GasLog Partners profit falls

But ambitious newly listed LNG carrier owner highlights higher ebitda numbers as it talks of expansion.

A sharp fall in profit for the three months to the end of June is reported by newly listed GasLog Partners.

Profit for the period ran to $2.38m compared to $8.4m for the same period of 2013.

For the first six months of 2014 the profit was $10,261 slightly down on the $10.6m of the first half of 2013.

Gaslog Partners however highlighted the earnings before interest, taxes, depreciation, and amortisation (ebitda) numbers which rose to $15.77m for the second quarter compared to $12m for the same period of 2013.

For the first half the ebitda was more than $32m compared to $16m through the same periodof 2013.

A prorated cash dividend for the quarter of $0.02064 has been declared by directors which would equate to $1.50 on an annual basis.

GasLog Partners with a fleet of three new 155,000-cbm LNG carriers in service listed on the New York stock exchange in May.

Chief executive, Andrew Orekar, described the performance as a “strong financial and operating result” and said the company was well positioned for significant growth in cash distributions.

“We believe we have created a highly scalable master limited partnership with a visible pipeline of assets to be acquired over time. With substantial financial flexibility and strategic sponsorship from GasLog Ltd,” added Orekar.

The three vessels, GasLog Shanghai, GasLog Santiago and GasLog Sydney, on time charter to BG group have had no off hire days.

The charters have an average duration of 4.1 years and should bring in contracted revenue of at least $345m based on the earliest redelivery dates.

But if BG operates all extension options the average remaining time on charter extends to 12 years.

GasLog Partners has the right to acquire twelve additional vessels from GasLog Ltd, each of which has a long-term contract of at least five years, with a corporate presentation pointing to the possibility of a further 10 LNG carriers being acquired from the parent company.

“Through the potential acquisition of these “option” vessels from GasLog Ltd. over time, we believe GasLog Partners is very well placed to take advantage of the continuing growth in the LNG industry,” the company declared in a stock exchange notification.

GasLog Partners is 48.2% publicly owned owned with GasLog Ltd, whose share price is shown in the graph, holding a 49.8% stake.