GasLog Partners LP · NYSE:GLOP/PA
GasLog Partners LP — Q3 2022 Earnings Presentation
25 slides from GasLog Partners LP's earnings presentation, Oct 27, 2022
Slide 1: GasLog Partners LP Q3 2022 results
GASLOG PARTNERS LP Q3 2022 results 27 October 2022
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS All statements in this presentation 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
Slide 3: Q3 2022 Review
Q3 2022 REVIEW PAOLO ENOIZI, CHIEF EXECUTIVE OFFICER, GASLOG PARTNERS 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 3
Slide 4: Key Takeaways for Q3 2022
KEY TAKEAWAYS FOR Q3 2022 1 DEMAND FOR ENERGY SECURITY HAS INCREASED DEMAND FOR LNG SUPPLY AND SHIPPING ▪ Increased LNG demand in Europe keeps competing with Far East, maintaining high gas prices ▪ Softness in the Q3 spot market balanced by tight vessel availability and strong term demand ▪ Newbuild
Slide 5: Recent Charters Signed on Attractive Terms Provide Strong Cash Flow Visibility
RECENT CHARTERS SIGNED ON ATTRACTIVE TERMS PROVIDE STRONG CASH FLOW VISIBILITY Vessel Name Solaris GasLog Shanghai Methane Heather Sally (Steam) (TFDE) (TFDE) Counterparty Energy Major Energy Major SE Asian Charterer Term 12 months 24 months 34 months Start Date August 2022 October 2022 February 202
Slide 6: Well Positioned with Spot Exposure in Seasonally Strong Periods in 2023
WELL POSITIONED WITH SPOT EXPOSURE IN SEASONALLY STRONG PERIODS IN 2023 CONTRACTED/OPEN DAYS BY QUARTER(1) QUARTERLY ADJ. CONTRACTED EBITDA ($M)(1,2) 2023 OPEN DAYS ADJ. EBITDA SENSITIVITY ($M)(1,2) Contracted Spot-Linked Open $80 $60 1,400 $70 31 1,200 61 42 - $50 288 $60 234 1,000 - - $40 640 $50
Slide 7: Q3 2022 Financial Review
Q3 2022 FINANCIAL REVIEW ACHILLEAS TASIOULAS, CHIEF FINANCIAL OFFICER, GASLOG PARTNERS LP 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 7
Slide 8: Strong Commercial Performance Drove Solid Results in the Quarter
STRONG COMMERCIAL PERFORMANCE DROVE SOLID RESULTS IN THE QUARTER REVENUES ($M) ADJUSTED EBITDA ($M)(1) ADJUSTED EPU ($/UNIT)(1) $100 $96 $75 $73 $0.63 $0.60 $85 $81 $59 $80 $57 $0.45 $50 $60 $0.37 $0.34 $0.30 $40 $25 $0.15 $20 $0 $0 $0.00 Q3 Q2 Q3 Q3 Q2 Q3 Q3 Q2 Q3 2021 2022 2021 2022 2021 2022 1. A
Slide 9: Continuing to Effectively Manage Costs Despite External Factors
CONTINUING TO EFFECTIVELY MANAGE COSTS DESPITE EXTERNAL FACTORS UNIT OPEX ($/DAY)(1) UNIT G&A ($/DAY) COMMENTARY • Decrease in OPEX was primary due to favorable exchange rates fully absorbing inflationary pressures on our costs • G&A movements affected by the management fee changes effective on Jan
Slide 10: Preference Unit Buybacks Improve Free Cash Flow Capacity
PREFERENCE UNIT BUYBACKS IMPROVE FREE CASH FLOW CAPACITY ANNUAL PREF UNIT DISTRIBUTIONS ($M) INCREASE IN FREE CASH FLOW ($/UNIT) PROGRESS ON PLAN $32 $0.10 c.$20.0 million Preference Units repurchased during Q3 2022 $30 c.$57.7 million $28 Preference units purchased at avg. price of c.$25 per Unit s
Slide 11: Continued Progress Toward Leverage Targets
CONTINUED PROGRESS TOWARD LEVERAGE TARGETS DEBT TO CAPITALIZATION (%)(1) NET DEBT TO LTM ADJ. EBITDA(1),(2) LTM PROGRESS 60.0% 5.0x 4.9x c.$113 million Debt scheduled amortization 53.1% 4.5x 50.3% during LTM, including lease 50.0% 4.0x principal payments (excl. debt 4.0x prepayment due to vessel sal
Slide 12: LNG Commodity and LNG Shipping Review and Outlook
LNG COMMODITY AND LNG SHIPPING REVIEW AND OUTLOOK PAOLO ENOIZI, CHIEF EXECUTIVE OFFICER, GASLOG PARTNERS LP 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 12
Slide 13: Strong Term Market as Charterers Seek Cover Amongst Limited Vessel Availability
STRONG TERM MARKET AS CHARTERERS SEEK COVER AMONGST LIMITED VESSEL AVAILABILITY TFDE SPOT & 1-YR TC RATES ($/DAY) $190,000+ per day $300,000 1-year time charter assessments for TFDEs $250,000 $270,000 per day Current headline spot rate assessment for TFDE LNGCs $200,000 $100,000 per day $150,000 Cur
Slide 14: Strong Growth in European Demand During Q3 2022
STRONG GROWTH IN EUROPEAN DEMAND DURING Q3 2022 UNDERSCORES GLOBAL NEED FOR LNG AS STABLE ENERGY SOURCE LNG DEMAND: Q3 22V. Q3 21(MT) LNG SUPPLY: Q3 22V. Q3 21(MT) 16.00 6.00 5.4% 110% Forecast LNG supply growth in 14.00 6% 2022 5.00 12.00 10.00 17.32 MT 10% Total US LNG exports in Q3 2022 4.00 8.00
Slide 15: Healthy Demand for Vessels Despite Volatile Commodity Market
HEALTHY DEMAND FOR VESSELS DESPITE VOLATILE COMMODITY MARKET LNG MARKET SNAPSHOT RECENT MARKET DEVELOPMENTS ▪ Continued supply disruption in 120 $200,000 Russian flows to Europe means $180,000 Europe has to rely on continued 100 high LNG flows throughout the $160,000 winter $140,000 80 ▪ Floating st
Slide 16: LNG Shipping Supply and Demand Balance Implies High Fleet Utilization
LNG SHIPPING SUPPLY AND DEMAND BALANCE IMPLIES HIGH FLEET UTILIZATION OVER THE NEAR-TERM QUARTERLY LNG SHIPPING DEMAND: Q3 2022 – Q4 2023 0 Vessel scrapping assumed 650 630 79.2 MT US exports for 2022 as forecast 610 by Wood Mackenzie. 590 65.5 MT Number of Vessels 570 China imports for 2022 as 550
Slide 17: ~88% of the Orderbook Is Committed on Multi-Year Charters
~88% OF THE ORDERBOOK IS COMMITTED ON MULTI-YEAR CHARTERS; ONLY 3 UNCOMMITTED NEWBUILDS DELIVERING THROUGH 2023 NEWBUILD DELIVERY SCHEDULE 255 Number of vessels in the orderbook as of September 30, 2022 ~35% Growth in LNGC yard capacity between now and 2030, from about 65 to about 100 slots At curre
Slide 18: Closing Remarks
CLOSING REMARKS PAOLO ENOIZI, CHIEF EXECUTIVE OFFICER, GASLOG PARTNERS LP 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 18
Slide 19: Strong Cash Generation and Strategic Execution Against a Favorable Market Backdrop
STRONG CASH GENERATION AND STRATEGIC EXECUTION AGAINST A FAVORABLE MARKET BACKDROP LNG increasingly recognized as a reliable and flexible source of energy security supporting new export project FID 1 outlook Continued scarcity of independently owned vessels keeps the term market tight but allows for
Slide 20: Analyst Q&A
ANALYST Q&A 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 20
Slide 21: Appendix
APPENDIX 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 21
Slide 22: Increased Exposure in a Tight Market Environment
INCREASED EXPOSURE IN A TIGHT MARKET ENVIRONMENT GASLOG PARTNERS LP’S FLEET(1)(2) 98% Charter coverage for remainder of 2022 c.$616 million Total contracted revenues as of October 27, 2022 1. Refer to the GasLog Partners Q3 2022 Results 6-K filed with the SEC on October 27, 2022 for a detailed descr
Slide 23: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS Non-GAAP Financial Measures: EBITDA is defined as earnings before financial income and costs, gain/loss on derivatives, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before impairment loss on vessels, loss on disposal of ve
Slide 24: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 24
Slide 25: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS 27 October 2022 | GasLog Partners Q3 2022 Results Presentation 25