Profit attributable to the partnership rose to $12.61m for the quarter to the end of June a big increase on the $3.82m for the same period of 2014.
The increase was mainly down to last year’s acquisition of the 145,000-cbm Methane Rita Andrea and the Methane Jane Elizabeth both built 2006) and the full operation of three other vessels transferred to the company.
Earnings before interest, taxes, depreciation and amortisation (ebitda) rose to $23.53 for the second quarter up from $8.11 for the same period of 2014.
Revenues for the quarter rose to almost $33m from $11.3m through the corresponding quarter of last year.
Directors of GasLog Partners have declared a quarterly cash distribution of $0.4345 per unit for the quarter payable in August.
Guidance on the likely cash distribution for the third quarter have been increased to 10% from the previously announced expectation that it would be in the 7% to 10% range.
GasLog Partners is aiming at further raising the distribution for future years to the 10% to 15% range as the company grows
Highlights of the period included the $483m acquisition of three LNG carriers complete with multi-year charters from GasLog Ltd and an equity offer and issuance of general partner units that raised a total of $175.5m.
“The three ships we acquired in this transaction have significantly increased the scale of GasLog Partners, as our fleet now consists of eight vessels operating under long-term contracts, up from three at the time of our initial public offering last May, said chief executive Andrew Orekar.
GasLog Partners said there had been a number of positive developments for the currently weak LNG market that should support long term growth. These include various Cheniere, Shell and Kinder Morgan projects.
The GasLog Parnters fleet currently runs to eight LNG carriers but there are options to acquire an additional nine vessels from GasLog Ltd.
