GasLog Companions LP Experiences Monetary Outcomes for the

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 this time reported its monetary outcomes for the three-month interval and the yr ended December 31, 2022.

Highlights

• Prolonged the time constitution settlement of the Methane Becki Anne, a tri-fuel diesel electrical (“TFDE”) LNG provider, with a completely owned subsidiary of Shell plc (“Shell”) exercising their five-year choice to increase, with the contract now attributable to expire in 2029. Additionally, prolonged the time constitution settlement of the Methane Jane Elizabeth with a subsidiary of Cheniere Vitality Inc. (“Cheniere”) exercising their choice to increase for an additional yr and entered right into a one-year time constitution settlement for the TFDE LNG provider 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 provider 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 throughout 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 ebook 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 frequent unit for the fourth quarter of 2022
• On January 24, 2023, the Partnership acquired an unsolicited non-binding proposal from GasLog Ltd. (“GasLog”) to accumulate all the excellent frequent items representing restricted companion pursuits of the Partnership not already beneficially owned by GasLog, at an combination buy value of $7.70 per frequent unit in money

CEO Assertion

Paolo Enoizi, Chief Govt Officer, commented: “The Partnership delivered robust monetary ends in the fourth quarter of 2022, making the most of market circumstances to safe a collection of time period charters at enticing charges throughout the course of the yr. The Partnership enters 2023 with a constitution backlog of roughly $729.0 million of contracted time constitution revenues and glued constitution protection of about 87.0% of its whole days in 2023, with the vast majority of our open days within the seasonally stronger fourth quarter, additional enhancing our money move 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 the direction of our leverage targets and strengthening our steadiness sheet with the repurchase of $49.2 million in desire items within the yr, or roughly $68.0 million since inception of the repurchase plan in August 2021, which can be bettering the Partnership’s all-in break-even ranges in our fleet. Our potential to seize the market and our continued deal with our capital allocation technique maintain delivering shareholder worth, serving to us make progress in the direction of our long-term objectives, and can place us to reap the benefits of accretive progress alternatives.

Lastly, on January 24, 2023, the Partnership acquired an unsolicited non-binding proposal from GasLog to accumulate all the excellent frequent items not already owned by GasLog for an combination buy value of $7.70 per frequent unit in money, which our board of administrators and conflicts committee are within the strategy of reviewing.”

Monetary Abstract

There have been 1,288 out there days ⁽²⁾ for the quarter ended December 31, 2022, as in comparison with 1,380 out there 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 had 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 especially attributable to a internet enhance in revenues from our vessels working within the spot and short-term markets within the fourth quarter of 2022, according to the continued power of the LNG delivery 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 had 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 especially attributable to a extra favorable EUR/USD change fee 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). In consequence, each 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.

Common and administrative bills had 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 especially 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 yr (roughly $0.3 million per vessel per yr), 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. Every day basic 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 especially attributable to the rise in revenues of $16.8 million described above.

The Partnership acknowledged an combination 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 combination 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 truthful values of Steam vessels, pushed by decreased 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 had 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 especially attributable to the rise in curiosity expense on loans, primarily attributable to a rise in base rates of interest (London Interbank Provided Price, “LIBOR”, and Secured In a single day Financing Price, “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 mean of $952.7 million of excellent indebtedness with a weighted common rate of interest of 5.9%, in comparison with a mean of $1,137.7 million of excellent indebtedness with a weighted common rate of interest of two.4% throughout the quarter ended December 31, 2021.

Acquire 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 achieve from the mark-to-market valuation of rate of interest swaps, which had been carried at truthful worth by revenue or loss, primarily attributable to adjustments 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 especially 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 especially 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. An extra quantity of $25.0 million of time deposits with an authentic period of higher than three months was categorised beneath short-term money deposits.

As of December 31, 2022, we had an combination of $921.9 million of financial institution borrowings excellent beneath our credit score services, of which $90.4 million was repayable inside one yr, and an combination 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 yr.

As of December 31, 2022, our present belongings totaled $243.0 million and present liabilities totaled $177.2 million, leading to a optimistic 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 introduced in accordance with IFRS. For the definitions and reconciliations of those measures to essentially the most straight comparable monetary measures calculated and introduced in accordance with IFRS, please consult with Exhibit II on the finish of this press launch.
⁽²⁾   Out there 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 potential 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 provider, in-built 2007, with an unrelated third get together, for $50.0 million, ensuing within the recognition of a achieve on disposal of $0.3 million within the three months ended December 31, 2022. The vessel was bought and leased again beneath 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, beneath the Partnership’s desire unit repurchase programme (the “Repurchase Programme”) established in March 2021, GasLog Companions repurchased and cancelled 351,237 8.625% Sequence A Cumulative Redeemable Perpetual Mounted to Floating Price Choice Items (the “Sequence A Choice Items”), 127,652 8.200% Sequence B Cumulative Redeemable Perpetual Mounted to Floating Price Choice Items (the “Sequence B Choice Items”) and 144,812 8.500% Sequence C Cumulative Redeemable Perpetual Mounted to Floating Price Choice Items (the “Sequence C Choice Items”). The mixture quantity paid beneath the Repurchase Programme within the three months ended December 31, 2022 was $10.5 million, together with commissions.

Within the yr ended December 31, 2022, GasLog Companions has repurchased and cancelled 665,016 Sequence A Choice Items, 639,189 Sequence B Choice Items and 669,406 Sequence C Choice Items at a weighted common value of $24.64, $25.11 and $24.96 per desire unit for Sequence A, Sequence B and Sequence C, respectively, for an combination 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 Sequence A Choice Items, 1,103,618 Sequence B Choice Items and 938,955 Sequence C Choice Items at a weighted common value of $24.64, $25.01 and $25.03 per desire unit for Sequence A, Sequence B and Sequence C, respectively, for an combination 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 keeping with Wooden Mackenzie, Vitality 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. Because of elevated LNG flows and a really delicate fourth quarter, European inventories completed the yr 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 keeping 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 had been directed to Europe in 2022, in comparison with about 34% in 2021, in keeping 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, attributable to a mix of things. Firstly, a lot of vessels had been categorised as floating storage attributable to congestion and speculative floating storage performs focusing on the contango in Europe. Secondly, disponent homeowners had been reticent to sublet vessels, additional decreasing the variety of vessels out there within the spot market. Nevertheless, persevering with heat climate, excessive ranges of inventories and important 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 Companies Restricted (“Clarksons”). Charges proceed to drop to round $67,500 per day as of January 20, 2023. This excessive volatility continues to reveal 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 each 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 Sequence A Choice Items of
$0.5390625 per desire unit, a distribution on the Sequence B Choice Items of $0.5125 per desire unit and a distribution on the Sequence C
Choice Items of $0.53125 per desire unit. The money distributions are payable on March 15, 2023 to all unitholders of file as of March 8,
2023.

Widespread Unit Distribution

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

ATM Widespread Fairness Providing Programme (“ATM Programme”)

The Partnership didn’t problem any frequent items beneath the ATM Programme throughout the fourth quarter of 2022.

Current Developments

On January 24, 2023, our board of administrators acquired an unsolicited non-binding proposal from GasLog to accumulate all the excellent frequent items representing restricted companion pursuits of the Partnership not already beneficially owned by GasLog, at an combination buy value of $7.70 per frequent unit in money, consisting in a part of a particular distribution by the Partnership of $2.33 per frequent 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 evaluation, 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 might 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 the moment consists of the next vessels:

Owned Fleet

⁽¹⁾   The vessel is chartered to Naturgy Aprovisionamentos S.A. (“Naturgy”).
⁽²⁾   Charterer might lengthen the time period of the time charters by two further intervals 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 Vitality Ltd. (“CNTIC Vpower”), an unbiased Chinese language vitality firm. The charterer might lengthen the time period of the associated constitution by two further intervals of 1 yr, 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 lengthen 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 start its time constitution with a Swiss-headquartered vitality buying and selling firm following expiration of its present constitution with a serious buying and selling home.
⁽⁶⁾   The vessel is chartered to Cheniere Advertising and marketing Worldwide LLP, a subsidiary of Cheniere. Charterer might lengthen the time period of the time constitution by an extra interval of 1 yr, offered that the charterer provides us advance discover of declaration.
⁽⁷⁾   Charterer might lengthen 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 bought 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 start its constitution with Woodside Vitality Delivery Singapore Pte. Ltd. (“Woodside”) after finishing its scheduled dry-docking. Charterer might lengthen the time period of this time constitution for a interval of 1 yr, offered that the charterer provides us advance discover of declaration.
⁽³⁾   In October 2022, the vessel was bought 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 considering 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 each year, with 30 off-hire days when every ship undergoes scheduled dry-docking.
⁽³⁾  For time charters that embody a variable fee of rent inside an agreed vary throughout the constitution interval, income calculations are primarily based on the agreed minimal fee of rent for the respective interval.
⁽⁴⁾         Income calculations assume no train of any choice to increase the phrases of the charters.
⁽⁵⁾         Out there days characterize whole calendar days after deducting 30 off-hire days when the ship undergoes scheduled dry-docking.
⁽⁶⁾         Represents out there days for the ships after the expiration of the present charters (assuming charterers don’t train any choice to increase the phrases of the charters).

The desk above gives details about our contracted constitution revenues and ship utilization primarily based 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 bought and leased again beneath 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 now we have secured time charters, and it doesn’t replicate the prices or bills we’ll incur in fulfilling our obligations beneath the charters. Specifically, the desk doesn’t replicate time constitution revenues from any further ships we might purchase sooner or later, nor does it replicate the choices beneath our time charters that let our charterers to increase the time constitution phrases for successive multi-year intervals 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 primarily based on contracted constitution rent fee provisions, they replicate sure assumptions, together with assumptions regarding future ship working prices. We take into account the assumptions to be cheap 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 numerous 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 might 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 beneath the heading “Danger Components” in our Annual Report on Type 20-F filed with the SEC on March 1, 2022. For these causes, the contracted constitution income info introduced 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 info. Neither the Partnership’s unbiased auditors nor some other unbiased accountants, have compiled, examined or carried out any procedures with respect to the data introduced within the desk, nor have they expressed any opinion or some other type of assurance on such info 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 evaluation 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 out there 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 novel Private PIN.

For these unable to take part within the convention name, a replay of the webcast will likely be out there 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 mean 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. earnings tax functions and due to this fact its buyers obtain an Inner Income Service Type 1099 with respect to any distributions declared and acquired. 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” inside the that means of the U.S. Personal Securities Litigation Reform Act of 1995. Ahead-looking statements embody statements that handle actions, occasions or developments that the Partnership expects, tasks, believes or anticipates will or might happen sooner or later, significantly in relation to our operations, money flows, monetary place, liquidity and money out there for distributions, and the influence of adjustments to money distributions on the Partnership’s enterprise and progress prospects, plans, methods and adjustments and tendencies in our enterprise and the markets wherein 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 are past our potential to manage or predict, and aren’t supposed to provide 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 last word accuracy of the forward-looking statements. Accordingly, you shouldn’t unduly depend on any forward-looking statements.

Components that may trigger future outcomes and outcomes to vary embody, however aren’t restricted to, the next:

• basic LNG delivery market circumstances and tendencies, together with spot and multi-year constitution charges, ship values, elements affecting provide and demand of LNG and LNG delivery, 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 potential to safe new multi-year charters at economically enticing charges;
• our potential to maximise using our vessels, together with the re-deployment or disposition of vessels which aren’t working beneath multi-year charters, together with the danger that sure of our vessels might not have the most recent expertise at such time which can influence our potential to safe employment for such vessels in addition to the speed at which we are able to constitution such vessels;
• adjustments 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 potential to finish scheduled dry-dockings on time and inside funds;
• deliberate capital expenditures and availability of capital sources 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 all the excellent frequent items representing restricted companion pursuits of the Partnership not already beneficially owned by GasLog, and any potential ensuing transaction;our potential to develop our portfolio by buying vessels by our drop-down pipeline with GasLog or by buying different belongings from third events;
• our potential to leverage GasLog’s relationships and repute within the delivery trade and the flexibility of GasLog to keep up long-term relationships with main vitality corporations and main LNG producers, entrepreneurs and customers to acquire new constitution contracts;
• GasLog’s relationships with its staff and ship crews, its potential to retain key staff and supply companies to us, and the provision of expert labor, ship crews and administration;
• adjustments within the possession of our charterers;
• our prospects’ efficiency of their obligations beneath our time charters and different contracts;
• our future working efficiency, monetary situation, liquidity and money out there for distributions;
• our distribution coverage and our potential to make money distributions on our items or the influence of adjustments to money distributions on our monetary place;
• our potential 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 potential to fulfill our restrictive covenants and different obligations beneath our credit score services;
• future, pending or latest 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 techniques and networks that our operations depend on or any influence of a potential cybersecurity occasion;
• the anticipated price of and our potential 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 adjustments 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 delivery routes attributable to accidents, ailments, 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, out there 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 info, future occasions, a change in our views or expectations or in any other case, besides as required by relevant legislation. New elements emerge every so often, and it isn’t 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 totally different from these contained in any forward-looking assertion.

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

Contacts:

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

Electronic 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 knowledge)

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

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 earnings and prices, achieve/loss on derivatives, taxes, depreciation and amortization. Adjusted EBITDA is outlined as EBITDA earlier than impairment loss on vessels, achieve/loss on disposal of vessels and restructuring prices. Adjusted Revenue represents earnings earlier than (a) non-cash achieve/loss on derivatives that features unrealized achieve/loss on derivatives held for buying and selling, (b) write-off and accelerated amortization of unamortized mortgage charges, (c) impairment loss on vessels, (d) achieve/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 truthful worth of the consideration paid to settle them, divided by the weighted common variety of items excellent throughout 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, akin to buyers, to evaluate our monetary and working efficiency. The Partnership believes that these non-GAAP monetary measures help our administration and buyers by rising 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 alternate options and (iii) monitoring our ongoing monetary and operational power in assessing whether or not to buy and/or to proceed to carry our frequent items. This elevated comparability is achieved by excluding the possibly disparate results between intervals of, within the case of EBITDA and Adjusted EBITDA, monetary prices, achieve/loss on derivatives, taxes, depreciation and amortization; within the case of Adjusted EBITDA, impairment loss on vessels, achieve/loss on disposal of vessels and restructuring prices and, within the case of Adjusted Revenue and Adjusted EPU, non-cash achieve/loss on derivatives, write-off and accelerated amortization of unamortized mortgage charges, impairment loss on vessels, achieve/loss on disposal of vessels and restructuring prices, which gadgets are affected by numerous and presumably altering financing strategies, monetary market circumstances, basic delivery market circumstances, capital construction and historic price foundation and which gadgets might considerably have an effect on outcomes of operations between intervals. Restructuring prices are excluded from Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as a result of restructuring prices characterize prices reflecting particular actions taken by administration to enhance the Partnership’s future profitability and due to this fact aren’t thought of 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 of consultant of the underlying operations of the Partnership. Acquire/loss on disposal of vessels is excluded from Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as a result of achieve/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 of 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 of as alternate options to, or as substitutes for, or superior to, revenue, revenue from operations, earnings per unit or some other measure of working efficiency introduced in accordance with IFRS. A few of these limitations embody the truth that they don’t replicate (i) our money expenditures or future necessities for capital expenditures or contractual commitments, (ii) adjustments 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 prices, the belongings being depreciated and amortized will usually have to get replaced sooner or later and EBITDA and Adjusted EBITDA don’t replicate any money necessities for such replacements. EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU aren’t adjusted for all non-cash earnings or expense gadgets which are mirrored in our assertion of money flows and different corporations in our trade might calculate these measures in another way to how we do, limiting their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU exclude some, however not all, gadgets that have an effect on revenue or loss and these measures might differ amongst different corporations. Subsequently, EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU as introduced herein will not be akin to equally titled measures of different corporations. The next tables reconcile EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU to Revenue, essentially the most straight comparable IFRS monetary measure, for the intervals introduced.

In evaluating EBITDA, Adjusted EBITDA, Adjusted Revenue and Adjusted EPU try to be conscious that sooner or later we might incur bills which are the identical as or just like among 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 gadgets.

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)