MONACO - March 23, 2018 - GasLog Partners LP (NYSE:GLOP)
("GasLog Partners" or the "Partnership") announced today that it
has entered into agreements with a new customer for two new
charters plus options for an additional two charters. The
agreements include an approximately three and a half year charter
for GasLog Santiago commencing in the third quarter of 2018 and a
one year charter for a GasLog Partners 145,000 cubic meter ("cbm")
steam vessel (either Methane Jane Elizabeth or Methane Alison
Victoria as nominated by the Partnership) commencing in the fourth
quarter of 2019. The charterer has options to extend the GasLog
Santiago charter for up to an additional seven years and the steam
vessel charter for up to an additional four years, both at
escalating rates.
GasLog Santiago is a 155,000 cbm tri-fuel diesel electric
liquefied natural gas ("LNG") carrier built in 2013 and currently
on a multi-year time charter with a wholly owned subsidiary of
Royal Dutch Shell plc ("Shell") through July 2018. The vessel will
undergo a scheduled drydocking during the second quarter of 2018,
at which time the Partnership intends to enhance the vessel's
future marketability through the installation of a reliquefaction
module ahead of commencing its new charter.
Methane Jane Elizabeth is a 145,000 cbm modern steam propulsion
LNG carrier built in 2006. The vessel is currently on a multi-year
time charter with a wholly owned subsidiary of Shell, which
concludes in October 2019.
Methane Alison Victoria is a 145,000 cbm modern steam propulsion
LNG carrier built in 2007. The vessel is currently on a multi-year
time charter with a wholly owned subsidiary of Shell, which
concludes in December 2019.
Andy Orekar, Chief Executive Officer of GasLog Partners, stated,
"I am very pleased to announce the signing of these charter
agreements with a new, high-quality counterparty. These charters
will provide continuous employment for GasLog Santiago and either
Methane Jane Elizabeth or Methane Alison Victoria, increase the
Partnership's contracted revenue visibility, diversify our customer
base and support our year-on-year distribution growth guidance of
5% to 7% in 2018."
About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
multi-year charters. Upon closing of the GasLog Gibraltar
acquisition, GasLog Partners' fleet will consist of 13 LNG carriers
with an average carrying capacity of approximately 156,000 cbm.
GasLog Partners' principal executive office is located at Gildo
Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit GasLog
Partners website at http://www.gaslogmlp.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Partnership expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
· general LNG shipping market conditions
and trends, including spot and long-term charter rates, ship
values, factors affecting supply and demand of LNG and LNG
shipping, technological advancements and opportunities for the
profitable operations of LNG carriers;
· fluctuations in charter hire rates and
vessel values;
· changes in our operating expenses,
including crew wages, maintenance, dry-docking and insurance costs
and bunker prices;
· number of off-hire days and
dry-docking requirements including our ability to complete
scheduled dry-dockings on time and within budget;
· planned capital expenditures and
availability of capital resources to fund capital expenditures;
· our ability to maximize the use of our
vessels, including the re-deployment or disposition of vessels no
longer under long-term time charter commitments, including the risk
that certain of our vessels may no longer have the latest
technology at such time which may impact the rate at which we can
charter such vessels;
· our ability to secure new multi-year
charters, at economically attractive rates;
· fluctuations in prices for crude oil,
petroleum products and natural gas;
· our ability to expand our fleet by
acquiring vessels through our drop-down pipeline with GasLog;
· our ability to leverage GasLog's
relationships and reputation in the shipping industry;
· the ability of GasLog to maintain
long-term relationships with major energy companies;
· changes in the ownership of our
charterers;
· our customers' performance of their
obligations under our time charters and other contracts;
· our future operating performance,
financial condition, liquidity and cash available for
distributions;
· our ability to acquire assets in the
future, including vessels from GasLog;
· our ability to obtain financing to
fund capital expenditures, acquisitions and other corporate
activities, funding by banks of their financial commitments,
funding by GasLog of the Sponsor Credit Facility (as defined below)
and our ability to meet our restrictive covenants and other
obligations under our credit facilities;
· future, pending or recent acquisitions
of ships or other assets, business strategy, areas of possible
expansion and expected capital spending;
· the expected cost of and our ability
to comply with environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory
authorities, governmental organizations, classification societies
and standards imposed by our charterers applicable to our
business;
· risks inherent in ship operation,
including the discharge of pollutants;
· GasLog's relationships with its
employees and ship crews, its ability to retain key employees and
provide services to us, and the availability of skilled labor, ship
crews and management;
· potential disruption of shipping
routes due to accidents, political events, piracy or acts by
terrorists;
· potential liability from future
litigation;
· our business strategy and other plans
and objectives for future operations;
· any malfunction or disruption of
information technology systems and networks that our operations
rely on or any impact of a possible cybersecurity breach; and
· other risks and uncertainties described in
the Partnership's Annual Report on Form 20-F filed with the SEC on
February 12, 2018, available at http://www.sec.gov.
GasLog and GasLog Partners undertake no obligation to update or
revise any forward-looking statements contained in this press
release, whether as a result of new information, future events, a
change in our views or expectations or otherwise. New factors
emerge from time to time, and it is not possible for us to predict
all of these factors. Further, we cannot assess the impact of each
such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking
statement.
The declaration and payment of distributions are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Marshall
Islands law and such other factors as our board of directors may
deem relevant.
Contacts:Alastair MaxwellChief Financial OfficerPhone:
+44-203-388-3105
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor
RelationsPhone: +1 212-223-0643
Email: ir@gaslogmlp.com
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