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GasLog Partners swings to quarterly loss

GasLog Partners, 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.”

Financial Summary

For the three months ended For the years ended
(All amounts expressed in thousands of U.S. dollars, except per unit amounts)

December 31,

2020

December 31,

2021

% change

December 31,

2020

December 31,

2021

% change

Revenues 85,048 88,167 4 % 333,662 326,142 (2 % )
Profit/(loss) 22,611 (70,784 ) (413 % ) 56,859 5,726 (90 % )
EPU, common (basic) 0.31 (1.50 ) (584 % ) 0.55 (0.47 ) (185 % )
Adjusted Profit(1) 25,926 30,691 18 % 92,442 99,845 8 %
Adjusted EBITDA(2) 59,049 64,171 9 % 230,635 230,584 0 %
Adjusted EPU, common (basic)(1) 0.38 0.45 18 % 1.29 1.39 8 %
Cash distribution per unit 0.01 0.01 0.27 0.04 (85 % )

There were 1,380 and 5,320 available days for the quarter and the year ended December 31, 2021, respectively, as compared to 1,360 and 5,333 available days for the quarter and the year ended December 31, 2020, respectively.

Management classifies the Partnership’s vessels from a commercial point of view into two categories: (a) spot fleet and (b) long-term fleet. The spot fleet includes all vessels under charter party agreements with an initial duration of less than (or equal to) five years (excluding optional periods), while the long-term fleet comprises all vessels with charter party agreements of an initial duration of more than five years (excluding optional periods).

For the quarters and the years ended December 31, 2020 and 2021, an analysis of available days, revenues and voyage expenses and commissions per category is presented below:

(All amounts expressed in thousands of U.S. dollars, except number of days) For the three months ended December 31, 2020 For the three months ended

December 31, 2021

Spot fleet Long-term fleet Spot fleet Long-term fleet
Available days (*) 644 716 828 552
Revenues 27,850 57,198 43,767 44,400
Voyage expenses and commissions (549 ) (978 ) (803 ) (758 )
For the year ended

December 31, 2020

For the year ended

December 31, 2021

Spot fleet Long-term fleet Spot fleet Long-term fleet
Available days (*) 2,225 3,108 3,115 2,205
Revenues 90,374 243,288 148,867 177,275
Voyage expenses and commissions (6,272 ) (4,171 ) (3,914 ) (2,949 )

(*) Available days represent total calendar days in the period after deducting off-hire days where vessels are undergoing dry-dockings and unavailable days (i.e. days before and after a dry-docking where the vessel has limited practical ability for chartering opportunities).

Revenues increased by $3.2 million, from $85.0 million for the quarter ended December 31, 2020, to $88.2 million for the same period in 2021. The increase is mainly attributable to the improved performance of our spot fleet in the fourth quarter of 2021, in line with the ongoing improvement of the LNG shipping market observed in 2021 and the short-term charters we entered into.

Vessel operating costs decreased by $0.6 million, from $19.5 million for the quarter ended December 31, 2020, to $18.9 million for the same period in 2021. The decrease in vessel operating costs is mainly attributable to a decrease of $1.0 million in technical maintenance expenses, primarily in connection with increased maintenance needs of the fleet in the fourth quarter of 2020 compared to the same period in 2021. This decrease was partially offset by an increase in other operating expenses. Daily operating costs per vessel (after excluding calendar days for the Solaris, the operating costs of which are covered by the charterers) decreased from $15,127 per day for the quarter ended December 31, 2020, to $14,695 per day for the quarter ended December 31, 2021.

General and administrative expenses decreased by $1.5 million, from $5.0 million for the quarter ended December 31, 2020, to $3.5 million for the same period in 2021. The decrease in general and administrative expenses is mainly attributable to a decrease of $0.8 million in administrative services fees, driven by cost-reduction initiatives, and an additional decrease of $0.5 million in legal and professional fees. As a result, daily general and administrative expenses decreased from $3,615 per vessel per day for the quarter ended December 31, 2020, to $2,543 per vessel per day for the quarter ended December 31, 2021.

The increase in Adjusted EBITDA(1) of $5.2 million, from $59.0 million in the fourth quarter of 2020 as compared to $64.2 million in the same period in 2021 is mainly attributable to the increase in revenues of $3.2 million and an aggregate decrease of $2.1 million from reduced operating expenses and general and administrative expenses, as discussed above.

The Partnership recognized an aggregate non-cash impairment loss of $104.0 million with respect to its five Steam vessels for the quarter ended December 31, 2021, in accordance with International Financial Reporting Standards (“IFRS”), as compared to an aggregate impairment loss of $5.1 million for the same period in 2020. The principal factors that led to the recognition of a non-cash impairment loss in the fourth quarter of 2021 included the differences of the ship broker estimates of our Steam vessels’ fair market values compared to their carrying values, as well as reduced expectations of the long-term rates for these older technology vessels.

Financial costs decreased by $0.6 million, from $10.0 million for the quarter ended December 31, 2020 to $9.4 million for the same period in 2021. The decrease in financial costs is primarily attributable to a decrease in interest expense on loans of $1.5 million, mainly due to the reduced debt balances year-over-year, partially offset by an increase of $0.5 million in amortization and write-off of deferred loan issuance costs, as a result of the GasLog Shanghai debt prepayment pursuant to the sale and leaseback transaction completed in October 2021. During the quarter ended December 31, 2020, we had an average of $1,316.2 million of outstanding indebtedness with a weighted average interest rate of 2.5%, compared to an average of $1,137.7 million of outstanding indebtedness with a weighted average interest rate of 2.4% during the quarter ended December 31, 2021.

Loss on derivatives decreased by $2.0 million, from a loss of $0.2 million for the quarter ended December 31, 2020 to a gain of $1.8 million for the same period in 2021. The decrease is attributable to an increase of $2.0 million in unrealized gain from the mark-to-market valuation of derivatives which were carried at fair value through profit or loss.

The decrease in profit of $93.4 million, from a profit of $22.6 million in the fourth quarter of 2020 to a loss of $70.8 million in the fourth quarter of 2021 is mainly attributable to an increase in impairment loss of $98.9 million ($104.0 million recognized in the fourth quarter of 2021, compared to $5.1 million recognized in the fourth quarter of 2020), partially offset by the increase of $5.2 million in Adjusted EBITDA(1), as discussed above.

The increase in Adjusted Profit(1) of $4.8 million, from $25.9 million in the fourth quarter of 2020 to $30.7 million in the fourth quarter of 2021, is mainly attributable to the increase of $5.2 million in Adjusted EBITDA(1), as discussed above.

As of December 31, 2021, we had $145.5 million of cash and cash equivalents, out of which $72.6 million was held in current accounts and $72.9 million was held in time deposits with an original duration of up to three months.

As of December 31, 2021, we had an aggregate of $1,085.8 million of borrowings outstanding under our credit facilities, of which $99.3 million was repayable within one year, and an aggregate of $55.9 million of lease liabilities mainly related to the sale and leaseback of the GasLog Shanghai, of which $10.3 million was payable within one year.

As of December 31, 2021, our current assets totaled $161.1 million and current liabilities totaled $175.5 million, resulting in a negative working capital position of $14.4 million. Current liabilities include $28.3 million of unearned revenue in relation to hires received in advance as of December 31, 2021 (which represents a non-cash liability that will be recognized as revenues after December 31, 2021 as the services are rendered).

(1)   Adjusted Profit, Adjusted EBITDA and Adjusted EPU are non-GAAP financial measures and should not be used in isolation or as substitutes for GasLog Partners’ financial results presented in accordance with IFRS. For the definitions and reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release.

Sale and Leaseback of the GasLog Shanghai

On October 26, 2021, GasLog Partners completed the sale and leaseback of the GasLog Shanghai, a 155,000 cubic meter (“cbm”) tri-fuel diesel electric propulsion (“TFDE”) LNG carrier, built in 2013, with a wholly-owned subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDBL”), releasing $20.5 million of incremental net liquidity (net sale proceeds less debt prepayment) to the Partnership. The vessel was sold and leased back under a bareboat charter with CDBL for a period of five years with no repurchase option or obligation, resulting in the recognition of a loss on disposal of $0.6 million. The vessel remains on its charter with a subsidiary of Gunvor Group Ltd. (“Gunvor”).

Preference Unit Repurchase Programme

In March 2021, the Partnership established a preference unit repurchase programme (the “Repurchase Programme”), which authorized the
repurchase of preference units through March 31, 2023. In the three months ended December 31, 2021, GasLog Partners repurchased and
cancelled 130,093 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) and 114,548 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”) under the Repurchase Programme, for an aggregate amount of $6.0 million, including commissions.

In the year ended December 31, 2021 and since inception of the Repurchase Programme, GasLog Partners has repurchased and cancelled an aggregate of 464,429 Series B Preference Units and 269,549 Series C Preference Units at a weighted average price of $25.00 per preference unit for both Series. The total amount repaid during the period for repurchases of preference units was $18.4 million, including commissions.

LNG Market Update and Outlook

Global LNG demand was 100 million tonnes (“mt”) in the fourth quarter of 2021, according to Poten & Partners Group, Inc. (“Poten”), compared to 94 mt in the fourth quarter of 2020, an increase of approximately 6%, primarily led by increased demand in Europe and the Middle East. European and Middle Eastern demand in the fourth quarter was primarily in response to seasonal heating demand, inventory re-stocking and a continued economic recovery. For the full year 2021, LNG demand was 386 mt compared to approximately 363 mt for the full year 2020, an increase of 6%. Demand growth in 2021 was led by China, where demand grew by approximately 12 mt, or 17%, and South Korea where demand grew by approximately 7 mt, or 16%. This growth was balanced by declines in Europe, where demand declined by approximately 6 mt, or 8%, and India, where demand declined by approximately 2 mt, or 7%.

Global LNG supply was approximately 98 mt in the fourth quarter of 2021, growing by 8 mt (or 8%) year-over-year, according to Poten. Supply growth in the fourth quarter was dominated by output from the United States (“U.S.”), which increased by 4 mt, or 28% year-over-year, primarily due to increased utilization of existing liquefaction terminals, but also due to the startup of new trains in the second half of 2020. Growth in U.S. production offset declines from many other supply sources around the world, including Nigeria, Malaysia and Oman, either due to continued feedstock issues or downtime. Supply for 2021 totaled 393 mt, an increase of 22 mt or approximately 6% over 2020. The U.S. led supply growth in 2021, up by approximately 25 mt, or 51% year-over-year, while Nigeria, Trinidad and Norway each registered a decline of over 3 mt, or 18%, 29% and 97%, respectively. Looking ahead, approximately 112 mt of new LNG capacity is currently under construction and scheduled to come online between 2022 and 2026.

Headline spot rates for TFDE LNG carriers, as reported by Clarkson Research Services Limited (“Clarksons”), averaged $149,000 per day in the fourth quarter of 2021, a 38% increase over the $104,000 per day average in the fourth quarter of 2020. Headline spot rates for Steam vessels averaged $107,000 per day in the fourth quarter of 2021, 47% higher than the average of $73,000 per day in the fourth quarter of 2020. Headline spot rates in the fourth quarter benefited from low vessel availability as well as LNG demand growth combined with LNG supply growth in the U.S. as detailed above and longer than average wait times at the Panama Canal.

As of January 21, 2022, Clarksons assessed headline spot rates for TFDE and Steam LNG carriers at $28,500 per day and $19,500 per day, respectively. Forward assessments for LNG carrier spot rates indicate rising spot rates through the remainder of the year.

As of January 13, 2022, Poten estimated that the orderbook totaled 151 dedicated LNG carriers (>100,000 cbm), representing 25% of the on-the-water fleet. Of these, 122 vessels (or 79%) have multi-year charters. There were 82 orders for newbuild LNG carriers in 2021 compared with 34 in 2020.

Preference Unit Distributions

On November 16, 2021, 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 (the “Series A Preference Units”) of $0.5390625 per preference unit, a distribution on the Series B Preference Units of $0.5125 per preference unit and a distribution on the Series C Preference Units of $0.53125 per preference unit. The cash distributions were paid on December 15, 2021 to all unitholders of record as of December 8, 2021.

Common Unit Distribution

On January 26, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended December 31, 2021. The cash distribution is payable on February 10, 2022 to all unitholders of record as of February 7, 2022.

ATM Common Equity Offering Programme (“ATM Programme”)

The Partnership did not issue any common units under the ATM Programme during the fourth quarter of 2021.

Our Fleet

Our owned and bareboat fleet currently consists of the following vessels:

Owned Fleet

LNG Carrier Year Built Cargo
Capacity
(cbm)
Charterer (for contracts of more than six months)

Propulsion

Charter Expiration

(Firm Period)

Optional Period
1 Methane Rita Andrea 2006 145,000 Gunvor (1) Steam March 2022 2022 (1)
2 Solaris 2014 155,000 Shell (2) TFDE March 2022 2022 (2)
3 Methane Heather Sally 2007 145,000 Cheniere (3) Steam June 2022
4 GasLog Sydney 2013 155,000 TotalEnergies (4) TFDE June 2022
5 GasLog Seattle 2013 155,000 TotalEnergies TFDE June 2022
6 Methane Shirley Elisabeth 2007 145,000 JOVO (5) Steam August 2022
7 GasLog Santiago 2013 155,000 Trafigura (6) TFDE December 2022 2023–2028 (6)
8 Methane Jane Elizabeth 2006 145,000 Cheniere Steam March 2023 2024–2025 (7)
9 GasLog Geneva 2016 174,000 Shell TFDE September 2023 2028–2031 (8)
10 Methane Alison Victoria 2007 145,000 CNTIC VPower (9) Steam October 2023 2024–2025 (9)
11 GasLog Gibraltar 2016 174,000 Shell TFDE October 2023 2028–2031 (8)
12 Methane Becki Anne 2010 170,000 Shell TFDE March 2024 2027–2029 (10)
13 GasLog Greece 2016 174,000 Shell TFDE March 2026 2031 (11)
14 GasLog Glasgow 2016 174,000 Shell TFDE June 2026 2031 (11)

(1)   The vessel is chartered to Clearlake Shipping Pte. Ltd., a subsidiary of Gunvor. Charterers may extend the term of the time charter by an additional period of six months.
(2)   The vessel is chartered to a wholly owned subsidiary of Royal Dutch Shell plc, (“Shell”). Charterers have the option to extend the charter by an additional four months.
(3)   The vessel is chartered to Cheniere Marketing International LLP, a subsidiary of Cheniere Energy Inc. (“Cheniere”).
(4)   The vessel is chartered to TotalEnergies Gas & Power Limited, a wholly owned subsidiary of TotalEnergies SE (“TotalEnergies”).
(5)   The vessel is chartered to Singapore Carbon Hydrogen Energy Pte. Ltd., a wholly owned subsidiary of JOVO Group (“JOVO”).
(6)   The vessel is chartered to Trafigura Maritime Logistics PTE Ltd. (“Trafigura”). Charterer may extend the term of this time charter for a period ranging from one to six years, provided that the charterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period.
(7)   Charterers may extend the term of the time charters by two additional periods of one year, provided that the charterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period.
(8)   Charterer may extend the term of the time charters by two additional periods of five and three years, respectively, provided that the charterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period.
(9)   The vessel is chartered to CNTIC Vpower Energy Ltd. (“CNTIC Vpower”), an independent Chinese energy company. The charterer may extend the term of the related charter by two additional periods of one year, provided that the charterer gives us advance notice of its exercise of any extension option. The period shown reflects the expiration of the minimum optional period and the maximum optional period.
(10)   Charterer may extend the term of the related charter for one extension period of three or five years, provided that the charterer gives us advance notice of its exercise of any extension option. The period shown reflects the expiration of the minimum optional period and the maximum optional period.
(11)   Charterer may extend the term of these time charters for a period of five years, provided that the charterer gives us advance notice of declaration.

Bareboat Vessel

LNG Carrier Year Built Cargo
Capacity
(cbm)
Charterer (for contracts of more than six months)

Propulsion

Charter Expiration

(Firm Period)

Optional Period
1 GasLog Shanghai (1) 2013 155,000 Gunvor TFDE November 2022

(1)   In October 2021, the vessel was sold and leased back from CDBL for a period of five years, with no repurchase option or obligation.

Contracted Charter Revenues

The following table summarizes GasLog Partners’ contracted charter revenues and vessel utilization for the years ending December 31, 2022 and 2023:

For the years ending December 31,
(in millions of U.S. dollars, except days and percentages) 2022 2023
Contracted time charter revenues(1)(2)(3)(4) $ 257.1 $ 151.3
Total contracted days(1)(2) 4,174 2,045
Total available days(5) 5,475 5,355
Total unfixed days(6) 1,301 3,310
Percentage of total contracted days/ total available days 76.2 % 38.2 %

(1)         Reflects time charter revenues and contracted days for the 15 LNG carriers in our fleet as of December 31, 2021 and through December 31, 2023 (including one vessel sold and leased back under a bareboat charter in October 2021). Contracted days are calculated taking into account the firm period charter expiration and expected market conditions as of December 31, 2021.
(2)         Our ships are scheduled to undergo dry-docking once every five years. Revenue calculations assume 365 revenue days per ship per annum, with 30 off-hire days when each ship undergoes scheduled dry-docking.
(3)  For time charters that include a variable rate of hire within an agreed range during the charter period, revenue calculations are based on the agreed minimum rate of hire for the respective period.
(4)         Revenue calculations assume no exercise of any option to extend the terms of the charters.
(5)         Available days represent total calendar days after deducting 30 off-hire days when the ship undergoes scheduled dry-docking.
(6)         Represents available days for the ships after the expiration of the existing charters (assuming charterers do not exercise any option to extend the terms of the charters).

The table above provides information about our contracted charter revenues and ship utilization based on contracts in effect for the 15 LNG carriers in our fleet as of December 31, 2021 and through December 31, 2023 (including one vessel sold and leased back under a bareboat charter in October 2021). The table reflects only our contracted charter revenues for the ships in our owned and bareboat fleet for which we have secured time charters, and it does not reflect the costs or expenses we will incur in fulfilling our obligations under the charters. In particular, the table does not reflect time charter revenues from any additional ships we may acquire in the future, nor does it reflect the options under our time charters that permit our charterers to extend the time charter terms for successive multi-year periods at comparable charter hire rates. If exercised, the options to extend the terms of our existing charters would result in an increase in the number of contracted days and the contracted revenue for our fleet in the future. Although the contracted charter revenues are based on contracted charter hire rate provisions, they reflect certain assumptions, including assumptions relating to future ship operating costs. We consider the assumptions to be reasonable as of the date of this report, but if these assumptions prove to be incorrect, our actual time charter revenues could differ from those reflected in the table. Furthermore, any contract is subject to various risks, including non-performance by the counterparties or an early termination of the contract pursuant to its terms. If the charterers are unable or unwilling to make charter payments to us, or if we agree to renegotiate charter terms at the request of a charterer or if contracts are prematurely terminated for any reason, we would be exposed to prevailing market conditions at the time and our results of operations and financial condition may be materially adversely affected. Please see the disclosure under the heading “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on March 2, 2021. For these reasons, the contracted charter revenue information presented above is not fact and should not be relied upon as being necessarily indicative of future results and readers are cautioned not to place undue reliance on this information. Neither the Partnership’s independent auditors nor any other independent accountants, have compiled, examined or performed any procedures with respect to the information presented in the table, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, the information in the table.

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