) | $ (950) | $ (15,164) | (16,134) | |
Share-based compensation, net of accrued distribution | 4 | 172 | 176 | ||
Partnership's profit | 732 | 34,127 | 15,164 | 50,023 | |
Partnership's total comprehensive income | 732 | 34,127 | 15,164 | 50,023 | |
Balance as of end of the period at Jun. 30, 2021 | $ 11,949 | $ 637,843 | $ 347,889 | $ 997,681 | |
Balance as of end of the period (in units) at Jun. 30, 2021 | 1,077,494 | 50,722,201 | 2,075,000 | 14,350,000 |
Unaudited condensed consolida_5
Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | |||
Cash flows from operating activities: | ||||
Profit for the period | $ 50,023 | $ 22,382 | ||
Adjustments for: | ||||
Depreciation | 41,484 | 41,273 | ||
Impairment loss on vessels | 18,841 | |||
Financial costs | 18,531 | 28,580 | ||
Financial income | (23) | (276) | ||
Loss/(gain) on derivatives (excluding realized loss on forward foreign exchange contracts held for trading) | (916) | 13,342 | [1] | |
Share-based compensation | 167 | 659 | ||
Adjusted profit | 109,266 | 124,801 | [1] | |
Movements in working capital | 3,751 | (14,743) | [1] | |
Net cash provided by operating activities | 113,017 | 110,058 | [1] | |
Cash flows from investing activities: | ||||
Payments for tangible fixed asset additions | (12,241) | (12,027) | ||
Financial income received | 23 | 307 | ||
Purchase of short-term investments | (2,500) | |||
Net cash used in investing activities | (14,718) | (11,720) | ||
Cash flows from financing activities: | ||||
Borrowings drawdowns | 25,940 | |||
Borrowings repayments | (54,838) | (55,805) | ||
Interest paid | (21,384) | (28,834) | [1] | |
Payments of cash collateral for interest rate swaps | [1] | (15,000) | ||
Release of cash collateral for interest rate swaps | 280 | |||
Payment of loan issuance costs | (189) | |||
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 10,205 | |||
Repurchases of common units | (996) | |||
Payment of offering costs | (124) | (15) | ||
Distributions paid | (16,134) | (47,885) | ||
Payments for lease liabilities | (224) | (228) | ||
Net cash used in financing activities | (82,219) | (123,012) | [1] | |
(Decrease)/increase in cash and cash equivalents | 16,080 | (24,674) | ||
Cash and cash equivalents, beginning of the period | 103,736 | 96,884 | ||
Cash and cash equivalents, end of the period | $ 119,816 | $ 72,210 | ||
[1] | Restated so as to reflect a change in accounting policy introduced on January 1, 2021, with respect to the reclassification of interest paid and movements of cash collateral for interest rate swaps (Note 2). |
Unaudited condensed consolida_6
Unaudited condensed consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Non-cash Investing and financing activities: | ||
Capital expenditures included in liabilities at the end of the period | $ 10,523 | $ 10,501 |
Financing costs included in liabilities at the end of the period | 142 | |
Offering costs included in liabilities at the end of the period | $ 283 | 113 |
Liabilities related to leases at the end of the period | $ 72 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2021 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations GasLog Partners LP (“GasLog Partners” or the “Partnership”) was formed as a limited partnership under the laws of the Marshall Islands on January 23, 2014, as a wholly owned subsidiary of GasLog Ltd. (“GasLog” or the “Parent”) for the purpose of initially acquiring the interests in three liquefied natural gas (“LNG”) carriers (or the “Initial Fleet”) that were contributed to the Partnership by GasLog in connection with the initial public offering of its common units (the “IPO”). As of June 30, 2021, GasLog holds a 33.3 % 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 LNG vessels, providing LNG transportation services 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 Bermuda, provides technical and commercial services to the Partnership. As of June 30, 2021, the Partnership owned 15 LNG vessels. The accompanying unaudited condensed consolidated financial statements include the financial statements of GasLog Partners and its subsidiaries, which are 100% owned by the Partnership. No new subsidiaries were established or acquired in the six months ended June 30, 2021. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation | |
Basis of Presentation | 2. Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2020, with the exception of a reclassification in the consolidated statements of cash flows that is described below. On July 27, 2021, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. Until December 31, 2020, interest paid and movements of cash collateral were presented in the consolidated statement of cash flows under cash provided by operating activities. IAS 7 Cash Flow Statement General Presentation and Disclosures Six months ended June 30, 2020 As previously reported Adjustments As restated Net cash provided by operating activities 66,224 43,834 110,058 Net cash used in investing activities (11,720) — (11,720) Net cash used in financing activities (79,178) (43,834) (123,012) Decrease in cash and cash equivalents (24,674) — (24,674) The critical accounting judgments and key sources of estimation uncertainty were disclosed in the Partnership’s annual consolidated financial statements for the year ended December 31, 2020 and remain unchanged. The unaudited condensed consolidated financial statements are expressed in thousands of U.S. Dollars (“USD”), which is the functional currency of the Partnership and each of its subsidiaries because their vessels operate in international shipping markets, in which revenues and expenses are primarily settled in USD and the Partnership’s most significant assets and liabilities are paid for and settled in USD. As of June 30, 2021, the Partnership’s current assets totaled $141,581 while current liabilities totaled $183,195, resulting in a negative working capital position of $41,614. Current liabilities include an amount of $25,305 of unearned revenue in relation to vessel hires received in advance (which represents a non-cash liability that will be recognized as revenues in July 2021 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. 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 ability to access the capital markets if needed, will be sufficient for the Partnership to meet its liquidity needs and 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. Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period In August 2020, the IASB issued the Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Disclosures There were no other IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements. (b) Standards and amendments in issue not yet adopted In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors At the date of authorization of these unaudited condensed consolidated financial statements, there were no other IFRS standards and amendments issued but not yet adopted with an expected material effect on the Partnership’s financial statements. |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Related party transactions | 3. Related party transactions The Partnership has the following balances with related parties, which have been included in the unaudited condensed consolidated statements of financial position: Amounts due to related parties December 31, 2020 June 30, 2021 Due to GasLog LNG Services (a) 7,361 1,392 Due to GasLog (b) 164 74 Total 7,525 1,466 (a) The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balances represent mainly payments made by GasLog on behalf of the Partnership. Loans due to related parties The main terms of the revolving credit facility of $30,000 with GasLog (the “Sponsor Credit Facility”) have been disclosed in the annual consolidated financial statements for the year ended December 31, 2020. Refer to Note 6 “Borrowings”. As of December 31, 2020 and June 30, 2021, the amount outstanding under the Sponsor Credit Facility was nil . The main terms of the Partnership’s related party transactions, including the commercial management agreements, administrative services agreement and ship management agreements with GasLog and GasLog LNG Services, have been disclosed in the annual consolidated financial statements for the year ended December 31, 2020. Refer to Note 13 “Related Party Transactions”. The Partnership had the following transactions with such related parties, which have been included in the unaudited condensed consolidated statements of profit or loss for the three and six months ended June 30, 2020 and 2021: For the three months ended For the six months ended Company Details Account June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 GasLog/ GasLog LNG Services (i) Commercial management fees General and administrative expenses 1,350 1,350 2,700 2,700 GasLog Administrative services fees (ii) General and administrative expenses 1,959 1,177 3,919 2,354 GasLog LNG Services Management fees Vessel operating costs 1,932 1,932 3,864 3,864 GasLog LNG Services Other vessel operating costs Vessel operating costs 20 — 30 10 GasLog Commitment fee under Sponsor Credit Facility Financial costs 76 76 152 151 GasLog Realized loss on interest rate swaps held for trading (Note 12) Gain/(loss) on derivatives 832 1,373 1,125 2,692 GasLog Realized loss on forward foreign exchange contracts held for trading (Note 12) Gain/(loss) on derivatives 234 — 409 — (i) 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) Effective January 1, 2021, the administrative services fee was reduced to $314 per vessel per year, from $523 effective since January 1, 2020. |
Tangible Fixed Assets
Tangible Fixed Assets | 6 Months Ended |
Jun. 30, 2021 | |
Tangible Fixed Assets | |
Tangible Fixed Assets | 4. Tangible Fixed Assets The movement in tangible fixed assets (i.e. vessels and their associated depot spares) is reported in the following table: Other tangible Total tangible fixed Vessels assets assets Cost As of January 1, 2021 2,873,829 2,719 2,876,548 Additions 9,503 — 9,503 Fully amortized dry-docking component (8,626) — (8,626) As of June 30, 2021 2,874,706 2,719 2,877,425 Accumulated depreciation As of January 1, 2021 669,930 — 669,930 Depreciation expense 41,230 — 41,230 Fully amortized dry-docking component (8,626) — (8,626) As of June 30, 2021 702,534 — 702,534 Net book value As of December 31, 2020 2,203,899 2,719 2,206,618 As of June 30, 2021 2,172,172 2,719 2,174,891 All vessels have been pledged as collateral under the terms of the Partnership’s credit facilities. As of June 30, 2021, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its vessels. |
Partners' Equity
Partners' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Partners' Equity | |
Partners' Equity | 5. Partners’ Equity The Partnership’s cash distributions for the six months ended June 30, 2021 are presented in the following table: Declaration date Type of units Distribution per unit Payment date Amount paid January 27, 2021 Common $ 0.01 February 11, 2021 485 February 19, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2021 7,582 April 28, 2021 Common $ 0.01 May 13, 2021 485 May 13, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 14, 2021 7,582 Total $ 16,134 On April 6, 2021, GasLog Partners issued 8,976 common units in connection with the vesting of 5,984 Restricted Common Units (“RCUs”) and 2,992 Performance Common Units (“PCUs”) under its 2015 Long-Term Incentive Plan (the “2015 Plan”). In addition, under the Partnership’s ATM Common Equity Offering Programme (“ATM Programme”), there was an issuance of 3,195,401 additional common units in the six months ended June 30, 2021, for total net proceeds of $9,593 . During this period, the Partnership also issued 56,158 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest for net proceeds of $205 . |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Borrowings | |
Borrowings | 6. Borrowings December 31, June 30, 2020 2021 Amounts due within one year 109,673 109,673 Less: unamortized deferred loan issuance costs (4,765) (4,608) Borrowings - current portion 104,908 105,065 Amounts due after one year 1,195,241 1,140,403 Less: unamortized deferred loan issuance costs (14,606) (12,324) Borrowings - non-current portion 1,180,635 1,128,079 Total 1,285,543 1,233,144 The main terms of the credit facilities, including financial covenants, and the Sponsor Credit Facility have been disclosed in the annual consolidated financial statements for the year ended December 31, 2020. Refer to Note 6 “Borrowings”. In the six months ended June 30, 2021, the Partnership repaid $54,838 in accordance with the repayment terms under its credit facilities. In connection with the de-listing of the Parent’s common shares from the New York Stock Exchange completed in June 2021, supplemental agreements have been signed with certain of the Partnership’s lenders with respect to clauses relating to its Parent, GasLog. All costs relating to such amendments have been covered by GasLog directly. GasLog Partners was in compliance with its financial covenants as of June 30, 2021. |
Other Payables and Accruals
Other Payables and Accruals | 6 Months Ended |
Jun. 30, 2021 | |
Other Payables and Accruals | |
Other Payables and Accruals | 7. Other Payables and Accruals An analysis of other payables and accruals is as follows: December 31, June 30, 2020 2021 Unearned revenue 25,828 25,305 Accrued off-hire 1,802 6,748 Accrued purchases 4,187 7,999 Accrued interest 10,855 10,281 Other accruals 8,007 5,114 Total 50,679 55,447 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Revenues | 8. Revenues The Partnership has recognized the following amounts relating to revenues: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Revenues from long-term time charters 63,925 42,881 131,570 92,915 Revenues from spot time charters 20,523 27,471 44,231 64,525 Total 84,448 70,352 175,801 157,440 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. |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Jun. 30, 2021 | |
General and Administrative Expenses | |
General and Administrative Expenses | 9. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Administrative services fees (Note 3) 1,959 1,177 3,919 2,354 Commercial management fees (Note 3) 1,350 1,350 2,700 2,700 Share-based compensation 362 94 659 167 Other expenses 750 867 1,314 1,338 Total 4,421 3,488 8,592 6,559 |
Vessel Operating Costs
Vessel Operating Costs | 6 Months Ended |
Jun. 30, 2021 | |
Vessel Operating Costs | |
Vessel Operating Costs | 10. Vessel Operating Costs An analysis of vessel operating costs is as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Crew costs 8,780 9,675 17,619 18,647 Technical maintenance expenses 4,142 5,848 10,079 10,214 Other operating expenses 3,973 4,521 8,290 8,990 Total 16,895 20,044 35,988 37,851 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 11. Derivative Financial Instruments The fair value of the Partnership’s derivative liabilities is as follows: December 31, June 30, 2020 2021 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 20,337 14,768 Total 20,337 14,768 Derivative financial instruments, current liability 8,185 7,632 Derivative financial instruments, non-current liability 12,152 7,136 Total 20,337 14,768 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 London Interbank Offered Rate (“LIBOR”), and the Partnership effects quarterly payments to the counterparty on the notional amount at the respective fixed rates. Interest rate swaps held for trading The principal terms of the Partnership’s interest rate swaps held for trading as of December 31, 2020 have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2020. Refer to Note 17 “Derivative Financial Instruments”. The derivative instruments of the Partnership were not designated as cash flow hedging instruments as of June 30, 2021. The change in the fair value of the interest rate swaps for the three and six months ended June 30, 2021 amounted to a gain of $1,962 and a gain of $5,569, respectively (for the three and six months ended June 30, 2020, a gain of $1,034 and a loss of $12,148, respectively), which was recognized in profit or loss in the period incurred and is included in Gain/(loss) on derivatives. During the three and six months ended June 30, 2021, the gain of $1,962 and $5,569, respectively (Note 12), was attributable to changes in the USD LIBOR yield curve, which was used to calculate the present value of the estimated future cash flows, resulting in a decrease in derivative liabilities from interest rate swaps held for trading. Forward foreign exchange contracts The Partnership uses non-deliverable forward foreign exchange contracts to mitigate foreign exchange transaction exposures in Euros (“EUR”) 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 During the six months ended June 30, 2021, the Partnership did not enter any new forward foreign exchange contracts and the change in the fair value of forward foreign exchange contracts for the three and six months ended June 30, 2021 was nil. The change in the fair value of such contracts for the three and six months ended June 30, 2020 amounted to a gain of $401 and a loss of $69, respectively, which was recognized in profit or loss in the period incurred and is included in Gain/(loss) on derivatives (Note 12). |
Financial Costs and Gain_(loss)
Financial Costs and Gain/(loss) on Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Financial Costs and Gain/(loss) on Derivatives | |
Financial Costs and Gain/(loss) on Derivatives | 12. Financial Costs and Gain/(loss) on Derivatives An analysis of financial costs is as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Amortization and write-off of deferred loan issuance costs 1,480 1,215 2,985 2,439 Interest expense on loans 11,466 7,716 24,900 15,599 Lease expense 9 4 19 9 Commitment fees 78 76 208 151 Other financial costs including bank commissions 34 104 468 333 Total financial costs 13,067 9,115 28,580 18,531 An analysis of (gain)/loss on derivatives is as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Unrealized (gain)/loss on interest rate swaps held for trading (Note 11) (1,034) (1,962) 12,148 (5,569) Unrealized (gain)/loss on forward foreign exchange contracts held for trading (Note 11) (401) — 69 — Realized loss on interest rate swaps held for trading 832 2,365 1,125 4,653 Realized loss on forward foreign exchange contracts held for trading 234 — 409 — Total (gain)/loss on derivatives (369) 403 13,751 (916) |
Earnings per Unit ("EPU")
Earnings per Unit ("EPU") | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Unit ("EPU") | |
Earnings per Unit ("EPU") | 13. Earnings per Unit (“EPU”) 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. Basic earnings per unit is determined by dividing profit for the period, after deducting preference unit distributions, by the weighted average number of units outstanding during the period. 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. Earnings per unit is presented for the period in which the units were outstanding, with earnings calculated as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Profit for the period and Partnership’s profit 8,213 14,663 22,382 50,023 Adjustment for: Paid and accrued preference unit distributions (7,582) (7,582) (15,164) (15,164) Partnership’s profit attributable to: 631 7,081 7,218 34,859 Common unitholders 617 6,933 7,063 34,127 General partner 14 148 155 732 Weighted average number of units outstanding (basic) Common units 46,713,991 48,161,285 46,739,034 47,841,332 General partner units 1,021,336 1,021,953 1,021,336 1,021,646 Earnings per unit (basic) Common unitholders 0.01 0.14 0.15 0.71 General partner 0.01 0.14 0.15 0.72 Weighted average number of units outstanding (diluted) Common units* 49,460,033 50,425,047 49,402,714 50,016,601 General partner units 1,021,336 1,021,953 1,021,336 1,021,646 Earnings per unit (diluted) Common unitholders 0.01 0.14 0.14 0.68 General partner 0.01 0.14 0.15 0.72 * Includes unvested awards with respect to the 2015 Plan and Class B units. After the conversion of the first tranche of 415,000 Class B 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 in five tranches of 415,000 units per annum on July 1 of 2021 (Note 15), 2022, 2023, 2024 and 2025. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 are as follows ( 30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early redelivery of the vessels by the charterers or any exercise of the charterers’ options to extend the terms of the charters are not accounted for): Period June 30, 2021 Not later than one year 200,081 Later than one year and not later than two years 133,425 Later than two years and not later than three years 83,232 Later than three years and not later than four years 50,280 Later than four years and not later than five years 41,879 Total $ 508,897 In September 2017 and July 2018, GasLog LNG Services entered into maintenance agreements with Wartsila Greece S.A. 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 June 30, 2021, ballast water management systems had been installed on seven out of the eleven vessels. Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents and insurers and from claims with suppliers relating to the operations of the Partnership’s vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the consolidated financial statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 15. Subsequent Events On July 1, 2021, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the second tranche of its Class B units issued upon the elimination of incentive distributions rights in June 2019. On July 26, 2021, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended June 30, 2021. The cash distribution is payable on August 12, 2021 to all unitholders of record as of August 9, 2021. The aggregate amount of the declared distribution will be $518 based on the number of units issued and outstanding as of June 30, 2021. On July 26, 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 September 15, 2021 to all unitholders of record as of September 8, 2021. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation | |
Accounting policies and methods of computation followed in interim financial statements | The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2020, with the exception of a reclassification in the consolidated statements of cash flows that is described below. On July 27, 2021, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period In August 2020, the IASB issued the Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Disclosures There were no other IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements. (b) Standards and amendments in issue not yet adopted In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors At the date of authorization of these unaudited condensed consolidated financial statements, there were no other IFRS standards and amendments issued but not yet adopted with an expected material effect on the Partnership’s financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation | |
Schedule of change in accounting policy related to cash flows | Six months ended June 30, 2020 As previously reported Adjustments As restated Net cash provided by operating activities 66,224 43,834 110,058 Net cash used in investing activities (11,720) — (11,720) Net cash used in financing activities (79,178) (43,834) (123,012) Decrease in cash and cash equivalents (24,674) — (24,674) |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Schedule of balances with related parties | Amounts due to related parties December 31, 2020 June 30, 2021 Due to GasLog LNG Services (a) 7,361 1,392 Due to GasLog (b) 164 74 Total 7,525 1,466 (a) The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balances represent mainly payments made by GasLog on behalf of the Partnership. |
Schedule of related party transactions | For the three months ended For the six months ended Company Details Account June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 GasLog/ GasLog LNG Services (i) Commercial management fees General and administrative expenses 1,350 1,350 2,700 2,700 GasLog Administrative services fees (ii) General and administrative expenses 1,959 1,177 3,919 2,354 GasLog LNG Services Management fees Vessel operating costs 1,932 1,932 3,864 3,864 GasLog LNG Services Other vessel operating costs Vessel operating costs 20 — 30 10 GasLog Commitment fee under Sponsor Credit Facility Financial costs 76 76 152 151 GasLog Realized loss on interest rate swaps held for trading (Note 12) Gain/(loss) on derivatives 832 1,373 1,125 2,692 GasLog Realized loss on forward foreign exchange contracts held for trading (Note 12) Gain/(loss) on derivatives 234 — 409 — (i) 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) Effective January 1, 2021, the administrative services fee was reduced to $314 per vessel per year, from $523 effective since January 1, 2020. |
Tangible Fixed Assets (Tables)
Tangible Fixed Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Tangible Fixed Assets | |
Schedule of movements in tangible fixed assets | Other tangible Total tangible fixed Vessels assets assets Cost As of January 1, 2021 2,873,829 2,719 2,876,548 Additions 9,503 — 9,503 Fully amortized dry-docking component (8,626) — (8,626) As of June 30, 2021 2,874,706 2,719 2,877,425 Accumulated depreciation As of January 1, 2021 669,930 — 669,930 Depreciation expense 41,230 — 41,230 Fully amortized dry-docking component (8,626) — (8,626) As of June 30, 2021 702,534 — 702,534 Net book value As of December 31, 2020 2,203,899 2,719 2,206,618 As of June 30, 2021 2,172,172 2,719 2,174,891 |
Partners' Equity (Tables)
Partners' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Partners' Equity | |
Schedule of cash distributions | Declaration date Type of units Distribution per unit Payment date Amount paid January 27, 2021 Common $ 0.01 February 11, 2021 485 February 19, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2021 7,582 April 28, 2021 Common $ 0.01 May 13, 2021 485 May 13, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 14, 2021 7,582 Total $ 16,134 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Borrowings | |
Schedule of borrowings | December 31, June 30, 2020 2021 Amounts due within one year 109,673 109,673 Less: unamortized deferred loan issuance costs (4,765) (4,608) Borrowings - current portion 104,908 105,065 Amounts due after one year 1,195,241 1,140,403 Less: unamortized deferred loan issuance costs (14,606) (12,324) Borrowings - non-current portion 1,180,635 1,128,079 Total 1,285,543 1,233,144 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | December 31, June 30, 2020 2021 Unearned revenue 25,828 25,305 Accrued off-hire 1,802 6,748 Accrued purchases 4,187 7,999 Accrued interest 10,855 10,281 Other accruals 8,007 5,114 Total 50,679 55,447 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Schedule of revenues | For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Revenues from long-term time charters 63,925 42,881 131,570 92,915 Revenues from spot time charters 20,523 27,471 44,231 64,525 Total 84,448 70,352 175,801 157,440 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Administrative services fees (Note 3) 1,959 1,177 3,919 2,354 Commercial management fees (Note 3) 1,350 1,350 2,700 2,700 Share-based compensation 362 94 659 167 Other expenses 750 867 1,314 1,338 Total 4,421 3,488 8,592 6,559 |
Vessel Operating Costs (Tables)
Vessel Operating Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Vessel Operating Costs | |
Schedule of vessel operating costs | For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Crew costs 8,780 9,675 17,619 18,647 Technical maintenance expenses 4,142 5,848 10,079 10,214 Other operating expenses 3,973 4,521 8,290 8,990 Total 16,895 20,044 35,988 37,851 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Financial Instruments | |
Schedule of fair value of the derivative liabilities | December 31, June 30, 2020 2021 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 20,337 14,768 Total 20,337 14,768 Derivative financial instruments, current liability 8,185 7,632 Derivative financial instruments, non-current liability 12,152 7,136 Total 20,337 14,768 |
Financial Costs and Gain_(los_2
Financial Costs and Gain/(loss) on Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial Costs and Gain/(loss) on Derivatives | |
Schedule of financial costs and gain/(loss) on derivatives | An analysis of financial costs is as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Amortization and write-off of deferred loan issuance costs 1,480 1,215 2,985 2,439 Interest expense on loans 11,466 7,716 24,900 15,599 Lease expense 9 4 19 9 Commitment fees 78 76 208 151 Other financial costs including bank commissions 34 104 468 333 Total financial costs 13,067 9,115 28,580 18,531 An analysis of (gain)/loss on derivatives is as follows: For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Unrealized (gain)/loss on interest rate swaps held for trading (Note 11) (1,034) (1,962) 12,148 (5,569) Unrealized (gain)/loss on forward foreign exchange contracts held for trading (Note 11) (401) — 69 — Realized loss on interest rate swaps held for trading 832 2,365 1,125 4,653 Realized loss on forward foreign exchange contracts held for trading 234 — 409 — Total (gain)/loss on derivatives (369) 403 13,751 (916) |
Earnings per Unit ("EPU") (Tabl
Earnings per Unit ("EPU") (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Unit ("EPU") | |
Schedule of earnings per unit | For the three months ended For the six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Profit for the period and Partnership’s profit 8,213 14,663 22,382 50,023 Adjustment for: Paid and accrued preference unit distributions (7,582) (7,582) (15,164) (15,164) Partnership’s profit attributable to: 631 7,081 7,218 34,859 Common unitholders 617 6,933 7,063 34,127 General partner 14 148 155 732 Weighted average number of units outstanding (basic) Common units 46,713,991 48,161,285 46,739,034 47,841,332 General partner units 1,021,336 1,021,953 1,021,336 1,021,646 Earnings per unit (basic) Common unitholders 0.01 0.14 0.15 0.71 General partner 0.01 0.14 0.15 0.72 Weighted average number of units outstanding (diluted) Common units* 49,460,033 50,425,047 49,402,714 50,016,601 General partner units 1,021,336 1,021,953 1,021,336 1,021,646 Earnings per unit (diluted) Common unitholders 0.01 0.14 0.14 0.68 General partner 0.01 0.14 0.15 0.72 * Includes unvested awards with respect to the 2015 Plan and Class B units. After the conversion of the first tranche of 415,000 Class B 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 in five tranches of 415,000 units per annum on July 1 of 2021 (Note 15), 2022, 2023, 2024 and 2025. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Schedule of future gross minimum payments receivable in relation to non-cancellable time charter agreements | Period June 30, 2021 Not later than one year 200,081 Later than one year and not later than two years 133,425 Later than two years and not later than three years 83,232 Later than three years and not later than four years 50,280 Later than four years and not later than five years 41,879 Total $ 508,897 |
Organization and Operations (De
Organization and Operations (Details) - item | Jun. 30, 2021 | May 12, 2014 | Jun. 30, 2021 |
Organization and Operations | |||
Number of LNG carriers acquired on IPO | 3 | ||
Number of vessels owned | 15 | 15 | |
Number of subsidiaries established or acquired | 0 | ||
All subsidiaries | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 100.00% | ||
GasLog Ltd. | GasLog Partners LP | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 33.30% | ||
General partner interest in GasLog Partners | 2.00% | 2.00% | |
GasLog Ltd. | General partner | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 100.00% |
Basis of Presentation - Cash fl
Basis of Presentation - Cash flow information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Change in accounting policy | |||
Net cash provided by operating activities | $ 113,017 | $ 110,058 | [1] |
Net cash used in investing activities | (14,718) | (11,720) | |
Net cash used in financing activities | (82,219) | (123,012) | [1] |
(Decrease)/increase in cash and cash equivalents | $ 16,080 | (24,674) | |
As previously reported | |||
Change in accounting policy | |||
Net cash provided by operating activities | 66,224 | ||
Net cash used in investing activities | (11,720) | ||
Net cash used in financing activities | (79,178) | ||
(Decrease)/increase in cash and cash equivalents | (24,674) | ||
Adjustments | |||
Change in accounting policy | |||
Net cash provided by operating activities | 43,834 | ||
Net cash used in financing activities | $ (43,834) | ||
[1] | Restated so as to reflect a change in accounting policy introduced on January 1, 2021, with respect to the reclassification of interest paid and movements of cash collateral for interest rate swaps (Note 2). |
Basis of Presentation - Going c
Basis of Presentation - Going concern (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Basis of Presentation | ||
Current assets | $ 141,581 | $ 125,728 |
Current liabilities | 183,195 | 185,207 |
Working capital position | (41,614) | |
Unearned revenue | $ 25,305 | $ 25,828 |
Related party transactions - Ba
Related party transactions - Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balances with related parties | ||
Amounts due to related parties | $ 1,466 | $ 7,525 |
GasLog LNG Services | ||
Balances with related parties | ||
Amounts due to related parties | 1,392 | 7,361 |
GasLog Ltd. | ||
Balances with related parties | ||
Amounts due to related parties | $ 74 | $ 164 |
Related party transactions - Su
Related party transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Transactions | ||||
General and administrative expense | $ 3,488 | $ 4,421 | $ 6,559 | $ 8,592 |
Vessel operating costs | 20,044 | 16,895 | 37,851 | 35,988 |
Financial costs | 9,115 | 13,067 | 18,531 | 28,580 |
Gain (loss) on derivatives | 403 | (369) | (916) | 13,751 |
GasLog Ltd. / GasLog LNG Services | Commercial management fee | ||||
Transactions | ||||
General and administrative expense | 1,350 | 1,350 | 2,700 | 2,700 |
GasLog Ltd. | Administrative services fee | ||||
Transactions | ||||
General and administrative expense | 1,177 | 1,959 | 2,354 | 3,919 |
GasLog Ltd. | Commitment fee under Sponsor Credit Facility | ||||
Transactions | ||||
Financial costs | 76 | 76 | 151 | 152 |
GasLog Ltd. | Realized loss on interest rate swaps held for trading | ||||
Transactions | ||||
Gain (loss) on derivatives | 1,373 | 832 | 2,692 | 1,125 |
GasLog Ltd. | Realized loss on forward foreign exchange contracts held for trading | ||||
Transactions | ||||
Gain (loss) on derivatives | 234 | 409 | ||
GasLog LNG Services | Management fees | ||||
Transactions | ||||
Vessel operating costs | $ 1,932 | 1,932 | 3,864 | 3,864 |
GasLog LNG Services | Other vessel operating costs | ||||
Transactions | ||||
Vessel operating costs | $ 20 | $ 10 | $ 30 |
Related party transactions - Ge
Related party transactions - General (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Related Party Transactions | |||
Borrowings outstanding balance | $ 1,285,543 | $ 1,233,144 | |
GasLog Ltd. | Administrative services fee | |||
Related Party Transactions | |||
Annual fee per vessel | $ 314 | 523 | |
Sponsor Credit Facility | GasLog Ltd. | |||
Related Party Transactions | |||
Amount of credit facility | 30,000 | ||
Borrowings outstanding balance | $ 0 | $ 0 |
Tangible Fixed Assets (Details)
Tangible Fixed Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Tangible fixed assets | |
Balance, at the beginning of the period | $ 2,206,618 |
Balance, at the end of the period | 2,174,891 |
Cost | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,876,548 |
Additions | 9,503 |
Fully amortized dry-docking component | (8,626) |
Balance, at the end of the period | 2,877,425 |
Accumulated depreciation and impairment | |
Tangible fixed assets | |
Balance, at the beginning of the period | (669,930) |
Depreciation expense | (41,230) |
Fully amortized dry-docking component | 8,626 |
Balance, at the end of the period | (702,534) |
Vessels | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,203,899 |
Balance, at the end of the period | 2,172,172 |
Vessels | Cost | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,873,829 |
Additions | 9,503 |
Fully amortized dry-docking component | (8,626) |
Balance, at the end of the period | 2,874,706 |
Vessels | Accumulated depreciation and impairment | |
Tangible fixed assets | |
Balance, at the beginning of the period | (669,930) |
Depreciation expense | (41,230) |
Fully amortized dry-docking component | 8,626 |
Balance, at the end of the period | (702,534) |
Other tangible assets | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,719 |
Balance, at the end of the period | 2,719 |
Other tangible assets | Cost | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,719 |
Balance, at the end of the period | $ 2,719 |
Partners' Equity - Cash distrib
Partners' Equity - Cash distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 14, 2021 | May 13, 2021 | Apr. 28, 2021 | Mar. 15, 2021 | Feb. 19, 2021 | Feb. 11, 2021 | Jan. 27, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Owners' Capital/Partners' Equity | |||||||||
Amount paid | $ 16,134 | $ 47,885 | |||||||
Common units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Cash distribution declared | $ 0.01 | $ 0.01 | |||||||
Amount paid | $ 485 | $ 485 | |||||||
Preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Amount paid | $ 7,582 | $ 7,582 | |||||||
Series A preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Cash distribution declared | $ 0.5390625 | $ 0.5390625 | |||||||
Series B preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Cash distribution declared | 0.5125 | 0.5125 | |||||||
Series C preference units | |||||||||
Owners' Capital/Partners' Equity | |||||||||
Cash distribution declared | $ 0.53125 | $ 0.53125 |
Partners' Equity - Additional (
Partners' Equity - Additional (Details) $ in Thousands | Apr. 06, 2021EquityInstrumentsshares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020shares |
RCUs | |||
Equity transactions | |||
Number of units vested during the period | EquityInstruments | 5,984 | ||
PCUs | |||
Equity transactions | |||
Number of units vested during the period | EquityInstruments | 2,992 | ||
ATM Programme | GasLog Ltd. | |||
Equity transactions | |||
General partner interest in GasLog Partners | 2.00% | ||
Common units | |||
Equity transactions | |||
Number of units issued in share-based payment | 8,976 | 8,976 | 68,432 |
Number of common units in public offering or general partner units | 3,195,401 | ||
Common units | ATM Programme | |||
Equity transactions | |||
Number of common units in public offering or general partner units | 3,195,401 | ||
Net proceeds from issuance of units | $ | $ 9,593 | ||
General partner units | |||
Equity transactions | |||
Number of common units in public offering or general partner units | 56,158 | ||
General partner units | ATM Programme | |||
Equity transactions | |||
Number of common units in public offering or general partner units | 56,158 | ||
Net proceeds from issuance of units | $ | $ 205 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Borrowings | ||
Amounts due within one year | $ 109,673 | $ 109,673 |
Less: unamortized deferred loan issuance costs | (4,608) | (4,765) |
Borrowings - current portion | 105,065 | 104,908 |
Amounts due after one year | 1,140,403 | 1,195,241 |
Less: unamortized deferred loan issuance costs | (12,324) | (14,606) |
Borrowings - non-current portion | 1,128,079 | 1,180,635 |
Total | $ 1,233,144 | $ 1,285,543 |
Borrowings - Additional Infroma
Borrowings - Additional Infromation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Borrowings | ||
Borrowings repayments | $ 54,838 | $ 55,805 |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Payables and Accruals | ||
Unearned revenue | $ 25,305 | $ 25,828 |
Accrued off-hire | 6,748 | 1,802 |
Accrued purchases | 7,999 | 4,187 |
Accrued interest | 10,281 | 10,855 |
Other accruals | 5,114 | 8,007 |
Total | $ 55,447 | $ 50,679 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenues | $ 70,352 | $ 84,448 | $ 157,440 | $ 175,801 |
Long-term time charters | ||||
Revenues | ||||
Revenues | 42,881 | 63,925 | $ 92,915 | 131,570 |
Long-term time charters | Minimum | ||||
Revenues | ||||
Initial duration of charter party agreement | 5 years | |||
Spot time charters | ||||
Revenues | ||||
Revenues | $ 27,471 | $ 20,523 | $ 64,525 | $ 44,231 |
Spot time charters | Maximum | ||||
Revenues | ||||
Initial duration of charter party agreement | 5 years |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
General and Administrative Expenses | ||||
Administrative services fees (Note 3) | $ 1,177 | $ 1,959 | $ 2,354 | $ 3,919 |
Commercial management fees (Note 13) | 1,350 | 1,350 | 2,700 | 2,700 |
Share-based compensation | 94 | 362 | 167 | 659 |
Other expenses | 867 | 750 | 1,338 | 1,314 |
Total | $ 3,488 | $ 4,421 | $ 6,559 | $ 8,592 |
Vessel Operating Costs (Details
Vessel Operating Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Vessel Operating Costs | ||||
Crew costs | $ 9,675 | $ 8,780 | $ 18,647 | $ 17,619 |
Technical maintenance expenses | 5,848 | 4,142 | 10,214 | 10,079 |
Other operating expenses | 4,521 | 3,973 | 8,990 | 8,290 |
Total | $ 20,044 | $ 16,895 | $ 37,851 | $ 35,988 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair value of the derivative assets and liabilities | ||
Derivative financial instruments, current liability | $ 7,632 | $ 8,185 |
Derivative financial instruments, non-current liability | 7,136 | 12,152 |
Derivative liability | 14,768 | 20,337 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | ||
Fair value of the derivative assets and liabilities | ||
Derivative liability | 14,768 | 20,337 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Fair value of the derivative assets and liabilities | ||
Derivative liability | $ 14,768 | $ 20,337 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Forward foreign exchange contracts held for trading | ||||
Forward foreign exchange contracts held for trading | ||||
Unrealized gain (loss) on derivatives held for trading | $ 0 | $ 401 | $ 0 | $ (69) |
Interest rate swaps held for trading | ||||
Forward foreign exchange contracts held for trading | ||||
Unrealized gain (loss) on derivatives held for trading | $ 1,962 | $ 1,034 | $ 5,569 | $ (12,148) |
Financial Costs and Gain_(los_3
Financial Costs and Gain/(loss) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financial costs | ||||
Amortization and write-off of deferred loan issuance costs | $ 1,215 | $ 1,480 | $ 2,439 | $ 2,985 |
Interest expense on loans | 7,716 | 11,466 | 15,599 | 24,900 |
Lease expense | 4 | 9 | 9 | 19 |
Commitment fees | 76 | 78 | 151 | 208 |
Other financial costs including bank commissions | 104 | 34 | 333 | 468 |
Total financial costs | 9,115 | 13,067 | 18,531 | 28,580 |
Total (gain)/loss on derivatives | 403 | (369) | (916) | 13,751 |
Interest rate swaps held for trading | ||||
Financial costs | ||||
Unrealized (gain)/loss on derivative financial instruments held for trading | (1,962) | (1,034) | (5,569) | 12,148 |
Realized loss on derivative financial instruments held for trading | 2,365 | 832 | 4,653 | 1,125 |
Forward foreign exchange contracts held for trading | ||||
Financial costs | ||||
Unrealized (gain)/loss on derivative financial instruments held for trading | $ 0 | (401) | $ 0 | 69 |
Realized loss on derivative financial instruments held for trading | $ 234 | $ 409 |
Earnings per Unit ("EPU") (Deta
Earnings per Unit ("EPU") (Details) $ / shares in Units, $ in Thousands | Jul. 01, 2020trancheshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020shares | Dec. 31, 2019shares |
Earnings per unit | |||||||
Profit for the period | $ | $ 14,663 | $ 8,213 | $ 50,023 | $ 22,382 | |||
Paid and accrued preference unit distributions | $ | (7,582) | (7,582) | (15,164) | (15,164) | |||
Partnership's profit attributable to unitholders and partner | $ | 7,081 | 631 | 34,859 | 7,218 | |||
Common units | |||||||
Earnings per unit | |||||||
Profit for the period | $ | 34,127 | 7,063 | |||||
Partnership's profit attributable to unitholders and partner | $ | $ 6,933 | $ 617 | $ 34,127 | $ 7,063 | |||
Weighted average number of units outstanding (basic) | |||||||
Weighted average number of units outstanding (basic) | 48,161,285 | 46,713,991 | 47,841,332 | 46,739,034 | |||
Earnings per unit (basic) | |||||||
Earnings per unit (basic) | $ / shares | $ 0.14 | $ 0.01 | $ 0.71 | $ 0.15 | |||
Weighted average number of units outstanding (diluted) | |||||||
Weighted average number of units outstanding (diluted) | 50,425,047 | 49,460,033 | 50,016,601 | 49,402,714 | |||
Earnings per unit (diluted) | |||||||
Earnings per unit (diluted) | $ / shares | $ 0.14 | $ 0.01 | $ 0.68 | $ 0.14 | |||
Number of units outstanding | 50,722,201 | 46,737,124 | 50,722,201 | 46,737,124 | 47,517,824 | 46,860,182 | |
General partner units | |||||||
Earnings per unit | |||||||
Profit for the period | $ | $ 732 | $ 155 | |||||
Partnership's profit attributable to unitholders and partner | $ | $ 148 | $ 14 | $ 732 | $ 155 | |||
Weighted average number of units outstanding (basic) | |||||||
Weighted average number of units outstanding (basic) | 1,021,953 | 1,021,336 | 1,021,646 | 1,021,336 | |||
Earnings per unit (basic) | |||||||
Earnings per unit (basic) | $ / shares | $ 0.14 | $ 0.01 | $ 0.72 | $ 0.15 | |||
Weighted average number of units outstanding (diluted) | |||||||
Weighted average number of units outstanding (diluted) | 1,021,953 | 1,021,336 | 1,021,646 | 1,021,336 | |||
Earnings per unit (diluted) | |||||||
Earnings per unit (diluted) | $ / shares | $ 0.14 | $ 0.01 | $ 0.72 | $ 0.15 | |||
Number of units outstanding | 1,077,494 | 1,021,336 | 1,077,494 | 1,021,336 | 1,021,336 | 1,021,336 | |
Class B units | |||||||
Earnings per unit (diluted) | |||||||
Number of units converted | 415,000 | ||||||
Number of units outstanding | 2,075,000 | 2,075,000 | 2,490,000 | 2,075,000 | 2,490,000 | 2,075,000 | 2,490,000 |
Conversion ratio of class B units into common units | 1 | ||||||
Number of tranches remaining | tranche | 5 | ||||||
Number of units in each tranche remaining | 415,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2021USD ($)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 | $ 508,897 | ||
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 | 7 | ||
Not later than one year | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | $ 200,081 | ||
Later than one year and not later than two years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 133,425 | ||
Later than two years and not later than three years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 83,232 | ||
Later than three years and not later than four years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 50,280 | ||
Later than four years and not later than five years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | $ 41,879 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 26, 2021 | Jul. 01, 2021 |
Common units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.01 | |
Aggregate amount of the declared distribution | $ 518 | |
Series A preference units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.5390625 | |
Series B preference units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | 0.5125 | |
Series C preference units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.53125 | |
Conversion of Class B units held by GasLog Ltd | Common units | ||
Subsequent Events | ||
Number of units issued | 415,000 |