Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document and Entity Information | |
Entity Registrant Name | GasLog Partners LP |
Entity Central Index Key | 1,598,655 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Trading Symbol | GLOP |
Entity Common Units, Units Outstanding | 41,002,121 |
Entity Preference Units, Units Outstanding | 5,750,000 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] |
Non-current assets: | |||||
Other non-current assets | $ 0 | $ 928 | $ 7,510 | ||
Derivative financial instruments | 6,038 | 6,008 | 0 | ||
Vessels | 1,953,057 | 2,014,783 | 1,658,298 | ||
Vessels under construction | 0 | 0 | 74,315 | ||
Total non-current assets | 1,959,095 | 2,021,719 | 1,740,123 | ||
Current assets | |||||
Trade and other receivables | 3,629 | 4,201 | 6,096 | ||
Inventories | 2,565 | 2,808 | 2,155 | ||
Due from related parties | 475 | 0 | 0 | ||
Prepayments and other current assets | 1,502 | 1,554 | 446 | ||
Derivative financial instruments, current assets | 577 | 0 | 0 | ||
Short-term investments | 0 | 6,000 | 1,500 | ||
Cash and cash equivalents | 142,547 | 56,506 | 66,743 | ||
Total current assets | 151,295 | 71,069 | 76,940 | ||
Total assets | 2,110,390 | 2,092,788 | 1,817,063 | ||
Owners'/partners' equity | |||||
Owners' capital | 0 | 155,669 | 164,464 | ||
Common unitholders (21,822,358 units issued and outstanding as of January 1, 2016, 24,572,358 units issued and outstanding as of December 31, 2016 and 41,002,121 units issued and outstanding as of December 31, 2017) | 752,456 | 565,408 | 507,433 | ||
Subordinated unitholders (9,822,358 units issued and outstanding as of January 1, 2016 and December 31, 2016, nil units issued and outstanding as of December 31, 2017) | 0 | 60,988 | 59,786 | ||
General partner (645,811 units issued and outstanding as of January 1, 2016, 701,933 units issued and outstanding as of December 31, 2016 and 836,779 units issued and outstanding as of December 31, 2017) | 11,781 | 10,095 | 8,842 | ||
Incentive distribution rights | 6,596 | 5,878 | 2,117 | ||
Preference unitholders (nil units issued and outstanding as of January 1, 2016 and December 31, 2016 and 5,750,000 units issued and outstanding as of December 31, 2017) | 139,321 | 0 | 0 | ||
Total owners'/partners' equity | 910,154 | 798,038 | 742,642 | ||
Current liabilities | |||||
Trade accounts payable | 4,636 | 2,251 | 2,943 | ||
Due to related parties | 230 | 5,610 | 45,529 | ||
Derivative financial instruments, current liability | 269 | 1,836 | 3,324 | ||
Other payables and accruals | 39,255 | 40,105 | 26,716 | ||
Borrowings-current portion | 103,829 | 73,922 | 340,378 | ||
Total current liabilities | 148,219 | 123,724 | 418,890 | ||
Non-current liabilities | |||||
Derivative financial instruments | 0 | 0 | 1,581 | ||
Borrowings-non-current portion | 1,051,767 | 1,170,844 | 653,768 | ||
Other non-current liabilities | 250 | 182 | 182 | ||
Total non-current liabilities | 1,052,017 | 1,171,026 | 655,531 | ||
Total owners'/partners' equity and liabilities | $ 2,110,390 | $ 2,092,788 | $ 1,817,063 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Consolidated statements of fin3
Consolidated statements of financial position (Parenthetical) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2016 |
Common units | |||
Owners'/partners' equity | |||
Number of units issued | 41,002,121 | 24,572,358 | 21,822,358 |
Number of units outstanding | 41,002,121 | 24,572,358 | 21,822,358 |
Subordinated units | |||
Owners'/partners' equity | |||
Number of units issued | 0 | 9,822,358 | 9,822,358 |
Number of units outstanding | 0 | 9,822,358 | 9,822,358 |
General partner units | |||
Owners'/partners' equity | |||
Number of units issued | 836,779 | 701,933 | 645,811 |
Number of units outstanding | 836,779 | 701,933 | 645,811 |
Preference units | |||
Owners'/partners' equity | |||
Number of units issued | 5,750,000 | 0 | 0 |
Number of units outstanding | 5,750,000 | 0 | 0 |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Profit (loss) [abstract] | |||||
Revenues | $ 311,469 | $ 282,343 | $ 248,501 | ||
Vessel operating costs | (60,015) | (55,424) | (52,582) | ||
Voyage expenses and commissions | (3,904) | (3,842) | (3,313) | ||
Depreciation | (67,726) | (61,770) | (55,693) | ||
General and administrative expense | (14,508) | (12,627) | (11,798) | ||
Profit from operations | 165,316 | 148,680 | 125,115 | ||
Financial costs | (53,602) | (49,579) | (35,505) | ||
Financial income | 998 | 205 | 35 | ||
(Loss)/gain on interest rate swaps | 121 | (6,837) | (5,895) | ||
Total other expenses, net | (52,483) | (56,211) | (41,365) | ||
Profit for the year | $ 112,833 | $ 92,469 | $ 83,750 | ||
Common units | |||||
Earnings per unit attributable to the Partnership, basic and diluted: | |||||
Earnings per unit (basic) | $ 2.09 | $ 2.18 | $ 2.38 | ||
Earnings per unit (diluted) | 2.09 | 2.17 | 2.38 | ||
Subordinated units | |||||
Earnings per unit attributable to the Partnership, basic and diluted: | |||||
Earnings per unit (basic and diluted) | 0.52 | 2.14 | 1.85 | ||
General partner units | |||||
Earnings per unit attributable to the Partnership, basic and diluted: | |||||
Earnings per unit (basic and diluted) | $ 2.18 | $ 2.31 | $ 2.28 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Consolidated statements of comp
Consolidated statements of comprehensive income or loss - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Consolidated statements of comprehensive income or loss | |||||
Profit for the year | $ 112,833 | $ 92,469 | $ 83,750 | ||
Items that may be reclassified subsequently to profit or loss: | |||||
Recycled loss of cash flow hedges reclassified to profit or loss | 0 | 2,527 | 593 | ||
Other comprehensive income for the year | 0 | 2,527 | 593 | ||
Total comprehensive income for the year | $ 112,833 | $ 94,996 | $ 84,343 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Consolidated statements of chan
Consolidated statements of changes in owners'/partners' equity - USD ($) $ in Thousands | General partner units | Common units | Subordinated units | Incentive distribution rights | Preference units | Total Partners' equity | Total Owners' Capital | Total | ||
Balance at the beginning of the year at Dec. 31, 2014 | [1] | $ 6,085 | $ 324,967 | $ 77,088 | $ 408,140 | $ 269,342 | $ 677,482 | |||
Balance at beginning of year (in units) at Dec. 31, 2014 | [1] | 492,750 | 14,322,358 | 9,822,358 | ||||||
Capital contributions | 39,786 | 39,786 | ||||||||
Dividend Declared | (10,800) | (10,800) | ||||||||
Profit attributable to GasLog's operations (see Note 17) | 18,710 | 18,710 | ||||||||
Other comprehensive income attributable to GasLog's operations | 593 | 593 | ||||||||
Total comprehensive income attributable to GasLog's operations | 19,303 | 19,303 | ||||||||
Cash distribution to GasLog in exchange for net assets contribution to the Partnership | (172,627) | (172,627) | ||||||||
Difference between net book values of acquired subsidiaries and consideration paid | $ (1,182) | $ (297) | $ (17,981) | (19,460) | 19,460 | |||||
Number of units issued for net proceeds from public offering of common units and issuance of general partner units (see Note 5) | 153,061 | 7,500,000 | ||||||||
Net proceeds from public offering of common units and issuance of general partner units (see Note 5) | $ 3,658 | $ 171,831 | 175,489 | 175,489 | ||||||
Distributions declared (see Note 5) | (1,024) | (32,359) | (17,499) | $ (311) | (51,193) | (51,193) | ||||
Share-based compensation, net of accrued dividend | 3 | 94 | 42 | 23 | 162 | 162 | ||||
Partnership's profit (see Note 17) | 1,302 | 43,197 | 18,136 | 2,405 | 65,040 | 65,040 | [1] | |||
Partnership's total comprehensive income | 1,302 | 43,197 | 18,136 | 2,405 | 65,040 | 65,040 | ||||
Balance at the end of the year at Dec. 31, 2015 | [1] | $ 8,842 | $ 507,433 | $ 59,786 | 2,117 | 578,178 | 164,464 | 742,642 | ||
Balance at end of year (in units) at Dec. 31, 2015 | [1] | 645,811 | 21,822,358 | 9,822,358 | ||||||
Capital contributions | 40,385 | 40,385 | ||||||||
Profit attributable to GasLog's operations (see Note 17) | 15,199 | 15,199 | ||||||||
Other comprehensive income attributable to GasLog's operations | 2,527 | 2,527 | ||||||||
Total comprehensive income attributable to GasLog's operations | 17,726 | 17,726 | ||||||||
Cash distribution to GasLog in exchange for net assets contribution to the Partnership | (68,142) | (68,142) | ||||||||
Difference between net book values of acquired subsidiaries and consideration paid | $ (81) | $ (19) | $ (1,136) | (1,236) | 1,236 | |||||
Number of units issued for net proceeds from public offering of common units and issuance of general partner units (see Note 5) | 56,122 | 2,750,000 | ||||||||
Net proceeds from public offering of common units and issuance of general partner units (see Note 5) | $ 1,094 | $ 52,299 | 53,393 | 53,393 | ||||||
Distributions declared (see Note 5) | (1,312) | (44,353) | (18,780) | (1,132) | (65,577) | (65,577) | ||||
Share-based compensation, net of accrued dividend | 7 | 162 | 69 | 103 | 341 | 341 | ||||
Partnership's profit (see Note 17) | 1,545 | 49,886 | 21,049 | 4,790 | 77,270 | 77,270 | [1] | |||
Partnership's total comprehensive income | 1,545 | 49,886 | 21,049 | 4,790 | 77,270 | 77,270 | ||||
Balance at the end of the year at Dec. 31, 2016 | [1] | $ 10,095 | $ 565,408 | $ 60,988 | 5,878 | 642,369 | 155,669 | 798,038 | ||
Balance at end of year (in units) at Dec. 31, 2016 | [1] | 701,933 | 24,572,358 | 9,822,358 | ||||||
Profit attributable to GasLog's operations (see Note 17) | 18,716 | |||||||||
Total comprehensive income attributable to GasLog's operations | 18,716 | 18,716 | ||||||||
Cash distribution to GasLog in exchange for net assets contribution to the Partnership | (192,168) | (192,168) | ||||||||
Difference between net book values of acquired subsidiaries and consideration paid | $ (1,295) | $ (6,167) | $ (10,321) | (17,783) | $ 17,783 | |||||
Number of units issued for net proceeds from public offering of common units and issuance of general partner units (see Note 5) | 134,846 | 6,607,405 | ||||||||
Net proceeds from public offering of common units and issuance of general partner units (see Note 5) | $ 2,902 | $ 139,421 | 142,323 | 142,323 | ||||||
Number of units issued for net proceeds from public offering of preference units (see Note 5) | 5,750,000 | |||||||||
Net proceeds from public offering and of preference units (see Note 5) | $ 138,804 | 138,804 | 138,804 | |||||||
Distributions declared (see Note 5) | (1,661) | (69,051) | (9,724) | (2,612) | (7,232) | (90,280) | (90,280) | |||
Share-based compensation, net of accrued dividend | 12 | $ 451 | $ 19 | 122 | 604 | 604 | ||||
Number of units issued for conversion of subordinated units to common units (see Note 5) | 9,822,358 | (9,822,358) | ||||||||
Conversion of subordinated units to common units (see Note 5) | $ 46,047 | $ (46,047) | ||||||||
Partnership's profit (see Note 17) | 1,728 | 76,347 | 5,085 | 3,208 | 7,749 | 94,117 | 94,117 | |||
Partnership's total comprehensive income | 1,728 | 76,347 | $ 5,085 | 3,208 | 7,749 | 94,117 | 94,117 | |||
Balance at the end of the year at Dec. 31, 2017 | $ 11,781 | $ 752,456 | $ 6,596 | $ 139,321 | $ 910,154 | $ 910,154 | ||||
Balance at end of year (in units) at Dec. 31, 2017 | 836,779 | 41,002,121 | 5,750,000 | |||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Cash flows from operating activities: | ||||||
Profit for the year | $ 112,833 | $ 92,469 | [1] | $ 83,750 | [1] | |
Adjustments for: | ||||||
Depreciation | 67,726 | 61,770 | [1] | 55,693 | [1] | |
Financial costs | 53,602 | 49,579 | [1] | 35,505 | [1] | |
Financial income | (998) | (205) | [1] | (35) | [1] | |
Unrealized loss/(gain) on interest rate swaps held for trading | (2,174) | 1,570 | [1] | 285 | [1] | |
Recycled loss of cash flow hedges reclassified to profit or loss | 0 | 2,527 | [1] | 593 | [1] | |
Share-based compensation | 850 | 480 | [1] | 205 | [1] | |
Adjusted Profit Loss | 231,839 | 208,190 | [1] | 175,996 | [1] | |
(Increase)/decrease in trade and other receivables | 579 | 1,896 | [1] | (3,303) | [1] | |
Decrease/(increase) in inventories | 243 | (653) | [1] | 157 | [1] | |
Change in related parties, net | (5,855) | 5,604 | [1] | (6,251) | [1] | |
Decrease/(increase) in prepayments and other current assets | 52 | (1,108) | [1] | 1,778 | [1] | |
(Increase)/decrease in other non-current assets | 928 | 2,093 | [1] | (545) | [1] | |
Increase/(decrease) in other non-current liabilities | 0 | (139) | [1] | 86 | [1] | |
(Decrease)/increase in trade accounts payable | 1,192 | (723) | [1] | (713) | [1] | |
(Decrease)/increase in other payables and accruals | (2,019) | 6,686 | [1] | (84) | [1] | |
Cash provided by operations | 226,959 | 221,846 | [1] | 167,121 | [1] | |
Interest paid | (46,832) | (30,797) | [1] | (30,146) | [1] | |
Net cash provided by operating activities | 180,127 | 191,049 | [1] | 136,975 | [1] | |
Cash flows from investing activities: | ||||||
Payments for vessels' additions | (4,765) | (337,647) | [1] | (8,025) | [1] | |
Financial income received | 991 | 201 | [1] | 46 | [1] | |
Purchase of short-term investments | 0 | (4,500) | [1] | (7,003) | [1] | |
Maturity of short-term investments | 6,000 | 0 | [1] | 28,704 | [1] | |
Net cash provided by/(used in) investing activities | 2,226 | (341,946) | [1] | 13,722 | [1] | |
Cash flows from financing activities: | ||||||
Borrowings drawdowns | 60,000 | 886,837 | [1] | 0 | [1] | |
Borrowings repayments | (153,756) | (625,160) | [1] | (73,460) | [1] | |
Payment of loan issuance costs | (1,594) | (19,223) | [1] | (922) | [1] | |
Payments for interest rate swaps termination | 0 | (10,647) | [1] | 0 | [1] | |
Cash distribution to GasLog in exchange for contribution of net assets | (192,168) | (68,142) | [1] | (172,627) | [1] | |
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 144,297 | 53,826 | [1] | 176,533 | [1] | |
Proceeds from public offering of preference units (net of underwriting discounts and commissions) | 139,222 | 0 | [1] | 0 | [1] | |
Payment of offering costs | (2,033) | (454) | [1] | (1,104) | [1] | |
Distributions paid | (90,280) | (65,577) | [1] | (51,193) | [1] | |
Dividend due to GasLog before vessels' drop-down | 0 | (10,800) | [1] | (8,810) | [1] | |
Decrease in amounts due to shareholders | 0 | 0 | [1] | (4,684) | [1] | |
Net cash (used in)/provided by financing activities | (96,312) | 140,660 | [1] | (136,267) | [1] | |
Increase/(decrease) in cash and cash equivalents | 86,041 | (10,237) | [1] | 14,430 | [1] | |
Cash and cash equivalents, beginning of the year | [1] | 56,506 | 66,743 | 52,313 | ||
Cash and cash equivalents, end of the year | 142,547 | 56,506 | [1] | 66,743 | [1] | |
Non-Cash Investing and Financing Activities: | ||||||
Payment for vessels through capital contributions before dropdown | 0 | 37,299 | [1] | 39,786 | [1] | |
Capital expenditures included in liabilities at the end of the year | 1,863 | 628 | [1] | 1,365 | [1] | |
Payment for vessels through related parties | 0 | 0 | [1] | 2,313 | [1] | |
Financing costs included in liabilities at the end of the year | 0 | 0 | [1] | 61 | [1] | |
Financing costs paid through capital contributions | 0 | 1,379 | [1] | 0 | [1] | |
Financing costs paid through related parties | 0 | 0 | [1] | 4,428 | [1] | |
Offering costs not paid during the year and included in liabilities at the end of the year | 364 | 5 | [1] | 0 | [1] | |
Offering costs paid through related parties | 0 | 0 | [1] | 26 | [1] | |
Dividend declared but not paid | $ 0 | $ 0 | [1] | $ 10,800 | [1] | |
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations GasLog Partners LP ("GasLog Partners" or the "Partnership") was formed as a limited partnership under the laws of the Marshall Islands on January 23, 2014, being a wholly owned subsidiary of GasLog for the purpose of initially acquiring the interests in three liquefied natural gas ("LNG") carriers that were contributed to the Partnership by GasLog in connection with the initial public offering of its common units (the "IPO"). In connection with the IPO on May 12, 2014, the Partnership acquired from GasLog 100% of the ownership interests in GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd., the entities that own the GasLog Shanghai , the GasLog Santiago and the GasLog Sydney (the "Initial Fleet"). On September 29, 2014, GasLog Partners acquired 100% of the ownership interests in GAS-sixteen Ltd. and GAS-seventeen Ltd., the entities that own two 145,000 cubic meters ("cbm") LNG carriers, the Methane Rita Andrea and the Methane Jane Elizabeth , respectively, for an aggregate purchase price of $328,000. On July 1, 2015, GasLog Partners acquired 100% of the ownership interests in GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., the entities that own three 145,000 cbm LNG carriers, the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , respectively, for an aggregate purchase price of $483,000. On November 1, 2016, GasLog Partners acquired 100% of the ownership interests in GAS-seven Ltd., the entity that owns a 155,000 cbm LNG carrier, the GasLog Seattle , for an aggregate purchase price of $189,000. On May 3, 2017, GasLog Partners acquired 100% of the ownership interests in GAS-eleven Ltd., the entity that owns a 174,000 cbm LNG carrier, the GasLog Greece , for an aggregate purchase price of $219,000. On July 3, 2017, GasLog Partners acquired 100% of the ownership interests in GAS-thirteen Ltd., the entity that owns a 174,000 cbm LNG carrier, the GasLog Geneva , for an aggregate purchase price of $211,000. On October 20, 2017, GasLog Partners acquired 100% of the ownership interests in GAS-eight Ltd., the entity that owns a 155,000 cbm LNG carrier, the Solaris , for an aggregate purchase price of $185,900. The above acquisitions were accounted for as reorganizations of companies under common control. The Partnership's historical results were retroactively restated to reflect the historical results of the acquired entities from their respective dates of incorporation by GasLog. The carrying amounts of assets and liabilities included are based on the historical carrying amounts of such assets and liabilities recognized by the subsidiaries. As of December 31, 2017, GasLog holds a 25.9% interest in the Partnership. As a result of its 100% ownership of the general partner, and the fact that the general partner elects the majority of the Partnership's directors in accordance with the Partnership Agreement, GasLog has the ability to control the Partnership's affairs and policies. The Partnership's principal business is the acquisition and operation of vessels in the LNG market, providing transportation services of LNG on a worldwide basis under multi-year charters. GasLog LNG Services Ltd. ("GasLog LNG Services" or the "Manager"), a related party and a wholly owned subsidiary of GasLog, incorporated under the laws of the Bermuda, provides technical services to the Partnership. As of December 31, 2017, the companies listed below were 100% held by the Partnership: Name Place of Date of Principal activities Vessel Cargo Delivery Date GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece March 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva September 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally June 2014 GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Statement of compliance The consolidated financial statements of the Partnership have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB"). Basis of preparation The consolidated financial statements have been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below. The consolidated financial statements are expressed in U.S. dollars ("USD"), which is the functional currency of the Partnership and each of its subsidiaries because their vessels operate in international shipping markets, in which revenues and expenses are primarily settled in USD and the Partnership's most significant assets and liabilities are paid for and settled in USD. In considering going concern, management has reviewed the Partnership's future cash requirements, covenant compliance and earnings projections. Management anticipates that the Partnership's primary sources of funds will be available cash, cash from operations, borrowings under new loan agreements and equity financings. Management believes that these sources of funds will be sufficient for the Partnership to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis, although there can be no assurance that the Partnership will be able to obtain future debt and equity financing on terms acceptable to the Partnership. On February 8, 2018, the Partnership's board of directors authorized the consolidated financial statements for issuance and filing. Basis of consolidation The accompanying consolidated financial statements include the accounts of the Partnership and its subsidiaries assuming that they are consolidated from the date of their incorporation by GasLog, as they were under the common control of GasLog. All intra-group transactions and balances are eliminated on consolidation. Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions Revenues comprise revenues from time charters for the charter hire of the Partnership's vessels earned during the period in accordance with existing contracts. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer, except for any off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the reporting date relating to services to be rendered after the reporting date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Time charter hires are received monthly in advance and are classified as liabilities until such time as the criteria for recognizing the revenue as earned are met. Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses, as well as broker's commissions, are paid by the vessel owner, whereas the majority of voyage expenses such as bunkers, port expenses, agents' fees and extra war risk insurance are paid by the charterer. Vessel operating costs and voyage expenses and commissions are expensed as incurred, with the exception of commissions, which are recognized on a pro-rata basis over the duration of the period of the time charter. Financial income and costs Interest income, interest expense, other borrowing costs and realized loss on interest rate swaps are recognized on an accrual basis. Foreign currencies Transactions in currencies other than USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. Deferred financing costs Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are classified contra debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. Vessels Vessels are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of a LNG vessel is split into two components, a "vessel component" and a "dry-docking component". Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management's estimation of the amount that the Partnership would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo a dry-docking overhaul every five years that cannot be performed while the vessels are operating to restore their service potential and to meet their classification requirements. The dry-docking component is estimated at the time of a vessel's delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking, subsequent to its acquisition, based on the Partnership's historical experience with similar types of vessels. For subsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in the case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessel's last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock, and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of the vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as the dry-docking. The expected useful lives are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from Partnership's vessels. The residual value is also reviewed at each financial period end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When vessels are sold, they are derecognized and any gain or loss resulting from their disposals is included in profit or loss. Impairment of vessels All vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of a vessel exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of a vessel's fair value less cost of disposal and "value in use". The fair value less cost of disposal is the amount obtainable from the sale of a vessel in an arm's length transaction less the costs of disposal, while "value in use" is the present value of estimated future cash flows expected to arise from the continuing use of a vessel and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual vessels. Each vessel is considered to be a single cash-generating unit. The fair value less cost of disposal of the vessels is estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. Provisions Provisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, it is probable that the Partnership will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Inventories Inventories represent lubricants on board the vessel and are stated at the lower of cost calculated on a first-in, first-out basis, and net realizable value. Financial instruments Financial assets and liabilities are recognized when the Partnership has become a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. Bad debts are written off during the year in which they are identified. An estimate is made for doubtful receivables based on a review of all outstanding amounts at each reporting date. Borrowings Borrowings are measured at amortized cost, using the effective interest method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. Derivative financial instruments Derivative financial instruments, such as interest rate swaps, are used to economically hedge the Partnership's exposure to interest rate risks. Derivative financial instruments are initially recognized at fair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which case the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Partnership and as liabilities when unfavorable to the Partnership. Criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects the consolidated statement of profit or loss. Hedge accounting is discontinued when the Partnership terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized in the consolidated statement of profit or loss when the hedged item affects the consolidated statement of profit or loss. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. Segment information Each vessel-owning company owns one LNG carrier which is operated under a long-term time charter with similar operating and economic characteristics. Consequently, the information provided to the Chief Executive Officer (the Partnership's chief operating decision maker) to review the Partnership's operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. Share-based compensation Share-based compensation to executives and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 18. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Partnership's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Partnership revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Partnership's management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods which management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments: In the process of applying the Partnership's accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the Partnership interests: The interests in the Partnership comprise common units, preference units, a general partner interest and incentive distribution rights. Under the terms of the Partnership Agreement, the Partnership is required to distribute 100% of available cash (as defined in the Partnership Agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the board of directors to (i) provide for the proper conduct of the business of the Partnership group (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership group) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership group member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the interests in the Partnership should be classified as liabilities or equity interests, the Partnership has considered the wide discretion of the board of directors to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the Partnership interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Vessel lives and residual value: Vessels are stated at cost, less accumulated depreciation. The estimates and assumptions that have the most significant effect on the vessel carrying amount relate to the estimation of the useful life of an LNG vessel of 35 years and the residual value. An increase in the estimated useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge, and an increase in the estimated useful life of a vessel would also extend annual depreciation charge into later periods. A decrease in the useful life of a vessel or its residual value would have the effect of increasing the annual depreciation charge. Management estimates residual value of its vessels to be equal to the product of its lightweight tonnage ("LWT") and an estimated scrap rate per LWT. Effective December 31, 2017, following management's annual reassessment, the estimated scrap rate per LWT was decreased. This change in estimate is expected to increase the future annual depreciation by $460. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Partnership might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. If regulations place significant limitations on the ability of a vessel to trade on a worldwide basis, the vessel's useful life will be adjusted to end at the date such regulations become effective. Impairment of vessels: The Partnership evaluates the carrying amounts of its vessels to determine whether there is any indication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates including future freight rates, earnings from the vessels and discount rates. All of these items have been historically volatile. In assessing the fair value less cost to sell of the vessel, the Partnership obtains vessel valuations from independent and internationally recognized ship brokers on a semi-annual basis or when there is an indication that an asset or assets may be impaired. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less cost to sell and the value in use. The Partnership's estimates of recoverable value assume that the vessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. The Partnership's estimates are based on approximate charter free market values for the vessels that have been received from shipbrokers which are also commonly used and accepted by the Partnership's lenders for determining compliance with the relevant covenants in the Partnership's credit facilities. Vessel values can be highly volatile, so the estimates may not be indicative of the future market value of the Partnership's vessels or prices that could be achieved if it were to sell them. As of December 31, 2017, the carrying amounts of the steam propulsion ("Steam") vessels the Methane Rita Andrea, the Methane Jane Elizabeth, the Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally were higher than the charter free market values estimated by shipbrokers and the Partnership concluded that events and circumstances triggered the existence of potential impairment of these vessels. As a result, the Partnership performed the impairment assessment of these vessels by comparing the discounted projected net operating cash flows for these vessels to their carrying values. The Partnership's strategy is to charter its vessels on multi-year contracts, providing the Partnership with contracted stable cash flows. The assumptions which the Partnership has used in its discounted projected net operating cash flow analysis included, among others, operating revenues, utilization, dry-docking costs, operating expenses (including management fees), residual values and the discount factor. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire and assume a utilization rate of 99.5% based on the fleet's historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of December 31, 2017, (iii) historical average time charter rates, based on publications by independent third party maritime research services ("maritime research publications"), and (iv) estimated future time charter rates, also based on maritime research publications that provide such forecasts. More specifically, for the non-contracted period starting upon the expiration of the firm charter period of each vessel and up to December 31, 2022, the Partnership used the most recent charter market rate for a 5-year time charter agreement based on available data from maritime research publications, which is $52 per day for the Steam vessels. For the remaining period from January 1, 2023 through the end of each vessel's useful life, the estimated average time charter rate was based on analysis of future supply and demand for LNG, analysis of future LNG shipping supply and demand balances, internally estimated and market-derived costs of building and financing newbuild LNG vessels, the technical characteristics of each vessel and 5-year historical average 5-year time charter rates based on maritime research publications. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Partnership's control, management believes the use of revenue estimates discussed above to be reasonable as of the reporting date. The Partnership does not take into account any growth rate assumptions or inflation factors for determining forecasted time charter rates beyond the contracted charter rate period through the end of a vessel's useful life. In assessing the factors mentioned above for the purposes of determining estimated revenues, the Partnership has placed particular reliance on available third party maritime research publications and analysis of LNG shipping supply and demand data. In addition, the Partnership used an annual operating expenses escalation factor equal to 1% based on its historical data and performance, as well as its expectations of future inflation and operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet and residual and scrap values are the same as those used for the Partnership's depreciation policy. In the Partnership's impairment assessment, the weighted average cost of capital ("WACC") used to discount future estimated cash flows to their present values was approximately 8% as of December 31, 2017. This was based on the calculated cost of equity and cost of debt components. All estimates used and assumptions made were in accordance with the Partnership's internal budgets and historical experience of the shipping industry. The value in use for the five vessels calculated as per above was higher than the carrying amount of these vessels and, consequently, no impairment loss was recognized. Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period The following standards and amendments relevant to the Partnership were effective in the current period: In February 2016, the IASB issued amendments to IAS 7 Statement of Cash Flows introducing an additional disclosure that will enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments are part of the IASB's Disclosure Initiative, which continues to explore how financial statement disclosure can be improved. Entities will be required to disclose changes arising from cash flows, such as drawdowns and repayments of borrowings and also non-cash changes, such as acquisitions, disposals and unrealised exchange differences. Even though a specific format is not mandated, where a reconciliation is used the disclosure should provide sufficient information to link items included in the reconciliation to the statement of financial position and statement of cash flows. The amendments, which were effective for annual periods beginning on or after January 1, 2017, had a disclosure impact on the Partnership's financial statements; refer to Note 16. (b) At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Partnership were in issue but not yet effective: In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers, which applies to all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard supersedes IAS 18 Revenue, IAS 11 Construction Contracts and a number of revenue-related interpretations. The standard was amended in September 2015 to delay the effective date to annual periods beginning on or after January 1, 2018 but early adoption is permitted. In addition, the standard was further amended in April 2016 to clarify the guidance on identifying performance obligations, accounting for licences of intellectual property and the principal versus agent assessment (gross versus net revenue presentation), as well as to give new and amended illustrative examples and practical expedients. The Partnership will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on its financial statements, other than additional disclosure requirements in the notes to the financial statements, since the Partnership has chartered its vessels under time charter and bareboat charter agreements, and in this respect revenue is accounted under the leases standard. In July 2014, the IASB issued the complete version of IFRS 9 Financial Instruments . IFRS 9 specifies how an entity should classify and measure financial assets and financial liabilities. The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. The standard also requires a financial liability to be classified as either at fair value through profit or loss or at amortized cost. In addition, a new hedge accounting model was introduced, that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The standard is effective for accounting periods beginning on or after January 1, 2018 but early adoption is permitted. Management anticipates that the implementation of this standard will not have a material impact on the Partnership's financial statements. In January 2016, the IASB issued IFRS 16 Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ("lessee") and the supplier ("lessor"). IFRS 16 eliminates the classification of leases by lessees as either operating leases or finance leases and, instead, introduces a single lessee acco |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2017 | |
Vessels | |
Vessels | 3. Vessels The movement in vessels is reported in the following table: Vessels Vessels under Cost As of January 1, 2016 Additions Transfer from vessels under construction ) Fully amortized dry-docking component ) — As of December 31, 2016 — Additions — Fully amortized dry-docking component ) — As of December 31, 2017 — Accumulated depreciation As of January 1, 2016 — Depreciation expense — Fully amortized dry-docking component ) — As of December 31, 2016 — Depreciation expense — Fully amortized dry-docking component ) — As of December 31, 2017 — Net book value As of December 31, 2016 — As of December 31, 2017 — All the vessels have been pledged as collateral under the terms of the Partnership's bank loan agreements (Note 6). On November 1, 2016, the Partnership acquired from GasLog 100% of the ownership interests in GAS-seven Ltd., the entity which owns the GasLog Seattle , for an aggregate purchase price of $189,000. As consideration for this acquisition, the Partnership paid GasLog $68,142 representing the difference between the $189,000 aggregate purchase price and the $122,292 of outstanding indebtedness of the acquired entity assumed by the Partnership plus an adjustment of $1,434 in order to maintain the agreed working capital position in the acquired entity of $1,000 at the time of acquisition. On May 3, 2017, the Partnership acquired from GasLog 100% of the ownership interests in GAS-eleven Ltd., the entity which owns the GasLog Greece , for an aggregate purchase price of $219,000. As consideration for this acquisition, the Partnership paid GasLog $66,643 representing the difference between the $219,000 aggregate purchase price and the $151,423 of outstanding indebtedness of the acquired entity assumed by the Partnership less an adjustment of $934 in order to maintain the agreed working capital position in the acquired entity of $1,000 at the time of acquisition. On July 3, 2017, the Partnership acquired from GasLog 100% of the ownership interests in GAS-thirteen Ltd., the entity which owns the GasLog Geneva , for an aggregate purchase price of $211,000. As consideration for this acquisition, the Partnership paid GasLog $54,911 representing the difference between the $211,000 aggregate purchase price and the $155,005 of outstanding indebtedness of the acquired entity assumed by the Partnership less an adjustment of $1,084 in order to maintain the agreed working capital position in the acquired entity of $1,000 at the time of acquisition. On October 20, 2017, the Partnership acquired from GasLog 100% of the ownership interests in GAS-eight Ltd., the entity which owns the Solaris , for an aggregate purchase price of $185,900. As consideration for this acquisition, the Partnership paid GasLog $70,614 representing the difference between the $185,900 aggregate purchase price and the $116,518 of outstanding indebtedness of the acquired entity assumed by the Partnership plus an adjustment of $1,232 in order to maintain the agreed working capital position in the acquired entity of $1,000 at the time of acquisition. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Trade and Other Receivables | |
Trade and Other Receivables | 4. Trade and Other Receivables Trade and other receivables consisted of the following: As of 2016 2017 Due from charterers VAT receivable Accrued income Insurance claims Other receivables Total As of December 31, 2016 and 2017, no receivable balances were past due or impaired and therefore no allowance was necessary. |
Owners' Capital_Partners' Equit
Owners' Capital/Partners' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Owners' Capital/Partners' Equity | |
Owners' Capital/Partners' Equity | 5. Owners' Capital/Partners' Equity As of January 1, 2015 the capital of each of the subsidiaries consisted of 12,000 authorized common shares with a par value of $1 per share, all of which have been issued and are outstanding, resulting in a total share capital of $84. Each share was entitled to one vote. Capital contributions represent capital contributed by the owner of each subsidiary in excess of par value to fund working capital and shipyard installments and capital contributed through contributed services. The reconciliation of owners' capital is as follows: Share Contributed Cash flow Retained Total Balance as of January 1, 2015 ) Capital contributions — — — Dividend declared — — — ) ) Profit attributable to GasLog's operations — — — Other comprehensive income attributable to GasLog's operations — — — Total comprehensive income attributable to GasLog's operations — — Net contribution to the Partnership ) ) — ) ) Balance as of December 31, 2015 ) Capital contributions — — — Profit attributable to GasLog's operations — — — Other comprehensive income attributable to GasLog's operations — — — Total comprehensive income attributable to GasLog's operations — — Net contribution to the Partnership ) ) — ) ) Balance as of December 31, 2016 — Profit attributable to GasLog's operations — — — Total comprehensive income attributable to GasLog's operations — — — Net contribution to the Partnership ) ) — ) ) Balance as of December 31, 2017 — — — — — On June 26, 2015, GasLog Partners completed an equity offering of 7,500,000 common units at a public offering price of $23.90 per unit. The net proceeds from this offering after deducting underwriting discounts and other offering expenses, were $171,831. In connection with the offering, the Partnership issued 153,061 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of the general partner units were $3,658. On August 5, 2016, GasLog Partners completed an equity offering of 2,750,000 common units at a public offering price of $19.50 per unit. The net proceeds from this offering after deducting underwriting discounts and other offering expenses, were $52,299. In connection with the offering, the Partnership issued 56,122 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of the general partner units were $1,094. On January 27, 2017, GasLog Partners completed an equity offering of 3,750,000 common units at a public offering price of $20.50 per unit. In addition, the option to purchase additional units was partially exercised by the underwriter on February 24, 2017, resulting in 120,000 additional units being sold at the same price. The aggregate net proceeds from this offering, including the partial exercise by the underwriter of the option to purchase additional units, after deducting underwriting discounts and other offering expenses, were $78,197. In connection with the offering, the Partnership also issued 78,980 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of the general partner units were $1,619. On May 15, 2017, GasLog Partners completed a public offering of 5,750,000 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Series A Preference Units"), including 750,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Series A Preference Units, liquidation preference $25.00 per unit, at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $138,804. The Series A Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR A". On May 16, 2017, GasLog Partners commenced an "at-the-market" common equity offering programme ("ATM Programme") under which the Partnership may, from time to time, raise equity through the issuance and sale of new common units having an aggregate offering price of up to $100,000 in accordance with the terms of an equity distribution agreement, entered into on the same date. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC have agreed to act as sales agents. On November 3, 2017, the Partnership entered into the Amended and Restated Equity Distribution Agreement to increase the size of the ATM Programme to $144,040 and include UBS Securities LLC as a sales agent. From establishment of the ATM Programme through December 31, 2017, GasLog Partners had issued and received payment for 2,737,405 common units at a weighted average price of $22.97 per common unit for total net proceeds, after deducting fees and other expenses, of $61,224. In connection with the issuance of common units under the ATM Programme during this period, the Partnership also issued 55,866 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of the general partner units were $1,283. Additionally, on May 16, 2017, the subordination period expired and consequently all 9,822,358 subordinated units held by GasLog converted into common units on a one-for-one basis and now participate pro rata with all other outstanding common units in distributions of available cash. As of December 31, 2017, the Partnership's capital consisted of 41,002,121 outstanding common units and 836,779 outstanding general partner units. Cash distributions The Partnership's cash distributions for the years ended December 31, 2015, 2016 and 2017 are presented in the following table: Declaration date Type of Distribution Payment Amount January 28, 2015 Common $ February 12, 2015 $ April 29, 2015 Common $ May 14, 2015 $ July 29, 2015 Common $ August 13, 2015 $ October 28, 2015 Common $ November 12, 2015 $ Total $ January 27, 2016 Common $ February 12, 2016 $ April 27, 2016 Common $ May 13, 2016 $ July 27, 2016 Common $ August 12, 2016 $ October 26, 2016 Common $ November 11, 2016 $ Total $ January 26, 2017 Common $ February 10, 2017 $ April 26, 2017 Common $ May 12, 2017 $ July 26, 2017 Common $ August 11, 2017 $ July 26, 2017 Preference $ September 15, 2017 $ October 25, 2017 Common $ November 10, 2017 $ November 16, 2017 Preference $ December 15, 2017 $ Total $ Voting Rights The following is a summary of the unitholder vote required for the approval of the matters specified below. Matters that require the approval of a "unit majority" require the approval of a majority of the outstanding common units voting as a single class. In voting their common units the general partner and its affiliates will have no fiduciary duty or obligation whatsoever to the Partnership or the limited partners, including any duty to act in good faith or in the best interests of the Partnership or the limited partners. Each outstanding common unit is entitled to one vote on matters subject to a vote of common unitholders. However, to preserve the Partnership's ability to claim an exemption from U.S. federal income tax under Section 883 of the Code, if at any time any person or group owns beneficially more than 4.9% of any class of units then outstanding, any units beneficially owned by that person or group in excess of 4.9% may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting of unitholders, calculating required votes (except for purposes of nominating a person for election to the board of directors), determining the presence of a quorum or for other similar purposes under the Partnership Agreement, unless otherwise required by law. Effectively, this means that the voting rights of any such unitholders in excess of 4.9% will be redistributed pro rata among the other common unitholders holding less than 4.9% of the voting power of all classes of units entitled to vote. The general partner, its affiliates and persons who acquired common units with the prior approval of the board of directors will not be subject to this 4.9% limitation except with respect to voting their common units in the election of the elected directors. This loss of voting rights does not apply to the preference units. The Partnership holds a meeting of the limited partners every year to elect one or more members of the board of directors and to vote on any other matters that are properly brought before the meeting. The general partner retains the right to appoint four of the directors. Preference unitholders generally have no voting rights. However, the consent of preference unitholders is required in connection with any amendment to the Partnership Agreement that would have a material adverse effect on the existing terms of the preference units, the issuance of securities that rank pari passu to the preference units if distributions are in arrears, or the issuance of securities that rank senior to the preference units. In addition, preference unitholders become entitled to elect one director to the Partnership's board of directors if and whenever distributions payable are in arrears for six or more quarterly periods. In such a case, the general partner will also be entitled to appoint one additional director to the board of directors. General Partner Interest The Partnership Agreement provides that the general partner initially will be entitled to 2.0% of all distributions that the Partnership makes prior to its liquidation. The general partner has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its 2.0% general partner interest if the Partnership issues additional units. The general partner's 2.0% interest, and the percentage of the Partnership's cash distributions to which it is entitled, will be proportionately reduced if the Partnership issues additional units in the future and the general partner does not contribute a proportionate amount of capital to the Partnership in order to maintain its 2.0% general partner interest. The general partner will be entitled to make a capital contribution in order to maintain its 2.0% general partner interest in the form of the contribution to the Partnership of common units based on the current market value of the contributed common units. Incentive Distribution Rights Incentive distribution rights represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the payment of preference unit distributions and after the minimum quarterly distribution and the target distribution levels have been achieved. GasLog holds the incentive distribution rights following completion of the IPO. The incentive distribution rights may be transferred separately from any other interests, subject to restrictions in the Partnership Agreement. Except for transfers of incentive distribution rights to an affiliate or another entity as part of a merger or consolidation with or into, or sale of substantially all of the assets to, such entity, the approval of a majority of the Partnership's common units (excluding common units held by the general partner and its affiliates), voting separately as a class, generally is required for a transfer of the incentive distribution rights to a third party prior to March 31, 2019. Any transfer by GasLog of the incentive distribution rights would not change the percentage allocations of quarterly distributions with respect to such right. The following table illustrates the percentage allocation of the additional available cash from operating surplus after the payment of preference unit distributions in respect to such rights: Marginal Percentage Interest in Distributions Total Quarterly Unitholders General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Third Target Distribution $0.46875 up to $0.5625 % % % Thereafter Above $0.5625 % % % Subordinated Units Since the IPO and until May 16, 2017, GasLog held all of the Partnership's subordinated units. The principal difference between the common units and subordinated units was that in any quarter during the subordination period the subordinated units were entitled to receive the minimum quarterly distribution of $0.375 per unit only after the common units had received the minimum quarterly distribution and arrearages in the payment of the minimum quarterly distribution from prior quarters. Subordinated units did not accrue arrearages. In accordance with the terms of the Partnership Agreement, the subordination period generally would end if the Partnership had earned and paid at least $0.375 on each outstanding common and subordinated unit and the corresponding distribution on the general partner's 2.0% interest for any three consecutive four-quarter periods ending on or after March 31, 2017. On May 16, 2017, the subordination period expired and consequently all 9,822,358 subordinated units held by GasLog converted into common units on a one-for-one basis and now participate pro rata with all other outstanding common units in distributions of available cash. Series A Preference Units From and including the original issue date to, but excluding, June 15, 2027, distributions on the Series A Preference Units will accrue at 8.625% per annum per $25.00 of liquidation preference per unit. From and including June 15, 2027, the distribution rate will be a floating rate equal to the three-month London Interbank Offered Rate ("LIBOR") plus a spread of 6.31% per annum per $25.00 of liquidation preference per unit of Series A Preference Units. The Series A Preference Units issued are not convertible into common units and have been accounted for as equity instruments based on certain characteristics such as the absolute discretion held by our board of directors over distributions, which can be deferred and accumulated, as well as the redemption rights held only by the Partnership. The Series A Preference Units have preference upon liquidation and the holders would receive $25.00 per unit plus any accumulated and unpaid distributions. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings | |
Borrowings | 6. Borrowings Borrowings as of December 31, 2016 and 2017 consisted of the following: As of December 31, 2016 2017 Amounts due within one year Less: unamortized deferred loan issuance costs ) ) Borrowings—current portion Amounts due after one year Less: unamortized deferred loan issuance costs ) ) Borrowings—non-current portion Total Terminated Facilities: (a) Citibank N.A. London Branch facility: Following the acquisition of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., the Partnership assumed $325,500 of outstanding indebtedness of the acquired entities. The loan agreement was signed by GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., on May 12, 2014 with Citibank N.A. London Branch, acting as security agent and trustee for and on behalf of the other finance parties. The loan has a two-year maturity bearing interest at LIBOR plus a margin and $108,500 was drawn on each of June 3, 2014, on June 10, 2014 and on June 24, 2014 to partially finance the deliveries of the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally, respectively. Using the proceeds of the equity offering completed in June 2015, GasLog Partners prepaid $10,000 of the GAS-nineteen Ltd. tranche on September 4, 2015, $5,000 of the GAS-twenty Ltd. tranche on December 10, 2015 and $5,000 of the GAS-twenty one Ltd. tranche on December 29, 2015. On April 5, 2016, the outstanding amount of $305,500 under the facility was fully repaid. (b) Credit Suisse AG facility: On January 18, 2012, GAS-seven Ltd. entered into a loan agreement of up to $144,000 with Credit Suisse AG, for the purpose of financing one of the newbuilding vessels. The loan agreement provided for a single tranche that was drawn on December 4, 2013 for the financing of the GasLog Seattle . On July 25, 2016, the outstanding amount of $124,000 under the facility was fully repaid. (c) DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) On December 23, 2011, GAS-eight Ltd. entered into a loan agreement for a senior secured credit facility of up to $143,000 with DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ), for the purpose of financing one of the newbuilding vessels. The loan agreement provided for a single tranche that was drawn on June 24, 2014 for the financing of the Solaris . On July 25, 2016, the outstanding amount of $127,080 under the facility was fully repaid. Existing Facilities: (a) Citibank N.A., London Branch, Nordea Bank Finland PLC London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas: On November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd, GasLog Partners LP and GasLog Partners Holdings LLC entered in a loan agreement with Citibank N.A., London Branch, acting as security agent and trustee for and on behalf of the other finance parties mentioned above, for a credit facility for up to $450,000 (the "Partnership Facility") for the purpose of refinancing in full the existing debt facilities. The agreement provides for a single tranche that was drawn on November 18, 2014. The credit facility bears interest at LIBOR plus a margin. The balance outstanding as of December 31, 2017 is $382,500 and is repayable in eight quarterly installments of $5,625 and a final balloon payment of $337,500 together with the last quarterly installment in 2019. On May 8, 2015, the GasLog Partners entered into a supplemental deed relating to the aforementioned loan facility, via which the Partnership's lenders unanimously approved changes to the facility agreement to reflect the amendments to the three time charters agreed with BG Group on April 21, 2015. As the aforementioned deed did not result in substantially different terms to the original loan agreement, the amendments were considered a modification of the existing terms. Consequently, the additional fees of $515 incurred during the year ended December 31, 2015 have been accounted for as deferred financing fees and will be amortized over the remaining term of the loan facility using the effective interest method. (b) Five Vessel Refinancing On February 18, 2016, subsidiaries of the Partnership and GasLog entered into credit agreements (the "Five Vessel Refinancing") to refinance the debt maturities that were scheduled to become due in 2016 and 2017. The Five Vessel Refinancing is comprised of a five-year senior tranche facility of up to $396,500 and a two-year bullet junior tranche of up to $180,000. The vessels covered by the Five Vessel Refinancing are the Partnership-owned Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally and the GasLog-owned Methane Lydon Volney and Methane Becki Anne . ABN AMRO Bank N.V. and DNB (UK) Ltd. were mandated lead arrangers to the transaction. The other banks in the syndicate are: DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited. On April 5, 2016, $216,865 and $89,875 under the senior and junior tranche, respectively, of the Five Vessel Refinancing were drawn by the Partnership to refinance $305,500 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. The balance outstanding for the entities owned by the Partnership as of December 31, 2017 is $189,757 under the senior tranche that is repayable in 14 quarterly installments of $4,518 and a final balloon payment of $126,505 together with the last quarterly installment in April 2021, and $29,750 under the junior tranche that had an original maturity in April 2018 but was prepaid in full by the Partnership in January 2018 (refer to Note 20). (c) Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V.: On July 19, 2016, GasLog entered into a credit agreement to refinance the existing indebtedness on eight of its on-the-water vessels of up to $1,050,000 (the "Legacy Facility Refinancing") with a number of international banks, extending the maturities of six existing credit facilities to 2021. The vessels covered by the Legacy Facility Refinancing are the GasLog Savannah , the GasLog Singapore , the GasLog Skagen , the GasLog Seattle , the Solaris , the GasLog Saratoga , the GasLog Salem and the GasLog Chelsea . Citigroup Global Market Limited, Credit Suisse AG and Nordea Bank AB were mandated lead arrangers to the transaction. The other banks in the syndicate are: Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V. Nordea Bank AB, London Branch is the agent and security agent for the transaction. The Legacy Facility Refinancing is comprised of a five-year term loan facility of up to $950,000 and a revolving credit facility of up to $100,000. Following the acquisitions of GAS-seven Ltd. and GAS-eight Ltd., the Partnership assumed $122,292 and $124,141 of indebtedness drawn on July 25, 2016 under the term loan facility to refinance the existing indebtedness of $124,000 and $127,080 for GAS-seven Ltd. and GAS-eight Ltd., respectively. Each aforementioned refinancing was considered an extinguishment of the existing debt facility. Consequently, the unamortized loan fees of $5,637 were written off to profit or loss for the year ended December 31, 2016. The balance outstanding for the entities owned by the Partnership as of December 31, 2017 is $231,301 under the term loan that is repayable in eight semi-annual installments of $7,566 each and a balloon payment of $170,773 due together with the last installment in July 2021, while the revolving credit facility available amount of $25,940 can be drawn at any time until December 31, 2020. Amounts drawn bear interest at LIBOR plus a margin. (d) GAS-eleven Ltd. and GAS-thirteen Ltd. facility Following the acquisitions of GAS-eleven Ltd. on May 3, 2017 and GAS-thirteen Ltd. on July 3, 2017, the Partnership assumed $151,423 and $155,005 of outstanding indebtedness of the acquired entities, respectively, under a debt financing agreement dated October 16, 2015 with 14 international banks, with Citibank N.A. London Branch and Nordea Bank AB, London Branch acting as agents on behalf of the other finance parties. The financing is backed by the Export Import Bank of Korea ("KEXIM") and the Korea Trade Insurance Corporation ("K-Sure"), who are either directly lending or providing cover for over 60% of the facility (the "October 2015 Facility"). The loan agreement with GAS-eleven Ltd., with respect to the GasLog Greece provided for four tranches of $51,257, $25,615, $24,991 and $61,104, while the loan agreement with GAS-thirteen Ltd., with respect to the GasLog Geneva provided for four tranches of $50,544, $25,258, $24,643 and $60,252. Under the terms of the agreement, each drawing under the first three tranches would be repaid in 24 consecutive semi-annual equal installments commencing six months after the actual deliveries of the GasLog Greece and the GasLog Geneva , respectively, according to a 12-year profile. Each drawing under the fourth tranche would be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevant vessel according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016, $162,967 was drawn down to partially finance the delivery of the GasLog Greece and on September 26, 2016, $160,697 million was drawn down to partially finance the delivery of the GasLog Geneva . The aggregate balance outstanding for the entities owned by the Partnership as of December 31, 2017 is $294,965. Amounts drawn under each applicable tranche bear interest at LIBOR plus a margin. Securities Covenants and Guarantees The credit agreements are secured as follows: (i) first priority mortgages over the ships owned by the respective borrowers (and in addition second priority mortgages in the case of the Five Vessel Refinancing); (ii) in the case of the Partnership Facility, guarantees from the Partnership and the Partnership's subsidiary GasLog Partners Holdings LLC, in the case of the Five Vessel Refinancing, a guarantee from GasLog, guarantees from the Partnership and GasLog Partners Holdings LLC up to the value of the commitments relating to the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally and a guarantee from GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels, in the case of the Legacy Facility Refinancing, a guarantee from GasLog, guarantees from the Partnership and GasLog Partners Holdings LLC up to the value of the commitments relating to the GasLog Seattle and the Solaris and a guarantee from GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels, and in the case of the October 2015 Facility, a guarantee from GasLog, guarantees from the Partnership and GasLog Partners Holdings LLC up to the value of the commitments relating to the GasLog Greece and the GasLog Geneva and a guarantee from GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels; (iii) a pledge or a negative pledge of the share capital of the respective borrower; and (iv) a first priority assignment of all earnings, excluding the vessels participating in the spot market, and insurance related to the ships owned by the respective borrower (and in addition a second priority assignment in the case of the Five Vessel Refinancing). Certain of the credit facilities also impose certain restrictions relating to the Partnership and GasLog, and their other subsidiaries, including restrictions that limit the Partnership's and GasLog's ability to make any substantial change in the nature of the Partnership's or GasLog's business or to engage in transactions that would constitute a change of control, without repaying all of the Partnership's and GasLog's indebtedness in full. The credit facilities contain customary events of default, including non-payment of principal or interest, breach of covenants or material inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the credit facilities contain covenants requiring the Partnership and certain of the Partnership's subsidiaries to maintain the aggregate of (i) the market value, on a charter exclusive basis, of the mortgaged vessel or vessels and (ii) the market value of any additional security provided to the lenders, at a value of not less than 120.0% (in the case of the October 2015 Facility, 115.0% for the first two years after each drawdown and 120.0% at any time thereafter) of the then outstanding amount under the applicable facility. If we fail to comply with these covenants and are not able to obtain covenant waivers or modifications, the lenders could require the Partnership to make prepayments or provide additional collateral sufficient to bring the Partnership into compliance with such covenants, and if we fail to do so the lenders could accelerate the indebtedness. The credit facilities impose certain operating and financial restrictions on the Partnership and GasLog. These restrictions generally limit the Partnership's and GasLog's collective subsidiaries' ability to, among other things: (a) incur additional indebtedness, create liens or provide guarantees, (b) provide any form of credit or financial assistance to, or enter into any non-arms' length transactions with, the Partnership, GasLog or any of their affiliates, (c) sell or otherwise dispose of assets, including ships, (d) engage in merger transactions, (e) enter into, terminate or amend any charter, (f) amend shipbuilding contracts, (g) change the manager of ships, or (h) acquire assets, make investments or enter into any joint venture arrangements outside of the ordinary course of business. The Partnership, as corporate guarantor for the Partnership Facility and the Five Vessel Refinancing is also subject to specified financial covenants on a consolidated basis. These financial covenants include the following as defined in the agreements: (i) the aggregate amount of all unencumbered cash and cash equivalents must be not less than the higher of 3.0% of total indebtedness or $15,000; (ii) total indebtedness divided by total capitalization must be less than 60.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the Partnership's guarantees (including interest and debt repayments) on a trailing 12 months basis must be not less than 110.0%; and (iv) the Partnership is permitted to declare or pay any dividends or distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends or distributions. The Five Vessel Refinancing, the Legacy Facility Refinancing and the October 2015 Facility also impose specified financial covenants that apply to GasLog and its subsidiaries on a consolidated basis. (i) net working capital (excluding the current portion of long-term debt) must be not less than $0; (ii) total indebtedness divided by total assets must not exceed 75.0%; (iii) the ratio of EBITDA over debt service obligations as defined in the GasLog guarantees (including interest and debt repayments) on a trailing 12 months basis must be not less than 110.0%; (iv) the aggregate amount of all unencumbered cash and cash equivalents must be not less than the higher of 3.0% of total indebtedness and $50,000 after the first drawdown; (v) GasLog is permitted to pay dividends, provided that it holds unencumbered cash and cash equivalents equal to at least 4.0% of total indebtedness, subject to no event of default having occurred or occurring as a consequence of the payment of such dividends; and (vi) GasLog's market value adjusted net worth must at all times be not less than $350,000. GasLog Partners and GasLog were in compliance with all financial covenants as of December 31, 2017. Loan From Related Parties: Following the IPO on May 12, 2014, the Partnership entered into a $30,000 revolving credit facility (the "Old Sponsor Credit Facility") with GasLog to be used for general partnership purposes. The credit facility was unsecured and provided for an availability period of 36 months and bore interest at a rate of 5.0% per annum, with no commitment fee for the first year. After the first year, the interest increased to a rate of 6.0% per annum, with an annual 2.4% commitment fee on the undrawn balance. Each advance drawn was repayable within a period of 6 months after the respective drawdown date but was subject to unconditional right of immediate renewal if no repayment was made. As of December 31, 2015, the outstanding balance of the revolving credit facility was $15,000. Amounts of $10,000 and $5,000 were repaid into the revolving facility on March 31, 2016 and August 17, 2016, respectively, leaving a balance of zero. On November 18, 2016, the Partnership drew $10,000 which was repaid on December 30, 2016. On April 3, 2017, the Partnership signed a deed of termination with respect to the Old Sponsor Credit Facility with GasLog. On the same date, GasLog Partners entered into a new unsecured five-year term loan of $45,000 and a new five-year revolving credit facility of $30,000 with GasLog (together, the "New Sponsor Credit Facility"). On April 5, 2017, under the New Sponsor Credit Facility, an amount of $45,000 under the term loan facility and an amount of $15,000 under the revolving credit facility were drawn by the Partnership and were used on the same date to prepay $60,125 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. under the junior tranche of the Five Vessel Refinancing, which would have been originally due in April 2018. The Partnership repaid $15,000 under the revolving credit facility of the New Sponsor Credit Facility on May 22, 2017. The New Sponsor Credit Facility is unsecured and the revolving credit facility provides for an availability period of five years. Each borrowing under the New Sponsor Credit Facility accrues interest at a rate of 9.125% per annum with an annual 1.0% commitment fee on the undrawn balance. The New Sponsor Facility contains customary events of default, including non-payment of principal or interest, breach of covenants or material inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the New Sponsor Facility covenants require that at all times GasLog must continue to control, directly or indirectly, the affairs or composition of the Partnership's board of directors and any amendment to our Partnership Agreement, in the reasonable opinion of the lender, must not be adverse to its interests in connection with the New Sponsor Credit Facility. As of December 31, 2017, the outstanding balance of the New Sponsor Facility is $45,000, while its fair value as of December 31, 2017 is $42,469. Borrowings Repayment Schedule The maturity table below reflects the principal repayments of the borrowings outstanding as of December 31, 2017 based on their repayment schedules: As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total The weighted average total interest rate for the abovementioned credit facilities as of December 31, 2017 is 4.0% (December 31, 2016: 3.4%). As the bank facilities bear interest at variable interest rates, their aggregate fair value as of December 31, 2017 was equal to the amount outstanding of $1,128,273. |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2017 | |
Other Payables and Accruals | |
Other Payables and Accruals | 7. Other Payables and Accruals An analysis of other payables and accruals is as follows: As of 2016 2017 Unearned revenue Accrued legal and professional fees Accrued crew costs Accrued off-hire Accrued purchases Accrued interest Accrued board of directors fees Accrued cash distributions — Other payables and accruals Total The unearned revenue of $20,167 represents monthly charter hires received in advance as of December 31, 2017 relating to January 2018 (December 31, 2016: $22,534). |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
General and Administrative Expenses | |
General and Administrative Expenses | 8. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the year ended 2015 2016 2017 Board of directors' fees Share-based compensation (Note 18) Legal and professional fees Commercial management fees (Note 11) Administrative fees (Note 11) Directors and officers' liability insurance Other expenses Total |
Vessel Operating Costs
Vessel Operating Costs | 12 Months Ended |
Dec. 31, 2017 | |
Vessel Operating Costs | |
Vessel Operating Costs | 9. Vessel Operating Costs An analysis of vessel operating costs is as follows: For the year ended 2015 2016 2017 Management fees and other vessel management expenses Crew wages Technical maintenance expenses Provisions and stores Insurance expenses Other operating expenses Total |
Net Financial Income and Costs
Net Financial Income and Costs | 12 Months Ended |
Dec. 31, 2017 | |
Net Financial Income and Costs | |
Net Financial income and costs | 10. Net Financial Income and Costs An analysis of financial income and financial costs is as follows: For the year ended 2015 2016 2017 Financial income Financial income Total financial income Financial costs Amortization of deferred loan issuance costs Interest expense on loans Commitment fees Other financial costs Total financial costs During the year ended December 31, 2016, an amount of $5,637 representing the write-off of the unamortized deferred loan issuance costs in connection with the repayment of the loan agreement of GAS-seven Ltd. and GAS-eight Ltd. on July 25, 2016 (Note 6) is included in Amortization of deferred loan issuance costs. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions | |
Related Party Transactions | 11. Related Party Transactions The Partnership has the following balances with related parties which are included in the consolidated statements of financial position: As of 2016 2017 Amounts due from related parties Due from GasLog LNG Services (a) — Total — As of 2016 2017 Amounts due to related parties Due to GasLog LNG Services (a) — Due to GasLog (b) Due to GasLog Carriers Ltd. ("GasLog Carriers") (c) — Total (a) The balance as of December 31, 2016 represents mainly payments made by GasLog LNG Services on behalf of the Partnership. The balance as of December 31, 2017 represents mainly net amounts advanced to the Manager to cover future operating expenses of the Partnership. (b) The balances represent payments made by GasLog on behalf of the Partnership. (c) As of December 31, 2016, the balance due to GasLog Carriers, the parent company of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd., prior to their acquisitions by the Partnership on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, represented mainly amounts paid directly by GasLog Carriers on behalf of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd., covering expenses during the construction period. As of December 31, 2017, the outstanding balance had been fully settled. As of 2016 2017 Loans due to related parties Loan facility with GasLog — Total — The details of the credit facility with GasLog are disclosed in Note 6. The Partnership had the following transactions with related parties for the years ended December 31, 2015, 2016 and 2017: Company Details Account 2015 2016 2017 Costs capitalized to vessels' cost GasLog LNG Services Construction supervision fees (i) Vessels — Cost expensed GasLog Commercial management fee (ii) General and administrative expenses GasLog Administrative services fee (iii) General and administrative expenses GasLog LNG Services Management fees and other vessel management expenses (iv) Vessel operating costs GasLog LNG Services Other vessel operating costs Vessel operating costs GasLog Professional and advisory fees (v) General and administrative expenses — — GasLog Interest on revolving credit facility (Note 6) Interest expense GasLog Commitment fee on revolving credit facility (Note 6) Other financial costs GasLog Interest on interest rate swaps (Note 15) Loss/(gain) on interest rate swaps — (i) Shipbuilding Supervision Agreements The Manager charged the vessel owning companies shipbuilding supervision fees pursuant to the shipbuilding supervision contracts that were signed on August 1, 2014 with respect to GAS-eleven Ltd. and GAS-thirteen Ltd. In accordance with the shipbuilding supervision contracts, the Manager was appointed as the supervisor of the construction of the vessels under the relevant shipbuilding contracts and responsible for providing technical consultancy services and attending sea trials and factory acceptance tests until the successful delivery of each vessel. Monthly charge rates for the site inspection team varied from $12.5 to $18.5 according to the level of seniority of the inspectors. On November 4, 2015, both agreements were amended to delete the clauses regarding factory acceptance tests and technical consultancy fees. (ii) Commercial Management Agreements Upon completion of the IPO on May 12, 2014, the vessel-owning subsidiaries of the Initial Fleet entered into amended commercial management agreements with GasLog (the "Amended Commercial Management Agreements"), pursuant to which GasLog provides certain commercial management services, including chartering services, consultancy services on market issues and invoicing and collection of hire payables, to the Partnership. The annual commercial management fee under the amended agreements is $360 for each vessel payable quarterly in advance in lump sum amounts. In December 2013, GAS-seven Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $540 that was amended to $360 when the vessel was acquired by the Partnership on November 1, 2016. Additionally, in June 2015, GAS-eight Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $360. The same provisions are included in the commercial management agreements that GAS-eleven Ltd., GAS-thirteen Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. entered into with GasLog upon the deliveries of the GasLog Greece , the GasLog Geneva , the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , respectively, into GasLog's fleet in March 2016, September 2016, April 2014 and June 2014 (together with the Amended Commercial Management Agreements and the commercial management agreements entered into by GAS-seven Ltd. and GAS-eight Ltd. with GasLog, the "Commercial Management Agreements"). (iii) Administrative Services Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an administrative services agreement (the "Administrative Services Agreement") with GasLog, pursuant to which GasLog will provide certain management and administrative services. The services provided under the Administrative Services Agreement are provided as the Partnership may direct, and include bookkeeping, audit, legal, insurance, administrative, clerical, banking, financial, advisory, client and investor relations services. The Administrative Services Agreement will continue indefinitely until terminated by the Partnership upon 90 days' notice for any reason in the sole discretion of the Partnership's board of directors. Until December 31, 2016, GasLog received a service fee of $588 per vessel per year in connection with providing services under this agreement. On November 16, 2016, the board of directors approved an increase in the service fee payable to GasLog under the terms of the Administrative Services Agreement to $632 per vessel per year with effect from January 1, 2017. With effect from January 1, 2018, the service fee increased to $812 per vessel per year. (iv) Ship Management Agreements Upon completion of the IPO on May 12, 2014, each of the vessel owning subsidiaries of the Initial Fleet entered into an amended ship management agreement (collectively, the "Amended Ship Management Agreements") under which the vessel owning subsidiaries pay a management fee of $46 per month to the Manager and reimburse the Manager for all expenses incurred on their behalf. The Amended Ship Management Agreements also provide for superintendent fees of $1 per day payable to the Manager for each day in excess of 25 days per calendar year for which a superintendent performed visits to the vessels, an annual incentive bonus of up to $72 based on key performance indicators predetermined annually and contain clauses for decreased management fees in case of a vessel's lay-up. The management fees are subject to an annual adjustment, agreed between the parties in good faith, on the basis of general inflation and proof of increases in actual costs incurred by the Manager. Each Amended Ship Management Agreement continues indefinitely until terminated by either party. The same provisions are included in the ship management agreements that GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. entered into with the Manager upon the deliveries of the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , respectively, into GasLog's fleet in April 2014 and June 2014 (together with the Amended Ship Management Agreements and the ship management agreement that GAS-seven Ltd. entered into with the Manager upon its vessel's delivery from the shipyard in 2013, the "Ship Management Agreements"). In May 2015, the Ship Management Agreements were further amended to delete the annual incentive bonus and superintendent fees clauses and, in the case of GAS-seven Ltd., to also increase the fixed monthly charge to $46 with effect from April 1, 2015. In April 2016, the Ship Management Agreements were amended to consolidate all ship management related fees into a single fee structure. This single fee structure was already provided for in the ship management agreements that GAS-eleven Ltd. and GAS-thirteen Ltd. had entered into with GasLog upon the deliveries of the GasLog Greece in March 2016 and the GasLog Geneva in September 2016, respectively, (with a fixed monthly charge of $46). (v) Professional and advisory fees paid to third parties by GasLog on behalf of the Partnership. Omnibus Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. The omnibus agreement governs among other things (i) when and the extent to which the Partnership and GasLog may compete against each other, (ii) the time and the value at which the Partnership may exercise the right to purchase certain offered vessels by GasLog (iii) certain rights of first offer granted to GasLog to purchase any of its vessels on charter for less than five full years from the Partnership and vice versa and (iv) GasLog's provisions of certain indemnities to the Partnership. On September 29, 2014, June 26, 2015, October 27, 2016, March 9, 2017, May 25, 2017 and August 30, 2017, the Partnership exercised the option to acquire (i) the Methane Rita Andrea and the Methane Jane Elizabeth, (ii) the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , (iii) the GasLog Seattle (iv) the GasLog Greece , (v) the GasLog Geneva and (vi) the Solaris , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies | |
Commitments and Contingencies | 12. Commitments and Contingencies Future gross minimum revenues receivable upon collection of hire under non-cancellable time charter agreements as of December 31, 2017, are as follows (30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early delivery of the vessels by the charterers or any exercise of the charterers' options to extend the terms of the charters are not accounted for): As of Period Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total In April and May 2017, GasLog LNG Services entered into agreements in relation to investments in certain of the Partnership and GasLog's vessels, with the aim of enhancing their operational performance. Commitments relating to these agreements for the Partnership, without including additional estimated costs for which no agreement has been signed as of December 31, 2017, are as follows: As of Period Not later than one year Total Following the acquisition of (i) the Methane Rita Andrea and the Methane Jane Elizabeth and (ii) the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , the Partnership, through its subsidiaries (i) GAS-sixteen Ltd. and GAS-seventeen Ltd. and (ii) GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., respectively, is counter guarantor for the acquisition from BG Group of 83.33% of depot spares with an aggregate value of $6,000, of which $660 have been purchased and paid as of December 31, 2017 by GasLog. These spares should be acquired before the end of the initial term of the charter party agreements. Additionally, on September 27, 2017, GasLog LNG Services Ltd. entered into maintenance agreements with Wartsila Greece S.A. ("Wartsila") in respect of two of the Partnership's LNG carriers. The agreements ensure dynamic maintenance planning, technical support, security of spare parts supply, specialist technical personnel and performance monitoring. Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents and insurers and from claims with suppliers relating to the operations of the Partnership's vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the consolidated financial statements. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Financial Risk Management | |
Financial Risk Management | 13. Financial Risk Management The Partnership's activities expose it to a variety of financial risks, including market risk, liquidity risk and credit risk. The Partnership's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Partnership's financial performance. The Partnership makes use of derivative financial instruments such as interest rate swaps to mitigate certain risk exposures. Market risk Interest Rate Risk: The Partnership is subject to market risks relating to changes in interest rates because it has floating rate debt outstanding. Significant increases in interest rates could adversely affect the Partnership's results of operations and its ability to service its debt. The Partnership uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize economic risks and costs associated with its floating rate debt and not for speculative or trading purposes. As of December 31, 2017, the Partnership had economically hedged 41.7% of its floating interest rate exposure on its outstanding borrowings (excluding the New Sponsor Credit Facility) by swapping the variable rate for a fixed rate (December 31, 2016: 30.8%). The aggregate principal amount of the Partnership's outstanding floating rate debt which was not economically hedged as of December 31, 2017 was $658,273 (December 31, 2016: $877,029). As an indication of the extent of the Partnership's sensitivity to interest rate changes, an increase or decrease in LIBOR of 10 basis points would have decreased or increased, respectively, the profit during the year ended December 31, 2017 by $758, based upon its debt level during the period (December 31, 2016: $958 and December 31, 2015: $773). Interest Rate Swaps: The fair value of the swaps as of December 31, 2017 was estimated as a net asset of $6,346 (December 31, 2016: net asset of $4,172). For the three years ended December 31, 2017, the interest rate swaps were not designated as cash flow hedging instruments (Note 15). As of December 31, 2017, if interest rates had increased or decreased by 10 basis points with all other variables held constant, the positive/(negative) impact, respectively, on the fair value of the interest rate swaps would have amounted to approximately $1,774 (December 31, 2016: $1,766 and December 31, 2015: $1,061) affecting loss/(gain) on swaps in the respective periods. Currency Risk: Currency risk is the risk that the value of financial instruments and/or the cost of commercial transactions will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Partnership's functional currency. The Partnership is exposed to foreign exchange risk arising from various currency exposures primarily with respect to general and crew costs denominated in Euros. Specifically, for the year ended December 31, 2017, approximately $33,727 of the operating and administrative expenses were denominated in euros (December 31, 2016: $30,212 and December 31, 2015: $24,639). As of December 31, 2017, approximately $4,179 of the Partnership's outstanding trade payables and accruals were denominated in euros (December 31, 2016: $3,958). The Partnership does not hedge movements in exchange rates. As an indication of the extent of the Partnership's sensitivity to changes in exchange rate, a 10% increase in the average euro/dollar exchange rate would have decreased its profit and cash flows during the year ended December 31, 2017 by $3,373, based upon its expenses during the year (December 31, 2016: $3,021 and December 31, 2015: $2,464). Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Partnership manages its liquidity risk by having secured credit lines and by receiving capital contributions to fund its commitments and by maintaining cash and cash equivalents. The following tables detail the Partnership's expected cash flows for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Partnership can be required to pay. The table includes both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR plus the margins applicable to the Partnership's loans at the end of each year presented. Weighted-average Less than 1 - 3 3 - 12 1 - 5 5+ Total December 31, 2017 Trade accounts payable — — Due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — — Variable interest loans % Fixed interest loans** — — Total December 31, 2016 Trade accounts payable — — — Due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — — Variable interest loans % Fixed interest loans*** — — — Total * Unearned revenue is excluded since it is not a financial liability. ** Interest is charged at 9.125% on the outstanding amount. A commitment fee of 1.0% is charged on the available amount of the New Sponsor Credit Facility and 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd., respectively. *** A commitment fee is charged at 2.4% on the available amount of the Old Sponsor Credit Facility and 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd., respectively. The amounts included above for variable interest rate instruments is subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period. The following tables detail the Partnership's expected cash flows for its derivative financial liabilities. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that are settled on a net basis. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of the reporting period. The undiscounted contractual cash flows are based on the contractual maturities of the interest rate swaps. Less than 1 - 3 months 3 - 12 months 1 - 5 years 5+ years Total December 31, 2017 Interest rate swaps ) — ) — Total ) — ) — December 31, 2016 Interest rate swaps ) — ) Total ) — ) The Partnership expects to be able to meet its current obligations resulting from financing and operating its vessels using the liquidity existing at year-end) and the cash generated by operating activities. The Partnership expects to be able to meet its long-term obligations resulting from financing its vessels through cash generated from operations. Credit risk Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss. The Partnership is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Partnership currently deals exclusively with financial institutions and customers with high credit ratings. As of 2016 2017 Cash and cash equivalents Short-term investments — Trade and other receivables Derivative financial instruments, current and non-current portion For the years ended December 31, 2015, December 31, 2016 and December 31, 2017, all of the Partnership's revenue was earned from subsidiaries of Royal Dutch Shell plc ("Shell") and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Partnership's counterparty and the fact that the hire is being collected in advance. The Partnership did not experience any credit losses on its accounts receivable portfolio during the three years ended December 31, 2017. The carrying amount of financial assets recorded in the consolidated financial statements represents the Partnership's maximum exposure to credit risk. Management monitors exposure to credit risk and believe that there is no substantial credit risk arising from the Partnership's counterparty. The credit risk on liquid funds and derivative financial instruments is limited because the direct and indirect counterparties are banks with high credit ratings assigned by international credit rating agencies. |
Capital Risk Management
Capital Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Capital Risk Management | |
Capital Risk Management | 14. Capital Risk Management The Partnership's objectives when managing capital are to safeguard the Partnership's ability to continue as a going concern and to pursue future growth opportunities. Among other metrics, the Partnership monitors capital using a total indebtedness to total assets ratio, which is total debt and derivative financial instruments divided by total assets. The total indebtedness to total assets ratio is as follows: As of 2016 2017 Derivative financial instruments—current asset — ) Derivative financial instruments—non-current asset ) ) Borrowings—current liability Derivative financial instruments—current liability Borrowings—non-current liability Total indebtedness Total assets Total indebtedness/total assets % % |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 15. Derivative Financial Instruments The fair value of the derivative assets is as follows: As of 2016 2017 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps Total Derivative financial instruments, current asset — Derivative financial instruments, non-current asset Total The fair value of the derivative liabilities is as follows: As of 2016 2017 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps Total Derivative financial instruments, current liability Total Interest rate swap agreements The Partnership enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to hedge a portion of the Partnership's exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the counterparty effects quarterly floating-rate payments to the Partnership for the notional amount based on the three-month U.S. dollar LIBOR, and the Partnership effects quarterly payments to the counterparty on the notional amount at the respective fixed rates. Interest rate swaps held for trading The principal terms of the interest rate swaps held for trading were as follows: Notional Amount Company Counterparty Trade Effective Termination Fixed December 31, December 31, GasLog Partners GasLog Nov 2016 Nov 2016 July 2020 % GasLog Partners GasLog Nov 2016 Nov 2016 July 2021 % GasLog Partners GasLog Nov 2016 Nov 2016 July 2022 % GasLog Partners GasLog July 2017 July 2017 June 2022 % — In July 2016, the Partnership terminated the interest rate swap agreements of GAS-seven Ltd. and GAS-eight Ltd. associated with the Legacy Facility Refinancing (Note 6) paying their fair value on that date. The cumulative loss of $2,527, relating solely to the GAS-seven Ltd. swap agreements, from the period that hedging was effective was recycled to profit or loss during the year ended December 31, 2016 (December 31, 2015: $593). In November 2016, the Partnership entered into three interest rate swap agreements with GasLog at a notional aggregate value of $390,000, each at $130,000 and maturing between 2020 and 2022. On July 12, 2017, GasLog Partners entered into an additional interest rate swap agreement with GasLog with a notional value of $80,000, maturing in June 2022. The change in the fair value of the contracts not designated as cash flow hedging instruments for the year ended December 31, 2017 amounted to a gain of $2,174 (December 31, 2016: $1,570 loss and December 31, 2015: $285 loss), which was recognized against earnings in the period incurred and is included in Loss/(gain) on interest rate swaps. An analysis of Loss/(gain) on interest rate swaps is as follows: For the year ended 2015 2016 2017 Realized loss on interest rate swaps held for trading Unrealized loss/(gain) on interest rate swaps held for trading ) Recycled loss of cash flow hedges reclassified to profit or loss — Total loss/(gain) on interest rate swaps ) Fair value measurements The fair value of the Partnership's financial assets and liabilities approximate to their carrying amounts at the reporting date. The fair value of interest rate swaps at the end of the reporting period is determined by discounting the future cash flows using the interest rate curves at the end of the reporting period, the estimation of the counterparty risk and the Partnership's own risk inherent in the contract. The interest rate swaps met Level 2 classification, according to the fair value hierarchy as defined by IFRS 13 Fair Value Measurement . There were no financial instruments in Levels 1 or 3 and no transfers between Levels 1, 2 or 3 during the periods presented. The definitions of the levels, provided by IFRS 13 Fair Value Measurement , are based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Cash Flow Reconciliations
Cash Flow Reconciliations | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Reconciliations | |
Cash Flow Reconciliations | 16. Cash Flow Reconciliations The reconciliations of the Partnership's non-cash investing and financing activities for the year ended December 31, 2017 are presented in the following tables: A reconciliation of borrowings arising from financing activities is as follows: Opening balance Cash flows Non-cash Total Borrowings outstanding as of January 1, 2017 — — Borrowings drawdowns (Note 6) — — Borrowings repayments (Note 6) — ) — ) Additions in deferred loan fees — ) — ) Amortization of deferred loan issuance costs (Note 10) — — Borrowings outstanding as of December 31, 2017 ) Opening balance Non-cash Total Net derivative assets as of January 1, 2017 — Unrealized gain on interest rate swaps held for trading (Note 15) — Net derivative assets as of December 31, 2017 A reconciliation of vessels arising from investing activities is as follows: Opening balance Cash flows Non-cash Total Vessels as of January 1, 2017 — — Additions (Note 3) — Depreciation expense (Note 3) — — ) ) Vessels as of December 31, 2017 ) A reconciliation of equity offerings arising from financing activities is as follows: Cash flows Non-cash Total Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) (Note 5) — Proceeds from public offering of preference units (net of underwriting discounts and commissions) (Note 5) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2017 ) |
Earnings Per Unit
Earnings Per Unit | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Unit | |
Earnings Per Unit | 17. Earnings Per Unit The Partnership calculates earnings per unit by allocating reported profit for each period to each class of units based on the distribution policy for available cash stated in the Partnership Agreement as generally described in Note 5 above. In the three years ended December 31, 2017, the Partnership completed equity offerings of common units and issued general partner units to its general partner in order for GasLog to retain its 2.0%, as presented in Note 5. Also, on May 16, 2017, the subordination period expired and consequently all 9,822,358 subordinated units held by GasLog converted into common units on a one-for-one basis (Note 5). Basic earnings per unit is determined by dividing profit for the year reported at the end of each period after deducting preference unit distributions by the weighted average number of units outstanding during the period. Diluted earnings per unit is calculated by dividing the profit of the period attributable to common unitholders by the weighted average number of potential ordinary common units assumed to have been converted into common units, unless such potential ordinary common units have an antidilutive effect. For the year ended December 31, 2015 2016 2017 Profit for the year Less: Profit attributable to GasLog's operations* ) ) ) Partnership's profit Adjustment for: Paid and accrued preference unit distributions — — ) Partnership's profit attributable to: Common unitholders Subordinated unitholders** General partner Incentive distribution rights*** Weighted average units outstanding (basic) Common units Subordinated units** General partner units Earnings per unit (basic) Common unitholders Subordinated unitholders General partner Weighted average units outstanding (diluted) Common units Subordinated units** General partner units Earnings per unit (diluted) Common unitholders Subordinated unitholders General partner * Includes profits of: (i) GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. for the period prior to their transfer to the Partnership on July 1, 2015, (ii) GAS-seven Ltd. for the period prior to its transfer to the Partnership on November 1, 2016, (iii) GAS-eleven Ltd. for the period prior to its transfer to the Partnership on May 3, 2017, (iv) GAS-thirteen Ltd. for the period prior to its transfer to the Partnership on July 3, 2017 and (v) GAS-eight Ltd. for the period prior to its transfer to the Partnership on October 20, 2017. While such amounts are reflected in the Partnership's financial statements because the transfers to the Partnership were accounted for as reorganizations of entities under common control (Note 1), the aforementioned entities were not owned by the Partnership prior to their transfers to the Partnership on the respective dates and accordingly the Partnership was not entitled to the cash or results generated in the period prior to such transfers. ** On May 16, 2017, all 9,822,358 subordinated units converted into common units on a one-for-one basis. As of December 31, 2017, they participated pro rata with all other outstanding common units in distributions of available cash for the three months ended December 31, 2017. Consequently, earnings have been allocated to subordinated units and the weighted average number of subordinated units has been calculated only for the applicable period during which they were entitled to distributions based on the Partnership Agreement, i.e. for the three months ended March 31, 2017. *** Represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. GasLog holds the incentive distribution rights following completion of the Partnership's IPO. The IDRs may be transferred separately from any other interests, subject to restrictions in the Partnership Agreement (please refer to Note 5). Based on the nature of such right, earnings attributable to IDRs cannot be allocated on a per unit basis. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation | |
Share-based Compensation | 18. Share-based Compensation On April 1, 2015, April 1, 2016 and April 3, 2017, the Partnership granted to its executives Restricted Common Units ("RCUs") and Performance Common Units ("PCUs") in accordance with its 2015 Long-Term Incentive Plan (the "2015 Plan"). The details of the aforementioned awards are presented in the following table: Awards Number Grant date Expiry date Fair value at RCUs April 1, 2015 n/a $ PCUs April 1, 2015 n/a $ RCUs April 1, 2016 n/a $ PCUs April 1, 2016 n/a $ RCUs April 3, 2017 n/a $ PCUs April 3, 2017 n/a $ The RCUs and PCUs will vest three years after the grant dates subject to the recipients' continued service; vesting of the PCUs is also subject to the achievement of certain performance targets in relation to total unitholder return. Specifically, the performance measure is based on the total unitholder return ("TUR") achieved by the Partnership during the performance period, benchmarked against the TUR of a selected group of peer companies. TUR above the 75th percentile of the peer group results in 100% of the award vesting; TUR between the 50th and 75th percentile of the peer group results in 50% of award vesting; TUR below the 50th percentile of the peer group results in none of the award vesting. The holders are entitled to cash distributions that are accrued and will be settled on vesting. The awards will be settled in cash or in common units at the sole discretion of the board of directors or such committee as may be designated by the board to administer the 2015 Plan. These awards have been treated as equity settled because the Partnership has no present obligation to settle them in cash. Fair value The fair value per common unit of the RCUs and PCUs in accordance with the 2015 Plan was determined by using the grant date closing price of $24.12 for the 2015 grant, $16.45 for the 2016 grant and $23.85 for the 2017 grant, and was not further adjusted since the holders are entitled to cash distribution. Movement in RCUs and PCUs during the year The summary of RCUs and PCUs is presented below: Number of Weighted Aggregate RCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) ) Outstanding as of December 31, 2017 PCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) ) Outstanding as of December 31, 2017 The total expense recognized in respect of share-based compensation for the year ended December 31, 2017 is $850 ($480 for the year ended December 31, 2016; $205 for the year ended December 31, 2015). The total accrued cash distribution as of December 31, 2017 is $428 (December 31, 2016: $182; December 31, 2015: $43). |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2017 | |
Taxation | |
Taxation | 19. Taxation Under the laws of the countries of the Partnership's incorporation and the vessels' registration, the Partnership is not subject to tax on international shipping income. However, it is subject to registration and tonnage taxes, which are included in vessel operating costs in the consolidated statement of profit or loss. Under the United States Internal Revenue Code of 1986, as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Partnership, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. The Partnership did not qualify for this exception for the three years ended December 31, 2017. During the year ended December 31, 2017, the estimated U.S. source gross transportation tax is $298 and is included under "Vessel Operating Costs" (December 31, 2016: $201 and December 31, 2015: $14). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events | |
Subsequent Events | 20. Subsequent Events On January 5, 2018, the Partnership prepaid $29,750 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., which would have been originally due in April 2018. On January 17, 2018, GasLog Partners completed a public offering of 4,600,000 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Series B Preference Units"), including 600,000 units issued upon the exercise in full by the underwriters of their option to purchase additional Series B Preference Units, at a price to the public of $25.00 per preference unit. The net proceeds from the offering, after deducting underwriting discounts, commissions and other offering expenses, were $110,988. The Series B Preference Units are listed on the New York Stock Exchange under the symbol "GLOP PR B". On January 25, 2018, the board of directors of GasLog Partners approved and declared a quarterly cash distribution, with respect to the quarter ended December 31, 2017, of $0.5235 per unit. The cash distribution will be paid on February 14, 2018, to all common unitholders of record as of February 9, 2018. The aggregate amount of the declared distribution was $22,845. On February 8, 2018, the board of directors of GasLog Partners approved and declared a distribution on the Series A Preference Units of $0.5390625 per preference unit and a distribution on the Series B Preference Units of $0.33028 per preference unit. The cash distributions are payable on March 15, 2018 to all unitholders of record as of March 7, 2018. |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Statement of compliance | Statement of compliance The consolidated financial statements of the Partnership have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB"). |
Basis of preparation | Basis of preparation The consolidated financial statements have been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below. The consolidated financial statements are expressed in U.S. dollars ("USD"), which is the functional currency of the Partnership and each of its subsidiaries because their vessels operate in international shipping markets, in which revenues and expenses are primarily settled in USD and the Partnership's most significant assets and liabilities are paid for and settled in USD. In considering going concern, management has reviewed the Partnership's future cash requirements, covenant compliance and earnings projections. Management anticipates that the Partnership's primary sources of funds will be available cash, cash from operations, borrowings under new loan agreements and equity financings. Management believes that these sources of funds will be sufficient for the Partnership to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis, although there can be no assurance that the Partnership will be able to obtain future debt and equity financing on terms acceptable to the Partnership. On February 8, 2018, the Partnership's board of directors authorized the consolidated financial statements for issuance and filing. |
Basis of consolidation | Basis of consolidation The accompanying consolidated financial statements include the accounts of the Partnership and its subsidiaries assuming that they are consolidated from the date of their incorporation by GasLog, as they were under the common control of GasLog. All intra-group transactions and balances are eliminated on consolidation. |
Accounting for revenues and related operating expenses | Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissions Revenues comprise revenues from time charters for the charter hire of the Partnership's vessels earned during the period in accordance with existing contracts. A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer, except for any off-hire period, when a charter agreement exists, the vessel is made available and services are provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior to the reporting date relating to services to be rendered after the reporting date. Accrued revenue represents income recognized in advance as a result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Time charter hires are received monthly in advance and are classified as liabilities until such time as the criteria for recognizing the revenue as earned are met. Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores, technical maintenance and insurance expenses, as well as broker's commissions, are paid by the vessel owner, whereas the majority of voyage expenses such as bunkers, port expenses, agents' fees and extra war risk insurance are paid by the charterer. Vessel operating costs and voyage expenses and commissions are expensed as incurred, with the exception of commissions, which are recognized on a pro-rata basis over the duration of the period of the time charter. |
Financial income and costs | Financial income and costs Interest income, interest expense, other borrowing costs and realized loss on interest rate swaps are recognized on an accrual basis. |
Foreign currencies | Foreign currencies Transactions in currencies other than USD are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period in which they arise. |
Deferred financing costs | Deferred financing costs Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are classified contra debt on the drawdown dates. Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. |
Vessels | Vessels Vessels are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition. The cost of a LNG vessel is split into two components, a "vessel component" and a "dry-docking component". Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management's estimation of the amount that the Partnership would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The LNG vessels are required to undergo a dry-docking overhaul every five years that cannot be performed while the vessels are operating to restore their service potential and to meet their classification requirements. The dry-docking component is estimated at the time of a vessel's delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of the first dry-docking, subsequent to its acquisition, based on the Partnership's historical experience with similar types of vessels. For subsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period of five years in the case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from the vessel's last dry-docking). Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock, and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and port expenses at the dry-dock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants consumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenance and repairs of the vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as the dry-docking. The expected useful lives are as follows: Vessel LNG vessel component 35 years Dry-docking component 5 years Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. The useful lives and the depreciation method are reviewed annually to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from Partnership's vessels. The residual value is also reviewed at each financial period end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in the period of the change and future periods. Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. When vessels are sold, they are derecognized and any gain or loss resulting from their disposals is included in profit or loss. |
Impairment of vessels | Impairment of vessels All vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of a vessel exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of a vessel's fair value less cost of disposal and "value in use". The fair value less cost of disposal is the amount obtainable from the sale of a vessel in an arm's length transaction less the costs of disposal, while "value in use" is the present value of estimated future cash flows expected to arise from the continuing use of a vessel and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual vessels. Each vessel is considered to be a single cash-generating unit. The fair value less cost of disposal of the vessels is estimated from market-based evidence by appraisal that is normally undertaken by professionally qualified brokers. |
Provisions | Provisions Provisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, it is probable that the Partnership will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Inventories | Inventories Inventories represent lubricants on board the vessel and are stated at the lower of cost calculated on a first-in, first-out basis, and net realizable value. |
Financial Instruments | Financial instruments Financial assets and liabilities are recognized when the Partnership has become a party to the contractual provisions of the instrument. All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value. Short-term investments Short-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readily convertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time of purchase that are subject to an insignificant risk of change in value. Trade receivables Trade receivables are carried at the amount expected to be received from the third party to settle the obligation. Bad debts are written off during the year in which they are identified. An estimate is made for doubtful receivables based on a review of all outstanding amounts at each reporting date. Borrowings Borrowings are measured at amortized cost, using the effective interest method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings. Derivative financial instruments Derivative financial instruments, such as interest rate swaps, are used to economically hedge the Partnership's exposure to interest rate risks. Derivative financial instruments are initially recognized at fair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which case the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation is favorable to the Partnership and as liabilities when unfavorable to the Partnership. Criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to the consolidated statement of profit or loss in the periods when the hedged item affects the consolidated statement of profit or loss. Hedge accounting is discontinued when the Partnership terminates the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized in the consolidated statement of profit or loss when the hedged item affects the consolidated statement of profit or loss. When a forecast transaction designated as the hedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to the consolidated statement of profit or loss. |
Segment information | Segment information Each vessel-owning company owns one LNG carrier which is operated under a long-term time charter with similar operating and economic characteristics. Consequently, the information provided to the Chief Executive Officer (the Partnership's chief operating decision maker) to review the Partnership's operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Share-based compensation | Share-based compensation Share-based compensation to executives and others providing similar services are measured at the fair value of the equity instruments on the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 18. The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over the vesting period, based on the Partnership's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Partnership revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Partnership's management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods which management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Critical accounting judgments: In the process of applying the Partnership's accounting policies, management has made the following judgments, apart from those involving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements. Classification of the Partnership interests: The interests in the Partnership comprise common units, preference units, a general partner interest and incentive distribution rights. Under the terms of the Partnership Agreement, the Partnership is required to distribute 100% of available cash (as defined in the Partnership Agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized as cash and cash equivalents less an amount equal to cash reserves established by the board of directors to (i) provide for the proper conduct of the business of the Partnership group (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership group) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership group member is a party or by which it is bound or its assets are subject and/or (iii) provide funds for certain distributions relating to future periods. In reaching a judgment as to whether the interests in the Partnership should be classified as liabilities or equity interests, the Partnership has considered the wide discretion of the board of directors to determine whether any portion of the amount of cash available to the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is no available cash, as determined by the board of directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly, management has concluded that the Partnership interests do not represent a contractual obligation on the Partnership to deliver cash and therefore should be classified as equity within the financial statements. Key sources of estimation uncertainty are as follows: Vessel lives and residual value: Vessels are stated at cost, less accumulated depreciation. The estimates and assumptions that have the most significant effect on the vessel carrying amount relate to the estimation of the useful life of an LNG vessel of 35 years and the residual value. An increase in the estimated useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge, and an increase in the estimated useful life of a vessel would also extend annual depreciation charge into later periods. A decrease in the useful life of a vessel or its residual value would have the effect of increasing the annual depreciation charge. Management estimates residual value of its vessels to be equal to the product of its lightweight tonnage ("LWT") and an estimated scrap rate per LWT. Effective December 31, 2017, following management's annual reassessment, the estimated scrap rate per LWT was decreased. This change in estimate is expected to increase the future annual depreciation by $460. The estimated residual value of the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. The Partnership might revise the estimate of the residual values of the vessels in the future in response to changing market conditions. If regulations place significant limitations on the ability of a vessel to trade on a worldwide basis, the vessel's useful life will be adjusted to end at the date such regulations become effective. Impairment of vessels: The Partnership evaluates the carrying amounts of its vessels to determine whether there is any indication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates including future freight rates, earnings from the vessels and discount rates. All of these items have been historically volatile. In assessing the fair value less cost to sell of the vessel, the Partnership obtains vessel valuations from independent and internationally recognized ship brokers on a semi-annual basis or when there is an indication that an asset or assets may be impaired. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less cost to sell and the value in use. The Partnership's estimates of recoverable value assume that the vessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. The Partnership's estimates are based on approximate charter free market values for the vessels that have been received from shipbrokers which are also commonly used and accepted by the Partnership's lenders for determining compliance with the relevant covenants in the Partnership's credit facilities. Vessel values can be highly volatile, so the estimates may not be indicative of the future market value of the Partnership's vessels or prices that could be achieved if it were to sell them. As of December 31, 2017, the carrying amounts of the steam propulsion ("Steam") vessels the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally were higher than the charter free market values estimated by shipbrokers and the Partnership concluded that events and circumstances triggered the existence of potential impairment of these vessels. As a result, the Partnership performed the impairment assessment of these vessels by comparing the discounted projected net operating cash flows for these vessels to their carrying values. The Partnership's strategy is to charter its vessels on multi-year contracts, providing the Partnership with contracted stable cash flows. The assumptions which the Partnership has used in its discounted projected net operating cash flow analysis included, among others, operating revenues, utilization, dry-docking costs, operating expenses (including management fees), residual values and the discount factor. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel, as well as the estimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenue assumptions exclude days of scheduled off-hire and assume a utilization rate of 99.5% based on the fleet's historical performance and internal forecasts. The estimated daily time charter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recent charter market rates, (ii) conditions existing in the LNG market as of December 31, 2017, (iii) historical average time charter rates, based on publications by independent third party maritime research services ("maritime research publications"), and (iv) estimated future time charter rates, also based on maritime research publications that provide such forecasts. More specifically, for the non-contracted period starting upon the expiration of the firm charter period of each vessel and up to December 31, 2022, the Partnership used the most recent charter market rate for a 5-year time charter agreement based on available data from maritime research publications, which is $52 per day for the Steam vessels. For the remaining period from January 1, 2023 through the end of each vessel's useful life, the estimated average time charter rate was based on analysis of future supply and demand for LNG, analysis of future LNG shipping supply and demand balances, internally estimated and market-derived costs of building and financing newbuild LNG vessels, the technical characteristics of each vessel and 5-year historical average 5-year time charter rates based on maritime research publications. Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Partnership's control, management believes the use of revenue estimates discussed above to be reasonable as of the reporting date. The Partnership does not take into account any growth rate assumptions or inflation factors for determining forecasted time charter rates beyond the contracted charter rate period through the end of a vessel's useful life. In assessing the factors mentioned above for the purposes of determining estimated revenues, the Partnership has placed particular reliance on available third party maritime research publications and analysis of LNG shipping supply and demand data. In addition, the Partnership used an annual operating expenses escalation factor equal to 1% based on its historical data and performance, as well as its expectations of future inflation and operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet and residual and scrap values are the same as those used for the Partnership's depreciation policy. In the Partnership's impairment assessment, the weighted average cost of capital ("WACC") used to discount future estimated cash flows to their present values was approximately 8% as of December 31, 2017. This was based on the calculated cost of equity and cost of debt components. All estimates used and assumptions made were in accordance with the Partnership's internal budgets and historical experience of the shipping industry. The value in use for the five vessels calculated as per above was higher than the carrying amount of these vessels and, consequently, no impairment loss was recognized. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period The following standards and amendments relevant to the Partnership were effective in the current period: In February 2016, the IASB issued amendments to IAS 7 Statement of Cash Flows introducing an additional disclosure that will enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments are part of the IASB's Disclosure Initiative, which continues to explore how financial statement disclosure can be improved. Entities will be required to disclose changes arising from cash flows, such as drawdowns and repayments of borrowings and also non-cash changes, such as acquisitions, disposals and unrealised exchange differences. Even though a specific format is not mandated, where a reconciliation is used the disclosure should provide sufficient information to link items included in the reconciliation to the statement of financial position and statement of cash flows. The amendments, which were effective for annual periods beginning on or after January 1, 2017, had a disclosure impact on the Partnership's financial statements; refer to Note 16. (b) Standards and amendments in issue not yet adopted At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Partnership were in issue but not yet effective: In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers , which applies to all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard supersedes IAS 18 Revenue , IAS 11 Construction Contracts and a number of revenue-related interpretations. The standard was amended in September 2015 to delay the effective date to annual periods beginning on or after January 1, 2018 but early adoption is permitted. In addition, the standard was further amended in April 2016 to clarify the guidance on identifying performance obligations, accounting for licences of intellectual property and the principal versus agent assessment (gross versus net revenue presentation), as well as to give new and amended illustrative examples and practical expedients. The Partnership will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on its financial statements, other than additional disclosure requirements in the notes to the financial statements, since the Partnership has chartered its vessels under time charter and bareboat charter agreements, and in this respect revenue is accounted under the leases standard. In July 2014, the IASB issued the complete version of IFRS 9 Financial Instruments . IFRS 9 specifies how an entity should classify and measure financial assets and financial liabilities. The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. The standard also requires a financial liability to be classified as either at fair value through profit or loss or at amortized cost. In addition, a new hedge accounting model was introduced, that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The standard is effective for accounting periods beginning on or after January 1, 2018 but early adoption is permitted. Management anticipates that the implementation of this standard will not have a material impact on the Partnership's financial statements. In January 2016, the IASB issued IFRS 16 Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ("lessee") and the supplier ("lessor"). IFRS 16 eliminates the classification of leases by lessees as either operating leases or finance leases and, instead, introduces a single lessee accounting model. Applying that model, a lessee is required to recognise: (a) assets and liabilities for all leases with a term of more than twelve months, unless the underlying asset is of low value; and (b) depreciation of lease assets separately from interest on lease liabilities in the statement of profit or loss. Lessors continue to classify their leases as operating leases or finance leases and to account for those two types of leases differently. IFRS 16 supersedes the previous leases Standard, IAS 17 Leases , and related Interpretations. The standard is effective from January 1, 2019, with early adoption permitted only with concurrent adoption of IFRS 15 Revenue from Contracts with Customers . Management anticipates that the implementation of this standard will not have a material impact on the Partnership's financial statements, since the changes for lessors are fairly minor. The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material on the Partnership's financial statements. |
Organization and Operations (Ta
Organization and Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Operations | |
Schedule of composition of the group | As of December 31, 2017, the companies listed below were 100% held by the Partnership: Name Place of Date of Principal activities Vessel Cargo Delivery Date GAS-three Ltd. Bermuda April 2010 Vessel-owning company GasLog Shanghai January 2013 GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago March 2013 GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney May 2013 GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle December 2013 GAS-eight Ltd. Bermuda March 2011 Vessel-owning company Solaris June 2014 GAS-eleven Ltd. Bermuda December 2012 Vessel-owning company GasLog Greece March 2016 GAS-thirteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Geneva September 2016 GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea April 2014 GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth April 2014 GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria June 2014 GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth June 2014 GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally June 2014 GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — — |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Schedule of expected useful lives | Vessel LNG vessel component 35 years Dry-docking component 5 years |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Vessels | |
Schedule of Vessels | Vessels Vessels under Cost As of January 1, 2016 Additions Transfer from vessels under construction ) Fully amortized dry-docking component ) — As of December 31, 2016 — Additions — Fully amortized dry-docking component ) — As of December 31, 2017 — Accumulated depreciation As of January 1, 2016 — Depreciation expense — Fully amortized dry-docking component ) — As of December 31, 2016 — Depreciation expense — Fully amortized dry-docking component ) — As of December 31, 2017 — Net book value As of December 31, 2016 — As of December 31, 2017 — |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and Other Receivables | |
Schedule of Trade and Other Receivables | As of 2016 2017 Due from charterers VAT receivable Accrued income Insurance claims Other receivables Total |
Owners' Capital_Partners' Equ33
Owners' Capital/Partners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Owners' Capital/Partners' Equity | |
Schedule of reconciliation of owners' capital | Share Contributed Cash flow Retained Total Balance as of January 1, 2015 ) Capital contributions — — — Dividend declared — — — ) ) Profit attributable to GasLog's operations — — — Other comprehensive income attributable to GasLog's operations — — — Total comprehensive income attributable to GasLog's operations — — Net contribution to the Partnership ) ) — ) ) Balance as of December 31, 2015 ) Capital contributions — — — Profit attributable to GasLog's operations — — — Other comprehensive income attributable to GasLog's operations — — — Total comprehensive income attributable to GasLog's operations — — Net contribution to the Partnership ) ) — ) ) Balance as of December 31, 2016 — Profit attributable to GasLog's operations — — — Total comprehensive income attributable to GasLog's operations — — — Net contribution to the Partnership ) ) — ) ) Balance as of December 31, 2017 — — — — — |
Schedule of cash distributions | The Partnership's cash distributions for the years ended December 31, 2015, 2016 and 2017 are presented in the following table: Declaration date Type of Distribution Payment Amount January 28, 2015 Common $ February 12, 2015 $ April 29, 2015 Common $ May 14, 2015 $ July 29, 2015 Common $ August 13, 2015 $ October 28, 2015 Common $ November 12, 2015 $ Total $ January 27, 2016 Common $ February 12, 2016 $ April 27, 2016 Common $ May 13, 2016 $ July 27, 2016 Common $ August 12, 2016 $ October 26, 2016 Common $ November 11, 2016 $ Total $ January 26, 2017 Common $ February 10, 2017 $ April 26, 2017 Common $ May 12, 2017 $ July 26, 2017 Common $ August 11, 2017 $ July 26, 2017 Preference $ September 15, 2017 $ October 25, 2017 Common $ November 10, 2017 $ November 16, 2017 Preference $ December 15, 2017 $ Total $ |
Schedule of percentage allocation of the additional available cash from operating surplus in respect to incentive distribution rights | Marginal Percentage Interest in Distributions Total Quarterly Unitholders General Holders of Minimum Quarterly Distribution $ % % % First Target Distribution $0.375 up to $0.43125 % % % Second Target Distribution $0.43125 up to $0.46875 % % % Third Target Distribution $0.46875 up to $0.5625 % % % Thereafter Above $0.5625 % % % |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings | |
Schedule of borrowings | As of December 31, 2016 2017 Amounts due within one year Less: unamortized deferred loan issuance costs ) ) Borrowings—current portion Amounts due after one year Less: unamortized deferred loan issuance costs ) ) Borrowings—non-current portion Total |
Borrowings Repayment Schedule | As of Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Payables and Accruals | |
Schedule of Other Payables and Accruals | As of 2016 2017 Unearned revenue Accrued legal and professional fees Accrued crew costs Accrued off-hire Accrued purchases Accrued interest Accrued board of directors fees Accrued cash distributions — Other payables and accruals Total |
General and Administrative Ex36
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General and Administrative Expenses | |
Schedule of General and Administrative Expenses | For the year ended 2015 2016 2017 Board of directors' fees Share-based compensation (Note 18) Legal and professional fees Commercial management fees (Note 11) Administrative fees (Note 11) Directors and officers' liability insurance Other expenses Total |
Vessel Operating Costs (Tables)
Vessel Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Vessel Operating Costs | |
Schedule of vessel operating costs | For the year ended 2015 2016 2017 Management fees and other vessel management expenses Crew wages Technical maintenance expenses Provisions and stores Insurance expenses Other operating expenses Total |
Net Financial Income and Costs
Net Financial Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Net Financial Income and Costs | |
Schedule of net financial income and costs | For the year ended 2015 2016 2017 Financial income Financial income Total financial income Financial costs Amortization of deferred loan issuance costs Interest expense on loans Commitment fees Other financial costs Total financial costs |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions | |
Schedule of balances with related parties | As of 2016 2017 Amounts due from related parties Due from GasLog LNG Services (a) — Total — As of 2016 2017 Amounts due to related parties Due to GasLog LNG Services (a) — Due to GasLog (b) Due to GasLog Carriers Ltd. ("GasLog Carriers") (c) — Total (a) The balance as of December 31, 2016 represents mainly payments made by GasLog LNG Services on behalf of the Partnership. The balance as of December 31, 2017 represents mainly net amounts advanced to the Manager to cover future operating expenses of the Partnership. (b) The balances represent payments made by GasLog on behalf of the Partnership. (c) As of December 31, 2016, the balance due to GasLog Carriers, the parent company of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd., prior to their acquisitions by the Partnership on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, represented mainly amounts paid directly by GasLog Carriers on behalf of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd., covering expenses during the construction period. As of December 31, 2017, the outstanding balance had been fully settled. As of 2016 2017 Loans due to related parties Loan facility with GasLog — Total — |
Schedule of related party transactions | Company Details Account 2015 2016 2017 Costs capitalized to vessels' cost GasLog LNG Services Construction supervision fees (i) Vessels — Cost expensed GasLog Commercial management fee (ii) General and administrative expenses GasLog Administrative services fee (iii) General and administrative expenses GasLog LNG Services Management fees and other vessel management expenses (iv) Vessel operating costs GasLog LNG Services Other vessel operating costs Vessel operating costs GasLog Professional and advisory fees (v) General and administrative expenses — — GasLog Interest on revolving credit facility (Note 6) Interest expense GasLog Commitment fee on revolving credit facility (Note 6) Other financial costs GasLog Interest on interest rate swaps (Note 15) Loss/(gain) on interest rate swaps — (i) Shipbuilding Supervision Agreements The Manager charged the vessel owning companies shipbuilding supervision fees pursuant to the shipbuilding supervision contracts that were signed on August 1, 2014 with respect to GAS-eleven Ltd. and GAS-thirteen Ltd. In accordance with the shipbuilding supervision contracts, the Manager was appointed as the supervisor of the construction of the vessels under the relevant shipbuilding contracts and responsible for providing technical consultancy services and attending sea trials and factory acceptance tests until the successful delivery of each vessel. Monthly charge rates for the site inspection team varied from $12.5 to $18.5 according to the level of seniority of the inspectors. On November 4, 2015, both agreements were amended to delete the clauses regarding factory acceptance tests and technical consultancy fees. (ii) Commercial Management Agreements Upon completion of the IPO on May 12, 2014, the vessel-owning subsidiaries of the Initial Fleet entered into amended commercial management agreements with GasLog (the "Amended Commercial Management Agreements"), pursuant to which GasLog provides certain commercial management services, including chartering services, consultancy services on market issues and invoicing and collection of hire payables, to the Partnership. The annual commercial management fee under the amended agreements is $360 for each vessel payable quarterly in advance in lump sum amounts. In December 2013, GAS-seven Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $540 that was amended to $360 when the vessel was acquired by the Partnership on November 1, 2016. Additionally, in June 2015, GAS-eight Ltd. entered into a commercial management agreement with GasLog for an annual commercial management fee of $360. The same provisions are included in the commercial management agreements that GAS-eleven Ltd., GAS-thirteen Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. entered into with GasLog upon the deliveries of the GasLog Greece , the GasLog Geneva , the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , respectively, into GasLog's fleet in March 2016, September 2016, April 2014 and June 2014 (together with the Amended Commercial Management Agreements and the commercial management agreements entered into by GAS-seven Ltd. and GAS-eight Ltd. with GasLog, the "Commercial Management Agreements"). (iii) Administrative Services Agreement Upon completion of the IPO on May 12, 2014, the Partnership entered into an administrative services agreement (the "Administrative Services Agreement") with GasLog, pursuant to which GasLog will provide certain management and administrative services. The services provided under the Administrative Services Agreement are provided as the Partnership may direct, and include bookkeeping, audit, legal, insurance, administrative, clerical, banking, financial, advisory, client and investor relations services. The Administrative Services Agreement will continue indefinitely until terminated by the Partnership upon 90 days' notice for any reason in the sole discretion of the Partnership's board of directors. Until December 31, 2016, GasLog received a service fee of $588 per vessel per year in connection with providing services under this agreement. On November 16, 2016, the board of directors approved an increase in the service fee payable to GasLog under the terms of the Administrative Services Agreement to $632 per vessel per year with effect from January 1, 2017. With effect from January 1, 2018, the service fee increased to $812 per vessel per year. (iv) Ship Management Agreements Upon completion of the IPO on May 12, 2014, each of the vessel owning subsidiaries of the Initial Fleet entered into an amended ship management agreement (collectively, the "Amended Ship Management Agreements") under which the vessel owning subsidiaries pay a management fee of $46 per month to the Manager and reimburse the Manager for all expenses incurred on their behalf. The Amended Ship Management Agreements also provide for superintendent fees of $1 per day payable to the Manager for each day in excess of 25 days per calendar year for which a superintendent performed visits to the vessels, an annual incentive bonus of up to $72 based on key performance indicators predetermined annually and contain clauses for decreased management fees in case of a vessel's lay-up. The management fees are subject to an annual adjustment, agreed between the parties in good faith, on the basis of general inflation and proof of increases in actual costs incurred by the Manager. Each Amended Ship Management Agreement continues indefinitely until terminated by either party. The same provisions are included in the ship management agreements that GAS-sixteen Ltd., GAS-seventeen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. entered into with the Manager upon the deliveries of the Methane Rita Andrea , the Methane Jane Elizabeth , the Methane Alison Victoria , the Methane Shirley Elisabeth and the Methane Heather Sally , respectively, into GasLog's fleet in April 2014 and June 2014 (together with the Amended Ship Management Agreements and the ship management agreement that GAS-seven Ltd. entered into with the Manager upon its vessel's delivery from the shipyard in 2013, the "Ship Management Agreements"). In May 2015, the Ship Management Agreements were further amended to delete the annual incentive bonus and superintendent fees clauses and, in the case of GAS-seven Ltd., to also increase the fixed monthly charge to $46 with effect from April 1, 2015. In April 2016, the Ship Management Agreements were amended to consolidate all ship management related fees into a single fee structure. This single fee structure was already provided for in the ship management agreements that GAS-eleven Ltd. and GAS-thirteen Ltd. had entered into with GasLog upon the deliveries of the GasLog Greece in March 2016 and the GasLog Geneva in September 2016, respectively, (with a fixed monthly charge of $46). (v) Professional and advisory fees paid to third parties by GasLog on behalf of the Partnership. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies | |
Future gross minimum revenues receivable upon collection of hire under non-cancellable time charter agreements | As of Period Not later than one year Later than one year and not later than three years Later than three years and not later than five years Later than five years Total |
Schedule of commitments relating to investment agreements for the Partnership, without including additional estimated costs | As of Period Not later than one year Total |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Risk Management | |
Schedule of expected cash flows for non-derivative financial liabilities | Weighted-average Less than 1 - 3 3 - 12 1 - 5 5+ Total December 31, 2017 Trade accounts payable — — Due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — — Variable interest loans % Fixed interest loans** — — Total December 31, 2016 Trade accounts payable — — — Due to related parties — — — — Other payables and accruals* — — Other non-current liabilities — — — — Variable interest loans % Fixed interest loans*** — — — Total * Unearned revenue is excluded since it is not a financial liability. ** Interest is charged at 9.125% on the outstanding amount. A commitment fee of 1.0% is charged on the available amount of the New Sponsor Credit Facility and 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd., respectively. *** A commitment fee is charged at 2.4% on the available amount of the Old Sponsor Credit Facility and 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd., respectively. |
Schedule of expected cash flows for derivative financial instruments | Less than 1 - 3 months 3 - 12 months 1 - 5 years 5+ years Total December 31, 2017 Interest rate swaps ) — ) — Total ) — ) — December 31, 2016 Interest rate swaps ) — ) Total ) — ) |
Summary of credit risk exposure | As of 2016 2017 Cash and cash equivalents Short-term investments — Trade and other receivables Derivative financial instruments, current and non-current portion |
Capital Risk Management (Tables
Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Risk Management | |
Schedule of the total indebtedness to total assets ratio | As of 2016 2017 Derivative financial instruments—current asset — ) Derivative financial instruments—non-current asset ) ) Borrowings—current liability Derivative financial instruments—current liability Borrowings—non-current liability Total indebtedness Total assets Total indebtedness/total assets % % |
Derivative Financial Instrume43
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments | |
Schedule of fair value of the derivative assets | As of 2016 2017 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps Total Derivative financial instruments, current asset — Derivative financial instruments, non-current asset Total |
Schedule of fair value of the derivative liabilities | As of 2016 2017 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps Total Derivative financial instruments, current liability Total |
Schedule of principal terms of the hedging instruments | Notional Amount Company Counterparty Trade Effective Termination Fixed December 31, December 31, GasLog Partners GasLog Nov 2016 Nov 2016 July 2020 % GasLog Partners GasLog Nov 2016 Nov 2016 July 2021 % GasLog Partners GasLog Nov 2016 Nov 2016 July 2022 % GasLog Partners GasLog July 2017 July 2017 June 2022 % — |
Schedule of analysis of Loss/(gain) on interest rate swaps | For the year ended 2015 2016 2017 Realized loss on interest rate swaps held for trading Unrealized loss/(gain) on interest rate swaps held for trading ) Recycled loss of cash flow hedges reclassified to profit or loss — Total loss/(gain) on interest rate swaps ) |
Cash Flow Reconciliations (Tabl
Cash Flow Reconciliations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Reconciliations | |
Schedule of reconciliation of borrowings arising from financing activities | Opening balance Cash flows Non-cash Total Borrowings outstanding as of January 1, 2017 — — Borrowings drawdowns (Note 6) — — Borrowings repayments (Note 6) — ) — ) Additions in deferred loan fees — ) — ) Amortization of deferred loan issuance costs (Note 10) — — Borrowings outstanding as of December 31, 2017 ) |
Schedule of reconciliation of derivatives arising from financing activities | Opening balance Non-cash Total Net derivative assets as of January 1, 2017 — Unrealized gain on interest rate swaps held for trading (Note 15) — Net derivative assets as of December 31, 2017 |
Schedule of reconciliation of vessels arising from investing activities | Opening balance Cash flows Non-cash Total Vessels as of January 1, 2017 — — Additions (Note 3) — Depreciation expense (Note 3) — — ) ) Vessels as of December 31, 2017 ) |
Schedule of reconciliation of equity offerings arising from financing activities | Cash flows Non-cash Total Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) (Note 5) — Proceeds from public offering of preference units (net of underwriting discounts and commissions) (Note 5) — Offering costs ) ) ) Net proceeds from equity offerings in the year ended December 31, 2017 ) |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Unit | |
Schedule of Earnings Per Unit | For the year ended December 31, 2015 2016 2017 Profit for the year Less: Profit attributable to GasLog's operations* ) ) ) Partnership's profit Adjustment for: Paid and accrued preference unit distributions — — ) Partnership's profit attributable to: Common unitholders Subordinated unitholders** General partner Incentive distribution rights*** Weighted average units outstanding (basic) Common units Subordinated units** General partner units Earnings per unit (basic) Common unitholders Subordinated unitholders General partner Weighted average units outstanding (diluted) Common units Subordinated units** General partner units Earnings per unit (diluted) Common unitholders Subordinated unitholders General partner * Includes profits of: (i) GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. for the period prior to their transfer to the Partnership on July 1, 2015, (ii) GAS-seven Ltd. for the period prior to its transfer to the Partnership on November 1, 2016, (iii) GAS-eleven Ltd. for the period prior to its transfer to the Partnership on May 3, 2017, (iv) GAS-thirteen Ltd. for the period prior to its transfer to the Partnership on July 3, 2017 and (v) GAS-eight Ltd. for the period prior to its transfer to the Partnership on October 20, 2017. While such amounts are reflected in the Partnership's financial statements because the transfers to the Partnership were accounted for as reorganizations of entities under common control (Note 1), the aforementioned entities were not owned by the Partnership prior to their transfers to the Partnership on the respective dates and accordingly the Partnership was not entitled to the cash or results generated in the period prior to such transfers. ** On May 16, 2017, all 9,822,358 subordinated units converted into common units on a one-for-one basis. As of December 31, 2017, they participated pro rata with all other outstanding common units in distributions of available cash for the three months ended December 31, 2017. Consequently, earnings have been allocated to subordinated units and the weighted average number of subordinated units has been calculated only for the applicable period during which they were entitled to distributions based on the Partnership Agreement, i.e. for the three months ended March 31, 2017. *** Represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. GasLog holds the incentive distribution rights following completion of the Partnership's IPO. The IDRs may be transferred separately from any other interests, subject to restrictions in the Partnership Agreement (please refer to Note 5). Based on the nature of such right, earnings attributable to IDRs cannot be allocated on a per unit basis. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation | |
Summary of awards granted | Awards Number Grant date Expiry date Fair value at RCUs April 1, 2015 n/a $ PCUs April 1, 2015 n/a $ RCUs April 1, 2016 n/a $ PCUs April 1, 2016 n/a $ RCUs April 3, 2017 n/a $ PCUs April 3, 2017 n/a $ |
RCUs | |
Share-based Compensation | |
Summary of activity | Number of Weighted Aggregate RCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) ) Outstanding as of December 31, 2017 |
PCUs | |
Share-based Compensation | |
Summary of activity | Number of Weighted Aggregate PCUs Outstanding as of January 1, 2016 Granted during the year — Outstanding as of December 31, 2016 Granted during the year — Forfeited during the year ) ) Outstanding as of December 31, 2017 |
Organization and Operations - G
Organization and Operations - General information (Details) $ in Thousands | Oct. 20, 2017USD ($)m³ | Jul. 03, 2017USD ($)m³ | May 03, 2017USD ($)m³ | Nov. 01, 2016USD ($)m³ | Jul. 01, 2015USD ($)itemm³ | Sep. 29, 2014USD ($)itemm³ | May 12, 2014item | Dec. 31, 2017m³ |
Organization and Operations | ||||||||
Number of LNG carriers acquired on IPO | item | 3 | |||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
GAS-three Ltd., GAS-four Ltd., and GAS-five Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
Number of LNG carriers acquired | item | 2 | |||||||
LNG Cargo capacity (in cbm) | m³ | 145,000 | |||||||
Aggregate purchase price | $ | $ 328,000 | |||||||
GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
Number of LNG carriers acquired | item | 3 | |||||||
LNG Cargo capacity (in cbm) | m³ | 145,000 | |||||||
Aggregate purchase price | $ | $ 483,000 | |||||||
GAS-seven Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
LNG Cargo capacity (in cbm) | m³ | 155,000 | 155,000 | ||||||
Aggregate purchase price | $ | $ 189,000 | |||||||
GAS-eleven Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
LNG Cargo capacity (in cbm) | m³ | 174,000 | 174,000 | ||||||
Aggregate purchase price | $ | $ 219,000 | |||||||
GAS-thirteen Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
LNG Cargo capacity (in cbm) | m³ | 174,000 | 174,000 | ||||||
Aggregate purchase price | $ | $ 211,000 | |||||||
GAS-eight Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership interest in subsidiary (in percent) | 100.00% | |||||||
LNG Cargo capacity (in cbm) | m³ | 155,000 | 155,000 | ||||||
Aggregate purchase price | $ | $ 185,900 | |||||||
GasLog Ltd. | ||||||||
Organization and Operations | ||||||||
Ownership percentage of GasLog Ltd. | 25.90% | |||||||
General partners interest (in percent) | 100.00% |
Organization and Operations - C
Organization and Operations - Composition of the group (Details) - m³ | Oct. 20, 2017 | Jul. 03, 2017 | May 03, 2017 | Nov. 01, 2016 | Dec. 31, 2017 |
Organization and Operations | |||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||
GAS-three Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 155,000 | ||||
GAS-four Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 155,000 | ||||
GAS-five Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 155,000 | ||||
GAS-seven Ltd. | |||||
Organization and Operations | |||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||
Cargo capacity (in cbm) | 155,000 | 155,000 | |||
GAS-eight Ltd. | |||||
Organization and Operations | |||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||
Cargo capacity (in cbm) | 155,000 | 155,000 | |||
GAS-eleven Ltd. | |||||
Organization and Operations | |||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||
Cargo capacity (in cbm) | 174,000 | 174,000 | |||
GAS-thirteen Ltd. | |||||
Organization and Operations | |||||
Ownership interest in subsidiary (in percent) | 100.00% | ||||
Cargo capacity (in cbm) | 174,000 | 174,000 | |||
GAS-sixteen Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 145,000 | ||||
GAS-seventeen Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 145,000 | ||||
GAS-nineteen Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 145,000 | ||||
GAS-twenty Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 145,000 | ||||
GAS-twenty one Ltd. | |||||
Organization and Operations | |||||
Cargo capacity (in cbm) | 145,000 |
Significant Accounting Polici49
Significant Accounting Policies - Vessels (Details) | 12 Months Ended |
Dec. 31, 2017 | |
LNG vessel component | |
Vessel cost: | |
Useful lives | 35 years |
Dry-docking component | |
Vessel cost: | |
Useful lives | 5 years |
Significant Accounting Polici50
Significant Accounting Policies - Critical accounting judgments and key sources of estimation uncertainty (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)item | |
Segment information | |
Number of LNG Carrier Each Vessel Owning Company | item | 1 |
Vessel cost: | |
Increase in future annual depreciation expense as a result of decrease in the estimated scrap value | $ 460,000 |
Impairment of vessels | |
Utilization rate | 99.50% |
Charter agreement term used up to December 31, 2022 | 5 years |
Charter market rate used up to December 31, 2022 | $ 52 |
Number of years of historical average used to estimate the average time charter rate after January 1, 2023 | 5 years |
Number of years of charter rates used to estimate the average time charter rate after January 1, 2023 | 5 years |
Annual escalation factor for operating expenses (as a percent) | 1.00% |
Weighted average cost of capital | 8.00% |
Number of vessels with carrying amount higher than the charter free market values | item | 5 |
Impairment loss | $ 0 |
Classification of the Partnership interests: | |
Number of days after quarter cash distributed to partner | 45 days |
Percent Partnership Required To Distribute Available Cash | 100.00% |
LNG vessel component | |
Vessel cost: | |
Useful lives | 35 years |
Vessels (Details)
Vessels (Details) - USD ($) $ in Thousands | Oct. 20, 2017 | Jul. 03, 2017 | May 03, 2017 | Nov. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Vessels | ||||||||||
Balance, at the beginning of the year | [1] | $ 2,014,783 | ||||||||
Depreciation expense | 67,726 | $ 61,770 | [1] | $ 55,693 | [1] | |||||
Balance, at the end of the year | 1,953,057 | 2,014,783 | [1] | |||||||
LNG vessel component | ||||||||||
Vessels | ||||||||||
Balance, at the beginning of the year | 2,014,783 | |||||||||
Additions | 6,000 | |||||||||
Depreciation expense | 67,726 | |||||||||
Balance, at the end of the year | 1,953,057 | 2,014,783 | ||||||||
LNG vessel component | Cost | ||||||||||
Vessels | ||||||||||
Balance, at the beginning of the year | 2,183,127 | 1,767,392 | ||||||||
Additions | 6,000 | 5,084 | ||||||||
Transfer from vessels under construction | 413,171 | |||||||||
Fully amortized dry-docking component | (2,500) | (2,520) | ||||||||
Balance, at the end of the year | 2,186,627 | 2,183,127 | 1,767,392 | |||||||
LNG vessel component | Accumulated depreciation | ||||||||||
Vessels | ||||||||||
Balance, at the beginning of the year | 168,344 | 109,094 | ||||||||
Fully amortized dry-docking component | (2,500) | (2,520) | ||||||||
Depreciation expense | 67,726 | 61,770 | ||||||||
Balance, at the end of the year | $ 233,570 | 168,344 | 109,094 | |||||||
Vessels under construction | Cost | ||||||||||
Vessels | ||||||||||
Balance, at the beginning of the year | 74,315 | |||||||||
Additions | 338,856 | |||||||||
Transfer from vessels under construction | $ (413,171) | |||||||||
Balance, at the end of the year | $ 74,315 | |||||||||
GAS-seven Ltd. | ||||||||||
Vessels | ||||||||||
Percentage of ownership interest | 100.00% | |||||||||
Aggregate purchase price | $ 189,000 | |||||||||
Consideration paid | 68,142 | |||||||||
Debt assumed | 122,292 | |||||||||
Adjustments in order to maintain agreed working capital | 1,434 | |||||||||
Minimum working capital | $ 1,000 | |||||||||
GAS-eleven Ltd. | ||||||||||
Vessels | ||||||||||
Percentage of ownership interest | 100.00% | |||||||||
Aggregate purchase price | $ 219,000 | |||||||||
Consideration paid | 66,643 | |||||||||
Debt assumed | 151,423 | |||||||||
Adjustments in order to maintain agreed working capital | 934 | |||||||||
Minimum working capital | $ 1,000 | |||||||||
GAS-thirteen Ltd. | ||||||||||
Vessels | ||||||||||
Percentage of ownership interest | 100.00% | |||||||||
Aggregate purchase price | $ 211,000 | |||||||||
Consideration paid | 54,911 | |||||||||
Debt assumed | 155,005 | |||||||||
Adjustments in order to maintain agreed working capital | 1,084 | |||||||||
Minimum working capital | $ 1,000 | |||||||||
GAS-eight Ltd. | ||||||||||
Vessels | ||||||||||
Percentage of ownership interest | 100.00% | |||||||||
Aggregate purchase price | $ 185,900 | |||||||||
Consideration paid | 70,614 | |||||||||
Debt assumed | 116,518 | |||||||||
Adjustments in order to maintain agreed working capital | 1,232 | |||||||||
Minimum working capital | $ 1,000 | |||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] |
Trade and Other Receivables | |||||
Due from charterers | $ 1,074 | $ 1,003 | |||
VAT receivable | 38 | 38 | |||
Accrued income | 935 | 1,109 | |||
Insurance claims | 38 | 135 | |||
Other receivables | 1,544 | 1,916 | |||
Total | $ 3,629 | $ 4,201 | $ 6,096 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Owners' Capital_Partners' Equ53
Owners' Capital/Partners' Equity (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | [1] | Jan. 01, 2016USD ($) | [1] | Dec. 31, 2015USD ($) | [1] | Jan. 01, 2015USD ($)Vote$ / sharesshares | Dec. 31, 2014USD ($) | [1] |
Owners' Capital/Partners' Equity | ||||||||||
Total share capital | $ | $ 910,154 | $ 798,038 | $ 742,642 | $ 742,642 | $ 677,482 | |||||
Each subsidiary | ||||||||||
Owners' Capital/Partners' Equity | ||||||||||
Number of shares authorized | 12,000 | |||||||||
Par value per share | $ / shares | $ 1 | |||||||||
Number of shares issued | 12,000 | |||||||||
Number of shares outstanding | 12,000 | |||||||||
Total share capital | $ | $ 84 | |||||||||
Vote per share | Vote | 1 | |||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Owners' Capital_Partners' Equ54
Owners' Capital/Partners' Equity - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Balance at the beginning of the year | [1] | $ 798,038 | $ 742,642 | $ 677,482 | ||
Capital contributions | 40,385 | 39,786 | ||||
Dividend Declared | (10,800) | |||||
Distributions declared | (90,280) | (65,577) | (51,193) | |||
Profit attributable to GasLog's operations | 15,199 | 18,710 | ||||
Other comprehensive income attributable to GasLog's operations | 2,527 | 593 | ||||
Total comprehensive income attributable to GasLog's operations | 18,716 | 17,726 | 19,303 | |||
Balance at the end of the year | 910,154 | 798,038 | [1] | 742,642 | [1] | |
Share capital | ||||||
Balance at the beginning of the year | 36 | 48 | 84 | |||
Net contribution to the Partnership | (36) | (12) | (36) | |||
Balance at the end of the year | 36 | 48 | ||||
Contributed surplus | ||||||
Balance at the beginning of the year | 137,817 | 158,092 | 257,806 | |||
Capital contributions | 40,385 | 39,786 | ||||
Net contribution to the Partnership | (137,817) | (60,660) | (139,500) | |||
Balance at the end of the year | 137,817 | 158,092 | ||||
Cash flow hedging reserve | ||||||
Balance at the beginning of the year | (2,527) | (3,120) | ||||
Other comprehensive income attributable to GasLog's operations | 2,527 | 593 | ||||
Total comprehensive income attributable to GasLog's operations | 2,527 | 593 | ||||
Balance at the end of the year | (2,527) | |||||
Retained earnings | ||||||
Balance at the beginning of the year | 17,816 | 8,851 | 14,572 | |||
Dividend Declared | (10,800) | |||||
Profit attributable to GasLog's operations | 18,716 | 15,199 | 18,710 | |||
Total comprehensive income attributable to GasLog's operations | 18,716 | 15,199 | 18,710 | |||
Net contribution to the Partnership | (36,532) | (6,234) | (13,631) | |||
Balance at the end of the year | 17,816 | 8,851 | ||||
Total Owners' Capital | ||||||
Balance at the beginning of the year | [1] | 155,669 | 164,464 | 269,342 | ||
Capital contributions | 40,385 | 39,786 | ||||
Dividend Declared | (10,800) | |||||
Profit attributable to GasLog's operations | 18,716 | 15,199 | 18,710 | |||
Other comprehensive income attributable to GasLog's operations | 2,527 | 593 | ||||
Total comprehensive income attributable to GasLog's operations | 18,716 | 17,726 | 19,303 | |||
Net contribution to the Partnership | $ (174,385) | (66,906) | (153,167) | |||
Balance at the end of the year | [1] | $ 155,669 | $ 164,464 | |||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Owners' Capital_Partners' Equ55
Owners' Capital/Partners' Equity - IPO and equity offering (Details) $ / shares in Units, $ in Thousands | Nov. 03, 2017USD ($) | Jun. 15, 2017$ / shares | May 16, 2017USD ($)shares | May 15, 2017USD ($)$ / sharesshares | Feb. 24, 2017$ / sharesshares | Jan. 27, 2017USD ($)$ / sharesshares | Aug. 05, 2016USD ($)$ / sharesshares | Jun. 26, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016shares | Dec. 31, 2015shares | Jan. 01, 2016shares |
Equity offering - Issuance of units and proceeds | ||||||||||||
Net proceeds from issuance of preference units | $ | $ 138,804 | |||||||||||
Number of subordinated units converted into common units | 9,822,358 | |||||||||||
Subordinated units to common units conversion ratio | 1 | |||||||||||
GasLog Ltd. | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
General partner interest in GasLog Partners | 2.00% | 2.00% | ||||||||||
ATM Programme | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Aggregate offering price | $ | $ 144,040 | $ 100,000 | ||||||||||
ATM Programme | GasLog Ltd. | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
General partner interest in GasLog Partners | 2.00% | |||||||||||
Common units | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units issued in public offering or any equity offering | 3,750,000 | 2,750,000 | 7,500,000 | 6,607,405 | 2,750,000 | 7,500,000 | ||||||
Price per unit | $ / shares | $ 20.50 | $ 19.50 | $ 23.90 | |||||||||
Net proceeds from issuance of units after deducting underwriting discount and other offering expenses | $ | $ 78,197 | $ 52,299 | $ 171,831 | |||||||||
Number of units outstanding | 41,002,121 | 24,572,358 | 21,822,358 | |||||||||
Common units | Underwriters | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units issued in public offering or any equity offering | 120,000 | |||||||||||
Price per unit | $ / shares | $ 20.50 | |||||||||||
Common units | ATM Programme | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units issued in public offering or any equity offering | 2,737,405 | |||||||||||
Price per unit | $ / shares | $ 22.97 | |||||||||||
Net proceeds from issuance of units after deducting underwriting discount and other offering expenses | $ | $ 61,224 | |||||||||||
Preference units | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of preference units issued | 5,750,000 | 5,750,000 | ||||||||||
Price per unit | $ / shares | $ 25 | |||||||||||
Liquidation preference per unit | $ / shares | $ 25 | |||||||||||
Net proceeds from issuance of preference units | $ | $ 138,804 | $ 138,804 | ||||||||||
Distribution rate | 8.625% | 8.625% | ||||||||||
Number of units outstanding | 5,750,000 | 0 | 0 | |||||||||
Preference units | Underwriters | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of preference units issued | 750,000 | |||||||||||
Liquidation preference per unit | $ / shares | $ 25 | |||||||||||
Subordinated units | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units outstanding | 0 | 9,822,358 | 9,822,358 | |||||||||
General partner units | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units issued in public offering or any equity offering | 134,846 | 56,122 | 153,061 | |||||||||
Number of units outstanding | 836,779 | 701,933 | 645,811 | |||||||||
General partner units | GasLog Ltd. | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units issued in public offering or any equity offering | 78,980 | 56,122 | 153,061 | |||||||||
Net proceeds from issuance of units after deducting underwriting discount and other offering expenses | $ | $ 1,619 | $ 1,094 | $ 3,658 | |||||||||
General partner interest in GasLog Partners | 2.00% | |||||||||||
General partner units | ATM Programme | GasLog Ltd. | ||||||||||||
Equity offering - Issuance of units and proceeds | ||||||||||||
Number of units issued in public offering or any equity offering | 55,866 | |||||||||||
Net proceeds from issuance of units after deducting underwriting discount and other offering expenses | $ | $ 1,283 |
Owners' Capital_Partners' Equ56
Owners' Capital/Partners' Equity - Cash distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2017 | Nov. 16, 2017 | Nov. 10, 2017 | Oct. 25, 2017 | Sep. 15, 2017 | Aug. 11, 2017 | Jul. 26, 2017 | May 12, 2017 | Apr. 26, 2017 | Feb. 26, 2017 | Jan. 26, 2017 | Nov. 11, 2016 | Oct. 26, 2016 | Aug. 12, 2016 | Jul. 27, 2016 | May 13, 2016 | Apr. 27, 2016 | Feb. 12, 2016 | Jan. 27, 2016 | Nov. 12, 2015 | Oct. 28, 2015 | Aug. 13, 2015 | Jul. 29, 2015 | May 14, 2015 | Apr. 29, 2015 | Feb. 12, 2015 | Jan. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] |
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||
Amount paid | $ 90,280 | $ 65,577 | $ 51,193 | |||||||||||||||||||||||||||||
Common units | ||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||
Quarterly cash distribution declared | $ 0.5175 | $ 0.51 | $ 0.5 | $ 0.49 | $ 0.478 | $ 0.478 | $ 0.478 | $ 0.478 | $ 0.478 | $ 0.4345 | $ 0.4345 | $ 0.4345 | ||||||||||||||||||||
Amount paid | $ 22,377 | $ 21,001 | $ 20,121 | $ 19,549 | $ 17,078 | $ 17,077 | $ 15,712 | $ 15,710 | $ 15,712 | $ 14,047 | $ 10,717 | $ 10,717 | ||||||||||||||||||||
Preference units | ||||||||||||||||||||||||||||||||
Owners' Capital/Partners' Equity | ||||||||||||||||||||||||||||||||
Quarterly cash distribution declared | $ 0.5390625 | $ 0.71875 | ||||||||||||||||||||||||||||||
Amount paid | $ 3,100 | $ 4,132 | ||||||||||||||||||||||||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Owners' Capital_Partners' Equ57
Owners' Capital/Partners' Equity - Voting Rights (Details) | Dec. 31, 2017directorVote |
Owners' Capital/Partners' Equity | |
Maximum percentage of ownership that can be voted | 4.90% |
Minimum number of board of directors that may be elected in annual meeting | 1 |
General partner | |
Owners' Capital/Partners' Equity | |
Number of directors that may be appointed | 4 |
Common units | |
Owners' Capital/Partners' Equity | |
Number of vote per unit | Vote | 1 |
Preference units | |
Owners' Capital/Partners' Equity | |
Number of vote per unit | Vote | 0 |
Number of directors that may be appointed | 1 |
Preference units | General partner | |
Owners' Capital/Partners' Equity | |
Number of directors that may be appointed | 1 |
Owners' Capital_Partners' Equ58
Owners' Capital/Partners' Equity - General Partner Interest (Details) | Dec. 31, 2017 |
General partner | |
Owners' Capital/Partners' Equity | |
General partner interest and percentage of the Partnership's cash distributions | 2.00% |
Owners' Capital_Partners' Equ59
Owners' Capital/Partners' Equity - Incentive Distribution Rights (Details) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Minimum Quarterly Distribution | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | $ 0.375 |
First Target Distribution | Minimum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | 0.375 |
First Target Distribution | Maximum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | 0.43125 |
Second Target Distribution | Minimum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | 0.43125 |
Second Target Distribution | Maximum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | 0.46875 |
Third Target Distribution | Minimum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | 0.46875 |
Third Target Distribution | Maximum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | 0.5625 |
Thereafter | Minimum | |
Owners' Capital/Partners' Equity | |
Total Quarterly Distribution Target Amount | $ 0.5625 |
Unitholders | Minimum Quarterly Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 98.00% |
Unitholders | First Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 98.00% |
Unitholders | Second Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 85.00% |
Unitholders | Third Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 75.00% |
Unitholders | Thereafter | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 50.00% |
General partner units | Minimum Quarterly Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 2.00% |
General partner units | First Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 2.00% |
General partner units | Second Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 2.00% |
General partner units | Third Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 2.00% |
General partner units | Thereafter | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 2.00% |
Incentive distribution rights | Minimum Quarterly Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 0.00% |
Incentive distribution rights | First Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 0.00% |
Incentive distribution rights | Second Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 13.00% |
Incentive distribution rights | Third Target Distribution | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 23.00% |
Incentive distribution rights | Thereafter | |
Owners' Capital/Partners' Equity | |
Marginal percentage interest in distributions | 48.00% |
Owners' Capital_Partners' Equ60
Owners' Capital/Partners' Equity - Subordinated Units (Details) | May 16, 2017shares | Dec. 31, 2017USD ($)item$ / shares |
Owners' Capital/Partners' Equity | ||
Subordinated units minimum quarterly distribution | $ | $ 0.375 | |
Minimum distribution to be paid during the subordination period on each outstanding common and subordinated unit | $ / shares | $ 0.375 | |
Distribution to be paid during the subordination period on the general partner's interest | 2.00% | |
Number of consecutive four-quarter periods to pay minimum distribution | item | 3 | |
Conversion ratio of subordinated units to common units | 1 | |
Number of subordinated units converted into common units | shares | 9,822,358 |
Owners' Capital_Partners' Equ61
Owners' Capital/Partners' Equity - Series A Preference Units (Details) - Preference units - $ / shares | Jun. 15, 2017 | May 15, 2017 | Dec. 31, 2017 |
Owners' Capital/Partners' Equity | |||
Liquidation preference per unit | $ 25 | ||
Distribution rate | 8.625% | 8.625% | |
Variable rate after June 15, 2027 | 6.31% |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] |
Borrowings | |||||
Amounts due within one year | $ 108,380 | $ 78,631 | |||
Less: unamortized deferred loan issuance costs | (4,551) | (4,709) | |||
Borrowings-current portion | 103,829 | 73,922 | $ 340,378 | ||
Amounts due after one year | 1,064,893 | 1,188,398 | |||
Less: unamortized deferred loan issuance costs | (13,126) | (17,554) | |||
Borrowings-non-current portion | 1,051,767 | 1,170,844 | $ 653,768 | ||
Total | $ 1,155,596 | $ 1,244,766 | |||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Borrowings - Terminated Facilit
Borrowings - Terminated Facilities (Details) $ in Thousands | Jul. 25, 2016USD ($) | Apr. 05, 2016USD ($) | May 12, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | [1] | Dec. 31, 2015USD ($) | [1] | Dec. 29, 2015USD ($) | Dec. 10, 2015USD ($) | Sep. 04, 2015USD ($) | Jun. 24, 2014USD ($) | Jun. 10, 2014USD ($) | Jun. 03, 2014USD ($) | Dec. 04, 2013USD ($) | Jan. 18, 2012USD ($)item | Dec. 23, 2011USD ($)item |
Borrowings | |||||||||||||||||
Borrowings repayments | $ 153,756 | $ 625,160 | $ 73,460 | ||||||||||||||
Citibank N.A. London Branch facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Drawn amount | $ 108,500 | $ 108,500 | $ 108,500 | ||||||||||||||
Borrowings repayments | $ 305,500 | ||||||||||||||||
Prepaid amount of debt | $ 5,000 | $ 5,000 | $ 10,000 | ||||||||||||||
Facility term repayable | 2 years | ||||||||||||||||
Debt assumed from acquired entities | $ 325,500 | ||||||||||||||||
Credit Suisse AG facility | |||||||||||||||||
Borrowings | |||||||||||||||||
Loan Agreement amount | $ 144,000 | ||||||||||||||||
Number of LNG vessels financed | item | 1 | ||||||||||||||||
Drawn amount | $ 144,000 | ||||||||||||||||
Borrowings repayments | $ 124,000 | ||||||||||||||||
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and Skandinaviska Enskilda Banken AB | |||||||||||||||||
Borrowings | |||||||||||||||||
Loan Agreement amount | $ 143,000 | ||||||||||||||||
Number of LNG vessels financed | item | 1 | ||||||||||||||||
Drawn amount | $ 143,000 | ||||||||||||||||
Borrowings repayments | $ 127,080 | ||||||||||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Borrowings - Existing Facilitie
Borrowings - Existing Facilities (Details) $ in Thousands | Jul. 19, 2016USD ($)item | Oct. 16, 2015USD ($)iteminstallment | Dec. 31, 2017USD ($)installment | Dec. 31, 2016USD ($) | Jul. 03, 2017USD ($) | May 03, 2017USD ($) | Sep. 26, 2016USD ($) | Jul. 25, 2016USD ($) | Apr. 05, 2016USD ($) | Mar. 22, 2016USD ($) | Feb. 18, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 18, 2014USD ($) | Nov. 12, 2014USD ($) | |
Borrowings | |||||||||||||||
Outstanding balance | $ 1,155,596 | $ 1,244,766 | [1] | ||||||||||||
GAS-eleven Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Drawn amount | $ 162,967 | ||||||||||||||
Debt assumed from acquired entities | $ 151,423 | ||||||||||||||
Number of tranches in loan agreement | item | 4 | ||||||||||||||
Loan agreement amount tranche one | $ 51,257 | ||||||||||||||
Loan agreement amount tranche two | 25,615 | ||||||||||||||
Loan agreement amount tranche three | 24,991 | ||||||||||||||
Loan agreement amount tranche four | $ 61,104 | ||||||||||||||
GAS-thirteen Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Drawn amount | $ 160,697 | ||||||||||||||
Debt assumed from acquired entities | $ 155,005 | ||||||||||||||
Number of tranches in loan agreement | item | 4 | ||||||||||||||
Loan agreement amount tranche one | $ 50,544 | ||||||||||||||
Loan agreement amount tranche two | 25,258 | ||||||||||||||
Loan agreement amount tranche three | 24,643 | ||||||||||||||
Loan agreement amount tranche four | $ 60,252 | ||||||||||||||
GAS-eleven and GAS-thirteen Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Outstanding balance | $ 294,965 | ||||||||||||||
Number of international banks | item | 14 | ||||||||||||||
Number of semi annual installments for first three tranches | installment | 24 | ||||||||||||||
Number of semi annual installments for the fourth tranche | installment | 20 | ||||||||||||||
Citibank N.A., London Branch, Nordea Bank Finland PLC London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas | |||||||||||||||
Borrowings | |||||||||||||||
Amount of credit facility | $ 450,000 | ||||||||||||||
Number of quarterly repayable installments | installment | 8 | ||||||||||||||
Outstanding balance | $ 382,500 | ||||||||||||||
Installment amount | 5,625 | ||||||||||||||
Final balloon payment | $ 337,500 | ||||||||||||||
Deferred financing fees | $ 515 | ||||||||||||||
Drawn amount | $ 450,000 | ||||||||||||||
KEXIM and K-Sure | |||||||||||||||
Borrowings | |||||||||||||||
Percentage of finance coverage | 60.00% | ||||||||||||||
Five Vessel Refinancing | |||||||||||||||
Borrowings | |||||||||||||||
Refinance of the outstanding debt | $ 305,500 | ||||||||||||||
Five-year senior tranche facility | |||||||||||||||
Borrowings | |||||||||||||||
Amount of credit facility | $ 396,500 | ||||||||||||||
Number of quarterly repayable installments | installment | 14 | ||||||||||||||
Outstanding balance | $ 189,757 | ||||||||||||||
Installment amount | 4,518 | ||||||||||||||
Final balloon payment | 126,505 | ||||||||||||||
Drawn amount | 216,865 | ||||||||||||||
Two-year bullet junior tranche facility | |||||||||||||||
Borrowings | |||||||||||||||
Amount of credit facility | $ 180,000 | ||||||||||||||
Outstanding balance | $ 29,750 | ||||||||||||||
Drawn amount | $ 89,875 | ||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Legacy Facility Refinancing) | |||||||||||||||
Borrowings | |||||||||||||||
Amount of credit facility | $ 1,050,000 | ||||||||||||||
Number of semi annual installments | installment | 8 | ||||||||||||||
Outstanding balance | $ 231,301 | ||||||||||||||
Installment amount | 7,566 | ||||||||||||||
Final balloon payment | 170,773 | ||||||||||||||
Number of on-the water vessels refinanced | item | 8 | ||||||||||||||
Number of existing credit facilities being refinanced | item | 6 | ||||||||||||||
Unamortized loan fees written off to profit or loss | $ 5,637 | ||||||||||||||
Revolving credit facility available amount | $ 25,940 | ||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Legacy Facility Refinancing) | GAS-seven Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Refinance of the outstanding debt | $ 124,000 | ||||||||||||||
Debt assumed from acquired entities | 122,292 | ||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Legacy Facility Refinancing) | GAS-eight Ltd. | |||||||||||||||
Borrowings | |||||||||||||||
Refinance of the outstanding debt | 127,080 | ||||||||||||||
Debt assumed from acquired entities | $ 124,141 | ||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Term loan facility) | |||||||||||||||
Borrowings | |||||||||||||||
Amount of credit facility | $ 950,000 | ||||||||||||||
Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank America N.V (Revolving credit facility) | |||||||||||||||
Borrowings | |||||||||||||||
Amount of credit facility | $ 100,000 | ||||||||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Borrowings - Securities Covenan
Borrowings - Securities Covenants and Guarantees (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Partnership Facility and Five Vessel Refinancing | |
Borrowings | |
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 3.00% |
Minimum amount of unencumbered cash and cash equivalents | $ 15,000 |
Maximum percentage of total indebtedness to total capitalization | 60.00% |
Minimum percentage of EBITDA over debt service obligations on a trailing 12 month basis | 110.00% |
Partnership Facility, Five Vessel Refinancing, and Legacy Facility Refinancing | |
Borrowings | |
Minimum percentage of market value of any additional security provided to the lenders on the outstanding amount | 120.00% |
Five Vessel Refinancing, Legacy Facility Refinancing and October 2015 Facility | Gas Log consolidated | |
Borrowings | |
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness | 3.00% |
Minimum amount of unencumbered cash and cash equivalents | $ 50,000 |
Minimum percentage of EBITDA over debt service obligations on a trailing 12 month basis | 110.00% |
Minimum amount of net working capital (excluding the current portion of long-term debt) | $ 0 |
Maximum percentage of total indebtedness to total assets | 75.00% |
Minimum percentage of unencumbered cash and cash equivalents to total indebtedness, to pay dividends | 4.00% |
Minimum market value adjusted networth | $ 350,000 |
October 2015 Facility | |
Borrowings | |
Minimum percentage of market value of any additional security provided to the lenders for the first two years on the outstanding amount | 115.00% |
Minimum percentage of market value of any additional security provided to the lenders after the first two years on the outstanding amount | 120.00% |
Borrowings - Loans From Related
Borrowings - Loans From Related Parties (Details) - USD ($) $ in Thousands | May 22, 2017 | Apr. 03, 2017 | Dec. 30, 2016 | Aug. 17, 2016 | Mar. 31, 2016 | May 12, 2015 | May 12, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | Apr. 05, 2017 | Nov. 18, 2016 | |
Borrowings | ||||||||||||||
Outstanding balance | $ 1,155,596 | $ 1,244,766 | ||||||||||||
Repayment of borrowing | 153,756 | $ 625,160 | $ 73,460 | [1] | ||||||||||
Loan from related parties old sponsor revolving credit facility | ||||||||||||||
Borrowings | ||||||||||||||
Amount of credit facility | $ 30,000 | |||||||||||||
Facility availability period | 36 months | |||||||||||||
Interest rate | 6.00% | 5.00% | ||||||||||||
Percentage of commitment fee on the undrawn balance | 2.40% | 0.00% | ||||||||||||
Time period for each advance drawn repayable after drawdown date | 6 months | |||||||||||||
Outstanding balance | $ 15,000 | |||||||||||||
Repayment of borrowing | $ 10,000 | $ 5,000 | $ 10,000 | |||||||||||
Drawn amount | $ 10,000 | |||||||||||||
Loan from related parties new sponsor credit facility | ||||||||||||||
Borrowings | ||||||||||||||
Facility availability period | 5 years | |||||||||||||
Interest rate | 9.125% | |||||||||||||
Percentage of commitment fee on the undrawn balance | 1.00% | |||||||||||||
Outstanding balance | 45,000 | |||||||||||||
Fair value of borrowings | $ 42,469 | |||||||||||||
Loan from related parties new sponsor credit facility | GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | ||||||||||||||
Borrowings | ||||||||||||||
Prepayment of debt | $ 60,125 | |||||||||||||
Loan from related parties new sponsor revolving credit facility | ||||||||||||||
Borrowings | ||||||||||||||
Amount of credit facility | $ 30,000 | |||||||||||||
Facility availability period | 5 years | |||||||||||||
Repayment of borrowing | $ 15,000 | |||||||||||||
Drawn amount | 15,000 | |||||||||||||
Term loan new sponsor credit facility | ||||||||||||||
Borrowings | ||||||||||||||
Amount of credit facility | $ 45,000 | |||||||||||||
Facility availability period | 5 years | |||||||||||||
Drawn amount | $ 45,000 | |||||||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Borrowings - Repayment Schedule
Borrowings - Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | $ 1,173,273 | |
Fair value of the bank facilities | $ 1,128,273 | |
Weighted average | ||
Borrowings Repayment Schedule | ||
Interest rate | 4.00% | 3.40% |
Not later than one year | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | $ 108,380 | |
Later than one year and not later than three years | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | 472,261 | |
Later than three years and not later than five years | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | 412,300 | |
More than five years | ||
Borrowings Repayment Schedule | ||
Principal repayments of the borrowings | $ 180,332 |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] |
Other Payables and Accruals | |||||
Unearned revenue | $ 20,167 | $ 22,534 | |||
Accrued legal and professional fees | 597 | 213 | |||
Accrued crew cost | 2,076 | 3,118 | |||
Accrued off-hire | 1,692 | 194 | |||
Accrued purchases | 1,580 | 1,504 | |||
Accrued interest | 11,465 | 11,243 | |||
Accrued board of directors fees | 188 | 188 | |||
Accrued cash distributions | 179 | ||||
Other payables and accruals | 1,311 | 1,111 | |||
Total | $ 39,255 | $ 40,105 | $ 26,716 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
General and Administrative Ex69
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
General and Administrative Expenses | |||||
Board of directors' fees | $ 950 | $ 993 | $ 1,093 | ||
Share-based compensation (Note 18) | 850 | 480 | 205 | ||
Legal and professional fees | 1,148 | 1,162 | 2,125 | ||
Commercial management fees (Note 11) | 4,320 | 4,114 | 3,628 | ||
Administrative fees (Note 11) | 6,547 | 4,802 | 3,822 | ||
Directors and officers' liability insurance | 113 | 68 | 426 | ||
Other expenses | 580 | 1,008 | 499 | ||
Total | $ 14,508 | $ 12,627 | $ 11,798 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Vessel Operating Costs (Details
Vessel Operating Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Vessel Operating Costs | |||||
Management fees and other vessel management expenses | $ 6,072 | $ 5,713 | $ 5,295 | ||
Crew wages | 30,755 | 27,509 | 26,613 | ||
Technical maintenance expenses | 12,685 | 12,125 | 9,470 | ||
Provisions and stores | 3,168 | 2,555 | 2,480 | ||
Insurance expenses | 3,672 | 4,032 | 4,149 | ||
Other operating expenses | 3,663 | 3,490 | 4,575 | ||
Total | $ 60,015 | $ 55,424 | $ 52,582 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Net Financial Income and Cost71
Net Financial Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Financial income | |||||
Financial income | $ 998 | $ 205 | $ 35 | ||
Total financial income | 998 | 205 | 35 | ||
Financial costs | |||||
Amortization of deferred loan issuance costs | 6,180 | 11,252 | 4,398 | ||
Interest expense on loans | 46,486 | 37,284 | 30,823 | ||
Commitment fees | 632 | 674 | 14 | ||
Other financial costs | 304 | 369 | 270 | ||
Total financial costs | 53,602 | 49,579 | 35,505 | ||
Unamortized loan fees written off to profit or loss | $ 0 | $ 5,637 | $ 0 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Related Party Transactions - Ba
Related Party Transactions - Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Balances with related parties | ||||
Amounts due from related parties | $ 475 | $ 0 | ||
Amounts due to related parties | 230 | 5,610 | ||
Loans due to related parties | 45,000 | |||
GasLog LNG Services | ||||
Balances with related parties | ||||
Amounts due from related parties | [2] | 475 | 0 | |
Amounts due to related parties | [2] | 0 | 603 | |
GasLog Ltd. | ||||
Balances with related parties | ||||
Amounts due to related parties | [3] | 230 | 255 | |
GasLog Ltd. | Revolving credit facility | ||||
Balances with related parties | ||||
Loans due to related parties | 45,000 | |||
GasLog Carriers | ||||
Balances with related parties | ||||
Amounts due to related parties | [4] | $ 0 | $ 4,752 | |
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). | |||
[2] | The balance as of December 31, 2016 represents mainly payments made by GasLog LNG Services on behalf of the Partnership. The balance as of December 31, 2017 represents mainly net amounts advanced to the Manager to cover future operating expenses of the Partnership. | |||
[3] | The balances represent payments made by GasLog on behalf of the Partnership. | |||
[4] | As of December 31, 2016, the balance due to GasLog Carriers, the parent company of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd., prior to their acquisitions by the Partnership on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, represented mainly amounts paid directly by GasLog Carriers on behalf of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd., covering expenses during the construction period. As of December 31, 2017, the outstanding balance had been fully settled. |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Transactions | |||||
General and administrative expense | $ 14,508 | $ 12,627 | $ 11,798 | ||
Vessel operating costs | 60,015 | 55,424 | 52,582 | ||
Commitment fee on revolving credit facility (Note 6) | 304 | 369 | 270 | ||
GasLog Ltd. | |||||
Transactions | |||||
Interest on revolving credit facility (Note 6) | 3,224 | 413 | 1,680 | ||
Commitment fee on revolving credit facility (Note 6) | 396 | 567 | 14 | ||
Interest on interest rate swaps (Note 15) | 2,053 | 549 | 0 | ||
GasLog Ltd. | Commercial management fee | |||||
Transactions | |||||
General and administrative expense | 4,320 | 4,114 | 3,628 | ||
GasLog Ltd. | Administrative services fee | |||||
Transactions | |||||
General and administrative expense | 6,547 | 4,802 | 3,822 | ||
GasLog Ltd. | Professional and advisory fees | |||||
Transactions | |||||
General and administrative expense | 0 | 0 | 735 | ||
GasLog LNG Services | |||||
Transactions | |||||
Construction supervision fees | 0 | 982 | 1,675 | ||
GasLog LNG Services | Management fees and other vessel management expenses | |||||
Transactions | |||||
Vessel operating costs | 6,072 | 5,526 | 4,920 | ||
GasLog LNG Services | Other vessel operating costs | |||||
Transactions | |||||
Vessel operating costs | $ 107 | $ 75 | $ 175 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Related Party Transactions - Ge
Related Party Transactions - General (Details) - USD ($) | Jan. 01, 2018 | Nov. 16, 2016 | Nov. 01, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2015 | Aug. 01, 2014 | Jun. 30, 2014 | May 12, 2014 | Apr. 30, 2014 | Dec. 31, 2013 |
Shipbuilding Supervision Agreements | GAS-eleven and GAS-thirteen Ltd. | Minimum | ||||||||||||
Related Party Transactions. | ||||||||||||
Site inspection monthly charge | $ 12,500 | |||||||||||
Shipbuilding Supervision Agreements | GAS-eleven and GAS-thirteen Ltd. | Maximum | ||||||||||||
Related Party Transactions. | ||||||||||||
Site inspection monthly charge | $ 18,500 | |||||||||||
GasLog Ltd. | Amended Commercial Management Agreements | GAS-five Ltd., GAS-three Ltd., and GAS-four Ltd. (initial Fleet) | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | |||||||||||
GasLog Ltd. | Commercial Management Agreement and Amended Commercial Management Agreement | GAS-seven Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | $ 540,000 | ||||||||||
GasLog Ltd. | Commercial Management Agreement and Amended Commercial Management Agreement | GAS-eight Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | |||||||||||
GasLog Ltd. | Commercial Management Agreement and Amended Commercial Management Agreement | GAS-eleven Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | |||||||||||
GasLog Ltd. | Commercial Management Agreement and Amended Commercial Management Agreement | GAS-thirteen Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | |||||||||||
GasLog Ltd. | Commercial Management Agreement and Amended Commercial Management Agreement | GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | |||||||||||
GasLog Ltd. | Commercial Management Agreement and Amended Commercial Management Agreement | GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 360,000 | |||||||||||
GasLog Ltd. | Administrative services fee | ||||||||||||
Related Party Transactions. | ||||||||||||
Annual fee per vessel | $ 812,000 | $ 632,000 | $ 588,000 | |||||||||
Termination notice period | 90 days | |||||||||||
GasLog Ltd. | Amended Ship Management Agreements | GAS-eleven Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Management fee fixed monthly charge per vessel | $ 46,000 | |||||||||||
GasLog Ltd. | Amended Ship Management Agreements | GAS-thirteen Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Management fee fixed monthly charge per vessel | $ 46,000 | |||||||||||
GasLog Ltd. | Omnibus Agreement | ||||||||||||
Related Party Transactions. | ||||||||||||
First offer to buy/sell vessels with contracts with maximum term | 5 years | |||||||||||
GasLog LNG Services | Amended Ship Management Agreements | GAS-five Ltd., GAS-three Ltd., and GAS-four Ltd. (initial Fleet) | ||||||||||||
Related Party Transactions. | ||||||||||||
Management fee fixed monthly charge per vessel | $ 46,000 | |||||||||||
Superintendent fee per day upon threshold number of days | $ 1,000 | |||||||||||
Threshold number of days for superintendent fee | 25 days | |||||||||||
Annual incentive bonus | $ 72,000 | |||||||||||
GasLog LNG Services | Amended Ship Management Agreements | GAS-sixteen Ltd. and GAS-seventeen Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Management fee fixed monthly charge per vessel | $ 46,000 | |||||||||||
GasLog LNG Services | Amended Ship Management Agreements | GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty-one Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Management fee fixed monthly charge per vessel | $ 46,000 | |||||||||||
GasLog LNG Services | Management fees and other vessel management expenses | GAS-seven Ltd. | ||||||||||||
Related Party Transactions. | ||||||||||||
Management fee fixed monthly charge per vessel | $ 46,000 |
Commitments and Contingencies75
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Leases - Future gross minimum revenues receivable | |
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days |
Minimum lease payments receivable under non-cancellable operating lease | $ 885,805 |
Other commitments and contingencies | |
Commitments relating to agreements for the Partnership, without including additional estimated costs | $ 17,193 |
GasLog's acquisitions of vessels from a subsidiary of BG Group plc. | Purchase of depot spares | |
Other commitments and contingencies | |
Percentage of depot spares commitment | 83.33% |
Aggregate value of depot spares commitment | $ 6,000 |
Depot spares purchased and paid | 660 |
Not later than one year | |
Leases - Future gross minimum revenues receivable | |
Minimum lease payments receivable under non-cancellable operating lease | 271,529 |
Other commitments and contingencies | |
Commitments relating to agreements for the Partnership, without including additional estimated costs | 17,193 |
Later than one year and not later than three years | |
Leases - Future gross minimum revenues receivable | |
Minimum lease payments receivable under non-cancellable operating lease | 365,419 |
Later than three years and not later than five years | |
Leases - Future gross minimum revenues receivable | |
Minimum lease payments receivable under non-cancellable operating lease | 127,499 |
More than five years | |
Leases - Future gross minimum revenues receivable | |
Minimum lease payments receivable under non-cancellable operating lease | $ 121,358 |
Financial Risk Management - Int
Financial Risk Management - Interest Rate Risk and Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Financial Risk Management | |||||
Sensitivity analysis, profit (loss) | $ 112,833 | $ 92,469 | [1] | $ 83,750 | [1] |
Fair Value of interest rate swaps / net asset | $ 6,346 | $ 4,172 | |||
Interest rate risk | |||||
Financial Risk Management | |||||
Percent of variable interest rate exposure hedged | 41.70% | 30.80% | |||
Aggregate principal amount of debt outstanding not hedged | $ 658,273 | $ 877,029 | |||
Interest rate risk | Interest rate swaps | |||||
Financial Risk Management | |||||
Fair Value of interest rate swaps / net asset | $ 6,346 | $ 4,172 | |||
Interest rate risk | Interest rate swaps | Sensitivity analysis | |||||
Financial Risk Management | |||||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% | ||
Sensitivity analysis, profit (loss) | $ 1,774 | $ 1,766 | $ 1,061 | ||
Interest rate risk | Floating interest rate | Sensitivity analysis | |||||
Financial Risk Management | |||||
Interest rate basis | LIBOR | LIBOR | LIBOR | ||
Sensitivity analysis, increase (decrease) in interest rate | 0.10% | 0.10% | 0.10% | ||
Sensitivity analysis, profit (loss) | $ 758 | $ 958 | $ 773 | ||
Currency risk | |||||
Financial Risk Management | |||||
Operating and administrative expenses denominated in euros | 33,727 | 30,212 | 24,639 | ||
Trade payables and accruals denominated in euros | 4,179 | 3,958 | |||
Currency risk | Sensitivity analysis | |||||
Financial Risk Management | |||||
Sensitivity analysis, profit (loss) | $ (3,373) | $ (3,021) | $ (2,464) | ||
Sensitivity analysis, increase (decrease) in EUR/USD exchange rate | 10.00% | 10.00% | 10.00% | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Financial Risk Management | |||||
Due to related parties | $ 230 | $ 5,610 | [1] | ||
Interest rate swaps - Total expected cash inflows (outflows) | 7,048 | 4,566 | |||
Less than 1 month | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | (292) | (31) | |||
3 - 12 months | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | (1) | (1,581) | |||
1 - 5 years | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | 7,341 | 5,359 | |||
More than five years | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | 819 | ||||
Interest rate swaps | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | 7,048 | 4,566 | |||
Interest rate swaps | Less than 1 month | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | (292) | (31) | |||
Interest rate swaps | 3 - 12 months | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | (1) | (1,581) | |||
Interest rate swaps | 1 - 5 years | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | $ 7,341 | 5,359 | |||
Interest rate swaps | More than five years | |||||
Financial Risk Management | |||||
Interest rate swaps - Total expected cash inflows (outflows) | $ 819 | ||||
Fixed interest rate | |||||
Financial Risk Management | |||||
Interest rate | 9.125% | ||||
GAS-seven Ltd and GAS-eight Ltd | |||||
Financial Risk Management | |||||
Revolving credit facility commitment fee | 0.90% | 0.90% | |||
GasLog Ltd. | |||||
Financial Risk Management | |||||
Due to related parties | [2] | $ 230 | $ 255 | [1] | |
Revolving credit facility commitment fee | 1.00% | 2.40% | |||
Liquidity risk | |||||
Financial Risk Management | |||||
Trade accounts payable | $ 4,636 | $ 2,251 | [1] | ||
Due to related parties | 230 | 5,610 | [1] | ||
Other payables and accruals | [3] | 19,088 | 17,571 | [1] | |
Other non-current liabilities | 250 | 182 | [1] | ||
Total | 1,347,327 | 1,454,005 | [1] | ||
Liquidity risk | Less than 1 month | |||||
Financial Risk Management | |||||
Trade accounts payable | 4,501 | 2,232 | [1] | ||
Other payables and accruals | [3] | 8,426 | 9,516 | [1] | |
Total | 54,957 | 24,054 | [1] | ||
Liquidity risk | 1 - 3 months | |||||
Financial Risk Management | |||||
Trade accounts payable | 78 | ||||
Due to related parties | 230 | 5,610 | [1] | ||
Other payables and accruals | [3] | 8,261 | 7,265 | [1] | |
Total | 30,823 | 33,938 | [1] | ||
Liquidity risk | 3 - 12 months | |||||
Financial Risk Management | |||||
Trade accounts payable | 57 | 19 | [1] | ||
Other payables and accruals | [3] | 2,401 | 790 | [1] | |
Total | 80,824 | 78,354 | [1] | ||
Liquidity risk | 1 - 5 years | |||||
Financial Risk Management | |||||
Other non-current liabilities | 250 | 182 | [1] | ||
Total | 980,818 | 1,090,051 | [1] | ||
Liquidity risk | More than five years | |||||
Financial Risk Management | |||||
Total | 199,905 | 227,608 | [1] | ||
Liquidity risk | Floating interest rate | |||||
Financial Risk Management | |||||
Loans | $ 1,259,386 | $ 1,427,061 | [1] | ||
Interest rate | 3.77% | 3.40% | [1] | ||
Liquidity risk | Floating interest rate | Less than 1 month | |||||
Financial Risk Management | |||||
Loans | $ 42,030 | $ 12,306 | [1] | ||
Liquidity risk | Floating interest rate | 1 - 3 months | |||||
Financial Risk Management | |||||
Loans | 21,152 | 21,063 | [1] | ||
Liquidity risk | Floating interest rate | 3 - 12 months | |||||
Financial Risk Management | |||||
Loans | 75,057 | 77,044 | [1] | ||
Liquidity risk | Floating interest rate | 1 - 5 years | |||||
Financial Risk Management | |||||
Loans | 921,242 | 1,089,040 | [1] | ||
Liquidity risk | Floating interest rate | More than five years | |||||
Financial Risk Management | |||||
Loans | 199,905 | 227,608 | [1] | ||
Liquidity risk | Fixed interest rate | |||||
Financial Risk Management | |||||
Loans | 63,737 | [4] | 1,330 | [1],[5] | |
Liquidity risk | Fixed interest rate | 1 - 3 months | |||||
Financial Risk Management | |||||
Loans | [4] | 1,102 | |||
Liquidity risk | Fixed interest rate | 3 - 12 months | |||||
Financial Risk Management | |||||
Loans | 3,309 | [4] | 501 | [1],[5] | |
Liquidity risk | Fixed interest rate | 1 - 5 years | |||||
Financial Risk Management | |||||
Loans | $ 59,326 | [4] | $ 829 | [1],[5] | |
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). | ||||
[2] | The balances represent payments made by GasLog on behalf of the Partnership. | ||||
[3] | Unearned revenue is excluded since it is not a financial liability. | ||||
[4] | Interest is charged at 9.125% on the outstanding amount. A commitment fee of 1.0% is charged on the available amount of the new sponsor credit facility and 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd., respectively. | ||||
[5] | A commitment fee is charged at 2.4% on the available amount of the old sponsor credit facility and 0.9% on the available amounts of the revolving credit facility of GAS-seven Ltd. and GAS-eight Ltd., respectively. |
Financial Risk Management - Cre
Financial Risk Management - Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] |
Financial Risk Management | |||||||||
Cash and cash equivalents | $ 142,547 | $ 56,506 | $ 66,743 | $ 66,743 | $ 52,313 | ||||
Trade and other receivables | 3,629 | 4,201 | 6,096 | ||||||
Derivative financial instruments, current and non-current portion | 577 | 0 | $ 0 | ||||||
Credit risk | |||||||||
Financial Risk Management | |||||||||
Cash and cash equivalents | 142,547 | 56,506 | |||||||
Short-term investments | 0 | 6,000 | |||||||
Trade and other receivables | 3,629 | 4,201 | |||||||
Derivative financial instruments, current and non-current portion | $ 6,615 | $ 6,008 | |||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Capital Risk Management (Detail
Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] |
Capital Risk Management | |||||
Derivative financial instruments-current asset | $ (577) | $ 0 | $ 0 | ||
Derivative financial instruments-non-current asset | (6,038) | (6,008) | |||
Borrowings-current liability | 103,829 | 73,922 | |||
Derivative financial instruments-current liability | 269 | 1,836 | 3,324 | ||
Borrowings-non-current liability | 1,051,767 | 1,170,844 | 653,768 | ||
Total indebtedness | 1,149,250 | 1,240,594 | |||
Total assets | $ 2,110,390 | $ 2,092,788 | $ 1,817,063 | ||
Total indebtedness/total assets | 54.50% | 59.30% | |||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Derivative Financial Instrume80
Derivative Financial Instruments - Fair value of the derivative assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Jan. 01, 2016 | [1] |
Fair value of the derivative assets and liabilities | |||||
Derivative financial instruments, current assets | $ 577 | $ 0 | $ 0 | ||
Derivative financial instruments, non-current asset | 6,038 | 6,008 | |||
Total | 6,038 | 6,008 | 0 | ||
Derivative financial instruments, current liability | 269 | 1,836 | 3,324 | ||
Total | 0 | 0 | $ 1,581 | ||
Derivative assets carried at fair value through profit or loss (FVTPL) | |||||
Fair value of the derivative assets and liabilities | |||||
Derivative financial instruments, current assets | 577 | ||||
Derivative financial instruments, non-current asset | 6,038 | 6,008 | |||
Total | 6,615 | 6,008 | |||
Derivative assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | |||||
Fair value of the derivative assets and liabilities | |||||
Total | 6,615 | 6,008 | |||
Derivative liabilities carried at fair value through profit or loss (FVTPL) | |||||
Fair value of the derivative assets and liabilities | |||||
Derivative financial instruments, current liability | 269 | 1,836 | |||
Total | 269 | 1,836 | |||
Derivative liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | |||||
Fair value of the derivative assets and liabilities | |||||
Total | $ 269 | $ 1,836 | |||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Derivative Financial Instrume81
Derivative Financial Instruments - Interest rate swaps held for trading (Details) $ in Thousands | Jul. 31, 2017USD ($)item | Nov. 30, 2016USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||||
Interest rate swaps held for trading | |||||||||
Cumulative loss from hedges recycled to profit or loss | $ 0 | $ 2,527 | [1] | $ 593 | [1] | ||||
Unrealized (loss)/gain on interest rate swaps held for trading | 2,174 | ||||||||
Interest rate swaps held for trading | |||||||||
Interest rate swaps held for trading | |||||||||
Notional Amount | 470,000 | 390,000 | [1] | ||||||
Cumulative loss from hedges recycled to profit or loss | 0 | (2,527) | [1] | (593) | [1] | ||||
Unrealized (loss)/gain on interest rate swaps held for trading | 2,174 | (1,570) | [1] | (285) | [1] | ||||
GAS-seven Ltd. with Credit Suisse AG | |||||||||
Interest rate swaps held for trading | |||||||||
Cumulative loss from hedges recycled to profit or loss | [1] | (2,527) | $ (593) | ||||||
GasLog Partners with Gaslog | |||||||||
Interest rate swaps held for trading | |||||||||
Notional Amount | $ 80,000 | $ 390,000 | [1] | ||||||
Interest rate swap agreements | item | 1 | 3 | |||||||
Gaslog Partners with GasLog, fixed interest rate of 1.54% | |||||||||
Interest rate swaps held for trading | |||||||||
Fixed Interest Rate | 1.54% | ||||||||
Notional Amount | $ 130,000 | 130,000 | 130,000 | [1] | |||||
Trade date | Nov 2,016 | ||||||||
Effective date | Nov 2,016 | ||||||||
Termination date | July 2,020 | ||||||||
Gaslog Partners with GasLog, fixed interest rate of 1.63% | |||||||||
Interest rate swaps held for trading | |||||||||
Fixed Interest Rate | 1.63% | ||||||||
Notional Amount | $ 130,000 | 130,000 | 130,000 | [1] | |||||
Trade date | Nov 2,016 | ||||||||
Effective date | Nov 2,016 | ||||||||
Termination date | July 2,021 | ||||||||
Gaslog Partners with GasLog, fixed interest rate of 1.72% | |||||||||
Interest rate swaps held for trading | |||||||||
Fixed Interest Rate | 1.72% | ||||||||
Notional Amount | $ 130,000 | 130,000 | 130,000 | [1] | |||||
Trade date | Nov 2,016 | ||||||||
Effective date | Nov 2,016 | ||||||||
Termination date | July 2,022 | ||||||||
Gaslog Partners with GasLog, fixed interest rate of 2.19% | |||||||||
Interest rate swaps held for trading | |||||||||
Fixed Interest Rate | 2.19% | ||||||||
Notional Amount | $ 80,000 | $ 80,000 | $ 0 | [1] | |||||
Trade date | July 2,017 | ||||||||
Effective date | July 2,017 | ||||||||
Termination date | June 2,022 | ||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Derivative Financial Instrume82
Derivative Financial Instruments - Analysis of loss on interest rate swaps (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Analysis of Loss/(gain) on interest rate swaps | |||||
Unrealized loss/(gain) on interest rate swaps held for trading | $ (2,174) | ||||
Recycled loss of cash flow hedges reclassified to profit or loss | 0 | $ (2,527) | $ (593) | ||
Total loss/(gain) on interest rate swaps | (121) | 6,837 | 5,895 | ||
Interest rate swaps held for trading | |||||
Analysis of Loss/(gain) on interest rate swaps | |||||
Realized loss on interest rate swaps held for trading | 2,053 | 2,740 | 5,017 | ||
Unrealized loss/(gain) on interest rate swaps held for trading | (2,174) | 1,570 | 285 | ||
Recycled loss of cash flow hedges reclassified to profit or loss | 0 | 2,527 | 593 | ||
Total loss/(gain) on interest rate swaps | $ (121) | $ 6,837 | $ 5,895 | ||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Derivative Financial Instrume83
Derivative Financial Instruments - Fair value measurements (Details) - Fair value - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair value measurements | |||
Transfers from Level 1 to Level 2, assets | $ 0 | $ 0 | $ 0 |
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 |
Transfers from Level 1 to Level 2, liabilities | 0 | 0 | 0 |
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | $ 0 | $ 0 | $ 0 |
Cash Flow Reconciliations - Rec
Cash Flow Reconciliations - Reconciliation of borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | |||
Opening balance | ||||||
Borrowings outstanding at the beginning of the year | $ 1,244,766 | |||||
Borrowings outstanding at the end of the year | 1,244,766 | $ 1,244,766 | ||||
Cash flows | ||||||
Borrowings drawdowns | 60,000 | 886,837 | [1] | $ 0 | ||
Borrowings repayments | (153,756) | (625,160) | [1] | (73,460) | ||
Additions in deferred loan fees | (1,594) | |||||
Borrowings outstanding at the end of the year | (95,350) | |||||
Non-cash items | ||||||
Amortization of deferred loan issuance costs | 6,180 | |||||
Borrowings outstanding at the end of the year | 6,180 | |||||
Total | ||||||
Borrowings outstanding at the beginning of the year | [1] | 1,244,766 | ||||
Borrowings drawdowns | 60,000 | |||||
Borrowings repayments | (153,756) | |||||
Additions in deferred loan fees | (1,594) | |||||
Amortization of deferred loan issuance costs | 6,180 | 11,252 | [1] | $ 4,398 | ||
Borrowings outstanding at the end of the year | $ 1,155,596 | $ 1,244,766 | [1] | |||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Cash Flow Reconciliations - R85
Cash Flow Reconciliations - Reconciliation of derivatives (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Opening balance | |
Net derivative assets as of beginning of the year | $ 4,172 |
Net derivative assets as of end of the year | 4,172 |
Non-cash items | |
Unrealized gain on interest rate swaps held for trading | 2,174 |
Net derivative assets as of end of the year | 2,174 |
Total | |
Net derivative assets as of beginning of the year | 4,172 |
Unrealized gain on interest rate swaps held for trading | 2,174 |
Net derivative assets as of end of the year | $ 6,346 |
Cash Flow Reconciliations - R86
Cash Flow Reconciliations - Reconciliation of vessels arising from investing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | |||
Total | ||||||
Balance, at the beginning of the year | [1] | $ 2,014,783 | ||||
Depreciation expense | (67,726) | $ (61,770) | [1] | $ (55,693) | ||
Balance, at the end of the year | 1,953,057 | 2,014,783 | [1] | |||
LNG vessel component | ||||||
Opening balance | ||||||
Vessels at the beginning of the year | 2,014,783 | |||||
Vessels at the end of the year | 2,014,783 | 2,014,783 | ||||
Cash flows | ||||||
Additions | 4,765 | |||||
Vessels at the end of the year | 4,765 | |||||
Non-cash items | ||||||
Additions | 1,235 | |||||
Depreciation expense | (67,726) | |||||
Vessels at the end of the year | (66,491) | |||||
Total | ||||||
Balance, at the beginning of the year | 2,014,783 | |||||
Additions | 6,000 | |||||
Depreciation expense | (67,726) | |||||
Balance, at the end of the year | $ 1,953,057 | $ 2,014,783 | ||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Cash Flow Reconciliations - R87
Cash Flow Reconciliations - Reconciliation of equity offerings arising from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Cash flows | |||||
Proceeds from issuance of public offerings and issuance of general partner units | $ 144,297 | $ 53,826 | $ 176,533 | ||
Proceeds from Issuance of Public Offerings and Issuance of Preference Units | 139,222 | 0 | 0 | ||
Offering costs | (2,033) | $ (454) | $ (1,104) | ||
Net proceeds from equity offerings at the end of the year | 281,486 | ||||
Non-cash items | |||||
Offering costs | (359) | ||||
Net proceeds from equity offerings at the end of the year | (359) | ||||
Total | |||||
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 144,297 | ||||
Proceeds from public offering of preference units (net of underwriting discounts and commissions) | 139,222 | ||||
Offering costs | (2,392) | ||||
Net proceeds from equity offerings at the end of the year | $ 281,127 | ||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |
Earnings Per Unit - Issuance of
Earnings Per Unit - Issuance of units since IPO (Details) | May 16, 2017shares | Dec. 31, 2017 |
Earnings per unit | ||
Number of Units Issued For Conversion of Subordinated Units to Common Units | 9,822,358 | |
Subordinated units to common units conversion ratio | 1 | |
GasLog Ltd. | General partner units | ||
Earnings per unit | ||
General partner interest in GasLog Partners | 2.00% |
Earnings Per Unit (Details)
Earnings Per Unit (Details) $ / shares in Units, $ in Thousands | May 16, 2017shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | [1] | Dec. 31, 2015USD ($)$ / sharesshares | [1] | |
Earnings per unit | |||||||
Profit for the year | $ 112,833 | $ 92,469 | $ 83,750 | ||||
Profit attributable to Gaslog's operations | [2] | (18,716) | (15,199) | (18,710) | |||
Partnership's profit | 94,117 | 77,270 | 65,040 | ||||
Paid and accrued preference unit distributions | (7,749) | ||||||
Partnership's profit attributable to unitholders | 86,368 | 77,270 | 65,040 | ||||
Earnings per unit (diluted) | |||||||
Number of Units Issued For Conversion of Subordinated Units to Common Units | shares | 9,822,358 | ||||||
Subordinated units to common units conversion ratio | 1 | ||||||
Incentive distribution rights | |||||||
Earnings per unit | |||||||
Partnership's profit attributable to unitholders | [3] | 3,208 | 4,790 | 2,405 | |||
Common units | |||||||
Earnings per unit | |||||||
Partnership's profit attributable to unitholders | $ 76,347 | $ 49,886 | $ 43,197 | ||||
Weighted average units outstanding (basic) | |||||||
Weighted average units outstanding (basic) | shares | 36,493,143 | 22,934,380 | 18,185,372 | ||||
Earnings per unit (basic) | |||||||
Earnings per unit (basic) | $ / shares | $ 2.09 | $ 2.18 | $ 2.38 | ||||
Weighted average units outstanding (diluted) | |||||||
Weighted average units outstanding (diluted) | shares | 36,547,545 | 22,963,214 | 18,185,372 | ||||
Earnings per unit (diluted) | |||||||
Earnings per unit (diluted) | $ / shares | $ 2.09 | $ 2.17 | $ 2.38 | ||||
Subordinated units | |||||||
Earnings per unit | |||||||
Partnership's profit attributable to unitholders | [4] | $ 5,085 | $ 21,049 | $ 18,136 | |||
Weighted average units outstanding (basic) | |||||||
Weighted average units outstanding (basic) | shares | [4] | 9,822,358 | 9,822,358 | 9,822,358 | |||
Earnings per unit (basic) | |||||||
Earnings per unit (basic) | $ / shares | $ 0.52 | $ 2.14 | $ 1.85 | ||||
Weighted average units outstanding (diluted) | |||||||
Weighted average units outstanding (diluted) | shares | [4] | 9,822,358 | 9,822,358 | 9,822,358 | |||
Earnings per unit (diluted) | |||||||
Earnings per unit (diluted) | $ / shares | $ 0.52 | $ 2.14 | $ 1.85 | ||||
General partner units | |||||||
Earnings per unit | |||||||
Partnership's profit attributable to unitholders | $ 1,728 | $ 1,545 | $ 1,302 | ||||
Weighted average units outstanding (basic) | |||||||
Weighted average units outstanding (basic) | shares | 790,819 | 668,505 | 571,587 | ||||
Earnings per unit (basic) | |||||||
Earnings per unit (basic) | $ / shares | $ 2.18 | $ 2.31 | $ 2.28 | ||||
Weighted average units outstanding (diluted) | |||||||
Weighted average units outstanding (diluted) | shares | 790,819 | 668,505 | 571,587 | ||||
Earnings per unit (diluted) | |||||||
Earnings per unit (diluted) | $ / shares | $ 2.18 | $ 2.31 | $ 2.28 | ||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). | ||||||
[2] | Includes profits of: (i) GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. for the period prior to their transfer to the Partnership on July 1, 2015, (ii) GAS-seven Ltd. for the period prior to its transfer to the Partnership on November 1, 2016, (iii) GAS-eleven Ltd. for the period prior to its transfer to the Partnership on May 3, 2017, (iv) GAS-thirteen Ltd. for the period prior to its transfer to the Partnership on July 3, 2017 and (v) GAS-eight Ltd. for the period prior to its transfer to the Partnership on October 20, 2017. While such amounts are reflected in the Partnership’s financial statements because the transfers to the Partnership were accounted for as reorganizations of entities under common control (Note 1), the aforementioned entities were not owned by the Partnership prior to their transfers to the Partnership on the respective dates and accordingly the Partnership was not entitled to the cash or results generated in the period prior to such transfers. | ||||||
[3] | Represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. GasLog holds the incentive distribution rights following completion of the Partnership’s IPO. The IDRs may be transferred separately from any other interests, subject to restrictions in the Partnership Agreement (please refer to Note 5). Based on the nature of such right, earnings attributable to IDRs cannot be allocated on a per unit basis. | ||||||
[4] | On May 16, 2017, all 9,822,358 subordinated units converted into common units on a one-for-one basis. As of December 31, 2017, they participated pro rata with all other outstanding common units in distributions of available cash for the three months ended December 31, 2017. Consequently, earnings have been allocated to subordinated units and the weighted average number of subordinated units has been calculated only for the applicable period during which they were entitled to distributions based on the Partnership Agreement, i.e. for the three months ended March 31, 2017. |
Share-based Compensation - Long
Share-based Compensation - Long-Term Incentive Plan (Details) | Apr. 03, 2017USD ($)EquityInstruments | Apr. 01, 2016USD ($)EquityInstruments | Apr. 01, 2015USD ($)EquityInstruments | Dec. 31, 2017EquityInstruments | Dec. 31, 2016EquityInstruments |
RCUs | |||||
Share-based Compensation | |||||
Number of awards granted | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 |
Fair value at grant date | $ | $ 23.85 | $ 16.45 | $ 24.12 | ||
PCUs | |||||
Share-based Compensation | |||||
Number of awards granted | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 |
Fair value at grant date | $ | $ 23.85 | $ 16.45 | $ 24.12 | ||
2015 Plan | RCUs | |||||
Share-based Compensation | |||||
Vesting period | 3 years | ||||
2015 Plan | PCUs | |||||
Share-based Compensation | |||||
Vesting period | 3 years | ||||
2015 Plan | PCUs | 75th Percentile of peer group | |||||
Share-based Compensation | |||||
Vesting percentage of awards | 100.00% | ||||
2015 Plan | PCUs | Between 50th and 75th percentile of peer group | |||||
Share-based Compensation | |||||
Vesting percentage of awards | 50.00% | ||||
2015 Plan | PCUs | Below the 50th percentile | |||||
Share-based Compensation | |||||
Vesting percentage of awards | 0.00% |
Share-based Compensation - RCUs
Share-based Compensation - RCUs movement (Details) - RCUs $ in Thousands | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Dec. 31, 2015USD ($)EquityInstruments |
Share-based Compensation | ||||||
Outstanding at the beginning of the year | EquityInstruments | 41,924 | 16,999 | ||||
Granted during the year | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 | |
Forfeited during the year | EquityInstruments | (546) | |||||
Outstanding at end of the year | EquityInstruments | 67,475 | 41,924 | 16,999 | |||
Weighted average contractual life | 1.38 | 1.84 | 2.25 | |||
Outstanding at the beginning of the year | $ | $ 820 | $ 410 | ||||
Granted during the year | $ | 622 | 410 | ||||
Forfeited during the year | $ | (13) | |||||
Outstanding at the end of the year | $ | $ 1,429 | $ 820 | $ 410 |
Share-based Compensation - PCUs
Share-based Compensation - PCUs movement (Details) - PCUs $ in Thousands | Apr. 03, 2017EquityInstruments | Apr. 01, 2016EquityInstruments | Apr. 01, 2015EquityInstruments | Dec. 31, 2017USD ($)EquityInstruments | Dec. 31, 2016USD ($)EquityInstruments | Dec. 31, 2015USD ($)EquityInstruments |
Share-based Compensation | ||||||
Outstanding at the beginning of the year | EquityInstruments | 41,924 | 16,999 | ||||
Granted during the year | EquityInstruments | 26,097 | 24,925 | 16,999 | 26,097 | 24,925 | |
Forfeited during the year | EquityInstruments | (546) | |||||
Outstanding at end of the year | EquityInstruments | 67,475 | 41,924 | 16,999 | |||
Weighted average contractual life | 1.38 | 1.84 | 2.25 | |||
Outstanding at the beginning of the year | $ | $ 820 | $ 410 | ||||
Granted during the year | $ | 622 | 410 | ||||
Forfeited during the year | $ | (13) | |||||
Outstanding at the end of the year | $ | $ 1,429 | $ 820 | $ 410 |
Share-based Compensation - Expe
Share-based Compensation - Expense and liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation | |||
Total expense recognized | $ 850 | $ 480 | $ 205 |
Total accrued cash distribution included under "Other non-current liabilities". | $ 428 | $ 182 | $ 43 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Taxation | |||
U.S. Federal income tax rate (in percent) | 4.00% | ||
U.S. source gross transportation income (in percent) | 50.00% | ||
Number of years that the Partnership did not qualify for tax exception | 3 years | ||
Estimated U.S. source gross transportation tax per year included in line item "Vessel Operating Costs" | $ 298 | $ 201 | $ 14 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 08, 2018 | Jan. 25, 2018 | Jan. 17, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Jan. 05, 2018 |
Subsequent Events | |||||||||
Net proceeds from issuance of preference units | $ 139,222 | $ 0 | $ 0 | ||||||
Common units | |||||||||
Subsequent Events | |||||||||
GasLog Partners Declaration of distribution (USD/share) | $ 0.5235 | ||||||||
Aggregate amount of the declared distribution | $ 22,845 | ||||||||
Series B Preference Units | |||||||||
Subsequent Events | |||||||||
GasLog Partners Declaration of distribution (USD/share) | $ 0.33028 | ||||||||
Series A Preference Units | |||||||||
Subsequent Events | |||||||||
GasLog Partners Declaration of distribution (USD/share) | $ 0.5390625 | ||||||||
Prepayment of debt | Two-year bullet junior tranche facility | |||||||||
Subsequent Events | |||||||||
Prepaid outstanding debt | $ 29,750 | ||||||||
Public offering of preference units | Series B Preference Units | IPO | |||||||||
Subsequent Events | |||||||||
Number of preference units issued | 4,600,000 | ||||||||
Dividend rate of preference units | 8.20% | ||||||||
Number of additional units as per underwriters option | 600,000 | ||||||||
Offering price per unit | $ 25 | ||||||||
Net proceeds from issuance of preference units | $ 110,988 | ||||||||
[1] | Restated so as to reflect the historical financial statements of GAS-eleven Ltd., GAS-thirteen Ltd. and GAS-eight Ltd. acquired on May 3, 2017, July 3, 2017 and October 20, 2017, respectively, from GasLog Ltd. (“GasLog”) (Note 1). |