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GasLog Partners LP Reports Financial Results for the Three-Month Period and the Year Ended December 31, 2021 and Declares Cash Distribution

Majuro, Marshall Islands, Jan. 27, 2022 (GLOBE NEWSWIRE) -- GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP), an international owner and operator of liquefied natural gas (“LNG”) carriers, today reported its financial results for the three-month period and the year ended December 31, 2021.

Highlights

  • Repurchased $6.0 million of preference units in the open market in the fourth quarter of 2021, bringing the total amount of preference units repurchased to $18.4 million during 2021.

  • Repaid $17.3 million of debt in the fourth quarter of 2021, bringing total debt repayment (excluding the prepayment pursuant to the sale and leaseback of the GasLog Shanghai) to $108.1 million during 2021.

  • Recognized a non-cash impairment loss of $104.0 million in the fourth quarter of 2021 on the book values of the five steam turbine propulsion (“Steam”) vessels of the Partnership, built in 2006 and 2007.

  • Quarterly Revenues, Profit/(loss), Adjusted Profit(1) and Adjusted EBITDA(1) of $88.2 million, ($70.8) million, $30.7 million and $64.2 million, respectively.

  • Annual Revenues, Profit/(loss), Adjusted Profit(1) and Adjusted EBITDA(1) of $326.1 million, $5.7 million, $99.8 million and $230.6 million, respectively.

  • Quarterly Earnings/(loss) per unit (“EPU”) of ($1.50) and Adjusted EPU(1) of $0.45.

  • Annual EPU of ($0.47) and Adjusted EPU(1) of $1.39.

  • Declared cash distribution of $0.01 per common unit for the fourth quarter of 2021.

CEO Statement

Paolo Enoizi, Chief Executive Officer, commented: “The fourth quarter was another period of strong operational and financial performance for the Partnership. We have delivered for our customers amidst continued COVID-19 difficulties with 100% fleet uptime and zero lost-time incidents, while our continued cost optimization and rechartering activities helped improve our profitability, as well as our overall liquidity position, with approximately $146.0 million of cash and cash equivalents at the end of the year.

We keep focusing on debt repayments and improving the breakeven rates of the Partnership, while successfully executing our strategy and making progress towards our target leverage metrics. Furthermore, we repurchased an additional $6.0 million of preference units in the open market during the fourth quarter, bringing the total amount of preference units repurchased to $18.4 million during 2021 and further improving the fleet’s all-in free cash flows.

As we look ahead to 2022, we expect to continue with our capital allocation strategy, which will enhance our competitiveness and position the Partnership for continued success in the spot and short-term market for LNG shipping.”