Monaco-based GasLog Partners, owner and operator of liquefied natural gas carriers, reported a profit of $12.90 million for the quarter ended March 31, 2015, a 65.6% increase compared with $7.79 million for the quarter ended March 31, 2014.
The increase in profit was mainly attributable to the increase in operating days partially offset by the increase in general and administrative expenses, the company said in a statement.
Andrew Orekar, Chief Executive Officer , said, “Another quarter of strong financial and operating results for GasLog Partners, including the highest quarterly distributable cash flow result since our initial public offering. These results illustrate the limited impact of lower commodity prices on the partnership’s stable cash flows, which are generated from long-term contracts.”
The board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.4345 per unit for the quarter ended March 31, 2015.
“The pipeline of dropdown vessels at GasLog increased in the quarter to 12 ships following the closing of GasLog’s acquisition of two LNG carriers from BG Group. In addition, on April 21, 2015, the announcement by GasLog and the Partnership for up to nine newbuildings on long-term charters to a subsidiary of BG Group further increased our dropdown pipeline to 15 vessels, with a potential of up to 21 vessels,” said Orekar.
Vessels have an average charter duration of ten years and are therefore attractive future dropdown candidates for GasLog Partners. With this growth pipeline and the company’s strong financial platform, Orekar added that the company is confident in its 10% to 15% compound annual growth in distribution per LP unit from initial distribution for the next several years.
During the three-month period ended March 31, 2015, GasLog Partners had an average of five vessels having 450 operating days compared to an average of three vessels having 270 operating days during the three-month period ended March 31, 2014. The company’s fleet utilization was 100% in both periods.
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Image: GasLog