GasLog Partners LP

First-quarter 2023 revenue was $99 million, up 15.9% from the first quarter of 2022. Adjusted EBITDA was $76 million, about $15.4 million higher year over year, and adjusted earnings were $0.62 per unit. Operating expenses were down $2.7 million year over year, daily operating expense was $12,640 per vessel, G&A was $5.6 million, and interest expense increased by $8.6 million versus the prior-year quarter. For 2023, management expects unit operating expenses to average approximately $13,850 per vessel per day, and it still has 3 scheduled dry dockings ahead with an estimated total CapEx cost of $15.6 million and at least 30 off-hire days per vessel. The partnership said gross debt to total capitalization improved to 46.5% from 52.7% a year earlier, net debt to trailing 12-month EBITDA improved to 2.2x from 4.3x, and about $116 million of scheduled debt and lease principal payments remain over the next 12 months. The merger with GasLog Ltd. is expected to close in the third quarter of 2023 at $8.65 per common unit, and the board expects to declare a special distribution of $3.28 per common unit after unitholder approval.

Paolo Enoizi emphasized that the fleet is still delivering good results because of the fixed-charter coverage secured during the strong 2022 market, which has helped protect near-term profitability despite the sharp seasonal downturn in LNG rates. He said Europe’s reliance on LNG should continue, China is expected to return to the market, and long-term LNG supply fundamentals remain supportive even though project delays could push the supply deficit beyond 2027. He also framed the Geneva charter extension and Sydney sale-and-leaseback as evidence of disciplined capital allocation and ongoing deleveraging.

Achilleas Tasioulas highlighted a solid quarter with $99 million of revenue, $76 million of adjusted EBITDA, and adjusted earnings of $0.62 per unit. He walked through the main cost drivers: operating expenses fell $2.7 million year over year to $12,640 per vessel per day, G&A rose to $5.6 million due to $0.8 million of transaction costs, and interest expense increased by $8.6 million because of higher base rates and LIBOR despite prior deleveraging. He also pointed to capital allocation progress, including $32.1 million of scheduled debt and lease repayments, $87.8 million repaid related to the Sydney sale and leaseback, approximately $49 million of incremental liquidity released, and ongoing preference-share repurchase plans once the blackout period ends.

There was no analyst Q&A, as management said the pending transaction meant they would not be taking questions at the end of the presentation. As a result, the call focused on prepared remarks covering the merger, operating results, leverage progress, and market outlook. The closest thing to investor concerns addressed on the call was management’s acknowledgment of weak spot-market conditions, persistent relents, higher interest expense, and the need to complete scheduled dry dockings and manage preference-share costs.