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 May 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 þ Form 40-F o
The press release issued by GasLog Partners LP on May 10, 2024 relating to its results for the three-month period ended March 31, 2024 is attached hereto as Exhibit 99.1.
EXHIBIT LIST
| Exhibit | Description |
|---|---|
| 99.1 | Press Release of GasLog Partners LP dated May 10, 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: May 10, 2024 | ||||
|---|---|---|---|---|
| GASLOG PARTNERS LP | ||||
| by | /s/ Paolo Enoizi | |||
| Name: | Paolo Enoizi | |||
| Title: | Chief Executive Officer |
Exhibit 99.1
GasLog Partners LP Reports Financial Resultsfor the Three-Month Period Ended March 31, 2024
Majuro,Marshall Islands, May 10, 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 March 31, 2024.
GasLogPartners Dividend Declarations
On February 26, 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 $0.7253680 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 5.37774% 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 $0.53125 per preference unit (based on the fixed rate). The cash distributions were paid on March 15, 2024 to all unitholders of record as of March 8, 2024.
On March 28, 2024, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $3.37 per common unit to GasLog Ltd. (“GasLog”) that was settled during the quarter ended March 31, 2024.
On May 9, 2024, the board of directors of GasLog Partners approved and declared a distribution on the Series A Preference Units of $0.5390625 per preference unit (based on the fixed rate), a distribution on the Series B Preference Units of $0.7302596 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 5.32954% plus 0.26161% of CAS and spread of 5.839% per annum) and a distribution on the Series C Preference Units of $0.6969096 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 5.32954% plus 0.26161% of CAS and spread of 5.317% per annum). The cash distributions are payable on June 17, 2024 to all unitholders of record as of June 10, 2024.
Quarterly Financial Results
| Amounts in thousands of U.S. dollars | For the three months ended | |||
|---|---|---|---|---|
| March 31, 2023 | March 31, 2024 | |||
| Revenues | $ | 99,069 | $ | 98,094 |
| Profit for the period | $ | 36,375 | $ | 49,952 |
Revenues were $98.1 million for the quarter ended March 31, 2024 ($99.1 million for the same period in 2023). The decrease of $1.0 million is mainly attributable to the 2023 fixtures, partially offset by the increase in available days resulting mainly from the absence of any off-hire days due to scheduled dry-dockings and repairs of our vessels in the first quarter of 2024 (compared to 44 days in the same period in 2023).
Profit was $50.0 million for the quarter ended March 31, 2024 ($36.4 million for the same period in 2023). The increase in profit of $13.6 million is mainly attributable to a decrease of $14.2 million in net financial costs due to the debt prepayment in November 2023, a decrease of $1.2 million in general and administrative expenses mainly from the absence of transaction costs incurred in the first quarter of 2023 in relation to the evaluation of the GasLog’s offer to acquire the Partnership’s outstanding common units and the $1.0 million loss from disposal of vessel in 2023, partially offset by an increase of $2.5 million in depreciation.
Unauditedcondensed consolidated statements of financial position
(All amounts expressed in thousands of U.S. Dollars)
| December 31, 2023 | March 31, 20****24 | |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Other non-current assets | 1,988 | 1,851 |
| Tangible fixed assets | 1,477,458 | 1,464,709 |
| Right-of-use assets | 126,549 | 116,029 |
| Total non-current assets | 1,605,995 | 1,582,589 |
| Current assets | ||
| Trade and other receivables | 24,444 | 26,682 |
| Inventories | 2,912 | 2,710 |
| Due from related parties | 15,295 | 16,909 |
| Prepayments and other current assets | 5,706 | 4,858 |
| Cash and cash equivalents | 11,887 | 8,940 |
| Total current assets | 60,244 | 60,099 |
| Total assets | 1,666,239 | 1,642,688 |
| Partners’ equity and liabilities | ||
| Partners’ equity | ||
| Common unitholders | 1,235,671 | 1,221,559 |
| General partner | 4,676 | 3,725 |
| Preference unitholders | 280,069 | 280,543 |
| Total partners’ equity | 1,520,416 | 1,505,827 |
| Current liabilities | ||
| Trade accounts payable | 9,330 | 5,892 |
| Other payables and accruals | 42,188 | 43,577 |
| Lease liabilities—current portion | 28,831 | 29,487 |
| Total current liabilities | 80,349 | 78,956 |
| Non-current liabilities | ||
| Lease liabilities—non-current portion | 65,077 | 57,531 |
| Other non-current liabilities | 397 | 374 |
| Total non-current liabilities | 65,474 | 57,905 |
| Total partners’ equity and liabilities | 1,666,239 | 1,642,688 |
Unaudited condensed consolidated statements of profit or loss
(All amounts expressed in thousands of U.S. Dollars)
| For the three months ended | ||
|---|---|---|
| March 31, 2023 | March 31, 2024 | |
| Revenues | 99,069 | 98,094 |
| Voyage expenses and commissions | (1,996) | (1,857) |
| Vessel operating costs | (15,926) | (15,788) |
| Depreciation | (22,712) | (25,170) |
| General and administrative expenses | (5,647) | (4,390) |
| Loss on disposal of vessel | (1,033) | — |
| Impairment loss on vessel | (142) | — |
| Profit from operations | 51,613 | 50,889 |
| Financial costs | (17,353) | (1,014) |
| Financial income | 2,282 | 77 |
| Loss on derivatives | (167) | — |
| Total other expenses, net | (15,238) | (937) |
| Profit for the period | 36,375 | 49,952 |