GasLog Partners LP

Leveraged LNG-carrier partnership with strong operating cash conversion but a loss year, weak liquidity, and rising spot-market exposure.

Strengths

• Very strong cash generation — OCF margin ~69% (100th pct) and FCF margin ~63% (97th pct)
• Stable contracted cash flows from five vessels on long-term charters

Risks

• Net loss year (net margin -7%, negative operating margin) with non-cash impairment and revenue down ~22%
• Current ratio 0.37 and negative interest coverage (-3.0); six vessels rolling off into the spot market in 2026
• Older/less-efficient Steam vessel and dependence on parent GasLog for capital support

Notable findings

• No interest coverageInterest coverage -3.01 (cannot cover interest)
• Net lossNet loss (net margin -7.2%)
• Weak liquidityCurrent ratio 0.37 (<1)
• Revenue declineRevenue -21.9% YoY