Gas Log Partners released its first quarter of 2019 financial report in which the company said it expects the LNG spot market to start improving on the back of an anticipated increase in new LNG supply.
“Despite seasonal weakness in spot LNG shipping markets due to warmer than normal winter temperatures combined with high inventory levels, we expect the spot market to strengthen as we move through 2019,” Andrew Orekar, Chief Executive Officer, commented.
GasLog Partners’ profit dropped by 45 percent to USD 20.3 million in the first quarter of 2019, compared to USD 37.3 million from the same period in 2018.
Revenues for the quarter were down by 6 percent, standing at USD 86.3 million in 2019, compared to USD 91.7 million in 2018.
“In the first quarter, GasLog Partners continued to execute our strategy, announcing the accretive acquisition of the GasLog Glasgow and expanding our fleet to 15 LNG carriers,” Orekar said.
GasLog Partners completed the acquisition of the GasLog Glasgow from GasLog for USD 214 million, with attached multi-year charter to a subsidiary of Royal Dutch Shell plc.