GasLog Partners LP (NYSE:GLOP) Q1 2020 Earnings Conference Call - Final Transcript
May 07, 2020 • 08:30 am ET
Good morning. My name is Tiffany and I will be your conference operator today. At this time I would like to welcome everyone to the GasLog Limited and GasLog Partners First Quarter 2020 Results Conference Call. [Operator Instructions]
On today's call are Paul Wogan Chief Executive Officer of GasLog Limited; Andy Orekar Chief Executive Officer of GasLog Partners; and Alastair Maxwell Chief Financial Officer; Joseph Nelson Head of Investor Relations will begin your conference. Please go ahead.
Good morning or good afternoon and thank you for joining the GasLog Limited and GasLog Partners First Quarter 2020 Earnings Conference Call. For your convenience this webcast and presentation are available on the Investor Relations section of our website www.gaslogltd.com and www.gaslogmlp.com where a replay will also be available. Please now turn to slide two 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 first 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. Paul will begin today's call with a discussion of Gaslog's first quarter highlights and results followed by a brief discussion of the LNG market. After which Alastair will discuss the group's financial position and financing activity. And finally Andy will walk you through the partnership's first quarter. We will then be happy to take your questions.
With that I will now turn it over to Paul Wogan CEO of GasLog.
Thank you Joe. Good morning or good afternoon to all of you. The COVID-19 outbreak posed unprecedented challenges to GasLog's commercial and operating environment during the first quarter but I'm pleased to advise that our employees rose to the challenge and ensured that our fleet operated with 100% uptime. We were fortunate compared to many businesses and industries in that we could continue to operate the business and despite the turmoil achieved despite the turmoil achieved high rate levels of vessel utilization. This allowed us to generate revenues in line with Q1 2019 while our continued focus on operating and G&A costs combined with lower interest expense that we grew both our adjusted EBITDA and adjusted EPS. We have 77% charter cover in 2020 providing high visibility of both revenue and cash flow during this period of heightened uncertainty. However given the difficult and uncertain macro environment we also took a proactive and prudent step to reduce our common dividend to $0.05 per share for this quarter to ensure the ongoing resilience of our business. Finally despite the challenges facing the wider credit and banking markets we have made significant progress in refinancing our 2021 debt maturities and we are on track for completion in the third quarter of this year. Turning to slide five. I've been highly pleased and proud at how GasLog's employees have responded to the challenges presented by the outbreak of COVID-19. Our overriding focus