GasLog Partners announces higher profit in 2Q16
Published by David Rowlands,
Editor
LNG Industry,
GasLog Partners LP has released its financial results for 2Q16, boasting a profit of US$17.38 million – 38% higher than in 2Q15. The company also generated US$49.64 million in revenue – 51% higher than 2Q15 – and an EBITDA of US$35.56 million – also 51% higher than 2Q15.
In addition to this, the company declared a cash distribution of US$0.478 per unit for 2Q16 – a 10% increase from 2Q15. It also confirmed the completion of the refinancing of US$305.05 million of current debt, as well as a distributable cash flow of US$19.84 million – a 41% increase compared to 2Q15.
The CEO of the company, Andrew Orekar, said: “We are pleased to report another quarter of strong financial results for GasLog Partners. Revenue, EBITDA, and distributable cash flow were in line with our expectations and include the impact of Methane Rita Andrea's scheduled dry-docking. The Partnership has no additional scheduled dry dockings until 2018.
“For the second quarter, GasLog Partners has declared a cash distribution of US$0.478 per unit, which is unchanged from the first quarter of 2016 and represents a 13% compound annual growth rate since the Partnership's initial public offering. Our cash distribution is supported by stable cash flows from multi-year charters with fixed-fee revenues. We remain committed to paying our distribution, and we have reduced indebtedness by approximately US$66 million since our 2015 dropdown transaction to increase our capacity to fund growth.
“On July 11 2016, our general partner sponsor (the ‘GP sponsor’), GasLog Ltd. (‘GasLog’), announced a new seven year time charter with Total Gas & Power Chartering Limited (‘Total’) for Hull No. 2801, which is scheduled to be delivered in 2018. GasLog Partners has rights to acquire this vessel pursuant to the omnibus agreement with GasLog, and this successful charter increases the Partnership's potential dropdown pipeline from twelve to thirteen vessels.
“With a growing dropdown pipeline, diverse financing alternatives and a supportive GP sponsor, GasLog Partners remains well positioned to deliver predictable and growing cash distributions to our unitholders."
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/28072016/gaslog-partners-announces-higher-profit-in-2q16-2830/
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