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Assessing GasLog Partners' 3Q16: What Does the Future Hold?

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Part 3
Assessing GasLog Partners' 3Q16: What Does the Future Hold? PART 3 OF 8

GasLog Partners’ 3Q16 Revenue Stayed the Course

GasLog Partners’ revenue 

GasLog Partners’ (GLOP) revenue in 3Q16 was similar to its 3Q15 revenue. In 3Q16, the company posted revenue of $51.5 million, the same as it recorded in 3Q15. However, its 3Q16 revenue was 4% higher than its 2Q16 revenue of $49.6 million.

GasLog Partners&#8217; 3Q16 Revenue Stayed the Course

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GasLog’s revenue sources

GasLog owns and operates LNG (liquefied natural gas) carriers. It currently operates and derives revenue from eight LNG carriers, which are on multiyear time charter contracts. Because all of its vessels are on time charter contracts, the company’s revenues aren’t much affected by fluctuations in spot rates. Seasonal trends also don’t impact GasLog Partners’ revenues.

Why revenue increased?

According to GasLog Partners, ts 3Q16 revenue was in line with its expectations. In 2Q16, it had scheduled the dry docking of its Methane Rita Andrea vessel. At the time of the dry docking, the vessel didn’t contribute to the company’s revenue. In 3Q16, the company didn’t have any scheduled dry docking, which was the primary reason for its higher quarter-over-quarter revenue.

Peer comparison

GLOP was the first among its peers to report its 3Q16 earnings. The following are analysts’ estimates for the 3Q16 revenues of GLOP’s peers.

  • Analysts estimate Höegh LNG Partners’ (HMLP) 3Q16 revenue to be $23.8 million, higher than its revenue of $22.7 million in the previous quarter.
  • Golar LNG Partners’ (GMLP) revenue is estimated to be $111.6 million in 3Q16, compared to $111.7 in 2Q16.
  • Teekay LNG’s (TGP) 3Q16 revenue estimate stands at $112.6 million, higher than its 2Q16 revenue of $99.2 million.
  • GasLog’s (GLOG) revenue is expected to rise to $121 million in 3Q16, compared to its revenue of $114 million in 2Q16.

GLOP’s future revenue

Based on the eight vessels contracted by GasLog Partners, its contracted revenue for 4Q16 is expected to be $51.5 million. The partnership’s contracted revenue for 2017 is $205 million. This revenue is expected to rise on GLOP’s recent acquisition of GasLog Seattle. We’ll look at the details of this acquisition and more dropdown opportunities for Gaslog Partners in the next article.

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