GasLog Partners LP Common Units representing limited partnership interests

Good morning. My name is Brandon. I'll be a conference operator today. At this time, I would like to welcome everyone to the Gas Log Partners first quarter 2022 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 Paolo Anoisi, chief executive officer, and Achaios Tasioulis, chief financial officer. Robert Brinberg from Rosen Company will begin your conference.

Good morning or good afternoon, and thank you for joining the Gaslug Partners first quarter 2022 earnings conference call. For your convenience, this webcast and presentation are available on the investor relations section of our website, www.gaslugmlp.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 can cause actual results that differ materially from these forward-looking statements, please refer to our first 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. Paolo will begin today's call with a review of the partnership's first quarter highlights, following which Achilles will walk through the partnership's financials. Paolo will then provide an update on the LNG shipping and commodity markets. We will then take questions on the partnership's first quarter. With that, I will turn the call over to Paolo Enoizi, CEO of GasLog Partners. Paolo?

Thank you, Rob, and welcome everyone to our first quarter conference call. Please turn to slide four for Gaslow Partners first quarter highlights. I'm pleased to report the partnership achieved another strong quarter. The partnership generated strong financial results in a quarter with noticeable volatility in the spot market. Our fleet utilization remained high at approximately 99.4% despite the ongoing operational challenges created by the COVID-19 pandemic. The partnership is in good position to deliver results throughout 2022, both to our contracted cash flow and our spot market exposure in the seasonally strong months in the second half of 2022. We have, in fact, approximately $521 million in contracted revenue, including a recently signed 11-month charter for the Gas of Sydney at an attractive rate above mid-cycle. And we have 851 open days remaining in 2022, which we believe represents a material upside potential given the tight market backdrop and our expectations for the balance of the year. Finally, we retired $37 million of debt and lease liabilities in the quarter and repurchased another $10 million of our preference units in the open market, bringing the total repurchase to $28.4 million at par values on average since the repurchase program was initiated last summer. The result is a reduction in our breakeven levels, which enhances our free cash flow generation potential and continued progress in our leverage ratios towards our targets. Turning to slide five, the global focus on the availability of LNG has never been higher. The tragedy unfolding in Ukraine has highlighted the importance of LNG, not just as fuel that will enable the transition to a lower emission world, but also as a critical element of many countries' energy security plans. The situation is unfolding at a time when the LNG market is already tight, after two cold winters in Asia. Increased demand from Europe has caused gas prices to surge globally. This will likely lead to an increasing number of long-term supply agreements backed by a regulatory environment that will almost certainly help to drive new LNG projects to FID and support the continued growth of energy trade. In the midst of these market dynamics, we should mention that gas flow priority is to support the safety and well-being of our Ukrainian seafarers and their families through an attentive care and support program managed by our operation teams. I will provide further commentary on the market shortly, but first, let me review the opportunity it creates for the partnership. On slide six, We highlight two charters we signed in recent months against an improved market backdrop. Both charters are with high-quality counterparts in Trafigura and Natuji, and will contribute a combined EBITDA of approximately $43 million during their contact terms. We have at least six vessels with contact expiring in 2023, and we expect to charter them at an attractive level. Turning to slide seven, you will see that the cash the partnerships generate in the first quarter, combined with our charter coverage through the year, more than covers our overhead and debt service obligations for 2022. This is, of course, before factoring in the potential upside for approximately 851 open days and 275 spot-linked days, which will allow us to benefit from the strong-term market and limited availability of independently-owned vessels. In this environment, the partnership will be able to take advantage of an excellent operation platform and deliver tangible results. Slide 8 shows the potential we have to enhance our free cash flow in 2022 due to our near-term market exposure. As you can see from the chart on the left, approximately 85% of our open days are during the seasonally strong second half of the year, and 50% of our available days are open in the fourth quarter. As we continue to manage our cost base, our operating level increases, and every $10,000 per day of revenue earned above our operating and overhead expenses will generate an incremental $11 million of EBITDA for the partnership in 2022. I will speak about our market outlook shortly, but first, let me turn our call over to Achilles, who will review the partnership's first quarter financial performance.