GasLog Partners LP has reported its financial results for the three-month period ended 30 September 2017.
- Completed the acquisition of the GasLog Geneva from GasLog for US$211.0 million, with attached multi-year charter to a subsidiary of Royal Dutch Shell plc.
- Announced and, post quarter-end, completed the acquisition of the Solaris from GasLog for US$185.9 million, with attached multi-year charter to a subsidiary of Shell.
- Quarterly Revenues, Profit, Adjusted Profit and EBITDA of US$73.4 million, US$25.4 million, US$25.6 million and US$53.7 million, respectively.
- Highest-ever quarterly Partnership Performance Results for Revenues, Profit, Adjusted Profit, EBITDA and Distributable cash flow of US$73.3 million, US$25.3 million, US$25.5 million, US$53.5 million and US$26.9 million, respectively.
- Increased cash distribution of US$0.5175 per common unit for the third quarter of 2017, 1.5% higher than the second quarter of 2017 and 8.3% higher than the third quarter of 2016.
- Distribution coverage ratio of 1.20x.
Andrew Orekar, Chief Executive Officer, commented: "Following the successful acquisition of the GasLog Geneva, GasLog Partners delivered our highest-ever quarterly Partnership Performance Results for Revenues, EBITDA and Distributable cash flow, among other metrics. As a result of this strong performance, we are increasing our cash distribution for the fourth consecutive quarter to US$0.5175 per unit, or US$2.07 per unit annualised. With this increase, the Partnership has grown distributions per unit by 8.3% year-on-year and by 38% since our initial public offering, representing a 10% compound annual growth rate.
In the third quarter of 2017, we announced and, post quarter-end, closed the dropdown of the Solaris, our third LNG carrier acquisition of 2017 and our fourth acquisition in the last twelve months. The Solaris expands the Partnership's fleet to 12 wholly owned LNG carriers and provides incremental visible cash flows for multiple years, helping to increase our future contracted days to approximately 90% for 2018 and 72% for 2019.
For 2018, we expect a year-on-year distribution growth of 5% to 7%. This guidance is supported by our three acquisitions completed to date in 2017, our dropdown pipeline and continued access to equity capital funding, while also reflecting the three scheduled vessel dry-dockings and three vessels coming off charter next year. While the recovery in spot rates to mid-cycle levels is taking longer than anticipated, the recent improvement in rates gives us confidence in a continuing market recovery.
We are pleased with this quarter's operating performance and the continued growth of the Partnership's cash flows and distributions."
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/26102017/gaslog-partners-reports-financial-results/