GasLog Partners LP · NYSE:GLOP/PA
GasLog Partners LP — Investor Presentation (August 2021)
29 slides from GasLog Partners LP's investor presentation, August 2021
Slide 1: GasLog Partners LP Investor Presentation
GASLOG PARTNERS LP Investor Presentation August 2021
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: History, Ownership Structure and Assets
HISTORY, OWNERSHIP STRUCTURE AND ASSETS August 2021 | Investor Presentation 3
Slide 4: GasLog History
GASLOG HISTORY 1824 1982 2001 2011 2014 2016 Today The Livanos Family George P. Livanos The Ceres Group The GasLog brand A further ten ships added to Term charters traces its roots to the founded the Hellenic enters LNG is introduced the fleet and surpassing secured with island of Chios, where Marin
Slide 5: Organisational and Ownership Structure
ORGANISATIONAL AND OWNERSHIP STRUCTURE Livanos Family(~43%) Onassis Foundation (~12%) Blackrock GEPIF ~55% ~45% GASLOG LTD. NYSE: GLOG 20 LNG carriers(1) 12 XDF / 7 TFDE / 1 Steam 100% of GP 33%(2) GASLOG PARTNERS LP Public Unitholders NYSE: GLOP 67% 15 LNG carriers 10 TFDE / 5 Steam 1) Includes thr
Slide 6: The GasLog Partners Fleet
THE GASLOG PARTNERS FLEET GASLOG PARTNERS LP’S FLEET 15 Number of vessels in the Partnership’s fleet c.9 years Average age of the GasLog Partners fleet $663 million Contracted revenue backlog as of June 30, 2021 1. Refer to the GasLog Partners Q2 2021 Results 6-K filed with the SEC on July 27, 2021
Slide 7: Investment Case
INVESTMENT CASE August 2021 | Investor Presentation 7
Slide 8: Attractive Investment Case
ATTRACTIVE INVESTMENT CASE 1 15-vessel fleet backed by leading operational and commercial platform offers a competitive advantage 2 Robust financial position following 4 new charters, no corporate-level debt and no debt maturities until 2024 3 Capital allocation for 2021 prioritizes debt repayment,
Slide 9: Existing Structure and Strategy Creates Platform for Value Creation
1 EXISTING STRUCTURE AND STRATEGY CREATES PLATFORM FOR VALUE CREATION LNG TRADE BY CHARTER DURATION (MT) Continued forecast growth in LNG market Spot and short-term trade in LNG is growing rapidly Leading commercial and operational platform Source: Poten NUMBER OF SPOT FIXTURES Fleet size and operat
Slide 10: Four New Charter Agreements Signed with High Quality Customers
2 FOUR NEW CHARTER AGREEMENTS SIGNED WITH HIGH QUALITY CUSTOMERS ON ATTRACTIVE TERMS GasLog Sydney GasLog Seattle Solaris Methane Heather Sally Type / size (CBM) TFDE / 155,000 TFDE / 155,000 TFDE / 155,000 Steam / 145,000 Charterer Term 12 months 12 months 8 months Min. 12 months(1) Start date Mid-
Slide 11: Continued Focus on Debt Repayment, Nearest Maturity in 2024
2 CONTINUED FOCUS ON DEBT REPAYMENT, NEAREST MATURITY IN 2024 BALANCE SHEET METRICS SECURED DEBT BALANCE AND AMORTIZATION 2021-2023 ($M) CASH ITEMS 5.2x c.$122 million Net debt to trailing 12-month Cash and short-term adjusted EBITDA investments as of Q2 2021 48% c.$19 million Net debt to total capi
Slide 12: Debt Repayment Enhances Book Equity Value
3 DEBT REPAYMENT ENHANCES BOOK EQUITY VALUE EXAMPLE: GASLOG GLASGOW’S DEBT AMORTIZATION PROFILE(1) VESSEL METRICS c.$35 million Vessel-level debt to be retired during 2021-2023 9% CAGR of book equity value in GasLog Glasgow during 2021- 2023 1. Assumes book value as of December 31, 2020 with current
Slide 13: Sustained Recovery in LNG Spot Rates Offers Material Upside
4 A SUSTAINED RECOVERY IN LNG SHIPPING SPOT RATES OFFERS MATERIAL UPSIDE FOR GASLOG PARTNERS 2H21–2022 CONTRACTED REVENUES(1) 2H21–2022 OPEN DAYS BY QUARTER(1) 2022 OPEN DAYS EBITDA SENSITIVITY(2) 1. As of July 26, 2021 2. Assumes daily operating expenses average $14,850 per day and G&A averages app
Slide 14: Fixing Activity During Q2 2021 and Spot Rates
4 FIXING ACTIVITY DURING Q2 2021 BOLSTERED BY RECORD TERM CHARTERING, HEADLINE SPOT RATES FOLLOWING SEASONAL NORMS NUMBER OF FIXTURES Q3 2019 – Q2 2021 TFDE SPOT & 1-YR TC RATES ($/DAY) 99 Total LNGC spot fixtures in Q2 2021 43 TFDE spot fixtures in Q1 2021 29 Steam spot fixtures in Q2 2021 $64,500
Slide 15: 2020 Sustainability Report Demonstrates Progress on ESG Initiatives
5 2020 SUSTAINABILITY REPORT DEMONSTRATES PROGRESS ON ESG INITIATIVES 1 ENVIRONMENTAL: SUSTAINABILITY IS AT OUR CORE ▪ 93% of the fuel used onboard our vessels in 2020 was LNG ▪ CO2 emissions: 1.11 million tons in 2020 versus 1.22 million tons in 2019 ▪ Annual efficiency ratio (AER): 9.89 in 2020 ve
Slide 16: Future Ton-Mile Expansion Supported by Liquefaction and Receiving Infrastructure
6 FUTURE TON-MILE EXPANSION SUPPORTED BY LIQUEFACTION AND RECEIVING INFRASTRUCTURE BEING BUILT TODAY LNG CAPACITY ADDITIONS 2021-26 (MT) REGAS CAPACITY ADDITIONS 2021-24 (MT) 125 MT LNG capacity additions during 2021-2026 62 MT LNG capacity additions from North America during 2021- 2026 160 MT LNG r
Slide 17: Q2 2021 Results Summary
Q2 2021 RESULTS SUMMARY August 2021 | Investor Presentation 17
Slide 18: GasLog Partners Q2 2021 Highlights
GASLOG PARTNERS Q2 2021 HIGHLIGHTS 1 FOUR NEW CHARTER AGREEMENTS ON ATTRACTIVE TERMS ▪ Charter coverage increased to 100% in 2021 and 69% in 2022 STRONG OPERATING PERFORMANCE 2 ▪ Fleet uptime of 100% in Q2 2021 ▪ 33 port calls and c.1 million tons of LNG delivered in Q2 2021 ▪ Operating expenses of
Slide 19: Off Hire and Dry-Dockings Impacted Q2 2021 Financial Performance
OFF HIRE AND ASSOCIATED EXPENSES RELATED TO 3 DRY-DOCKINGS IMPACTED Q2 2021 FINANCIAL PERFORMANCE REVENUES ($M) ADJUSTED EBITDA ($M)(1) ADJUSTED EPU ($/UNIT) 1. Adjusted EBITDA and adjusted earnings per unit are non-GAAP financial measures and should not be used in isolation or as a substitute for G
Slide 20: Q2 2021 Operating Expenses Reflect Dry-Dockings, COVID Costs
Q2 2021 OPERATING EXPENSES REFLECT 3 DRY-DOCKINGS, COVID RELATED COSTS UNIT OPEX ($/DAY)(1) UNIT G&A ($/DAY)(2) INTEREST EXPENSE ON LOANS ($M) 1. Includes dry-docking expense. For Q2 2021 dry-docking expense was $1,109 per vessel per day 2. For FY 2020, excludes costs related to the organizational c
Slide 21: LNG Commodity and LNG Shipping Review and Outlook
LNG COMMODITY AND LNG SHIPPING REVIEW AND OUTLOOK August 2021 | Investor Presentation 21
Slide 22: Strong LNG Demand Growth from Asia and Supply Growth from the U.S.
STRONG LNG DEMAND GROWTH FROM ASIA COMBINED WITH SUPPLY GROWTH FROM THE U.S. PUSHED TON-MILE DEMAND HIGHER IN Q2 2021 LNG DEMAND GROWTH: Q2 21 V. Q2 20 LNG SUPPLY GROWTH: Q2 21 V. Q2 20 11% LNG demand growth year-over- year in Q2 2021 5% Expected LNG demand growth in 2021, according to Wood Mackenzi
Slide 23: Regional Gas Price Differentials Imply High Liquefaction Utilization
REGIONAL GAS PRICE DIFFERENTIALS IMPLY HIGH LIQUEFACTION TERMINAL UTILIZATION THROUGH AT LEAST 2023 REGIONAL GAS PRICE DIFFERENTIALS: JANUARY 2021 – 2023 ($/MMBTU) c.$13.65/mmBTU Current JKM-HH price differential c.$2.00/mmBTU Shipping cost from USG to NE Asia through Panama Canal at current spot ra
Slide 24: LNG Supply and Demand Point to High Fleet Utilization
LNG COMMODITY SUPPLY AND DEMAND POINT TO HIGH SHIPPING FLEET UTILIZATION OVER THE NEAR-TERM QUARTERLY LNG SHIPPING DEMAND: Q3 2021 – Q4 2022 c. 2.1x Average US shipping multiplier during 2018-2020 0 Vessel scrapping assumed Source: Poten, Wood Mackenzie, Kpler, GasLog Estimates August 2021 | Investo
Slide 25: 84% of the Orderbook Is Committed on Multi-Year Charters
84% OF THE ORDERBOOK IS COMMITTED ON MULTI-YEAR CHARTERS, DELIVERIES PEAKING IN 2021 QUARTERLY DELIVERY SCHEDULE 126 Number of vessels in the orderbook Earliest delivery is Q4 2023 for vessel ordered today 28 Number of vessels 30+ years old in the global fleet 15 Number of additional vessels 30+ yea
Slide 26: IMO Carbon Emissions Regulations May Reduce Operating Speeds
RECENT CARBON EMISSIONS REGULATIONS FROM THE IMO HAVE THE POTENTIAL TO REDUCE OPERATING SPEEDS FOR STEAM TURBINE LNG CARRIERS EEXI AND CII RULES AGREED IN JUNE EEXI AND CII CLARIFICATIONS PENDING 40% IMO’s target reduction in carbon 1 EEXI/CII enters into force after Jan 1, 2023 ● Natural boil off c
Slide 27: Appendix
APPENDIX August 2021 | Investor Presentation 27
Slide 28: 2021 Dry-Docking Schedule and Contracted Revenue Backlog
2021 DRY-DOCKING SCHEDULE AND CONTRACTED REVENUE BACKLOG DRY-DOCKING SCHEDULE(1) GLOP CONTRACTED REVENUES ($M) Q3 21 Q4 21 GasLog Partners GasLog Glasgow 7 GasLog Geneva 30 GasLog Gibraltar 30 1. The estimates in this table are management’s forecast as of July 26, 2021 and are subject to revision. A
Slide 29: 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 and restructuring costs
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