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 August 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 x     Form 40-F ¨

 

 

The press release issued by GasLog Partners LP on August 1, 2024 relating to its results for the three-month period ended June 30, 2024 is attached hereto as Exhibit 99.1.

 

EXHIBIT LIST

 

Exhibit		Description
99.1		Press Release of GasLog Partners LP dated August 1, 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: August 1, 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 June 30, 2024

 

Majuro, Marshall Islands, August 1, 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 June 30, 2024.

 

Recent Developments

 

Sale and Lease-Back of a tri-fuel diesel electric (“TFDE”) LNG Carrier

 

As of June 30, 2024, the Partnership had been pursuing an agreement for the sale and lease-back of a TFDE LNG carrier, resulting in the reclassification of that vessel as held for sale. While no definitive agreement has yet been reached, the agreement is expected to be executed, and the sale expected to be completed, within the third quarter of 2024.

 

GasLog Partners Dividend Declarations

 

On June 28, 2024, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $2.99 per common unit to GasLog Ltd. (“GasLog”) that was settled during the quarter ended June 30, 2024.

 

On July 31, 2024, 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 $0.7311853 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 5.34403% 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 $0.6978353 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 5.34403% plus 0.26161% of CAS and spread of 5.317% per annum).

 

The cash distributions are payable on September 16, 2024 to all unitholders of record as of September 9, 2024.

 

Quarterly Financial Results

 

Amounts in thousands of U.S. dollars		For the three months ended
		June 30, 2023				June 30, 2024
Revenues		$	96,961			$	87,273
Profit for the period		$	35,703			$	38,551

 

Revenues were $87.3 million for the quarter ended June 30, 2024 ($97.0 million for the same period in 2023). The decrease of $9.7 million is mainly attributable to the second half of 2023 and 2024 fixtures, partially offset by the increase in available days resulting mainly from the decrease in off-hire days due to scheduled dry-dockings and repairs (5 dry-docking off-hire days in the three-month period ended June 30, 2024, compared to 64 days in the same period in 2023).

 

Profit was $38.6 million for the quarter ended June 30, 2024 ($35.7 million for the same period in 2023). The increase in profit of $2.9 million is mainly attributable to a decrease of $12.6 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), partially offset by a decrease of $9.7 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				June 30, 2024
Assets
Non-current assets
Other non-current assets			1,988				1,729
Tangible fixed assets			1,477,458				1,306,806
Right-of-use assets			126,549				105,657
Total non-current assets			1,605,995				1,414,192
Current assets
Vessel held for sale			—				145,353
Trade and other receivables			24,444				22,379
Inventories			2,912				2,728
Due from related parties			15,295				16,805
Prepayments and other current assets			5,706				4,461
Cash and cash equivalents			11,887				3,821
Total current assets			60,244				195,547
Total assets			1,666,239				1,609,739
Partners’ equity and liabilities
Partners’ equity
Common unitholders			1,235,671				1,202,761
General partner			4,676				2,459
Preference unitholders			280,069				280,497
Total partners’ equity			1,520,416				1,485,717
Current liabilities
Trade accounts payable			9,330				4,189
Other payables and accruals			42,188				39,188
Lease liabilities—current portion			28,831				30,349
Total current liabilities			80,349				73,726
Non-current liabilities
Lease liabilities—non-current portion			65,077				49,945
Other non-current liabilities			397				351
Total non-current liabilities			65,474				50,296
Total partners’ equity and liabilities			1,666,239				1,609,739

 

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, 2023				June 30, 2024				June 30, 2023				June 30, 2024
Revenues			96,961				87,273				196,030				185,367
Voyage expenses and commissions			(2,642	)			(1,068	)			(4,638	)			(2,925	)
Vessel operating costs			(15,754	)			(17,506	)			(31,680	)			(33,294	)
Depreciation			(24,815	)			(25,196	)			(47,527	)			(50,366	)
General and administrative expenses			(6,219	)			(4,051	)			(11,866	)			(8,441	)
Loss on disposal of vessel			—				—				(1,033	)			—
Impairment loss on vessel			—				—				(142	)			—
Profit from operations			47,531				39,452				99,144				90,341
Financial costs			(17,044	)			(947	)			(34,397	)			(1,961	)
Financial income			3,510				46				5,792				123
Gain on derivatives			1,706				—				1,539				—
Total other expenses, net			(11,828	)			(901	)			(27,066	)			(1,838	)
Profit for the period			35,703				38,551				72,078				88,503

 

 

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