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| Statement |
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| We have made good progress on these goals despite the impairment charges we took in 2022 in connection with the book values of our steam vessels |
| In terms of company performance, the Partnership fleet keeps delivering good results, thanks to the actions taken in the strong market of 2022 |
| Overall, we are pleased with our performance in this quarter as we continue to rechartering our fleet at healthy rates with improved visibility on our 2023 cash flows |
| Net debt-to-EBITDA has, of course, been positively impacted by the Partnership's strong performance in the last quarter as well as the significant increase in the cash and cash equivalents in our balance sheet in relation to the vessel sales and the sale and leasebacks and still remains available in our balance sheet as of March 31, 2023 |
| 2022 was a record year for LNG carrier orders with 169 confirmed models and the order book comprising nearly half of the active trading fleet |
| We were pleased to receive the option renewal declaration from Shell on the GasLog Geneva and kept taking advantage of a sustained sale and purchase market with the completion of the sale and leaseback transaction of the GasLog Sydney with new repurchase application attached to its 5-year bareboat charter |
| This has protected short-term profitability from the persistent seasonal downturn witnessed in quarter 1 since rates peaked in November 2022 |
| The outlook for new projects continues to look fundamentally strong, although persistent delays mostly to inflationary prices and cost of capital might be affecting the expected startup of several U.S |
| Revenues for the first quarter were $99 million, a 15.9% increase from the first quarter of 2022 |
| Adjusted EBITDA was $76 million, an increase of approximately $15.4 million from the first quarter of 2022 primarily due to a year-over-year increase in revenues, as mentioned earlier, and the decrease in vessel operating expenses, which I will describe in the next slide |
| So far, our progress, as outlined in previous quarters has resulted in projected annualized savings of about $0.11 per unit by reducing preference unit distributions by approximately $5.7 million per annum |
| This matches well our disciplined capital allocation strategy and continued work towards our stated deleveraging targets |
| This was primarily due to a net increase in revenues from our term fixtures we entered in 2022 |
| The same dynamics that assisted in the first quarter of 2023, leading to unexpectedly high inventory levels despite record low Russian pipeline imports supported by continuing high flows of LNG |
| Finally, on March 15, 2023, the preference Series B units turned to floating at LIBOR plus a spread of 5.839% per annum, which was -- which has resulted in a significant cost increase |
| Thank you, everyone, today for listening and for your continued interest in GasLog Partners |
| We are pleased to announce that Shell has declared their option to extend the charter of the GasLog Geneva for 5 years starting in September of this year, adding about $122 million of EBITDA |
| There is also a decrease in technical maintenance costs in relation to seasonally lower plant maintenance cost in quarter 1, 2023 |
| Reducing debt balances and repurchasing preference sales will further reduce the partnership's cash flow all in breakeven levels, which remains management's key focus |
| Operating expenses were decreased by $2.7 million, mostly due to a decrease in crew costs, largely related to nonrecurring costs associated with COVID-19 measures in 2022 as well as a favorable USD exchange rate in the first quarter of 2023 compared to the same period in 2022 |
| In addition, we repaid $87.8 million of debt outstanding in relation to the sale and leaseback of the GasLog Sydney with the transaction also releasing approximately $49 million of incremental liquidity |
| Statement |
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| to Europe has impacted ton-mile demand |
| The rates peaked early in November and have maintained a steady decline since, falling about 90% from peak levels as we enter the seasonally weak market |
| Although shipping market remains relatively strong, it has been affected by this downturn in the spot market and the persistent presence of relents taking multiyear charter deals |
| Furthermore, our net debt to trailing 12 months EBITDA has been reduced from 4.3x to 2.2x, which is currently below our long-term target |
| Finally, with regard to the Venice Energy FSRU project, the Partnership is waiting news on the FID from Venice Energy |
| This dynamic could prolong the LNG supply deficit beyond 2027 |
| This revenue increase was partially offset by increase in revenues due to the [off charter] days of the scheduled dry-docking of the GasLog Shanghai and also the sale of the Methane Shirley Elisabeth in the third quarter of 2022, which reduced our ownership days overall |
| The increased prevalence of short trips from the U.S |
| A warm winter and the lower Chinese demand were the saving rate for Europe in the fourth quarter, allowing significant reduction in the demand for gas |
| Relents have disrupted both spot and term markets and the seasonally high European inventories have reduced Europe's immediate need for LNG |
| Our results were also impacted by an $8.6 million increase in interest expense due to an increase in the base interest rates, LIBOR also, compared to the first quarter of 2022, irrespective of the meaningful deleveraging achieved during the last 12 months |
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