GasLog Partners posts higher revenues in Q4
GasLog Partners, the Monaco-based owner and operator of LNG carriers said Thursday its fourth quarter revenues rose 56 percent on year to $51.95 million.
The LNG tanker owner informed in a statement this was the company’s “highest-ever quarterly performance for revenues, profit, EBITDA, adjusted EBITDA and distributable cash flow“.
EBITDA and adjusted EBITDA were at $38.34 million, 58 percent and 59 percent higher, respectively, than the fourth quarter of 2014.
Andrew Orekar, CEO of GasLog Partner said: “This performance highlights the limited impact of lower commodity prices on the Partnership’s stable cash flows, which are generated from multi-year charters with fixed-fee revenues.”
According to the CEO, for the fourth quarter, GasLog Partners has declared a cash distribution of $0.478 per unit, which is unchanged from the third quarter of 2015 and represents an 18 percent compound annual growth rate since the Partnership’s initial public offering (IPO).
The Partnership’s fleet of eight LNG carriers is “fully financed and generating distributable cash flow well in excess of our distribution.”
“In the fourth quarter, we have reduced debt using our excess cash flow, as doing so is accretive to GasLog Partners’ distributable cash flow on a per unit basis. Our total debt repayment for the quarter was $30.63 million, including $15.0 million of borrowings under our revolving facility with GasLog Ltd. that represents our highest cost debt and can be redrawn at any time,” Orekar added.
LNG World News Staff