• 2018 March 21 18:14

    GasLog Partners LP announces acquisition of GasLog Gibraltar for $207 million and repayment of intercompany loan

    GasLog Partners LP and GasLog Ltd. announced today that they have approved entering into two agreements:
        For the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Gibraltar (the "Acquisition"). The aggregate purchase price for the Acquisition will be $207 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. The Acquisition is expected to close in the second quarter of 2018 and is subject to satisfaction of certain customary closing conditions. The Board of Directors of GasLog, the Board of Directors of GasLog Partners (the "Board") and the Conflicts Committee of the Board have approved the Acquisition; and
         
        For the Partnership to repay in full its $45 million unsecured term loan from GasLog ("New Sponsor Credit Facility"). The New Sponsor Credit Facility accrues interest at a rate of 9.125% per annum with an annual 1.0% commitment fee on the undrawn balance, with scheduled maturity in March 2022.

    GasLog Partners expects to satisfy the above transactions through a combination of (i) $58 million in cash on hand, sourced from the proceeds of its recent 8.200% Series B preference units offering; (ii) $45 million of new privately placed common units issued to GasLog(1); and (iii) the assumption of $149 million of existing debt on GasLog Gibraltar.

    GasLog Gibraltar is a 174,000 cubic meter tri-fuel diesel electric liquefied natural gas ("LNG") carrier built in 2016 and operated by GasLog since delivery. The vessel is currently on a long-term time charter with a wholly owned subsidiary of Royal Dutch Shell plc ("Shell") through October 2023. Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or eight years.

    The Partnership believes that the Acquisition will be immediately accretive to distributable cash flow per unit and is consistent with its strategy to grow cash distributions through dropdown and third-party acquisitions. GasLog Partners estimates that GasLog Gibraltar will add approximately $22.4 million to EBITDA(2) in the first 12 months after closing. Accordingly, the Acquisition purchase price represents a multiple of approximately 9.2x estimated EBITDA. Upon closing, the Acquisition will be supportive of GasLog Partners' guidance of 5% to 7% year-on-year distribution growth in 2018.

    Andy Orekar, Chief Executive Officer of GasLog Partners, stated, "I am very pleased to continue executing our growth strategy with the accretive acquisition of GasLog Gibraltar.  This 2016-built vessel is highly complementary to our strategy and its charter to Shell provides approximately five and a half years of stable cash flows at attractive fixed charter terms. In addition, the repayment in full of our highest cost debt is immediately accretive to our distributable cash flow per unit and strengthens our balance sheet. Furthermore, our partial satisfaction of the total consideration payable through the issuance of new privately placed common units to GasLog enables the Partnership to retain substantial liquidity to fund future growth."

    Paul Wogan, Chief Executive Officer of GasLog, stated, "We continue to execute on our strategy of dropping vessels into GasLog Partners at a premium to book value and recycling the capital to GasLog. The receipt of newly issued, privately placed common units as partial consideration for these two transactions highlights the strong alignment of GP and LP interests and increases our ownership in the Partnership to approximately 30%. Through our unit ownership and incentive distribution rights, we will benefit from future increases in GasLog Partners' distributions, which should continue to enhance our cash flow, growth prospects and valuation."

    Number of and allocation between general partner and common units to be determined prior to closing of the Acquisition based on the volume weighted average pre-closing trading price of the Partnership's common units.

    EBITDA is a non-GAAP financial measure. Please refer to Exhibit I for guidance on the underlying assumptions used to derive EBITDA.

    About GasLog Partners

    GasLog Partners is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters. Upon closing of the Acquisition, GasLog Partners' fleet will consist of 13 LNG carriers with an average carrying capacity of approximately 156,000 cbm GasLog Partners' principal executive offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.

    About GasLog
    GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated owned fleet consists of 29 LNG carriers (24 ships on the water and 5 on order). GasLog also has an additional LNG carrier which was sold to a subsidiary of Mitsui Co. Ltd. and leased back under a long-term bareboat charter. Upon closing of the Acquisition, GasLog's consolidated fleet will include 13 LNG carriers in operation owned by GasLog's subsidiary, GasLog Partners. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.




2019 March 26

18:06 Georgia Ports Authority marks decade of partnership with Kia
17:50 Nuclear-powered container carrier Sevmorput delivered first batch of cargo for Arctic LNG 2
17:36 ABB wins contract to power the first Chinese-built cruise vessel
17:04 Austal awarded A$369 million U.S. Navy contract
16:34 Nexans to supply turbine cables & accessories for the world’s first floating offshore wind farm operating at 66 kV
16:27 First LNG bunkering operations performed at Polish ports
16:04 CNOOC orders MacGregor on-vessel mooring systems for their new deepwater floating production unit
15:45 Bunker prices are slightly up at the Far East ports of Russia (graph)
15:34 Wärtsilä propulsion solutions producing superior power for two new tug boats
15:04 European Parliament adopts final agreement on the Connection Europe Facility for 2021-2027
14:51 LNG Terminal in Świnoujście accepts fourth LNG spot cargo delivery this year
14:39 NORDEN sells 4 dry cargo vessels
14:27 LOTOS and PGNiG: first commercial bunkerings of ships with LNG in Polish seaports
13:54 Orekhovo-Zuyevo, missile ship of RF Navy’s Black Sea Fleet, headed for Mediterranean under combat training plan
13:29 Phase 2 of Krievu Island project receives GRAND PRIX at Latvian Builders Association’s 2018 Annual Awards
13:02 Van Oord posts results for 2018
12:46 Sergey Karataev appointed General Director of Freight One JSC
12:20 Damen Verolme Rotterdam completes refit of drilling rig Stena Don
11:35 Rosmorport to hold an auction to sell its МСП-90 boom-laying boat
11:11 16 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 25-26
10:49 Rosmorport to hold an auction to sell its Leader pilot boat
10:13 Brent Crude futures price is up 0.13% to $66.9, Light Sweet Crude – up 0.65% to $59.20
09:44 MABUX: Bunker Market this morning, March 26
09:22 Baltic Dry Index is down to 689 points
09:07 TenneT awarded a framework agreement to Jan De Nul Group for repairs of TenneT’s offshore high-voltage cables
08:07 Berths for inland shipping now operational in Afrikahaven at the port of Amsterdam
07:41 GTT grants certification to SVEZA Group for production of plywood for Mark III containment system

2019 March 25

18:00 Navis N4 TOS selected to enhance terminal operations at North Carolina Ports
17:50 Increased safety for pilots boarding in Solent with new weather station
17:45 EMAR Offshore Services welcomes Damen ASD Tug 2811
17:25 Three basins of Russia’s IWW prepared for navigation season of 2019
16:48 Krasnoye Sormovo shipyard signs contract on construction of 11 dry cargo carriers for STLC
15:52 Kenia host 6th Annual East Africa Transport and Infrastructure conference on 13-14 May 2019
15:26 UK Hydrographic Office works with Seychelles government to help tackle piracy in the Indian Ocean
15:04 Yang Ming reports financial results for 2018
14:03 Closing of MacGregor's TTS acquisition postponed to Q2 2019
13:10 ArcelorMittal and Dow start trials for a new CO2 project in North Sea Port
12:39 Average wholesale prices for М-100 HFO up to RUB 19,562 in RF spot market
12:05 Port of Antwerp updates figures for 2018
11:47 The Maritime Standard swings into 2019
11:30 Damen Shipyards Den Helder signs order with Netherlands’ Defense Material Organization for Expeditionary Survey Boat
11:21 Working group on construction of Nizhegorodsky hydrosystem established under auspices of RF Transport Ministry
11:12 MABUX: Bunker Market this morning, March 25
11:04 IMO-executed GloFouling project kicks off to protect marine biodiversity
10:36 Windpark Fryslân awards contract to Van Oord and Siemens Gamesa to build wind farm
10:30 Polarcus announces redelivery of Vyacheslav Tikhonov
10:00 Keppel finalizes the rig construction contract with Awilco Drilling for the construction of semisubmersible drilling rig
09:56 Throughput of Chinese sea and river ports grew by 3.2% to 2.03 billion tonnes in 2M’2019
09:34 Brent Crude futures price is down 0.64% to $66.32, Light Sweet Crude – down 0.76% to $58.59
09:15 Baltic Dry Index is down to 690 points

2019 March 24

16:29 VARO and GoodFuels extend partnership to scale Bio Fuel Oil availability to deep sea segment in ARA Region
15:13 New Kongsberg Maritime application enables Bureau Veritas to successfully complete the first ‘DP Digital Survey’
14:27 ESVAGT increases presence in dynamic offshore wind market
13:03 Semco secures EPCI contract with Total as part of the Tyra Redevelopment Project
12:01 Safe Scandinavia option restructure and extension

2019 March 23

16:03 NCL announces plans for new staff training facility
15:54 ABP Humber provides land to support KIA expansion
14:22 SeaPlanner to support marine coordination for Taiwan's Formosa I offshore wind farm
13:31 Høglund awarded fuel-gas supply systems contract for six Hurtigruten passenger ships retrofits
12:25 McDermott secures substantial offshore EPCI contract in the Middle East