Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
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, 2023 |
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 Emerging Growth Company | false |
Entity Shell Company | false |
Document Financial Statement Error Correction [Flag] | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Registration Statement | false |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Address, Address Line One | c/o GasLog LNG Services Ltd |
Entity Address, Address Line Two | 69 Akti Miaouli |
Entity Address, City or Town | Piraeus |
Entity Address, Postal Zip Code | 18537 |
Entity Address, Country | GR |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte Certified Public Accountants S.A. |
Auditor Location | Athens, Greece |
Auditor Firm ID | 1163 |
Entity File Number | 001-36433 |
Business Contact [Member] | |
Document information | |
Entity Address, Address Line One | c/o GasLog LNG Services Ltd |
Entity Address, Address Line Two | 69 Akti Miaouli |
Entity Address, City or Town | Piraeus |
Entity Address, Postal Zip Code | 18537 |
Entity Address, Country | GR |
Contact Personnel Name | Alexandros Laios |
City Area Code | +30 |
Local Phone Number | 210 459 1000 |
Contact Personnel Fax Number | 210 459 1242 |
Partnership common units | |
Document information | |
Entity Common Units, Units Outstanding | 16,036,602 |
General partner units | |
Document information | |
Entity Common Units, Units Outstanding | 1,080,263 |
Series A preference units | |
Document information | |
Trading Symbol | GLOP PR A |
Title of 12(b) Security | Series A Preference Units |
Security Exchange Name | NYSE |
Entity Common Units, Units Outstanding | 5,084,984 |
Series B preference units | |
Document information | |
Trading Symbol | GLOP PR B |
Title of 12(b) Security | Series B Preference Units |
Security Exchange Name | NYSE |
Entity Common Units, Units Outstanding | 3,496,382 |
Series C preference units | |
Document information | |
Trading Symbol | GLOP PR C |
Title of 12(b) Security | Series C Preference Units |
Security Exchange Name | NYSE |
Entity Common Units, Units Outstanding | 3,061,045 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Other non-current assets | $ 1,988 | $ 169 |
Derivative financial instruments - non-current portion | 1,136 | |
Tangible fixed assets | 1,477,458 | 1,677,771 |
Right-of-use assets | 126,549 | 93,325 |
Total non-current assets | 1,605,995 | 1,772,401 |
Current assets | ||
Trade and other receivables | 24,444 | 11,185 |
Due from related parties | 15,295 | |
Inventories | 2,912 | 2,894 |
Prepayments and other current assets | 5,706 | 3,392 |
Derivative financial instruments - current portion | 2,440 | |
Short-term cash deposits | 25,000 | |
Cash and cash equivalents | 11,887 | 198,122 |
Total current assets | 60,244 | 243,033 |
Total assets | 1,666,239 | 2,015,434 |
Partners' equity | ||
Common unitholders (51,687,865 units issued and outstanding as of December 31, 2022 and 16,036,602 units issued and outstanding as of December 31, 2023 | 1,235,671 | 668,953 |
General partner (1,080,263 units issued and outstanding as of December 31, 2022 and December 31, 2023) | 4,676 | 12,608 |
Preference unitholders (5,084,984 Series A Preference Units, 3,496,382 Series B Preference Units and 3,061,045 Series C Preference Units issued and outstanding as of December 31, 2022 and December 31, 2023) | 280,069 | 279,349 |
Total partners' equity | 1,520,416 | 960,910 |
Current liabilities | ||
Trade accounts payable | 9,330 | 9,300 |
Due to related parties | 2,873 | |
Other payables and accruals | 42,188 | 57,266 |
Borrowings-current portion | 90,358 | |
Lease liabilities-current portion | 28,831 | 17,433 |
Total current liabilities | 80,349 | 177,230 |
Non-current liabilities | ||
Borrowings-non-current portion | 831,588 | |
Lease liabilities-non-current portion | 65,077 | 45,136 |
Other non-current liabilities | 397 | 570 |
Total non-current liabilities | 65,474 | 877,294 |
Total partners' equity and liabilities | $ 1,666,239 | $ 2,015,434 |
Consolidated statements of fi_2
Consolidated statements of financial position (Parenthetical) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common units | ||
Partners' equity | ||
Number of units issued | 16,036,602 | 51,687,865 |
Number of units outstanding | 16,036,602 | 51,687,865 |
General partner units | ||
Partners' equity | ||
Number of units issued | 1,080,263 | 1,080,263 |
Number of units outstanding | 1,080,263 | 1,080,263 |
Preference units | ||
Partners' equity | ||
Number of units outstanding | 11,642,411 | 11,642,411 |
Series A preference units | ||
Partners' equity | ||
Number of units issued | 5,084,984 | 5,084,984 |
Number of units outstanding | 5,084,984 | 5,084,984 |
Series B preference units | ||
Partners' equity | ||
Number of units issued | 3,496,382 | 3,496,382 |
Number of units outstanding | 3,496,382 | 3,496,382 |
Series C preference units | ||
Partners' equity | ||
Number of units issued | 3,061,045 | 3,061,045 |
Number of units outstanding | 3,061,045 | 3,061,045 |
Consolidated statements of prof
Consolidated statements of profit or loss and total comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss and total comprehensive income | |||
Revenues | $ 397,838 | $ 371,034 | $ 326,142 |
Voyage expenses and commissions | (10,998) | (6,756) | (6,863) |
Vessel operating costs | (67,753) | (72,363) | (75,333) |
Depreciation | (98,472) | (87,490) | (85,493) |
General and administrative expenses | (22,795) | (17,509) | (13,362) |
(Loss)/gain on disposal of vessels | (1,033) | 171 | (630) |
Impairment loss on vessels | (142) | (32,471) | (103,977) |
Profit from operations | 196,645 | 154,616 | 40,484 |
Financial costs | (67,060) | (47,639) | (37,297) |
Financial income | 7,612 | 2,363 | 43 |
Gain on derivatives | 1,512 | 9,646 | 2,496 |
Total other expenses, net | (57,936) | (35,630) | (34,758) |
Profit for the year | 138,709 | 118,986 | 5,726 |
Total comprehensive income for the year | $ 138,709 | $ 118,986 | $ 5,726 |
Consolidated statements of chan
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 year at Dec. 31, 2020 | $ 11,028 | $ 594,901 | $ 347,889 | $ 953,818 | |
Balance as of beginning of the year (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 6) | $ 205 | $ 9,634 | 9,839 | ||
Number of common units in public offering or general partner units | 56,158 | 3,195,401 | |||
Repurchases of preference units (Note 6) | $ (2) | $ (18,386) | (18,388) | ||
Number of units of repurchases of preference units | (733,978) | ||||
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 | 8,976 | ||||
Distributions declared and paid (Note 6) | $ (42) | $ (1,972) | $ (29,863) | (31,877) | |
Share-based compensation, net of accrued distribution | 8 | 372 | 380 | ||
Partnership's (loss)/profit | (482) | (23,486) | 29,694 | 5,726 | |
Partnership's total comprehensive (loss)/income | (482) | (23,486) | 29,694 | 5,726 | |
Balance as of end of the year at Dec. 31, 2021 | $ 10,717 | $ 579,447 | $ 329,334 | 919,498 | |
Balance as of end of the year (in units) at Dec. 31, 2021 | 1,077,494 | 51,137,201 | 1,660,000 | 13,616,022 | |
Repurchases of preference units (Note 6) | $ 4 | $ 191 | $ (49,442) | (49,247) | |
Number of units of repurchases of preference units | (1,973,611) | ||||
Number of Common units upon conversion of Class B units | 415,000 | (415,000) | |||
Settlement of awards vested during the year and issuances of general partner units (Note 6) | $ 16 | 16 | |||
Number of units of settlement of awards vested during the year and issuance of general partner units | 2,769 | 135,664 | |||
Distributions declared and paid (Note 6) | $ (43) | $ (2,057) | $ (27,001) | (29,101) | |
Share-based compensation, net of accrued distribution | 16 | 742 | 758 | ||
Partnership's (loss)/profit | 1,898 | 90,630 | 26,458 | 118,986 | |
Partnership's total comprehensive (loss)/income | 1,898 | 90,630 | 26,458 | 118,986 | |
Balance as of end of the year at Dec. 31, 2022 | $ 12,608 | $ 668,953 | $ 279,349 | 960,910 | |
Balance as of end of the year (in units) at Dec. 31, 2022 | 1,080,263 | 51,687,865 | 1,245,000 | 11,642,411 | |
Automatic cancellation of repurchased common units and Class B units (in units) | (36,175,157) | (830,000) | |||
Capital contribution from GasLog - Borrowings repayments (Note 7) | $ 764,080 | 764,080 | |||
Deemed distribution to GasLog ($50,000 loan pay-out by GasLog Partners) (Note 1) | $ (3,156) | (46,844) | (50,000) | ||
Stock plan termination | (94) | $ (1,392) | (1,486) | ||
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 | 108,894 | ||||
Distributions declared and paid (Note 6) | (9,223) | $ (256,289) | $ (26,747) | (292,259) | |
Share-based compensation, net of accrued distribution | 15 | 447 | 462 | ||
Partnership's (loss)/profit | 4,526 | 106,716 | 27,467 | 138,709 | |
Partnership's total comprehensive (loss)/income | 4,526 | 106,716 | 27,467 | 138,709 | |
Balance as of end of the year at Dec. 31, 2023 | $ 4,676 | $ 1,235,671 | $ 280,069 | $ 1,520,416 | |
Balance as of end of the year (in units) at Dec. 31, 2023 | 1,080,263 | 16,036,602 | 11,642,411 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Profit for the year | $ 138,709 | $ 118,986 | $ 5,726 |
Adjustments for: | |||
Depreciation | 98,472 | 87,490 | 85,493 |
Impairment loss on vessels | 142 | 32,471 | 103,977 |
Loss/(gain) on disposal of vessels | 1,033 | (171) | 630 |
Financial costs | 67,060 | 47,639 | 37,297 |
Financial income | (7,612) | (2,363) | (43) |
Gain on derivatives (excluding realized gain on forward foreign exchange contracts held for trading) | (1,447) | (9,646) | (2,496) |
Share-based compensation | 1,357 | 760 | 378 |
Adjusted profit | 297,714 | 275,166 | 230,962 |
Decrease/(increase) in trade and other receivables | (13,590) | 361 | 5,109 |
Decrease/(increase) in inventories | (18) | 97 | 45 |
Change in related parties, net | (17,530) | 1,459 | (3,330) |
Decrease/ (increase) in prepayments and other current assets | (2,314) | (1,959) | 978 |
Decrease/ (increase) in other non - current assets | (1,833) | (111) | 142 |
Decrease in other non-current liabilities | (1,111) | (86) | (482) |
(Decrease)/increase in trade accounts payable | 4,349 | (366) | (2,403) |
Increase/(decrease) in other payables and accruals | (3,269) | 3,183 | 2,365 |
Net cash provided by operating activities | 262,398 | 277,744 | 233,386 |
Cash flows from investing activities: | |||
Proceeds from sale of vessel and sale and lease-back, net | 137,188 | 101,981 | 117,569 |
Payments for tangible fixed assets additions | (15,169) | (2,529) | (19,443) |
Payments for right-of-use assets | (5,525) | (16) | |
Financial income received | 7,943 | 1,974 | 43 |
Purchase of short-term cash deposits | (58,000) | (50,000) | (2,500) |
Maturity of short-term cash deposits | 83,000 | 25,000 | 2,500 |
Net cash provided by investing activities | 149,437 | 76,410 | 98,169 |
Cash flows from financing activities: | |||
Borrowings repayments | (217,070) | (168,585) | (205,179) |
Principal elements of lease payments | (23,103) | (12,242) | (2,217) |
Interest paid | (69,791) | (43,051) | (42,239) |
Release of cash collateral for interest rate swaps | 280 | ||
Payment of loan issuance costs, net | 359 | (21) | |
Proceeds from interest rate swaps termination | 3,488 | ||
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 16 | 10,205 | |
Repurchases of common and preference units | (49,247) | (18,388) | |
Payment of offering costs | (20) | (346) | |
Distributions paid (including common and preference) | (292,259) | (29,101) | (31,877) |
Net cash used in financing activities | (598,376) | (302,251) | (289,761) |
Effects of exchange rate changes on cash and cash equivalents | 306 | 689 | |
Increase/(decrease) in cash and cash equivalents | (186,235) | 52,592 | 41,794 |
Cash and cash equivalents, beginning of the year | 198,122 | 145,530 | 103,736 |
Cash and cash equivalents, end of the year | $ 11,887 | $ 198,122 | $ 145,530 |
Consolidated statements of ca_2
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-Cash Investing and Financing Activities: | |||
Capital expenditures included in liabilities at the end of the year | $ 2,374 | $ 8,090 | $ 7,261 |
Financing costs included in liabilities at the end of the year | 33 | 14 | |
Loan assumed from Parent through deemed distributions | 50,000 | ||
Borrowings repayments through capital contributions | 764,080 | ||
Offering costs included in liabilities at the end of the year | 20 | ||
Non-cash prepayment of lease payments | 11,979 | $ 11,626 | $ 27,365 |
Capital expenditures included in liabilities at the end of the year - Right-of-use assets | $ 326 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2023 | |
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 Ltd. (“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. The Partnership’s principal business is the acquisition and operation of LNG vessels, providing LNG transportation services on a worldwide basis. 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. On January 24, 2023, the Partnership’s board of directors (the “Board”) received an unsolicited non-binding proposal from GasLog to acquire all of the outstanding common units representing limited partner interests of the Partnership not already beneficially owned by GasLog. On April 6, 2023, the Partnership entered into an Agreement and Plan of Merger (the “Merger Agreement”) with GasLog Partners GP LLC, the general partner of the Partnership, GasLog and Saturn Merger Sub LLC, a wholly owned subsidiary of GasLog (“Merger Sub”). Pursuant to the Merger Agreement, (i) Merger Sub would merge with and into the Partnership, with the Partnership surviving as a direct subsidiary of GasLog, and (ii) GasLog would acquire the outstanding common units of the Partnership not beneficially owned by GasLog for overall consideration of $8.65 per common unit in cash (the “Transaction”), consisting in part of a special distribution by the Partnership of $3.28 per common unit in cash (the “Special Distribution”) that would be distributed to the Partnership’s unitholders in connection with the closing of the Transaction and the remainder to be paid by GasLog as merger consideration at the closing of the Transaction. The conflicts committee (the “Conflicts Committee”) of the Partnership’s board of directors, comprised solely of independent directors and advised by its own independent legal and financial advisors, unanimously recommended that the Partnership’s board of directors approve the Merger Agreement and determined that the Transaction was in the best interests of the Partnership and the holders of its common units unaffiliated with GasLog. Acting upon the recommendation and approval of the Conflicts Committee, the Partnership’s board of directors unanimously approved the Merger Agreement and the Transaction and recommended that the common unitholders of the Partnership vote in favor of the Transaction. The Transaction was approved at the special meeting of the common unitholders of the Partnership held on July 7, 2023, based on the affirmative vote (in person or by proxy) of the holders of at least a majority of the common units of the Partnership entitled to vote thereon, voting as a single class, subject to a cutback for certain unitholders beneficially owning more than 4.9% of the outstanding common units (as provided for in the Partnership’s Seventh Amended and Restated Agreement of Limited Partnership and described in the proxy statement of the Partnership dated June 5, 2023 as filed with the Securities and Exchange Commission, or “SEC”). The payment date for the Special Distribution was July 12, 2023. The Transaction closed on July 13, 2023 at 6:30 a.m. Eastern Time (the “Effective Time”) upon the filing of the certificate of merger with the Marshall Islands Registrar of Corporations. At the Effective Time, each common unit that was issued and outstanding immediately prior to the Effective Time (other than common units that, as of immediately prior to the Effective Time, were held by GasLog) was converted into the right to receive $5.37 in cash, without interest and reduced by any applicable tax withholding, for each Common Unit. Accordingly, holders of common units not already beneficially owned by GasLog who held their common units both on the Special Distribution record date of July 10, 2023 (subject to the applicability of due-bill trading) and at the Effective Time received overall consideration of $8.65 per common unit. Trading in the Partnership’s common units on the New York Stock Exchange (“NYSE”) was suspended on July 13, 2023, and delisting of the common units took place on July 24, 2023. The Partnership’s 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series A Preference Units”), 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) and 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”) remain outstanding and continue to trade on the NYSE. The merger consideration was financed by GasLog’s existing cash and the borrowing of a term loan in an aggregate principal amount of $50,000 under a Bridge Facility Agreement dated July 3, 2023 (the “Bridge Facility Agreement”), among Merger Sub, as the original borrower, GasLog, as guarantor, DNB (UK) Ltd., as arranger and bookrunner, the lenders party thereto and DNB Bank ASA, London Branch, as agent, with the Partnership succeeding to the obligations of Merger Sub upon the consummation of the Transaction. The aggregate principal amount outstanding under the Bridge Facility Agreement was repaid in full, together with accrued and unpaid interest, on July 26, 2023. On July 17, 2023, Curtis V. Anastasio, Roland Fisher and Kristin H. Holth stepped down from the Board of the Partnership, effective immediately. On July 19, 2023, the Partnership appointed James Berner as a director of the Partnership and a member of the audit committee of the Board. Following these changes, the Board consisted of three directors. On July 21, 2023, the Board approved an amendment to the Partnership’s Seventh Amended and Restated Agreement of Limited Partnership that made certain changes relating to the composition of the Board and other changes to reflect the ownership of all outstanding common units of the Partnership by GasLog, following the consummation of the previously announced merger involving GasLog and the Partnership on July 13, 2023. Since its IPO, the Partnership has acquired from GasLog 100% of the ownership interests in 15 vessel-owning entities in aggregate. The 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. On October 26, 2021, GasLog Partners completed the sale and lease–back of the GasLog Shanghai On September 14, 2022, GasLog Partners completed the sale of the Methane Shirley Elisabeth On October 31, 2022, GasLog Partners completed the sale and lease–back of the Methane Heather Sally On March 30, 2023, GasLog Partners completed the sale and lease-back of the GasLog Sydney As of December 31, 2023, the companies listed below were 100% held by the Partnership. The Partnership wholly owned 11 LNG vessels and operated three LNG vessels leased back under bareboat charters, as described above: Cargo Capacity Place of Date of Cubic Meters Name Incorporation Incorporation Principal Activities Vessel (“cbm”) Delivery Date GAS-three Ltd. Bermuda April 2010 Right-of-use asset 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 Right-of-use asset 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 Dormant — — — GAS-twenty one Ltd. Bermuda April 2014 Right-of-use asset 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 — — — GasLog-two Malta Ltd. Malta August 2022 Dormant — — — |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies | |
Material Accounting Policies | 2. Material 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, except for the revaluation of derivative financial instruments. 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. As of December 31, 2023, the Partnership’s current assets totaled $60,244 while current liabilities totaled $80,349, resulting in a negative working capital position of $20,105. Current liabilities include an amount of $28,469 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, 2023 as the services are rendered). In considering going concern, management has reviewed the Partnership’s future cash requirements and earnings projections. On March 7, 2024, 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. 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. Each component is accounted for in accordance with the applicable accounting standard. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases Revenue from Contracts with Customers 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 Financial income and costs Interest income, interest expense, other borrowing costs and realized loss/gain 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. The exchange differences from cash are classified in Financial costs, while all other foreign exchange differences are classified in General and administrative expenses. 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. Non-current assets held for sale Non-current assets (such as vessels) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use, where the asset is available for immediate sale in its present condition, and the sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets held for sale are presented separately from the other assets in the statement of financial position and are not depreciated or amortized while they are classified as held for sale. 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 LNG vessels are also required to undergo an underwater survey in lieu of dry-docking (“intermediate survey”) in order to meet certain classification requirements. The intermediate survey component is estimated after the first intermediate survey, which takes place between the first and the second dry-docking and is amortized over the period until the next dry-docking which is estimated to be two The expected useful lives are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Intermediate survey component the period until the next dry-docking (i.e. 1-3 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. Management estimates the residual value of its vessels to be equal to the product of their lightweight tonnage (“LWT”) and an estimated scrap rate per LWT. 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. Gain or loss on disposal is determined by comparing proceeds from sale, net of costs attributable to such sale, with the carrying amount of the vessel sold. Impairment of tangible fixed assets and right-of-use assets All assets 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 an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value in use”. The fair value less costs of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs of disposal, while “value in use” is the expected value of all expectations about possible estimated future cash flows, discounted to their present value. Recoverable amounts are estimated for individual assets. Each vessel is considered to be a single cash-generating unit. The fair value less costs 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 Lease income from operating leases of vessels where the Partnership is a lessor is recognized in the statement of profit or loss on a straight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their nature under “Tangible fixed assets” or “Right-of-use assets”. The Partnership is a lessee under vessel sale and lease – Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), initially measured using the index or rate as at the commencement date, (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Partnership’s incremental borrowing rate, which is the Partnership’s current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. Payments associated with short-term leases and leases of 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 vessel equipment with value of less or equal to $5. 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 time 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 cash deposits Short-term cash deposits 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 5 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 or leases 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. Employee benefits ● Short-term employee benefits Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current liabilities in the consolidated statement of financial position. ● Long-term employee benefits Long-term employee benefits are employee benefits that are not expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the service that gives rise to the benefit. These obligations are classified as Long-term liabilities and are measured as the present value of expected future payments to be made with any unwinding in the discount reflected in the consolidated statement of profit or loss. ● 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. If a grant of equity instruments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied) (a) the Partnership shall account for the cancellation or settlement as an acceleration of vesting, and shall therefore recognize immediately the amount that otherwise would have been recognized for services received over the remainder of the vesting period and (b) any payment made to the employee on the cancellation or settlement of the grant shall be accounted for as the repurchase of an equity interest, i.e. as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the repurchase date. Any such excess shall be recognized as an expense. 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 as of December 31, 2022, management made several critical accounting judgments in preparing its discounted cashflow analysis, that had the most significant effect on the amounts recognized in the consolidated financial statements. As of December 31, 2023, limited judgements were made in assessing internal and external factors of impairment and reversal triggers that could have impacted the amounts recognized in the consolidated financial statements. Key sources of estimation uncertainty are as follows: Impairment of vessels: 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 GasLog’s lenders for determining compliance with the relevant covenants in GasLog’s credit facilities. Vessel values can be highly volatile, so the charter-free market values may not be indicative of the current or future market value of the Partnership’s vessels, or prices that could be achieved if it were to sell them. As of December 31, 2022, a number of negative indicators such as the continuous decline of the charter-free market values of the Partnership’s steam turbine propulsion (“Steam”) vessels, as estimated by ship brokers, driven by reduced market expectations of the long-term rates at which the Partnership could expect to secure term employment for the remaining economic lives of the Steam vessels, combined with potential costs of compliance with environmental regulations applicable from 2023 onwards, continued to influence management’s strategic decisions and prompted the Partnership to conclude that events and circumstances triggered the existence of potential impairment of Steam vessels, resulting in the company performing a discounted cash flow analysis, with no impairment indicators identified with respect to the remaining owned and bareboat fleet as of December 31, 2022. As of December 31, 2023, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its owned and bareboat fleet. 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 February 2021, the IASB amended IAS 1 Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors All other IFRS standards and amendments that became effective in the current year were not relevant to the Partnership or were 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 standards and amendments relevant to the Partnership were in issue but not yet effective: 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 In June 2023, the International Sustainability Standards Board (“ISSB”) issued IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information Climate-related Disclosures 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. |
Tangible fixed assets
Tangible fixed assets | 12 Months Ended |
Dec. 31, 2023 | |
Tangible fixed assets | |
Tangible fixed assets | 3. Tangible fixed assets The movements in tangible fixed assets (i.e. vessels and their associated depot spares) are reported in the following table: Total Other tangible tangible fixed Cost Vessels assets assets As of January 1, 2022 2,681,095 4,089 2,685,184 Additions, net 1,835 1,523 3,358 Transfer under Vessels held for sale (324,034) — (324,034) As of December 31, 2022 2,358,896 5,612 2,364,508 Additions, net 7,748 1,705 9,453 Disposal (203,884) — (203,884) Write-off of fully amortized drydocking component (7,173) — (7,173) As of December 31, 2023 2,155,587 7,317 2,162,904 Accumulated depreciation and impairment loss As of January 1, 2022 796,601 — 796,601 Depreciation 68,264 — 68,264 Impairment loss on vessels 4,444 — 4,444 Transfer under Vessels held for sale (182,572) — (182,572) As of December 31, 2022 686,737 — 686,737 Depreciation 59,424 — 59,424 Disposal (53,542) — (53,542) Write-off of fully amortized drydocking component (7,173) — (7,173) As of December 31, 2023 685,446 — 685,446 Net book value As of December 31, 2022 1,672,159 5,612 1,677,771 As of December 31, 2023 1,470,141 7,317 1,477,458 All vessels have been pledged as collateral under the terms of the Five-Year Sustainability-Linked Senior Secured Reducing Revolving Credit Facility in the amount of $2.8 billion (the “Facility”) (Note 7). In June 2022, GAS-twenty Ltd., the vessel-owning entity of the Steam vessel Methane Shirley Elisabeth Methane Heather Sally On March 30, 2023, GAS-five Ltd. completed the sale and lease-back of the GasLog Sydney Non-current Assets Held for Sale and Discontinued Operations GasLog Sydney As of December 31, 2023, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its vessels. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 4. Leases The movements in right-of use assets are reported in the following table: Vessels’ Right-of-Use Assets Vessels Equipment Total As of January 1, 2022 81,651 345 81,996 Additions, net 30,361 194 30,555 Depreciation (18,854) (372) (19,226) As of December 31, 2022 93,158 167 93,325 Additions, net 71,315 957 72,272 Depreciation (38,650) (398) (39,048) As of December 31, 2023 125,823 726 126,549 On October 26, 2021, GasLog Partners completed the sale and lease-back of the GasLog Shanghai Leases On October 31, 2022, GasLog Partners completed the sale and lease-back of the Methane Heather Sally Leases On March 30, 2023, GasLog Partners completed the sale and lease-back of the GasLog Sydney Leases An analysis of the lease liabilities is as follows: Lease Liabilities 2022 2023 As of January 1, 55,898 62,569 Additions, net 18,913 54,442 Interest expense on leases (Note 13) 1,668 3,785 Payments (13,910) (26,888) As of December 31, 62,569 93,908 Lease liabilities—current portion 17,433 28,831 Lease liabilities—non-current portion 45,136 65,077 Total 62,569 93,908 An amount of $69,082 has been recognized in the consolidated statement of profit or loss under Revenues for the year ended December 31, 2023 ($24,973 for the year ended December 31, 2022), which represents the revenue from subleasing right-of-use assets. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Receivables | |
Trade and Other Receivables | 5. Trade and Other Receivables Trade and other receivables consisted of the following: As of December 31, 2022 2023 Due from charterers 2,999 6,374 Accrued income 4,440 8,708 Insurance claims 1,125 3,433 Other receivables 2,621 5,929 Total 11,185 24,444 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. |
Partners' Equity
Partners' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Partners' Equity | |
Partners' Equity | 6. Partners’ Equity Under the Partnership’s “at-the-market” common equity offering programme (the “ATM Programme”) established in 2017, in the year ended December 31, 2021, GasLog Partners issued and received payment for 3,195,401 common units at a weighted average price of $3.19 per common unit for total net proceeds, after deducting fees and other expenses, of $9,634. As of December 31, 2022, the unutilized portion of the ATM Programme was $116,351. 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 connection with the aforementioned transactions during this year ended December 31, 2021, 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. The net proceeds from the issuance of the general partner units were $205. 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 distribution rights (“IDRs”) in June 2019. On April 1, 2022, GasLog Partners issued 33,700 common units in connection with the vesting of 19,638 RCUs and 14,062 PCUs under its 2015 Plan. On June 30, 2022, GasLog Partners issued 101,964 common units in connection with the vesting of 50,982 RCUs and 50,982 PCUs under its 2015 Plan. In connection with the aforementioned transactions during this year ended December 31, 2022, the Partnership also issued 2,769 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest for net proceeds of $16. On July 1, 2022, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the third tranche of its Class B units issued upon the elimination of IDRs in June 2019. On April 3, 2023, GasLog Partners issued 108,894 common units in connection with the vesting of 92,805 RCUs and 16,089 PCUs under its 2015 Plan. On July 3, 2023, GasLog Partners issued 415,000 common units in connection with GasLog’s election to convert the fourth tranche of its Class B units issued upon the elimination of IDRs in June 2019. As further described in Note 1, on July 7, 2023, the Partnership’s common unitholders voted to approve the previously announced merger, with GasLog acquiring all of the outstanding common units of the Partnership not already beneficially owned by GasLog. The payment date for the Special Distribution was July 12, 2023, and the Transaction closed on July 13, 2023 at the Effective Time upon the filing of the certificate of merger with the Marshall Islands Registrar of Corporations. Holders of common units not already beneficially owned by GasLog who held their common units both on the Special Distribution record date of July 10, 2023 (subject to the applicability of due-bill trading) and at the Effective Time received overall consideration of $8.65 per common unit. Trading in the Partnership’s common units on the NYSE was suspended on July 13, 2023, and delisting of the common units took place on July 24, 2023. Upon the completion of the Transaction, 36,175,157 common units and the remaining 830,000 Class B units were cancelled. As of December 31, 2023, the Partnership’s capital consisted of 16,036,602 outstanding common units, 1,080,263 outstanding general partner units and 11,642,411 Preference Units (5,084,984 Series A Preference Units, 3,496,382 Series B Preference Units and 3,061,045 Series C Preference Units, and together with the Series A Preference Units and the Series B Preference Units, the “Preference Units”). Cash distributions The Partnership’s cash distributions for the years ended December 31, 2021, 2022 and 2023 are presented in the following table: Type of Distribution Payment Amount Declaration date units per unit date 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 July 26, 2021 Common $ 0.01 August 12, 2021 522 July 26, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 13, 2021 7,412 October 26, 2021 Common $ 0.01 November 12, 2021 522 November 16, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 14, 2021 7,287 Total $ 31,877 January 26, 2022 Common $ 0.01 February 9, 2022 522 February 25, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2022 7,112 April 27, 2022 Common $ 0.01 May 11, 2022 522 May 12, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 15, 2022 6,898 July 27, 2022 Common $ 0.01 August 11, 2022 528 July 27, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 15, 2022 6,777 October 26, 2022 Common $ 0.01 November 10, 2022 528 October 26, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 15, 2022 6,214 Total $ 29,101 January 25, 2023 Common $ 0.01 February 9, 2023 528 January 25, 2023 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2023 6,159 April 26, 2023 Common $ 0.01 May 11, 2023 529 May 10, 2023 Preference (Series A, B, C) $ 0.5390625, $0.6887222, $0.53125 June 15, 2023 6,776 July 7, 2023 Common $ 3.28 July 12, 2023 174,797 August 2, 2023 Preference (Series A, B, C) $ 0.5390625, $0.7249747, $0.53125 September 15, 2023 6,902 November 15, 2023 Preference (Series A, B, C) $ 0.5390625, $0.7274123, $0.53125 December 15, 2023 6,910 December 22, 2023 Common $ 5.2380174 December 22, 2023 89,658 Total $ 292,259 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. The general partner retains the right to appoint all 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 (as amended following the Transaction) provides that the general partner will be entitled to distributions in accordance with its percentage interest. As of December 31, 2023, the percentage interest is 6.3% (2.0% as of December 31, 2022). The general partner has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its percentage interest if the Partnership issues additional common units. The general partner’s interest, and the percentage of the Partnership’s cash distributions to which it is entitled, will be proportionately reduced if the Partnership issues additional common units in the future and the general partner does not contribute a proportionate amount of capital to the Partnership in order to maintain its general partner interest. The general partner will be entitled to make a capital contribution in order to maintain its 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 to the Partnership. 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 determined by the Partnership based on the terms of the Partnership Agreement and applicable Marshall Islands law regarding amending USD London Interbank Offered Rate (“LIBOR”) - based instruments. Under the current fallback provisions, if there is no published LIBOR rate, the floating rate is expected to be the rate set during the prior interest rate period, which would be the current fixed rate of From and including the original issue date to, but excluding, March 15, 2023, distributions on the Series B Preference Units accrued at 8.200% per annum per $25.00 of liquidation preference per unit. From and including March 15, 2023, the Series B Preference Units are redeemable, wholly or partially, at our option, and the distribution rate was 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. On June 30, 2023, Intercontinental Exchange (“ICE”) Benchmark Administration, the administrator of LIBOR, ceased to publish the overnight and one, three, six and twelve month LIBOR settings on a representative basis. Effective September 15, 2023, in accordance with the terms of the Series B Preference Units, the three-month LIBOR utilized as the base rate for the calculation of the floating rate distributions payable with respect to the Series B Preference Units was replaced by the Term Secured Overnight Financing Rate (“SOFR”) for a three month tenor published by the Chicago Mercantile Exchange (“CME”) plus a credit spread adjustment of 0.26161% (“Credit Adjusted Term SOFR”) plus a spread of 5.839% per annum per $25.00 of liquidation preference per unit. Credit Adjusted Term SOFR was used as the base rate for the first time with respect to the distributions payable for the distribution period beginning September 15, 2023 and ending December 15, 2023 and will be calculated every three months going forward. The distribution rates are not subject to adjustment. From and including the original issue date to, but excluding, March 15, 2024, the distributions on the Series C Preference Units will accrue at 8.500% per annum per $25.00 of liquidation preference per unit. The distribution rate for the Series C Preference Units will be determined in accordance with the terms of our Partnership Agreement, by the calculation agent, from and including March 15, 2023, based on market practice and applicable Marshall Islands law regarding amending LIBOR based instruments. From and including March 15, 2024, the distribution rate is expected to be a floating rate equal to the three-month Credit Adjusted Term SOFR 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 Under the Partnership’s preference unit repurchase programme established in 2021, renewed in 2022 and covering the period from March 11, 2021 to March 31, 2023, the preference units repurchased and cancelled as well as the amounts paid including commissions for the years ended December 31, 2021 and 2022 are presented in the following table, there were no preference units repurchased and cancelled for the year ended December 31, 2023: Amount paid including Series Number of units commissions Series B Preference Units 464,429 11,580 Series C Preference Units 269,549 6,808 Total for the year ended December 31, 2021 733,978 $ 18,388 Series A Preference Units 665,016 16,423 Series B Preference Units 639,189 16,080 Series C Preference Units 669,406 16,744 Total for the year ended December 31, 2022 1,973,611 $ 49,247 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Borrowings | 7. Borrowings Borrowings as of December 31, 2022 and 2023 consisted of the following: As of December 31, 2022 2023 Amounts due within one year 93,964 — Less: unamortized deferred loan issuance costs (3,606) — Borrowings—current portion 90,358 — Amounts due after one year 837,186 — Less: unamortized deferred loan issuance costs (5,598) — Borrowings—non-current portion 831,588 — Total 921,946 — Terminated Facilities: (a) GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd. and GAS-fourteen Ltd. 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 was backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who were either directly lending or providing cover for over 60% of the facility (the “Assumed October 2015 Facility”). Amounts drawn under each applicable tranche bore interest at LIBOR plus a margin. The aggregate balance outstanding for the entities owned by the Partnership as of December 31, 2022 was $360,663 . In June 2023, a supplemental agreement to the Assumed October 2015 Facility was entered into, which provided for the transition of the rate of interest on the facility to a risk-free rate. It was agreed that the margin would remain unchanged, and the facility transitioned from LIBOR to the daily non-cumulative compounded SOFR rate as administered by Federal Reserve Bank of New York plus the applicable Credit Adjustment Spread (“CAS”), effective from and including the interest period beginning after June 30, 2023. Additionally, in June 2023, HSBC Bank plc transferred to ING Bank N.V., London Branch via transfer certificate its commitments, rights and obligations under the Assumed October 2015 Facility. On November 14, 2023, pursuant to the Facility entered into by GasLog to refinance all outstanding debt secured by 23 LNG carriers across both GasLog and GasLog Partners (refer to Securities Covenants and Guarantees section below), the outstanding balances of GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd. and GAS-fourteen Ltd. totaling $320,581 were fully repaid. The existing loan facilities of the specified companies were terminated and the respective unamortized loan fees of $3,655 written-off to the consolidated statement of profit or loss. (b) 2019 GasLog Partners 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 five-year credit facility of up to $450,000 (the “2019 GasLog Partners Facility”). 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 GasLog Partners Facility are the GasLog Shanghai GasLog Santiago GasLog Sydney Methane Rita Andrea Methane Jane Elizabeth On October 26, 2021, the outstanding indebtedness of GAS-three Ltd., in the amount of $97,050 was prepaid pursuant to the sale and lease–back agreement entered into with a wholly-owned subsidiary of CDBL (refer to Note 4). The relevant advance of the loan agreement was cancelled and the respective unamortized loan fees of $604 were written-off to profit or loss. The aggregate balance outstanding as of December 31, 2022 was $250,320, with no amount available to be redrawn as of December 31, 2022. On March 30, 2023, the outstanding indebtedness of GAS-five Ltd. in the amount of $87,780 was prepaid pursuant to the sale and lease-back agreement entered into with a wholly-owned subsidiary of CDBL (refer to Note 4). The relevant advance of the loan agreement was cancelled and the respective unamortized loan fees of $229 written-off to the consolidated statement of profit or loss. In February 2023, a supplemental agreement to the 2019 GasLog Partners Facility was entered into, which provided for the transition of the rate of interest on the facility to a risk-free rate. It was agreed that the margin would remain unchanged, and the facility transitioned from LIBOR to the daily non-cumulative compounded SOFR rate as administered by Federal Reserve Bank of New York plus the applicable CAS, effective August 21, 2023. On November 14, 2023, pursuant to the Facility entered into by GasLog to refinance all outstanding debt secured by 23 LNG carriers across both GasLog and GasLog Partners (refer to Securities Covenants and Guarantees section below), the outstanding balances of GAS-four Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd. totaling $148,194 were fully repaid. The existing loan facilities of the specified companies were terminated and the respective unamortized loan fees of $157 written-off to the consolidated statement of profit or loss. (c) BNP Paribas, Credit Suisse AG and Alpha Bank S.A. On July 16, 2020, GasLog Partners entered into a five Methane Shirley Elisabeth GasLog Seattle Solaris On September 14, 2022, the outstanding indebtedness of GAS-twenty Ltd. in the amount of $32,154 was prepaid pursuant to the sale of the Methane Shirley Elisabeth The balance outstanding under the facility as of December 31, 2022 was $193,790. In June 2023, a supplemental agreement to the GasLog Partners $260.3M Facility was entered into, which provided for the transition of the rate of interest on the facility to a risk-free rate. It was agreed that the margin would remain unchanged, and the facility transitioned from LIBOR to the daily non-cumulative compounded SOFR rate as administered by Federal Reserve Bank of New York plus the applicable CAS, effective July 21, 2023. On November 14, 2023, pursuant to the Facility entered into by GasLog to refinance all outstanding debt secured by 23 LNG carriers across both GasLog and GasLog Partners (refer to Securities Covenants and Guarantees section below), the outstanding balances of GAS-seven Ltd. and GAS-eight Ltd. totaling $181,419 were fully repaid. The existing loan facilities of the specified companies were terminated and the respective unamortized loan fees of $985 written-off to the consolidated statement of profit or loss. (d) DNB Bank ASA, London Branch, and ING Bank N.V., London Branch On July 16, 2020, GasLog Partners entered into a five-year credit agreement of $193,713 (the “GasLog Partners $193.7M Facility”) with DNB Bank ASA, London Branch, and ING Bank N.V., London Branch, each an original lender (together, the “Lenders”), 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 Methane Alison Victoria Methane Heather Sally Methane Becki Anne In July 2022, pursuant to a “margin reset clause” included in the GasLog Partners $193.7M Facility, which required the Lenders and GAS-nineteen Ltd., GAS-twenty one Ltd., and GAS-twenty seven Ltd. (together, the “Borrowers”) to renegotiate the facility’s margin, the Borrowers and Lenders agreed that the margin would remain unchanged and the facility would be transitioned from the six-month LIBOR to the three-month CME Term SOFR Reference Rates as administered by CME Group Benchmark Administration Limited (“CBA”), effective July 21, 2022. On October 31, 2022, the outstanding indebtedness of GAS-twenty one Ltd., in the amount of $32,939 was prepaid pursuant to the sale and lease–back agreement entered into with an unrelated third party (refer to Note 4). The relevant advance of the loan agreement was cancelled and the respective unamortized loan fees of $360 written-off to the consolidated statement of profit or loss. The balance outstanding under the facility as of December 31, 2022 was $126,377. On November 14, 2023, pursuant to the Facility entered into by GasLog to refinance all outstanding debt secured by 23 LNG carriers across both GasLog and GasLog Partners (refer to Securities Covenants and Guarantees section below), the outstanding balances of GAS-nineteen Ltd. and GAS-twenty seven Ltd. totaling $113,886 were fully repaid. The existing loan facilities of the specified companies were terminated and the respective unamortized loan fees of $805 written-off to the consolidated statement of profit or loss. Securities Covenants and Guarantees On November 2, 2023, GasLog, signed the Facility. This financing, involving 14 international banks, includes decarbonization and social key performance targets as a component of the Facility pricing. The Facility refinanced the outstanding debt of $2,123,443 secured by 23 LNG carriers across both GasLog and GasLog Partners, following the acquisition by GasLog on July 13, 2023 of all the outstanding common units of GasLog Partners not already beneficially owned by GasLog. The 23 LNG carriers (12 GasLog vessels and eleven GasLog Partners vessels) included in the Facility are comprised of ten dual-fuel two-stroke engine propulsion (“X-DF”) LNG carriers, ten tri - fuel diesel electric engine propulsion (“TFDE”) LNG carriers and three Steam LNG carriers. Citibank, N.A., London Branch and BNP Paribas acted as joint coordinators on the Facility. The transaction was completed on November 13, 2023, with GasLog drawing down an amount of $2,128,000 and $672,000 remaining available as of that date, for general corporate purposes. The obligations under the Facility are secured as follows: (i) first priority mortgages over the owned ships; (ii) guarantees from the 23 vessel owning companies securing the Facility, the Partnership, GasLog Partners Holdings LLC and GasLog Carriers Ltd. (the “Guarantors”); (iii) a negative pledge of the share capital of GasLog, the Guarantors and GasLog LNG Services; and (iv) a first priority assignment of all earnings and insurance related to the owned ships. The Facility also imposes 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 change the corporate structure without approval from lenders. The 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 Facility contains covenants requiring GasLog and certain of its 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 Facility. Compliance with the above covenants is required at all times. GasLog was in compliance with all covenants as of December 31, 2023. 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”). The term loan facility was terminated on March 23, 2018. The revolving credit facility provided for an availability period of five years and accrued interest at a rate of 9.125% per annum with an annual 1.0% commitment fee on the undrawn balance. On November 14, 2019, the Partnership drew down $10,000 under the revolving credit facility, which was subsequently repaid As the credit facilities bore interest at variable interest rates, their aggregate fair value was equal to the principal amount outstanding. |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2023 | |
Other Payables and Accruals | |
Other Payables and Accruals | 8. Other Payables and Accruals An analysis of other payables and accruals is as follows: As of December 31, 2022 2023 Unearned revenue 30,991 28,469 Accrued off-hire 1,800 3,443 Accrued purchases 4,096 1,992 Accrued interest 12,838 — Other accruals 7,541 8,284 Total 57,266 42,188 The unearned revenue of $28,469 represents monthly charter hires received in advance as of December 31, 2023 relating to January 2024 (December 31, 2022: $30,991). |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenues | |
Revenues | 9. Revenues The Partnership has recognized the following amounts relating to revenues: For the year ended December 31, 2021 2022 2023 Revenues from long-term time charters 221,813 183,232 164,257 Revenues from spot time charters 104,329 187,802 233,581 Total 326,142 371,034 397,838 The Partnership defines long-term time charters as charter party agreements with an initial duration of more than three years (excluding any optional periods), while all charter party agreements of an initial duration of less than (or equal to) three years (excluding any optional periods) are classified as spot time charters. The technical management service components of revenues from time charters (Revenues from long-term time charters and Revenues from spot time charters) for the years ended December 31, 2021, 2022 and 2023 were $76,545, $78,149 and $69,321, respectively. These figures are not readily quantifiable as the Partnership’s contracts (under time charter arrangements) do not separate these components. The service component amounts are estimated based on the amounts of the vessel operating expenses for each year applying the “cost plus margin” approach. Payments received include payments for the service components in these time charter arrangements. |
Voyage Expenses and Commissions
Voyage Expenses and Commissions | 12 Months Ended |
Dec. 31, 2023 | |
Voyage Expenses and Commissions | |
Voyage Expenses and Commissions | 10. Voyage Expenses and Commissions An analysis of voyage expenses and commissions is as follows: For the year ended December 31, 2021 2022 2023 Brokers’ commissions on revenues 3,441 3,990 4,524 Bunkers’ consumption and other voyage expenses 3,422 2,766 6,474 Total 6,863 6,756 10,998 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, 2023 | |
General and Administrative Expenses | |
General and Administrative Expenses | 11. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the year ended December 31, 2021 2022 2023 Administrative services fees (Note 14) 4,708 8,513 8,996 Commercial management fees (Note 14) 5,400 4,610 4,890 Share-based compensation (Note 20) 378 760 1,357 Other expenses 2,876 3,626 7,552 Total 13,362 17,509 22,795 Other expenses include legal and professional costs relating to the Transaction of $4,144 for the year ended December 31, 2023 (nil for the years ended December 31, 2022 and 2021). |
Vessel Operating Costs
Vessel Operating Costs | 12 Months Ended |
Dec. 31, 2023 | |
Vessel Operating Costs | |
Vessel Operating Costs | 12. Vessel Operating Costs An analysis of vessel operating costs is as follows: For the year ended December 31, 2021 2022 2023 Crew costs 38,768 40,019 35,576 Technical maintenance expenses 19,342 16,030 17,591 Other operating expenses 17,223 16,314 14,586 Total 75,333 72,363 67,753 |
Net Financial Income and Costs
Net Financial Income and Costs | 12 Months Ended |
Dec. 31, 2023 | |
Net Financial Income and Costs | |
Net Financial Income and Costs | 13. Net Financial Income and Costs An analysis of financial income and financial costs is as follows: For the year ended December 31, 2021 2022 2023 Financial income Financial income 43 2,363 7,612 Total financial income 43 2,363 7,612 Financial costs Amortization and write-off of deferred loan issuance costs 5,394 4,794 8,878 Interest expense on loans 30,114 40,879 53,694 Interest expense on leases 333 1,668 3,785 Commitment fees 304 68 — Other financial costs including bank commissions 1,152 230 703 Total financial costs 37,297 47,639 67,060 In the year ended December 31, 2023, an amount of $5,831 representing the write-off of the unamortized deferred loan issuance costs in connection with the termination of all the Partnership’s loans (Note 7) was included in Amortization and write - off of deferred loan issuance costs (December 31, 2022: $654 in connection with the termination of the GAS-twenty Ltd. and the GAS-twenty one Ltd. advances of GasLog Partners $260.3M Facility and GasLog Partners $193.7M Facility, December 31, 2021: $604 in connection with the termination of the GAS-three Ltd. advance of the 2019 GasLog Partners Facility). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | 14. 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, 2022 2023 Amounts due from related parties Due from GasLog LNG Services (a) — 1,803 Due from GasLog (b) — 13,492 Total — 15,295 As of December 31, 2022 2023 Amounts due to related parties Due to GasLog LNG Services (a) 1,364 — Due to GasLog (b) 1,509 — Total 2,873 — (a) The balance for the year ended December 31, 2023 represents mainly cash advanced by the Partnership to GasLog LNG Services. The balance for the year ended December 31, 2022 represents mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balance for the year ended December 31, 2023 represents mainly cash advanced by the Partnership to GasLog. The balance for the year ended December 31, 2022 represents mainly payments made by GasLog on behalf of the Partnership. In the year ended December 31, 2023, the Partnership acquired vessel depot spares from GasLog for an amount of $1,705 ($1,523 in the year ended December 31, 2022, $1,370 in the year ended December 31, 2021) (Note 3). The Partnership had the following transactions with related parties for the years ended December 31, 2021, 2022 and 2023: Company Details Account 2021 2022 2023 GasLog LNG Services Commercial management fee (i) General and administrative expenses 5,400 4,610 4,890 GasLog Administrative services fee (ii) General and administrative expenses 4,708 8,513 8,996 GasLog LNG Services Management fees (iii) Vessel operating costs 7,728 6,498 6,300 GasLog LNG Services Other vessel operating costs Vessel operating costs 30 28 49 GasLog Commitment fee under Sponsor Credit Facility (Note 7) Financial costs 304 68 — GasLog Realized loss on interest rate swaps held for trading (Note 18) Gain on derivatives 4,586 1,347 — (i) Commercial Management Agreements The vessel-owning subsidiaries of GasLog Partners had entered into commercial management agreements with GasLog (collectively, the “Commercial Management Agreements”), pursuant to which GasLog provided 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 agreements was $360 for each vessel payable quarterly in advance in lump sum amounts. Effective July 21, 2020, October 1, 2020 and November 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. Beginning January 1, 2022, the annual commercial management fee changed from a fixed annual amount to a fixed commission of 1.25% on the annual gross charter revenues of each vessel, which will continue to be payable monthly in advance. (ii) Administrative Services Agreement The Partnership has 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, 2021, 2022 and 2023, the annual service fee was $314 , $579 and $643 per vessel per year, respectively. (iii) Ship Management Agreements Each of the vessel owning subsidiaries of GasLog Partners has entered into a ship management agreement and subsequent amendments (collectively, the “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 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 Ship Management Agreement continues indefinitely until terminated by either party. With effect from January 1, 2022, the management fee was changed to $37.5 per vessel per month. In April 2022, GAS-eight Ltd. entered into a similar management agreement for the Solaris ● Omnibus Agreement On May 12, 2014, the Partnership entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. On July 21, 2023, the Board approved the termination of the Omnibus Agreement with GasLog, its general partner and certain other subsidiaries. The omnibus agreement governed among other things (i) when and the extent to which the Partnership and GasLog would compete against each other, (ii) the time and the value at which the Partnership would 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 . ● Merger Agreement For details on the Merger Agreement with GasLog, refer to Note 1. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 15. Commitments and Contingencies Future gross minimum lease payments receivable in relation to non-cancellable time charter agreements for vessels in operation, including vessels under a lease (Note 4) as of December 31, 2023, 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): As of December 31, Period 2023 Not later than one year 262,951 Later than one year and not later than two years 197,583 Later than two years and not later than three years 120,904 Later than three years and not later than four years 96,536 Later than four years and not later than five years 86,173 More than five years 31,405 Total 795,552 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, 2023 | |
Financial Risk Management | |
Financial Risk Management | 16. 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 had no debt outstanding as of December 31, 2023. The Partnership was subject to market risks relating to changes in interest rates because it had 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 used interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts was to minimize economic risks and costs associated with its floating rate debt and not for speculative or trading purposes. As of December 31, 2022, the Partnership had economically hedged The aggregate principal amount of the Partnership’s outstanding floating rate debt which was not economically hedged as of December 31, 2022 was $797,817. As an indication of the extent of the Partnership’s sensitivity to interest rate changes, an increase or decrease in LIBOR or SOFR of 10 basis points would have decreased or increased, respectively, the profit during the year ended December 31, 2022 by $809, based upon its debt level at the end of the reporting period (December 31, 2021: $767). Interest Rate Sensitivity Analysis: The interest rate swap agreements described below were subject to market risk as they were 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. The Partnership had no interest rate swaps as of December 31, 2023. As of December 31, 2022, 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 $195 (December 31, 2021: $404) affecting Gain on derivatives in the respective periods. Currency Risk: As an indication of the extent of the Partnership’s sensitivity to changes in exchange rate, a 10% increase in the average EUR/USD exchange rate would have decreased its profit and cash flows during the year ended December 31, 2023 by $4,909, based upon its expenses during the year (December 31, 2022: $4,023 and December 31, 2021: $4,243). 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 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 tables include both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR/SOFR 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, 2022 Trade accounts payable 8,895 405 — — — 9,300 Due to related parties — 2,873 — — — 2,873 Other payables and accruals* 8,780 10,733 6,669 — — 26,182 Other non-current liabilities* — — — 79 — 79 Lease liabilities 1,642 3,125 14,453 47,067 — 66,287 Variable interest loans 6.50 % 13,622 22,188 104,684 900,841 26,274 1,067,609 Total 32,939 39,324 125,806 947,987 26,274 1,172,330 December 31, 2023 Trade accounts payable 9,224 106 — — — 9,330 Other payables and accruals* 2,306 3,901 7,418 — — 13,625 Lease liabilities 2,717 5,260 24,317 68,862 — 101,156 Total 14,247 9,267 31,735 68,862 — 124,111 * Non-financial liabilities are excluded. The amounts included above for variable interest rate instruments were subject to change if changes in variable interest rates differed from those estimates of interest rates determined at the end of the reporting period. The following table details 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)/ 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. Less than 1 month 1-3 months 3-12 months 1-5 years Total December 31, 2022 Interest rate swaps (7) — (2,514) (1,222) (3,743) Total (7) — (2,514) (1,222) (3,743) As of December 31, 2023, the Partnership did not have interest rate swaps. 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 and arises from cash and cash equivalents, short-term cash deposits, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables and amounts due from related parties. 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, 2022 2023 Cash and cash equivalents 198,122 11,887 Short-term cash deposits 25,000 — Trade and other receivables 11,185 24,444 Due from related parties — 15,295 Derivative financial instruments 3,576 — For the years ended December 31, 2021, December 31, 2022 and December 31, 2023, 56%, 44% and 39%, respectively, of the Partnership’s revenues were earned from subsidiaries of 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, 2023. 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, 2023 | |
Capital Risk Management | |
Capital Risk Management | 17. 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. Prior to the Effective Time, among other metrics, the Partnership monitored capital using a total indebtedness to total assets ratio, which was 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 was as follows: As of December 31, 2022 Borrowings—current portion 90,358 Borrowings—non-current portion 831,588 Lease liabilities—current portion 17,433 Lease liabilities —non-current portion 45,136 Derivative financial instruments—current asset (2,440) Derivative financial instruments—non-current asset (1,136) Total indebtedness 980,939 Total assets 2,015,434 Total indebtedness/total assets 48.7 % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 18. Derivative Financial Instruments The fair value of the Partnership’s derivative assets is as follows: As of December 31, 2022 2023 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps 3,576 — Total 3,576 — Derivative financial instruments—current assets 2,440 — Derivative financial instruments—non-current assets 1,136 — Total 3,576 — 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 LIBOR, and the Partnership effects quarterly payments to the counterparty on the notional amount at the respective fixed rates. In May and June 2023, GAS-twenty seven Ltd. amended the International Swaps and Derivatives Association (“ISDA”) agreements of its then outstanding swaps with DNB Bank ASA and ING Bank N.V. in order to transition away from LIBOR, incorporating ISDA standard provisions for three-month daily compounding SOFR which became effective upon LIBOR cessation. Interest rate swaps held for trading The principal terms of the interest rate swaps held for trading were as follows: Notional Amount Original Effective Termination Fixed Interest December 31, December 31, Company Counterparty Trade Date Date Date Rate 2022 2023 GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 July 2024 3.146 % 48,889 — GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 April 2025 3.069 % 40,000 — GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 July 2024 3.24 % 24,444 — GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 April 2025 3.176 % 20,000 — Total 133,333 — In August 2023, GAS-twenty seven Ltd. terminated its four interest rate swap agreements with an aggregate notional amount of $133,333 initially due in 2024 and 2025 with DNB Bank ASA, London Branch and ING Bank N.V., London Branch, receiving an amount of $3,488. The derivative instruments of the Partnership listed above were not designated as cash flow hedging instruments. The change in the fair value of the interest rate swaps for the year ended December 31, 2023 amounted to a loss of $88 (December 31, 2022 : a gain of $12,821 and December 31, 2021: a gain of $11,092), which was recognized in profit or loss in the year incurred and is included in Gain on derivatives. Forward foreign exchange contracts The Partnership may use non-deliverable forward foreign exchange contracts to mitigate foreign exchange transaction exposures in 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 The derivative instruments mentioned above were not designated as cash flow hedging instruments. During the year ended December 31, 2023, the Partnership entered into 15 new forward foreign exchange contracts with HSBC Bank PLC for a total exchange amount of EUR 11,500 with staggered settlement dates throughout 2023. An analysis of Gain on derivatives is as follows: For the year ended December 31, 2021 2022 2023 Realized loss/(gain) on interest rate swaps held for trading 8,596 3,175 (1,535) Realized gain on forward foreign exchange contracts held for trading — — (65) Unrealized (gain)/loss on interest rate swaps held for trading (11,092) (12,821) 88 Total gain on derivatives (2,496) (9,646) (1,512) 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. Fair Value Measurement ● 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, 2023 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 19. Cash Flow Reconciliations The reconciliations of the Partnership’s financing activities for the three years ended December 31, 2023 are presented in the following tables: A reconciliation of borrowings arising from financing activities is as follows: Deferred Non-cash financing Cash flows items costs, assets Borrowings January 1, 2021 1,285,543 Borrowings repayments (205,179) — — (205,179) Amortization and write-off of deferred loan issuance costs (Note 13) — 5,394 — 5,394 December 31, 2021 1,085,758 Borrowings repayments (168,585) — — (168,585) Additions in deferred loan issuance costs (21) (14) 14 (21) Amortization and write-off of deferred loan issuance costs (Note 13) — 4,794 — 4,794 December 31, 2022 921,946 Borrowings drawdowns — 50,000 — 50,000 Borrowings repayments (Note 7) (217,070) (764,080) — (981,150) Additions in deferred loan issuance costs 359 (19) (14) 326 Amortization and write-off of deferred loan issuance costs (Note 13) — 8,878 — 8,878 December 31, 2023 — A reconciliation of net derivative assets/liabilities arising from financing activities is as follows: Non-cash Net derivative Cash flows items (liabilities)/assets January 1, 2021 (20,337) Unrealized gain on interest rate swaps held for trading (Note 18) — 11,092 11,092 December 31, 2021 (9,245) Unrealized gain on interest rate swaps held for trading (Note 18) — 12,821 12,821 December 31, 2022 3,576 Proceeds from interest rate swaps termination (Note 18) (3,488) — (3,488) Unrealized loss on interest rate swaps held for trading (Note 18) — (88) (88) December 31, 2023 — A reconciliation of lease liabilities arising from financing activities is as follows: Non-cash Cash flows items Lease liabilities January 1, 2021 444 Additions — 57,671 57,671 Interest expense on leases (Note 13) — 333 333 Payments for interest (333) — (333) Payments for lease liabilities (2,217) — (2,217) December 31, 2021 55,898 Additions — 18,913 18,913 Interest expense on leases (Note 13) — 1,668 1,668 Payments for interest (1,668) — (1,668) Payments for lease liabilities (12,242) — (12,242) December 31, 2022 62,569 Additions — 54,442 54,442 Interest expense on leases (Note 13) — 3,785 3,785 Payments for interest (3,785) — (3,785) Payments for lease liabilities (23,103) — (23,103) December 31, 2023 93,908 |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation | |
Share-based Compensation | 20. Share-based Compensation The Partnership has granted to its executives RCUs and PCUs in accordance with the 2015 Plan. The details of the granted awards are presented in the following table: Fair value at grant Awards Number Grant date date RCUs 98,255 April 1, 2021 $ 2.75 PCUs 98,255 April 1, 2021 $ 2.75 RCUs 21,663 September 14,2021 $ 4.09 PCUs 21,663 September 14,2021 $ 4.09 RCUs 113,793 April 1, 2022 $ 5.80 RCUs 87,919 April 3, 2023 $ 8.36 Following the completion of the Transaction, the previously unvested RCUs and PCUs vested. The PCUs vested with performance goals deemed achieved based on actual achievement as of immediately prior to the Effective Time. 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 and was not further adjusted since the holders were 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, 2022 203,912 1.86 674 Granted during the year 113,793 — 660 Vested during the year (70,620) — (317) Outstanding as of December 31, 2022 247,085 1.49 1,017 Granted during the year 87,919 — 735 Vested during the year (335,004) — (1,752) Outstanding as of December 31, 2023 — — — PCUs Outstanding as of January 1, 2022 203,912 1.86 674 Vested during the year (65,044) — (189) Forfeited during the year (5,576) — (128) Outstanding as of December 31, 2022 133,292 0.84 357 Vested during the year (50,557) — (146) Forfeited during the year (82,735) — (211) Outstanding as of December 31, 2023 — — — The total expense recognized in respect of equity-settled employee benefits for the year ended December 31, 2023 was $1,357 ($760 for the year ended December 31, 2022; $378 for the year ended December 31, 2021). The total accrued cash distribution as of December 31, 2023 is nil (December 31, 2022: $56). |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023. During the year ended December 31, 2023, the estimated U.S. source gross transportation tax was $1,420 (December 31, 2022: $1,529 and December 31, 2021: $1,357) included in Other payables and accruals and Voyage expenses and commissions. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | 22. Subsequent Events Effective as of January 1, 2024, Mr. Julian Metherell and Mr. James Berner resigned from the Board. Ms. Despoina Kyritsi and Mr. Konstantinos Andreou were appointed to serve as members of the Partnership’s Board and Audit Committee, effective as of January 1, 2024. On February 26, 2024, 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 $0.7253680 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, 2024 to all unitholders of record as of March 8, 2024. |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Material 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, except for the revaluation of derivative financial instruments. 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. As of December 31, 2023, the Partnership’s current assets totaled $60,244 while current liabilities totaled $80,349, resulting in a negative working capital position of $20,105. Current liabilities include an amount of $28,469 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, 2023 as the services are rendered). In considering going concern, management has reviewed the Partnership’s future cash requirements and earnings projections. On March 7, 2024, 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 (i) revenues and related operating expenses and (ii) 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. 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. Each component is accounted for in accordance with the applicable accounting standard. The revenue in relation to the lease component of the agreements is accounted for under IFRS 16 Leases Revenue from Contracts with Customers 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 |
Financial income and costs | Financial income and costs Interest income, interest expense, other borrowing costs and realized loss/gain 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. The exchange differences from cash are classified in Financial costs, while all other foreign exchange differences are classified in General and administrative expenses. |
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. |
Non-current assets held for sale | Non-current assets held for sale Non-current assets (such as vessels) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use, where the asset is available for immediate sale in its present condition, and the sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets held for sale are presented separately from the other assets in the statement of financial position and are not depreciated or amortized while they are classified as held for sale. |
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 LNG vessels are also required to undergo an underwater survey in lieu of dry-docking (“intermediate survey”) in order to meet certain classification requirements. The intermediate survey component is estimated after the first intermediate survey, which takes place between the first and the second dry-docking and is amortized over the period until the next dry-docking which is estimated to be two The expected useful lives are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Intermediate survey component the period until the next dry-docking (i.e. 1-3 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. Management estimates the residual value of its vessels to be equal to the product of their lightweight tonnage (“LWT”) and an estimated scrap rate per LWT. 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. Gain or loss on disposal is determined by comparing proceeds from sale, net of costs attributable to such sale, with the carrying amount of the vessel sold. |
Impairment of tangible fixed assets and right-of-use assets | Impairment of tangible fixed assets and right-of-use assets All assets 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 an asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value in use”. The fair value less costs of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs of disposal, while “value in use” is the expected value of all expectations about possible estimated future cash flows, discounted to their present value. Recoverable amounts are estimated for individual assets. Each vessel is considered to be a single cash-generating unit. The fair value less costs 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 Lease income from operating leases of vessels where the Partnership is a lessor is recognized in the statement of profit or loss on a straight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their nature under “Tangible fixed assets” or “Right-of-use assets”. The Partnership is a lessee under vessel sale and lease – Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), initially measured using the index or rate as at the commencement date, (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Partnership’s incremental borrowing rate, which is the Partnership’s current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. Payments associated with short-term leases and leases of 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 vessel equipment with value of less or equal to $5. |
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 time 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 cash deposits Short-term cash deposits 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 5 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 or leases 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. |
Employee benefits | Employee benefits ● Short-term employee benefits Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current liabilities in the consolidated statement of financial position. ● Long-term employee benefits Long-term employee benefits are employee benefits that are not expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the service that gives rise to the benefit. These obligations are classified as Long-term liabilities and are measured as the present value of expected future payments to be made with any unwinding in the discount reflected in the consolidated statement of profit or loss. ● 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. If a grant of equity instruments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied) (a) the Partnership shall account for the cancellation or settlement as an acceleration of vesting, and shall therefore recognize immediately the amount that otherwise would have been recognized for services received over the remainder of the vesting period and (b) any payment made to the employee on the cancellation or settlement of the grant shall be accounted for as the repurchase of an equity interest, i.e. as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments granted, measured at the repurchase date. Any such excess shall be recognized as an expense. |
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 as of December 31, 2022, management made several critical accounting judgments in preparing its discounted cashflow analysis, that had the most significant effect on the amounts recognized in the consolidated financial statements. As of December 31, 2023, limited judgements were made in assessing internal and external factors of impairment and reversal triggers that could have impacted the amounts recognized in the consolidated financial statements. Key sources of estimation uncertainty are as follows: Impairment of vessels: 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 GasLog’s lenders for determining compliance with the relevant covenants in GasLog’s credit facilities. Vessel values can be highly volatile, so the charter-free market values may not be indicative of the current or future market value of the Partnership’s vessels, or prices that could be achieved if it were to sell them. As of December 31, 2022, a number of negative indicators such as the continuous decline of the charter-free market values of the Partnership’s steam turbine propulsion (“Steam”) vessels, as estimated by ship brokers, driven by reduced market expectations of the long-term rates at which the Partnership could expect to secure term employment for the remaining economic lives of the Steam vessels, combined with potential costs of compliance with environmental regulations applicable from 2023 onwards, continued to influence management’s strategic decisions and prompted the Partnership to conclude that events and circumstances triggered the existence of potential impairment of Steam vessels, resulting in the company performing a discounted cash flow analysis, with no impairment indicators identified with respect to the remaining owned and bareboat fleet as of December 31, 2022. As of December 31, 2023, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its owned and bareboat fleet. |
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 February 2021, the IASB amended IAS 1 Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors All other IFRS standards and amendments that became effective in the current year were not relevant to the Partnership or were 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 standards and amendments relevant to the Partnership were in issue but not yet effective: 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 In June 2023, the International Sustainability Standards Board (“ISSB”) issued IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information Climate-related Disclosures 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, 2023 | |
Organization and Operations | |
Schedule of composition of the group | As of December 31, 2023, the companies listed below were 100% held by the Partnership. The Partnership wholly owned 11 LNG vessels and operated three LNG vessels leased back under bareboat charters, as described above: Cargo Capacity Place of Date of Cubic Meters Name Incorporation Incorporation Principal Activities Vessel (“cbm”) Delivery Date GAS-three Ltd. Bermuda April 2010 Right-of-use asset 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 Right-of-use asset 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 Dormant — — — GAS-twenty one Ltd. Bermuda April 2014 Right-of-use asset 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 — — — GasLog-two Malta Ltd. Malta August 2022 Dormant — — — |
Material Accounting Policies (T
Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies | |
Schedule of expected useful lives | Vessel LNG vessel component 35 years Dry-docking component 5 years Intermediate survey component the period until the next dry-docking (i.e. 1-3 years) |
Tangible fixed assets (Tables)
Tangible fixed assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tangible fixed assets | |
Schedule of movements in tangible fixed assets | Total Other tangible tangible fixed Cost Vessels assets assets As of January 1, 2022 2,681,095 4,089 2,685,184 Additions, net 1,835 1,523 3,358 Transfer under Vessels held for sale (324,034) — (324,034) As of December 31, 2022 2,358,896 5,612 2,364,508 Additions, net 7,748 1,705 9,453 Disposal (203,884) — (203,884) Write-off of fully amortized drydocking component (7,173) — (7,173) As of December 31, 2023 2,155,587 7,317 2,162,904 Accumulated depreciation and impairment loss As of January 1, 2022 796,601 — 796,601 Depreciation 68,264 — 68,264 Impairment loss on vessels 4,444 — 4,444 Transfer under Vessels held for sale (182,572) — (182,572) As of December 31, 2022 686,737 — 686,737 Depreciation 59,424 — 59,424 Disposal (53,542) — (53,542) Write-off of fully amortized drydocking component (7,173) — (7,173) As of December 31, 2023 685,446 — 685,446 Net book value As of December 31, 2022 1,672,159 5,612 1,677,771 As of December 31, 2023 1,470,141 7,317 1,477,458 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of movements in right-of-use assets | Vessels’ Right-of-Use Assets Vessels Equipment Total As of January 1, 2022 81,651 345 81,996 Additions, net 30,361 194 30,555 Depreciation (18,854) (372) (19,226) As of December 31, 2022 93,158 167 93,325 Additions, net 71,315 957 72,272 Depreciation (38,650) (398) (39,048) As of December 31, 2023 125,823 726 126,549 |
Schedule of analysis of lease liabilities | Lease Liabilities 2022 2023 As of January 1, 55,898 62,569 Additions, net 18,913 54,442 Interest expense on leases (Note 13) 1,668 3,785 Payments (13,910) (26,888) As of December 31, 62,569 93,908 Lease liabilities—current portion 17,433 28,831 Lease liabilities—non-current portion 45,136 65,077 Total 62,569 93,908 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | As of December 31, 2022 2023 Due from charterers 2,999 6,374 Accrued income 4,440 8,708 Insurance claims 1,125 3,433 Other receivables 2,621 5,929 Total 11,185 24,444 |
Partners' Equity (Tables)
Partners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Partners' Equity | |
Schedule of cash distributions | Type of Distribution Payment Amount Declaration date units per unit date 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 July 26, 2021 Common $ 0.01 August 12, 2021 522 July 26, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 13, 2021 7,412 October 26, 2021 Common $ 0.01 November 12, 2021 522 November 16, 2021 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 14, 2021 7,287 Total $ 31,877 January 26, 2022 Common $ 0.01 February 9, 2022 522 February 25, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2022 7,112 April 27, 2022 Common $ 0.01 May 11, 2022 522 May 12, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 15, 2022 6,898 July 27, 2022 Common $ 0.01 August 11, 2022 528 July 27, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 September 15, 2022 6,777 October 26, 2022 Common $ 0.01 November 10, 2022 528 October 26, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 December 15, 2022 6,214 Total $ 29,101 January 25, 2023 Common $ 0.01 February 9, 2023 528 January 25, 2023 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2023 6,159 April 26, 2023 Common $ 0.01 May 11, 2023 529 May 10, 2023 Preference (Series A, B, C) $ 0.5390625, $0.6887222, $0.53125 June 15, 2023 6,776 July 7, 2023 Common $ 3.28 July 12, 2023 174,797 August 2, 2023 Preference (Series A, B, C) $ 0.5390625, $0.7249747, $0.53125 September 15, 2023 6,902 November 15, 2023 Preference (Series A, B, C) $ 0.5390625, $0.7274123, $0.53125 December 15, 2023 6,910 December 22, 2023 Common $ 5.2380174 December 22, 2023 89,658 Total $ 292,259 |
Schedule of preference units repurchased and cancelled as well as the amounts paid including commissions | Amount paid including Series Number of units commissions Series B Preference Units 464,429 11,580 Series C Preference Units 269,549 6,808 Total for the year ended December 31, 2021 733,978 $ 18,388 Series A Preference Units 665,016 16,423 Series B Preference Units 639,189 16,080 Series C Preference Units 669,406 16,744 Total for the year ended December 31, 2022 1,973,611 $ 49,247 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2022 2023 Amounts due within one year 93,964 — Less: unamortized deferred loan issuance costs (3,606) — Borrowings—current portion 90,358 — Amounts due after one year 837,186 — Less: unamortized deferred loan issuance costs (5,598) — Borrowings—non-current portion 831,588 — Total 921,946 — |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | As of December 31, 2022 2023 Unearned revenue 30,991 28,469 Accrued off-hire 1,800 3,443 Accrued purchases 4,096 1,992 Accrued interest 12,838 — Other accruals 7,541 8,284 Total 57,266 42,188 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenues | |
Schedule of revenues | For the year ended December 31, 2021 2022 2023 Revenues from long-term time charters 221,813 183,232 164,257 Revenues from spot time charters 104,329 187,802 233,581 Total 326,142 371,034 397,838 |
Voyage Expenses and Commissio_2
Voyage Expenses and Commissions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Voyage Expenses and Commissions | |
Schedule of voyage expenses and commissions | For the year ended December 31, 2021 2022 2023 Brokers’ commissions on revenues 3,441 3,990 4,524 Bunkers’ consumption and other voyage expenses 3,422 2,766 6,474 Total 6,863 6,756 10,998 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the year ended December 31, 2021 2022 2023 Administrative services fees (Note 14) 4,708 8,513 8,996 Commercial management fees (Note 14) 5,400 4,610 4,890 Share-based compensation (Note 20) 378 760 1,357 Other expenses 2,876 3,626 7,552 Total 13,362 17,509 22,795 |
Vessel Operating Costs (Tables)
Vessel Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Vessel Operating Costs | |
Schedule of vessel operating costs | For the year ended December 31, 2021 2022 2023 Crew costs 38,768 40,019 35,576 Technical maintenance expenses 19,342 16,030 17,591 Other operating expenses 17,223 16,314 14,586 Total 75,333 72,363 67,753 |
Net Financial Income and Costs
Net Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Financial Income and Costs | |
Schedule of net financial income and costs | For the year ended December 31, 2021 2022 2023 Financial income Financial income 43 2,363 7,612 Total financial income 43 2,363 7,612 Financial costs Amortization and write-off of deferred loan issuance costs 5,394 4,794 8,878 Interest expense on loans 30,114 40,879 53,694 Interest expense on leases 333 1,668 3,785 Commitment fees 304 68 — Other financial costs including bank commissions 1,152 230 703 Total financial costs 37,297 47,639 67,060 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Schedule of balances with related parties | As of December 31, 2022 2023 Amounts due from related parties Due from GasLog LNG Services (a) — 1,803 Due from GasLog (b) — 13,492 Total — 15,295 As of December 31, 2022 2023 Amounts due to related parties Due to GasLog LNG Services (a) 1,364 — Due to GasLog (b) 1,509 — Total 2,873 — (a) The balance for the year ended December 31, 2023 represents mainly cash advanced by the Partnership to GasLog LNG Services. The balance for the year ended December 31, 2022 represents mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balance for the year ended December 31, 2023 represents mainly cash advanced by the Partnership to GasLog. The balance for the year ended December 31, 2022 represents mainly payments made by GasLog on behalf of the Partnership. |
Schedule of related party transactions | Company Details Account 2021 2022 2023 GasLog LNG Services Commercial management fee (i) General and administrative expenses 5,400 4,610 4,890 GasLog Administrative services fee (ii) General and administrative expenses 4,708 8,513 8,996 GasLog LNG Services Management fees (iii) Vessel operating costs 7,728 6,498 6,300 GasLog LNG Services Other vessel operating costs Vessel operating costs 30 28 49 GasLog Commitment fee under Sponsor Credit Facility (Note 7) Financial costs 304 68 — GasLog Realized loss on interest rate swaps held for trading (Note 18) Gain on derivatives 4,586 1,347 — (i) Commercial Management Agreements The vessel-owning subsidiaries of GasLog Partners had entered into commercial management agreements with GasLog (collectively, the “Commercial Management Agreements”), pursuant to which GasLog provided 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 agreements was $360 for each vessel payable quarterly in advance in lump sum amounts. Effective July 21, 2020, October 1, 2020 and November 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. Beginning January 1, 2022, the annual commercial management fee changed from a fixed annual amount to a fixed commission of 1.25% on the annual gross charter revenues of each vessel, which will continue to be payable monthly in advance. (ii) Administrative Services Agreement The Partnership has 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, 2021, 2022 and 2023, the annual service fee was $314 , $579 and $643 per vessel per year, respectively. (iii) Ship Management Agreements Each of the vessel owning subsidiaries of GasLog Partners has entered into a ship management agreement and subsequent amendments (collectively, the “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 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 Ship Management Agreement continues indefinitely until terminated by either party. With effect from January 1, 2022, the management fee was changed to $37.5 per vessel per month. In April 2022, GAS-eight Ltd. entered into a similar management agreement for the Solaris ● Omnibus Agreement On May 12, 2014, the Partnership entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. On July 21, 2023, the Board approved the termination of the Omnibus Agreement with GasLog, its general partner and certain other subsidiaries. The omnibus agreement governed among other things (i) when and the extent to which the Partnership and GasLog would compete against each other, (ii) the time and the value at which the Partnership would 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 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Schedule of future gross minimum payments receivable in relation to non-cancellable time charter agreements | As of December 31, Period 2023 Not later than one year 262,951 Later than one year and not later than two years 197,583 Later than two years and not later than three years 120,904 Later than three years and not later than four years 96,536 Later than four years and not later than five years 86,173 More than five years 31,405 Total 795,552 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 Trade accounts payable 8,895 405 — — — 9,300 Due to related parties — 2,873 — — — 2,873 Other payables and accruals* 8,780 10,733 6,669 — — 26,182 Other non-current liabilities* — — — 79 — 79 Lease liabilities 1,642 3,125 14,453 47,067 — 66,287 Variable interest loans 6.50 % 13,622 22,188 104,684 900,841 26,274 1,067,609 Total 32,939 39,324 125,806 947,987 26,274 1,172,330 December 31, 2023 Trade accounts payable 9,224 106 — — — 9,330 Other payables and accruals* 2,306 3,901 7,418 — — 13,625 Lease liabilities 2,717 5,260 24,317 68,862 — 101,156 Total 14,247 9,267 31,735 68,862 — 124,111 * Non-financial liabilities are excluded. |
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, 2022 Interest rate swaps (7) — (2,514) (1,222) (3,743) Total (7) — (2,514) (1,222) (3,743) |
Summary of credit risk exposure | As of December 31, 2022 2023 Cash and cash equivalents 198,122 11,887 Short-term cash deposits 25,000 — Trade and other receivables 11,185 24,444 Due from related parties — 15,295 Derivative financial instruments 3,576 — |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Risk Management | |
Schedule of the total indebtedness to total assets ratio | As of December 31, 2022 Borrowings—current portion 90,358 Borrowings—non-current portion 831,588 Lease liabilities—current portion 17,433 Lease liabilities —non-current portion 45,136 Derivative financial instruments—current asset (2,440) Derivative financial instruments—non-current asset (1,136) Total indebtedness 980,939 Total assets 2,015,434 Total indebtedness/total assets 48.7 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Financial Instruments | |
Schedule of fair value of the derivative assets | As of December 31, 2022 2023 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps 3,576 — Total 3,576 — Derivative financial instruments—current assets 2,440 — Derivative financial instruments—non-current assets 1,136 — Total 3,576 — |
Schedule of interest rate swaps held for trading | Notional Amount Original Effective Termination Fixed Interest December 31, December 31, Company Counterparty Trade Date Date Date Rate 2022 2023 GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 July 2024 3.146 % 48,889 — GAS-twenty seven Ltd. DNB Bank ASA July 2020 July 2020 April 2025 3.069 % 40,000 — GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 July 2024 3.24 % 24,444 — GAS-twenty seven Ltd. ING Bank N.V. July 2020 July 2020 April 2025 3.176 % 20,000 — Total 133,333 — |
Schedule of analysis of gain on derivatives | For the year ended December 31, 2021 2022 2023 Realized loss/(gain) on interest rate swaps held for trading 8,596 3,175 (1,535) Realized gain on forward foreign exchange contracts held for trading — — (65) Unrealized (gain)/loss on interest rate swaps held for trading (11,092) (12,821) 88 Total gain on derivatives (2,496) (9,646) (1,512) |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Deferred Non-cash financing Cash flows items costs, assets Borrowings January 1, 2021 1,285,543 Borrowings repayments (205,179) — — (205,179) Amortization and write-off of deferred loan issuance costs (Note 13) — 5,394 — 5,394 December 31, 2021 1,085,758 Borrowings repayments (168,585) — — (168,585) Additions in deferred loan issuance costs (21) (14) 14 (21) Amortization and write-off of deferred loan issuance costs (Note 13) — 4,794 — 4,794 December 31, 2022 921,946 Borrowings drawdowns — 50,000 — 50,000 Borrowings repayments (Note 7) (217,070) (764,080) — (981,150) Additions in deferred loan issuance costs 359 (19) (14) 326 Amortization and write-off of deferred loan issuance costs (Note 13) — 8,878 — 8,878 December 31, 2023 — |
Schedule of reconciliation of net derivatives assets/liabilities arising from financing activities | Non-cash Net derivative Cash flows items (liabilities)/assets January 1, 2021 (20,337) Unrealized gain on interest rate swaps held for trading (Note 18) — 11,092 11,092 December 31, 2021 (9,245) Unrealized gain on interest rate swaps held for trading (Note 18) — 12,821 12,821 December 31, 2022 3,576 Proceeds from interest rate swaps termination (Note 18) (3,488) — (3,488) Unrealized loss on interest rate swaps held for trading (Note 18) — (88) (88) December 31, 2023 — |
Schedule of reconciliation of lease liabilities arising from financing activities | Non-cash Cash flows items Lease liabilities January 1, 2021 444 Additions — 57,671 57,671 Interest expense on leases (Note 13) — 333 333 Payments for interest (333) — (333) Payments for lease liabilities (2,217) — (2,217) December 31, 2021 55,898 Additions — 18,913 18,913 Interest expense on leases (Note 13) — 1,668 1,668 Payments for interest (1,668) — (1,668) Payments for lease liabilities (12,242) — (12,242) December 31, 2022 62,569 Additions — 54,442 54,442 Interest expense on leases (Note 13) — 3,785 3,785 Payments for interest (3,785) — (3,785) Payments for lease liabilities (23,103) — (23,103) December 31, 2023 93,908 |
Share-based Compensation (Table
Share-based Compensation (Tables) - Long-Term Incentive Plan 2015 | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation | |
Summary of awards granted | Fair value at grant Awards Number Grant date date RCUs 98,255 April 1, 2021 $ 2.75 PCUs 98,255 April 1, 2021 $ 2.75 RCUs 21,663 September 14,2021 $ 4.09 PCUs 21,663 September 14,2021 $ 4.09 RCUs 113,793 April 1, 2022 $ 5.80 RCUs 87,919 April 3, 2023 $ 8.36 |
Summary of activity | Weighted Number of average Aggregate awards contractual life fair value RCUs Outstanding as of January 1, 2022 203,912 1.86 674 Granted during the year 113,793 — 660 Vested during the year (70,620) — (317) Outstanding as of December 31, 2022 247,085 1.49 1,017 Granted during the year 87,919 — 735 Vested during the year (335,004) — (1,752) Outstanding as of December 31, 2023 — — — PCUs Outstanding as of January 1, 2022 203,912 1.86 674 Vested during the year (65,044) — (189) Forfeited during the year (5,576) — (128) Outstanding as of December 31, 2022 133,292 0.84 357 Vested during the year (50,557) — (146) Forfeited during the year (82,735) — (211) Outstanding as of December 31, 2023 — — — |
Organization and Operations (De
Organization and Operations (Details) $ / shares in Units, $ in Thousands | 116 Months Ended | |||||||
Jul. 13, 2023 $ / shares | Jul. 07, 2023 | Apr. 06, 2023 $ / shares | Mar. 30, 2023 | Oct. 26, 2021 | May 12, 2014 item | Dec. 31, 2023 item director | Jul. 03, 2023 USD ($) | |
Organization and Operations | ||||||||
Number of LNG carriers acquired on IPO | 3 | |||||||
Aggregate purchase price per common unit in cash | $ / shares | $ 8.65 | $ 8.65 | ||||||
Special distribution per common unit in cash, included in aggregate purchase price | $ / shares | $ 3.28 | |||||||
Percentage of ownership by certain unitholders subject to cutback | 4.90% | |||||||
Right to receive cash for each common unit | $ / shares | $ 5.37 | |||||||
Number Of Directors | director | 3 | |||||||
Percentage of ownership in each entity acquired | 100% | |||||||
Number of entities acquired | 15 | |||||||
Number of vessels owned | 11 | |||||||
Number of vessels under lease-back | 3 | |||||||
Bridge Facility Agreement | ||||||||
Organization and Operations | ||||||||
Aggregate principal amount | $ | $ 50,000 | |||||||
GAS-three Ltd. | ||||||||
Organization and Operations | ||||||||
Lease-back bareboat charter period in years | 5 years | |||||||
GAS-five Ltd. | ||||||||
Organization and Operations | ||||||||
Lease-back bareboat charter period in years | 5 years |
Organization and Operations - C
Organization and Operations - Composition of group (Details) | Dec. 31, 2023 m³ |
GAS-three Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 155,000 |
GAS-four Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 155,000 |
GAS-five Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 155,000 |
GAS-seven Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 155,000 |
GAS-eight Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 155,000 |
GAS-eleven Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 174,000 |
GAS-twelve Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 174,000 |
GAS-thirteen Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 174,000 |
GAS-fourteen Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 174,000 |
GAS-sixteen Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 145,000 |
GAS-seventeen Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 145,000 |
GAS-nineteen Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 145,000 |
GAS-twenty Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
GAS-twenty one Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 145,000 |
GAS-twenty seven Ltd. | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Cargo capacity (in cbm) | 170,000 |
GasLog Partners Holdings LLC | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
GasLog-two Malta Ltd | |
Organization and Operations | |
Ownership interest in subsidiary (in percent) | 100% |
Material Accounting Policies -
Material Accounting Policies - Going concern (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Material Accounting Policies | ||
Current assets | $ 60,244 | $ 243,033 |
Current liabilities | 80,349 | 177,230 |
Working capital position | (20,105) | |
Unearned revenue | $ 28,469 | $ 30,991 |
Material Accounting Policies _2
Material Accounting Policies - Tangible fixed assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
LNG vessel component | |
Vessel cost: | |
Useful lives | 35 years |
Dry-docking component | |
Vessel cost: | |
Useful lives | 5 years |
Intermediate survey component, estimated | |
Vessel cost: | |
Useful lives | 2 years 6 months |
Intermediate survey component, estimated | Minimum | |
Vessel cost: | |
Useful lives | 1 year |
Intermediate survey component, estimated | Maximum | |
Vessel cost: | |
Useful lives | 3 years |
Material Accounting Policies _3
Material Accounting Policies - Segment information (Details) | 12 Months Ended |
Dec. 31, 2023 item | |
Material Accounting Policies | |
Number of LNG carriers owned by each vessel-owning company | 1 |
Material Accounting Policies _4
Material Accounting Policies - Critical accounting judgments and key sources of estimation uncertainty (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Impairment of vessels | ||
Tangible fixed assets | $ 1,477,458 | $ 1,677,771 |
Vessels | ||
Impairment of vessels | ||
Tangible fixed assets | $ 1,470,141 | $ 1,672,159 |
Tangible fixed assets (Details)
Tangible fixed assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tangible fixed assets | ||
Balance, at the beginning of the year | $ 1,677,771 | |
Balance, at the end of the year | 1,477,458 | $ 1,677,771 |
GasLog Facility | ||
Tangible fixed assets | ||
Notional amount | 2,800,000 | |
Cost | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | 2,364,508 | 2,685,184 |
Additions, net | 9,453 | 3,358 |
Disposals | (203,884) | |
Transfer under Vessels held for sale | (324,034) | |
Write-off of fully amortized drydocking component | (7,173) | |
Balance, at the end of the year | 2,162,904 | 2,364,508 |
Accumulated depreciation and impairment loss | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | (686,737) | (796,601) |
Depreciation | (59,424) | (68,264) |
Disposals | 53,542 | |
Impairment loss on vessels | (4,444) | |
Transfer under Vessels held for sale | 182,572 | |
Write-off of fully amortized drydocking component | 7,173 | |
Balance, at the end of the year | (685,446) | (686,737) |
Vessels | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | 1,672,159 | |
Balance, at the end of the year | 1,470,141 | 1,672,159 |
Vessels | Cost | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | 2,358,896 | 2,681,095 |
Additions, net | 7,748 | 1,835 |
Disposals | (203,884) | |
Transfer under Vessels held for sale | (324,034) | |
Write-off of fully amortized drydocking component | (7,173) | |
Balance, at the end of the year | 2,155,587 | 2,358,896 |
Vessels | Accumulated depreciation and impairment loss | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | (686,737) | (796,601) |
Depreciation | (59,424) | (68,264) |
Disposals | 53,542 | |
Impairment loss on vessels | (4,444) | |
Transfer under Vessels held for sale | 182,572 | |
Write-off of fully amortized drydocking component | 7,173 | |
Balance, at the end of the year | (685,446) | (686,737) |
Other tangible assets | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | 5,612 | |
Balance, at the end of the year | 7,317 | 5,612 |
Other tangible assets | Cost | ||
Tangible fixed assets | ||
Balance, at the beginning of the year | 5,612 | 4,089 |
Additions, net | 1,705 | 1,523 |
Balance, at the end of the year | $ 7,317 | $ 5,612 |
Tangible fixed assets - Impairm
Tangible fixed assets - Impairment (Details) - GasLog Sydney - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2023 | Dec. 31, 2023 | |
Tangible fixed assets | ||
Carrying amount reclassified as "Vessel held for sale" | $ 150,342 | |
Impairment loss from remeasurement at lower of carrying amount and fair value less costs to sell | $ 142 | |
Gains (losses) arising from sale and leaseback transactions | $ (1,033) |
Leases - Movements in right-of
Leases - Movements in right-of use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Balance at the beginning | $ 93,325 | $ 81,996 |
Additions, net | 72,272 | 30,555 |
Depreciation | (39,048) | (19,226) |
Balance at the end | 126,549 | 93,325 |
Vessels | ||
Leases | ||
Balance at the beginning | 93,158 | 81,651 |
Additions, net | 71,315 | 30,361 |
Depreciation | (38,650) | (18,854) |
Balance at the end | 125,823 | 93,158 |
Vessels' Equipment | ||
Leases | ||
Balance at the beginning | 167 | 345 |
Additions, net | 957 | 194 |
Depreciation | (398) | (372) |
Balance at the end | $ 726 | $ 167 |
Leases - Additional information
Leases - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 30, 2023 | Oct. 31, 2022 | Oct. 26, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Recognition of right-of-use asset | $ 72,272 | $ 30,555 | |||
Recognition of lease liability | 54,442 | 18,913 | |||
Revenue from sublease | $ 69,082 | $ 24,973 | |||
GAS-three Ltd. | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Proceeds from sale and finance leaseback | $ 117,569 | ||||
Lease-back bareboat charter period in years | 5 years | ||||
Recognition of right-of-use asset | $ 84,761 | ||||
Recognition of lease liability | $ 57,396 | ||||
GAS-twenty one Ltd. | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Proceeds from sale and finance leaseback | $ 49,472 | ||||
Recognition of right-of-use asset | 30,345 | ||||
Recognition of lease liability | $ 18,719 | ||||
GAS-five Ltd. | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Proceeds from sale and finance leaseback | $ 137,188 | ||||
Lease-back bareboat charter period in years | 5 years | ||||
Recognition of right-of-use asset | $ 67,779 | ||||
Recognition of lease liability | $ 55,800 |
Leases - Analysis of the lease
Leases - Analysis of the lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | |||
Balance at the beginning | $ 62,569 | $ 55,898 | |
Additions, net | 54,442 | 18,913 | |
Interest expense on leases | 3,785 | 1,668 | $ 333 |
Payments | (26,888) | (13,910) | |
Balance at the end | 93,908 | 62,569 | $ 55,898 |
Lease liabilities-current portion | 28,831 | 17,433 | |
Lease liabilities-non-current portion | $ 65,077 | $ 45,136 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and Other Receivables | ||
Due from charterers | $ 6,374 | $ 2,999 |
Accrued income | 8,708 | 4,440 |
Insurance claims | 3,433 | 1,125 |
Other receivables | 5,929 | 2,621 |
Total | $ 24,444 | $ 11,185 |
Partners' Equity (Details)
Partners' Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Jul. 03, 2023 shares | Apr. 03, 2023 EquityInstruments shares | Jul. 01, 2022 shares | Jun. 30, 2022 EquityInstruments shares | Apr. 01, 2022 EquityInstruments shares | Jul. 01, 2021 shares | Apr. 06, 2021 EquityInstruments shares | Dec. 31, 2023 EquityInstruments shares | Dec. 31, 2022 USD ($) EquityInstruments shares | Dec. 31, 2021 USD ($) $ / shares shares | |
RCUs | ||||||||||
Equity transactions | ||||||||||
Number of units vested during the period | EquityInstruments | 92,805 | 50,982 | 19,638 | 5,984 | 335,004 | 70,620 | ||||
PCUs | ||||||||||
Equity transactions | ||||||||||
Number of units vested during the period | EquityInstruments | 16,089 | 50,982 | 14,062 | 2,992 | 50,557 | 65,044 | ||||
GasLog Ltd. | ||||||||||
Equity transactions | ||||||||||
General partner interest in GasLog Partners | 2% | 2% | ||||||||
ATM Programme | ||||||||||
Equity transactions | ||||||||||
Remaining authorized amount | $ | $ 116,351 | |||||||||
Common units | ||||||||||
Equity transactions | ||||||||||
Number of units issued in share-based payment | 108,894 | 8,976 | ||||||||
Number of common units in public offering or general partner units | 3,195,401 | |||||||||
Number of units issued | 135,664 | |||||||||
Common units | Long-Term Incentive Plan 2015 | ||||||||||
Equity transactions | ||||||||||
Number of units issued in share-based payment | 108,894 | 101,964 | 33,700 | 8,976 | ||||||
Common units | ATM Programme | ||||||||||
Equity transactions | ||||||||||
Number of common units in public offering or general partner units | 3,195,401 | |||||||||
Price per unit | $ / shares | $ 3.19 | |||||||||
Net proceeds from issuance of units | $ | $ 9,634 | |||||||||
Common units | Conversion of B units | ||||||||||
Equity transactions | ||||||||||
Number of units issued upon conversion | 415,000 | 415,000 | 415,000 | |||||||
General partner units | ||||||||||
Equity transactions | ||||||||||
Number of common units in public offering or general partner units | 56,158 | |||||||||
Number of units issued | 2,769 | |||||||||
Net proceeds from issuance of units | $ | $ 16 | $ 205 |
Partners' Equity - Partnership'
Partners' Equity - Partnership's capital (Details) - $ / shares | 12 Months Ended | |||||
Jul. 13, 2023 | Apr. 06, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Partners' Equity | ||||||
Overall consideration | $ 8.65 | $ 8.65 | ||||
Common units | ||||||
Partners' Equity | ||||||
Number of shares/units cancelled | 36,175,157 | 36,175,157 | ||||
Number of shares outstanding | 16,036,602 | 51,687,865 | 51,137,201 | 47,517,824 | ||
General partner units | ||||||
Partners' Equity | ||||||
Number of shares outstanding | 1,080,263 | 1,080,263 | 1,077,494 | 1,021,336 | ||
Preference units | ||||||
Partners' Equity | ||||||
Number of shares outstanding | 11,642,411 | 11,642,411 | 13,616,022 | 14,350,000 | ||
Series A preference units | ||||||
Partners' Equity | ||||||
Number of shares outstanding | 5,084,984 | 5,084,984 | ||||
Series B preference units | ||||||
Partners' Equity | ||||||
Number of shares outstanding | 3,496,382 | 3,496,382 | ||||
Series C preference units | ||||||
Partners' Equity | ||||||
Number of shares outstanding | 3,061,045 | 3,061,045 | ||||
Class B units | ||||||
Partners' Equity | ||||||
Number of shares/units cancelled | 830,000 | 830,000 | ||||
Number of shares outstanding | 1,245,000 | 1,660,000 | 2,075,000 |
Partners' Equity - Cash distrib
Partners' Equity - Cash distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 22, 2023 | Dec. 15, 2023 | Nov. 15, 2023 | Sep. 15, 2023 | Aug. 02, 2023 | Jul. 12, 2023 | Jul. 07, 2023 | Jun. 15, 2023 | May 11, 2023 | May 10, 2023 | Apr. 26, 2023 | Mar. 15, 2023 | Feb. 09, 2023 | Jan. 25, 2023 | Dec. 15, 2022 | Nov. 10, 2022 | Oct. 26, 2022 | Sep. 15, 2022 | Aug. 11, 2022 | Jul. 27, 2022 | Jun. 15, 2022 | May 12, 2022 | May 11, 2022 | Apr. 27, 2022 | Mar. 15, 2022 | Feb. 25, 2022 | Feb. 09, 2022 | Jan. 26, 2022 | Dec. 14, 2021 | Nov. 16, 2021 | Nov. 12, 2021 | Oct. 26, 2021 | Sep. 13, 2021 | Aug. 12, 2021 | Jul. 26, 2021 | Jun. 14, 2021 | May 13, 2021 | Apr. 28, 2021 | Mar. 15, 2021 | Feb. 19, 2021 | Feb. 11, 2021 | Jan. 27, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Amount paid | $ 292,259 | $ 29,101 | $ 31,877 | ||||||||||||||||||||||||||||||||||||||||||
Common units | |||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | $ 5.2380174 | $ 3.28 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||||
Amount paid | $ 89,658 | $ 174,797 | $ 529 | $ 528 | $ 528 | $ 528 | $ 522 | $ 522 | $ 522 | $ 522 | $ 485 | $ 485 | |||||||||||||||||||||||||||||||||
Preference units | |||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Amount paid | $ 6,910 | $ 6,902 | $ 6,776 | $ 6,159 | $ 6,214 | $ 6,777 | $ 6,898 | $ 7,112 | $ 7,287 | $ 7,412 | $ 7,582 | $ 7,582 | |||||||||||||||||||||||||||||||||
Series A preference units | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | 0.7274123 | 0.7249747 | 0.6887222 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.5125 | |||||||||||||||||||||||||||||||||
Series C preference units | |||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Cash distribution declared | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 |
Partners' Equity - Voting Right
Partners' Equity - Voting Rights (Details) | Dec. 31, 2023 Vote item director |
Common units | |
Partners' Equity | |
Number of votes per unit | Vote | 1 |
Preference units | |
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 | director | 1 |
Minimum number of quarterly periods of distributions in arrears for unitholders to become entitled to elect director | item | 6 |
Preference units | General partner | |
Partners' Equity | |
Number of directors that may be appointed | director | 1 |
Partners' Equity - General Part
Partners' Equity - General Partner Interest (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
General partner | ||
Partners' Equity | ||
Percentage interest on distributions to general partner | 6.30% | 2% |
Partners- Equity - Preference U
Partners- Equity - Preference Units (Details) - $ / shares | 62 Months Ended | 64 Months Ended | 121 Months Ended | |||||||
Jun. 15, 2027 | Mar. 15, 2024 | Sep. 15, 2023 | 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 | ||||||||||
Partners' Equity | ||||||||||
Distribution rate | 8.625% | |||||||||
Liquidation preference per unit | $ 25 | |||||||||
Rate under fallback provision if there is no published LIBOR rate | 8.625% | |||||||||
Series B preference units | ||||||||||
Partners' Equity | ||||||||||
Distribution rate | 8.20% | |||||||||
Liquidation preference per unit | $ 25 | |||||||||
Series B preference units | LIBOR | ||||||||||
Partners' Equity | ||||||||||
Variable rate spread | 5.839% | |||||||||
Series B preference units | SOFR | ||||||||||
Partners' Equity | ||||||||||
Variable rate spread | 5.839% | |||||||||
Additional variable rate spread | 0.26161% | |||||||||
Series C preference units | ||||||||||
Partners' Equity | ||||||||||
Distribution rate | 8.50% | |||||||||
Liquidation preference per unit | $ 25 | |||||||||
Series C preference units | SOFR | ||||||||||
Partners' Equity | ||||||||||
Variable rate spread | 5.317% |
Partners' Equity - Partnershi_2
Partners' Equity - Partnership's preference unit repurchase programme (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Repurchases of units, including commissions | $ 49,247 | $ 18,388 |
Preference units | ||
Number of units repurchased | 1,973,611 | 733,978 |
Preference units | Unit repurchase programme | ||
Number of units repurchased | 1,973,611 | 733,978 |
Number of units cancelled | 1,973,611 | 733,978 |
Repurchases of units, including commissions | $ 49,247 | $ 18,388 |
Series A preference units | Unit repurchase programme | ||
Number of units repurchased | 665,016 | |
Number of units cancelled | 665,016 | |
Repurchases of units, including commissions | $ 16,423 | |
Series B preference units | Unit repurchase programme | ||
Number of units repurchased | 639,189 | 464,429 |
Number of units cancelled | 639,189 | 464,429 |
Repurchases of units, including commissions | $ 16,080 | $ 11,580 |
Series C preference units | Unit repurchase programme | ||
Number of units repurchased | 669,406 | 269,549 |
Number of units cancelled | 669,406 | 269,549 |
Repurchases of units, including commissions | $ 16,744 | $ 6,808 |
Borrowings (Details)
Borrowings (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Borrowings | |
Amounts due within one year | $ 93,964 |
Less: unamortized deferred loan issuance costs | (3,606) |
Borrowings - current portion | 90,358 |
Amounts due after one year | 837,186 |
Less: unamortized deferred loan issuance costs | (5,598) |
Borrowings - non-current portion | 831,588 |
Total | $ 921,946 |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) $ in Thousands | 12 Months Ended | ||||||||||||||
Nov. 14, 2023 USD ($) | Mar. 30, 2023 USD ($) | Oct. 31, 2022 USD ($) | Sep. 14, 2022 USD ($) | Oct. 26, 2021 USD ($) | Jul. 16, 2020 USD ($) item installment | Oct. 16, 2015 item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 01, 2019 USD ($) | Feb. 20, 2019 USD ($) | Apr. 26, 2018 USD ($) | Jul. 03, 2017 USD ($) | May 03, 2017 USD ($) | |
Borrowings | |||||||||||||||
Amount outstanding | $ 921,946 | ||||||||||||||
Amount repaid | $ 217,070 | 168,585 | $ 205,179 | ||||||||||||
Unamortized loan fees written off to profit or loss | $ 5,831 | 654 | $ 604 | ||||||||||||
Assumed October 2015 Facility | |||||||||||||||
Borrowings | |||||||||||||||
Number of international banks | item | 14 | ||||||||||||||
Amount outstanding | 360,663 | ||||||||||||||
Assumed October 2015 Facility | GAS-eleven Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Debt assumed from acquired entities | $ 151,423 | ||||||||||||||
Assumed October 2015 Facility | GAS-twelve Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Debt assumed from acquired entities | $ 134,107 | ||||||||||||||
Assumed October 2015 Facility | GAS-thirteen Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Debt assumed from acquired entities | $ 155,005 | ||||||||||||||
Assumed October 2015 Facility | GAS-fourteen Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Debt assumed from acquired entities | $ 143,622 | ||||||||||||||
Assumed October 2015 Facility | GAS-eleven, GAS-twelve, GAS-thirteen, and GAS-fourteen Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Amount repaid | $ 320,581 | ||||||||||||||
Unamortized loan fees written off to profit or loss | 3,655 | ||||||||||||||
KEXIM and K-Sure | |||||||||||||||
Borrowings | |||||||||||||||
Percentage of finance coverage | 60% | ||||||||||||||
2019 GasLog Partners Facility | |||||||||||||||
Borrowings | |||||||||||||||
Amount outstanding | 250,320 | ||||||||||||||
Maximum loan facility amount | $ 450,000 | ||||||||||||||
Amount available to be redrawn | 0 | ||||||||||||||
2019 GasLog Partners Facility | GAS-three Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Unamortized loan fees written off to profit or loss | $ 604 | ||||||||||||||
Prepayment of debt | $ 97,050 | ||||||||||||||
2019 GasLog Partners Facility | GAS-five Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Unamortized loan fees written off to profit or loss | $ 229 | ||||||||||||||
Prepayment of debt | $ 87,780 | ||||||||||||||
2019 GasLog Partners Facility | GAS-four Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd | |||||||||||||||
Borrowings | |||||||||||||||
Amount repaid | 148,194 | ||||||||||||||
Unamortized loan fees written off to profit or loss | 157 | ||||||||||||||
GasLog Partners $260.3M Facility | |||||||||||||||
Borrowings | |||||||||||||||
Amount outstanding | 193,790 | ||||||||||||||
Number of vessels refinanced | item | 3 | ||||||||||||||
Maximum loan facility amount | $ 260,331 | ||||||||||||||
Term of debt instrument | 5 years | ||||||||||||||
GasLog Partners $260.3M Facility | GAS-twenty Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Unamortized loan fees written off to profit or loss | $ 294 | ||||||||||||||
Prepayment of debt | $ 32,154 | ||||||||||||||
GasLog Partners $260.3M Facility | GAS-seven and GAS-eight Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Amount repaid | 181,419 | ||||||||||||||
Unamortized loan fees written off to profit or loss | 985 | ||||||||||||||
GasLog Partners $193.7M Facility | |||||||||||||||
Borrowings | |||||||||||||||
Amount outstanding | $ 126,377 | ||||||||||||||
Number of vessels refinanced | installment | 3 | ||||||||||||||
Maximum loan facility amount | $ 193,713 | ||||||||||||||
GasLog Partners $193.7M Facility | GAS-twenty one Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Unamortized loan fees written off to profit or loss | $ 360 | ||||||||||||||
Prepayment of debt | $ 32,939 | ||||||||||||||
GasLog Partners $193.7M Facility | GAS nineteen Ltd. and GAS twenty seven Ltd | |||||||||||||||
Borrowings | |||||||||||||||
Amount repaid | 113,886 | ||||||||||||||
Unamortized loan fees written off to profit or loss | $ 805 |
Borrowings - Securities Covenan
Borrowings - Securities Covenants and Guarantees (Details) - GasLog Facility $ in Thousands | Nov. 13, 2023 USD ($) | Nov. 02, 2023 USD ($) item |
Borrowings | ||
Number of international banks | 14 | |
Refinance of outstanding debt | $ | $ 2,123,443 | |
Number of vessels included in credit facility | 23 | |
Drawn amount | $ | $ 2,128,000 | |
Undrawn borrowing facilities | $ | $ 672,000 | |
Number of vessel owning companies that provide guarantees | 23 | |
Minimum aggregate market value of mortgaged vessels and market value of additional security, as percentage of outstanding facility amount | 120% | |
X-DF LNG carriers | ||
Borrowings | ||
Number of vessels included in credit facility | 10 | |
TFDE LNG carriers | ||
Borrowings | ||
Number of vessels included in credit facility | 10 | |
Steam LNG carriers | ||
Borrowings | ||
Number of vessels included in credit facility | 3 | |
GasLog Ltd. | ||
Borrowings | ||
Number of vessels included in credit facility | 12 | |
GasLog Partners LP | ||
Borrowings | ||
Number of vessels included in credit facility | 11 |
Borrowings - Loan From Related
Borrowings - Loan From Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Nov. 14, 2019 | Apr. 03, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings | ||||||
Borrowings repayments | $ 217,070 | $ 168,585 | $ 205,179 | |||
Revolving credit sponsor facility | ||||||
Borrowings | ||||||
Amount of credit facility | $ 30,000 | |||||
Facility availability period | 5 years | |||||
Interest rate | 9.125% | |||||
Percentage of commitment fee on the undrawn balance | 1% | |||||
Drawn amount | $ 10,000 | |||||
Borrowings repayments | $ 10,000 | |||||
Term loan sponsor credit facility | ||||||
Borrowings | ||||||
Amount of credit facility | $ 45,000 | |||||
Facility availability period | 5 years |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Payables and Accruals | ||
Unearned revenue | $ 28,469 | $ 30,991 |
Accrued off-hire | 3,443 | 1,800 |
Accrued purchases | 1,992 | 4,096 |
Accrued interest | 12,838 | |
Other accruals | 8,284 | 7,541 |
Total | $ 42,188 | $ 57,266 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Revenues | $ 397,838 | $ 371,034 | $ 326,142 |
Technical management service component | |||
Revenues | |||
Revenues | 69,321 | 78,149 | 76,545 |
Long-term time charters | |||
Revenues | |||
Revenues | $ 164,257 | 183,232 | 221,813 |
Long-term time charters | Minimum | |||
Revenues | |||
Initial duration of charter party agreement | 3 years | ||
Spot time charters | |||
Revenues | |||
Revenues | $ 233,581 | $ 187,802 | $ 104,329 |
Spot time charters | Maximum | |||
Revenues | |||
Initial duration of charter party agreement | 3 years |
Voyage Expenses and Commissio_3
Voyage Expenses and Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Voyage Expenses and Commissions | |||
Brokers' commissions on revenues | $ 4,524 | $ 3,990 | $ 3,441 |
Bunkers' consumption and other voyage expenses | 6,474 | 2,766 | 3,422 |
Total | $ 10,998 | $ 6,756 | $ 6,863 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Administrative Expenses | |||
Administrative services fees | $ 8,996 | $ 8,513 | $ 4,708 |
Commercial management fees | 4,890 | 4,610 | 5,400 |
Share-based compensation | 1,357 | 760 | 378 |
Other expenses | 7,552 | 3,626 | 2,876 |
Total | 22,795 | 17,509 | 13,362 |
Transaction costs included in other general and administrative expenses | $ 4,144 | $ 0 | $ 0 |
Vessel Operating Costs (Details
Vessel Operating Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Vessel Operating Costs | |||
Crew costs | $ 35,576 | $ 40,019 | $ 38,768 |
Technical maintenance expenses | 17,591 | 16,030 | 19,342 |
Other operating expenses | 14,586 | 16,314 | 17,223 |
Total | $ 67,753 | $ 72,363 | $ 75,333 |
Net Financial Income and Cost_2
Net Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income | |||
Financial income | $ 7,612 | $ 2,363 | $ 43 |
Total financial income | 7,612 | 2,363 | 43 |
Financial costs | |||
Amortization and write-off of deferred loan issuance costs | 8,878 | 4,794 | 5,394 |
Interest expense on loans | 53,694 | 40,879 | 30,114 |
Interest expense on leases | 3,785 | 1,668 | 333 |
Commitment fees | 68 | 304 | |
Other financial costs including bank commissions | 703 | 230 | 1,152 |
Total financial costs | 67,060 | 47,639 | 37,297 |
Unamortized loan fees written off to profit or loss | $ 5,831 | $ 654 | $ 604 |
Related Party Transactions - Ba
Related Party Transactions - Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balances with related parties | |||
Amounts due from related parties | $ 15,295 | ||
Amounts due to related parties | $ 2,873 | ||
GasLog LNG Services | |||
Balances with related parties | |||
Amounts due from related parties | 1,803 | ||
Amounts due to related parties | 1,364 | ||
GasLog Ltd. | |||
Balances with related parties | |||
Amounts due from related parties | 13,492 | ||
Amounts due to related parties | 1,509 | ||
GasLog Ltd. | Purchase of depot spares | |||
Balances with related parties | |||
Depot spares purchased from related party | $ 1,705 | $ 1,523 | $ 1,370 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Transactions | |||
General and administrative expenses | $ 22,795 | $ 17,509 | $ 13,362 |
Vessel operating costs | 67,753 | 72,363 | 75,333 |
Financial costs | 67,060 | 47,639 | 37,297 |
Gain on derivatives | (1,512) | (9,646) | (2,496) |
GasLog Ltd. | Administrative services fees | |||
Transactions | |||
General and administrative expenses | 8,996 | 8,513 | 4,708 |
GasLog Ltd. | Commitment fee under Sponsor Credit Facility | |||
Transactions | |||
Financial costs | 68 | 304 | |
GasLog Ltd. | Realized loss on interest rate swaps held for trading | |||
Transactions | |||
Gain on derivatives | 1,347 | 4,586 | |
GasLog LNG Services | Commercial management fees | |||
Transactions | |||
General and administrative expenses | 4,890 | 4,610 | 5,400 |
GasLog LNG Services | Management fees | |||
Transactions | |||
Vessel operating costs | 6,300 | 6,498 | 7,728 |
GasLog LNG Services | Other vessel operating costs | |||
Transactions | |||
Vessel operating costs | $ 49 | $ 28 | $ 30 |
Related Party Transactions - Ge
Related Party Transactions - General (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
GasLog Ltd. | Administrative services fees | |||
Related Party Transactions | |||
Annual fee per vessel | $ 643,000 | $ 579,000 | $ 314,000 |
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 | Commercial management fees | |||
Related Party Transactions | |||
Annual fee per vessel | 360,000 | ||
Annual fee per vessel as percentage of gross charter revenues | 1.25% | 1.25% | |
GasLog LNG Services | Management fees | |||
Related Party Transactions | |||
Management fee fixed monthly charge per vessel | $ 37,500 | $ 37,500 | $ 46,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
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 | $ 795,552 |
Not later than one year | |
Commitments and Contingencies | |
Future gross minimum lease payments receivable | 262,951 |
Later than one year and not later than two years | |
Commitments and Contingencies | |
Future gross minimum lease payments receivable | 197,583 |
Later than two years and not later than three years | |
Commitments and Contingencies | |
Future gross minimum lease payments receivable | 120,904 |
Later than three years and not later than four years | |
Commitments and Contingencies | |
Future gross minimum lease payments receivable | 96,536 |
Later than four years and not later than five years | |
Commitments and Contingencies | |
Future gross minimum lease payments receivable | 86,173 |
More than five years | |
Commitments and Contingencies | |
Future gross minimum lease payments receivable | $ 31,405 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest rate risk | Interest rate swaps | |||
Financial Risk Management | |||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | |
Fair value of interest rate swaps / net asset | $ 3,576 | ||
Increase in fair value due to reasonably possible increase in interest rates | $ 195 | $ 404 | |
Interest rate risk | Floating interest rate | |||
Financial Risk Management | |||
Percent of variable interest rate exposure hedged | 14.30% | ||
Principal amount of debt not hedged | $ 797,817 | ||
Interest rate basis | LIBOR or SOFR | LIBOR or SOFR | |
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | |
Increase (decrease) in profit or loss due to reasonably possible increase in assumption | $ (809) | $ (767) | |
Currency risk | EUR | |||
Financial Risk Management | |||
Operating and administrative expenses denominated in euros | $ 49,094 | 40,226 | $ 42,426 |
Trade payables and accruals denominated in euros | $ 3,946 | $ 9,900 | |
Sensitivity analysis, increase (decrease) in EUR/USD exchange rate | 10% | 10% | 10% |
Increase (decrease) in profit and cash flows | $ (4,909) | $ (4,023) | $ (4,243) |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 124,111 | $ 1,172,330 |
Derivative financial liabilities, undiscounted cash flows | (3,743) | |
Less than 1 month | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 14,247 | 32,939 |
Derivative financial liabilities, undiscounted cash flows | (7) | |
1 - 3 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,267 | 39,324 |
3 - 12 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 31,735 | 125,806 |
Derivative financial liabilities, undiscounted cash flows | (2,514) | |
1 - 5 years | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 68,862 | 947,987 |
Derivative financial liabilities, undiscounted cash flows | (1,222) | |
More than five years | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 26,274 | |
Interest rate swaps | ||
Financial Risk Management | ||
Derivative financial liabilities, undiscounted cash flows | (3,743) | |
Interest rate swaps | Less than 1 month | ||
Financial Risk Management | ||
Derivative financial liabilities, undiscounted cash flows | (7) | |
Interest rate swaps | 3 - 12 months | ||
Financial Risk Management | ||
Derivative financial liabilities, undiscounted cash flows | (2,514) | |
Interest rate swaps | 1 - 5 years | ||
Financial Risk Management | ||
Derivative financial liabilities, undiscounted cash flows | (1,222) | |
Trade accounts payable | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,330 | 9,300 |
Trade accounts payable | Less than 1 month | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,224 | 8,895 |
Trade accounts payable | 1 - 3 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 106 | 405 |
Due to related parties | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,873 | |
Due to related parties | 1 - 3 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,873 | |
Other payables and accruals | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 13,625 | 26,182 |
Other payables and accruals | Less than 1 month | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,306 | 8,780 |
Other payables and accruals | 1 - 3 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 3,901 | 10,733 |
Other payables and accruals | 3 - 12 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 7,418 | 6,669 |
Other non-current liabilities | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 79 | |
Other non-current liabilities | 1 - 5 years | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 79 | |
Lease liabilities | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 101,156 | 66,287 |
Lease liabilities | Less than 1 month | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,717 | 1,642 |
Lease liabilities | 1 - 3 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 5,260 | 3,125 |
Lease liabilities | 3 - 12 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 24,317 | 14,453 |
Lease liabilities | 1 - 5 years | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 68,862 | 47,067 |
Floating interest rate | Loans received | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,067,609 | |
Interest rate | 6.50% | |
Floating interest rate | Loans received | Less than 1 month | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 13,622 | |
Floating interest rate | Loans received | 1 - 3 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 22,188 | |
Floating interest rate | Loans received | 3 - 12 months | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 104,684 | |
Floating interest rate | Loans received | 1 - 5 years | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | 900,841 | |
Floating interest rate | Loans received | More than five years | ||
Financial Risk Management | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 26,274 |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 11,887 | $ 198,122 | $ 145,530 | $ 103,736 |
Short-term cash deposits | 25,000 | |||
Trade and other receivables | 24,444 | 11,185 | ||
Due from related parties | 15,295 | |||
Credit risk | ||||
Financial Risk Management | ||||
Cash and cash equivalents | 11,887 | 198,122 | ||
Short-term cash deposits | 25,000 | |||
Trade and other receivables | 24,444 | 11,185 | ||
Due from related parties | $ 15,295 | |||
Derivative financial instruments | $ 3,576 | |||
Credit risk | Shell | ||||
Financial Risk Management | ||||
Percentage of entity's revenue | 39% | 44% | 56% |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Capital Risk Management | ||
Borrowings-current portion | $ 90,358 | |
Borrowings-non-current portion | 831,588 | |
Lease liabilities-current portion | $ 28,831 | 17,433 |
Lease liabilities-non-current portion | 65,077 | 45,136 |
Derivative financial instruments-current asset | (2,440) | |
Derivative financial instruments-non-current asset | (1,136) | |
Total indebtedness | 980,939 | |
Total assets | $ 1,666,239 | $ 2,015,434 |
Total indebtedness/total assets | 48.70% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of derivative assets and liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Fair value of the derivative assets and liabilities | |
Derivative financial instruments-current assets | $ 2,440 |
Derivative financial instruments-non-current assets | 1,136 |
Financial assets carried at fair value through profit or loss (FVTPL) | |
Fair value of the derivative assets and liabilities | |
Derivative financial instruments-current assets | 2,440 |
Derivative financial instruments-non-current assets | 1,136 |
Derivative asset | 3,576 |
Financial assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | |
Fair value of the derivative assets and liabilities | |
Derivative asset | $ 3,576 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest rate swaps held for trading (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2023 USD ($) item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Interest rate swaps held for trading | ||||
Disclosure of detailed information about financial instruments | ||||
Notional Amount | $ 133,333 | |||
Unrealized gain (loss) on derivatives held for trading | $ (88) | $ 12,821 | $ 11,092 | |
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 terminated agreements | item | 4 | |||
Payment made (received) on termination of agreement | $ (3,488) | |||
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 | |||
Original 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 | |||
Original 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 | |||
Original 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 | |||
Original termination date | April 2025 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Derivative contracts (Details) - Forward foreign exchange contracts held for trading - EUR € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) contract | |
Forward foreign exchange contracts held for trading | |
Number of agreements entered into | contract | 15 |
Notional amount | € | € 11,500 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Gain on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of Loss/(gain) on derivatives | |||
Total gain on derivatives | $ (1,512) | $ (9,646) | $ (2,496) |
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 loss/(gain) on interest rate swaps held for trading | (1,535) | 3,175 | 8,596 |
Unrealized (gain)/loss on derivative financial instruments held for trading | 88 | $ (12,821) | $ (11,092) |
Forward foreign exchange contracts held for trading | |||
Analysis of Loss/(gain) on derivatives | |||
Realized loss/(gain) on interest rate swaps held for trading | $ (65) |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowings, derivatives and leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | $ 921,946 | $ 1,085,758 | $ 1,285,543 |
Liabilities/(assets) arising from financing activities at end of year | 921,946 | 1,085,758 | |
Borrowings | Borrowings drawdowns | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 50,000 | ||
Total | 50,000 | ||
Borrowings | Borrowings repayments | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (217,070) | (168,585) | (205,179) |
Non-cash items | (764,080) | ||
Total | (981,150) | (168,585) | (205,179) |
Borrowings | Additions in deferred loan issuance costs | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 359 | (21) | |
Non-cash items | (19) | (14) | |
Deferred financing costs, assets | (14) | 14 | |
Total | 326 | (21) | |
Borrowings | Amortization and write-off of deferred loan issuance costs | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 8,878 | 4,794 | 5,394 |
Total | 8,878 | 4,794 | 5,394 |
Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | (3,576) | 9,245 | 20,337 |
Liabilities/(assets) arising from financing activities at end of year | (3,576) | 9,245 | |
Derivatives | Proceeds from interest rate swaps termination | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | 3,488 | ||
Total | 3,488 | ||
Derivatives | Unrealized gain/(loss) on interest rate swaps held for trading | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 88 | (12,821) | (11,092) |
Total | 88 | (12,821) | (11,092) |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Liabilities/(assets) arising from financing activities at beginning of year | 62,569 | 55,898 | 444 |
Liabilities/(assets) arising from financing activities at end of year | 93,908 | 62,569 | 55,898 |
Lease liabilities | Additions | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 54,442 | 18,913 | 57,671 |
Total | 54,442 | 18,913 | 57,671 |
Lease liabilities | Interest expense on leases | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Non-cash items | 3,785 | 1,668 | 333 |
Total | 3,785 | 1,668 | 333 |
Lease liabilities | Payments for interest | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (3,785) | (1,668) | (333) |
Total | (3,785) | (1,668) | (333) |
Lease liabilities | Payments for lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities | |||
Cash flows | (23,103) | (12,242) | (2,217) |
Total | $ (23,103) | $ (12,242) | $ (2,217) |
Share-based Compensation - 2015
Share-based Compensation - 2015 Plan (Details) | 12 Months Ended | |||||
Apr. 03, 2023 USD ($) EquityInstruments | Apr. 01, 2022 USD ($) EquityInstruments | Sep. 14, 2021 USD ($) EquityInstruments | Apr. 01, 2021 USD ($) EquityInstruments | Dec. 31, 2023 EquityInstruments | Dec. 31, 2022 EquityInstruments | |
RCUs | ||||||
Share-based Compensation | ||||||
Number of awards granted | EquityInstruments | 87,919 | 113,793 | 21,663 | 98,255 | 87,919 | 113,793 |
Fair value at grant date | $ | $ 8.36 | $ 5.80 | $ 4.09 | $ 2.75 | ||
PCUs | ||||||
Share-based Compensation | ||||||
Number of awards granted | EquityInstruments | 21,663 | 98,255 | ||||
Fair value at grant date | $ | $ 4.09 | $ 2.75 |
Share-based Compensation - RCUs
Share-based Compensation - RCUs movement (Details) - RCUs $ in Thousands | 12 Months Ended | |||||||||
Apr. 03, 2023 EquityInstruments | Dec. 31, 2022 USD ($) EquityInstruments | Jun. 30, 2022 EquityInstruments | Apr. 01, 2022 EquityInstruments | Dec. 31, 2021 USD ($) EquityInstruments | Sep. 14, 2021 EquityInstruments | Apr. 06, 2021 EquityInstruments | Apr. 01, 2021 EquityInstruments | Dec. 31, 2023 USD ($) EquityInstruments | Dec. 31, 2022 USD ($) EquityInstruments | |
Number of awards | ||||||||||
Outstanding at the beginning of the year | EquityInstruments | 247,085 | 203,912 | ||||||||
Granted during the period | EquityInstruments | 87,919 | 113,793 | 21,663 | 98,255 | 87,919 | 113,793 | ||||
Vested during the period | EquityInstruments | (92,805) | (50,982) | (19,638) | (5,984) | (335,004) | (70,620) | ||||
Outstanding at end of the year | EquityInstruments | 247,085 | 203,912 | 247,085 | |||||||
Weighted average contractual life | ||||||||||
Weighted average contractual life | 1 year 5 months 26 days | 1 year 10 months 9 days | ||||||||
Aggregate fair value | ||||||||||
Outstanding at the beginning of the period | $ | $ 1,017 | $ 674 | ||||||||
Granted during the period | $ | 735 | 660 | ||||||||
Vested during the period | $ | $ (1,752) | (317) | ||||||||
Outstanding at the end of the period | $ | $ 1,017 | $ 674 | $ 1,017 |
Share-based Compensation - PCUs
Share-based Compensation - PCUs movement (Details) - PCUs $ in Thousands | 12 Months Ended | |||||||||
Apr. 03, 2023 EquityInstruments | Dec. 31, 2022 USD ($) EquityInstruments | Jun. 30, 2022 EquityInstruments | Apr. 01, 2022 EquityInstruments | Dec. 31, 2021 USD ($) EquityInstruments | Sep. 14, 2021 EquityInstruments | Apr. 06, 2021 EquityInstruments | Apr. 01, 2021 EquityInstruments | Dec. 31, 2023 USD ($) EquityInstruments | Dec. 31, 2022 USD ($) EquityInstruments | |
Number of awards | ||||||||||
Outstanding at the beginning of the year | 133,292 | 203,912 | ||||||||
Granted during the period | 21,663 | 98,255 | ||||||||
Vested during the period | (16,089) | (50,982) | (14,062) | (2,992) | (50,557) | (65,044) | ||||
Forfeited during the period | (82,735) | (5,576) | ||||||||
Outstanding at end of the year | 133,292 | 203,912 | 133,292 | |||||||
Weighted average contractual life | ||||||||||
Weighted average contractual life | 10 months 2 days | 1 year 10 months 9 days | ||||||||
Aggregate fair value | ||||||||||
Outstanding at the beginning of the period | $ | $ 357 | $ 674 | ||||||||
Vested during the period | $ | (146) | (189) | ||||||||
Forfeited during the period | $ | $ (211) | (128) | ||||||||
Outstanding at the end of the period | $ | $ 357 | $ 674 | $ 357 |
Share-based Compensation - Expe
Share-based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation | |||
Total expense recognized | $ 1,357 | $ 760 | $ 378 |
Total accrued cash distribution | $ 0 | $ 56 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxation | |||
U.S. Federal income tax rate (in percent) | 4% | ||
U.S. source gross transportation income (as percentage of gross shipping income for transportation that begins or ends in the United States) | 50% | ||
Number of years that the Partnership did not qualify for tax exemption | 3 years | ||
U.S. source gross transportation tax expense | $ 1,420 | $ 1,529 | $ 1,357 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 26, 2024 $ / shares |
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) | 0.7253680 |
Series C preference units | |
Subsequent Events | |
GasLog Partners declaration of distribution (USD/unit) | $ 0.53125 |