Exhibit 99.1
GasLog Partners LP Reports Financial Results for the Three-Month Period Ended September 30, 2024
Majuro, Marshall Islands, October 31, 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 September 30, 2024.
Recent Developments
GIC Acquisition of BlackRock’s Shareholding in GasLog Ltd.
GIC, a global institutional investor, and a fund managed by BlackRock’s Global Infrastructure Partners (“BlackRock”) have entered into an agreement whereby GIC will acquire BlackRock’s approximately 45% shareholding in GasLog Ltd. (“GasLog”), which holds 100% of the common units of the Partnership. Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and the Onassis Foundation will maintain their respective shareholdings of approximately 55% in the aggregate in GasLog. The transaction is expected to close in the fourth quarter of 2024 subject to regulatory approvals and customary closing conditions.
Sale and Leaseback of the GasLog Santiago
On August 27, 2024, the Partnership completed the sale and leaseback of the GasLog Santiago, a 155,000 cubic meter (“cbm”) tri-fuel diesel electric (“TFDE”) LNG carrier, built in 2013, with a wholly owned subsidiary of China Development Bank Financial Leasing Co. Ltd., (“CDBL”). The vessel was sold and leased back under a bareboat charter with CDBL for a period of three years with no repurchase option or obligation, at a price of $151.0 million. The completion of the transaction resulted in the recognition of a gain on disposal of $8.2 million in the three months ended September 30, 2024.
GasLog Partners Dividend Declaration
On September 30, 2024, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $2.87 per common unit to GasLog that was settled during the quarter ended September 30, 2024.
Quarterly Financial Results
| Amounts in thousands of U.S. dollars | For the three months ended | ||||||
| September 30, 2023 | September 30, 2024 | ||||||
| Revenues | $ | 100,747 | $ | 85,670 | |||
| Profit for the period | $ | 30,939 | $ | 44,488 | |||
Revenues were $85.7 million for the quarter ended September 30, 2024 ($100.7 million for the same period in 2023). The decrease of $15.0 million is mainly attributable to the second half of 2023 and 2024 fixtures, partially offset by the increase in available days (23 dry-docking off-hire days in the three-month period ended September 30, 2024, compared to 57 dry-docking and repair off-hire days in the same period in 2023).
Profit was $44.5 million for the quarter ended September 30, 2024 ($30.9 million for the same period in 2023). The increase in profit of $13.6 million is mainly attributable to a) a decrease of $15.0 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), b) $8.2 million non-cash gain on disposal for the vessel sold and leased back and c) a decrease of $3.1 million in general and administrative expenses mainly attributable to legal and professional fees and amortization of share-based compensation both relating to the completion of the merger agreement with GasLog in July 2023, partially offset by a decrease of $15.0 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 | September 30, 2024 | |||
| Assets | ||||
| Non-current assets | ||||
| Other non-current assets | 1,988 | 1,606 | ||
| Tangible fixed assets | 1,477,458 | 1,296,241 | ||
| Right-of-use assets | 126,549 | 145,647 | ||
| Total non-current assets | 1,605,995 | 1,443,494 | ||
| Current assets | ||||
| Trade and other receivables | 24,444 | 16,394 | ||
| Inventories | 2,912 | 2,722 | ||
| Due from related parties | 15,295 | 13,044 | ||
| Prepayments and other current assets | 5,706 | 4,173 | ||
| Cash and cash equivalents | 11,887 | 3,803 | ||
| Total current assets | 60,244 | 40,136 | ||
| Total assets | 1,666,239 | 1,483,630 | ||
| Partners’ equity and liabilities | ||||
| Partners’ equity | ||||
| Common unitholders | 1,235,671 | 1,043,415 | ||
| General partner | 4,676 | 1,709 | ||
| Preference unitholders | 280,069 | 280,328 | ||
| Total partners’ equity | 1,520,416 | 1,325,452 | ||
| Current liabilities | ||||
| Trade accounts payable | 9,330 | 4,983 | ||
| Other payables and accruals | 42,188 | 34,061 | ||
| Lease liabilities—current portion | 28,831 | 43,891 | ||
| Total current liabilities | 80,349 | 82,935 | ||
| Non-current liabilities | ||||
| Lease liabilities—non-current portion | 65,077 | 74,916 | ||
| Other non-current liabilities | 397 | 327 | ||
| Total non-current liabilities | 65,474 | 75,243 | ||
| Total partners’ equity and liabilities | 1,666,239 | 1,483,630 |
Unaudited condensed consolidated statements of profit or loss
(All amounts expressed in thousands of U.S. Dollars)
| For the three months ended | For the nine months ended | ||||||||
| September 30, 2023 | September 30, 2024 | September 30, 2023 | September 30, 2024 | ||||||
| Revenues | 100,747 | 85,670 | 296,777 | 271,037 | |||||
| Voyage expenses and commissions | (3,128) | (1,370) | (7,766) | (4,295) | |||||
| Vessel operating costs | (17,969) | (17,345) | (49,649) | (50,639) | |||||
| Depreciation | (25,625) | (25,801) | (73,152) | (76,167) | |||||
| General and administrative expenses | (6,843) | (3,650) | (18,709) | (12,091) | |||||
| Gain/(loss) on disposal of vessel | — | 8,196 | (1,033) | 8,196 | |||||
| Impairment loss on vessel | — | — | (142) | — | |||||
| Profit from operations | 47,182 | 45,700 | 146,326 | 136,041 | |||||
| Financial costs | (17,450) | (1,232) | (51,847) | (3,193) | |||||
| Financial income | 1,287 | 20 | 7,079 | 143 | |||||
| (Loss)/gain on derivatives | (80) | — | 1,459 | — | |||||
| Total other expenses, net | (16,243) | (1,212) | (43,309) | (3,050) | |||||
| Profit for the period | 30,939 | 44,488 | 103,017 | 132,991 | |||||
