GasLog Reports Higher Profit in 2Q16
GasLog Partners LP has released its financial results for 2Q16, boasting a profit of US$17.38 million – 38% higher than in 2Q15. Its demand outlook for LNG carriers with long-term charters remains positive.
The company also generated US$49.64 million in revenue – 51% higher than 2Q15 – and an EBITDA of US$35.56 million – also 51% higher than 2Q15.
Gaslog Partners LP says for Q2, gaslog partners has declared a cash distribution of $0.478 per unit. Its says quartely earnings per unit $0.52.
The CEO of the company, Andrew Orekar, said: “We are pleased to report another quarter of strong financial results for GasLog Partners. Revenue, EBITDA, and distributable cash flow were in line with our expectations and include the impact of Methane Rita Andrea's scheduled dry-docking. The Partnership has no additional scheduled dry dockings until 2018."
"In the shorter term market, spot market rates through 2016 have plateaued around multi-year lows. Whilst it is too early to predict a sustained increase in the spot market, there has been a marked uptick in spot charter terms in recent weeks, with slightly improved freight rates and the ability to achieve round-trip economics on a more frequent basis," says a staement from the company.