EX-99.1 2 tm2521645d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

GasLog Partners LP Reports Financial Results for the Three-Month Period Ended June 30, 2025

 

Majuro, Marshall Islands, July 25, 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 June 30, 2025.

 

Recent Developments

 

Sale of Vessel

 

In June 2025, GasLog Partners entered into an agreement to sell, subject to customary and other closing conditions, the Methane Alison Victoria, a 145,000 cubic meter steam turbine propulsion (“Steam”) LNG carrier built in 2007, to an unrelated third party for a gross sale price of approximately $27.0 million, resulting in the reclassification of the vessel as held for sale and the recognition of an impairment loss of $29.1 million as of June 30, 2025. The sale was completed on July 15, 2025.

 

Redelivery of the Methane Heather Sally

 

On July 4, 2025, the Methane Heather Sally, a 145,000 cubic meter Steam LNG carrier built in 2007, was redelivered to its owners, an unrelated third party, pursuant to the completion of the sale and leaseback agreement entered into on October 31, 2022.

 

Impairment Loss

 

As of June 30, 2025, the Partnership recognized a non-cash impairment loss of $5.5 million with respect to the Methane Jane Elizabeth, a Steam vessel, in accordance with International Financial Reporting Standards. The indications that led to the recognition of a non-cash impairment loss included the sale of the Methane Alison Victoria at a price lower than the carrying amount of the vessel together with the current low market rates and the decreased ship brokers’ valuation for the Steam vessels.

 

GasLog Partners Dividend Declarations 

 

On June 23, 2025, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.87 per common unit to GasLog Ltd. (“GasLog”) that was settled immediately.

 

On July 24, 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 $0.665121 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 4.30998% 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 $0.631771 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 4.30998% plus 0.26161% of CAS and spread of 5.317% per annum).

 

The cash distributions are payable on September 15, 2025 to all unitholders of record as of September 8, 2025.

 

Quarterly Financial Results

 

Amounts in thousands of U.S. dollars  For the three months ended 
  June 30, 2024  June 30, 2025 
Revenues  $87,273  $70,236 
Profit/(loss) for the period  $38,551  $(17,861)

 

Revenues were $70.2 million for the quarter ended June 30, 2025 ($87.3 million for the same period in 2024). The decrease of $17.1 million is mainly attributable to the 2024 and 2025 fixtures at lower rates due to the weak market and the 232 idle days in the quarter ended June 30, 2025 (nil idle days for the quarter ended June 30, 2024).

 

Loss was $17.9 million for the quarter ended June 30, 2025 (profit of $38.6 million for the same period in 2024). The decrease in profit of $56.5 million is mainly attributable to a) $29.1 million non-cash impairment loss from the agreement to sale the Methane Alison Victoria and $5.5 million relating to the non-cash impairment loss of the Methane Jane Elizabeth, b) a decrease of $17.1 million in revenues, as discussed above, c) an increase of $4.0 million in voyage expenses and commissions mainly attributable to an increase in bunkers consumption as a result of the idle days mentioned above and d) an increase of $3.1 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   June 30, 2025 
Assets          
Non-current assets          
Other non-current assets   1,482    1,240 
Tangible fixed assets   1,276,472    1,193,556 
Right-of-use assets   129,890    100,282 
Total non-current assets   1,407,844    1,295,078 
Current assets          
Vessel held for sale   —    27,000 
Trade and other receivables   13,383    12,314 
Inventories   2,725    6,833 
Due from related parties   10,408    11,014 
Prepayments and other current assets   3,986    3,344 
Cash and cash equivalents   7,771    2,299 
Total current assets   38,273    62,804 
Total assets   1,446,117    1,357,882 
Partners’ equity and liabilities          
Partners’ equity          
Common unitholders and general partner   1,016,574    958,345 
Preference unitholders   280,129    280,067 
Total partners’ equity   1,296,703    1,238,412 
Current liabilities          
Trade accounts payable   7,733    4,326 
Other payables and accruals   33,784    29,832 
Lease liabilities—current portion   42,741    40,227 
Total current liabilities   84,258    74,385 
Non-current liabilities          
Lease liabilities—non-current portion   64,852    44,828 
Other non-current liabilities   304    257 
Total non-current liabilities   65,156    45,085 
Total partners’ equity and liabilities   1,446,117    1,357,882 

 

Unaudited condensed consolidated statements of profit or loss

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

 

   For the three months ended   For the six months ended 
   June 30, 2024   June 30, 2025   June 30, 2024   June 30, 2025 
Revenues   87,273    70,236    185,367    150,508 
Voyage expenses and commissions   (1,068)   (5,105)   (2,925)   (10,251)
Vessel operating costs   (17,506)   (15,694)   (33,294)   (31,874)
Depreciation   (25,196)   (28,322)   (50,366)   (56,242)
General and administrative expenses   (4,051)   (3,079)   (8,441)   (6,880)
Impairment loss   —    (34,612)   —    (34,612)
Profit/(loss) from operations   39,452    (16,576)   90,341    10,649 
Financial costs   (947)   (1,320)   (1,961)   (2,773)
Financial income   46    35    123    52 
Total other expenses, net   (901)   (1,285)   (1,838)   (2,721)
Profit/(loss) for the period   38,551    (17,861)   88,503    7,928