GasLog Partners LP (NYSE:GLOP) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 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 Ltd. asnd GasLog Partners' Second Quarter 2020 Results Conference Call. [Operator Instructions]
On today's call are Paul Wogan, Chief Executive Officer of GasLog Limited; Andrew Orekar, Chief Executive Officer of GasLog Partners; and Achilleas Tasioulas. Chief Financial Officer; Joseph Nelson, Head of Investor Relations, will begin your conference. Please go ahead, sir.
Thank you, Tiffany. Good morning or good afternoon, and thank you for joining the GasLog Ltd. and GasLog Partners' Second 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 second quarter earnings press releases.
In addition, some of the 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 second quarter highlights and results, after which, Andy will walk you through the partnership's second quarter. Calais will then discuss the group's financial position and financing activity. And finally, Paul will conclude with an update of the LNG commodity and shipping markets. We will then be happy to take your questions. With that, I will now turn it over to Paul Wogan, CEO of GasLog Ltd.
Thank you, Joe. Please turn to slide four. Although the COVID-19 pandemic continues to present challenges and uncertainties for our industry, I'm pleased to report GasLog's continued operational and financial progress in the second quarter. Since we last reported in early May, we have refinanced all the group's debt that was due in 2021. Enhanced liquidity through the private placement of common equity, the majority of which was purchased by directors and affiliates. We've taken delivered three new build vessels on time and on budget that together with cost reductions, produced adjusted EBITDA growth in Q2, continue to deliver a reliable, high level of service to our customers with fleet uptime of approximately 100%. Published our inaugural sustainability report for 2019. And finally, we declared a $0.05 per share dividend for Q2. Looking ahead, our charter coverage of approximately 80% for the second half of 2020, provides us with revenue and cash flow visibility during this time of continued uncertainty. Turning to slide five. And an update of how we are dealing with the impact of COVID-19. We remain fully focused, both on the safety of our personnel and delivering reliable, high-quality service to our customers. This focus has allowed us to maintain a high degree of uptime and fleet utilization, a testament to the dedication of our crews and shore-based employees. Unfortunately, the impact of COVID-19 has