• 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.




2018 September 21

11:07 Odfjell finalizes sale of Rotterdam tank terminal
10:36 ABP promotes South Wales ports as cruise destinations
10:07 Georgia Ports plan 8 million TEU capacity by 2028
09:54 Brent Crude futures price up 0.06% to $78.75, Light Sweet Crude – up 0.14% to $70.22
09:35 Bunker prices are going up at the Port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index is up to 1,396 points
09:03 APL’s Eagle Express service makes a solution for precise logistics management
08:07 Yang Ming to upgrade China-Vietnam-Thailand service
07:20 Iskes Towage names twin Damen ASD Tugs 3212 Mars and Mercurius

2018 September 20

21:17 Expert says production declines and geopolitical unrest may push bunker prices up
18:02 SITC holds naming & delivery ceremony for M/V “SITC TOYOHASHI”
17:54 Sovcomflot participates in Eastern Economic Forum’s business programme
17:30 Kurt Bodewig appointed as new European Coordinator for Motorways of the Sea
17:07 Port of Singapore holds annual multi-agency ferry emergency exercise
16:46 IAPH regional conference sets pan-African ports agenda
16:25 UAE to host Dubai Marine Insurance Conference 2018 on November 20-21
16:07 Governments of New Zealand and Australian announce fumigation requirement for import cargos
15:48 Sovcomflot is a Partner of the Second Conference “LNG Fleet and LNG Bunkering in Russia”
15:32 NYK product tanker rescues 28 fishermen off the coast of Colombia
15:04 CMA CGM announces GRR from Asia to West Africa
14:56 Admiralteiskie Verfi launches the Kronshtadt, diesel-electric submarine of Project 677
14:32 DNV GL releases autonomous and remotely operated ship guideline (UPDATE)
14:04 Port of Long Beach awarded $4.2 mln security grant
13:32 ABS supports innovative yacht design with dedicated guidance notes and software
13:20 Finnish Transport Agency: international seaborne transport volumes show significant boost
13:04 Port of Antwerp works on structural solutions to improve mobility
12:43 Arctic group of RF Navy’s Northern Fleet enters Chukchi Sea through Bering Strait
12:30 Wison receives AiP from LR for 300MW FSRP
12:04 Port of Rotterdam and Rönesans Holding sign agreement for petrochemical industrial zone in Turkey
11:49 IMO to start consideration of legal framework for low-flashpoint diesel
11:30 Gulftainer signs 50-year, $600 million concession to operate and expand Port of Wilmington in Delaware, USA
11:18 Fuel oil prices are going up the Far East ports of Russia (graph)
11:04 Green Corridor JIP delivers innovative bulk carrier designs for a low emissions future
10:55 IMO takes important step to facilitate use of methanol
10:30 HHI receives AiP from LR for a VLGC design capable of using LPG as fuel
10:19 Brent Crude futures price up 0.3% to $79.64, Light Sweet Crude – up 0.61% to $71.2
10:03 OpenIJ starts sinking operation of the lock gate chamber at the Port of Amsterdam
09:50 Passenger Port of Saint-Petersburg ("Marine Façade") welcomed MSC Meraviglia
09:34 CMA CGM announces GRR from India to East Africa
09:17 Baltic Dry Index is up to 1,373 points
09:03 Port of Rotterdam organises information meeting about the replacement of Maaskade quay wall
08:34 DNV GL launches revised design standard and new certification guideline for floating wind turbines
08:04 ABS issues AIP for Jiangnan’s LNG Jumbo

2018 September 19

18:10 Significant reserve growth confirmed at the Utrenneye field
17:53 Green Corridor JIP delivers innovative bulk carrier designs for a low emissions future
17:35 Rolls-Royce launches new range of powerful medium speed V-Engines
17:05 Sembcorp Marine, ABS and A*STAR’s Institute of High Performance Computing team up to develop new gas technologies in offshore, marine and energy sectors
16:35 Valenciaport presents its cruise offer in Lisbon under the slogan “Valencia dresses in green”
16:16 Vladimir Panchenko dredger built for Lena Basin is put into operation
16:04 MOL launches new large-scale ferry Sunflower Kirishima
15:47 Freeport of Riga Authority begins active cooperation with its Chinese partners
15:23 Vancouver Fraser Port Authority joins leading port authorities in climate action program
15:04 DFDS to invest DKK 300m to install scrubbers on 12 freight ferries deployed on freight routes in the Mediterranean
14:50 Maersk to combine Damco’s Supply Chain Services and Maersk Line’s Ocean Product on January 1st, 2019
14:22 NOVATEK and Fluxys apply for establishment of a joint venture in Rostock, Germany
14:08 Stevedoring unions announce a strike in the ports of Leixoes and Lisbon
13:08 Noble Group completes the sale of the Panacore vessels
12:47 Bunker prices are going down at the Port of Saint-Petersburg, Russia (graph)
12:29 Nevsky Shipyard took part in II International Fishery Forum and Expo 2018
12:07 ABS holds seminar series exploring gas as marine fuel