GLOP-C Gaslog Partners LP

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES

EXCHANGE ACT OF 1934

 

For the month of October 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  🗹     Form 40-F  o

 

 

The press release issued by GasLog Partners LP on October 31, 2024 relating to its results for the three-month period ended September 30, 2024 is attached hereto as Exhibit 99.1.

 

 

EXHIBIT LIST

 

Exhibit		Description
99.1		Press Release of GasLog Partners LP dated October 31, 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: October 31, 2024 

 

	GASLOG PARTNERS LP
		by	/s/ Paolo Enoizi
			Name:	Paolo Enoizi
			Title:	Chief Executive Officer

 

 

 

 

 

 

 

 

Exhibit 99.1

 

GasLog Partners LP Reports Financial Results for the Three-Month Period Ended September 30, 2024

 

Majuro, Marshall Islands, October 31, 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 September 30, 2024.

 

 

Recent Developments

 

GIC Acquisition of BlackRock’s Shareholding in GasLog Ltd.

 

GIC, a global institutional investor, and a fund managed by BlackRock’s Global Infrastructure Partners (“BlackRock”) have entered into an agreement whereby GIC will acquire BlackRock’s approximately 45% shareholding in GasLog Ltd. (“GasLog”), which holds 100% of the common units of the Partnership. Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and the Onassis Foundation will maintain their respective shareholdings of approximately 55% in the aggregate in GasLog. The transaction is expected to close in the fourth quarter of 2024 subject to regulatory approvals and customary closing conditions.

 

Sale and Leaseback of the GasLog Santiago

 

On August 27, 2024, the Partnership completed the sale and leaseback of the GasLog Santiago, a 155,000 cubic meter (“cbm”) tri-fuel diesel electric (“TFDE”) LNG carrier, built in 2013, with a wholly owned subsidiary of China Development Bank Financial Leasing Co. Ltd., (“CDBL”). The vessel was sold and leased back under a bareboat charter with CDBL for a period of three years with no repurchase option or obligation, at a price of $151.0 million. The completion of the transaction resulted in the recognition of a gain on disposal of $8.2 million in the three months ended September 30, 2024.

 

 

GasLog Partners Dividend Declaration 

 

On September 30, 2024, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $2.87 per common unit to GasLog that was settled during the quarter ended September 30, 2024.

 

 

Quarterly Financial Results

 

Amounts in thousands of U.S. dollars		For the three months ended
		September 30, 2023				September 30, 2024
Revenues		$	100,747			$	85,670
Profit for the period		$	30,939			$	44,488

 

 

Revenues were $85.7 million for the quarter ended September 30, 2024 ($100.7 million for the same period in 2023). The decrease of $15.0 million is mainly attributable to the second half of 2023 and 2024 fixtures, partially offset by the increase in available days (23 dry-docking off-hire days in the three-month period ended September 30, 2024, compared to 57 dry-docking and repair off-hire days in the same period in 2023).

 

Profit was $44.5 million for the quarter ended September 30, 2024 ($30.9 million for the same period in 2023). The increase in profit of $13.6 million is mainly attributable to a) a decrease of $15.0 million in net financial costs due to the debt prepayment in November 2023 (following the refinancing of all of our vessels at the parent level of GasLog), b) $8.2 million non-cash gain on disposal for the vessel sold and leased back and c) a decrease of $3.1 million in general and administrative expenses mainly attributable to legal and professional fees and amortization of share-based compensation both relating to the completion of the merger agreement with GasLog in July 2023, partially offset by a decrease of $15.0 million in revenues, as discussed above.

 

 

Unaudited condensed consolidated statements of financial position

(All amounts expressed in thousands of U.S. Dollars)

 

	December 31, 2023		September 30, 2024
Assets
Non-current assets
Other non-current assets	1,988		1,606
Tangible fixed assets	1,477,458		1,296,241
Right-of-use assets	126,549		145,647
Total non-current assets	1,605,995		1,443,494
Current assets
Trade and other receivables	24,444		16,394
Inventories	2,912		2,722
Due from related parties	15,295		13,044
Prepayments and other current assets	5,706		4,173
Cash and cash equivalents	11,887		3,803
Total current assets	60,244		40,136
Total assets	1,666,239		1,483,630
Partners’ equity and liabilities
Partners’ equity
Common unitholders	1,235,671		1,043,415
General partner	4,676		1,709
Preference unitholders	280,069		280,328
Total partners’ equity	1,520,416		1,325,452
Current liabilities
Trade accounts payable	9,330		4,983
Other payables and accruals	42,188		34,061
Lease liabilities—current portion	28,831		43,891
Total current liabilities	80,349		82,935
Non-current liabilities
Lease liabilities—non-current portion	65,077		74,916
Other non-current liabilities	397		327
Total non-current liabilities	65,474		75,243
Total partners’ equity and liabilities	1,666,239		1,483,630

 

 

Unaudited condensed consolidated statements of profit or loss

(All amounts expressed in thousands of U.S. Dollars)

 

		For the three months ended				For the nine months ended
		September 30, 2023		September 30, 2024		September 30, 2023		September 30, 2024
Revenues		100,747		85,670		296,777		271,037
Voyage expenses and commissions		(3,128)		(1,370)		(7,766)		(4,295)
Vessel operating costs		(17,969)		(17,345)		(49,649)		(50,639)
Depreciation		(25,625)		(25,801)		(73,152)		(76,167)
General and administrative expenses		(6,843)		(3,650)		(18,709)		(12,091)
Gain/(loss) on disposal of vessel		—		8,196		(1,033)		8,196
Impairment loss on vessel		—		—		(142)		—
Profit from operations		47,182		45,700		146,326		136,041
Financial costs		(17,450)		(1,232)		(51,847)		(3,193)
Financial income		1,287		20		7,079		143
(Loss)/gain on derivatives		(80)		—		1,459		—
Total other expenses, net		(16,243)		(1,212)		(43,309)		(3,050)
Profit for the period		30,939		44,488		103,017		132,991

 

 

 

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