GasLog Partners (GLOP) released its second-quarter earnings today before the markets opened.
The company earned revenues and EBITDA of $76.9 million and $56.4 million, respectively, compared to $65.2 million and $48.9 million a year ago. The revenues and EBITDA came in 2.18%, and 5.97% higher, respectively, than Reuters consensus estimates.
In the second quarter, Gaslog Partners completed its acquisition of the GasLog Gibraltar from GasLog for $207 million. The vessel is attached to a multi-year charter contract with Shell. GasLog Partners financed this acquisition partly through a private issuance of $45 million common units in GasLog.
GasLog Partners announced a new time charter for the GasLog Sydney for 18 months with Cheniere Energy’s subsidiary. The contract is to commence between September and December 2018.
GasLog Partners declared a cash distribution of $0.53 per common unit for the second quarter of 2018—unchanged from the previous quarter and 3.9% higher than a year ago. The distribution is payable to unitholders on August 10. With this distribution, the company has a distribution coverage ratio of 0.94x. The company reiterated its distribution growth guidance of 5%–7% for 2018.
Liquidity and financing
As of June 30, GasLog Partners had cash and cash equivalents of $134.7 million. The company has an unused revolving credit facility of $55.9 million. It has an outstanding debt of $1,184.4 million, of which $85 million is repayable within a year.
As of June 25, Gaslog Partners had a YTD (year-to-date) return of -1.21%. For the same period, peers Golar LNG Partners (GMLP), Teekay LNG Partners (TGP), and Hoegh LNG Partners (HMLP) returned -31.4%, -17.12%, and -4.29% respectively. Also, Gaslog Partners’ parent company, Gaslog (GLOG), had a YTD return of -25.3%.