GasLog Partners LP Files 20-F Annual Report

TL;DR

<b>GasLog Partners LP has submitted its 20-F annual report detailing its 2023 financial and operational performance.</b>

AI Summary

GasLog Partners LP (GLOP-PA) filed a Foreign Annual Report (20-F) with the SEC on March 7, 2024. GasLog Partners LP filed its 20-F annual report for the period ending December 31, 2023. The filing includes financial data and operational details for the fiscal year 2023. Key financial figures such as revenue, net income, and EPS are detailed within the report. The report covers various aspects of the company's business, including fleet operations and charter agreements. Specific dates related to unit grants and facility agreements are noted.

Why It Matters

For investors and stakeholders tracking GasLog Partners LP, this filing contains several important signals. This filing provides investors with a comprehensive overview of GasLog Partners LP's financial health and strategic direction for the past fiscal year. Understanding the details within this 20-F is crucial for assessing the company's performance, risks, and future prospects in the energy transportation sector.

Risk Assessment

Risk Level: medium — GasLog Partners LP shows moderate risk based on this filing. The company operates in the highly cyclical and capital-intensive LNG shipping market, which is subject to fluctuations in charter rates and vessel values, as evidenced by the various charter types and vessel equipment mentioned in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F to understand the company's performance and outlook in the LNG shipping market.

Financial Highlights

debt To Equity

N/A

revenue

3,496,382

operating Margin

N/A

total Assets

51,687,865

total Debt

16,036,602

net Income

1,080,263

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• 51,687,865 — Total Assets (As of December 31, 2023)
• 16,036,602 — Total Debt (As of December 31, 2023)
• 1,080,263 — Net Income (For the fiscal year ended December 31, 2023)
• 3,496,382 — Revenue (For the fiscal year ended December 31, 2023)

Key Players & Entities

• GasLog Partners LP (company) — Filer of the 20-F report
• 20-F (regulator) — Form type filed
• 2023-12-31 (date) — Reporting period end date
• 0001598655 (company) — Central Index Key for GasLog Partners LP
• 44 0 203 388 3109 (dollar_amount) — Business phone number
• Gaslog LNG Services Ltd (company) — Subsidiary or related entity

FAQ

Risk Factors

• Market Volatility [high — market]: The company's financial performance is subject to the cyclical nature of the LNG shipping market, including fluctuations in charter rates and vessel values.
• Debt Levels [medium — financial]: The company has significant total debt, which could impact its financial flexibility and ability to meet obligations.
• Fleet Operations [medium — operational]: Operational risks associated with managing a fleet of vessels, including maintenance, dry-docking, and compliance with regulations, are inherent.

Key Financial Figures

• $5.80 — ng shareholders for a purchase price of $5.80 in cash per share (the " GEPIF Transact
• $8.65 — by GasLog for overall consideration of $8.65 per common unit in cash (the " GasLog P
• $3.28 — cial distribution by the Partnership of $3.28 per common unit in cash (the " Special

Filing Documents

• glop-20221231x20f.htm (20-F) — 3203KB
• glop-20221231xex2d3.htm (EX-2.3) — 14KB
• glop-20221231xex4d6.htm (EX-4.6) — 3799KB
• glop-20221231xex8d1.htm (EX-8.1) — 20KB
• glop-20221231xex12d1.htm (EX-12.1) — 14KB
• glop-20221231xex12d2.htm (EX-12.2) — 14KB
• glop-20221231xex13d1.htm (EX-13.1) — 7KB
• glop-20221231xex13d2.htm (EX-13.2) — 7KB
• glop-20221231xex97d1.htm (EX-97.1) — 62KB
• glop-20221231xex4d6003.jpg (GRAPHIC) — 6KB
• glop-20221231xex4d6004.jpg (GRAPHIC) — 1KB
• glop-20221231xex4d6027.jpg (GRAPHIC) — 4KB
• glop-20221231xex4d6028.jpg (GRAPHIC) — 3KB
• glop-20221231xex4d6029.jpg (GRAPHIC) — 9KB
• glop-20221231xex4d6030.jpg (GRAPHIC) — 5KB
• glop-20221231xex97d1001.jpg (GRAPHIC) — 21KB
• glop-20221231xex97d1002.jpg (GRAPHIC) — 6KB
• 0001104659-24-031663.txt (&nbsp;) — 16939KB
• glop-20221231.xsd (EX-101.SCH) — 112KB
• glop-20221231_cal.xml (EX-101.CAL) — 72KB
• glop-20221231_def.xml (EX-101.DEF) — 339KB
• glop-20221231_lab.xml (EX-101.LAB) — 664KB
• glop-20221231_pre.xml (EX-101.PRE) — 565KB
• glop-20221231x20f_htm.xml (XML) — 2648KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents TABLE OF CONTENTS Page ABOUT THIS REPORT iii

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS v PART I 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE PARTNERSHIP 28 ITEM 4.A. UNRESOLVED STAFF COMMENTS 46 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 46 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 59 ITEM 7. MAJOR UNITHOLDERS AND RELATED PARTY TRANSACTIONS 64 ITEM 8. FINANCIAL INFORMATION 70 ITEM 9. THE OFFER AND LISTING 71 ITEM 10. ADDITIONAL INFORMATION 72 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 79 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 79 PART II 80 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 80 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 80 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 81 ITEM 16. [RESERVED] 83 ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT 83 ITEM 16.B. CODE OF ETHICS 83 ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 84 ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 84 ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 84 ITEM 16.F. CHANGE IN PARTNERSHIP'S CERTIFYING ACCOUNTANT 85 ITEM 16.G. CORPORATE GOVERNANCE 85 ITEM 16.H. MINE SAFETY DISCLOSURE 85 ITEM 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 85 ITEM 16.K. CYBERSECURITY 85 PART III 88 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 88 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 88 ITEM 19. EXHIBITS 88 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 ii Table of Contents ABOUT THIS REPORT In this annual report, unless otherwise indicated: "GasLog Partners", the "Partnership", "we", "our", "us" or simila r terms refer to GasLog Partners LP or any one or more of its subsidiaries, or to all such entities unless the context otherwise indicates; "GasLog", depen ding on the context, refers to GasLog Ltd. and to any one or more of its direct and indirect subsidiaries, other than GasLog Partners; " GasLog Group " , refers to GasLog Ltd. and to any one or more of its direct and indirect subsidiaries, including GasLog Partners; "our general partner" r efers to GasLog Partners GP LLC, the general partner of GasLog Partners and a wholly owned subsidiary of GasLog; "GasLog LNG Services" refers to GasLog LNG Services Ltd., a wholly owned subsidiary of GasLog; "GasLog Carriers" refers to GasLog Carriers Ltd., a wholly owned subsidiary of GasLog; "GasLog Partners Holdings" refers to GasLog Partners Holdings LLC, a wholly owned subsidiary of GasLog Partners; " Merger Agreement " refers to the agreement and plan of merger dated as of February 21, 2021, and as subsequently amended on April 20, 2021, with BlackRock ' s Global Energy and Power Infrastructure Team (collectively, " GEPIF " ), pursuant to which GEPIF acquired all of the outstanding common shares of GasLog Ltd. that were not held by certain existing shareholders for a purchase price of $5.80 in cash per share (the " GEPIF Transaction " ). Following the consummation of the GEPIF Transaction in June 2021, certain existing shareholders including Blenheim Holdings Ltd. ( " Blenheim Holdings " ), which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation (collectively, the " Rolling Shareholders " ) continue to hold approximately 55% of the outstanding common shares of GasLog Ltd. and GEPIF holds approximately 45%; " M

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS All statements in this annual report that are not statements of historical fact are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Partnership expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial position, liquidity and cash available for distributions and the impact of changes to cash distributions on the Partnership's business and growth prospects, plans, strategies, and changes and trends in our business and the markets in which we operate. In some cases, predictive, future-tense or forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may", "should", "could", "target" and "expect" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the SEC, other information sent to our security holders, and other written materials. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this annual report or the date on which such oral or written statements are made, as applicable, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements. Factors that might cause future results and outcomes to

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Reserved B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D.

Risk Factors

Risk Factors Summary of Risk Factors An investment in our common units or preference units is subject to a number of risks, including risks related to our business and corporate structure. The following summarizes some, but not all, of these risks. Please carefully consider all of the information discussed in "Item 3. Key Information—D. Risk Factors" in this annual report for a more thorough description of these and other risks. Risks Related to the LNG Carrier Business Our results of operations and financial condition depend significantly on charter rates for LNG carriers which may be highly volatile and depend on factors outside of our control. Operating vessels in the spot market, or being unable to recharter the vessels on long-term charters with similar or better rates, means our revenues and cash flows from these vessels will decline following expiration of our current charter arrangements. These factors could have a material adverse effect on our business, results of operations, financial condition, the value of our assets, and could further reduce or eliminate our ability to pay distributions on our Preference Units. If the number of vessels available in the short-term or spot LNG carrier market continues to expand and results in reduced opportunities to secure multi-year charters for our vessels, our revenues and cash flows may become more volatile and may decline following expiration or early termination of our current charter arrangements and may adversely impact our ability to pay distributions on our Preference Units. An oversupply of LNG carriers as a result of excessive new ordering in previous years may lead to a reduction in the charter hire rates we are able to obtain when seeking charters in the future which could adversely affect our results of operations and cash flows, especially in relation to our Steam vessels that are less efficient compared to newer vessels. The LNG shipping industry is subject to substantial environmental and other

View Full Filing

View this 20-F filing on SEC EDGAR