GasLog Partners LP Common Units representing limited partnership interests

Good morning. My name is Vanessa and I will be your conference operator today. At this time, I would like to welcome everyone to the Gasblog Partners second 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. During the question and answer session, to queue up with your question, you can press zero then one on your touchtone phone and these instructions will be repeated for you. As a reminder, this conference call is being recorded. On today's call are Paolo Ennuesi, Chief Executive Officer, and Aselia Stasulis, Chief Financial Officer. Robert Brinberg from Rosen Company will now begin your conference. Please go ahead, sir.

Good morning or good afternoon, and thank you for joining the Gasblog Partner Second Quarter 2022 Earnings Call. For your convenience, this webcast and presentation are available on the investor relations section of our website, gasbogmlp.com, where a replay will also be available. Please now turn the slide to the presentation. 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, similar remarks contain non-GAAP financial measures as defined by the SEC. The reconciliation of these measures is included in the appendix for this presentation. Paolo will begin today's call with a review of the partnership second quarter highlights, following which Achilles will walk you 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 second quarter. With that, I will turn the call over to Paolo Inoizzi, CEO of Gaslag Partners.

Thank you, Rob, and welcome, everyone, to our second quarter conference call from very warm Athens. Please turn to slide four for Gaslag Partners' second quarter highlights. The LNG market has become increasingly dynamic as demand for energy and energy shipping has been positively impacted by energy security concerns in Europe. Sadly, the tragedy situation in Ukraine was a catalyst for heightened energy security concerns. While we're hopeful that a resolution will be reached soon, we believe the market dynamic has been permanently altered. Spot rates in Q2 were volatile due to uncertainty on short-term supply following the fire at the Freeport LNG facility. At the same time, the term market has remained strong, with one-year time charter rates well above historical ranges throughout the first half of the year. Term fixing are supported by shrinking available tonnage as charters lock in available vessels in anticipation of winter demand. Now, against this backdrop, we recently secured two new charters, one for the steam vessels and the other for the TFD. both at attractive rates, bringing our total contracted revenue backlog to $513 million. We previewed the upside to our contracted coverage during our last earning call, and we are realizing it. Further upside remains with 460 open or spot-linked days in 2022. We were also able to take advantage of an improved S&P market values through the agreement to sell the steam vessels maintained Shirley Elizabeth for a sale price of approximately $54 million. The vessel sale, if completed, will further enhance our liquidity and provide us with additional flexibility as we continue to execute our strategy. Our steam vessels represent both a potential source of revenues and liquidity, and we're also pursuing a sale and leaseback for the sister vessel. We expect to continue to generate healthy cash flow from a tight LNG market. which we are on using to optimize and de-risk our balance sheet. In the second quarter, we retired $20 million of debt and lease liabilities, and we purchased another $8.7 million of our preference units in the open market, bringing the total repurchase to $37.1 million since the repurchase program was initiated last summer. The results are a reduction in all break-even levels, which enhances our free cash flow generation potentials, and continue progress in our leverage ratios towards our targets. Turning to slide five, you may have seen that we recently published our 2021 sustainability REPLs. Now, you'll be able to view the full REPL in the Gaslop-Palton's website. In the REPLs, we provide all the ESG-related KPIs in accordance with the SASB standards. and we outline three primary areas to focus on the partnership, which are decarbonization, safety, well-being, and D&I. It is clear that the LNG shipping is being viewed favorably from an environmental perspective, and this is reflected in the decision made by the European Parliament to add natural gas to its green taxonomy starting in 2023. Setting aside the near-term focus on energy security, LNG remains one of the cleanest sources of energy and will definitely play a role in the clean energy transition for decades to come. On slide six, we highlight the two charters I referenced earlier. Both charters are with high-quality counterparts and add an aggregated EBITDA contribution of approximately $52 million during their contract term. In the reminder of 2022 and full 2023, we have a good mix of contractor revenues and spot exposure to a market we expect to remain tight. Slide 7 shows the potential we have to enhance our free cash flow in 2022 and 2023 due to our market exposure. The cost of sponsorship generated in the first half of the year, combined with our charter coverage through year end, more than covers our overhead and debt service obligation for 2022. As you can see from the chart on the left, we have approximately 17% of our remaining operating days open or on spot-linked contracts. In the fourth quarter, which is typically the strongest quarter of the year, we have market exposure on 21% of our operating days. For the balance of the year, every $10,000 per day increase in the time chart about the equivalent would increase our adjusted EBITDA by approximately $4.6 million. And looking ahead in 2023, a spot market exposure is once again weighted toward the back half of the year. I will speak about our market outlook shortly, but first let me turn the call over to Achilles, who will review the partnership's second quarter financial performance. Over to you, Achilles.