# GasLog Partners returns to quarterly profit despite lower revenues

- **Source:** https://pelavox.com/gaslog-partners-third-quarter-profit-hormuz-vessel/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-10-26T05:00:00+00:00
- **Updated:** 2026-10-24T15:22:29+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Financial Results, GasLog Partners, GasLog Shanghai, LNG Carriers, LNG Shipping, Strait of Hormuz

GasLog Partners LP reported a return to profitability in the third quarter of 2026, despite lower revenues and reduced vessel availability compared with the corresponding period last year.

The LNG carrier owner recorded a quarterly profit of US$6.0 million, compared with a loss of US$13.0 million in the third quarter of 2025. Revenue declined to US$53.7 million from US$60.9 million, reflecting changes in the company’s fleet and increased dry-docking activity.

The company also provided an update on the LNG carrier *GasLog Shanghai*, which sustained damage after being struck by an unidentified projectile while transiting the Strait of Hormuz in August.

## Lower impairments support profitability

GasLog Partners attributed the improvement in quarterly profitability primarily to lower non-cash impairment charges, reduced depreciation and lower vessel operating expenses.

The corresponding quarter of 2025 included a US$23.6 million non-cash impairment charge, of which US$22.3 million related to the agreement to sell *Methane Jane Elizabeth*. Depreciation expenses also decreased as the company’s average fleet size declined.

However, quarterly revenues fell by US$7.2 million, mainly because steam turbine LNG carriers exited the fleet during the fourth quarter of 2025 and the second quarter of 2026.

Vessel availability was also affected by dry-docking activity, with 92 off-hire days recorded during the third quarter of 2026, compared with 31 days a year earlier. Higher average charter rates partially offset these effects.

Meanwhile, voyage expenses and commissions increased by US$6.4 million, largely due to higher bunker consumption associated with lower utilisation of the remaining spot fleet.

For the first nine months of 2026, GasLog Partners reported revenues of US$211.8 million, compared with US$211.4 million in the corresponding period of 2025. Net profit reached US$69.4 million, compared with a loss of US$5.1 million a year earlier.

## GasLog Shanghai undergoes repairs following Hormuz incident

The company also disclosed developments involving *GasLog Shanghai*, a 155,000-cubic-metre LNG carrier built in 2013 and equipped with tri-fuel diesel-electric propulsion.

On 1 August 2026, the vessel was struck by an unidentified projectile while transiting the Strait of Hormuz, resulting in a loss of power and propulsion. GasLog Partners confirmed that the incident caused no injuries or pollution.

Following efforts by the crew, the vessel proceeded under its own power to the eastern coast of the United Arab Emirates on 4 August for temporary repairs.

On 22 September, *GasLog Shanghai* arrived at a shipyard for permanent repairs. According to the company, both the repair costs associated with the damage and the related loss of hire are fully insured under the vessel’s war risk and war loss of hire policies.

The vessel is expected to be redelivered to its owners following completion of the repairs, although the company did not specify a completion date.

## Fleet changes continue to influence results

The latest financial results reflect the effects of GasLog Partners’ changing fleet composition, including the departure of older steam-powered LNG carriers.

Although lower impairment charges contributed significantly to the improvement in reported earnings, the decline in vessel availability and increased voyage expenses continued to affect operating performance.

The company’s third-quarter results therefore highlight a recovery in reported profitability alongside ongoing operational pressures within its LNG carrier fleet.

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Cite as: "GasLog Partners returns to quarterly profit despite lower revenues", pelavox., 26 October 2026, https://pelavox.com/gaslog-partners-third-quarter-profit-hormuz-vessel/