EX-99.1 2 tm2512987d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

GasLog Partners LP Reports Financial Results for the Three-Month Period Ended March 31, 2025

 

Majuro, Marshall Islands, April 24, 2025, 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 March 31, 2025.

 

GasLog Partners Dividend Declarations

 

On February 12, 2025, 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 (“Series A Preference Units”) of $0.5390625 per preference unit (based on the fixed rate),

 

·a distribution on the 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series B Preference Units”) of $0.6530831 per preference unit (based on a floating rate equal to the Term Secured Overnight Financing Rate (“SOFR”) for a three-month tenor published by the Chicago Mercantile Exchange (“CME”) of 4.34872% plus 0.26161% of Credit Adjustment Spread (“CAS”) and spread of 5.839% per annum) and

 

·a distribution on the 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series C Preference Units”) of $0.6204581 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 4.34872% plus 0.26161% of CAS and spread of 5.317% per annum).

 

The cash distributions were paid on March 17, 2025 to all unitholders of record as of March 10, 2025.

 

On March 12, 2025, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $2.18 per common unit to GasLog Ltd. (“GasLog”) that was settled immediately.

 

Quarterly Financial Results

 

Amounts in thousands of U.S. dollars   For the three months ended  
    March 31, 2024     March 31, 2025  
Revenues   $ 98,094     $ 80,272  
Profit for the period   $ 49,952     $ 25,789  

 

Revenues were $80.3 million for the quarter ended March 31, 2025 ($98.1 million for the same period in 2024). The decrease of $17.8 million is mainly attributable to the 2024 and 2025 fixtures at lower rates due to the weak market and the 123 idle days in the quarter ended March 31, 2025 (nil idle days for the quarter ended March 31, 2024).

 

Profit was $25.8 million for the quarter ended March 31, 2025 ($50.0 million for the same period in 2024). The decrease in profit of $24.2 million is mainly attributable to a) a decrease of $17.8 million in revenues, as discussed above, b) an increase of $3.2 million in voyage expenses and commissions mainly attributable to an increase in bunkers consumption due to the decreased utilization of our spot fleet and c) an increase of $2.7 million in depreciation, mainly attributable to the increase in depreciation of the right-of-use assets as a result of the GasLog Santiago sale and leaseback completed on August 27, 2024.

 

 

 

Unaudited condensed consolidated statements of financial position

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

 

   December 31, 2024   March 31, 2025 
Assets          
Non-current assets          
Other non-current assets   1,482    1,433 
Tangible fixed assets   1,276,472    1,265,916 
Right-of-use assets   129,890    115,124 
Total non-current assets   1,407,844    1,382,473 
Current assets          
Trade and other receivables   13,383    8,828 
Inventories   2,725    9,828 
Due from related parties   10,408    5,279 
Prepayments and other current assets   3,986    3,370 
Cash and cash equivalents   7,771    7,227 
Total current assets   38,273    34,532 
Total assets   1,446,117    1,417,005 
Partners’ equity and liabilities          
Partners’ equity          
Common unitholders and general partner   1,016,574    998,103 
Preference unitholders   280,129    280,107 
Total partners’ equity   1,296,703    1,278,210 
Current liabilities          
Trade accounts payable   7,733    5,450 
Other payables and accruals   33,784    36,597 
Lease liabilities—current portion   42,741    41,510 
Total current liabilities   84,258    83,557 
Non-current liabilities          
Lease liabilities—non-current portion   64,852    54,957 
Other non-current liabilities   304    281 
Total non-current liabilities   65,156    55,238 
Total partners’ equity and liabilities   1,446,117    1,417,005 

 

Unaudited condensed consolidated statements of profit or loss

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

 

   For the three months ended 
   March 31, 2024   March 31, 2025 
Revenues   98,094    80,272 
Voyage expenses and commissions   (1,857)   (5,146)
Vessel operating costs   (15,788)   (16,180)
Depreciation   (25,170)   (27,920)
General and administrative expenses   (4,390)   (3,801)
Profit from operations   50,889    27,225 
Financial costs   (1,014)   (1,453)
Financial income   77    17 
Total other expenses, net   (937)   (1,436)
Profit for the period   49,952    25,789