0001104659-26-031782
SEC filingGasLog Partners LP reported revenues of $278.2 million for FY 2025, a 21.9% decrease from $356.3 million in FY 2024, driven by 482 fewer available vessel days from sales of Methane Alison Victoria and Methane Jane Elizabeth, lower charter rates amid weak market conditions, and 610 idle days versus 42 in 2024. Profit from operations swung to a $15.2 million loss from $155.6 million profit in 2024, impacted by $93.4 million impairment loss on vessels, higher voyage expenses ($18.3 million vs. $9.1 million), partially offset by lower vessel operating costs ($62.6 million vs. $69.7 million). Net loss was $20.2 million, down from $151.0 million profit. Balance sheet showed total assets of $1.20 billion, down from $1.45 billion, with tangible fixed assets at $1.12 billion after impairments and sales. Partners' equity stood at $1.09 billion. Operating cash flow was $191.7 million, down from $269.9 million, while investing cash inflow was $35.3 million from vessel sales. Financing outflow was $229.5 million, including $130.2 million distributions and $51.5 million return of capital. Cash ended at $5.2 million. Forward-looking, 1,619 open vessel days in 2026 signal spot market exposure risks amid fleet contraction to 11 vessels.
GasLog Partners LP's FY 2025 results showed significant challenges, with revenues declining 21.9% to $278.2 million from $356.3 million in 2024, due to vessel sales reducing available days by 482 and 610 idle days. Operating loss was $15.2 million versus $155.6 million profit prior year, driven by $93.4 million impairments on Steam and TFDE vessels from low market rates. Net loss reached $20.2 million from $151.0 million profit. Average daily hire fell to $69,799 from $71,238. Fleet averaged 12.8 vessels with 4,596 available days versus 14.0 vessels and 5,086 days in 2024.
Revenues from long-term time charters (initial >3 years) were $183.4 million, spot/short-term $94.8 million. Decline attributed to redeliveries of Methane Heather Sally, sales of Methane Alison Victoria and Jane Elizabeth, weak spot market, and idle periods. Shell subsidiaries contributed 55% of revenues. No geographic breakdown disclosed.
Vessel operating costs per day decreased to $13,361 from $13,609, aided by fewer vessels. Depreciation stable at $105.1 million. G&A expenses fell 15.9% to $13.8 million. Impairments dominated, with $93.4 million loss versus $8.7 million prior. Financial costs edged up to $5.0 million from lease interest.
Operating cash flow $191.7 million (down 29.0%), investing $35.3 million from $51.5 million vessel sale proceeds net, financing outflow $229.5 million including $130.2 million distributions and $51.5 million capital return. Cash $5.2 million. Assets $1.20 billion (down 16.9%), equity $1.09 billion. Lease liabilities $64.9 million.
Contracted revenues $164.5 million for 2026, $278.5 million thereafter. 1,619 open days in 2026 expose to spot volatility. Dry-dockings in 2026 for five vessels. GasLog Shanghai exits fleet Oct 2026. Risks include spot market weakness, impairments from vessel values.