GasLog Partners’ first quarter profit up 26 pct

GasLog Partners, the Monaco-based owner and operator of LNG carriers said Thursday its first-quarter net income rose 26 percent as compared to the same period a year before.

The master limited partnership posted a net profit of $16.2 million in the first three months of this year.

Revenues rose 52 percent to 49.4 million as compared to the same quarter in the year before, GasLog Partners said in a statement.

“The year-on-year increases in the Partnership performance results in the first quarter are mainly attributable to the additional vessel operating days in our fleet resulting from the acquisition of the Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally on July 1, 2015, from GasLog,” the company said.

Due to the number of projects recently starting up, the Partnership saw a rise in tendering activity for vessels to transport the new LNG volumes coming on the market. Charterers are looking for on-the-water and newbuild vessels for medium and long-term employment.

The Partnership added that its long-term supply and demand outlook for LNG shipping remains positive, noting a future shortfall of vessels required for the new projects coming online.

LNG World News Staff