• 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 April 25

15:30 Volga Shipping Company opens navigation on the Upper Volga river
15:14 MOL expands its NVOCC business with the unified brand "MOL Worldwide Logistics"
15:06 BWMS manufacturers and stakeholders set up new association BEMA
14:55 Innovative Damen RSD Tug 2513 kicks-off introduction tour in Italy
14:09 Ilari Kallio appointed Chief Digital Officer at Konecranes
13:20 Nakilat records 13% increased profits for the first quarter of 2018
12:59 Philippines accedes to air pollution and energy efficiency rules
12:33 Cruise season begins at the Port of Gdansk
12:09 HELCOM progresses firmly towards reducing input of pollutants into the Baltic Sea
11:51 8,791 ships are fitted out with the GLONASS navigation equipment - Dmitry Rogozin
11:28 All seaports in Crimea will be fully equipped with GLONASS system in 2018 - Dmitry Rogozin (photo)
11:09 Keppel Offshore & Marine signs MOU with MPA and TCOMS to jointly develop autonomous vessels
10:50 LUKOIL BoD recommends dividend distribution for 2017 in the amount of RUB 215 per ordinary share
10:26 Brent Crude futures price up 0.08% to $73.8, Light Sweet Crude – down 0.13% to $67.61
10:09 WinGD wins marine propulsion Emissions Reduction Award
09:45 Bunker prices are going up at the Port of Saint-Petersburg, Russia (graph)
09:20 Baltic Dry Index up to 1,306 points
09:08 The Port of Rotterdam welcomes IMO’s first step in reducing CO2 from shipping
08:17 Keppel on track to deliver South East Asia’s first LNG powered tug

2018 April 24

18:43 GAC South Africa expands into Port Elizabeth
18:29 Summa Group and Rosneft denied holding negotiations on Novorossiysk Commercial Sea Port
17:30 Future perspectives for maritime industry to be studied at Maritime Future Summit (MFS) during SMM
17:06 PSA and GeTS to develop new global trade facilitation & supply chain platform “Calista™”
16:47 Safety and innovation on the agenda for Danish Maritime Days
16:26 Fincantieri delivers FREMM “Federico Martinengo” to the Italian Navy
16:04 British Ports Association calls for funding commitments to deliver on welcome first steps on port connectivity
15:35 NIBULON transports Ukrainian metal by water
15:04 STASCo signs contract with BMT for navigation simulator REMBRANDT
14:37 ESPO applauds EU role in achieving the IMO agreement on CO2 reduction target for shipping
14:28 Tallink Group’s consolidated revenue in 2017 amounted to EUR 967.0 million
14:04 Seafarer issues to be highlighted during 105th session of IMO's Legal Committee
13:32 HHLA to strengthen and expand its intermodal activities through its rail subsidiary Metrans
12:56 Bunker prices are going down at the Far East ports of Russia (graph)
12:33 Aleksey Kadilov elected as Director General of Baltiysky Zavod (photo)
12:09 US Federal Maritime Commission to examine trucking & delivery arrangements
11:45 Russia’s General Board of State Expert Review approves yet another phase of project on construction of Zvezda shipyard (photo)
11:09 CMA CGM announces GRR from Asia to East Africa
10:45 Foreship takes world’s leading CFD simulation software, StarCCM+ into use
10:30 ABP shortlisted for two Humber Renewables Awards
10:22 Brent Crude futures price down 0.04% to $74.03, Light Sweet Crude – down 0.13% to $68.31
10:08 Nakilat is the first company in Qatar certified for ISO45001
09:39 Freeport of Riga Authority along with several port companies visited TransRussia 2018
09:17 Baltic Dry Index up to 1,306 points
09:08 Compensation regime for Hazardous and Noxious Cargoes a step closer - IMO
08:48 City of Antwerp and Antwerp Port Authority start urban mission to Moscow and St. Petersburg

2018 April 23

18:06 World’s largest short sea Ro-Ro vessel MV Celine christened at Dublin Port
17:52 Digital Ship’s Maritime Big Data Forum will be held on 29 May 2018 in Oslo
17:36 Ocean Rig announces agreement to postpone delivery of newbuilding drillship Ocean Rig Santorini
17:20 Construction of Bagayevsky hydrosystem begins in Rostov Region (photo)
17:05 ITF urges Hutchison Ports to improve global health and safety operations
16:35 Polskie LNG conduct a technical dialogue on extension of LNG Terminal in Świnoujście
16:29 Rosmorport’s icebreakers assisted over 5,700 vessels in freezing seaports of Russia this winter navigation season
16:05 Hapag-Lloyd plans 20 percent reduction in CO2 emissions by 2020
15:55 Azerbaijan Caspian Shipping Company to provide additional scholarships for students
15:33 TransContainer’s net profit in QI’2018 increased by 19.5% Y-o-Y to RUB 1.479 million
15:04 M.v. Tucana delivers fibre optic cable baskets from Drammen (Norway)
14:47 Port of Gdansk (Poland) throughput up 44% to 12.7 million tonnes in January-March 2018
14:31 Average wholesale prices for М-100 HFO in RF spot market up to RUB 13,542 per tonne
14:10 ICTSI PNG units ink union agreements
13:59 MOL сrude oil tanker rescues a castaway in the South China Sea