GasLog Partners post record profit in Q1

GasLog Partners post record profit in Q1Image courtesy of GasLog Partners

GasLog Partners, the New York-listed spinoff of LNG shipper GasLog, saw its first-quarter profit rise 7 percent compared to the first quarter in 2017. 

According to the company’s report, the net profit for the quarter on IFRS basis reached $32 million, which is the partnership’s record quarterly performance.

The increase in profit in the first quarter of 2018 as compared to the same period in 2017 is mainly attributable to an increase of $6.3 million in gain on interest rate swaps, GasLog Partners said.

The result was partially offset by a decrease in profit from operations of $3.5 million, due to increased scheduled technical maintenance costs and administrative fees, as well as an increase in financial costs of $1.1 million.

Speaking of the record financial results, partnership’s CEO, Andrew Orekar said the company continued to execute its growth strategy.

“On March 21, 2018, we announced approval to enter into an agreement with GasLog for the drop-down of the GasLog Gibraltar, our fourth acquisition in the last twelve months. The acquisition closed on April 26, 2018, expanding the partnership’s fleet to 13 wholly-owned LNG carriers and increasing our average remaining charter duration,” he said.

The partnership stressed a positive outlook for the LNG shipping segment adding that it has resulted in 18 firm newbuild LNG carrier orders so far in 2018, of which two are GasLog vessels.

Based on GasLog Partners analysis of expected LNG demand, between 35 and 62 additional LNG carriers will be needed by the end of 2022 and potentially as many as 117 vessels by 2025 to satisfy projected market growth.

Share this article

Follow LNG World News


<< Sep 2019 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >