Good morning. My name is Olivia, I will be your conference operator today. At this time, I would like to welcome everyone to the GasLog Partners fourth quarter 2022 results conference call. All lines have been placed on mute to prevent any background noise. As a reminder, this conference call is being recorded. On today's call are Paolo Enoizi, Chief Executive Officer, and Achilleas Tasioulas, Chief Financial Officer. Now Robert Brinberg from Rose & Company will begin your conference. Good morning or good afternoon. Thank you for joining the GasLog Partners fourth quarter 2022 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. If you are participating via webcast, please note that the slide presentation is user-controlled, and we encourage you to advance through the presentation as you are prompted to. Please now turn to slide two of 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 fourth-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 now begin today's call with a review of the partnership's fourth quarter and full-year highlights and market update, following which Achilleas will walk you through the partnership's financials. With that, I will now turn the call over to Paolo Enoizi, CEO of GasLog Partners. Thank you, Rob. Welcome everyone to our fourth quarter conference call. Before I get started, I would like to acknowledge that as per yesterday's press release, the partnership received an unsolicited proposal from GasLog Ltd, which our board and conflict committee are currently reviewing. This presentation, however, does not touch upon the proposal as this process is currently underway. We therefore deem it appropriate that no Q&A session is held today. Please turn to slide four for GasLog Partners fourth quarter highlights. Thanks to increased LNG flow throughout the year, Europe managed to replace Russian gas, achieving seasonally high inventories and ensuring that Europe will be able to get through this winter. In the process, energy prices and spot shipping rates increased to record highs. Both prices and rates softened during the fourth quarter as warmer than average weather in Europe resulted in decreased consumption. Prices fell nearly 80% from their August peak. Inventories are currently nearly 20% above the seasonal average. Although the LNG shipping spot market has come off significantly, the partnership managed to fix its remaining open days in the term market at attractive rates. This leaves the partnership with 87% of days in 2023 fixed, while the remaining ones are heavily weighted towards the seasonally strong fourth quarter. The term market has remained tight, leading to the declaration of charterers options for two of our vessels and a new charter fixture for GasLog Seattle, as I will discuss shortly. Overall, our contracted revenue backlog rose to $729 million, an increase of 18% since our last update and approximately 30% compared to the fourth quarter of 2021. Our capital allocation strategy and disciplined use of cash has allowed us to continue working towards our gross debt to CAP target, while our pref buyback have increased our free cash flow per unit by $0.11. We also did this carefully through the well-timed direct sale and sale-and-leaseback transactions in 2022. Please turn to slide 5. In this slide, we focus on the impact that the Russian-Ukrainian conflict has had on the energy commodity market. You can see the monthly pipeline flow from Russia have fallen nearly 90% since the start of 2022. Despite this, and thanks to the flexibility of the LNG supply chain, Europe managed to fill its inventories to seasonally high levels. Thankfully, competition from Asian importers was notably absent due to a combination of high LNG prices, moderate weather, and continuing COVID restrictions in China. This has created two dynamics that are of interest. Firstly, higher LNG flows into Europe are likely to continue in 2023. Secondly, increased global demand for LNG has both exacerbated an overall scarcity of energy supply and specifically an LNG supply deficit, which is likely to remain until new import and export capacity comes online. In response to this, we've seen about 25 million tons of new projects being sanctioned and expect this figure to double in 2023, creating additional demand for LNG carriers to match the robust new building order book. Slide six focuses on the impact of these dynamics in the shipping market. The spot market saw significant volatility in the last quarter of 2022, driven primarily by the conditions I discussed. The spot market peaked at nearly $450,000 per day as congestions and floating storage heavily restricted availability of vessels, while charterers were mostly unwilling to sublet their vessels. Since rates peaked, above average temperature has reduced the constant need to refill inventories, resulting in falling LNG prices and easing on floating storage. Additionally, the continuing Freeport outage and persistent low exports from Nigeria have resulted in reduced LNG exports and increased the number of spot vessels available in the Atlantic. Increased volumes are balanced with the shorter trips reflecting the higher flow from U.S. to Europe rather than Asia to keep ton-mile demand flat in 2022. Regardless, the term market remains strong. Thanks to the charterers continued interest for multi-year coverage, which can only be met with independently owned vessels, while the number of uncommitted vessels keeps falling. In the next slide, you can see more details on the charterers referenced earlier, namely the two extensions and the one new charter, adding and combined $167 million of EBITDA. The extensions also have reaffirmed the attitude of charterers to focus on term business. As mentioned in our previous calls, the work with Venice Energy has progressed, and although still under negotiation, we have agreed in principle that the partnership will convert one of its 145,000 cubic steam LNG carriers to an FSRU, which will be chartered to Venice Energy as effective returns. Further information on the project FID are expected mid-2023. Such conversion is expected to cost in excess of $100 million and take between 8- 10 months. Finally, in slide eight, we would like to give an update on environmental related regulations affecting our business. There are several regulatory bodies that have issued and are developing dedicated regulations aimed at decarbonizing worldwide shipping. Late 2022, the European Union has moved on two fronts under the Fit for 55 umbrella, ratifying the entry of shipping into the European Emissions Trading Scheme, EU ETS, and launching the FuelEU in order to promote a transition to green fuel in a stepped approach. These regulations will gradually enter into force in the next years and add to the IMO framework in order to drive the industry net zero targets. As we seek further clarifications on the application of such rules, the partnership is developing dedicated plans to improve ships efficiency and reduce emissions, as well as cooperating with our customers and investing in digital tools to improve the efficient use of our ships. Further updates in the months to come and in our 2022 ESG report. Before I hand over to Achilleas, I'm delighted to report that the partnership vessels has another year of particularly good safety score in 2022 with 0 LTIs, achieving the ever needed Goal Zero. Thank you, Paolo. Turning to slide 10 and the partnership's financial results for the fourth quarter of 2022. Revenues for the fourth quarter were $105 million, a 19% increase from the fourth quarter of 2021. This was primarily due to a net increase in revenues from our vessels operating in the spot and short-term markets in the fourth quarter of 2022, in line with the continuing strength of the LNG shipping spot and short-term markets. This increase came despite a decrease in available days due to the sale of the Methane Jane Elisabeth in the third quarter of 2022. Adjusted EBITDA was $81 million, an increase of approximately $17 million or 26% from the fourth quarter of 2021, primarily due to a year-over-year increase in revenues as mentioned earlier. Operating expenses were decreased by $0.9 million, mostly due to the favorable movement of the EUR-USD exchange rate in the fourth quarter of 2022, as well as the sale of the Methane Jane Elisabeth in the third quarter of 2022, partially offset by the in-house management of the Solaris after her delivery into our managed fleet in quarter two, 2022. Our adjusted earnings was $0.74 per unit, which increased by 64% compared to the fourth quarter of 2021. Overall, we are pleased with our performance in this quarter as we continued chartering our fleet at healthy rates with improved visibility on our 2023 cash flows. Turning to slide 11 and a look at our cost base. Our daily operating expenses per vessel were $13,974 in the fourth quarter, a decrease of $721 per day compared to the fourth quarter of 2021 due to the factors I just described earlier. General and administrative expenses were $4.2 million in the fourth quarter of 2022, an increase of approximately $0.7 million from the fourth quarter of 2021. Daily general and administrative expenses increased to $3,240 per vessel per day in the fourth quarter of 2022 from $2,543 per vessel per day in the fourth quarter of 2021 due to an increase in the administrative service fees for our fleet, which was partially offset by a decrease in the size of our fleet following the sale of the Methane Jane Elisabeth in the third quarter of 2022. As a reminder, the changes in the vessel management, commercial management, and administrative service fees compared to the prior year are in line with our commentary in the previous quarters and are disclosed in detail in our Form 20-F. Our results were also impacted by a $6.3 million increase in interest expense due to an increase in the base interest rate, LIBOR or SOFR, compared to the fourth quarter of 2021, partially offset by the deleveraging achieved during the last 12 months. 2023, we expect our unit operating expenses to average approximately $13,850 per vessel per day. With actual operating expenses materially impacted by the foreign exchange movement. General and administrative expenses are expected to average approximately $3,600 per vessel per day in 2023. We have four vessels that will undergo scheduled dry dockings in 2023, which will result in approximately 30 of higher revenue days per vessel and a total estimated cost of $16.5 million, including cost for ballast water treatment systems. The impact of scheduled off-hire days is factored into slide 14 to be discussed shortly. Slide 12 illustrates the progress the partnership has continued to make in its preference unit repurchase program. During the fourth quarter, we repurchased an aggregate of $10.5 million of our preference units in the open market. Since the program was initiated in August 2021, the partnership has repurchased approximately $68 million in preference units in aggregate at an average price close to $25 per unit, their par value. These repurchases have reduced preference unit distribution by approximately $5.7 million or $0.11 per common unit on an annualized basis based on the number of preference units outstanding as of today. We expect to continue opportunistically repurchasing preference units in the open market as conditions dictate, and there are $87.4 million in Series B preference units outstanding as of today, which are callable annual at par from mid-March 2023 and onwards at the partnership's option. Slide 13 shows the progress we have made towards our leverage targets, which we first introduced in the third quarter of 2021. We have made good progress on these goals despite the impairment charges we took in 2022 in connection with the book value of our steam vessels. During the fourth quarter of 2022, we repaid $21.7 million of debt and leases on scheduled amortization and $116 million in the fourth quarter of 2022. We paid $32.2 million of debt outstanding in relation to the sale of the Methane Shirley Elisabeth in quarter three, 2022, and $32.9 million of debt outstanding in relation to the sale and leaseback of the Methane Heather Sally in quarter four, 2022. Our gross debts total capitalization, one of the two leverage targets we have set, has been reduced from 54% as of the end of the fourth quarter of 2021 to 49% as of the end of this past quarter. Our net debt to trailing twelve-month EBITDA has been reduced from 4.4x - 2.8x, which is currently below our long-term target. Net debt to EBITDA has, of course, been positively impacted by the partnership's strong performance in 2022, as well as the increase in the cash and cash equivalents in our balances. It is important to remember that our net debt to EBITDA may fluctuate based on our future operating results and the deployment of cash in the execution of our capital allocation strategy. We expect to continue reducing our gross debt to capitalization in 2023 with a scheduled retirement of approximately $112 million of scheduled debt and lease principal payments in aggregate. Reducing debt balances and making opportunistic repurchases of preference units will further reduce the partnership's cash flow all-i n break-even levels over time and increases our future free cash flow generation potential, enhancing the partnership's equity value. Slide 14 shows our contracted revenues by quarter in 2023. As you can see from the chart on the left, we have managed our exposure to the spot market over the next 12 months, while still maintaining exposure to the second seasonally strong fourth quarter in 2023. This provides significant downside protection in 2023. Every 10,000 per day increase in TCE on our open days above our operating break-even rates will increase our adjusted EBITDA by approximately $6.7 million on full year basis. With that, I will turn it over to Paolo for closing remarks. Thank you, Achilleas. Turning to slide 16 and in summary, energy security continues to drive market volatility, demand for LNG supply, and supports new FID for additional capacity. The LNG shipping market has benefited from such dynamics and currently maintains strong term business levels, even in the face of potentially challenging ton-mile developing between Europe and Far East. The partnership has capitalized well on the strong LNG market, securing lucrative fixture throughout 2022 and the exercise of two option charter period for our vessels. Our disciplined approach and focus on deleveraging has strengthened the partnership balance sheet, delivering tangible value to our unit holders, as well as enable us to identify growth opportunities at effective market returns. Finally, the partnership continues to benefit from the favorable shipping market in 2023, and we're diligently executing on our strategy to meet our capital structure targets. Thank you to everyone today for listening and for your continued interest in GasLog Partners. Stay safe, and if you have any question, please contact the investor relationship team. Thank you. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.
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