uploads/2018/07/freighter-315201_1280-1.jpg

GasLog Partners in Q2 2018: Beats Revenue, EBITDA Estimates

By

Updated

Second-quarter results

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.

Article continues below advertisement

Distribution

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.

Stock performance

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%.

Advertisement

More From Market Realist