Exhibit 99.1
GasLog Partners LP Reports Financial Results for the Three-Month Period Ended June 30, 2024
Majuro, Marshall Islands, August 1, 2024, GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP-PA, GLOP-PB, GLOP-PC), an international owner, operator and acquirer of liquefied natural gas (“LNG”) carriers, today reported its financial results for the three-month period ended June 30, 2024.
Recent Developments
Sale and Lease-Back of a tri-fuel diesel electric (“TFDE”) LNG Carrier
As of June 30, 2024, the Partnership had been pursuing an agreement for the sale and lease-back of a TFDE LNG carrier, resulting in the reclassification of that vessel as held for sale. While no definitive agreement has yet been reached, the agreement is expected to be executed, and the sale expected to be completed, within the third quarter of 2024.
GasLog Partners Dividend Declarations
On June 28, 2024, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $2.99 per common unit to GasLog Ltd. (“GasLog”) that was settled during the quarter ended June 30, 2024.
On July 31, 2024, the board of directors of GasLog Partners approved and declared:
| · | a distribution on the 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series A Preference Units”) of $0.5390625 per preference unit (based on the fixed rate), |
| · | a distribution on the 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series B Preference Units”) of $0.7311853 per preference unit (based on a floating rate equal to the Term Secured Overnight Financing Rate (“SOFR”) for a three-month tenor published by the Chicago Mercantile Exchange (“CME”) of 5.34403% plus 0.26161% of Credit Adjustment Spread (“CAS”) and spread of 5.839% per annum) and |
| · | a distribution on the 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series C Preference Units”) of $0.6978353 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 5.34403% plus 0.26161% of CAS and spread of 5.317% per annum). |
The cash distributions are payable on September 16, 2024 to all unitholders of record as of September 9, 2024.
Quarterly Financial Results
| Amounts in thousands of U.S. dollars | | For the three months ended | |
| | | June 30, 2023 | | | June 30, 2024 | |
| Revenues | | $ | 96,961 | | | $ | 87,273 | |
| Profit for the period | | $ | 35,703 | | | $ | 38,551 | |
Revenues were $87.3 million for the quarter ended June 30, 2024 ($97.0 million for the same period in 2023). The decrease of $9.7 million is mainly attributable to the second half of 2023 and 2024 fixtures, partially offset by the increase in available days resulting mainly from the decrease in off-hire days due to scheduled dry-dockings and repairs (5 dry-docking off-hire days in the three-month period ended June 30, 2024, compared to 64 days in the same period in 2023).
Profit was $38.6 million for the quarter ended June 30, 2024 ($35.7 million for the same period in 2023). The increase in profit of $2.9 million is mainly attributable to a decrease of $12.6 million in net financial costs due to the debt prepayment in November 2023 (following the refinancing of all of our vessels at the parent level of GasLog), partially offset by a decrease of $9.7 million in revenues, as discussed above.
Unaudited condensed consolidated statements of financial position
(All amounts expressed in thousands of U.S. Dollars)
| | | December 31, 2023 | | | June 30, 2024 | |
| Assets | | | | | | | | |
| Non-current assets | | | | | | | | |
| Other non-current assets | | | 1,988 | | | | 1,729 | |
| Tangible fixed assets | | | 1,477,458 | | | | 1,306,806 | |
| Right-of-use assets | | | 126,549 | | | | 105,657 | |
| Total non-current assets | | | 1,605,995 | | | | 1,414,192 | |
| Current assets | | | | | | | | |
| Vessel held for sale | | | — | | | | 145,353 | |
| Trade and other receivables | | | 24,444 | | | | 22,379 | |
| Inventories | | | 2,912 | | | | 2,728 | |
| Due from related parties | | | 15,295 | | | | 16,805 | |
| Prepayments and other current assets | | | 5,706 | | | | 4,461 | |
| Cash and cash equivalents | | | 11,887 | | | | 3,821 | |
| Total current assets | | | 60,244 | | | | 195,547 | |
| Total assets | | | 1,666,239 | | | | 1,609,739 | |
| Partners’ equity and liabilities | | | | | | | | |
| Partners’ equity | | | | | | | | |
| Common unitholders | | | 1,235,671 | | | | 1,202,761 | |
| General partner | | | 4,676 | | | | 2,459 | |
| Preference unitholders | | | 280,069 | | | | 280,497 | |
| Total partners’ equity | | | 1,520,416 | | | | 1,485,717 | |
| Current liabilities | | | | | | | | |
| Trade accounts payable | | | 9,330 | | | | 4,189 | |
| Other payables and accruals | | | 42,188 | | | | 39,188 | |
| Lease liabilities—current portion | | | 28,831 | | | | 30,349 | |
| Total current liabilities | | | 80,349 | | | | 73,726 | |
| Non-current liabilities | | | | | | | | |
| Lease liabilities—non-current portion | | | 65,077 | | | | 49,945 | |
| Other non-current liabilities | | | 397 | | | | 351 | |
| Total non-current liabilities | | | 65,474 | | | | 50,296 | |
| Total partners’ equity and liabilities | | | 1,666,239 | | | | 1,609,739 | |
Unaudited condensed consolidated statements of profit or loss
(All amounts expressed in thousands of U.S. Dollars)
| | | For the three months ended | | | For the six months ended | |
| | | June 30, 2023 | | | June 30, 2024 | | | June 30, 2023 | | | June 30, 2024 | |
| Revenues | | | 96,961 | | | | 87,273 | | | | 196,030 | | | | 185,367 | |
| Voyage expenses and commissions | | | (2,642 | ) | | | (1,068 | ) | | | (4,638 | ) | | | (2,925 | ) |
| Vessel operating costs | | | (15,754 | ) | | | (17,506 | ) | | | (31,680 | ) | | | (33,294 | ) |
| Depreciation | | | (24,815 | ) | | | (25,196 | ) | | | (47,527 | ) | | | (50,366 | ) |
| General and administrative expenses | | | (6,219 | ) | | | (4,051 | ) | | | (11,866 | ) | | | (8,441 | ) |
| Loss on disposal of vessel | | | — | | | | — | | | | (1,033 | ) | | | — | |
| Impairment loss on vessel | | | — | | | | — | | | | (142 | ) | | | — | |
| Profit from operations | | | 47,531 | | | | 39,452 | | | | 99,144 | | | | 90,341 | |
| Financial costs | | | (17,044 | ) | | | (947 | ) | | | (34,397 | ) | | | (1,961 | ) |
| Financial income | | | 3,510 | | | | 46 | | | | 5,792 | | | | 123 | |
| Gain on derivatives | | | 1,706 | | | | — | | | | 1,539 | | | | — | |
| Total other expenses, net | | | (11,828 | ) | | | (901 | ) | | | (27,066 | ) | | | (1,838 | ) |
| Profit for the period | | | 35,703 | | | | 38,551 | | | | 72,078 | | | | 88,503 | |
