GasLog Partners LP
GasLog Partners LP is an international owner and operator of liquefied natural gas (LNG) carriers. The partnership owns and charters LNG vessels that transport LNG between production regions and import terminals, and it also has vessels employed under bareboat charter arrangements. The business is headquartered in Greece and organized as a publicly traded master limited partnership with U.S.-listed preference units.
Fiscal year 2023 · change from previous year
Development 2021–2023
Business
Share of revenueOwned LNG carriers used to transport liquefied natural gas under charter contracts.
Vessels operated under bareboat charter arrangements rather than full ownership.
Cumulative redeemable preference units issued by the partnership.
Customers
GasLog Partners serves LNG charterers, typically energy companies and trading counterparties that need long-haul liquefied gas transport capacity. Its vessels move LNG for global supply chains linking producing regions with consuming markets, so customers value vessel reliability, cargo capacity, and contract availability. The partnership’s economics are tied to charter demand and the scheduling needs of LNG market participants.
They charter vessels to move LNG from liquefaction plants to destination markets.
They buy vessel capacity to manage LNG cargo flows and arbitrage trade routes.
They use shipping capacity to secure supply into regasification terminals.
They lease vessels under bareboat structures for longer-duration use.
Strategy
GasLog Partners’ core strategy is to own and operate LNG carriers that can be placed on long-term or spot-related charters in the global LNG transport market. The partnership focuses on fleet deployment, maintaining vessel availability, and using its fleet mix to serve charter demand across changing LNG trade flows. Its vessel portfolio and charter profile are the key levers that determine utilization and the ability to participate in growing LNG seaborne trade.
Shipping earnings depend on placing vessels on contracts and limiting idle days.
Different propulsion types and vessel ages affect charterability and marketability.
Rising LNG volumes expand demand for seaborne transportation capacity.
Geography
The company is headquartered in Greece and operates as an international shipping business, with LNG vessels deployed on global trade routes rather than within one domestic market. Its revenue exposure is driven by where LNG is produced, traded, and consumed, with Asia highlighted in report commentary as an important end-market for LNG demand. Because LNG shipping is inherently international, the fleet is exposed to global charter rates, trade flows, and port/terminal access across multiple regions.
Risks
GasLog Partners is exposed to volatile LNG shipping rates, vessel utilization risk, and the cyclicality of global LNG trade. The business also faces asset impairment risk when market vessel values or charter rates fall, as well as maintenance and operating risks tied to specialized LNG carrier operations.
- Weak LNG shipping market ratesImpact: HighLikelihood: High
Charter earnings depend on vessel pricing and placement in a cyclical market.
Exposure: Owned LNG carriers and bareboat fleet
- Vessel impairmentImpact: HighLikelihood: High
Carrying values can exceed broker valuations when market conditions soften.
Exposure: Steam and TFDE vessels
- Operational and technical incidentsImpact: HighLikelihood: Medium
LNG carriers require specialized maintenance and safe cargo handling.
Exposure: Voyages and vessel operations
- Charter utilization riskImpact: MediumLikelihood: Medium
Revenue is reduced when vessels are off-hire or between contracts.
Exposure: Fleet-wide
- Global trade flow disruptionImpact: MediumLikelihood: Medium
Shipping demand depends on LNG production, import demand, and port access.
Exposure: International LNG routes
Accounting
Judgemental itemsManagement must test ships for recoverability when market rates or broker values fall.
Impact: Can create large non-cash charges on LNG carriers
Useful lives and residual values drive annual expense recognition for specialized vessels.
Impact: Affects operating profit and book value
Revenue recognition depends on vessel employment under charter contracts.
Impact: Creates quarter-to-quarter volatility
Charter structures can change whether payments are treated as operating costs or lease expense.
Impact: Affects EBITDA, cash flow, and liabilities
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Last updated: 28/09/2026