GasLog Partners swings to loss in Q2 on impairment charges, revenue decline

GasLog Partners has reported a significant financial downturn for the second quarter of 2025, swinging to a net loss after booking substantial non-cash impairment charges on its vessels. The Greek LNG carrier owner’s results were also impacted by a notable decline in revenue amid weaker market conditions.

The company posted a net loss of $17.9 million for the three months ending June 30, a stark reversal from the $38.6 million profit recorded in the same period of 2024. This was on the back of revenues falling by almost 20 per cent to $70.2 million from $87.3 million a year earlier. GasLog Partners attributed the revenue drop to securing vessel fixtures at lower rates and a significant increase in idle days across its fleet.

The move into the red was primarily driven by outgoings that included a $34.6 million non-cash impairment loss. The company also saw voyage expenses and commissions increase to $5.1 million from $1.1 million in the prior-year quarter, which it linked to higher bunker consumption during idle periods. Other costs, such as vessel operating expenses, saw a slight decrease to $15.7 million.

The impairment charge was connected to the recent agreement to sell the 2007-built vessel Methane Alison Victoria for a price below its carrying value, a sale that was completed in July for approximately $27 million.