GasLog Companions LP Stories Monetary Outcomes for the Three-Month Interval and the 12 months Ended December 31, 2022 and Declares Money Distribution

Majuro, Marshall Islands, Jan. 26, 2023 (GLOBE NEWSWIRE) —

GasLog Companions LP (“GasLog Companions” or the “Partnership”) (NYSE: GLOP), a global proprietor and operator of liquefied pure fuel (“LNG”) carriers, at the moment reported its monetary outcomes for the three-month interval and the 12 months ended December 31, 2022.

Highlights

• Prolonged the time constitution settlement of the Methane Becki Anne, a tri-fuel diesel electrical (“TFDE”) LNG service, with a completely owned subsidiary of Shell plc (“Shell”) exercising their five-year choice to increase, with the contract now on account of expire in 2029. Additionally, prolonged the time constitution settlement of the Methane Jane Elizabeth with a subsidiary of Cheniere Power Inc. (“Cheniere”) exercising their choice to increase for one more 12 months and entered right into a one-year time constitution settlement for the TFDE LNG service GasLog Seattle with a Swiss-headquartered vitality buying and selling firm

• Accomplished the sale and lease-back of the Methane Heather Sally, a steam turbine propulsion (“Steam”) LNG service for $50.0 million, with no repurchase choice or obligation

• Repurchased $10.5 million of desire items within the open market within the fourth quarter of 2022 and a complete of $49.2 million of repurchased desire items throughout 2022

• Repaid $21.7 million of debt and lease liabilities in the course of the fourth quarter of 2022, bringing whole debt reimbursement to $115.7 million throughout 2022 (excluding $65.1 million of whole prepayments with respect to the sale of the Methane Shirley Elisabeth and the sale and lease-back of the Methane Heather Sally)

• Acknowledged a non-cash impairment lack of $4.4 million within the fourth quarter of 2022 on the e-book values of two Steam vessels of the Partnership, in-built 2006 and 2007

• Quarterly Revenues, Revenue, Adjusted Revenue⁽¹⁾ and Adjusted EBITDA⁽¹⁾ of $105.0 million, $40.6 million, $44.8 million and $81.1 million, respectively

• Annual Revenues, Revenue, Adjusted Revenue⁽¹⁾ and Adjusted EBITDA⁽¹⁾ of $371.0 million, $119.0 million, $139.3 million and $274.6 million, respectively

• Quarterly Earnings/(loss) per unit (“EPU”) of $0.66 and Adjusted EPU⁽¹⁾ of $0.74

• Annual EPU of $1.77 and Adjusted EPU⁽¹⁾ of $2.15

• Declared money distribution of $0.01 per widespread unit for the fourth quarter of 2022

• On January 24, 2023, the Partnership obtained an unsolicited non-binding proposal from GasLog Ltd. (“GasLog”) to accumulate the entire excellent widespread items representing restricted companion pursuits of the Partnership not already beneficially owned by GasLog, at an mixture buy worth of $7.70 per widespread unit in money

CEO Assertion

Paolo Enoizi, Chief Government Officer, commented: “The Partnership delivered robust monetary ends in the fourth quarter of 2022, making the most of market circumstances to safe a sequence of time period charters at enticing charges in the course of the course of the 12 months. The Partnership enters 2023 with a constitution backlog of roughly $729.0 million of contracted time constitution revenues and stuck constitution protection of about 87.0% of its whole days in 2023, with nearly all of our open days within the seasonally stronger fourth quarter, additional enhancing our money stream visibility in 2023.

Total, the time period fixtures in 2022 supported the disciplined execution of our capital allocation technique, serving to us make significant progress in direction of our leverage targets and strengthening our stability sheet with the repurchase of $49.2 million in desire items within the 12 months, or roughly $68.0 million since inception of the repurchase plan in August 2021, which can also be enhancing the Partnership’s all-in break-even ranges in our fleet. Our capability to seize the market and our continued concentrate on our capital allocation technique maintain delivering shareholder worth, serving to us make progress in direction of our long-term targets, and can place us to benefit from accretive progress alternatives.

Lastly, on January 24, 2023, the Partnership obtained an unsolicited non-binding proposal from GasLog to accumulate the entire excellent widespread items not already owned by GasLog for an mixture buy worth of $7.70 per widespread unit in money, which our board of administrators and conflicts committee are within the means of reviewing.”

Monetary Abstract

There have been 1,288 accessible days ⁽²⁾ for the quarter ended December 31, 2022, as in comparison with 1,380 accessible days ⁽²⁾ for the quarter ended December 31, 2021. The quarter-over-quarter lower is attributable to the sale of the Methane Shirley Elisabeth within the third quarter of 2022.

Revenues have been $105.0 million for the quarter ended December 31, 2022, in comparison with $88.2 million for a similar interval in 2021. The rise of $16.8 million is principally attributable to a web enhance in revenues from our vessels working within the spot and short-term markets within the fourth quarter of 2022, in keeping with the continued energy of the LNG transport spot and short-term markets. This enhance was partially offset by a lower in revenues because of the sale of the Methane Shirley Elisabeth within the third quarter of 2022.

Vessel working prices have been $18.0 million for the quarter ended December 31, 2022, in comparison with $18.9 million for a similar interval in 2021. The lower of $0.9 million in vessel working prices is principally attributable to a extra favorable EUR/USD change price within the fourth quarter of 2022 in comparison with the identical interval in 2021, and the sale of the Methane Shirley Elisabeth within the third quarter of 2022, partially offset by the in-house administration of the Solaris (after her redelivery into our managed fleet on April 6, 2022). Consequently, every day working prices per vessel decreased to $13,974 per day for the quarter ended December 31, 2022 from $14,695 per day for the quarter ended December 31, 2021.

Basic and administrative bills have been $4.2 million for the quarter ended December 31, 2022, in comparison with $3.5 million for a similar interval in 2021. The rise of $0.7 million is principally attributable to the rise in administrative companies charges for our fleet, efficient January 1, 2022, in reference to the rise within the annual payment per vessel payable to GasLog in comparison with prior 12 months (roughly $0.3 million per vessel per 12 months), which was partially offset by a lower in administrative charges because of the sale of the Methane Shirley Elisabeth within the third quarter of 2022. Each day normal and administrative bills elevated to $3,240 per vessel possession day for the quarter ended December 31, 2022, from $2,543 per vessel possession day for the quarter ended December 31, 2021.

Adjusted EBITDA ⁽¹⁾ was $81.1 million for the quarter ended December 31, 2022, in comparison with $64.2 million for a similar interval in 2021. The rise of $16.9 million is principally attributable to the rise in revenues of $16.8 million described above.

The Partnership acknowledged an mixture non-cash impairment lack of $4.4 million with respect to 2 of its Steam vessels for the quarter ended December 31, 2022, in accordance with Worldwide Monetary Reporting Requirements (“IFRS”), as in comparison with an mixture impairment lack of $104.0 million for a similar interval in 2021. The principal elements that led to the popularity of a non-cash impairment loss within the fourth quarter of 2022 included the continual decline within the honest values of Steam vessels, pushed by diminished market expectations of the long-term charges for these older expertise vessels, mixed with potential prices of compliance with environmental rules relevant from 2023 onwards.

Monetary prices have been $15.7 million for the quarter ended December 31, 2022, in comparison with $9.4 million for a similar interval in 2021. The rise of $6.3 million in monetary prices is principally attributable to the rise in curiosity expense on loans, primarily on account of a rise in base rates of interest (London Interbank Supplied Fee, “LIBOR”, and Secured In a single day Financing Fee, “SOFR”) within the fourth quarter of 2022 as in comparison with the identical interval in 2021. In the course of the quarter ended December 31, 2022, we had a median of $952.7 million of excellent indebtedness with a weighted common rate of interest of 5.9%, in comparison with a median of $1,137.7 million of excellent indebtedness with a weighted common rate of interest of two.4% in the course of the quarter ended December 31, 2021.

Achieve on derivatives was $0.4 million for the quarter ended December 31, 2022, in comparison with $1.8 million for a similar interval in 2021. The lower of $1.4 million is attributable to a lower in unrealized acquire from the mark-to-market valuation of rate of interest swaps, which have been carried at honest worth by revenue or loss, primarily on account of modifications within the ahead LIBOR curve, partially offset by a lower in realized loss on rate of interest swaps.

Revenue was $40.6 million for the quarter ended December 31, 2022, in comparison with a lack of $70.8 million for a similar interval in 2021. The rise in revenue of $111.4 million is principally attributable to a lower within the non-cash impairment lack of $99.6 million and a rise in revenues of $16.8 million, partially offset by a rise in monetary prices of $6.3 million, as described above.

Adjusted Revenue ⁽¹⁾ was $44.8 million for the quarter ended December 31, 2022, in comparison with $30.7 million for a similar interval in 2021. The rise in Adjusted Revenue of $14.1 million is principally attributable to the rise in revenues mentioned above.

As of December 31, 2022, we had $198.1 million of money and money equivalents, of which $57.2 million was held in present accounts and $140.9 million was held in time deposits with an authentic period of as much as three months. A further quantity of $25.0 million of time deposits with an authentic period of larger than three months was labeled underneath short-term money deposits.

As of December 31, 2022, we had an mixture of $921.9 million of financial institution borrowings excellent underneath our credit score amenities, of which $90.4 million was repayable inside one 12 months, and an mixture of $62.6 million of lease liabilities primarily associated to the sale and leaseback of the GasLog Shanghai and Methane Heather Sally, of which $17.4 million was payable inside one 12 months.

As of December 31, 2022, our present belongings totaled $243.0 million and present liabilities totaled $177.2 million, leading to a constructive working capital place of $65.8 million.

⁽¹⁾   Adjusted Revenue, Adjusted EBITDA and Adjusted EPU are non-GAAP monetary measures and shouldn’t be utilized in isolation or as substitutes for GasLog Companions’ monetary outcomes offered in accordance with IFRS. For the definitions and reconciliations of those measures to essentially the most instantly comparable monetary measures calculated and offered in accordance with IFRS, please check with Exhibit II on the finish of this press launch.
⁽²⁾   Obtainable days characterize whole calendar days within the interval after deducting off-hire days the place vessels are present process dry-dockings and unavailable days (for instance, days earlier than and after a dry-docking the place the vessel has restricted sensible capability for chartering alternatives).

Sale and Leaseback of the Methane Heather Sally

On October 31, 2022, GasLog Companions accomplished the sale and leaseback of the Methane Heather Sally, a 145,000 cubic meter (“cbm”) Steam LNG service, in-built 2007, with an unrelated third get together, for $50.0 million, ensuing within the recognition of a acquire on disposal of $0.3 million within the three months ended December 31, 2022. The vessel was offered and leased again underneath a bareboat constitution till mid-2025 with no repurchase choice or obligation and stays on its constitution with a Southeast Asian charterer.

Choice Unit Repurchase Programme

Within the three months ended December 31, 2022, underneath the Partnership’s desire unit repurchase programme (the “Repurchase Programme”) established in March 2021, GasLog Companions repurchased and cancelled 351,237 8.625% Collection A Cumulative Redeemable Perpetual Fastened to Floating Fee Choice Models (the “Collection A Choice Models”), 127,652 8.200% Collection B Cumulative Redeemable Perpetual Fastened to Floating Fee Choice Models (the “Collection B Choice Models”) and 144,812 8.500% Collection C Cumulative Redeemable Perpetual Fastened to Floating Fee Choice Models (the “Collection C Choice Models”). The combination quantity paid underneath the Repurchase Programme within the three months ended December 31, 2022 was $10.5 million, together with commissions.

Within the 12 months ended December 31, 2022, GasLog Companions has repurchased and cancelled 665,016 Collection A Choice Models, 639,189 Collection B Choice Models and 669,406 Collection C Choice Models at a weighted common worth of $24.64, $25.11 and $24.96 per desire unit for Collection A, Collection B and Collection C, respectively, for an mixture quantity of $49.2 million, together with commissions.

Since inception of the Repurchase Programme in March 2021 and as much as January 26, 2023, GasLog Companions has repurchased and cancelled 665,016 Collection A Choice Models, 1,103,618 Collection B Choice Models and 938,955 Collection C Choice Models at a weighted common worth of $24.64, $25.01 and $25.03 per desire unit for Collection A, Collection B and Collection C, respectively, for an mixture quantity of $67.6 million, together with commissions.

LNG Market Replace and Outlook

International LNG demand was estimated to be 99.1 million tonnes (“mt”) within the fourth quarter of 2022, in accordance with Wooden Mackenzie, Power Analysis and Consultancy (“WoodMac”), in comparison with 95.1 mt within the fourth quarter of 2021, a rise of roughly 4.2%, primarily led by continued robust demand from Europe in response to continued disruption of fuel pipeline imports from Russia. On account of elevated LNG flows and a really delicate fourth quarter, European inventories completed the 12 months at higher-than-average ranges (83.4% in comparison with a 70% five-year common).

International LNG provide was roughly 104.1 mt within the fourth quarter of 2022, rising by 2.5 mt, or 2.4%, in comparison with the fourth quarter of 2021, in accordance with WoodMac. Throughout 2022, LNG provide has elevated by 17.5 mt with United States (“U.S.”) exports accounting for six.5 mt regardless of the persevering with outage at Freeport LNG, now focusing on a restart in February or early March 2023. 69% of U.S. exports have been directed to Europe in 2022, in comparison with about 34% in 2021, in accordance with Kpler Analytics.

Headline spot charges within the fourth quarter of 2022 rose to new information, $447,500 per day at their peak in November for TFDE vessels, on account of a mix of things. Firstly, a lot of vessels have been labeled as floating storage on account of congestion and speculative floating storage performs focusing on the contango in Europe. Secondly, disponent homeowners have been reticent to sublet vessels, additional lowering the variety of vessels accessible within the spot market. Nevertheless, persevering with heat climate, excessive ranges of inventories and vital discount of floating storage in December led to charges subsequently falling to $163,000 per day as of December 30, 2022, as per weekly evaluation by Clarksons Analysis Providers Restricted (“Clarksons”). Charges proceed to drop to round $67,500 per day as of January 20, 2023. This excessive volatility continues to display the numerous influence of climate and seasonality on the LNG freight market.

One-year time constitution charges for TFDE LNG carriers averaged $189,231 per day within the fourth quarter of 2022, an 81% enhance over the $104,643 per day common within the fourth quarter of 2021. One-year time constitution charges for Steam LNG carriers averaged $82,308 per day within the fourth quarter of 2022, 20% larger than the $68,250 every day common within the fourth quarter of 2021.

As of December 31, 2022, Poten & Companions Group Inc. estimated that the orderbook totaled 290 devoted LNG carriers (>100,000 cbm) with deliveries between 2023 and 2028, representing 48.5% of the on-the-water fleet. Of those, 265 vessels (or 91.3%) have multi-year charters already contracted, leaving 25 vessels uncommitted with deliveries clustered between 2023-2026. There have been 172 orders for newbuild LNG carriers in 2022 in contrast with 75 orders for all of 2021.

Choice Unit Distribution

On January 25, 2023, the board of administrators of GasLog Companions authorized and declared a distribution on the Collection A Choice Models of
$0.5390625 per desire unit, a distribution on the Collection B Choice Models of $0.5125 per desire unit and a distribution on the Collection C
Choice Models of $0.53125 per desire unit. The money distributions are payable on March 15, 2023 to all unitholders of document as of March 8,
2023.

Frequent Unit Distribution

On January 25, 2023, the board of administrators of GasLog Companions authorized and declared a quarterly money distribution of $0.01 per widespread unit for the quarter ended December 31, 2022. The money distribution is payable on February 9, 2023 to all unitholders of document as of February 6, 2023.

ATM Frequent Fairness Providing Programme (“ATM Programme”)

The Partnership didn’t concern any widespread items underneath the ATM Programme in the course of the fourth quarter of 2022.

Latest Developments

On January 24, 2023, our board of administrators obtained an unsolicited non-binding proposal from GasLog to accumulate the entire excellent widespread items representing restricted companion pursuits of the Partnership not already beneficially owned by GasLog, at an mixture buy worth of $7.70 per widespread unit in money, consisting in a part of a particular distribution by the Partnership of $2.33 per widespread unit in money to be distributed to the Partnership’s unitholders instantly previous to the closing of the proposed transaction and the rest to be paid by GasLog as merger consideration on the closing of the proposed transaction. Our board of administrators has approved its conflicts committee, consisting solely of non-GasLog affiliated administrators, to overview, consider, negotiate and settle for or reject the proposed transaction. GasLog’s proposal is non-binding and is topic to the negotiation and execution of mutually acceptable definitive documentation. There could be no assurance that any definitive documentation will likely be executed or that any transaction will materialize.

Our Fleet

Our owned and bareboat fleet at present consists of the next vessels:

Owned Fleet

⁽¹⁾   The vessel is chartered to Naturgy Aprovisionamentos S.A. (“Naturgy”).
⁽²⁾   Charterer might prolong the time period of the time charters by two further durations of 5 and three years, respectively, offered that the charterer provides us advance discover of declaration. The interval proven displays the expiration of the minimal elective interval and the utmost elective interval.
⁽³⁾   The vessel is chartered to CNTIC Vpower Power Ltd. (“CNTIC Vpower”), an impartial Chinese language vitality firm. The charterer might prolong the time period of the associated constitution by two further durations of 1 12 months, offered that the charterer provides us advance discover of its train of any extension choice. The interval proven displays the expiration of the minimal elective interval and the utmost elective interval.
⁽⁴⁾   The vessel is chartered to Trafigura Maritime Logistics PTE Ltd. (“Trafigura”). Charterer might prolong the time period of this time constitution for a five-year interval, offered that the charterer provides us advance discover of declaration. The interval proven displays the expiration of the minimal elective interval and the utmost elective interval.
⁽⁵⁾   The vessel is anticipated to begin its time constitution with a Swiss-headquartered vitality buying and selling firm following expiration of its present constitution with a significant buying and selling home.
⁽⁶⁾   The vessel is chartered to Cheniere Advertising and marketing Worldwide LLP, a subsidiary of Cheniere. Charterer might prolong the time period of the time constitution by a further interval of 1 12 months, offered that the charterer provides us advance discover of declaration.
⁽⁷⁾   Charterer might prolong the time period of those time charters for a interval of 5 years, offered that the charterer provides us advance discover of declaration.

Bareboat Vessel

⁽¹⁾   In October 2021, the vessel was offered and leased again from China Improvement Financial institution Monetary Leasing Co., Ltd. (“CDBL”) for a interval of 5 years, with no repurchase choice or obligation.
⁽²⁾   The vessel is anticipated to begin its constitution with Woodside Power Transport Singapore Pte. Ltd. (“Woodside”) after finishing its scheduled dry-docking. Charterer might prolong the time period of this time constitution for a interval of 1 12 months, offered that the charterer provides us advance discover of declaration.
⁽³⁾   In October 2022, the vessel was offered and leased again from an unrelated third get together till mid-2025 with no repurchase choice or obligation. The vessel is chartered to a Southeast Asian charterer (“SEA Charterer”).

Contracted Constitution Incomes

The next desk summarizes GasLog Companions’ contracted constitution revenues and vessel utilization for the years ending December 31, 2023 and 2024:

⁽¹⁾         Contracted days are calculated bearing in mind the agency interval constitution expiration and anticipated market circumstances as of December 31, 2022.
⁽²⁾         Our ships are scheduled to endure dry-docking as soon as each 5 years. Income calculations assume 365 income days per ship every year, with 30 off-hire days when every ship undergoes scheduled dry-docking.
⁽³⁾  For time charters that embody a variable price of rent inside an agreed vary in the course of the constitution interval, income calculations are based mostly on the agreed minimal price of rent for the respective interval.
⁽⁴⁾         Income calculations assume no train of any choice to increase the phrases of the charters.
⁽⁵⁾         Obtainable days characterize whole calendar days after deducting 30 off-hire days when the ship undergoes scheduled dry-docking.
⁽⁶⁾         Represents accessible days for the ships after the expiration of the prevailing charters (assuming charterers don’t train any choice to increase the phrases of the charters).

The desk above supplies details about our contracted constitution revenues and ship utilization based mostly on contracts in impact for the 14 LNG carriers in our fleet as of December 31, 2022 and thru December 31, 2024 (together with two vessels offered and leased again underneath bareboat charters in October 2021 and 2022). The desk displays solely our contracted constitution revenues for the ships in our owned and bareboat fleet for which we’ve got secured time charters, and it doesn’t mirror the prices or bills we’ll incur in fulfilling our obligations underneath the charters. Specifically, the desk doesn’t mirror time constitution revenues from any further ships we might purchase sooner or later, nor does it mirror the choices underneath our time charters that allow our charterers to increase the time constitution phrases for successive multi-year durations at comparable constitution rent charges. If exercised, the choices to increase the phrases of our present charters would end in a rise within the variety of contracted days and the contracted income for our fleet sooner or later. Though the contracted constitution revenues are based mostly on contracted constitution rent price provisions, they mirror sure assumptions, together with assumptions regarding future ship working prices. We take into account the assumptions to be affordable as of the date of this report, but when these assumptions show to be incorrect, our precise time constitution revenues might differ from these mirrored within the desk. Moreover, any contract is topic to varied dangers, together with non-performance by the counterparties or an early termination of the contract pursuant to its phrases. If the charterers are unable or unwilling to make constitution funds to us, or if we comply with renegotiate constitution phrases on the request of a charterer or if contracts are prematurely terminated for any motive, we’d be uncovered to prevailing market circumstances on the time and our outcomes of operations and monetary situation could also be materially adversely affected. Please see the disclosure underneath the heading “Danger Elements” in our Annual Report on Type 20-F filed with the SEC on March 1, 2022. For these causes, the contracted constitution income data offered above isn’t truth and shouldn’t be relied upon as being essentially indicative of future outcomes and readers are cautioned to not place undue reliance on this data. Neither the Partnership’s impartial auditors nor another impartial accountants, have compiled, examined or carried out any procedures with respect to the data offered within the desk, nor have they expressed any opinion or another type of assurance on such data or its achievability, and assume no duty for, and disclaim any affiliation with, the data within the desk.

Convention Name

GasLog Companions will host a convention name to debate its outcomes for the fourth quarter of 2022 at 8.00 a.m. EST (3.00 p.m. EET) on Thursday, January 26, 2023. The Partnership’s senior administration will overview the operational and monetary efficiency for the interval. Administration’s presentation will likely be adopted by a Q&A session.

A reside webcast of the convention name may also be accessible on the Investor Relations web page of the GasLog Companions web site (http://www.gaslogmlp.com/buyers).

The convention name will likely be accessible domestically or internationally, by pre-registering utilizing the hyperlink offered at http://www.gaslogmlp.com/buyers. Upon registering, every participant will likely be supplied with a Participant Dial-in Quantity, and a singular Private PIN.

For these unable to take part within the convention name, a replay of the webcast will likely be accessible on the Investor Relations web page of the GasLog Companions web site (http://www.gaslogmlp.com/buyers).

About GasLog Companions

GasLog Companions is an proprietor and operator and acquirer of LNG carriers. The Partnership’s fleet consists of 12 wholly-owned LNG carriers in addition to two vessels on bareboat charters, with a median carrying capability of roughly 159,000 cbm. GasLog Companions is a publicly traded grasp restricted partnership (NYSE: GLOP) however has elected to be handled as a C company for U.S. revenue tax functions and due to this fact its buyers obtain an Inside Income Service Type 1099 with respect to any distributions declared and obtained. Go to GasLog Companions’ web site at http://www.gaslogmlp.com.

Forward-Looking Statements

All statements on this press launch that aren’t statements of historic truth are “forward-looking statements” throughout the that means of the U.S. Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements embody statements that handle actions, occasions or developments that the Partnership expects, initiatives, believes or anticipates will or might happen sooner or later, notably in relation to our operations, money flows, monetary place, liquidity and money accessible for distributions, and the influence of modifications to money distributions on the Partnership’s enterprise and progress prospects, plans, methods and modifications and tendencies in our enterprise and the markets through which we function. We warning that these forward-looking statements characterize our estimates and assumptions solely as of the date of this press launch, about elements which can be past our capability to manage or predict, and are usually not supposed to present any assurance as to future outcomes. Any of those elements or a mix of those elements might materially have an effect on future outcomes of operations and the final word accuracy of the forward-looking statements. Accordingly, you shouldn’t unduly depend on any forward-looking statements.

Elements which may trigger future outcomes and outcomes to vary embody, however are usually not restricted to, the next:

• normal LNG transport market circumstances and tendencies, together with spot and multi-year constitution charges, ship values, elements affecting provide and demand of LNG and LNG transport, together with geopolitical occasions, technological developments and alternatives for the worthwhile operations of LNG carriers;

• fluctuations in constitution rent charges, vessel utilization and vessel values;

• our capability to safe new multi-year charters at economically enticing charges;

• our capability to maximise the usage of our vessels, together with the re-deployment or disposition of vessels which aren’t working underneath multi-year charters, together with the chance that sure of our vessels might now not have the newest expertise at such time which can influence our capability to safe employment for such vessels in addition to the speed at which we will constitution such vessels;

• modifications in our working bills, together with crew prices, upkeep, dry-docking and insurance coverage prices and bunker costs;

• variety of off-hire days and dry-docking necessities, together with our capability to finish scheduled dry-dockings on time and inside finances;

• deliberate capital expenditures and availability of capital assets to fund capital expenditures;

• enterprise disruptions ensuing from measures taken to scale back the unfold of COVID-19, together with potential delays because of the quarantine of vessels and crew, in addition to government-imposed shutdowns;

• fluctuations in costs for crude oil, petroleum merchandise and pure fuel, together with LNG;

• fluctuations in change charges, particularly the U.S. greenback and Euro;

• our response to GasLog’s non-binding proposal to accumulate the entire excellent widespread items representing restricted companion pursuits of the Partnership not already beneficially owned by GasLog, and any potential ensuing transaction;our capability to broaden our portfolio by buying vessels by our drop-down pipeline with GasLog or by buying different belongings from third events;

• our capability to leverage GasLog’s relationships and repute within the transport trade and the flexibility of GasLog to keep up long-term relationships with main vitality firms and main LNG producers, entrepreneurs and shoppers to acquire new constitution contracts;

• GasLog’s relationships with its workers and ship crews, its capability to retain key workers and supply companies to us, and the supply of expert labor, ship crews and administration;

• modifications within the possession of our charterers;

• our prospects’ efficiency of their obligations underneath our time charters and different contracts;

• our future working efficiency, monetary situation, liquidity and money accessible for distributions;

• our distribution coverage and our capability to make money distributions on our items or the influence of modifications to money distributions on our monetary place;

• our capability to acquire debt and fairness financing on acceptable phrases to fund capital expenditures, acquisitions and different company actions, funding by banks of their monetary commitments and our capability to fulfill our restrictive covenants and different obligations underneath our credit score amenities;

• future, pending or current acquisitions of ships or different belongings, enterprise technique, areas of potential enlargement and anticipated capital spending;

• dangers inherent in ship operation, together with the discharge of pollution;

• any malfunction or disruption of data expertise methods and networks that our operations depend on or any influence of a potential cybersecurity occasion;

• the anticipated value of and our capability to adjust to environmental and regulatory necessities associated to local weather change, together with with respect to emissions of air pollution and greenhouse gases, in addition to future modifications in such necessities or different actions taken by regulatory authorities, governmental organizations, classification societies and requirements imposed by our charterers relevant to our enterprise;

• potential disruption of transport routes on account of accidents, illnesses, pandemics, political occasions, piracy or acts by terrorists;

• potential legal responsibility from future litigation; and

• different dangers and uncertainties described within the Partnership’s Annual Report on Type 20-F filed with the SEC on March 1, 2022, accessible at http://www.sec.gov.

We undertake no obligation to replace or revise any forward-looking statements contained on this press launch, whether or not because of new data, future occasions, a change in our views or expectations or in any other case, besides as required by relevant regulation. New elements emerge sometimes, and it’s not potential for us to foretell all of those elements. Additional, we can not assess the influence of every such issue on our enterprise or the extent to which any issue, or mixture of things, might trigger precise outcomes to be materially completely different from these contained in any forward-looking assertion.

The declaration and fee of distributions are always topic to the discretion of our board of administrators and can depend upon, amongst different issues, dangers and uncertainties described above, restrictions in our credit score amenities, the provisions of Marshall Islands regulation and such different elements as our board of administrators might deem related.

Contacts:

Robert Brinberg
Rose & Firm
Cellphone: +1 212-517-0810

E-mail: gaslog@roseandco.com

EXHIBIT I – Unaudited Interim Monetary Info

Unaudited condensed consolidated statements of economic place
As of December 31, 2021 and 2022
(All quantities expressed in hundreds of U.S. {Dollars}, besides unit information)

Unaudited condensed consolidated statements of revenue or loss
For the three-month durations and the years ended December 31, 2021 and 2022
(All quantities expressed in hundreds of U.S. {Dollars}, besides per unit information)

Unaudited condensed consolidated statements of money flows
For the years ended December 31, 2021 and 2022
(All quantities expressed in hundreds of U.S. {Dollars})

EXHIBIT II

Non-GAAP Monetary Measures:

EBITDA is outlined as earnings earlier than monetary revenue and prices, acquire/loss on derivatives, taxes, depreciation and amortization. Adjusted EBITDA is outlined as EBITDA earlier than impairment loss on vessels, acquire/loss on disposal of vessels and restructuring prices. Adjusted Revenue represents earnings earlier than (a) non-cash acquire/loss on derivatives that features unrealized acquire/loss on derivatives held for buying and selling, (b) write-off and accelerated amortization of unamortized mortgage charges, (c) impairment loss on vessels, (d) acquire/loss on disposal of vessels and (e) restructuring prices. Adjusted EPU, represents Adjusted Revenue (as outlined above), after deducting desire unit distributions and including/deducting any distinction between the carrying quantity of desire items and the honest worth of the consideration paid to settle them, divided by the weighted common variety of items excellent in the course of the interval. EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU, that are non-GAAP monetary measures, are used as supplemental monetary measures by administration and exterior customers of economic statements, resembling buyers, to evaluate our monetary and working efficiency. The Partnership believes that these non-GAAP monetary measures help our administration and buyers by growing the comparability of our efficiency from interval to interval. The Partnership believes that together with EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU assists our administration and buyers in (i) understanding and analyzing the outcomes of our working and enterprise efficiency, (ii) deciding on between investing in us and different funding options and (iii) monitoring our ongoing monetary and operational energy in assessing whether or not to buy and/or to proceed to carry our widespread items. This elevated comparability is achieved by excluding the doubtless disparate results between durations of, within the case of EBITDA and Adjusted EBITDA, monetary prices, acquire/loss on derivatives, taxes, depreciation and amortization; within the case of Adjusted EBITDA, impairment loss on vessels, acquire/loss on disposal of vessels and restructuring prices and, within the case of Adjusted Revenue and Adjusted EPU, non-cash acquire/loss on derivatives, write-off and accelerated amortization of unamortized mortgage charges, impairment loss on vessels, acquire/loss on disposal of vessels and restructuring prices, which objects are affected by numerous and presumably altering financing strategies, monetary market circumstances, normal transport market circumstances, capital construction and historic value foundation and which objects might considerably have an effect on outcomes of operations between durations. Restructuring prices are excluded from Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as a result of restructuring prices characterize fees reflecting particular actions taken by administration to enhance the Partnership’s future profitability and due to this fact are usually not thought-about consultant of the underlying operations of the Partnership. Impairment loss is excluded from Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as a result of impairment loss on vessels represents the surplus of their carrying quantity over the quantity that’s anticipated to be recovered from them sooner or later and due to this fact isn’t thought-about consultant of the underlying operations of the Partnership. Achieve/loss on disposal of vessels is excluded from Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as a result of acquire/loss on disposal of vessels represents the distinction between the carrying quantity and the quantity that was recovered by sale and due to this fact isn’t thought-about consultant of the underlying operations of the Partnership.

EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU have limitations as analytical instruments and shouldn’t be thought-about as options to, or as substitutes for, or superior to, revenue, revenue from operations, earnings per unit or another measure of working efficiency offered in accordance with IFRS. A few of these limitations embody the truth that they don’t mirror (i) our money expenditures or future necessities for capital expenditures or contractual commitments, (ii) modifications in, or money necessities for, our working capital wants and (iii) the money necessities essential to service curiosity or principal funds on our debt. Though depreciation and amortization are non-cash fees, the belongings being depreciated and amortized will typically have to get replaced sooner or later and EBITDA and Adjusted EBITDA don’t mirror any money necessities for such replacements. EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU are usually not adjusted for all non-cash revenue or expense objects which can be mirrored in our assertion of money flows and different firms in our trade might calculate these measures otherwise to how we do, limiting their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU exclude some, however not all, objects that have an effect on revenue or loss and these measures might fluctuate amongst different firms. Subsequently, EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as offered herein might not be corresponding to equally titled measures of different firms. The next tables reconcile EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU to Revenue, essentially the most instantly comparable IFRS monetary measure, for the durations offered.

In evaluating EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU try to be conscious that sooner or later we might incur bills which can be the identical as or just like a number of the changes on this presentation. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU shouldn’t be construed as an inference that our future outcomes will likely be unaffected by the excluded objects.

Reconciliation of (Loss)/revenue to EBITDA and Adjusted EBITDA:

(Quantities expressed in hundreds of U.S. {Dollars})

Reconciliation of (Loss)/profit to Adjusted Revenue:

(Quantities expressed in hundreds of U.S. {Dollars})

Reconciliation of (Loss)/revenue to EPU and Adjusted EPU:

(Quantities expressed in hundreds of U.S. {Dollars}, besides unit and per unit quantities)