• 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 December 16

13:21 Traxens trials IoT network in port environment for first time, at MSC Terminal Valencia
12:32 Executives must watch both sea and air amid trade war tensions, warns Xeneta
10:55 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
10:11 PGNiG receives third spot delivery of US-sourced LNG at Świnoujście

2018 December 15

16:23 MOL Passenger Line receives award for outstanding performance in 'Cruise of the Year 2018'
14:53 CMA CGM to implement GRR for India East Coast-West Africa trade
13:51 CMA CGM announces LSS on services from / to China, Hong Kong and Taiwan
12:44 NYK Cruises receives Grand Prix Award for 2018 World Cruise
11:27 TT-Line places order for RoPax "green" ferry with China's Jiangsu Jinling Shipyard

2018 December 14

18:17 Hapag-Lloyd to increase rates from East Asia to Mexico, Central America, West Coast of South America, Caribbean & Panama
17:48 Petersburg Oil Terminal puts into operation its emergency response team
17:33 Vinalines to open container shipping centre next week
17:30 Fairway adjustment will simplify Elbe traffic control already next year
17:27 Final cruise ship for the year calls to the Port of Gothenburg
17:23 The MV Magda joins the Klaveness Bulkhandling pool
17:16 India’s containerised export up 10% in the third quarter of 2018
17:13 FSL Trust announces newbuilding agreement for the construction of two LR2 product tankers
17:13 Havyard project with Havila Kystruten on hydrogen-powered coastal route operations to receive over NOK 100 million in funding from Pilot-E
16:24 World Fuel Services expands bunker operations in US leading up to 2020
15:57 IMO held training workshops in Cameroon Single Window for Foreign Trade Transactions
14:49 Onezhsky Shipyard lays down self-propelled hopper barge of Project HB600
14:08 Irish Continental Group plc takes delivery of cruise ferry W.B.Yeats
13:55 WMU takes part in Ocean Literacy Conference
13:31 First in industry ADNOC co-loads LPG and propylene onto same vessel in Ruwais
13:10 WMU hosted round table discussion regarding key challenges facing IMO
12:53 Bunker market at the Port of Saint-Petersburg, Russia shows mixed price movements (graph)
12:32 Nordic American Offshore secures contract for its PSV NAO Viking
12:11 Rosrybolovstvo supports 2nd Dredging and Hydraulic Engineering Structures Congress
11:50 Association of Commercial Sea Ports celebrates its 30th anniversary
11:24 Gazprom and Itochu sign MoU under Baltic LNG project
11:06 Scorpio Bulkers announces time charter-out agreement
10:48 Domestic ferry safety exercise conducted in Indonesia
10:25 IMO holds training for managing insecurity in west Indian Ocean and Gulf of Aden
10:06 EC adds six new yards to its ‘European List of ship recycling facilities’
09:47 Brent Crude futures price down 0.61% to $61.05, Light Sweet Crude – down 0.4% to $52.37
09:25 GTT notified by HSHI for the tank design of two new LNG carriers for CMM
09:18 Baltic Dry Index is up to 1,365 points
08:06 Fincantieri publishes its Sustainability Plan 2018-2022
07:14 Port of Long Beach cargo volume up to 621,835 TEU in November 2018
06:09 Mitsubishi Shipbuilding holds christening ceremony for LPG carrier "LAUREL PRIME"

2018 December 13

18:43 Coal exports via Rosterminalugol hit 19-millionth tonne mark
18:28 Port of Kaliningrad throughput in Jan-Nov rose 4% to nearly 13 million tonnes
18:25 Tideway completes installation of longest AC offshore wind export cable at Hornsea One in the UK
17:49 Hapag-Lloyd to cancel calls at Port of Bremerhaven
17:25 Building of Johan Sverdrup Phase II begins
17:19 Port of Vyborg 11-month cargo volumes soar 24% to 1.72 million tonnes
17:13 Seabridge first in Belgium to receive the SCA certificate
17:08 Jan De Nul cleans up polluted beaches along the coast in southern France
17:07 Bunker fuel prices at Far Eastern ports close the week lower
17:00 Murmansk Region will improve water safety regulations – Marina Kovtun
16:47 Port of Vysotsk cargo volume in Jan-Nov rises 6% to 16.86 million tonnes
16:36 Maersk Broker Bulk Chartering and NAODAN Chartering
16:30 Murmansk Region Governor is a member of revised State Commission for Arctic Development Issues
16:26 YILPORT Holding wins Port Operator Award at Lloyd’s List Global Awards
16:03 Rosmorport releases RFPs for design of an DF 12/14MW icebreaker
15:49 Jotun and Kansai Paint build relationship to meet marine and protective demand
15:46 Baltic Sea Ports Authority icebreakers assist merchant vessels in the Gulf of Finland
15:21 Containerships receives its first LNG-powered container vessel
14:44 Uncertainty lingers in fuel markets despite OPEC cuts
14:17 Maersk Line receives Containership Operator of the Year award