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The company reported a profit of $18 million for the quarter ended December 31, 2024, down 49.6 percent compaed to $35.7 million for the same period in 2023.
Revenues were $85.2 million for the quarter under review, down 15.7 percent from $101.1 million for the same period in 2023.
GasLog Partners said the decrease of $15.9 million is mainly attributable to the 2024 fixtures at lower rates due to the weak market and the 85 idle days in the quarter ended December 31, 2024 .
The firm said the $17.7 million decrease in profit is mainly due to the decrease in revenues and the $8.7 million non-cash impairment loss.
In December 2024, GasLog Partners recognized the loss on two owned steam vessels and one bareboat TFDE vessel in accordance with international financial reporting standards.
“The indications that led to the recognition of a non-cash impairment loss included the current low market rates and the differences between the ship brokers’ valuations of our owned fleet and their carrying values,” the firm said.
Profit was $151 million for the year ended December 31, 2024, a rise compared to $138.7 million in 2023)
GasLog Partners said the increase in profit of $12.3 million is mainly attributable to a decrease of $54.9 million in net financial costs due to a debt prepayment in November 2023, following the refinancing of all of its vessels at the parent level of GasLog.
In 2024, revenues were $356.3 million, down compare to $397.8 million for the same period in 2023.
The decrease of $41.5 million is mainly attributable to the 2023 and 2024 fixtures at lower rates and the 85 idle days in the year ended December 31, 2024, the firm said.
GasLog Partners owns 10 LNG carriers while its bareboat fleet includes four vessels.
Under its existing charters as of December 31, 2024, the firm had contracted revenues of $260.5 million for 2025 and $432.4 million thereafter.
GasLog Partners said spot charter rates have demonstrated a consistent downward trend throughout the year.
Despite logistical challenges arising from the restrictions at the Suez and Panama Canals, market fundamentals indicate a surplus in vessel supply, it said.
“Given minimal growth in LNG trade volumes and limited opportunities for floating cargoes, the market is experiencing an oversupply, which is now reflected in availability lists and declining rates,” GasLog Partners said.
“Spot market activity has been notably high, with the number of spot fixtures increasing by over 70 percent year-on-year, while term fixtures have seen a decline,” it said.
As of December 31, 2024, the global fleet of LNG carriers (>100,000 cbm) consisted of 668 vessels with another 330 on order, GasLog partners cited Poten data.
Poten estimates that a total of 102 LNG carriers are due to be delivered in 2025.
“We believe that the growing global demand for natural gas, especially in Asia, increasing supply from the US and other regions, and other LNG market trends, including increased trading of LNG, should support the existing order backlog for vessels and should also drive a need for additional LNG carrier newbuildings,” GasLog Partners said.
“Finally, the scrapping of older and less efficient vessels, the conversion of existing vessels to floating storage and regasification units or floating storage units and/or employing LNG carriers for short-term storage purposes in order to exploit arbitrage opportunities could reduce the availability of LNG carriers on the water today,” the firm said.
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The post GasLog Partners reports lower profit in Q4 appeared first on Energy News Beat.
