GasLog Partners LP (NYSE:GLOP) (“GasLog Partners” or the
“Partnership”) announced today that it has entered into a new
multi-year time charter for the GasLog Sydney with a wholly owned
subsidiary of Cheniere Energy, Inc. (“Cheniere”) scheduled to
commence in 2018. The charterer has options to extend the charter
for up to two consecutive periods at escalating rates.
GasLog Sydney is a 155,000 cbm tri-fuel diesel electric
liquefied natural gas (“LNG”) carrier built in 2013 and currently
on a multi-year time charter with a wholly owned subsidiary of
Royal Dutch Shell plc through September 2018. The vessel is
currently undergoing a scheduled dry-docking during which the
Partnership is enhancing its future marketability through the
installation of a reliquefaction module.
Andy Orekar, Chief Executive Officer of GasLog Partners, stated,
"I am very pleased to announce the signing of this charter
agreement with Cheniere, the Partnership’s second agreement this
year with a new and high-quality counterparty. The execution of the
charter further diversifies our customer base and increases our
contracted revenue visibility, supporting our year-on-year
distribution growth guidance of 5% to 7% in 2018.”
About GasLog PartnersGasLog Partners is a
growth-oriented master limited partnership focused on owning,
operating and acquiring LNG carriers under multi-year charters.
GasLog Partners' fleet consists of 13 LNG carriers with an average
carrying capacity of approximately 156,000 cbm. GasLog Partners'
principal executive office is located at Gildo Pastor Center, 7 Rue
du Gabian, MC 98000, Monaco. Visit GasLog Partners website at
http://www.gaslogmlp.com.
Contacts:
Alastair MaxwellChief Financial OfficerPhone:
+44-203-388-3105
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor
RelationsPhone: +1 212-223-0643
Email: ir@gaslogmlp.com
Forward-Looking StatementsAll statements in
this press release that are not statements of historical fact are
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that address activities, events or
developments that the Partnership expects, projects, believes or
anticipates will or may occur in the future, particularly in
relation to our operations, cash flows, financial position,
liquidity and cash available for dividends or distributions, plans,
strategies, business prospects and changes and trends in our
business and the markets in which we operate. We caution that these
forward-looking statements represent our estimates and assumptions
only as of the date of this press release, about factors that are
beyond our ability to control or predict, and are not intended to
give any assurance as to future results. Any of these factors or a
combination of these factors could materially affect future results
of operations and the ultimate accuracy of the forward-looking
statements. Accordingly, you should not unduly rely on any
forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
• general LNG shipping market conditions
and trends, including spot and long‑term charter rates, ship
values, factors affecting supply and demand of LNG and LNG
shipping, technological advancements and opportunities for the
profitable operations of LNG carriers;
• fluctuations in charter hire rates and
vessel values;
• changes in our operating expenses,
including crew wages, maintenance, dry‑docking and insurance costs
and bunker prices;
• number of off‑hire days and
dry‑docking requirements including our ability to complete
scheduled dry‑dockings on time and within budget;
• planned capital expenditures and
availability of capital resources to fund capital expenditures;
• our ability to maximize the use of our
vessels, including the re‑deployment or disposition of vessels no
longer under long‑term time charter commitments, including the risk
that certain of our vessels may no longer have the latest
technology at such time which may impact the rate at which we can
charter such vessels;
• our ability to secure new multi‑year
charters, at economically attractive rates;
• fluctuations in prices for crude oil,
petroleum products and natural gas;
• our ability to expand our fleet by
acquiring vessels through our drop‑down pipeline with GasLog Ltd.
(“GasLog”);
• our ability to leverage GasLog’s
relationships and reputation in the shipping industry;
• the ability of GasLog to maintain
long‑term relationships with major energy companies;
• changes in the ownership of our
charterers;
• our customers’ performance of their
obligations under our time charters and other contracts;
• our future operating performance,
financial condition, liquidity and cash available for
distributions;
• our ability to acquire assets in the
future, including vessels from GasLog;
• our ability to obtain financing to
fund capital expenditures, acquisitions and other corporate
activities, funding by banks of their financial commitments,
funding by GasLog of any sponsor credit facility and our ability to
meet our restrictive covenants and other obligations under our
credit facilities;
• future, pending or recent acquisitions
of ships or other assets, business strategy, areas of possible
expansion and expected capital spending;
• the expected cost of and our ability
to comply with environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory
authorities, governmental organizations, classification societies
and standards imposed by our charterers applicable to our
business;
• risks inherent in ship operation,
including the discharge of pollutants;
• GasLog’s relationships with its
employees and ship crews, its ability to retain key employees and
provide services to us, and the availability of skilled labor, ship
crews and management;
• potential disruption of shipping
routes due to accidents, political events, piracy or acts by
terrorists;
• potential liability from future
litigation;
• our business strategy and other plans
and objectives for future operations;
• any malfunction or disruption of
information technology systems and networks that our operations
rely on or any impact of a possible cybersecurity breach; and
• other risks and uncertainties described in
the Partnership’s Annual Report on Form 20-F filed with the SEC on
February 12, 2018, available at http://www.sec.gov.
GasLog Partners undertakes no obligation to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events, a change in our
views or expectations or otherwise. New factors emerge from time to
time, and it is not possible for us to predict all of these
factors. Further, we cannot assess the impact of each such factor
on our business or the extent to which any factor, or combination
of factors, may cause actual results to be materially different
from those contained in any forward-looking statement.
The declaration and payment of distributions are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Marshall
Islands law and such other factors as our board of directors may
deem relevant.
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