GasLog Partners has seen profit contract by just over one-third due to impact from its derivatives during a quarter that was otherwise uneventful.
Net profit for the second quarter was $19.1m, which is a 35% fall compared to the same period last year and 17% less than during the first quarter.
The company attributed this to a $9.7m decrease in its gains from the mark-to-market valuation of the partnership's derivatives.
GasLog Partners' earnings per common unit (EPU) beat analysts' consensus target by just one cent.
EPU was $0.43 for the quarter, compared to the consensus figure of $0.42.
The picture was more positive for EBITDA, which was $68m in the second quarter, up 23% year on year.
Analysts shrug
"While topline matched our expectation, the company’s average dayrate of $67,500 fell short of our $69,200 forecast," analysts from Deutsche Bank said in a note on Thursday.
GasLog Partner's last remaining LNG carrier in the spot market — the 155,000-cbm GasLog Shanghai (built 2013) — exited the Cool Pool towards the end of the quarter.
The vessel was fixed in June on a three-and-a-half-year charter to commodities giant Gunvor.
Deutsche Bank notes this may have impacted the vessel's commercial performance.
"While LNG spot shipping performance continues to underwhelm, it is important to remember that Gaslog and peers are pulling vessels out of the spot market in favor of term opportunities (both spot linked and fixed rate), which should drive improved results in coming quarters," the bank said in its note.
Analysts at Stifel were less enthusiastic in their summary note, which was only three lines long.
"Following drop down and new charter announcements earlier in the quarter, there were no additional material developments announced with earnings," Stifel said in the note.
"Consequently, we do not expect GLOP units to move materially on the earnings results."
GLOP has declared a quarterly cash distribution of $0.55 per common unit for the quarter.
