GasLog Partners is to appoint an independent advisor to conduct an internal strategic review of the company's business and strategic alternatives.
Chairman Curt Anastasio said the advisor would be appointed shortly and the aim is to see the review concluded by first quarter 2021.
Speaking on a joint conference call with its parent company, GasLog chief executive Paul Wogan said the review would look at all options for the company including taking it private.
Anastasio described it as “a difficult quarter”.
He said access to capital markets for master limited partnerships has become more difficult resulting a significantly higher cost of capital for the company.
Rather than rely on improving market conditions, Anastasio said: "We believe it is prudent to derisk the company and prioritise preserving liquidity and further delevering the balance sheet."
GasLog Partners' third quarter profit was down 60% at $11.9m from $29.4m in the same period last year.
Revenue for the quarter fell 25% to $72.8m from $96.5m in 2019.
GasLog Partners cut its dividend to $0.01 per share from the third quarter .
On the call Wogan was asked about the options for GasLog Partners five steam turbine ships, two of which have recently been fixed out on time-charter.
He said the choices are to redeploy them, which the company has done with two of the vessels, explore joint ventures on them or sell them.
Wogan described the partnerships steam vessels as some of the most modern and best performing in this sector in the fleet.
“They are a very different animal to some of smaller steam ships which I think are going to be marginalised quite quickly,” he said.
The CEO said he would not be in favour of selling the vessels in the current market but would look at this as conditions improve.
