6-K
GasLog Partners LP (GLOP-PA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16 OR 15d-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number 001-36433
GasLog Partners LP
(Translation of registrant’s name into English)
c/o GasLog LNG Services Ltd.
69 Akti Miaouli, 18537
Piraeus, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F 🗹 Form 40-F o
The press release issued by GasLog Partners LP on October **** 31, 2024 relating to its results for the three-month period ended September 30, 2024 is attached hereto as Exhibit 99.1.
EXHIBIT LIST
| Exhibit | Description |
|---|---|
| 99.1 | Press Release of GasLog Partners LP dated October 31,<br> 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 31, 2024
| GASLOG PARTNERS LP | |||
|---|---|---|---|
| by | /s/<br> Paolo Enoizi | ||
| Name: | Paolo Enoizi | ||
| Title: | Chief Executive Officer |
Exhibit 99.1
GasLog PartnersLP 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 GasLogSantiago
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.
GasLogPartners 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 statementsof financial position
(All amounts expressed in thousandsof U.S. Dollars)
| December 31, 2023 | September 30, 20****24 | |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Other<br> non-current assets | 1,988 | 1,606 |
| Tangible fixed assets | 1,477,458 | 1,296,241 |
| Right-of-use<br> assets | 126,549 | 145,647 |
| Total non-current assets | 1,605,995 | 1,443,494 |
| Current assets | ||
| Trade<br> and other receivables | 24,444 | 16,394 |
| Inventories | 2,912 | 2,722 |
| Due<br> from related parties | 15,295 | 13,044 |
| Prepayments<br> and other current assets | 5,706 | 4,173 |
| Cash<br> 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<br> unitholders | 1,235,671 | 1,043,415 |
| General<br> partner | 4,676 | 1,709 |
| Preference<br> unitholders | 280,069 | 280,328 |
| Total partners’ equity | 1,520,416 | 1,325,452 |
| Current liabilities | ||
| Trade<br> accounts payable | 9,330 | 4,983 |
| Other<br> payables and accruals | 42,188 | 34,061 |
| Lease<br> liabilities—current portion | 28,831 | 43,891 |
| Total current liabilities | 80,349 | 82,935 |
| Non-current liabilities | ||
| Lease<br> liabilities—non-current portion | 65,077 | 74,916 |
| Other<br> 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 statementsof profit or loss
(All amounts expressed in thousandsof 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<br> expenses and commissions | (3,128) | (1,370) | (7,766) | (4,295) |
| Vessel<br> operating costs | (17,969) | (17,345) | (49,649) | (50,639) |
| Depreciation | (25,625) | (25,801) | (73,152) | (76,167) |
| General<br> and administrative expenses | (6,843) | (3,650) | (18,709) | (12,091) |
| Gain/(loss)<br> on disposal of vessel | — | 8,196 | (1,033) | 8,196 |
| Impairment<br> loss on vessel | — | — | (142) | — |
| Profit from operations | 47,182 | 45,700 | 146,326 | 136,041 |
| Financial<br> costs | (17,450) | (1,232) | (51,847) | (3,193) |
| Financial<br> income | 1,287 | 20 | 7,079 | 143 |
| (Loss)/gain<br> 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 |