GasLog Partners LP, an international owner, operator of liquefied natural gas carriers, reported its financial results for the three and six month periods ended June 30, 2014.
Andrew Orekar, Chief Executive Officer , stated: “We are pleased to report strong financial and operating results for the first quarter following our successful initial public offering in May. We believe we have created a highly scalable master limited partnership (“MLP”) with a visible pipeline of assets to be acquired over time. With substantial financial flexibility and strategic sponsorship from GasLog Ltd., GasLog Partners is very well positioned for significant growth in cash distributions.”
Revenues for the quarter and six month period ended June 30, 2014 were $20.97 million and $41.72 million, respectively ($16.34 million and $21.73 million for the quarter and six month period ended June 30, 2013, respectively).
Vessel operating costs for the quarter and six month period ended June 30, 2014 were $4.09 million and $7.95 million, respectively ($3.88 million and $4.98 million for the quarter and six month period ended June 30, 2013, respectively).
Depreciation of fixed assets for the quarter and six month period ended June 30, 2014 was $4.01 million and $7.97 million, respectively ($3.12 million and $4.13 million for the quarter and six month period ended June 30, 2013, respectively).
The increase in revenues, vessel operating costs and depreciation is attributable to the increase in operating days resulting from the delivery of the three vessels, the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney.
Press Release, August 1, 2014; Image: BG Group