GLOP Q1 2022

Gaslog Partners (GLOP) is the remaining publicly traded subsidiary of the Gaslog entity. The sponsor and parent entity got taken private last year.
GLOP’s fleet of 15 vessels comprises 10 TFDE (Tri Fuel Diesel Electric) and 5 Steam Turbine LNG tankers.
Q1 2022 stats

  • Revenue of $85.5M
  • Profit of $35
  • Adjusted profit of $28.3M
  • Adjusted EBITDA of $60.9M…

Company has been paying off debt and buying back a portion of its preferred shares ($10M). I think GLOP’s challenge remains their plans for the 5 Steam Turbine tankers. Though the vessels are down in the pecking order, the vessels can still find employment this year. But when the new emission standards go into effect in 2023, the vessels will likely face major challenges in being hired. New LNG tankers delivering this year, and several years going forward, represent additional pressure on the older vessels.