GasLog Partners, the New York-listed spinoff of LNG shipper GasLog reported a profit of $28.9 million for the fourth quarter, a drop of 16 percent year-on-year.
The shipping company that owns 12 LNG carriers said in a statement that this was due to a decrease of $4.4 million in profit from operations.
The profit was impacted by the scheduled dry-docking of the LNG carrier GasLog Shanghai completed in November 2017.
For the full-year od 2017, profit rose 22 percent to $112.8 million, boosted by the full operation of the GasLog Greece and the GasLog Geneva, delivered in March 2016 and September 2016, respectively.
Fourth-quarter revenues dropped 2 percent to $77.3 million while full-year revenues rose 10 percent to $311.4 million.
“Following the successful acquisition of the Solaris, GasLog Partners delivered our highest-ever quarterly partnership performance results for revenues, EBITDA and distributable cash flow, among other metrics,” said Andrew Orekar , chief executive officer.
The company increased its cash distribution for the fifth consecutive quarter to $0.52 per unit, or $2.09 per unit annualized, while maintaining conservative distribution coverage.