• 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 July 20

13:29 Seadrill receives ABS MPD™ notation enabling safer deepwater drilling
13:00 Severnaya Verf lays down a longline factory vessel Gandvik-1 for fishing fleet of Karelia
12:17 Icebreaking LNG carrier "Vladimir Rusanov" first call ceremony at PetroChina LNG Jiangsu Terminal
12:16 GD NASSCO shipyard gets DDG 76 drydocking contract
11:48 HELCOM shares its insights on marine litter and management of sea areas
11:23 Wärtsilä's half year financial report January-June 2018
11:02 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)
10:39 Gazprom to revive implementation of Vladivostok LNG and Shtokmanovsky projects
10:16 MPC Container Ships to acquire 1,740teu boxship
09:55 Brent Crude futures price up 0.28% to $72.78, Light Sweet Crude – up 0.1% to $68.33
09:18 Baltic Dry Index down to 1,657 points

2018 July 19

18:23 MPA and Port of Rotterdam Authority to continue cooperation in information exchange and R&D
18:14 DP World signs agreement to boost international trade
17:55 NIBULON launched second T3500 Project tug
17:32 IMO supports spill preparedness in the Northwest Pacific
17:10 ABB turbochargers support optimal performance and fuel efficiency for one of the world’s largest container ships
16:48 Escort vessel Yaroslav Mudriy of RF Navy’s Baltic Fleet leaves port of Cyprus
16:21 Ocean Alliance - CMA CGM to reshuffle its CIMEX 6 service
15:59 Blagoveshchensk shipyard launched hydrographic vessel Aleksandr Rogotsky built for RF Navy’s Pacific Fleet
15:26 Austal USA opens new San Diego operations office
15:04 MABUX says high volatility remains in global bunker market
14:45 Port of Klaipeda (Lithuania) handled 22.2 million tonnes of cargo in 6M'18, up 7.6% Y-o-Y
14:27 FSB Border Service explains its position as regards vessels owned by foreign entities and used by Russian fishermen
14:09 New CMA CGM's FAK rates from Asia to North Europe
14:02 The PORT OF KIEL invests in cargo handling and environmental technology
13:43 Season of icebreaker assistance in water area of port Sabetta is over from July 20
13:28 Coast Guard offloads approximately 8.5 tons of cocaine
13:04 CMA CGM: FAK rates from Asia to the Mediterranean
12:55 NOVATEK shipped first LNG cargos to China
12:36 ILCA, Port of Amsterdam to host Chem Together meeting, Sept. 11
12:10 Fuel oil prices are flat at the Far East ports of Russia (graph)
11:42 State Duma approves Russian ships’ multiple crossings of State Border through notification procedure
11:19 CMA CGM to apply FAK rates for Asia-North Africa trades
10:54 Canada’s Davie Shipbuilding delivered first LNG-powered ferry to be built in North America
10:35 NYK establishes logistics JV for finished cars using automobile freight trains in India
10:03 New Port of Hamburg “Connection Compass 2018/19” has arrived
09:46 Brent Crude futures price down 0.18% to $72.77, Light Sweet Crude – down 0.12% to $67.67
09:14 Baltic Dry Index up to 1,688 points

2018 July 18

18:31 Naval Group posts H1 2018 performance results
18:00 BC Ferries announces sponsorship of the Nicholas Sonntag Marine Education Centre
17:36 DP World announces closing of Continental Warehousing Corporation (India) transaction
17:12 Marine Technics to participate in International Far East Maritime Show-2018
16:44 Oleg Bukin elected as Chairman of Tuapse Commercial Seaport BoD
16:23 Transocean and Chevron Australia ink 11-well contract
15:45 Stena Bulk positions itself in crude oil
15:19 Transocean announces 13-well contract for Transocean 712
14:57 AGCS issued Safety & Shipping Review 2018
14:43 Scandlines Helsingborg-Helsingör kicks off the holiday traffic season without delay
14:18 Intermarine UK promotes Portland Port to Government minister
14:00 Szczecin to become the capital of Baltic seaports in September
13:31 OHT to order ULSTEIN-designed heavy lift transport and installation vessel
12:59 Ports of Szczecin and Świnoujście announce 12-pct increase of cargo handling in HI’18
12:22 Dorian LPG confirms receipt of director nominations from BW LPG
11:50 Throughput of Ukraine’s seaports in HI’18 fell by 3.1% Y-o-Y to 53.8 million tonnes
11:25 TTS Colibri 3D compensated crane passes FAT
11:03 Overseas Shipholding Group places order for cemical tanker duo with Hyundai Mipo Dockyard
10:41 Yaroslavsky Shipbuilding Plant launches Svetlyak-class patrol boat Balaklava
10:32 Brent Crude futures price down 0.35% to $71.91, Light Sweet Crude – down 0.36% to $66.92
10:16 ICS encouraged by IMO progress on 2020 global sulphur cap implementation issues
09:59 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)