GasLog Partners LP (NYSE:GLOP) Q3 2019 Earnings Conference Call - Final Transcript

Oct 30, 2019 • 08:30 am ET


GasLog Partners LP (NYSE:GLOP) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning, my name is Shannon and I will be your conference operator today. At this time, I would like to welcome everyone to GasLog Partners LP Third Quarter 2019 Earnings Conference Call. [Operator Instructions]. Today's speakers are Andy Orekar, Chief Executive Officer; Alastair Maxwell, Chief Financial Officer; and to commence the call Joseph Nelson, Deputy Head of Investor Relations. Mr. Nelson, you may begin your conference.

Joseph Nelson

Good morning, and thank you for joining GasLog Partners third quarter 2019 earnings conference call. For your convenience, this call, webcast and presentation are available on the Investor Relations section of our website where a replay will also be available. Please now turn to Slide 2 of the presentation. Many of our remarks contain forward-looking statements. For factors that could cause actual results to differ materially from these forward-looking statements, please refer to our third quarter earnings press release. In addition, some of our remarks contain non-GAAP financial measures as defined by the SEC. A reconciliation of these is included in the appendix of this presentation.

I will now hand over to Andy Orekar, CEO of GasLog Partners.

Andrew J. Orekar

Thank you, Joe. Good morning, and thanks to everyone for joining GasLog Partners 3rd Quarter Earnings Call. Before I begin this morning, those of you who participated in our previous calls will undoubtedly notice our new presentation format. This is part of a larger rebranding initiative we've begun rolling out at GasLog and GasLog Partners to emphasize our priorities at safety, operational excellence and customer focus and we are delighted to be sharing this with you today. Looking ahead to today's call, I'll begin with our highlights for the quarter. Our CFO, Alastair Maxwell will follow with a review of our financial performance and dropdown pipeline, after which I'll conclude with an update on the LNG and LNG shipping markets as well as our distribution growth outlook. Following our presentation, we'd be very happy to take any questions you may have.

Turning to Slide 3, you can see our highlights. After another strong quarter of operational and financial performance today we reported our highest ever partnership Performance Results for revenue, EBITDA and distributable cash flow. During the third quarter our drop-down pipeline increased to 14 vessels as our parent charter the GasLog Singapore for 10 years as a floating storage unit. We repurchased $10 million of our common units at an average price under $20. We declared a distribution of $0.55 per unit or $2.20 on an annualized basis, an increase of nearly 4% over the third quarter of 2018. Today we are reiterating our guidance of 2% to 4% distribution growth for 2019. Lastly, it gives me enormous pride to share that the crew of the Methane Alison Victoria was awarded crew of the year at this year's IHS Market Safety at Sea Awards. Remarkably this vessel has had zero loss time incidents since their delivery in 2007.

Turning to Slide 4. Our record third quarter results reflected a full quarter's contribution from several