GasLog Partners LP Common Units representing limited partnership interests

Good morning. My name is Liz, and I will be your conference operator today. At this time, I would like to welcome everyone to the Gas Log Partners second quarter 2021 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. As a reminder, this conference call is being recorded. On today's call are Paul Wogan, Chief Executive Officer, Paolo Inoizzi, Chief Operating Officer, and Achilleas Tassioulis, Chief Financial Officer. Joseph Nelson, Head of Investor Relations, will begin your conference.

Good morning or good afternoon, and thank you for joining the GasLog Partners' second quarter 2021 earnings conference call. For your convenience, this webcast and presentation are available on the Investor Relations section of our website, www.gaslogmlp.com, where a replay will also be available. Please now turn to slide two of the presentations. 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 release. In addition, some of our remarks contain non-GAAP financial measures as defined by the SEC. A reconciliation of these measures is included in the appendix to this presentation. Paul will begin today's call with a review of the partnership's second quarter highlights, following which Achilleus will walk you through the partnership's financials. Paul will then provide an update on the LNG shipping and LNG commodity markets, We will then take questions on the partnership's second quarter. With that, I will now turn it over to Paul Wogan, CEO of GasLog Partners.

Thank you, Joe, and good morning or good afternoon to all of you. So please turn to slide four for GasLog Partners' second quarter highlights. I'm pleased to report that the partnership continued to make good operational and commercial progress in the quarter. The fleet performed at approximately 100% availability, despite the ongoing challenges of COVID and the resulting crew change issues. We took advantage of the seasonally slow second quarter to complete the dry docking of three vessels, which unfortunately encountered some delays due to the COVID related issues at the dry dock facilities. In recent weeks, we signed four new multi-month charters with high quality customers, solidifying our financial position. Last week, we released the Partnership Sustainability Report for 2020, detailing progress against our committed ambitions across environmental, social, and governance issues. And we retired another $19 million of debt during the quarter, bringing the total to $55 million during the first six months of the year. Turning to slide five, which summarizes our recent chartering activity. The LNG shipping market has been counter-seasonally strong in recent weeks, especially for 6-12 month charters. We've taken advantage of this strength and since mid-June we have announced four new multi-month time charters, all with high quality counterparties and on attractive terms. Together, the charters on this slide increase our charter coverage to 100% for 2021 and 69% for 2022, and represent a combined $70 million of fixed-rate EBITDA. With the signing of these new charters, the partnership's operating, overhead, and debt service costs are now covered through at least 2022, further strengthening Gaslog Partners' financial foundations. Turning to slide six. POTEN registered record chartering activity in Q2 2021, with 99 spot and short-term fixtures reported. This continues a multi-year trend of rising market liquidity. Commodity trading houses, LNG portfolio players, and the merchant arms of large LNG producers were all active market participants. In addition, a record 45 charters greater than six months were fixed, including three by Gaslog Partners. Headline spot rates have declined modestly in recent weeks, which is usual at this time of year, but the right-hand chart shows that they remain well above last year's levels. LNG shipping spot rates have benefited from sustained LNG demand and increasing prices in Europe and Asia, as both regions seek to meet summer cooling demand and refill depleted LNG inventories ahead of the winter. LNG carrier sport rates have also benefited from persistent Panama Canal congestion, mainly due to growing container ship and LNG carrier traffic. This has forced some LNG carriers loading in the U.S. to sail to Asia via the Cape of Good Hope, adding an additional eight days to each leg of the voyage, thus adding to ton mile demand. We expect the LNG carrier sport market this year to to continue to outperform 2020, assuming continued global economic recovery. However, the recovery could still be affected by the rising level of COVID infections related to the Delta strain. European gas storage levels are presently at 54%, compared to a five-year average of 71% and 85% at this time last year. We expect restocking in Europe and Asia to continue to create high demand for US LNG, which is positive for LNG shipping in the coming months. Slide 7 highlights our operational leverage. The recent fixtures have increased our cash flow visibility, as shown by the figure on the far left. The partnership retains meaningful exposure to sustained strengthening in the LNG carrier spot market. Specifically, each $10,000 per day increase in TCE above our operating and overhead expenses generates approximately $8 million of incremental EBITDA in 2022. Slide 8 presents some of the highlights from our sustainability report for 2020. I'm pleased to report positive progress towards our ESG ambitions, despite the challenges of COVID. The partnerships fleet consumed LNG 93% of the time, helping to reduce NOx, SOx, and CO2 emissions. Our fleet is commercially and technically managed by our general partner, Gasflow Limited, and the combined fleets achieved nearly 8 million man-hours without a lost time injury last year, a testament to to the dedication and skill of our seafarers. We also continue to operate with high standards of corporate governance and are consistently achieving the highest ranking of marine limited partnerships. And with that, I'll hand over to Achilleas to take you through the partnership's Q2 financials.