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GasLog Partners (NYSE: GLOP) Q1 2026 profit declines on vessel impairment

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

GasLog Partners reported weaker results for the three months ended March 31, 2026. Revenues were $68.6 million, down from $80.3 million a year earlier, mainly due to vessel sales, a redelivery and 119 additional idle days, partly offset by higher charter rates.

Profit for the period fell to $19.1 million from $25.8 million, driven by an impairment loss of $7.7 million on the Methane Rita Andrea, which was reclassified as held for sale, and lower revenues, partly offset by lower depreciation, voyage expenses and operating costs.

The board declared and paid quarterly cash distributions on its Series A, B and C preference units and a $1.56 per common unit distribution to GasLog.

Positive

  • None.

Negative

  • Revenue and profit declined year-on-year, with revenues falling to $68.6 million from $80.3 million and profit decreasing to $19.1 million from $25.8 million for the three months ended March 31.
  • Recognition of a $7.7 million impairment loss on the Methane Rita Andrea, classified as held for sale, materially reduced quarterly profit and reflects reduced carrying value for that vessel.

Insights

Quarter shows lower earnings as older tonnage exits and one vessel is impaired.

GasLog Partners posted Q1 2026 revenue of $68.6M versus $80.3M a year earlier, with profit down to $19.1M from $25.8M. The filing links this mainly to vessel disposals, a redelivery and more idle days, partly offset by higher charter rates.

Results also include a non-cash impairment loss of $7.7M on the Methane Rita Andrea, which is classified as held for sale and expected to be sold in Q2 2026 after dry-docking. Depreciation, voyage expenses and operating costs all declined, consistent with a smaller average fleet.

The partnership continued returning cash to capital providers, paying quarterly distributions on all three preference series and a $1.56 per common unit distribution to GasLog Ltd. Future financial performance will depend on redeployment or sale terms for vessels and charter market conditions, as implied by the revenue sensitivity to fleet size and utilization.

Q1 2026 revenue $68.607M Revenues for the three months ended March 31, 2026
Q1 2025 revenue $80.272M Revenues for the three months ended March 31, 2025
Q1 2026 profit $19.051M Profit for the three months ended March 31, 2026
Q1 2025 profit $25.789M Profit for the three months ended March 31, 2025
Impairment loss $7.7M Non-cash impairment on Methane Rita Andrea as of March 31, 2026
Series A distribution $0.5390625 per unit Quarterly distribution declared February 11, 2026, paid March 16, 2026
Series B distribution $0.6129300 per unit Quarterly distribution declared February 11, 2026, paid March 16, 2026
Series C distribution $0.5803050 per unit Quarterly distribution declared February 11, 2026, paid March 16, 2026
Common unit distribution $1.56 per unit Quarterly cash distribution to GasLog Ltd. on March 17, 2026
impairment loss financial
"recognition of an impairment loss of $7.7 million as of March 31, 2026"
An impairment loss is an accounting write-down recorded when an asset’s recorded value on the books is higher than what the company can realistically recover from using or selling it. Think of it like admitting a used car is worth much less than the loan balance and adjusting the records to match the true value; for investors, impairment losses reduce reported profits and net assets, can signal weaker future cash flow from that asset, and may affect covenants and valuation.
vessel held for sale financial
"resulting in the reclassification of the vessel as held for sale"
Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units financial
"8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units"
Term Secured Overnight Financing Rate financial
"floating rate equal to the Term Secured Overnight Financing Rate (“SOFR”) for a three-month tenor"
Credit Adjustment Spread financial
"plus 0.26161% of Credit Adjustment Spread (“CAS”) and spread of 5.839% per annum"
right-of-use assets financial
"Right-of-use assets 54,960 46,498"
Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES

EXCHANGE ACT OF 1934

 

For the month of April 2026

 

Commission File Number 001-36433

 

GasLog Partners LP

(Translation of registrant’s name into English)

 

c/o GasLog LNG Services Ltd.

69 Akti Miaouli, 18537

Piraeus, Greece

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x    Form 40-F  o

 

 

 

 

 

 

The press release issued by GasLog Partners LP on April 24, 2026 relating to its results for the three-month period ended March 31, 2026 is attached hereto as Exhibit 99.1.

 

EXHIBIT LIST

 

Exhibit   Description
     
99.1   Press Release of GasLog Partners LP dated April 24, 2026

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: April 24, 2026        
         
  GASLOG PARTNERS LP
         
    by /s/ Paolo Enoizi
      Name: Paolo Enoizi
      Title: Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

GasLog Partners LP Reports Financial Results for the Three-Month Period Ended March 31, 2026

 

Majuro, Marshall Islands, April 24, 2026, GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP-PA, GLOP-PB, GLOP-PC), an international owner and operator of liquefied natural gas (“LNG”) carriers, today reported its financial results for the three-month period ended March 31, 2026.

 

Recent Developments

 

Agreement for Sale of Methane Rita Andrea

 

In April 2026, GasLog Partners entered into an agreement to sell, subject to customary and other closing conditions, the Methane Rita Andrea, a 145,000 cubic meter steam turbine propulsion (“Steam”) LNG carrier built in 2006, to an unrelated third party, resulting in the reclassification of the vessel as held for sale and the recognition of an impairment loss of $7.7 million as of March 31, 2026. The transaction is expected to be completed in the second quarter of 2026 upon completion of the vessel’s dry-docking.

 

GasLog Partners Dividend Declarations

 

On February 11, 2026, the board of directors of GasLog Partners approved and declared:

 

·a distribution on the 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series A Preference Units”) of $0.5390625 per preference unit (based on the fixed rate),
·a distribution on the 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series B Preference Units”) of $0.6129300 per preference unit (based on a floating rate equal to the Term Secured Overnight Financing Rate (“SOFR”) for a three-month tenor published by the Chicago Mercantile Exchange (“CME”) of 3.70627% plus 0.26161% of Credit Adjustment Spread (“CAS”) and spread of 5.839% per annum) and
·a distribution on the 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (“Series C Preference Units”) of $0.5803050 per preference unit (based on a floating rate equal to the three-month Term SOFR as published by the CME of 3.70627% plus 0.26161% of CAS and spread of 5.317% per annum).

 

The cash distributions were paid on March 16, 2026 to all unitholders of record as of March 9, 2026.

 

On March 17, 2026, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $1.56 per common unit to GasLog Ltd. (“GasLog”) that was settled immediately.

 

Quarterly Financial Results

 

 

Amounts in thousands of U.S. dollars

  For the three months ended 
   March 31, 2025   March 31, 2026 
Revenues  $80,272   $68,607 
Profit for the period  $25,789   $19,051 

 

Revenues were $68.6 million for the quarter ended March 31, 2026 ($80.3 million for the same period in 2025). The decrease of $11.7 million is mainly attributable to the redelivery of the Methane Heather Sally to its owners in July 2025, the sale of the Methane Alison Victoria in July 2025 and the sale of the Methane Jane Elizabeth in October 2025, 119 additional idle days for the remaining vessels in the three months ended March 31, 2026, partially offset by higher average charter rates during the three months ended March 31, 2026.

 

Profit was $19.1 million for the quarter ended March 31, 2026 ($25.8 million for the same period in 2025). The decrease in profit of $6.7 million is mainly attributable to a) a $7.7 million non-cash impairment loss, as discussed above, and b) a decrease of $11.7 million in revenues, as discussed above. The abovementioned fluctuations were partially offset by a) a decrease of $8.1 million in depreciation as a result of the decrease in the average number of vessels in our fleet and the impairment charges recognized in the prior year, b) a decrease of $2.2 million in voyage expenses and commissions mainly attributable to the decrease in the average number of vessels in our fleet and c) a decrease of $1.2 million in vessel operating costs mainly attributable to the decrease in the average number of vessels in our fleet, partially offset by an increase in the daily running cost.

 

 

 

 

Unaudited condensed consolidated statements of financial position

(All amounts expressed in thousands of U.S. Dollars)

 

   December 31, 2025   March 31, 2026 
Assets          
Non-current assets          
Other non-current assets   1,073    873 
Tangible fixed assets   1,116,578    1,067,240 
Right-of-use assets   54,960    46,498 
Total non-current assets   1,172,611    1,114,611 
Current assets          
Vessel held for sale       32,955 
Trade and other receivables   16,959    20,405 
Inventories   4,644    9,786 
Due from related parties   417    6,201 
Prepayments and other current assets   2,448    2,538 
Cash and cash equivalents   5,221    2,961 
Total current assets   29,689    74,846 
Total assets   1,202,300    1,189,457 
Partners’ equity and liabilities          
Partners’ equity          
Common unitholders and general partner   814,972    800,688 
Preference unitholders   279,859    279,849 
Total partners’ equity   1,094,831    1,080,537 
Current liabilities          
Trade accounts payable   2,815    6,796 
Other payables and accruals   39,532    46,994 
Lease liabilities—current portion   38,679    35,814 
Total current liabilities   81,026    89,604 
Non-current liabilities          
Lease liabilities—non-current portion   26,233    19,129 
Other non-current liabilities   210    187 
Total non-current liabilities   26,443    19,316 
Total partners’ equity and liabilities   1,202,300    1,189,457 

 

Unaudited condensed consolidated statements of profit or loss

(All amounts expressed in thousands of U.S. Dollars)

 

   For the three months ended 
   March 31, 2025   March 31, 2026 
Revenues   80,272    68,607 
Voyage expenses and commissions   (5,146)   (2,932)
Vessel operating costs   (16,180)   (15,019)
Depreciation   (27,920)   (19,779)
General and administrative expenses   (3,801)   (3,270)
Impairment loss       (7,695)
Profit from operations   27,225    19,912 
Financial costs   (1,453)   (869)
Financial income   17    8 
Total other expenses, net   (1,436)   (861)
Profit for the period   25,789    19,051 

 

 

 

FAQ

How did GasLog Partners’ Q1 2026 revenue compare to Q1 2025?

GasLog Partners’ revenue for the three months ended March 31, 2026 was $68.6 million, down from $80.3 million in the same period of 2025. The decrease mainly reflected vessel disposals, a redelivery and 119 additional idle days, partly offset by higher average charter rates.

What was GasLog Partners’ profit for the three months ended March 31, 2026?

Profit for the period was $19.1 million for the quarter ended March 31, 2026, compared with $25.8 million a year earlier. The decline was mainly due to an $7.7 million impairment loss and lower revenues, partially offset by reduced depreciation, voyage expenses and operating costs.

Why did GasLog Partners record an impairment loss in Q1 2026?

GasLog Partners recorded a $7.7 million non-cash impairment loss related to the Methane Rita Andrea, a 2006-built Steam LNG carrier. The vessel was reclassified as held for sale after the partnership agreed to sell it, subject to customary conditions, with completion expected in the second quarter of 2026.

What distributions did GasLog Partners declare on its preference units in early 2026?

On February 11, 2026, GasLog Partners’ board declared cash distributions per unit of $0.5390625 on the Series A preference units, $0.6129300 on Series B, and $0.5803050 on Series C. These distributions were paid on March 16, 2026 to unitholders of record as of March 9, 2026.

What common unit distribution did GasLog Partners make to GasLog Ltd. in March 2026?

On March 17, 2026, the board approved and declared a quarterly cash distribution of $1.56 per common unit to GasLog Ltd. The distribution was settled immediately, reflecting the partnership’s ongoing cash returns to its common unitholder.

How did GasLog Partners’ total assets and equity change between December 2025 and March 2026?

Total assets decreased from $1,202.3 million at December 31, 2025 to $1,189.5 million at March 31, 2026. Total partners’ equity declined from $1,094.8 million to $1,080.5 million over the same period, reflecting the impairment charge and distributions paid.

Filing Exhibits & Attachments

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