Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document and Entity Information | |
Entity Registrant Name | GasLog Partners LP |
Entity Central Index Key | 0001598655 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Unaudited condensed consolidate
Unaudited condensed consolidated statements of financial position - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Other non-current assets | $ 128 | $ 44 |
Derivative financial instruments - non-current portion | 25 | |
Tangible fixed assets | 1,714,062 | 1,888,583 |
Right-of-use assets | 73,555 | 81,996 |
Total non-current assets | 1,787,770 | 1,970,623 |
Current assets | ||
Vessels held for sale | 113,435 | |
Trade and other receivables | 15,828 | 11,156 |
Inventories | 3,153 | 2,991 |
Prepayments and other current assets | 1,808 | 1,433 |
Derivative financial instruments - current portion | 94 | |
Short-term cash deposits | 10,000 | |
Cash and cash equivalents | 147,272 | 145,530 |
Total current assets | 291,590 | 161,110 |
Total assets | 2,079,360 | 2,131,733 |
Partners' equity | ||
Common unitholders (51,137,201 units issued and outstanding as of December 31, 2021 and 51,272,865 units issued and outstanding as of June 30, 2022) | 600,151 | 579,447 |
General partner (1,077,494 units issued and outstanding as of December 31, 2021 and 1,080,263 units issued and outstanding as of June 30, 2022) | 11,170 | 10,717 |
Preference unitholders (5,750,000 Series A Preference Units, 4,135,571 Series B Preference Units and 3,730,451 Series C Preference Units issued and outstanding as of December 31, 2021 and 5,669,400 Series A Preference Units, 3,822,780 Series B Preference Units and 3,384,401 Series C Preference Units issued and outstanding as of June 30, 2022) | 310,606 | 329,334 |
Total partners' equity | 921,927 | 919,498 |
Current liabilities | ||
Trade accounts payable | 14,220 | 9,547 |
Due to related parties | 4,350 | 952 |
Derivative financial instruments-current portion | 10 | 5,184 |
Other payables and accruals | 51,352 | 50,171 |
Borrowings-current portion | 159,342 | 99,307 |
Lease liabilities-current portion | 10,512 | 10,342 |
Total current liabilities | 239,786 | 175,503 |
Non-current liabilities | ||
Derivative financial instruments-non-current portion | 72 | 4,061 |
Borrowings-non-current portion | 876,802 | 986,451 |
Lease liabilities-non-current portion | 40,367 | 45,556 |
Other non-current liabilities | 406 | 664 |
Total non-current liabilities | 917,647 | 1,036,732 |
Total partners' equity and liabilities | $ 2,079,360 | $ 2,131,733 |
Unaudited condensed consolida_2
Unaudited condensed consolidated statements of financial position (Parenthetical) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Common units | ||
Partners' equity | ||
Number of units issued | 51,272,865 | 51,137,201 |
Number of units outstanding | 51,272,865 | 51,137,201 |
General partner units | ||
Partners' equity | ||
Number of units issued | 1,080,263 | 1,077,494 |
Number of units outstanding | 1,080,263 | 1,077,494 |
Preference units | ||
Partners' equity | ||
Number of units outstanding | 12,876,581 | 13,616,022 |
Series A preference units | ||
Partners' equity | ||
Number of units issued | 5,669,400 | 5,750,000 |
Number of units outstanding | 5,669,400 | 5,750,000 |
Series B preference units | ||
Partners' equity | ||
Number of units issued | 3,822,780 | 4,135,571 |
Number of units outstanding | 3,822,780 | 4,135,571 |
Series C preference units | ||
Partners' equity | ||
Number of units issued | 3,384,401 | 3,730,451 |
Number of units outstanding | 3,384,401 | 3,730,451 |
Unaudited condensed consolida_3
Unaudited condensed consolidated statements of profit or loss and total comprehensive income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss and total comprehensive income | ||||
Revenues | $ 84,922 | $ 70,352 | $ 170,381 | $ 157,440 |
Voyage expenses and commissions | (2,172) | (1,852) | (3,633) | (3,931) |
Vessel operating costs | (19,047) | (20,044) | (37,621) | (37,851) |
Depreciation | (22,224) | (20,798) | (44,211) | (41,484) |
General and administrative expenses | (4,380) | (3,488) | (9,071) | (6,559) |
Impairment loss on vessels | (28,027) | (28,027) | ||
Profit from operations | 9,072 | 24,170 | 47,818 | 67,615 |
Financial costs | (9,778) | (9,115) | (18,559) | (18,531) |
Financial income | 221 | 11 | 260 | 23 |
(Loss)/gain on derivatives | 1,246 | (403) | 6,223 | 916 |
Total other expenses, net | (8,311) | (9,507) | (12,076) | (17,592) |
Profit for the period | 761 | 14,663 | 35,742 | 50,023 |
Total comprehensive income for the period | $ 761 | $ 14,663 | 35,742 | 50,023 |
Common units | ||||
Profit or loss and total comprehensive income | ||||
Profit for the period | 21,481 | 34,127 | ||
Total comprehensive income for the period | $ 21,481 | $ 34,127 | ||
Earnings/(loss) per unit, basic and diluted: | ||||
Earnings/(loss) per unit (basic) | $ (0.12) | $ 0.14 | $ 0.42 | $ 0.71 |
Earnings/(loss) per unit (diluted) | (0.12) | 0.14 | $ 0.40 | $ 0.68 |
General partner units | ||||
Profit or loss and total comprehensive income | ||||
Profit for the period | $ 453 | $ 732 | ||
Total comprehensive income for the period | $ 453 | $ 732 | ||
Earnings/(loss) per unit, basic and diluted: | ||||
Earnings/(loss) per unit (basic) | (0.12) | 0.14 | $ 0.42 | $ 0.72 |
Earnings/(loss) per unit (diluted) | $ (0.12) | $ 0.14 | $ 0.42 | $ 0.72 |
Unaudited condensed consolida_4
Unaudited condensed consolidated statements of changes in partners' equity - USD ($) $ in Thousands | General partner units | Common units | Class B units | Preference units | Total |
Balance as of beginning of the period at Dec. 31, 2020 | $ 11,028 | $ 594,901 | $ 347,889 | $ 953,818 | |
Balance as of beginning of the year (in units) at Dec. 31, 2020 | 1,021,336 | 47,517,824 | 2,075,000 | 14,350,000 | |
Net proceeds from public offerings of common units and issuances of general partner units | $ 205 | $ 9,593 | 9,798 | ||
Number of common units in public offering or general partner units | 56,158 | 3,195,401 | |||
Number of units of settlement of awards vested during the period | 8,976 | ||||
Distributions declared (Note 6) | $ (20) | $ (950) | $ (15,164) | (16,134) | |
Share-based compensation, net of accrued distribution | 4 | 172 | 176 | ||
Partnership's profit (Note 14) | 732 | 34,127 | 15,164 | 50,023 | |
Partnership's total comprehensive income (Note 14) | 732 | 34,127 | 15,164 | 50,023 | |
Balance as of end of the period at Jun. 30, 2021 | $ 11,949 | $ 637,843 | $ 347,889 | 997,681 | |
Balance as of end of the year (in units) at Jun. 30, 2021 | 1,077,494 | 50,722,201 | 2,075,000 | 14,350,000 | |
Balance as of beginning of the period at Dec. 31, 2021 | $ 10,717 | $ 579,447 | $ 329,334 | 919,498 | |
Balance as of beginning of the year (in units) at Dec. 31, 2021 | 1,077,494 | 51,137,201 | 1,660,000 | 13,616,022 | |
Repurchases of preference units (Notes 6, 14) | $ (4) | $ (212) | $ (18,526) | (18,742) | |
Number of units of repurchases of preference units (Notes 6, 14) | (739,441) | ||||
Settlement of awards vested during the period and issuance of general partner units (Note 6) | $ 16 | 16 | |||
Number of units of settlement of awards vested during the period and issuance of general partner units | 2,769 | 135,664 | |||
Distributions declared (Note 6) | $ (21) | $ (1,023) | $ (14,010) | (15,054) | |
Share-based compensation, net of accrued distribution | 9 | 458 | 467 | ||
Partnership's profit (Note 14) | 453 | 21,481 | 13,808 | 35,742 | |
Partnership's total comprehensive income (Note 14) | 453 | 21,481 | 13,808 | 35,742 | |
Balance as of end of the period at Jun. 30, 2022 | $ 11,170 | $ 600,151 | $ 310,606 | $ 921,927 | |
Balance as of end of the year (in units) at Jun. 30, 2022 | 1,080,263 | 51,272,865 | 1,660,000 | 12,876,581 |
Unaudited condensed consolida_5
Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Profit for the period | $ 35,742 | $ 50,023 |
Adjustments for: | ||
Depreciation | 44,211 | 41,484 |
Impairment loss on vessels | 28,027 | |
Financial costs | 18,559 | 18,531 |
Financial income | (260) | (23) |
Gain on derivatives | (6,223) | (916) |
Share-based compensation | 463 | 167 |
Adjusted profit | 120,519 | 109,266 |
Movements in working capital | 1,662 | 3,751 |
Net cash provided by operating activities | 122,181 | 113,017 |
Cash flows from investing activities: | ||
Payments for tangible fixed assets additions | (1,219) | (12,241) |
Financial income received | 123 | 23 |
Purchase of short-term cash deposits | (10,000) | (2,500) |
Net cash used in investing activities | (11,096) | (14,718) |
Cash flows from financing activities: | ||
Borrowings repayments | (51,746) | (54,838) |
Principal elements of lease payments | (5,151) | (224) |
Interest paid | (18,646) | (21,384) |
Release of cash collateral for interest rate swaps | 280 | |
Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts and commissions) | 16 | 10,205 |
Repurchases of preference units | (18,742) | |
Payment of offering costs | (20) | (124) |
Distributions paid (including common and preference) | (15,054) | (16,134) |
Net cash used in financing activities | (109,343) | (82,219) |
Increase in cash and cash equivalents | 1,742 | 16,080 |
Cash and cash equivalents, beginning of the period | 145,530 | 103,736 |
Cash and cash equivalents, end of the period | $ 147,272 | $ 119,816 |
Unaudited condensed consolida_6
Unaudited condensed consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Non-cash investing and financing activities: | ||
Capital expenditures included in liabilities at the end of the period | $ 8,621 | $ 10,523 |
Financing costs included in liabilities at the end of the period | $ 51 | |
Offering costs included in liabilities at the end of the period | $ 283 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2022 | |
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, as a wholly owned subsidiary of GasLog Ltd. (“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”). The Partnership’s principal business is the acquisition and operation of LNG vessels, providing LNG transportation services on a worldwide basis. 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 Bermuda, provides technical and commercial services to the Partnership. As of June 30, 2022, the Partnership wholly owned 14 LNG vessels, of which one was agreed to be subsequently sold (Note 4), and operated one LNG vessel leased back under a bareboat charter. As of June 30, 2022, GasLog held a 33.2 % ownership interest in the Partnership (including 2.0 % through its general partner interest). 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 accompanying unaudited condensed consolidated financial statements include the financial statements of GasLog Partners and its subsidiaries, which are 100% owned by the Partnership. No new subsidiaries were established or acquired in the six months ended June 30, 2022. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Basis of Presentation | 2. Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2021. On July 28, 2022, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. The critical accounting judgments and key sources of estimation uncertainty were disclosed in the Partnership’s annual consolidated financial statements for the year ended December 31, 2021 and remain unchanged. The unaudited condensed consolidated financial statements are expressed in thousands of 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. Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period There were no IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements. (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 January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to the Partnership’s financial statements. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions | |
Related Party Transactions | 3. Related Party Transactions The Partnership has the following balances with related parties, which have been included in the unaudited condensed consolidated statements of financial position: Amounts due to related parties December 31, 2021 June 30, 2022 Due to GasLog LNG Services (a) 131 2,013 Due to GasLog (b) 821 2,337 Total 952 4,350 (a) The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balances represent mainly payments made by GasLog on behalf of the Partnership. Loans due to related parties The main terms of the revolving credit facility of $30,000 with GasLog (the “Sponsor Credit Facility”) have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 7 “Borrowings”. As of December 31, 2021, the amount outstanding under the Sponsor Credit Facility was nil . The Sponsor Credit Facility matured in March 2022. The main terms of the Partnership’s related party transactions, including the commercial management agreements, administrative services agreement and ship management agreements with GasLog and GasLog LNG Services, have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 14 “Related Party Transactions”. The Partnership had the following transactions with such related parties, which have been included in the unaudited condensed consolidated statements of profit or loss for the three and six months ended June 30, 2021 and 2022: For the three months ended For the six months ended Company Details Account June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 GasLog LNG Services Commercial management fees (i) General and administrative expenses 1,350 1,047 2,700 2,112 GasLog Administrative services fees (ii) General and administrative expenses 1,177 2,171 2,354 4,342 GasLog LNG Services Management fees (iii) Vessel operating costs 1,932 1,681 3,864 3,256 GasLog LNG Services Other vessel operating costs Vessel operating costs — 8 10 13 GasLog Commitment fee under Sponsor Credit Facility (Note 13) Financial costs 76 — 151 68 GasLog Realized loss on interest rate swaps held for trading (Note 13) (Loss)/gain on derivatives 1,373 475 2,692 1,344 (i) Effective January 1, 2022, the annual commercial management fee changed from $360 for each vessel to a fixed commission of 1.25% on the annual gross charter revenues of each vessel. (ii) Effective January 1, 2022, the annual administrative services fee was changed to $579 per vessel, from $314 effective since January 1, 2021. (iii) Effective January 1, 2022, the management fee was changed to $37.5 per vessel per month (from $46 per vessel per month). In April 2022, GAS-eight Ltd. entered into a similar management agreement for the Solaris , previously managed by a subsidiary of Shell plc. |
Tangible Fixed Assets
Tangible Fixed Assets | 6 Months Ended |
Jun. 30, 2022 | |
Tangible Fixed Assets | |
Tangible Fixed Assets | 4. Tangible Fixed Assets The movement in tangible fixed assets (i.e. vessels and their associated depot spares) is reported in the following table: Other tangible Total tangible fixed Vessels assets assets Cost As of January 1, 2022 2,681,095 4,089 2,685,184 Additions 616 1,963 2,579 Transfer under Vessels held for sale (324,034) — (324,034) As of June 30, 2022 2,357,677 6,052 2,363,729 Accumulated depreciation and impairment loss As of January 1, 2022 796,601 — 796,601 Depreciation 35,638 — 35,638 Transfer under Vessels held for sale (182,572) — (182,572) As of June 30, 2022 649,667 — 649,667 Net book value As of December 31, 2021 1,884,494 4,089 1,888,583 As of June 30, 2022 1,708,010 6,052 1,714,062 All vessels have been pledged as collateral under the terms of the Partnership’s credit facilities. In June 2022, GAS-twenty Ltd., the vessel-owning entity of the Methane Shirley Elisabeth , entered into a Memorandum of Agreement with respect to the sale of its vessel to an unrelated third party, with the transaction expected to be completed in the third quarter of 2022. Also, as of June 30, 2022, GasLog Partners was actively pursuing to enter into an agreement for the sale and lease-back of a second steam turbine propulsion (“Steam”) vessel. All criteria outlined by IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were deemed to have been met as of the reporting date with respect to both vessels. As a result, the carrying amounts of the Methane Shirley Elisabeth ($ 67,339 ) and the second vessel ($ 74,123 ) were reclassified as “Vessels held for sale” (within current assets) and remeasured at the lower between carrying amount and fair value less costs to sell, resulting in the recognition of an impairment loss of $ 14,664 and $13,363 , respectively. As of June 30, 2022, the Partnership concluded that there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its remaining vessels. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | 5. Leases The movements in right-of-use assets are reported in the following table: Vessels’ Right-of-Use Assets Vessel Equipment Total As of January 1, 2022 81,651 345 81,996 Additions — 132 132 Depreciation (8,395) (178) (8,573) As of June 30, 2022 73,256 299 73,555 An analysis of the lease liabilities is as follows: Lease Liabilities As of January 1, 2022 55,898 Additions 132 Interest expense on leases (Note 13) 808 Payments (5,959) As of June 30, 2022 50,879 Lease liabilities—current portion 10,512 Lease liabilities—non-current portion 40,367 Total 50,879 |
Partners' Equity
Partners' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Partners' Equity | |
Partners' Equity | 6. Partners’ Equity The Partnership’s cash distributions for the six months ended June 30, 2022 are presented in the following table: Declaration date Type of units Distribution per unit Payment date Amount paid January 26, 2022 Common $ 0.01 February 9, 2022 522 February 25, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2022 7,112 April 27, 2022 Common $ 0.01 May 11, 2022 522 May 12, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 15, 2022 6,898 Total $ 15,054 In the six months ended June 30, 2022, under the Partnership’s preference unit repurchase programme established in March 2021 and covering the period March 11, 2021 to March 31, 2023, GasLog Partners repurchased and cancelled 80,600 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series A Preference Units”), 312,791 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) and 346,050 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”). The aggregate amount paid during the period for repurchases of preference units was $ 18,742 , including commissions. On April 1, 2022, GasLog Partners issued 33,700 common units in connection with the vesting of 19,638 Restricted Common Units (“RCUs”) and 14,062 Performance Common Units (“PCUs”) under its 2015 Long-Term Incentive Plan (the “2015 Plan”). On June 30, 2022, GasLog Partners issued 101,964 common units in connection with the vesting of 50,982 RCUs and 50,982 PCUs under its 2015 Plan. During this period, the Partnership also issued 2,769 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest for net proceeds of $ 16 . |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
Borrowings | 7. Borrowings December 31, June 30, 2021 2022 Amounts due within one year 103,493 163,821 Less: unamortized deferred loan issuance costs (4,186) (4,479) Borrowings - current portion 99,307 159,342 Amounts due after one year 996,242 884,168 Less: unamortized deferred loan issuance costs (9,791) (7,366) Borrowings - non-current portion 986,451 876,802 Total 1,085,758 1,036,144 The main terms of the credit facilities, including financial covenants, and the Sponsor Credit Facility have been disclosed in the annual consolidated financial statements for the year ended December 31, 2021. Refer to Note 7 “Borrowings”. In the six months ended June 30, 2022, the Partnership repaid $51,746 in accordance with the repayment terms under its credit facilities. The current portion of borrowings includes an amount of $69,125 (debt less unamortized loan issuance costs) with respect to our two Steam vessels reclassified under "Vessels held for sale" as of June 30, 2022 (Note 4). GasLog Partners was in compliance with its financial covenants as of June 30, 2022. |
Other Payables and Accruals
Other Payables and Accruals | 6 Months Ended |
Jun. 30, 2022 | |
Other Payables and Accruals | |
Other Payables and Accruals | 8. Other Payables and Accruals An analysis of other payables and accruals is as follows: December 31, June 30, 2021 2022 Unearned revenue 28,325 28,530 Accrued off-hire 1,768 2,311 Accrued purchases 3,273 2,037 Accrued interest 9,180 10,020 Other accruals 7,625 8,454 Total 50,171 51,352 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenues | |
Revenues | 9. Revenues The Partnership has recognized the following amounts relating to revenues: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Revenues from long-term time charters 42,881 43,498 92,915 88,850 Revenues from spot time charters 27,471 41,424 64,525 81,531 Total 70,352 84,922 157,440 170,381 The Partnership defines long-term time charters as charter party agreements with an initial duration of more than five years (excluding any optional periods), while all charter party agreements of an initial duration of less than (or equal to) five years (excluding any optional periods) are classified as spot time charters. |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Jun. 30, 2022 | |
General and Administrative Expenses | |
General and Administrative Expenses | 10. General and Administrative Expenses An analysis of general and administrative expenses is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Administrative services fees (Note 3) 1,177 2,171 2,354 4,342 Commercial management fees (Note 3) 1,350 1,047 2,700 2,112 Share-based compensation 94 203 167 463 Other expenses 867 959 1,338 2,154 Total 3,488 4,380 6,559 9,071 |
Vessel Operating Costs
Vessel Operating Costs | 6 Months Ended |
Jun. 30, 2022 | |
Vessel Operating Costs | |
Vessel Operating Costs | 11. Vessel Operating Costs An analysis of vessel operating costs is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Crew costs 9,675 10,936 18,647 21,286 Technical maintenance expenses 5,848 3,893 10,214 7,937 Other operating expenses 4,521 4,218 8,990 8,398 Total 20,044 19,047 37,851 37,621 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 12. Derivative Financial Instruments The fair value of the Partnership’s derivative assets is as follows: December 31, June 30, 2021 2022 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps — 119 Total — 119 Derivative financial instruments, current assets — 94 Derivative financial instruments, non-current assets — 25 Total — 119 The fair value of the Partnership’s derivative liabilities is as follows: December 31, June 30, 2021 2022 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 9,245 82 Total 9,245 82 Derivative financial instruments, current liability 5,184 10 Derivative financial instruments, non-current liability 4,061 72 Total 9,245 82 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 economically 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 USD London Interbank Offered Rate (“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 Partnership’s interest rate swaps held for trading have been disclosed in the annual audited consolidated financial statements for the year ended December 31, 2021. Refer to Note 18 “Derivative Financial Instruments”. The derivative instruments of the Partnership were not designated as cash flow hedging instruments as of June 30, 2022. The change in the fair value of the interest rate swaps for the three and six months ended June 30, 2022 amounted to a gain of $2,459 and a gain of $9,282, respectively (for the three and six months ended June 30, 2021, a gain of $1,962 and a gain of $5,569, respectively), which was recognized in profit or loss in the period incurred and is included in (Loss)/gain on derivatives. During the three and six months ended June 30, 2022, the gain of $2,459 and the gain of $9,282, respectively (Note 13), was mainly attributable to changes in the USD LIBOR yield curve, which was used to calculate the present value of the estimated future cash flows, resulting in a decrease in derivative liabilities from interest rate swaps held for trading. |
Financial Costs and (Loss) gain
Financial Costs and (Loss) gain on Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Financial Costs and (Loss)/gain on Derivatives | |
Financial Costs and (Loss)/gain on Derivatives | 13. Financial Costs and (Loss)/gain on Derivatives An analysis of financial costs is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Amortization of deferred loan issuance costs 1,215 1,053 2,439 2,132 Interest expense on loans 7,716 8,172 15,599 15,077 Interest expense on leases 4 397 9 808 Commitment fees 76 — 151 68 Other financial costs including bank commissions 104 156 333 474 Total financial costs 9,115 9,778 18,531 18,559 An analysis of loss/(gain) on derivatives is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Unrealized gain on interest rate swaps held for trading (Note 12) (1,962) (2,459) (5,569) (9,282) Realized loss on interest rate swaps held for trading 2,365 1,213 4,653 3,059 Total loss/(gain) on derivatives 403 (1,246) (916) (6,223) |
Earnings (loss) per Unit ("EPU"
Earnings (loss) per Unit ("EPU") | 6 Months Ended |
Jun. 30, 2022 | |
Earnings/(loss) per Unit ("EPU") | |
Earnings/(loss) per Unit ("EPU") | 14. Earnings/(loss) per Unit (“EPU”) The Partnership calculates earnings/(loss) per unit by allocating reported profit or loss for each period to each class of units based on the distribution policy for available cash stated in the Partnership Agreement. Basic earnings/(loss) per unit is determined by dividing profit or loss for the period, after deducting preference unit distributions and adding/ deducting any difference of the carrying amount of preference units above/below the fair value of the consideration paid to settle them, by the weighted average number of units outstanding during the period. Diluted earnings/(loss) per unit is calculated by dividing the profit or loss 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. Earnings/(loss) per unit is presented for the period in which the units were outstanding, with earnings/(loss) calculated as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Profit for the period and Partnership’s profit 14,663 761 50,023 35,742 Adjustment for: Accrued preference unit distributions (7,582) (6,818) (15,164) (13,808) Differences on repurchase of preference units — (134) — (216) Partnership’s profit/(loss) attributable to: 7,081 (6,191) 34,859 21,718 Common unitholders 6,933 (6,064) 34,127 21,269 General partner 148 (127) 732 449 Weighted average number of units outstanding (basic) Common units 48,161,285 51,171,651 47,841,332 51,154,521 General partner units 1,021,953 1,077,524 1,021,646 1,077,509 Earnings/(loss) per unit (basic) Common unitholders 0.14 (0.12) 0.71 0.42 General partner 0.14 (0.12) 0.72 0.42 Weighted average number of units outstanding (diluted) Common units* 50,425,047 51,171,651 50,016,601 53,090,429 General partner units 1,021,953 1,077,524 1,021,646 1,077,509 Earnings/(loss) per unit (diluted) Common unitholders 0.14 (0.12) 0.68 0.40 General partner 0.14 (0.12) 0.72 0.42 * Includes unvested awards with respect to the 2015 Plan and Class B units. After the conversion of the first and second tranche of 415,000 Class B units on July 1, 2020 and 2021, respectively, the remaining 1,660,000 Class B units will become eligible for conversion on a one -for-one basis into common units at GasLog’s option in four tranches of 415,000 units per annum on July 1 of 2022 (Note 16), 2023, 2024 and 2025. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 15. Commitments and Contingencies Future gross minimum lease payments receivable in relation to non-cancellable time charter agreements for vessels in operation, including a vessel under a lease (Note 5) as of June 30, 2022, are as follows ( 30 off-hire days are assumed when each vessel will undergo scheduled dry-docking; in addition, early redelivery of the vessels by the charterers or any exercise of the charterers’ options to extend the terms of the charters are not accounted for): Period June 30, 2022 Not later than one year 210,210 Later than one year and not later than two years 85,578 Later than two years and not later than three years 51,707 Later than three years and not later than four years 45,189 Total $ 392,684 In September 2017 and July 2018, GasLog LNG Services entered into maintenance agreements with Wartsila Greece S.A. in respect of nine 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. In March 2019, GasLog LNG Services entered into an agreement with Samsung Heavy Industries Co., Ltd. (“Samsung”) in respect of eleven of the Partnership’s LNG carriers. The agreement covers the supply of ballast water management systems on board the vessels by Samsung and associated field, commissioning and engineering services for a firm period of six years. As of June 30, 2022, ballast water management systems had been installed on seven out of the eleven vessels. 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events On July 1, 2022, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the third tranche of its Class B units issued upon the elimination of incentive distributions rights in June 2019. On July 27, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended June 30, 2022. The cash distribution is payable on August 11, 2022 to all unitholders of record as of August 8, 2022. The aggregate amount of the declared distribution will be $524 based on the number of units issued and outstanding as of June 30, 2022. On July 27, 2022, the board of directors of GasLog Partners approved and declared a distribution on the Series A Preference Units of $0.5390625 per preference unit, a distribution on the Series B Preference Units of $0.5125 per preference unit and a distribution on the Series C Preference Units of $0.53125 per preference unit. The cash distributions are payable on September 15, 2022 to all unitholders of record as of September 8, 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Accounting policies and methods of computation followed in interim financial statements | The unaudited condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financial instruments. The same accounting policies and methods of computation have been followed in these unaudited condensed consolidated financial statements as applied in the preparation of the Partnership’s consolidated financial statements for the year ended December 31, 2021. On July 28, 2022, the Partnership’s board of directors authorized the unaudited condensed consolidated financial statements for issuance. |
Adoption of new and revised IFRS | Adoption of new and revised IFRS (a) Standards and interpretations adopted in the current period There were no IFRS standards or amendments that became effective in the current period which were relevant to the Partnership or material with respect to the Partnership’s financial statements. (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 January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to the Partnership’s financial statements. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions | |
Schedule of balances with related parties | Amounts due to related parties December 31, 2021 June 30, 2022 Due to GasLog LNG Services (a) 131 2,013 Due to GasLog (b) 821 2,337 Total 952 4,350 (a) The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership. (b) The balances represent mainly payments made by GasLog on behalf of the Partnership. |
Schedule of related party transactions | For the three months ended For the six months ended Company Details Account June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 GasLog LNG Services Commercial management fees (i) General and administrative expenses 1,350 1,047 2,700 2,112 GasLog Administrative services fees (ii) General and administrative expenses 1,177 2,171 2,354 4,342 GasLog LNG Services Management fees (iii) Vessel operating costs 1,932 1,681 3,864 3,256 GasLog LNG Services Other vessel operating costs Vessel operating costs — 8 10 13 GasLog Commitment fee under Sponsor Credit Facility (Note 13) Financial costs 76 — 151 68 GasLog Realized loss on interest rate swaps held for trading (Note 13) (Loss)/gain on derivatives 1,373 475 2,692 1,344 (i) Effective January 1, 2022, the annual commercial management fee changed from $360 for each vessel to a fixed commission of 1.25% on the annual gross charter revenues of each vessel. (ii) Effective January 1, 2022, the annual administrative services fee was changed to $579 per vessel, from $314 effective since January 1, 2021. (iii) Effective January 1, 2022, the management fee was changed to $37.5 per vessel per month (from $46 per vessel per month). In April 2022, GAS-eight Ltd. entered into a similar management agreement for the Solaris , previously managed by a subsidiary of Shell plc. |
Tangible Fixed Assets (Tables)
Tangible Fixed Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Tangible Fixed Assets | |
Schedule of movements in tangible fixed assets | Other tangible Total tangible fixed Vessels assets assets Cost As of January 1, 2022 2,681,095 4,089 2,685,184 Additions 616 1,963 2,579 Transfer under Vessels held for sale (324,034) — (324,034) As of June 30, 2022 2,357,677 6,052 2,363,729 Accumulated depreciation and impairment loss As of January 1, 2022 796,601 — 796,601 Depreciation 35,638 — 35,638 Transfer under Vessels held for sale (182,572) — (182,572) As of June 30, 2022 649,667 — 649,667 Net book value As of December 31, 2021 1,884,494 4,089 1,888,583 As of June 30, 2022 1,708,010 6,052 1,714,062 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Schedule of movements in right-of-use assets | Vessels’ Right-of-Use Assets Vessel Equipment Total As of January 1, 2022 81,651 345 81,996 Additions — 132 132 Depreciation (8,395) (178) (8,573) As of June 30, 2022 73,256 299 73,555 |
Schedule of analysis of lease liabilities | Lease Liabilities As of January 1, 2022 55,898 Additions 132 Interest expense on leases (Note 13) 808 Payments (5,959) As of June 30, 2022 50,879 Lease liabilities—current portion 10,512 Lease liabilities—non-current portion 40,367 Total 50,879 |
Partners' Equity (Tables)
Partners' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Partners' Equity | |
Schedule of cash distributions | Declaration date Type of units Distribution per unit Payment date Amount paid January 26, 2022 Common $ 0.01 February 9, 2022 522 February 25, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 March 15, 2022 7,112 April 27, 2022 Common $ 0.01 May 11, 2022 522 May 12, 2022 Preference (Series A, B, C) $ 0.5390625, $0.5125, $0.53125 June 15, 2022 6,898 Total $ 15,054 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
Schedule of borrowings | December 31, June 30, 2021 2022 Amounts due within one year 103,493 163,821 Less: unamortized deferred loan issuance costs (4,186) (4,479) Borrowings - current portion 99,307 159,342 Amounts due after one year 996,242 884,168 Less: unamortized deferred loan issuance costs (9,791) (7,366) Borrowings - non-current portion 986,451 876,802 Total 1,085,758 1,036,144 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Payables and Accruals | |
Schedule of other payables and accruals | December 31, June 30, 2021 2022 Unearned revenue 28,325 28,530 Accrued off-hire 1,768 2,311 Accrued purchases 3,273 2,037 Accrued interest 9,180 10,020 Other accruals 7,625 8,454 Total 50,171 51,352 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenues | |
Schedule of revenues | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Revenues from long-term time charters 42,881 43,498 92,915 88,850 Revenues from spot time charters 27,471 41,424 64,525 81,531 Total 70,352 84,922 157,440 170,381 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Administrative services fees (Note 3) 1,177 2,171 2,354 4,342 Commercial management fees (Note 3) 1,350 1,047 2,700 2,112 Share-based compensation 94 203 167 463 Other expenses 867 959 1,338 2,154 Total 3,488 4,380 6,559 9,071 |
Vessel Operating Costs (Tables)
Vessel Operating Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Vessel Operating Costs | |
Schedule of vessel operating costs | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Crew costs 9,675 10,936 18,647 21,286 Technical maintenance expenses 5,848 3,893 10,214 7,937 Other operating expenses 4,521 4,218 8,990 8,398 Total 20,044 19,047 37,851 37,621 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Financial Instruments | |
Schedule of fair value of the derivative assets | December 31, June 30, 2021 2022 Derivative assets carried at fair value through profit or loss (FVTPL) Interest rate swaps — 119 Total — 119 Derivative financial instruments, current assets — 94 Derivative financial instruments, non-current assets — 25 Total — 119 |
Schedule of fair value of the derivative liabilities | December 31, June 30, 2021 2022 Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 9,245 82 Total 9,245 82 Derivative financial instruments, current liability 5,184 10 Derivative financial instruments, non-current liability 4,061 72 Total 9,245 82 |
Financial Costs and (Loss) ga_2
Financial Costs and (Loss) gain on Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Costs and (Loss)/gain on Derivatives | |
Schedule of financial costs and loss/(gain) on derivatives | An analysis of financial costs is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Amortization of deferred loan issuance costs 1,215 1,053 2,439 2,132 Interest expense on loans 7,716 8,172 15,599 15,077 Interest expense on leases 4 397 9 808 Commitment fees 76 — 151 68 Other financial costs including bank commissions 104 156 333 474 Total financial costs 9,115 9,778 18,531 18,559 An analysis of loss/(gain) on derivatives is as follows: For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Unrealized gain on interest rate swaps held for trading (Note 12) (1,962) (2,459) (5,569) (9,282) Realized loss on interest rate swaps held for trading 2,365 1,213 4,653 3,059 Total loss/(gain) on derivatives 403 (1,246) (916) (6,223) |
Earnings (loss) per Unit ("EP_2
Earnings (loss) per Unit ("EPU") (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings/(loss) per Unit ("EPU") | |
Schedule of earnings/(loss) per unit | For the three months ended For the six months ended June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 Profit for the period and Partnership’s profit 14,663 761 50,023 35,742 Adjustment for: Accrued preference unit distributions (7,582) (6,818) (15,164) (13,808) Differences on repurchase of preference units — (134) — (216) Partnership’s profit/(loss) attributable to: 7,081 (6,191) 34,859 21,718 Common unitholders 6,933 (6,064) 34,127 21,269 General partner 148 (127) 732 449 Weighted average number of units outstanding (basic) Common units 48,161,285 51,171,651 47,841,332 51,154,521 General partner units 1,021,953 1,077,524 1,021,646 1,077,509 Earnings/(loss) per unit (basic) Common unitholders 0.14 (0.12) 0.71 0.42 General partner 0.14 (0.12) 0.72 0.42 Weighted average number of units outstanding (diluted) Common units* 50,425,047 51,171,651 50,016,601 53,090,429 General partner units 1,021,953 1,077,524 1,021,646 1,077,509 Earnings/(loss) per unit (diluted) Common unitholders 0.14 (0.12) 0.68 0.40 General partner 0.14 (0.12) 0.72 0.42 * Includes unvested awards with respect to the 2015 Plan and Class B units. After the conversion of the first and second tranche of 415,000 Class B units on July 1, 2020 and 2021, respectively, the remaining 1,660,000 Class B units will become eligible for conversion on a one -for-one basis into common units at GasLog’s option in four tranches of 415,000 units per annum on July 1 of 2022 (Note 16), 2023, 2024 and 2025. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Schedule of future gross minimum payments receivable in relation to non-cancellable time charter agreements | Period June 30, 2022 Not later than one year 210,210 Later than one year and not later than two years 85,578 Later than two years and not later than three years 51,707 Later than three years and not later than four years 45,189 Total $ 392,684 |
Organization and Operations (De
Organization and Operations (Details) - item | 6 Months Ended | ||
Jun. 30, 2022 | May 12, 2014 | Jun. 30, 2022 | |
Organization and Operations | |||
Number of LNG carriers acquired on IPO | 3 | ||
Number of vessels owned | 14 | 14 | |
Number of vessels agreed to be subsequently sold | 1 | 1 | |
Number of vessels under leaseback | 1 | 1 | |
Number of subsidiaries established or acquired | 0 | ||
All subsidiaries | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 100% | ||
GasLog Ltd. | GasLog Partners LP | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 33.20% | ||
General partner interest in GasLog Partners | 2% | 2% | |
GasLog Ltd. | General partner | |||
Organization and Operations | |||
Ownership interest in subsidiary (in percent) | 100% |
Related Party Transactions - Ba
Related Party Transactions - Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balances with related parties | ||
Amounts due to related parties | $ 4,350 | $ 952 |
GasLog LNG Services | ||
Balances with related parties | ||
Amounts due to related parties | 2,013 | 131 |
GasLog Ltd. | ||
Balances with related parties | ||
Amounts due to related parties | $ 2,337 | $ 821 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Transactions | ||||
General and administrative expenses | $ 4,380 | $ 3,488 | $ 9,071 | $ 6,559 |
Vessel operating costs | 19,047 | 20,044 | 37,621 | 37,851 |
Financial costs | 9,778 | 9,115 | 18,559 | 18,531 |
(Loss)/gain on derivatives | (1,246) | 403 | (6,223) | (916) |
GasLog Ltd. | Administrative services fees | ||||
Transactions | ||||
General and administrative expenses | 2,171 | 1,177 | 4,342 | 2,354 |
GasLog Ltd. | Commitment fee under Sponsor Credit Facility | ||||
Transactions | ||||
Financial costs | 76 | 68 | 151 | |
GasLog Ltd. | Realized loss on interest rate swaps held for trading | ||||
Transactions | ||||
(Loss)/gain on derivatives | 475 | 1,373 | 1,344 | 2,692 |
GasLog LNG Services | Commercial management fees | ||||
Transactions | ||||
General and administrative expenses | 1,047 | 1,350 | 2,112 | 2,700 |
GasLog LNG Services | Management fees | ||||
Transactions | ||||
Vessel operating costs | 1,681 | $ 1,932 | 3,256 | 3,864 |
GasLog LNG Services | Other vessel operating costs | ||||
Transactions | ||||
Vessel operating costs | $ 8 | $ 13 | $ 10 |
Related Party Transactions - Ge
Related Party Transactions - General (Details) - USD ($) | 12 Months Ended | ||
Jan. 01, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Related Party Transactions | |||
Borrowings outstanding balance | $ 1,085,758,000 | $ 1,036,144,000 | |
GasLog Ltd. | Sponsor Credit Facility | |||
Related Party Transactions | |||
Amount of credit facility | 30,000,000 | ||
Borrowings outstanding balance | 0 | ||
GasLog Ltd. | Administrative services fees | |||
Related Party Transactions | |||
Annual fee per vessel | $ 579,000 | 314,000 | |
GasLog LNG Services | Commercial management fees | |||
Related Party Transactions | |||
Annual fee per vessel | 360,000 | ||
Annual fee per vessel as percentage of gross charter revenues | 1.25% | ||
GasLog LNG Services | Management fees | |||
Related Party Transactions | |||
Management fee fixed monthly charge per vessel | $ 37,500 | $ 46,000 |
Tangible Fixed Assets (Details)
Tangible Fixed Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Tangible fixed assets | |
Balance, at the beginning of the period | $ 1,888,583 |
Balance, at the end of the period | 1,714,062 |
Cost | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,685,184 |
Additions | 2,579 |
Transfer under Vessels held for sale | (324,034) |
Balance, at the end of the period | 2,363,729 |
Accumulated depreciation and impairment loss | |
Tangible fixed assets | |
Balance, at the beginning of the period | (796,601) |
Depreciation | (35,638) |
Transfer under Vessels held for sale | 182,572 |
Balance, at the end of the period | (649,667) |
Vessels | |
Tangible fixed assets | |
Balance, at the beginning of the period | 1,884,494 |
Balance, at the end of the period | 1,708,010 |
Vessels | Cost | |
Tangible fixed assets | |
Balance, at the beginning of the period | 2,681,095 |
Additions | 616 |
Transfer under Vessels held for sale | (324,034) |
Balance, at the end of the period | 2,357,677 |
Vessels | Accumulated depreciation and impairment loss | |
Tangible fixed assets | |
Balance, at the beginning of the period | (796,601) |
Depreciation | (35,638) |
Transfer under Vessels held for sale | 182,572 |
Balance, at the end of the period | (649,667) |
Other tangible assets | |
Tangible fixed assets | |
Balance, at the beginning of the period | 4,089 |
Balance, at the end of the period | 6,052 |
Other tangible assets | Cost | |
Tangible fixed assets | |
Balance, at the beginning of the period | 4,089 |
Additions | 1,963 |
Balance, at the end of the period | $ 6,052 |
Tangible Fixed Assets - Impairm
Tangible Fixed Assets - Impairment (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Methane Shirley Elisabeth | ||
Tangible fixed assets | ||
Carrying amount reclassified as "Vessel held for sale" | $ 67,339 | |
Impairment loss from remeasurement at lower of carrying amount and fair value less costs to sell | $ 14,664 | |
Second vessel | ||
Tangible fixed assets | ||
Carrying amount reclassified as "Vessel held for sale" | $ 74,123 | |
Impairment loss from remeasurement at lower of carrying amount and fair value less costs to sell | $ 13,363 |
Leases - Movements in right-of
Leases - Movements in right-of use assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Leases | |
Balance at the beginning | $ 81,996 |
Additions | 132 |
Depreciation | (8,573) |
Balance at the end | 73,555 |
Vessels | |
Leases | |
Balance at the beginning | 81,651 |
Depreciation | (8,395) |
Balance at the end | 73,256 |
Vessels' Equipment | |
Leases | |
Balance at the beginning | 345 |
Additions | 132 |
Depreciation | (178) |
Balance at the end | $ 299 |
Leases - Analysis of the lease
Leases - Analysis of the lease liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Lease liabilities [abstract] | |||||
Balance at the beginning | $ 55,898 | ||||
Additions | 132 | ||||
Interest expense on leases (Note 13) | $ 397 | $ 4 | 808 | $ 9 | |
Payments | (5,959) | ||||
Balance at the end | 50,879 | 50,879 | |||
Lease liabilities-current portion | 10,512 | 10,512 | $ 10,342 | ||
Lease liabilities-non-current portion | $ 40,367 | $ 40,367 | $ 45,556 |
Partners' Equity - Cash distrib
Partners' Equity - Cash distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||||||
Jun. 15, 2022 | May 12, 2022 | May 11, 2022 | Apr. 27, 2022 | Mar. 15, 2022 | Feb. 25, 2022 | Feb. 09, 2022 | Jan. 26, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Owners' Capital/Partners' Equity | ||||||||||
Amount paid | $ 15,054 | $ 16,134 | ||||||||
Common units | ||||||||||
Owners' Capital/Partners' Equity | ||||||||||
Cash distribution declared | $ 0.01 | $ 0.01 | ||||||||
Amount paid | $ 522 | $ 522 | ||||||||
Preference units | ||||||||||
Owners' Capital/Partners' Equity | ||||||||||
Amount paid | $ 6,898 | $ 7,112 | ||||||||
Series A preference units | ||||||||||
Owners' Capital/Partners' Equity | ||||||||||
Cash distribution declared | $ 0.5390625 | $ 0.5390625 | ||||||||
Series B preference units | ||||||||||
Owners' Capital/Partners' Equity | ||||||||||
Cash distribution declared | 0.5125 | 0.5125 | ||||||||
Series C preference units | ||||||||||
Owners' Capital/Partners' Equity | ||||||||||
Cash distribution declared | $ 0.53125 | $ 0.53125 |
Partners' Equity - Additional (
Partners' Equity - Additional (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 EquityInstruments shares | Apr. 01, 2022 EquityInstruments shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 shares | |
Equity transactions | ||||
Repurchases of units, including commissions | $ | $ 18,742 | |||
RCUs | ||||
Equity transactions | ||||
Number of units vested during the period | EquityInstruments | 50,982 | 19,638 | ||
PCUs | ||||
Equity transactions | ||||
Number of units vested during the period | EquityInstruments | 50,982 | 14,062 | ||
GasLog Ltd. | GasLog Partners LP | ||||
Equity transactions | ||||
General partner interest in GasLog Partners | 2% | 2% | ||
Common units | ||||
Equity transactions | ||||
Number of units issued in share-based payment | 101,964 | 33,700 | 8,976 | |
Number of units issued | 135,664 | |||
Preference units | ||||
Equity transactions | ||||
Number of units repurchased | 739,441 | |||
Preference units | Unit repurchase programme | ||||
Equity transactions | ||||
Repurchases of units, including commissions | $ | $ 18,742 | |||
Series A preference units | Unit repurchase programme | ||||
Equity transactions | ||||
Number of units repurchased | 80,600 | |||
Number of units cancelled | 80,600 | |||
Series B preference units | Unit repurchase programme | ||||
Equity transactions | ||||
Number of units repurchased | 312,791 | |||
Number of units cancelled | 312,791 | |||
Series C preference units | Unit repurchase programme | ||||
Equity transactions | ||||
Number of units repurchased | 346,050 | |||
Number of units cancelled | 346,050 | |||
General partner units | ||||
Equity transactions | ||||
Number of units issued | 2,769 | |||
Net proceeds from issuance of units | $ | $ 16 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Borrowings | ||
Amounts due within one year | $ 163,821 | $ 103,493 |
Less: unamortized deferred loan issuance costs | (4,479) | (4,186) |
Borrowings - current portion | 159,342 | 99,307 |
Amounts due after one year | 884,168 | 996,242 |
Less: unamortized deferred loan issuance costs | (7,366) | (9,791) |
Borrowings - non-current portion | 876,802 | 986,451 |
Total | $ 1,036,144 | $ 1,085,758 |
Borrowings - Other (Details)
Borrowings - Other (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Borrowings | ||
Borrowings repayments | $ 51,746 | $ 54,838 |
Two steam vessels reclassified as held for sale | ||
Borrowings | ||
Current portion of borrowings | $ 69,125 |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Payables and Accruals | ||
Unearned revenue | $ 28,530 | $ 28,325 |
Accrued off-hire | 2,311 | 1,768 |
Accrued purchases | 2,037 | 3,273 |
Accrued interest | 10,020 | 9,180 |
Other accruals | 8,454 | 7,625 |
Total | $ 51,352 | $ 50,171 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Revenues | $ 84,922 | $ 70,352 | $ 170,381 | $ 157,440 |
Long-term time charters | ||||
Revenues | ||||
Revenues | 43,498 | 42,881 | $ 88,850 | 92,915 |
Long-term time charters | Minimum | ||||
Revenues | ||||
Initial duration of charter party agreement | 5 years | |||
Spot time charters | ||||
Revenues | ||||
Revenues | $ 41,424 | $ 27,471 | $ 81,531 | $ 64,525 |
Spot time charters | Maximum | ||||
Revenues | ||||
Initial duration of charter party agreement | 5 years |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
General and Administrative Expenses | ||||
Administrative services fees (Note 3) | $ 2,171 | $ 1,177 | $ 4,342 | $ 2,354 |
Commercial management fees (Note 3) | 1,047 | 1,350 | 2,112 | 2,700 |
Share-based compensation | 203 | 94 | 463 | 167 |
Other expenses | 959 | 867 | 2,154 | 1,338 |
Total | $ 4,380 | $ 3,488 | $ 9,071 | $ 6,559 |
Vessel Operating Costs (Details
Vessel Operating Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Vessel Operating Costs | ||||
Crew costs | $ 10,936 | $ 9,675 | $ 21,286 | $ 18,647 |
Technical maintenance expenses | 3,893 | 5,848 | 7,937 | 10,214 |
Other operating expenses | 4,218 | 4,521 | 8,398 | 8,990 |
Total | $ 19,047 | $ 20,044 | $ 37,621 | $ 37,851 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair value of the derivative liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair value of the derivative assets and liabilities | ||
Derivative financial instruments, current asset | $ 94 | |
Derivative financial instruments, non-current asset | 25 | |
Derivative asset | 119 | |
Derivative financial instruments, current liability | 10 | $ 5,184 |
Derivative financial instruments, non-current liability | 72 | 4,061 |
Derivative liability | 82 | 9,245 |
Financial assets carried at fair value through profit or loss (FVTPL) | ||
Fair value of the derivative assets and liabilities | ||
Derivative asset | 119 | |
Financial assets carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Fair value of the derivative assets and liabilities | ||
Derivative asset | 119 | |
Financial liabilities carried at fair value through profit or loss (FVTPL) | ||
Fair value of the derivative assets and liabilities | ||
Derivative liability | 82 | 9,245 |
Financial liabilities carried at fair value through profit or loss (FVTPL) | Interest rate swaps | ||
Fair value of the derivative assets and liabilities | ||
Derivative liability | $ 82 | $ 9,245 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest rate swaps held for trading | ||||
Forward foreign exchange contracts held for trading | ||||
Unrealized gain (loss) on derivatives held for trading | $ 2,459 | $ 1,962 | $ 9,282 | $ 5,569 |
Financial Costs and (Loss) ga_3
Financial Costs and (Loss) gain on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial costs | ||||
Amortization of deferred loan issuance costs | $ 1,053 | $ 1,215 | $ 2,132 | $ 2,439 |
Interest expense on loans | 8,172 | 7,716 | 15,077 | 15,599 |
Interest expense on leases | 397 | 4 | 808 | 9 |
Commitment fees | 76 | 68 | 151 | |
Other financial costs including bank commissions | 156 | 104 | 474 | 333 |
Total financial costs | 9,778 | 9,115 | 18,559 | 18,531 |
Total loss/(gain) on derivatives | (1,246) | 403 | (6,223) | (916) |
Interest rate swaps held for trading | ||||
Financial costs | ||||
Unrealized gain on interest rate swaps held for trading (Note 12) | (2,459) | (1,962) | (9,282) | (5,569) |
Realized loss on interest rate swaps held for trading | $ 1,213 | $ 2,365 | $ 3,059 | $ 4,653 |
Earnings (loss) per Unit ("EP_3
Earnings (loss) per Unit ("EPU") (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 01, 2021 tranche shares | Jul. 01, 2020 shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Earnings/(loss) per unit | ||||||||
Profit for the period and Partnership's profit | $ | $ 761 | $ 14,663 | $ 35,742 | $ 50,023 | ||||
Accrued preference unit distributions | $ | (6,818) | (7,582) | (13,808) | (15,164) | ||||
Differences on repurchase of preference units | $ | (134) | (216) | ||||||
Partnership's profit/(loss) attributable to unitholders and partner | $ | (6,191) | 7,081 | 21,718 | 34,859 | ||||
Common units | ||||||||
Earnings/(loss) per unit | ||||||||
Profit for the period and Partnership's profit | $ | 21,481 | 34,127 | ||||||
Partnership's profit/(loss) attributable to unitholders and partner | $ | $ (6,064) | $ 6,933 | $ 21,269 | $ 34,127 | ||||
Weighted average number of units outstanding (basic) | ||||||||
Weighted average number of units outstanding (basic) | 51,171,651 | 48,161,285 | 51,154,521 | 47,841,332 | ||||
Earnings/(loss) per unit (basic) | ||||||||
Earnings/(loss) per unit (basic) | $ / shares | $ (0.12) | $ 0.14 | $ 0.42 | $ 0.71 | ||||
Weighted average number of units outstanding (diluted) | ||||||||
Weighted average number of units outstanding (diluted) | 51,171,651 | 50,425,047 | 53,090,429 | 50,016,601 | ||||
Earnings/(loss) per unit (diluted) | ||||||||
Earnings/(loss) per unit (diluted) | $ / shares | $ (0.12) | $ 0.14 | $ 0.40 | $ 0.68 | ||||
Number of units outstanding | 51,272,865 | 50,722,201 | 51,272,865 | 50,722,201 | 51,137,201 | 47,517,824 | ||
General partner units | ||||||||
Earnings/(loss) per unit | ||||||||
Profit for the period and Partnership's profit | $ | $ 453 | $ 732 | ||||||
Partnership's profit/(loss) attributable to unitholders and partner | $ | $ (127) | $ 148 | $ 449 | $ 732 | ||||
Weighted average number of units outstanding (basic) | ||||||||
Weighted average number of units outstanding (basic) | 1,077,524 | 1,021,953 | 1,077,509 | 1,021,646 | ||||
Earnings/(loss) per unit (basic) | ||||||||
Earnings/(loss) per unit (basic) | $ / shares | $ (0.12) | $ 0.14 | $ 0.42 | $ 0.72 | ||||
Weighted average number of units outstanding (diluted) | ||||||||
Weighted average number of units outstanding (diluted) | 1,077,524 | 1,021,953 | 1,077,509 | 1,021,646 | ||||
Earnings/(loss) per unit (diluted) | ||||||||
Earnings/(loss) per unit (diluted) | $ / shares | $ (0.12) | $ 0.14 | $ 0.42 | $ 0.72 | ||||
Number of units outstanding | 1,080,263 | 1,077,494 | 1,080,263 | 1,077,494 | 1,077,494 | 1,021,336 | ||
Class B units | ||||||||
Earnings/(loss) per unit (diluted) | ||||||||
Number of units converted | 415,000 | 415,000 | ||||||
Number of units outstanding | 1,660,000 | 1,660,000 | 2,075,000 | 1,660,000 | 2,075,000 | 1,660,000 | 2,075,000 | |
Conversion ratio of class B units into common units | 1 | |||||||
Number of tranches remaining | tranche | 4 | |||||||
Number of units in each tranche remaining | 415,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2022 USD ($) item | Mar. 31, 2019 item | Jul. 31, 2018 item | |
Commitments and Contingencies | |||
Number of assumed off-hire days when each vessel will undergo scheduled dry-docking | 30 days | ||
Future gross minimum lease payments receivable | $ 392,684 | ||
Wartsila Greece | GasLog LNG Services | |||
Commitments and Contingencies | |||
Number of vessels under maintenance agreement | item | 9 | ||
Samsung Heavy Industries Co., Ltd | GasLog LNG Services | |||
Commitments and Contingencies | |||
Number of vessels under maintenance agreement | item | 11 | ||
Period of services to be provided (in years) | 6 years | ||
Number of vessels with ballast water management system installed | item | 7 | ||
Not later than one year | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | $ 210,210 | ||
Later than one year and not later than two years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 85,578 | ||
Later than two years and not later than three years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | 51,707 | ||
Later than three years and not later than four years | |||
Commitments and Contingencies | |||
Future gross minimum lease payments receivable | $ 45,189 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 27, 2022 | Jul. 01, 2022 |
Common units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.01 | |
Aggregate amount of the declared distribution | $ 524 | |
Series A preference units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.5390625 | |
Series B preference units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | 0.5125 | |
Series C preference units | ||
Subsequent Events | ||
GasLog Partners declaration of distribution (USD/unit) | $ 0.53125 | |
Conversion of Class B units held by GasLog Ltd | Common units | ||
Subsequent Events | ||
Number of units issued | 415,000 |