Recently merger GasLog Partners turned in healthy returns for the first six months of 2023, before its merger with parent GasLog in July.
GasLog Partners’ profit and income for the first six months of this year more than doubled to $72.1m from $35.7m in the corresponding period of 2022.
Losses on costs and expenses jumped to $27.1m from a loss of $12.1m in the corresponding months of the previous year.
The company’s first-half revenue climbed to $196m from $170m in the same six months a year earlier.
During the six-month period, the 155,000-cbm LNG carrier GasLog Sydney (built 2013) was sold to China Development Bank Leasing under a sale and leaseback deal.
GasLog Partners said: “The vessel was sold to CDBL for $140m and leased back under a bareboat charter for a period of five years with no repurchase option or obligation.”
The company said the sale resulted in an impairment loss of $142,000 in the six months to the end of June.
GasLog Partners was formed on 23 January 2014 as a wholly owned subsidiary of GasLog initially kicking off with three LNG carriers for its IPO.
By 30 June 2023, the partnership was sitting on 11 wholly-owned LNG carriers and three vessels leased under bareboat charters.
GasLog proposed a merger with the partnership on 24 January 2023.
The deal, under which shipowner Peter Livanos and BlackRock-backed GasLog Ltd moved to buy the roughly 70% of GasLog Partners shares it did not already own, was worth around $450m.
This was finally approved at a special meeting of the partnership on 7 July.
Trading in GasLog Partners shares on the New York Stock Exchange was suspended on 13 July with the units delisted on 24 July.
GasLog Partners directors Curtis Anastasio, Roland Fisher and Kristin Holth on 17 July.
The company said James Berner was appointed as a director of the partnership and a member of the audit committee of the board on 19 July with the board now consisting of three directors.
