olivlawolivlaw

olivLaw · US equity research

GasLog Partners LP GLOP-PA

Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)

25.06USD+0.14% · 1 dayClose 05 Nov 2026

GasLog Partners LP owns and operates vessels that carry liquefied natural gas, chartering its fleet on long-term contracts or in the spot market. The partnership faces a weak freight market at present, with spot rates falling sharply in 2025 and an 11-vessel fleet that must be re-employed as charters expire in 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, GasLog Partners LP (GLOP-PA) stock was 25.06 USD (+0.14% on the day), with market capitalisation 1.2 bn USD, dividend yield 5.84%, beta 0.10, 52-week range 24.91–26.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.2 bn USD
shares as of 31 Dec 2020
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
5.84%
DPS 12m 1.46
Beta (2y)
0.10
Volatility (1y) 7%
52-week range
24.9126.00

Price history

Loading chart…

Technical reading

RSI (14)
41.8
weak (30–45)
Bollinger (20, 2)
25.03 – 25.41
in the lower half of the band · %B 0.08 · band width 1.5%
SMA 50 / 200
25.31 / 25.58
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.06 / -0.04
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.6%−1.1%+1.7 pp—
3 months−2.3%−0.5%−1.8 pp—
6 months−2.1%+4.4%−6.5 pp—
Year to date−2.1%+12.3%−14.4 pp—
1 year−2.1%+13.5%−15.6 pp+21.5%
3 yearsunavailable+76.4%unavailable+61.3%
5 years−3.7%+63.7%−67.4 pp—
Max drawdown (1y)
−4.2%
09 Feb 2026 → 06 Oct 2026
Max drawdown (5y)
−25.2%
30 Nov 2021 → 11 Apr 2023
Compound annual growth (5y)
−0.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue383.2 m378.7 m333.7 m326.1 m371.0 m397.8 m356.3 m278.2 m
Revenue YoY−4.6%−1.2%−11.9%−2.3%+13.8%+7.2%−10.5%−21.9%
Net income25.4 m2.7 m56.9 m5.7 m119.0 m138.7 m151.0 m-20.2 m
Net income YoY−52.9%−89.6%+2,045.6%−89.9%+1,978.0%+16.6%+8.8%−113.4%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %6.6%0.7%17.0%1.8%32.1%34.9%42.4%-7.2%
Free cash flow172.5 m289.9 m194.7 m213.9 m275.2 m247.2 m261.4 m175.6 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.2 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.1 bn USD
Total assets
1.2 bn USD
Debt / equity
unavailable
Current ratio
0.37x
ROE
-1.7%
ROA
-1.5%
FCF margin
63.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
397.8 m
2024
356.3 m
2025
278.2 m

SEC (XBRL)· 19 Mar 2026verified

Operating income
2023
196.6 m
2024
155.6 m
2025
-15.2 m

SEC (XBRL)· 19 Mar 2026verified

Interest expense
2023
67.1 m
2024
4.8 m
2025
5.0 m

SEC (XBRL)· 19 Mar 2026verified

Net income
2023
138.7 m
2024
151.0 m
2025
-20.2 m

SEC (XBRL)· 19 Mar 2026verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 02 Mar 2021derived

Balance sheet · USD

Cash
2023
11.9 m
2024
7.8 m
2025
5.2 m

SEC (XBRL)· 19 Mar 2026verified

Receivables
2023
24.4 m
2024
13.4 m
2025
17.0 m

SEC (XBRL)· 19 Mar 2026verified

Inventories
2023
2.9 m
2024
2.7 m
2025
4.6 m

SEC (XBRL)· 19 Mar 2026verified

Current assets
2023
60.2 m
2024
38.3 m
2025
29.7 m

SEC (XBRL)· 19 Mar 2026verified

Property, plant & equipment, net
2023
1.5 bn
2024
1.3 bn
2025
1.1 bn

SEC (XBRL)· 19 Mar 2026verified

Total assets
2023
1.7 bn
2024
1.4 bn
2025
1.2 bn

SEC (XBRL)· 19 Mar 2026verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 06 Mar 2023verified

Current liabilities
2023
80.3 m
2024
84.3 m
2025
81.0 m

SEC (XBRL)· 19 Mar 2026verified

Equity
2023
1.5 bn
2024
1.3 bn
2025
1.1 bn

SEC (XBRL)· 19 Mar 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
—

SEC (XBRL)· 02 Mar 2021verified

Cash flow · USD

Operating cash flow
2023
262.4 m
2024
269.9 m
2025
191.7 m

SEC (XBRL)· 19 Mar 2026verified

Capex
2023
15.2 m
2024
8.5 m
2025
16.1 m

SEC (XBRL)· 19 Mar 2026verified

Free cash flow
2023
247.2 m ≈
2024
261.4 m ≈
2025
175.6 m ≈

SEC (XBRL)· 19 Mar 2026derived

Investing cash flow
2023
149.4 m
2024
139.4 m
2025
35.3 m

SEC (XBRL)· 19 Mar 2026verified

Financing cash flow
2023
-598.4 m
2024
-413.4 m
2025
-229.5 m

SEC (XBRL)· 19 Mar 2026verified

Dividends paid
2023
292.3 m
2024
226.4 m
2025
130.2 m

SEC (XBRL)· 19 Mar 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 06 Mar 2023verified

Computed indicators

Growth

Revenue growth (YoY)
-21.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
-9.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-3.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-109.8%
computed by olivLawFY 2025
Net income growth (YoY)
-113.4%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-32.8%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-5.5%
computed by olivLawFY 2025
Net margin
-7.2%
computed by olivLawFY 2025
FCF margin
63.1%
computed by olivLawFY 2025

Returns

ROE
-1.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-1.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-1.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
74.2%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-3.0x
computed by olivLawFY 2025

Liquidity

Current ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
191.7 m USD
computed by olivLawFY 2025
Capital expenditure
16.1 m USD
computed by olivLawFY 2025
Free cash flow
175.6 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
20 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1.7%
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
6.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
14.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
5.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
10.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

25.06 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 1.2 bn USD

Key indicators

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-1.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-7.2%
computed by olivLawFY 2025
Revenue growth (YoY)
-21.9%
computed by olivLawFY 2025
Dividend yield
5.8%
computed by olivLawFY 2025

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2020
Source: SEC (XBRL)published 19 Mar 2026
verified 215derived 4

Score by group

44% · Insufficient data

Estimated value range

Low
19.24
USD per share
Mid
22.06
USD per share
High
25.87
USD per share
Price: 25.06 USD
The price is within the range
Potential to the central value: -12.0% (value / price − 1)
Margin of safety: -13.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.24 – 25.87 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)19.24 – 25.87 (Mid 22.06)
Multiple comparisons use the SIC vertical: Water Transportation (SIC 4400)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-7.2%11 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-9.2%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-3.0x0 (on a fixed band)14%
Current ratio · Balance sheet0.4x0 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation14.7%100 (on a fixed band)19%
Shareholder yield (distributions) · Returns10.9%100 (on a fixed band)14%
Payout ratio (FCF) · Returns74.2%65 (on a fixed band)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial11/100 · 1/3 factors with a value
  • Returns86/100 · 2/2 factors with a value
  • Valuation· partial100/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GasLog Partners LP (GLOP-PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 278.2 m USD in 2025; YoY growth -21.9%; net margin -7.2%; ROE -1.7%.

The estimated value range is 19.24–25.87 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.06 USD, the price of 25.06 USD leaves a potential of -12.0% (value / price − 1) and a margin of safety of -13.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF yield: 14.7%
  • Shareholder yield (distributions): 10.9%

What contradicts it

  • Net margin: -7.2%
  • Revenue CAGR 3Y: -9.2%
  • Interest coverage: -3.0x
  • Current ratio: 0.4x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.

Versus the vertical median

Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies

Multiples and returns vs the median

P/E
—
vertical median 14.3x
EV/EBITDA
—
vertical median 9.2x
P/S
4.3x
vertical median 1.8x
above median (+131.5%)
P/B
1.1x
vertical median 2.1x
below median (−47.3%)
ROE
-1.7%
vertical median 11.6%
below median (−114.5%)
Net margin
-7.2%
vertical median 11.2%
below median (−164.4%)
EBIT margin
-5.5%
vertical median 20.5%
below median (−126.6%)
Revenue YoY
-21.9%
vertical median -0.9%
below median
Net debt/EBITDA
—
vertical median 0.9x
Dividend yield
5.8%
vertical median 3.4%
above median (+74.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
RCLRoyal Caribbean Cruises Ltd89.1 bn19.741.7%23.8%+8.8%+25% / +210%
CCLCarnival Corp Ltd.42.1 bn13.724.0%11.4%+6.4%+21% / +108%
BIPBrookfield Infrastructure Partners L.P.11.2 bn42.07.7%11.0%+9.8%+5% / +44%
NCLHNorwegian Cruise Line Holdings Ltd.8.2 bn9.831.2%8.2%+3.7%−4% / +16%
MATXMatson, Inc.6.4 bn14.317.2%13.4%−2.3%+96% / +123%
KEXKirby Corporation6.3 bn18.410.4%10.2%+3.0%+5% / +56%
INSWInternational Seaways, Inc.4.7 bn6.037.4%62.0%−11.4%+78% / +107%
GLNGGolar Lng Limited4.3 bn65.73.4%16.7%+51.1%+15% / +98%
TDWTidewater Inc3.4 bn14.019.5%18.3%+0.5%+28% / +15%
SEAL-PASeapeak LLC2.0 bn76.8—4.1%−10.4%−2% / −2%
FLNGFLEX LNG Ltd.1.4 bn18.89.8%21.5%−2.4%+2% / −11%
NATNORDIC AMERICAN TANKERS Ltd1.4 bn108.82.6%4.2%−16.6%+79% / +68%
GLOP-PAGasLog Partners LP1.2 bn—-1.7%-7.2%−21.9%−2% / unavailable
CMDBCostamare Bulkers Holdings Limited430.2 m—-11.2%-6.3%unavailable+8% / unavailable
KNOPKNOT Offshore Partners LP288.4 m12.4—6.4%+14.4%−15% / +58%
EDRYEurodry Ltd.102.6 m—-4.0%—+8.9%+173% / +79%
OMEXOdyssey Marine Exploration, Inc.26.0 m——-13,366.3%−54.0%+437% / +200%
USEAUnited Maritime Corp22.2 m—-11.0%-16.4%−16.8%+40% / −4%
RUBIRubico Inc.682.3 k0.06.6%11.2%−2.8%−100% / unavailable
VIKViking Holdings Ltd—33.5263.5%17.7%+21.9%+29% / unavailable
DLNGDynagas Lng Partners LP—2.212.9%—−100.0%−16% / +16%
TNKTeekay Tankers Ltd.—8.118.5%36.9%−22.6%+42% / +65%

1- and 3-year price returns: for GLOP-PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (23 Oct 2026), 6-K (24 Jul 2026), 6-K (28 May 2026), 6-K (24 Apr 2026).

    In brief

    GasLog Partners LP owns and operates vessels that carry liquefied natural gas, chartering its fleet on long-term contracts or in the spot market. The partnership faces a weak freight market at present, with spot rates falling sharply in 2025 and an 11-vessel fleet that must be re-employed as charters expire in 2026.

    SWOT

    Strengths

    • The partnership owns its fleet and has charters in force with clear terms running to 2030, providing a predictable revenue base for part of the vessels 1.
    • The link with GasLog gives access to commercial capabilities and operating experience of the parent, which manages customer relationships 1.
    • The fleet includes modern TFDE vessels, which are more efficient than older ships and may help attract customers in a competitive market 1.

    Weaknesses

    • Revenues depend on a small number of customers, and losing a single customer or vessel could significantly reduce income 1.
    • The Steam vessel is less efficient with higher emissions, which could make re-employment at attractive rates difficult 1.
    • The partnership depends on GasLog for staff and commercial development, which may create conflicts of interest and dependence risks 1.

    Opportunities

    • Rising LNG demand in Asia and Europe could support a recovery in rates and open new contracts for vessels coming off charter 1.
    • Renewing long-term charters for vessels leaving charter in 2026 could stabilize the partnership's revenues 1.
    • Growth of LNG marine bunkering, as projected in the cited forecasts, could create additional demand for modern vessels 1.

    Threats

    • Oversupply of newbuild vessels could keep rates low and reduce earnings from vessels trading in the spot market 1.
    • Conflicts in the Middle East and other regions could disrupt routes and adversely affect operations and cash flows 1.
    • Trade policies and possible port fees imposed by the United States and China could affect vessel costs and traffic 1.

    Risks

    • Charter rate volatilityhigh

      Revenues and cash flows could decline significantly if vessels cannot be re-chartered over the long term at similar or better rates 1.

    • Customer concentrationhigh

      Most revenues come from a limited number of customers, and losing a customer, charter or vessel could have a severe effect on results 1.

    • Vessel value impairmentmedium

      Ship values have fluctuated substantially and led to non-cash impairment charges in prior years, including 2025; a further decline could cause additional losses 1.

    • Geopolitical and regulatory risksmedium

      Political instability, port fees and climate regulation could raise costs and affect operations and distributions to holders of the preference units 1.

    Investment thesis

    What would need to be true (bull case)

    • If LNG demand grows as expected and newbuild supply stabilizes, charter rates could recover and support fleet revenues 1.
    • Modern TFDE vessels could secure long-term charters at acceptable rates, which could provide stability to cash flows 1.
    • The link with a parent that has commercial experience could help the partnership re-employ its vessels and maintain customer relationships 1.

    What would break the thesis

    • Spot rates fell sharply in 2025, and if these levels persist, the partnership's revenues could remain under pressure 1.
    • Large oversupply of new vessels could prevent a rapid recovery in rates, particularly for less efficient ships 1.
    • Concentration of revenues on few customers and dependence on a parent could amplify the impact of any adverse event on the company 1.

    What to watch

    • Re-employment of vessels leaving charter, including the Steam vessel and five TFDE vessels on the spot market2026
    • Trend in spot rates for modern vessels and the mix between long-term and short-term chartersQ1 2027
    • Evolution of the Middle East conflict and its effect on Strait of Hormuz traffic2026
    • Clarification of the US-China port fee regime after the temporary suspensionnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (23 Oct 2026), 6-K (24 Jul 2026), 6-K (28 May 2026), 6-K (24 Apr 2026).

    The business

    GasLog Partners LP owns, operates and acquires LNG carriers since its May 2014 IPO. According to the annual report, as of March 12, 2026 the partnership's fleet comprised eight wholly-owned vessels, seven with TFDE propulsion and one Steam vessel, plus three TFDE vessels leased under sale-and-leaseback arrangements without a purchase option. All vessels were contributed or acquired from GasLog, which holds 100% of the common units 1. The company reports its results in a single segment 1.

    The partnership's revenues depend on charter contracts, as vessels are employed either on long-term charters or in the spot market. The report states that five vessels currently operate under long-term time charters, while six trade in the spot market, with fixed charter terms expiring between March 2026 and April 2030 1. The partnership relies on GasLog's commercial capabilities to develop and maintain customer relationships 1.

    The company's structure is closely tied to GasLog, which employs the partnership's officers. This relationship brings both commercial benefits and risks of conflicts of interest and financial dependence on the parent 1.

    Segments

    LNG carrier fleet owned and bareboat-chartered

    This segment combines wholly-owned and bareboat-chartered vessels employed under long-term charters or in the spot market. Of the 11 vessels, five are on long-term charters and six on the spot market, and expirations in 2026 will largely shape future revenues 1.

    Spot and short-term charter vessels

    Vessels moving to the spot market or to charters under three years are exposed to large rate swings. The report notes the Steam vessel is less efficient and has higher CO2 emissions than modern ships, which could make re-employment more difficult 1.

    Market context

    The LNG freight market remained weak in 2025: spot rates for 160,000 cbm vessels averaged 24,245 USD per day, down 42.6% year on year 1. The global fleet of conventional LNG carriers stood at 705 vessels at December 31, 2025, with another 271 on order, keeping pressure on rates 1. Demand is nevertheless expected to grow by around 60% by 2035, according to Wood Mackenzie, which could support a recovery in freight markets 1.

    Gas price outlook points to a structural decline from 2026 as new liquefaction capacity comes online in the United States, Qatar and Canada, though the report warns of a soft period between 2030 and 2033 and oversupply risks 1. The Middle East conflict that began on February 28, 2026 has disrupted Strait of Hormuz traffic, which could alter routes and vessel demand, but freight effects have been uneven 1.

    Trends

    • Oversupply of vesselsheadwind

      Heavy newbuild ordering in past years and ongoing deliveries could keep charter rates low and reduce utilization, especially for less efficient vessels such as the Steam ship 1.

    • Growth of the spot marketheadwind

      If more vessels move to the spot market and long-term charters become scarcer, revenues could become more volatile and re-employment could occur at lower rates 1.

    • Rising LNG demandtailwind

      LNG demand is expected to grow, particularly in Asia and Europe as domestic supply declines and power demand expands, which could support long-term charter rates 1.

    • Geopolitical tensions and routingmixed

      The Middle East conflict and disruptions in the Suez and Panama canal regions could lengthen voyages, creating both opportunities and delay risks depending on how long the conflict lasts 1.

    Competitive position

    The partnership competes with established LNG carrier operators with greater financial resources, as well as with new entrants, which could reduce its chances of winning new charters at good rates 1. Newer vessels add further pressure on older ships, including the Steam vessel 1.

    Competition is also intense in the spot market, where available vessels make long-term contracts harder to secure. Because the partnership depends on GasLog's commercial capacity, its performance partly reflects GasLog's success in negotiating with customers in the global market 1.

    • Established LNG carrier operators

      Companies with larger fleets and stronger financial resources, cited in the report as competitors for new charter contracts 1.

    • New entrants to LNG shipping

      Recent or potential entrants that could reduce the availability of long-term charters for the partnership's fleet 1.

    • Owners of modern TFDE-propelled vessels

      Operators with more efficient ships that can offer better rates, making re-employment of the partnership's Steam vessel harder according to the report 1.

    • Operators with newbuild orders

      Companies that have placed newbuild orders whose deliveries could increase supply and pressure rates for all participants 1.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / GasLog Partners LP · 19 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.