GasLog Partners
Annual Report 2021

Plain-text annual report

Table of Contents UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Commission file number: 001-36433FORM 20-F(Mark One)☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THEFISCAL YEAR ENDED DECEMBER 31, 2021☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934GasLog Partners LP(Exact name of Registrant as specified in its charter)Not Applicable(Translation of Registrant’s name into English)Republic of the Marshall Islands(Jurisdiction of incorporation or organization)c/o GasLog LNG Services Ltd 69 Akti Miaouli 18537 Piraeus Greece (Address of principal executive offices)Alexandros Laios, General Counselc/o GasLog LNG Services Ltd,69 Akti Miaouli 18537Piraeus, GreeceTelephone: +30 210 459 1000Fax: +30 210 459 1242(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)SECURITIES REGISTERED OR TO BE REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:Title of Each Class Trading Symbols Name of Each Exchange on Which RegisteredCommon Units representing limited partner interestsGLOPNew York Stock ExchangeSeries A Preference UnitsGLOP PR ANew York Stock ExchangeSeries B Preference UnitsGLOP PR BNew York Stock ExchangeSeries C Preference UnitsGLOP PR CNew York Stock ExchangeSECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NoneSECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO SECTION 15(d) OF THE ACT: NoneIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annualreport.As of December 31, 2021, there were 51,137,201 Partnership common units, 1,660,000 Class B Units, 5,750,000 Series A Preference Units, 4,135,571Series B Preference Units and 3,730,451 Series C Preference Units outstanding.Indicate by check mark if the Company is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Table of ContentsYes ◻ No ⌧If this report is an annual or transition report, indicate by check mark if the Company is not required to file reports pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934.Yes ◻ No ⌧Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes ⌧ No ◻Indicate by check mark whether the Company has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit suchfiles).Yes ⌧ No ◻Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. Seethe definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has electednot to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of theExchange Act. ◻†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its AccountingStandards Codification after April 5, 2012.Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.Yes ⌧ No ◻Indicate by check mark which basis of accounting the Company has used to prepare the financial statements included in this filing.U.S. GAAP ◻International Financial Reporting Standards as issued by the International Accounting Standards Board ⌧Other ◻If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the Company has elected tofollow.Item 17 ◻ Item 18 ◻If this is an annual report, indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ⌧Large accelerated filer ◻Accelerated filer ⌧Non-accelerated filer ◻Emerging growth company ☐Table of ContentsiTABLE OF CONTENTS PageABOUT THIS REPORTiiFORWARD-LOOKING STATEMENTSivPART I1ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3.KEY INFORMATION1ITEM 4.INFORMATION ON THE PARTNERSHIP39ITEM 4.A.UNRESOLVED STAFF COMMENTS57ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS57ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES76ITEM 7.MAJOR UNITHOLDERS AND RELATED PARTY TRANSACTIONS82ITEM 8.FINANCIAL INFORMATION93ITEM 9.THE OFFER AND LISTING96ITEM 10.ADDITIONAL INFORMATION96ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK104ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES104PART II105ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES105ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS105ITEM 15.CONTROLS AND PROCEDURES106ITEM 16.[RESERVED]107ITEM 16.A.AUDIT COMMITTEE FINANCIAL EXPERT107ITEM 16.B.CODE OF ETHICS108ITEM 16.C.PRINCIPAL ACCOUNTANT FEES AND SERVICES108ITEM 16.D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES109ITEM 16.E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS109ITEM 16.F.CHANGE IN PARTNERSHIP’S CERTIFYING ACCOUNTANT109ITEM 16.G.CORPORATE GOVERNANCE110ITEM 16.H.MINE SAFETY DISCLOSURE110PART III111ITEM 17.FINANCIAL STATEMENTS111ITEM 18.FINANCIAL STATEMENTS111ITEM 19.EXHIBITS111INDEX TO CONSOLIDATED FINANCIAL STATEMENTSF-1Table of ContentsiiABOUT THIS REPORTIn this annual report, unless otherwise indicated:·“GasLog Partners”, the “Partnership”, “we”, “our”, “us” or similar terms refer to GasLog Partners LP or any one or more of itssubsidiaries, or to all such entities unless the context otherwise indicates;·“GasLog”, depending on the context, refers to GasLog Ltd. and to any one or more of its direct and indirect subsidiaries, otherthan GasLog Partners;·“GasLog Group”, refers to GasLog Ltd. and to any one or more of its direct and indirect subsidiaries, including GasLogPartners;·“our general partner” refers to GasLog Partners GP LLC, the general partner of GasLog Partners and a wholly ownedsubsidiary of GasLog;·“GasLog LNG Services” refers to GasLog LNG Services Ltd., a wholly owned subsidiary of GasLog;·“GasLog Carriers” refers to GasLog Carriers Ltd., a wholly owned subsidiary of GasLog;·“GasLog Partners Holdings” refers to GasLog Partners Holdings LLC, a wholly owned subsidiary of GasLog Partners;·“Merger Agreement” refers to the agreement and plan of merger dated as of February 21, 2021, and as subsequently amendedon April 20, 2021, with BlackRock’s Global Energy and Power Infrastructure Team (collectively, “GEPIF”), pursuant towhich GEPIF acquired all of the outstanding common shares of GasLog Ltd. that were not held by certain existingshareholders for a purchase price of $5.80 in cash per share (the “Transaction”). Following the consummation of theTransaction in June 2021, certain existing shareholders including Blenheim Holdings Ltd. (“Blenheim Holdings”), which iswholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation (collectively, the “RollingShareholders”) continue to hold approximately 55% of the outstanding common shares of GasLog Ltd. and GEPIF holdsapproximately 45%;·“Shell” refers to Royal Dutch Shell plc or any one or more of its subsidiaries;·“MSL” refers to Methane Services Limited, a subsidiary of Shell;·“DSME” refers to Daewoo Shipbuilding and Marine Engineering Co., Ltd.;·“TotalEnergies” refers to TotalEnergies Gas & Power Limited, a wholly owned subsidiary of TotalEnergies SE;·“Cheniere” refers to Cheniere Marketing International LLP, a wholly owned subsidiary of Cheniere Energy, Inc.;·“CDBL” refers to CL Gas Three Limited, a wholly owned subsidiary of China Development Bank Financial Leasing Co.,Ltd.;·“Trafigura” refers to Trafigura Maritime Logistics PTE Ltd.;·“Gunvor” refers to Clearlake Shipping Pte. Ltd., a wholly owned subsidiary of Gunvor Group Ltd.;·“JOVO” refers to Singapore Carbon Hydrogen Energy Pte. Ltd., a wholly owned subsidiary of JOVO Group;·“CNTIC VPower” refers to CNTIC VPower Energy Ltd., an independent Chinese energy company;·“ATM Programme” refers to our at-the-market common equity offering programme which commenced in May 2017;Table of Contentsiii·“Class B Units” refers collectively to the 1,660,000 Class B units issued on June 30, 2019 which remain outstanding, of which415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6;·“Series A Preference Units” refers to our 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating RatePreference Units;·“Series B Preference Units” refers to our 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating RatePreference Units;·“Series C Preference Units” refers to our 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating RatePreference Units;·“Preference Units” refers to our Series A Preference Units, our Series B Preference Units and our Series C Preference Units;·“LNG” refers to liquefied natural gas;·“FSRUs” refers to Floating Storage and Regasification Units;·“FSUs” refers to Floating Storage Units;·“NYSE” refers to the New York Stock Exchange;·“SEC” refers to the U.S. Securities and Exchange Commission;·“IPO” refers to the initial public offering of GasLog Partners on May 12, 2014;·“IFRS” refers to International Financial Reporting Standards;·“IASB” refers to International Accounting Standards Board;·“dollars” and “$” refer to, and amounts are presented in, U.S. dollars;·“TFDE” refers to tri-fuel diesel electric engine propulsion;·“Steam” refers to steam turbine propulsion;·“cbm” refers to cubic meters; and·“mtpa” refers to million tonnes per annum.Table of ContentsivFORWARD-LOOKING STATEMENTSAll statements in this annual report that are not statements of historical fact are “forward-looking statements” within the meaning ofthe U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events ordevelopments that the Partnership expects, projects, believes or anticipates will or may occur in the future, particularly in relation to ouroperations, cash flows, financial position, liquidity and cash available for distributions and the impact of changes to cash distributions onthe Partnership’s business and growth prospects, plans, strategies, and changes and trends in our business and the markets in which weoperate. In some cases, predictive, future-tense or forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”,“forecast”, “plan”, “potential”, “may”, “should”, “could” and “expect” and similar expressions are intended to identify forward-lookingstatements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to timemake other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the SEC,other information sent to our security holders, and other written materials. We caution that these forward-looking statements represent ourestimates and assumptions only as of the date of this annual report or the date on which such oral or written statements are made, asapplicable, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results.Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of theforward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.Factors that might cause future results and outcomes to differ include, but are not limited to, the following:●general LNG shipping market conditions and trends, including spot and multi-year charter rates, ship values, factors affectingsupply and demand of LNG and LNG shipping, including geopolitical events, technological advancements and opportunities forthe profitable operations of LNG carriers;●fluctuations in charter hire rates, vessel utilization and vessel values;●our ability to secure new multi-year charters at economically attractive rates;●our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels which are not operatingunder multi-year charters, including the risk that certain of our vessels may no longer have the latest technology at such timewhich may impact our ability to secure employment for such vessels as well as the rate at which we can charter such vessels;●changes in our operating expenses, including crew wages, maintenance, dry-docking and insurance costs and bunker prices;●number of off-hire days and dry-docking requirements including our ability to complete scheduled dry-dockings on time andwithin budget;●planned capital expenditures and availability of capital resources to fund capital expenditures;●business disruptions resulting from measures taken to reduce the spread of COVID-19, including possible delays due to thequarantine of vessels and crew, as well as government-imposed shutdowns;●fluctuations in prices for crude oil, petroleum products and natural gas, including LNG;●fluctuations in exchange rates, especially the U.S. dollar and Euro;●our ability to expand our portfolio by acquiring vessels through our drop-down pipeline with GasLog or by acquiring other assetsfrom third parties;●our ability to leverage GasLog’s relationships and reputation in the shipping industry and the ability of GasLog to maintain long-term relationships with major energy companies and major LNG producers, marketers and consumers to obtain new chartercontracts;Table of Contentsv●GasLog’s relationships with its employees and ship crews, its ability to retain key employees and provide services to us, and theavailability of skilled labor, ship crews and management;●changes in the ownership of our charterers;●our customers’ performance of their obligations under our time charters and other contracts;●our future operating performance, financial condition, liquidity and cash available for distributions;●our distribution policy and our ability to make cash distributions on our units or the impact of changes to cash distributions onour financial position;●our ability to obtain debt and equity financing on acceptable terms to fund capital expenditures, acquisitions and other corporateactivities, funding by banks of their financial commitments and our ability to meet our restrictive covenants and other obligationsunder our credit facilities;●future, pending or recent acquisitions of ships or other assets, business strategy, areas of possible expansion and expected capitalspending;●risks inherent in ship operation, including the discharge of pollutants;●any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of apossible cybersecurity event;●the expected cost of and our ability to comply with environmental and regulatory requirements related to climate change,including regulatory requirements with respect to emissions of air pollutants and greenhouse gases, as well as future changes insuch requirements or other actions taken by regulatory authorities, governmental organizations, classification societies andstandards imposed by our charterers applicable to our business;●potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists;●potential liability from future litigation; and●other factors discussed in “Item 3. Key Information—D. Risk Factors” of this annual report.We undertake no obligation to update or revise any forward-looking statements contained in this annual report, whether as a result ofnew information, future events, a change in our views or expectations or otherwise, except as required by applicable law. New factorsemerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each suchfactor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different fromthose contained in any forward-looking statement.Table of Contents1PART IITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERSNot applicable.ITEM 2.     OFFER STATISTICS AND EXPECTED TIMETABLENot applicable.ITEM 3.     KEY INFORMATIONA.ReservedB.Capitalization and IndebtednessNot applicable.C.Reasons for the Offer and Use of ProceedsNot applicable.D.Risk FactorsSummary of Risk FactorsAn investment in our common units or preference units is subject to a number of risks, including risks related to our business andcorporate structure. The following summarizes some, but not all, of these risks. Please carefully consider all of the information discussedin “Item 3. Key Information—D. Risk Factors” in this annual report for a more thorough description of these and other risks.Risks Related to the LNG Carrier Business●Our owned and bareboat fleet of 15 LNG carriers includes 10 TFDE vessels and five Steam vessels. Six of our ships currentlyoperate under long-term time charters (defined as charters with initial duration of more than five years) and nine ships trade inthe short-term spot market (defined as vessels under contracts with initial duration of less than five years). On redelivery, thevessels will operate in the short-term spot market unless we are able to secure new long-term time charters. Furthermore,advances in LNG carrier technology may negatively impact our ability to recharter the Steam or TFDE vessels on attractive ratesand may result in lower levels of utilization. Operating vessels in the spot market, or being unable to recharter the Steam vesselson term charters with similar or better rates, means our revenues and cash flows from these vessels will decline followingexpiration of our current long-term charter arrangements.●The LNG shipping industry is subject to substantial environmental and other regulations which may be increased further by thegrowing global focus on a lower carbon economy, the effects of climate change (physical and transition) and the increasingdemand for environmental, social and governance disclosures by investors, lenders and regulators.●The continuing COVID-19 pandemic and the spread of new variants may have further negative effects on the global economy,energy demand and our business.●If the number of vessels available in the short-term or spot LNG carrier market continues to expand and results in reducedopportunities to secure multi-year charters for our vessels, our revenues and cash flows may become more volatile and maydecline following expiration or early termination of our current charter arrangements.Table of Contents2●An oversupply of LNG carriers as a result of excessive new ordering in previous years may lead to a reduction in the charter hirerates we are able to obtain when seeking charters in the future which could adversely affect our results of operations and cashflows, especially in relation to our Steam vessels that are less efficient compared to newer vessels.●Ship values may fluctuate substantially, and such fluctuation has, as at December 31, 2021 in relation to our Steam vessels, andcould again in the future, resulted in a non-cash impairment charge. A further decline in ship values could impact our compliancewith the covenants in our loan agreements and, if the values are lower at a time when we are attempting to dispose of ships, causeus to incur a loss.Risks Related to Us●Our future success depends on our own and GasLog’s ability to maintain relationships with existing customers, establish newcustomer relationships and obtain new time charter contracts, for which we face considerable competition from other establishedcompanies with significant resources, as well as recent and potential future new entrants. We are reliant on the commercial skillsof GasLog to develop, establish and maintain customer relationships on our behalf.●We derive a substantial majority of our revenues from a limited number of customers, and the loss of any customer, charter orvessel would result in a significant loss of revenues and could have a material adverse effect on our business, financial condition,results of operations and cash flows.●Due to our lack of diversification, adverse developments in the LNG market and/or in the LNG transportation industry couldadversely affect our business, particularly if such developments occur at a time when we are seeking new charters for our vessels.●We are subject to certain risks with respect to our relationship with GasLog, and failure of GasLog to comply with certain of itsfinancial covenants under its debt instruments could, among other things, result in a default under the loan facilities related tofour of our vessels, which could have a material adverse effect on our business, financial condition, results of operations and cashflows.●GasLog and its affiliates may compete with us.●The price of our common units has declined significantly in recent years and may continue to be volatile.●Common unitholders have limited voting rights, and our partnership agreement restricts the voting rights of unitholders owningmore than 4.9% of our common units.●GasLog and our general partner own a controlling interest in us and have conflicts of interest and limited fiduciary andcontractual duties to us and our unitholders, which may permit them to favor their own interests to your detriment.●Our officers face conflicts in the allocation of their time to our business.●Our partnership agreement limits our general partner’s and our directors’ fiduciary duties to our unitholders and restricts theremedies available to unitholders for actions taken by our general partner or our directors.●We may issue additional equity securities, including securities senior to the common units, without the approval of our commonunitholders, which would dilute the ownership interests of the common unitholders.●Our general partner has a limited call right that may require you to sell your common units at an undesirable time or price.●We are a “foreign private issuer” under NYSE rules, and as such we are entitled to exemption from certain NYSE corporategovernance standards, and you may not have the same protections afforded to unitholders of similarly organized limitedpartnerships that are subject to all of the NYSE corporate governance requirements.Table of Contents3Risks Related to our Preference Units●Our Preference Units are subordinated to our debt obligations, and investors’ interests could be diluted by the issuance ofadditional preference units and by other transactions.●Holders of our Preference Units have extremely limited voting rights.●The Preference Units represent perpetual equity interests, and holders have no right to receive any greater payment than theliquidation preference regardless of the circumstances.●In 2020, we reduced our quarterly cash distribution rate on our common units to $0.01 per common unit with effect from thethird quarter 2020 and onwards. We maintained this distribution rate throughout 2021 and may continue to do so for theforeseeable future.●The Preference Units have not been rated, and ratings of any other of our securities may affect the trading price of the PreferenceUnits.●Market interest rates may adversely affect the value of our Preference Units.●The Preference Units are redeemable at our option.●The historical levels of three-month U.S. dollar London Interbank Offered Rate (“LIBOR”) are not an indication of the futurelevels of three-month LIBOR, and the phasing out of LIBOR after 2023 may adversely affect the value of and return on ourPreference Units.Risks Inherent in the LNG Carriers BusinessOur owned and bareboat fleet of 15 LNG carriers includes 10 TFDE vessels and five Steam vessels. Nine of our vessels operate in theshort-term spot market (defined as vessels under contracts with initial duration of less than five years). The long-term charter (definedas charters with initial duration of more than five years) on one of our TFDE vessels expires in 2022. On redelivery, the vessel willoperate in the short-term spot market unless we are able to secure a new long-term time charter. Furthermore, advances in LNGcarrier technology and increasing environmental regulations may negatively impact our ability to recharter the Steam or TFDE vesselson attractive rates and may result in lower levels of utilization. Operating vessels in the spot market, or being unable to recharter theSteam vessels on long-term charters with similar or better rates, means our revenues and cash flows from these vessels will declinefollowing expiration of our current charter arrangements. These factors could have a material adverse effect on our business, resultsof operations, financial condition, the value of our assets, and could significantly reduce or eliminate our ability to pay distributions onour common or Preference Units.The Solaris is due to come off its long-term charter in March 2022 while seven of the vessels operating in the spot market are due tocome off charter between March 2022 and December 2022. Typically the charter rates for vessels trading in the spot market aresignificantly lower than the charter rates earned under previous multi-year charters. Our Steam vessels are less efficient and have higheremissions than larger, more technologically advanced modern LNG carriers and it may be more challenging to find spot and/or termemployment for these vessels in the future. Unless we are able to secure longer term charters at attractive rates we will have exposure tothe spot market which is highly competitive and subject to significant price fluctuations. In addition, there may be extended periods of idletime between charters. Moreover, any longer term charters we are able to secure for on-the-water vessels may not be as long in duration asthe multi-year charters we have enjoyed in the past and are likely to be at lower charter rates. In recent years, as a result of more LNGbeing traded on a short-term basis and greater liquidity in the LNG shipping market than was historically the case, there has been adecrease in the duration of term charters for on-the-water vessels with such charters now generally being anywhere between six monthsand three years in duration. If we are unable to secure employment for a vessel, we will not receive any revenues from that vessel but wewill be required to pay expenses necessary to maintain the vessel in proper operating condition, as well as servicing the debt attached tothe vessel.Table of Contents4Failure to secure new term charters could adversely affect our future liquidity, results of operations and cash flows, including cashavailable for distribution to unitholders, as well as our ability to meet certain of our debt obligations and covenants.On February 6, 2020, in light of reduced expectations for Steam vessel utilization and earnings due to these risks, we announced that GasLog Partners will focus its capital allocation on debt repayment and prioritizing balance sheet strength. The Partnership reduced its quarterly common unit distribution to $0.125 per unit for the first quarter of 2020, from $0.561 per unit for the fourth quarter of 2019 and then further decreased its quarterly common unit distribution to $0.01 per unit for the third quarter of 2020 onwards. A decline in expected long-term charter rates and employment opportunities, together with uncertainty about the environmental regulations, especially for older technology vessels, could adversely affect the market value of our vessels, on which certain of the ratios and financial covenants with which we are required to comply are based. A significant decline in the market value of our vessels could impact our compliance withthese covenants in our loan agreements and, if the values are lower at a time when we are attempting to dispose of vessels, could cause usto incur a loss. These declines caused the Partnership to recognize a total non-cash impairment loss of $104.0 million during the yearended December 31, 2021 for its five Steam vessels built in 2006 and 2007.The LNG shipping industry is subject to substantial environmental and other regulations which may be increased further by thegrowing global focus on a lower carbon economy, the effects of climate change (physical and transition) and the increasing demandfor environmental, social and governance disclosures by investors, lenders and regulators.Our operations are materially affected by extensive and changing international, national, state and local environmental laws,regulations, treaties, conventions and standards which are in force in international waters, or in the jurisdictional waters of the countries inwhich our ships operate and in the countries in which our ships are registered. These requirements include those relating to equipping andoperating ships, providing security and minimizing or addressing impacts on the environment from ship operations. These requirementsmay introduce regulations which affect the operation profile of our vessels and could impact our existing charters. We may incursubstantial costs in complying with these requirements, including costs for ship modifications and changes in operating procedures. Wealso could incur substantial costs, including clean-up costs, civil and criminal penalties and sanctions, the suspension or termination ofoperations and third party claims as a result of violations of, or liabilities under, such laws and regulations. The higher emissions of ourSteam vessels relative to more modern vessels could make it more difficult to secure employment for these vessels and reduce the rates atwhich we can charter these vessels to our customers.In addition, these requirements can affect the resale value or useful lives of our ships, require a reduction in cargo capacity, operatingspeed, necessitate ship modifications or operational changes or restrictions or lead to decreased availability of insurance coverage forenvironmental matters. They could further result in the denial of access to certain jurisdictional waters or ports or detention in certainports. We are required to obtain governmental approvals and permits to operate our ships. Delays in obtaining such governmentalapprovals may increase our expenses, and the terms and conditions of such approvals could materially and adversely affect our operations.Additional laws, regulations, taxes or levies may be adopted that could limit our ability to do business or increase our operating costs,which could materially and adversely affect our business. New or amended legislation relating to ship recycling, sewage systems, emissioncontrol (including emissions of greenhouse gases and other pollutants) as well as ballast water treatment and ballast water handling may beadopted. For example, the United States has enacted legislation, and more recently a convention adopted by the International MaritimeOrganisation (the “IMO”) has become effective, governing ballast water management systems on oceangoing ships. The IMO has alsoestablished progressive standards limiting emissions from ships (ratified in the MEPC75) starting from 2023 towards 2030 and 2050 goals.The EU is trying to incorporate shipping within the carbon Emission Trading Scheme already existing for other sectors. These and otherlaws or regulations may require additional capital expenditures or operating expenses (such as increased costs for low sulfur fuel orpollution controls) in order for us to maintain our ships’ compliance with international and/or national regulations. We may also becomesubject to additional laws and regulations if we enter new markets or trades.The EU’s Taxonomy Regulation establishes an EU framework for the classification of sustainable economic activities with the aim ofproviding transparency to investors and business as the EU moves towards its 2050 climate neutrality goal. In February 2022, proposednew rules announced by the EU named natural gas and nuclear power generation as “transitional technologies” (provided they meet certaincriteria, such as replacing coal plants, and subject to certain limits and phase put periods) and set out new disclosure rules for companiesregarding annul reporting about compliance with green criteria. The proposed rules remain subject to EU approval during 2022.Table of Contents5We also believe that the heightened environmental, quality and security concerns of insurance underwriters, regulators and chartererswill generally lead to additional regulatory requirements and/or contractual requirements, including enhanced risk assessment and securityrequirements, as well as greater inspection and safety requirements on all LNG carriers in the marine transportation market. Theserequirements are likely to add incremental costs to our operations, and the failure to comply with these requirements may affect the abilityof our ships to obtain and, possibly, recover from, insurance policies or to obtain the required certificates for entry into the different portswhere we operate.Some environmental laws and regulations, such as the U.S. Oil Pollution Act of 1990 (“OPA”), provide for potentially unlimited joint,several and/or strict liability for owners, operators and demise or bareboat charterers for oil pollution and related damages. OPA applies todischarges of any oil from a ship in U.S. waters, including discharges of fuel and lubricants from an LNG carrier, even if the ships do notcarry oil as cargo. In addition, many states in the United States bordering a navigable waterway have enacted legislation providing forpotentially unlimited strict liability without regard to fault for the discharge of pollutants within their waters. We also are subject to otherlaws and conventions outside the United States that provide for an owner or operator of LNG carriers to bear strict liability for pollution,such as the Convention on Limitation of Liability for Maritime Claims of 1976, (the “London Convention”).Some of these laws and conventions, including OPA and the London Convention, may include limitations on liability. However, thelimitations may not be applicable in certain circumstances, such as where a spill is caused by a ship owner’s or operator’s intentional orreckless conduct. These limitations are also subject to periodic updates and may otherwise be amended in the future.Compliance with OPA and other environmental laws and regulations also may result in ship owners and operators incurring increasedcosts for additional maintenance and inspection requirements, the development of contingency arrangements for potential spills, obtainingmandated insurance coverage and meeting financial responsibility requirements.Increased concern over climate change could lead to a more negative perception of the oil and gas industry which could impact ourability to attract investors, access financing in the bank and capital markets and attract and retain talent.Climate change and greenhouse gas restrictions may adversely impact our operations and markets.Due to concern over the risks of climate change, a number of countries and the IMO, have adopted, or are considering the adoption of,regulatory frameworks to reduce greenhouse gas emission from ships. These regulatory measures may include adoption of cap and traderegimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. Although emissions of greenhousegases, or “GHG”, from international shipping currently are not subject to agreements under the United Nations Framework Convention onClimate Change, such as the “Kyoto Protocol” and the “Paris Agreement”, a new treaty may be adopted in the future that includesadditional restrictions on shipping emissions to those already adopted under the International Convention for the Prevention of MarinePollution from Ships, or the “MARPOL Convention”. Compliance with future changes in laws and regulations relating to climate changecould increase the costs of operating and maintaining our ships and could require us to install new emission controls, as well as acquireallowances, pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions program. Revenuegeneration and strategic growth opportunities may also be adversely affected.There is increasing focus on the environmental footprint of the energy and transportation sectors from governments, regulators,shareholders, customers, environmental pressure groups and other stakeholders. This has been manifested recently by Shell’s commitmentto base executive remuneration in part on the achievement of specific carbon emissions targets, covering all of its activities and productsand those of its suppliers. GasLog’s vessels on charter to Shell and other energy companies form part of their supply chain and maybecaptured within these targets. In addition, many large financial institutions are under pressure both to reduce their own environmentalfootprints and to monitor the environmental footprints of the companies and projects to which they lend. While LNG is among the cleanestmarine transportation fuels, the focus and pressure on the environmental footprint of the marine transportation sector is likely to remainhigh and may increase. For example, in June 2021, the IMO adopted amendments to MARPOL Annex VI that are expected to enter intoforce on November 1, 2022 and will require ships to reduce GHG emissions using technological and operational approaches to improveenergy efficiency and that provide important building blocks for future GHG reduction measures. Any specific requirements imposed onGasLog by regulators, governments, customers or other stakeholders may impact the useful life of our vessels, increase our operating costsor require us to undertake significant investments in our vessels which may reduce our revenues, profits and cash flows and may impactour ability to pay distributions to our unitholders.Table of Contents6Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmentalimpact of climate change, may also have an effect on demand for our services. For example, increased regulation of greenhouse gases orother concerns relating to climate change may reduce the demand for oil and natural gas in the future or create greater incentives for use ofalternative energy sources. Any long-term material adverse effect on the oil and gas industry could have significant financial andoperational adverse impacts on our business that we cannot predict with certainty at this time.The continuing COVID-19 pandemic and the spread of new variants may have further negative effects on the global economy, energydemand and our business.The COVID-19 pandemic introduced uncertainty in a number of areas of our business, including operational, commercial,administrative and financial activities. Initially, it negatively impacted global economic activity and demand for energy, including LNG.As a result of significantly lower demand for oil and refined products and the failure of the principal producers of oil to reduce productionin line with the fall in demand, oil prices were pressured downward in 2020. Oil prices had recovered by the end of 2020 and continued torecover during 2021 due to oil production cuts, as well as a more favourable economic outlook following the distribution of severalCOVID-19 vaccines around the world which helped to balance the market. Similarly global natural gas prices were impacted by lowerindustrial demand at the start of the COVID-19 pandemic, particularly during the second and third quarters 2020, as well as increasing gasproduction in export markets such as the United States. Although the LNG market improved throughout 2021 and remains on a positivetrend, this improvement may not be sustainable in the long-term. In the financial markets, the virus, and the responses of governmentsaround the world to manage the impact of the virus, led to lower interest rates and extreme volatility in the prices of equities, bonds,commodities and their respective derivatives.The ongoing spread of the COVID-19 virus, and emergence of new variants, may negatively affect our business and operations, thehealth of our crews and the availability of our fleet, particularly if crew members contract COVID-19, as well as our financial position andprospects. Any future reduction in LNG demand and further closure of, or restricted access to, ports and terminals in regions affected bythe virus may lead to reduced chartering activity and, in the extreme, an inability of our charterers to meet their obligations under the termsof their term charters. If this were to occur, we may be unable to secure charters for our vessels at rates that are sufficient to meet ourfinancial obligations. With nine of our vessels currently trading in the short-term spot market, any additional exposure to the spot marketor extended periods of idle time between charters could adversely affect our future liquidity, results of operations and cash flows.Additionally, if the COVID-19 pandemic again causes declines in the LNG market this could negatively impact our estimatesregarding future charter rates for non-contracted revenue days and the discount rate in our future impairment assessments. This wouldnegatively affect the future carrying values of our vessels, which could cause significant negative impacts on our liquidity and financialcondition.Although we have taken extensive measures to limit the impact of COVID-19 on business continuity, including implementation of a“work from home” policy for shore-based employees, as required depending on each location, and the commencement of select rotationsof offshore personnel where possible, giving effect to local restrictions on the movement of offshore staff, these measures may not besufficient to protect our business against the impact of COVID-19.If the number of vessels available in the short-term or spot LNG carrier market continues to expand and results in reducedopportunities to secure multi-year charters for our vessels, our revenues and cash flows may become more volatile and may declinefollowing expiration or early termination of our current charter arrangements.Most shipping requirements for new LNG projects continue to be secured on a multi-year basis, although the level of spot voyagesand short-term time charters of less than 12 months in duration has grown in recent years. As vessels currently operating under multi-yearcharters redeliver, the number of vessels available in the short-term or spot charter market is likely to continue to expand which may resultin reduced opportunities to secure multi-year charters for our vessels. With our vessels trading in the short-term or spot market uponexpiration or early termination of our current charters, our revenues and cash flows may become more volatile. In addition, an active short-term or spot charter market may require us to enter into charters on variable rates depending on market prices at the time, as opposed tofixed rates, and may result in extended periods of idle time between charters. These factors could result in a decrease in our revenues andcash flows, including cash available for distribution to unitholders.Table of Contents7An oversupply of LNG carriers as a result of excessive new ordering in previous years may lead to a reduction in the charter hire rateswe are able to obtain when seeking charters in the future which could adversely affect our results of operations and cash flows,especially in relation to our Steam vessels that are less efficient compared to newer vessels.While we currently believe that the global LNG carrier fleet may experience high levels of utilization over the next one to two years,the supply of LNG carriers has been increasing as a result of the ordering and delivery of new ships. Ordering increased significantly in2018 and 2019, driven by cyclically low shipyard prices for newbuild vessels, the then strengthening of charter rates and increasingexpectations for long-term LNG supply and demand. Whilst ordering of newbuildings declined in 2020, with only 35 LNG carriersordered, 2021 saw a record 82 orders for LNG carriers. According to Poten, as of January 13, 2022, the global trading fleet ofconventional LNG carriers (>100,000 cbm) consisted of 582 vessels, with another 151 LNG carriers on order, of which 122 have multi-year charters. Any future expansion of the global LNG carrier fleet in excess of the demand for LNG shipping may have a negative impacton charter hire rates, vessel utilization and vessel values. If charter hire rates are lower when we are seeking new time charters, or if we areunable to secure employment for our vessels trading in the spot and short-term markets, as a result of increased competition from modernvessels, our revenues and cash flows, including cash available for distribution to unitholders, may further decline.A cyber-attack could materially disrupt the Partnership’s business.The Partnership relies on information technology systems and networks, the majority of which are hosted by GasLog, in its operationsand the administration of its business. The Partnership’s business operations, or those of GasLog, could be targeted by individuals orgroups seeking to sabotage or disrupt the Partnership’s or GasLog’s information and operational technology systems and networks, or tosteal data. A successful cyber-attack could materially disrupt the Partnership’s operations, including the safety and integrity of itsoperations, or lead to unauthorized release of information or alteration of information on its systems. Any such attack or other breach ofthe Partnership’s information technology systems could have a material adverse effect on the Partnership’s business and results ofoperations. While we have insurance policies in place to cover losses in the event of a cyber related event, there can be no assurance thatany specific event would be covered by these policies or that the losses would be covered in full.We are subject to laws, directives, and regulations relating to the collection, use, retention, disclosure, security and transfer of personaldata. These laws, directives and regulations, as well as their interpretation and enforcement, continue to evolve and may be inconsistentfrom jurisdiction to jurisdiction. For example, the General Data Protection Regulation (“GDPR”), which regulates the use of personallyidentifiable information, went into effect in the European Union (“EU”) on May 25, 2018 and applies globally to all of our activitiesconducted from an establishment in the EU, to related products and services that we offer to EU customers and to non-EU customerswhich offer services in the EU. The GDPR requires organizations to report on data breaches within 72 hours and be bound by morestringent rules for obtaining the consent of individuals on how their data can be used. Complying with the GDPR and similar emerging andchanging privacy and data protection requirements may cause us to incur substantial costs or require us to change our business practices.Non-compliance with our legal obligations relating to privacy and data protection could result in penalties, fines, legal proceedings bygovernmental entities or others, loss of reputation, legal claims by individuals and customers and significant legal and financial exposureand could affect our ability to retain and attract customers.Furthermore, any changes to industry standards and regulations require additional expenses to ensure compliance. However, theimpact of such regulations is hard to predict at this time.Additionally, any changes in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity,which could require additional expenses and/or capital expenditures. Most recently, the escalation in conflict between Russia and Ukrainehas been accompanied by cyber-attacks against the Ukrainian government and other countries in the region. It is possible that these attackscould have collateral effects on additional critical infrastructure and financial institutions globally, which could adversely affect thePartnership’s operations. It is difficult to assess the likelihood of such threat and any potential impact at this time.Table of Contents8We cannot guarantee that we will be able to refinance our credit facilities in full or on similar or more favourable terms as theybecome due in the future. Our ability to refinance our existing debt or to obtain incremental debt financing for future acquisitions ofships may depend on the creditworthiness of our charterers, the terms of our future charters and the performance of our vesselsoperating in the spot market.Securing access to replacement funds in advance of the maturity of our current debt facilities in 2024 and 2025 cannot be assured inthe same amount or on the same or similar terms. Debt financing, if available, may involve covenants restricting our operations or ourability to incur additional debt or to pay distributions to unitholders. Any future debt or equity financing raised may contain unfavorableterms to us or our unitholders. If we are unable to raise adequate funds, we may have to liquidate some or all of our assets, or delay, reducethe scope of, or eliminate some or all of our investment plans, including potential fleet growth. Any of these factors could have a materialadverse effect on our business, financial condition, results of operations and cash flows, including cash available for distributions to ourunitholders.Furthermore, our ability to borrow against the ships in our existing fleet and any ships we may acquire in the future largely dependson the value of the ships, which in turn depends in part on charter hire rates, charter lengths and the ability of our charterers to complywith the terms of their charters. The actual or perceived credit quality of our charterers, and any defaults by them, may materially affectour ability to obtain the additional capital resources that we will require to purchase additional ships and to refinance our existing debt asballoon payments come due, or may significantly increase our costs of obtaining such capital. Reduced expectations for the utilization andearnings of our vessels operating in the short-term spot market may also impact our ability to access additional capital resources. Ourinability to obtain additional financing or having to commit to financing on unattractive terms could have a material adverse effect on ourbusiness, financial condition, results of operations and cash flows, including cash available for distributions to our unitholders.Our future ability to raise capital to repay or refinance our debt obligations or to fund our maintenance or capital expenditures willdepend on certain financial, business and other factors, many of which are beyond our control. The COVID-19 virus has had asignificant impact on all financial markets, including the prices and the volatility of equities, bonds, commodities, interest rates andforeign exchange rates and their associated derivatives, and the availability and cost of liquidity in the bank credit markets. To theextent that we are unable to finance these obligations and expenditures with cash from operations or incremental bank loans or byissuing debt or equity securities, our ability to make cash distributions may be diminished, or our financial leverage may increase, orour unitholders may be diluted. Our business may be adversely affected if we need to access sources of funding which are moreexpensive and/or more restrictive.To fund our existing and future debt obligations and capital expenditures and any future growth, we will be required to use cash fromoperations, incur borrowings, and/or seek to access other financing sources including the capital markets. Our access to potential fundingsources and our future financial and operating performance will be affected by prevailing economic conditions and financial, business,regulatory and other factors, many of which are beyond our control. The COVID-19 virus has had a significant negative impact on globalfinancial markets. If we are unable to access the capital markets or raise additional bank financing or generate sufficient cash flow to meetour debt, capital expenditure and other business requirements, we may be forced to take actions such as:●seeking waivers or consents from our creditors;●restructuring our debt;●seeking additional debt or equity capital;●selling assets;●reducing, delaying or cancelling our business activities, acquisitions, investments or capital expenditures; or●seeking bankruptcy protection.Such measures might not be successful, available on acceptable terms or enable us to meet our debt, capital expenditure and otherobligations. Some of these measures may adversely affect our business and reputation. In addition, our financing agreements mayTable of Contents9restrict our ability to implement some of these measures. Use of cash from operations and possible future sale of certain assets will reducecash available for distribution to unitholders. Our ability to obtain bank financing or to access the capital markets may be limited by ourfinancial condition at the time of any such financing or offering as well as by adverse market conditions. Following the recent significantfall in the value of our common units, we may not be able to access the equity or equity-linked capital markets. Even if we are successfulin obtaining the necessary funds, the terms of such financings could limit our ability to pay cash distributions to unitholders or operate ourbusiness as currently conducted. In addition, incurring additional debt may significantly increase our interest expense and financialleverage, and issuing additional equity securities may result in significant unitholder dilution and would increase the aggregate amount ofcash required to maintain our quarterly distributions to unitholders. Despite the refinancing of the Partnership’s debt maturities due in2021, our liquidity position could be challenged in the future, and we may need to raise equity in order to remain in compliance with thefinancial covenants within our loan facilities.We may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses toenable us to pay the quarterly distributions on our common units, Preference Units and general partner units, or to redeem ourPreference Units.Our board of directors makes determinations regarding the payment of distributions in its sole discretion and in accordance with ourpartnership agreement and applicable law. On February 6, 2020, in light of reduced expectations for Steam vessel utilization and earnings,as well as our increased exposure to the spot market, we announced that GasLog Partners will focus its capital allocation on debtrepayment and prioritizing balance sheet strength. The Partnership reduced its quarterly common unit distribution to $0.125 per unit forthe first quarter of 2020, from $0.561 per unit for the fourth quarter of 2019 and then further decreased its quarterly common unitdistribution to $0.01 per unit for the third quarter of 2020 onwards. On January 27, 2022 we announced that our capital allocation strategyremains unchanged with a focus on deleveraging, reducing of our break evens and repurchasing our Preference Units on an opportunisticbasis (subject to Preference Unit prices). There is no guarantee that we will continue to make distributions to our unitholders in the future(including cumulative distributions payable with respect to our Preference Units). The markets in which we operate our vessels are volatileand we cannot predict with certainty the amount of cash, if any, that will be available for distribution in any period. We may not havesufficient cash from operations to pay quarterly distributions on our common units and general partner units or to pay the quarterlypreference distributions on our Preference Units. The amount of cash we can distribute on our units depends upon the amount of cash wegenerate from our operations, which may fluctuate from quarter to quarter based on the risks described in this section, including, amongother things:●the utilization levels of our vessels trading in the spot or short-term market;●the rates we obtain from our charters and the performance by our charterers of their obligations under the charters;●the expiration of charter contracts;●the charterers’ options to terminate charter contracts;●the number of off-hire days for our fleet and the timing of, and number of days required for, dry-docking of vessels;●the level of our operating costs, such as the cost of crews, vessel maintenance and insurance;●the supply of LNG carriers;●prevailing global and regional economic and political conditions; and●the effect of governmental regulations and maritime self-regulatory organization standards on the conduct of our business.In addition, the actual amount of cash available for distribution will depend on other factors, including:●the level of capital expenditures we make, including for maintaining or replacing vessels and complying with regulations andcustomer requirements;Table of Contents10●our debt service requirements, including fluctuations in interest rates, and restrictions on distributions contained in our debtinstruments;●our financial covenants, especially as concerns the minimum liquidity that we are required to maintain at all times;●the level of debt we will incur to fund future acquisitions, including if we exercise our options to purchase any additional vesselsfrom GasLog;●fluctuations in our working capital needs;●our ability to make, and the level of, working capital borrowings; and●the amount of any cash reserves, including reserves for future maintenance and replacement capital expenditures, working capitaland other matters, established by our board of directors, which cash reserves are not subject to any specified maximum dollaramount.The amount of cash we generate from our operations may differ materially from our profit or loss for a specified period, which will beaffected by non-cash items. As a result of this and the other factors mentioned above, we may make cash distributions during periods inwhich we record losses and may not make cash distributions during periods when we record a profit.We may experience operational problems with vessels that reduce revenues and increase costs. In addition, there are risks associatedwith operating ocean-going ships. Any limitation in the availability or operation of our ships could have a material adverse effect onour business, our reputation, financial condition, results of operations and cash flows.Our owned and bareboat fleet consists of 15 LNG carriers that are in operation. LNG carriers are complex and their operations aretechnically challenging. Marine transportation operations are subject to mechanical risks and problems. Operational problems may lead toloss of revenues or higher than anticipated operating expenses or require additional capital expenditures.Furthermore, the operation of ocean-going ships carries inherent risks. These risks include the possibility of:●marine disaster;●piracy;●cyber attacks or other failures of operational and information technology systems;●environmental accidents;●adverse weather conditions;●grounding, fire, explosions and collisions;●cargo and property loss or damage;●business interruptions caused by mechanical failure, human error, war, terrorism, disease (such as the outbreak of the COVID-19virus) and quarantine, or political action in various countries;●declining operational performance due to physical degradation as a result of extensive idle time or other factors; and●work stoppages or other labor problems with crew members serving on our ships. An accident involving any of our owned shipscould result in any of the following:Table of Contents11●death or injury to persons, damage to our ships, loss of property or environmental damage;●delays in the delivery of cargo;●loss of revenues from termination of charter contracts;●governmental fines, penalties or restrictions on conducting business;●litigation with our employees, customers or third parties;●higher insurance rates; and●damage to our reputation and customer relationships generally.If any of our ships are unable to generate revenues for any significant period of time for any reason, including unexpected periods ofoff-hire or early charter termination (which could result from damage to our ships), our business, financial condition, results of operationsand cash flows, including cash available for distribution to unitholders, could be materially and adversely affected. The impact of anylimitation in the operation of our ships or any early charter termination would be amplified, as a substantial portion of our cash flows andincome is dependent on the revenues earned by the chartering of our 15 LNG carriers in operation. In addition, the costs of ship repairs areunpredictable and can be substantial. In the event of repair costs that are not covered by our insurance policies, we may have to pay forsuch costs, which would decrease our earnings and cash flows. Any of these results could harm our business, financial condition, results ofoperations and our ability to make cash distributions to our unitholders.All vessels in our fleet are required to be dry-docked at least once every five years for inspection and repairs. The dry-docking of ourvessels may be longer and more costly than normal as a result of required repairs or regulatory requirements at the time of the dry-docking. Any delay or cost overrun of the dry-docking could have a material adverse effect on our business, results of operations andfinancial condition and could significantly reduce or eliminate our ability to pay distributions on our common or Preference Units.Dry-dockings of our vessels require significant expenditures and result in loss of revenue as our vessels are off-hire during suchperiod. Any significant increase in either the number of off-hire days or in the costs of any repairs or investments carried out during thedry-docking period could have a material adverse effect on our profitability and our cash flows. Given the potential for unforeseen issuesarising during dry-docking, we may not be able to predict accurately the time required to dry-dock any of our vessels. If more than one ofour ships is required to be out of service at the same time, or if a ship is dry-docked longer than expected or if the cost of repairs is greaterthan budgeted, our results of operations and our cash flows, including cash available for distribution to unitholders, could be adverselyaffected. The upcoming dry-dockings of our vessels are expected to be carried out in 2023 (four vessels) and 2024 (one vessel).Our future success depends on our own and GasLog’s ability to maintain relationships with existing customers, establish new customerrelationships and obtain new time charter contracts, for which we face considerable competition from other established companieswith significant resources, as well as recent and potential future new entrants. We are reliant on the commercial skills of GasLog todevelop, establish and maintain customer relationships on our behalf.One of our principal objectives is to enter into additional multi-year, fixed rate charters. The process of obtaining multi-year, fixed ratecharters for LNG carriers is highly competitive and generally involves an intensive screening process by potential customers and thesubmission of competitive bids. The process is lengthy and the LNG carrier time charters are awarded based upon a variety of factorsrelating to the ship and the ship operator, including:●size, age, technical specifications and condition of the ship;●LNG shipping experience and quality and efficiency of ship operations, including level of emissions;●shipping industry relationships and reputation for customer service;Table of Contents12●technical ability and reputation for operation of highly specialized ships;●quality and experience of officers and crew;●safety record;●the ability to finance ships at competitive rates and financial stability generally;●relationships with shipyards and the ability to get suitable berths;●construction and dry-docking management experience, including the ability to obtain on-time delivery of new ships according tocustomer specifications; and●competitiveness of the bid in terms of charter rate and other economic and commercial terms.We expect substantial competition from a number of experienced companies and recent and potential future new entrants to the LNGshipping market. Competitors may include other independent ship owners, state sponsored entities and major energy companies that ownand operate LNG carriers, all of whom may compete with independent owners by using their own fleets to carry LNG for third parties.Some of these competitors have significantly greater financial resources and larger fleets than we or GasLog have, and some haveparticular relationships that may provide them with competitive advantages. In recent years, a number of marine transportation companies,including companies with strong reputations and extensive resources and experience, have either entered or significantly increased theirpresence in the LNG transportation market. There are other ship owners, managers and investors who may also attempt to participate inthe LNG market in the future. This increased competition may cause greater price competition for time charters. As a result, we may beunable to expand our relationships with existing customers or to obtain new customers on a profitable basis and we may not be successfulin executing any future growth plans, which could have a material adverse effect on our business, financial condition, results of operationsand cash flows, including cash available for distribution to unitholders.We derive a substantial majority of our contracted revenues from a limited number of customers, and the loss of any customer, charteror vessel would result in a significant loss of revenues and could have a material adverse effect on our business, financial condition,results of operations and cash flows.For the year ended December 31, 2021, 55.7% of our revenues derived from wholly owned subsidiaries of Shell. We could lose acustomer or the benefits of our time charter arrangements for many different reasons. The customer may be unable or unwilling to makecharter hire or other payments to us because of a deterioration in its financial condition, commercial disputes with us, long- term forcemajeure events or otherwise. If a customer terminates its charters, chooses not to re-charter our ships or is unable to perform under itscharters and we are not able to find replacement charters on similar or more favourable terms, we will suffer a loss of revenues.Our charterer has the right to terminate a ship’s time charter in certain circumstances, such as:●loss of the ship or damage to it beyond repair;●if the ship is off-hire for any reason other than scheduled dry-docking for a period exceeding 90 consecutive days, or for morethan 90 days in any one year period;●defaults by us in our obligations under the charter; or●the outbreak of war or hostilities involving two or more major nations, such as the United States or the People’s Republic ofChina, that would materially and adversely affect the trading of the ship for a period of at least 30 days.A termination right under one ship’s time charter would not automatically give the charterer the right to terminate its other chartercontracts with us. However, a charter termination could materially affect our relationship with the customer and our reputation in theTable of Contents13LNG shipping industry, and in some circumstances the event giving rise to the termination right could potentially impact multiple charters.Accordingly, the existence of any right of termination or the loss of any customer, charter or vessel could have a material adverseeffect on our business, financial condition, results of operations and cash flows, including cash available for distribution to unitholders.Ship values may fluctuate substantially, which has resulted in a non-cash impairment charges on our Steam vessels in previous years.A further decline in ship values could impact our compliance with the covenants in our loan agreements and, if the values are lower ata time when we are attempting to dispose of ships, cause us to incur a loss.Values for ships can fluctuate substantially over time due to a number of different factors, including:●prevailing economic conditions in the natural gas and energy markets;●a substantial or extended decline in demand for LNG;●the level of worldwide LNG production and exports;●changes in the supply and demand balance of the global LNG carrier fleet and the size and contract profile of the LNG carrierorderbook;●changes in prevailing charter hire rates;●declines in levels of utilization of the global LNG carrier fleet and of our vessels;●the physical condition of the ship;●the size, age and technical specifications of the ship; and●the cost of retrofitting or modifying existing ships, as a result of technological advances in ship design or equipment, changes inapplicable environmental or other regulations or standards, customer requirements or otherwise.If the market values of our ships decline, we may be required to record additional impairment charges in our financial statements, inaddition to the impairment charge of $104.0 million recorded in the year ended December 31, 2021, which could adversely affect ourresults of operations. See “Item 5. Operating and Financial Review and Prospects—E. Critical Accounting Estimates—Impairment ofVessels”. Deterioration in the market value of our ships may trigger a breach of some of the covenants contained in our credit facilities. Ifwe do breach such covenants and we are unable to remedy the relevant breach, our lenders could accelerate our indebtedness and seek toforeclose on the ships in our fleet securing those credit facilities. In addition, if a charter contract expires or is terminated by the customer,we may be unable to redeploy the affected ships at attractive rates and, rather than continue to incur costs to maintain and finance them,we may seek to dispose of them. Any foreclosure on our ships, or any disposal by us of a ship at a time when ship values have fallen,could result in a loss and could materially and adversely affect our business, financial condition, results of operations and cash flows,including cash available for distribution to unitholders.If we cannot meet our charterers’ quality and compliance requirements, including regulations or costs associated with theenvironmental impact of our vessels, we may not be able to operate our vessels profitably which could have an adverse effect on ourfuture performance, results of operations, cash flows and financial position.Customers, and in particular those in the LNG industry, have a high and increasing focus on quality, emissions and compliancestandards with their suppliers across the entire value chain, including the shipping and transportation segment. There is also increasingfocus on the environmental footprint of marine transportation. Our continuous compliance with existing and new standards and qualityrequirements is vital for our operations. Related risks could materialize in multiple ways, including a sudden and unexpected breach inquality and/or compliance concerning one or more vessels and/or a continuous decrease in the quality concerning one or more LNGTable of Contents14carriers occurring over time. Moreover, continuously increasing requirements from LNG industry constituents can further complicate ourability to meet the standards. We are largely dependent on GasLog for our compliance with the requirements of our customers. Any non-compliance by us, either suddenly or over a period of time, on one or more LNG carriers, or an increase in requirements by our charterersabove and beyond what we deliver, may have a material adverse effect on our future performance, results of operations, cash flows,financial position and our ability to make cash distributions to our unitholders.Our future performance and ability to secure future employment for our vessels depends on continued growth in LNG production anddemand for LNG and LNG shipping.Our future performance, including our ability to strengthen our balance sheet and to profitably employ and expand our fleet, willdepend on continued growth in LNG supply and demand, and the demand for shipping. A complete LNG project includes natural gasproduction, liquefaction, storage, regasification and distribution facilities, in addition to marine transportation of LNG. Growth in LNGdemand and increased infrastructure investment has led to an expansion of LNG production capacity in recent years, but material delays inthe construction of new liquefaction facilities could constrain the amount of LNG available for shipping, reducing ship utilization. The rateof growth of the LNG industry has fluctuated due to several factors, including the rate of global economic growth, fluctuations in globalcommodity prices, including natural gas, oil and coal as well as other sources of energy, and energy and environmental policy in marketswhich produce and/or consume LNG. Continued growth in LNG production and demand for LNG and LNG shipping could be negativelyaffected by a number of factors, including:●prices for crude oil, petroleum products and natural gas. A return to low natural gas prices globally may limit the willingness andability of developers of new LNG infrastructure projects to approve the development of such new projects;●the cost of natural gas derived from LNG relative to the cost of natural gas generally and to the cost of alternative fuels, includingrenewables and coal, and the impact of increases in the cost of natural gas derived from LNG on consumption of LNG;●increases in the production levels of lower cost domestic natural gas in natural gas consuming markets, which could furtherdepress prices for natural gas in those markets and make LNG uneconomical;●increases in the production of natural gas in areas linked by pipelines to consuming areas, the extension of existing pipelines, orthe development of new pipeline systems in markets we may serve;●infrastructure constraints such as delays in the construction of liquefaction or regasification facilities, the inability of projectowners or operators to obtain governmental approvals to construct or operate LNG facilities, as well as community or politicalaction group resistance to new LNG infrastructure due to concerns about the environment;●concerns regarding the spread of disease, for example, the COVID-19 virus, safety and terrorism;●changes in weather patterns leading to warmer winters in the northern hemisphere and lower gas demand in the traditional peakheating season;●the availability and allocation of capital by developers to new LNG projects, especially the major oil and gas companies andother leading participants in the LNG industry;●increases in interest rates, capital market volatility, changes in bank regulations or other events that may affect the availability ofsufficient financing for LNG projects on commercially reasonable terms;●negative global or regional economic or political conditions, particularly in LNG consuming regions, which could reduce energyconsumption or its growth;●new taxes or regulations affecting LNG production or liquefaction that make LNG production less attractive;●labor or political unrest or military conflicts affecting existing or proposed areas of LNG production or regasification;Table of Contents15●any significant explosion, spill or other incident involving an LNG facility or carrier; or●regional, national or international energy policies that constrain the production or consumption of hydrocarbons including naturalgas.In recent years, global natural gas and crude oil prices have been volatile. Any decline in oil prices can depress natural gas prices andlead to a narrowing of the difference in pricing between geographic regions, which can adversely affect the length of voyages in the spotLNG shipping market and the spot rates and medium term charter rates for charters which commence in the near future.A continuation of the recent volatility in natural gas and oil prices may adversely affect our growth prospects and results of operations.Natural gas prices are volatile, as demonstrated by the multi-year lows in 2020 and record highs seen in 2021 in many parts of theworld. Natural gas prices are affected by numerous factors beyond our control, including but not limited to the following:●price and availability of crude oil and petroleum products;●worldwide and regional supply of, demand for and price of natural gas;●the costs of exploration, development, production, transportation and distribution of natural gas;●expectations regarding future energy prices for both natural gas and other sources of energy, including renewable energy sources;●the level of worldwide LNG production and exports;●government laws and regulations, including but not limited to environmental protection laws and regulations;●local and international political, economic and weather conditions;●political and military conflicts; and●the availability and cost of alternative energy sources, including alternate sources of natural gas in gas importing and consumingcountries as well as alternate sources of primary energy such as renewables.With nine vessels operating in the short-term spot market (defined as vessels under contracts of less than five years) the significantglobal natural gas and crude oil price volatility referenced above may adversely affect our future business, results of operations andfinancial condition and our ability to make cash distributions, as a result of, among other things:●a reduction in exploration for or development of new natural gas reserves or projects, or the delay or cancellation of existingprojects as energy companies lower their capital expenditures budgets, which may reduce our growth opportunities;●volatile oil prices negatively affecting the market price of natural gas, to the extent that natural gas prices are benchmarked to theprice of crude oil, in turn negatively affecting the economics of potential new LNG production projects, which may reduce ourgrowth opportunities;●high oil prices negatively affecting the competitiveness of natural gas to the extent that natural gas prices are benchmarked to theprice of crude oil;●low gas prices globally and/or weak differentials between prices in the Atlantic Basin and the Pacific Basin leading to reducedinter-basin trading of LNG and reduced demand for LNG shipping;Table of Contents16●lower demand for vessels of the types we own and operate, which may reduce available charter rates and revenue to us uponredeployment of our vessels following expiration or termination of existing contracts or upon the initial chartering of vessels;●customers potentially seeking to renegotiate or terminate existing vessel contracts, or failing to extend or renew contracts uponexpiration;●the inability or refusal of customers to make charter payments to us due to financial constraints or otherwise; or●declines in vessel values, which may result in losses to us upon vessel sales or impairment charges against our earnings and couldimpact our compliance with the covenants in our loan agreements.Due to our lack of diversification, adverse developments in the LNG market and/or in the LNG transportation industry could adverselyaffect our business, particularly if such developments occur at a time when we are seeking new charters for our vessels.We rely exclusively on the cash flow generated from charters for our LNG vessels, either spot/short-term or long-term. Due to ourlack of diversification, an adverse development in the LNG market and/or the LNG transportation industry could have a significantlygreater impact on our business, particularly if such developments occur at a time when our ships are not under charter or nearing the end oftheir charters, than if we maintained more diverse assets or lines of businesses.Changes in global and regional economic conditions and capital markets volatility could adversely impact our business, financialcondition, results of operations and cash flows.Weak global or regional economic conditions may negatively impact our business, financial condition, results of operations and cashflows in ways that we cannot predict. Our ability to expand our fleet will be dependent on our ability to obtain financing to fund theacquisition of additional ships. In addition, uncertainty about current and future global economic conditions may cause our customers todefer projects in response to tighter credit, decreased capital availability and declining customer confidence, which may negatively impactthe demand for our ships and services and could also result in defaults under our current charters. Global financial markets and economicconditions have been volatile in recent years and remain subject to significant vulnerabilities such as the continuing COVID-19 pandemicand high inflation experienced in 2021. A further tightening of the credit markets may negatively impact our operations by affecting thesolvency of our suppliers or customers, which could lead to disruptions in delivery of supplies such as equipment for conversions, costincreases for supplies, accelerated payments to suppliers, customer bad debts or reduced revenues. Similarly, such market conditions couldaffect lenders participating in our financing agreements, making them unable to fulfill their commitments and obligations to us. Anyreduction in activity owing to such conditions or failure by our customers, suppliers or lenders to meet their contractual obligations to uscould adversely affect our business, financial position, results of operations and ability to make cash distributions to our unitholders.In 2020, we reduced our quarterly cash distribution rate on our common shares to $0.01 per unit. We have maintained this distributionrate throughout 2021 and may continue to do so for the foreseeable future; future distributions may remain at this level for anindefinite period or be eliminated entirely, which could impact our ability to raise capital.In light of the continued COVID-19 related uncertainty in the near term LNG and LNG shipping markets, our board of directors andmanagement have been proactive in optimizing our corporate structure, prioritizing preserving liquidity and deleveraging the balancesheet. As a result, starting in the third quarter of 2020, we reduced our quarterly cash distributions on our common units to $0.01 per unit.While we believe that this action will allow us to preserve liquidity during this continuing period of COVID-19 uncertainty, there is somerisk that we may not be able to substantially increase the amount of distribution in coming periods, which could have a negative impact onour unit price. Any negative impact on our unit price could ultimately impact our ability to raise capital.Table of Contents17We must make substantial capital expenditures to maintain and replace our fleet, which will reduce cash available for distribution. Inaddition, each quarter we are required to deduct estimated maintenance and replacement capital expenditures from operating surplus,which may result in less cash available to unitholders than if actual maintenance and replacement capital expenditures were deducted.We must make substantial capital expenditures to maintain and replace, over the long-term, the operating capacity of our fleet.Maintenance and replacement capital expenditures include capital expenditures associated with (i) the removal of a vessel from the waterfor inspection, maintenance and/or repair of submerged parts (or dry-docking) and (ii) modifying an existing vessel or acquiring a newvessel, to the extent these expenditures are incurred to maintain, enhance or replace the operating capacity of our fleet. These expenditurescould vary significantly from quarter to quarter and could increase as a result of changes in:●the cost of labor and materials;●the time required to carry out any investments;●customer requirements;●the size of our fleet;●the cost of replacement vessels;●the length and terms of our charters;●governmental regulations and maritime self-regulatory organization standards relating to safety, security or the environment;●competitive standards; and●the age of our ships.Significant capital expenditures, including to maintain and replace, over the long-term, the operating capacity of our fleet, may reduceor eliminate the amount of cash available for distribution to our unitholders. Our partnership agreement requires our board of directors todeduct estimated, rather than actual, maintenance and replacement capital expenditures from operating surplus each quarter in an effort toreduce fluctuations in operating surplus (as defined in our partnership agreement). The amount of estimated maintenance and replacementcapital expenditures deducted from operating surplus is subject to review and change by our conflicts committee at least once a year. Inyears when estimated maintenance and replacement capital expenditures are higher than actual maintenance and replacement capitalexpenditures, the amount of cash available for distribution to unitholders will be lower than if actual maintenance and replacement capitalexpenditures were deducted from operating surplus. If our board of directors underestimates the appropriate level of estimatedmaintenance and replacement capital expenditures, we may have less cash available for distribution in future periods when actual capitalexpenditures exceed our previous estimates.The derivative contracts used to hedge our exposure to fluctuations in interest rates and foreign exchange rates could result inreductions in our partners’ equity as well as charges against our profit.We enter into derivative contracts from time to time for purposes of managing our exposure to fluctuations in interest rates applicableto floating rate indebtedness and in foreign exchange rates relating to our operating expenditures that are denominated in currencies otherthan the U.S. dollar. As of December 31, 2021, there were no foreign exchange derivatives outstanding. Nonetheless, we had two interestrate swaps with GasLog in place with a notional amount of $210.0 million and four interest rate swaps with an aggregate notional amountof $133.3 million with DNB Bank ASA, London Branch and ING Bank N.V., London Branch. None of the existing derivative contractswere designated as a cash flow hedging instrument. The changes in their fair value are recognized in our statement of profit or loss.Changes in the fair value of any derivative contracts that do not qualify for treatment as cash flow hedges for financial reporting purposeswould affect, among other things, our profit and earnings per unit.Table of Contents18There is no assurance that our derivative contracts will provide adequate protection against adverse changes in interest rates or foreignexchange rates or that our bank counterparties will be able to perform their obligations. In addition, as a result of the implementation ofnew regulation of the swaps markets in the United States, the European Union and elsewhere over the next few years, the cost andavailability of interest rate and currency hedges may increase or suitable hedges may not be available.Our earnings and business are subject to the credit risk associated with our contractual counterparties.We will enter into, among other things, time charters and other contracts with our customers, credit facilities and commitment letterswith banks, insurance contracts and interest rate swaps and foreign exchange forward contracts. Such agreements subject us tocounterparty credit risk. For example, for the year ended December 31, 2021, 55.7% of our revenues derived from subsidiaries of Shell.We also have vessels on charter to Trafigura, Cheniere, Gunvor JOVO, VPOWER CNTIC and TotalEnergies. While we believe all ourcustomers to be strong counterparties, their creditworthiness as assessed by independent parties such as credit rating agencies is less strongthan that of Shell. In the future, we may enter into new charters with these and other counterparties who are less creditworthy.The ability and willingness of each of our counterparties to perform its obligations under a contract with us will depend upon anumber of factors that are beyond our control and may include, among other things, general economic conditions, the condition of thenatural gas and LNG markets and charter hire rates. Should a counterparty fail to honor its obligations under agreements with us, we couldsustain significant losses which in turn could have a material adverse effect on our business, financial condition, results of operations andcash flows, including cash available for distribution to unitholders.Our debt levels may limit our flexibility in obtaining additional financing, pursuing other business opportunities and payingdistributions to unitholders.Our level of debt could have important consequences to us, including the following:●our ability to obtain additional financing, if necessary, for working capital, capital expenditures, ship acquisitions or otherpurposes may be impaired or such financing may not be available on favorable terms;●we will need a substantial portion of our cash flow to make principal and interest payments on our debt, reducing the funds thatwould otherwise be available for operations, future business opportunities and distributions to unitholders;●the requirement on us to maintain minimum levels of liquidity, reducing the funds that would otherwise be available foroperations, future business opportunities and distributions to unitholders;●our debt level may make us more vulnerable than our competitors with less debt to competitive pressures, changes in financialmarket conditions or a downturn in our industry or the economy generally;●our debt level may limit our flexibility in responding to changing business and economic conditions; and●if we are unable to satisfy the restrictions included in any of our financing agreements or are otherwise in default under any ofthose agreements, as a result of our debt levels or otherwise, we will not be able to make cash distributions to our unitholders,notwithstanding our stated cash distribution policy.Our ability to service our debt depends upon, among other things, our future financial and operating performance, which will beaffected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond our control. Asof December 31, 2021, we had an aggregate of $1,085.8 million of indebtedness outstanding under our credit facilities, of which$99.3 million is repayable within one year. See “Item 5. Operating and Financial Review and Prospects—B. Liquidity and CapitalResources”.If our operating results are not sufficient to service our current or future indebtedness, we will be forced to take actions such asreducing distributions, reducing or delaying our business activities, acquisitions, investments or capital expenditures, selling assets,Table of Contents19restructuring or refinancing our debt, or seeking additional equity capital or bankruptcy protection. We may not be able to effect any ofthese remedies on satisfactory terms, or at all.Financing agreements containing operating and financial restrictions may restrict our business and financing activities. A failure byus to meet our obligations under our financing agreements would result in an event of default under such credit facilities which couldlead to foreclosure on our ships.The operating and financial restrictions and covenants in our credit facilities and any future financing agreements could adverselyaffect our ability to finance future operations or capital needs or to engage, expand or pursue our business activities. For example, thefinancing agreements may restrict the ability of us and our subsidiaries to:●incur or guarantee indebtedness;●change ownership or structure, including mergers, consolidations, liquidations and dissolutions;●pay dividends or distributions;●make certain negative pledges and grant certain liens;●sell, transfer, assign or convey assets;●make certain investments; and●enter into a new line of business.In addition, such financing agreements may require us to comply with certain financial ratios and tests, including, among others,maintaining a minimum liquidity, and a minimum collateral value. Our ability to comply with the restrictions and covenants, includingfinancial ratios and tests, contained in such financing agreements is dependent on future performance and may be affected by eventsbeyond our control, including prevailing economic, financial and industry conditions. If market or other economic conditions deteriorate,our ability to comply with these covenants may be impaired.If we are unable to comply with the restrictions and covenants in the agreements governing our indebtedness or in current or futuredebt financing agreements, there could be a default under the terms of those agreements. If a default occurs under these agreements,lenders could terminate their commitments to lend and/or accelerate the outstanding loans and declare all amounts borrowed due andpayable. We have pledged our vessels as security for our outstanding indebtedness. If our lenders were to foreclose on our vessels in theevent of a default, this may adversely affect our ability to finance future operations or capital needs or to engage, expand or pursue ourbusiness activities. If any of these events occur, we cannot guarantee that our assets will be sufficient to repay in full all of our outstandingindebtedness, and we may be unable to find alternative financing. Even if we could obtain alternative financing, that financing might notbe on terms that are favorable or acceptable. Any of these events would adversely affect our ability to make distributions to our unitholdersand could cause a decline in the market price of our common units and Preference Units. See “Item 5. Operating and Financial Review andProspects—B. Liquidity and Capital Resources—Credit Facilities”.Restrictions in our debt agreements may prevent us or our subsidiaries from paying distributions.The payment of principal and interest on our debt reduces cash available for distribution to our unitholders. In addition, our creditfacilities prohibit the payment of distributions to our unitholders upon the occurrence of the following events, among others:●failure to pay any principal, interest, fees, expenses or other amounts when due;●breach or lapse of any insurance with respect to vessels securing the facilities;●breach of certain financial covenants;Table of Contents20●failure to observe any other agreement, security instrument, obligation or covenant beyond specified cure periods in certaincases;●default under other indebtedness;●bankruptcy or insolvency events;●failure of any representation or warranty to be correct;●a change of ownership of the borrowers or GasLog Partners Holdings; and●a material adverse effect.Furthermore, we expect that our future financing agreements will contain similar provisions. For more information regarding thesefinancing agreements, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—CreditFacilities”.The failure to consummate or integrate acquisitions in a timely and cost-effective manner could have an adverse effect on ourfinancial condition and results of operations.Under the terms of the omnibus agreement, we have the right to purchase Five-Year Vessels within 30 days following receipt of noticefrom GasLog. In each case, our option to purchase is at fair market value as determined pursuant to the omnibus agreement. See “Item 7.Major Unitholders and Related Party Transactions—B. Related Party Transactions—Omnibus Agreement—Noncompetition” for thedefinitions of “Five-Year Vessel”.We will not be obligated to purchase any of these vessels and, accordingly, we may not complete the purchase of any of such vessels.Furthermore, even if we are able to agree on a price with GasLog, there are no assurances that we will be able to obtain adequate financingon terms that are acceptable to us. In light of recent master limited partnership (“MLP”) market volatility and the fall in the value of ourcommon and Preference units, it may be more difficult for us to complete an accretive acquisition.We believe that other acquisition opportunities may arise from time to time, and any such acquisition could be significant. Anyacquisition of a vessel or other asset or business may not be profitable at or after the time of acquisition and may not generate cash flowsufficient to justify the investment. In addition, any acquisition exposes us to risks that may harm our business, financial condition, resultsof operations and ability to make cash distributions to our unitholders, including risks that we may:●fail to realize anticipated benefits, such as new customer relationships, cost-savings or cash flow enhancements;●be unable to attract, hire, train or retain qualified shore and seafaring personnel to manage and operate our growing business andfleet;●decrease our liquidity by using a significant portion of available cash or borrowing capacity to finance acquisitions;●significantly increase our interest expense or financial leverage if we incur additional debt to finance acquisitions;●incur or assume unanticipated liabilities, losses or costs associated with the business or vessels acquired; or●incur other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation or restructuringcharges.In addition, unlike newbuildings, existing vessels typically do not carry warranties as to their condition. While we generally inspectexisting vessels prior to purchase, such an inspection would normally not provide us with as much knowledge of a vessel’s condition as wewould possess if it had been built for us and operated by us during its life. Repairs and maintenance costs for existingTable of Contents21vessels are difficult to predict and may be substantially higher than for vessels we have operated since they were built. These costs coulddecrease our cash flow and reduce our liquidity.Certain acquisition and investment opportunities may not result in the consummation of a transaction. In addition, we may not be ableto obtain acceptable terms for the required financing for any such acquisition or investment that arises. We cannot predict the effect, if any,that any announcement or consummation of an acquisition would have on the trading price of our common units or Preference Units. Ourfuture acquisitions could present a number of risks, including the risk of failing to integrate successfully and on a timely basis theoperations or management of any acquired vessels or businesses and the risk of diverting management’s attention from existing operationsor other priorities. We may also be subject to additional costs related to compliance with various international laws in connection withsuch acquisition. If we fail to consummate and integrate our acquisitions in a timely and cost-effective manner, our business, financialcondition, results of operations and cash available for distribution could be adversely affected.Compliance with safety and other requirements imposed by classification societies may be very costly and may adversely affect ourbusiness.The hull and machinery of every commercial LNG carrier must be classed by a classification society. The classification societycertifies that the ship has been built and subsequently maintained in accordance with the applicable rules and regulations of thatclassification society. Moreover, every ship must comply with all applicable international conventions and the regulations of the ship’s flagstate as verified by a classification society. Finally, each ship must successfully undergo periodic surveys, including annual, intermediateand special surveys performed under the classification society’s rules.If any ship does not maintain its class, it will lose its insurance coverage and be unable to trade, and the ship’s owner will be in breachof relevant covenants under its financing arrangements. Failure to maintain the class of one or more of our ships could have a materialadverse effect on our business, financial condition, results of operations and cash flows, including cash available for distribution tounitholders.We operate our ships worldwide, which could expose us to political, governmental and economic instability that could harm ourbusiness.Because we operate our ships in the geographic areas where our customers do business, our operations may be affected by political,governmental and economic conditions in the countries where our ships operate or where they are registered. Any disruption caused bythese factors could harm our business, financial condition, results of operations and cash flows, including cash available for distribution tounitholders. In particular, our ships frequent LNG terminals in countries including Egypt, Nigeria, Equatorial Guinea and Trinidad, as wellas transit through the Gulf of Aden and the Strait of Hormuz. Future hostilities or other political instability in the geographic regionswhere we operate or may operate could have a material adverse effect on our business, financial condition, results of operations and cashflows, including cash available for distribution to unitholders. General trade tensions between the U.S. and China escalated in 2018, withthree rounds of U.S. tariffs on Chinese goods taking effect in 2018 and a further round taking effect in September 2019, each followed bya round of retaliatory Chinese tariffs on U.S. goods. Despite a phase one trade deal being signed in January 2020, tensions continue toexist. The recent hostilities between Russia and Ukraine, in addition to sanctions announced on February 22, 2022 by President Biden andseveral European leaders against Russia and any forthcoming sanctions, may also adversely impact our business, given Russia’s role as amajor global exporter of crude oil and natural gas. Our business could be harmed by trade tariffs, as well as any trade embargoes or othereconomic sanctions by the United States or other countries against countries in the Russia, Middle East, Asia or elsewhere as a result ofterrorist attacks, hostilities or diplomatic or political pressures that limit trading activities with those countries.Terrorist attacks, international hostilities, political change and piracy could adversely affect our business, financial condition, resultsof operations and cash flows.Terrorist attacks, piracy and the current conflicts in Ukraine, the Middle East and elsewhere, as well as other current and futureconflicts and political change, may adversely affect our business, financial condition, results of operations and cash flows, including cashavailable for distribution to unitholders.The recent escalation of conflicts between Russia and Ukraine may lead to further regional and international conflicts or armed action.It is possible that such conflict could disrupt supply chains and cause instability in the global economy. Additionally, theTable of Contents22ongoing conflict could result in the imposition of further economic sanctions by the United States and the European Union against Russia.While much uncertainty remains regarding the global impact of the conflict in Ukraine, it is possible that such tensions could adverselyaffect our business, financial condition, results of operation and cash flows. Furthermore, it is possible that third parties with whom wehave charter contracts may be impacted by events in Russia and Ukraine, which could adversely affect our operations.The continuing hostilities in the Middle East may lead to additional acts of terrorism, further regional conflicts, other armed actionsaround the world and civil disturbance in the United States or elsewhere, which may contribute to further instability in the global financialmarkets. These uncertainties could also adversely affect our ability to obtain additional financing on terms acceptable to us, or at all.In the past, political conflicts have also resulted in attacks on ships, mining of waterways and other efforts to disrupt internationalshipping, particularly in the Arabian Gulf region. Acts of terrorism and piracy have also affected ships trading in regions such as the SouthChina Sea, West Africa and the Gulf of Aden. Any terrorist attacks targeted at ships may in the future have a material negative effect onour business, financial condition, results of operations and cash flows and could directly impact our ships or our customers.We currently employ armed guards onboard certain vessels operating in areas that may be prone to hijacking or terrorist attacks. Thepresence of armed guards may increase the risk of damage, injury or loss of life in connection with any attacks on our vessels, in additionto increasing crew costs.We may not be adequately insured to cover losses from acts of terrorism, piracy, regional conflicts and other armed actions, includinglosses relating to the employment of armed guards.LNG facilities, shipyards, ships, pipelines and gas fields could be targets of future terrorist attacks or piracy. Any such attacks couldlead to, among other things, bodily injury or loss of life, as well as damage to the ships or other property, increased ship operating costs,including insurance costs, reductions in the supply of LNG and the inability to transport LNG to or from certain locations. Terroristattacks, war or other events beyond our control that adversely affect the production, storage or transportation of LNG to be shipped by uscould entitle our customers to terminate our charter contracts in certain circumstances, which would harm our cash flows and our business.Terrorist attacks, or the perception that LNG facilities and LNG carriers are potential terrorist targets, could materially and adverselyaffect expansion of LNG infrastructure and the continued supply of LNG. Concern that LNG facilities may be targeted for attack byterrorists has contributed significantly to local community and environmental group resistance to the construction of a number of LNGfacilities, primarily in North America. If a terrorist incident involving an LNG facility or LNG carrier did occur, in addition to the possibleeffects identified in the previous paragraph, the incident may adversely affect the construction of additional LNG facilities and could leadto the temporary or permanent closing of various LNG facilities currently in operation.In the future, the ships we own could be required to call on ports located in countries that are subject to restrictions imposed by theUnited States and other governments.The United States and other governments and their agencies impose sanctions and embargoes on certain countries and maintain listsof countries they consider to be state sponsors of terrorism. For example, in 2010, the United States enacted the Comprehensive IranSanctions Accountability and Divestment Act, (“CISADA”), which expanded the scope of the former Iran Sanctions Act. Among otherthings, CISADA expanded the application of the prohibitions imposed by the U.S. government to non-U.S. companies, such as us, andlimits the ability of companies and persons to do business or trade with Iran when such activities relate to the investment, supply or exportof refined petroleum or petroleum products, as well as LNG.In 2012, President Obama signed Executive Order 13608, which prohibits foreign persons from violating or attempting to violate, orcausing a violation of, any sanctions in effect against Iran, or facilitating any deceptive transactions for or on behalf of any person subjectto U.S. sanctions. The Secretary of the Treasury may prohibit any transactions or dealings, including any U.S. capital markets financing,involving any person found to be in violation of Executive Order 13608. Also in 2012, the U.S. enacted the Iran Threat Reduction andSyria Human Rights Act of 2012, (the “ITRA”), which created new sanctions and strengthened existing sanctions. Among other things,the ITRA intensifies existing sanctions regarding the provision of goods, services, infrastructure or technology to Iran’s petroleum orpetrochemical sector. The ITRA also includes a provision requiring the President of the United States to impose five or more sanctionsfrom Section 6(a) of the Iran Sanctions Act, as amended, on a person the President determines is a controllingTable of Contents23beneficial owner of, or otherwise owns, operates, or controls or insures a vessel that was used to transport crude oil from Iran to anothercountry and (1) if the person is a controlling beneficial owner of the vessel, the person had actual knowledge the vessel was so used or (2)if the person otherwise owns, operates, or controls, or insures the vessel, the person knew or should have known the vessel was so used.Such a person could be subject to a variety of sanctions, including exclusion from U.S. capital markets, exclusion from financialtransactions subject to U.S. jurisdiction, and exclusion of such person’s vessels from U.S. ports for up to two years. The ITRA alsoincludes a requirement that issuers of securities must disclose to the SEC in their annual and quarterly reports filed after February 6, 2013whether the issuer or “any affiliate” has “knowingly” engaged in certain sanctioned activities involving Iran during the timeframe coveredby the report. Finally, in January 2013, the U.S. enacted the Iran Freedom and Counter-Proliferation Act of 2012 or the “IFCA”, whichexpanded the scope of U.S. sanctions on any person that is part of Iran’s energy, shipping or shipbuilding sector and operators of ports inIran, and imposes penalties on any person who facilitates or otherwise knowingly provides significant financial, material or other supportto these entities.On January 16, 2016, the United States suspended certain sanctions against Iran applicable to non-U.S. companies, such as us,pursuant to the nuclear agreement reached between Iran, China, France, Germany, Russia, the United Kingdom, the United States and theEuropean Union. To implement these changes, beginning on January 16, 2016, the United States waived enforcement of many of thesanctions against Iran’s energy and petrochemical sectors described above, among other things, including certain provisions of CISADA,ITRA, and IFCA. However, in May 2018, the United States announced its withdrawal of the U.S. from the Joint Comprehensive Plan ofAction, and almost all of the U.S. sanctions waived and lifted in January 2016 were reinstated in August 2018 and November 2018,respectively. These sanctions also encompass significant transactions to sell, supply or transfer to Iran goods or services related to theaforementioned sanctioned sections.Although the ships we own have not called on ports in countries subject to sanctions or embargoes or in countries identified as statesponsors of terrorism, including Iran, North Korea and Syria, we cannot assure you that these ships will not call on ports in these countriesin the future. While we intend to maintain compliance with all sanctions and embargoes applicable to us, U.S. and international sanctionsand embargo laws and regulations do not necessarily apply to the same countries or proscribe the same activities, which may makecompliance difficult. Additionally, the scope of certain laws may be unclear, and these laws may be subject to changing interpretations andapplication and may be amended or strengthened from time to time, including by adding or removing countries from the proscribed lists.Violations of sanctions and embargo laws and regulations could result in fines or other penalties and could result in some investorsdeciding, or being required, to divest their investment, or not to invest, in us.Failure to comply with the U.S. Foreign Corrupt Practices Act, the UK Bribery Act and other anti-bribery legislation in otherjurisdictions could result in fines, criminal penalties, contract terminations and an adverse effect on our business.We operate our ships worldwide, requiring our ships to trade in countries known to have a reputation for corruption. We arecommitted to doing business in accordance with applicable anti-corruption laws and have adopted a code of business conduct and ethicswhich is consistent and in full compliance with the U.S. Foreign Corrupt Practices Act of 1977, (the “FCPA”), and the Bribery Act 2010 ofthe United Kingdom (the “UK Bribery Act”). We are subject, however, to the risk that we, our affiliated entities or our or their respectiveofficers, directors, employees and agents may take actions determined to be in violation of such anti-corruption laws, including the FCPAand the UK Bribery Act. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, or curtailment ofoperations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actualor alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual oralleged violations is expensive and can consume significant time and attention of our senior management.Changing laws and evolving reporting requirements could have an adverse effect on our business.Changing laws, regulations and standards relating to reporting requirements may create additional compliance requirements for us. Tomaintain high standards of corporate governance and public disclosure, GasLog has invested in, and intends to continue to invest in,reasonably necessary resources to comply with evolving standards.The European Union Code of Conduct Group has assessed the tax policies of a range of countries including Bermuda, where ourvessel owning entities are incorporated and the Marshall Islands where we also have affiliated entities incorporated. Bermuda and theMarshall Islands committed to comply with the European Union Code of Conduct Group’s requirements on economic substance andpassed legislation in the form of the Bermuda Economic Substance Act of 2018 and the Marshall Islands Substance Regulations.Table of Contents24GasLog has filed the required returns confirming we have appropriate economic substance in Bermuda and the Marshall Islands.However, it is not possible to accurately predict the outcome of any review by the authorities as to whether or not GasLog and its businesshas accurately interpreted the requirements. Whilst we believe we have taken appropriate advice and counsel from the relevant authoritiesand external legal advisors; the requirements may increase the complexity and costs of carrying on GasLog’s business with entitiesincorporated in Bermuda and the Marshall Islands.Increased regulatory oversight, uncertainty relating to the nature and timing of the potential phasing out of LIBOR, and agreement onany new alternative reference rates may adversely impact our ability to manage our exposure to fluctuations in interest rates andborrowing costs.As a result of the majority of our debt being primarily based on LIBOR and certain other interest rate benchmarks, fluctuations ininterest rates could have a material effect on our interest expense and borrowing costs. LIBOR and certain other interest rate benchmarksmay be subject to regulatory guidance and/or reform that could cause interest rates under our current or future debt agreements to performdifferently than in the past or cause other unanticipated consequences. On March 5, 2021, the U.K. Financial Conduct Authorityannounced the future cessation or loss of representativeness of LIBOR benchmark as currently published by the ICE BenchmarkAdministration with a target date immediately after June 30, 2023. While there is no consensus on what interest rate may become acceptedas alternatives to LIBOR, the Alternative Reference Rates Committee, a steering committee comprised of U.S. financial marketparticipants, has selected the Secured Overnight Finance Rate (“SOFR”) as published by the Federal Reserve Bank of New York sinceMay 2018. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market. At this time, it is impossibleto predict whether SOFR or another reference rate will become an accepted alternative to LIBOR. The manner and impact of thistransition may materially adversely affect the trading market for LIBOR based agreements, including our credit facilities, interest rateswaps and Preference Units. We will need to negotiate the replacement benchmark rate on our credit facilities and interest rate swaps andthe use of an alternative rate or benchmark, may negatively impact our interest rate expense. Any other contracts entered into in theordinary course of business which currently refer to, use or include LIBOR may also be impacted.Further, if a LIBOR rate is not available on a determination date during the floating rate period for any of our LIBOR basedagreements, the terms of such agreements will require alternative determination procedures which may result in interest or distributionpayments differing from expectations and could affect our profit and the market value of our Preference Units.In addition, any changes announced by the FCA, including the FCA Announcement, the ICE Benchmark Administration Limited (theindependent administrator of LIBOR) or any other successor governance or oversight body, or future changes adopted by such body, in themethod pursuant to which LIBOR rates are determined may result in a sudden or prolonged increase or decrease in reported LIBOR rates.If that were to occur, the level of interest or distribution payments during the floating rate period for our LIBOR based agreements wouldbe affected and could affect our profit or the market value of our Preference Units.Our insurance may be insufficient to cover losses that may occur to our property or result from our operations which could adverselyaffect our results of operations and cash flows.The operation of any ship includes risks such as mechanical failure, personal injury, collision, fire, contact with floating objects,property loss or damage, cargo loss or damage, failure of or disruption to information and operational technology systems and businessinterruption due to a number of reasons, including political circumstances in foreign countries, hostilities, cyber attacks and labor strikes.In addition, there is always an inherent possibility of a marine disaster, including collision, explosion, spills and other environmentalmishaps, and other liabilities arising from owning, operating or managing ships in international trade. Although we carry protection andindemnity, hull and machinery and loss of hire insurance covering our ships consistent with industry standards, we can give no assurancethat we are adequately insured against all risks or that our insurers will pay a particular claim. In addition, we may be unable to insureagainst certain cyber events that may disrupt our information and operational technology systems. We also may be unable to procureadequate insurance coverage at commercially reasonable rates in the future. Even if our insurance coverage is adequate to cover our losses,we may not be able to obtain a timely replacement ship in the event of a loss of a ship. Any uninsured or underinsured loss could harm ourbusiness, financial condition, results of operations and cash flows, including cash available for distribution to unitholders.In addition, some of our insurance coverage is maintained through mutual protection and indemnity associations and, as a member ofsuch associations, we may be required to make additional payments over and above budgeted premiums if member claims exceedassociation reserves.Table of Contents25Reliability of suppliers may limit our ability to obtain supplies and services when needed.We rely, and will in the future rely, on a significant supply of consumables, spare parts and equipment to operate, maintain, repair andupgrade our fleet of ships. Delays in delivery or unavailability of supplies could result in off-hire days due to consequent delays in therepair and maintenance of our fleet. This would negatively impact our revenues and cash flows. Cost increases could also negativelyimpact our future operations, although the impact of significant cost increases may be mitigated to some extent with respect to the vesselsthat are employed under charter contracts with automatic periodic adjustment provisions or cost review provisions.Governments could requisition our ships during a period of war or emergency, resulting in loss of earnings.The government of a jurisdiction where one or more of our ships are registered could requisition for title or seize our ships.Requisition for title occurs when a government takes control of a ship and becomes its owner. Also, a government could requisition ourships for hire. Requisition for hire occurs when a government takes control of a ship and effectively becomes the charterer at dictatedcharter rates. Generally, requisitions occur during a period of war or emergency, although governments may elect to requisition ships inother circumstances. Although we would expect to be entitled to government compensation in the event of a requisition of one or more ofour ships, the amount and timing of payments, if any, would be uncertain. A government requisition of one or more of our ships wouldresult in off-hire days under our time charters, may cause us to breach covenants in certain of our credit facilities and could have a materialadverse effect on our business, financial condition, results of operations and cash flows, including cash available for distribution tounitholders.Maritime claimants could arrest our ships, which could interrupt our cash flows.Crew members, suppliers of goods and services to a ship, shippers or receivers of cargo and other parties may be entitled to amaritime lien against a ship for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lienholder may enforce its lien byarresting a ship. The arrest or attachment of one or more of our ships which is not timely discharged could cause us to default on a charteror breach covenants in certain of our credit facilities and, to the extent such arrest or attachment is not covered by our protection andindemnity insurance, could require us to pay large sums of money to have the arrest or attachment lifted. Any of these occurrences couldhave a material adverse effect on our business, financial condition, results of operations and cash flows, including cash available fordistribution to unitholders.Additionally, in some jurisdictions, such as the Republic of South Africa, under the “sister ship” theory of liability, a claimant mayarrest both the ship that is subject to the claimant’s maritime lien and any “associated” ship, which is any ship owned or controlled by thesame owner. Claimants could try to assert “sister ship” liability against one ship in our fleet for claims relating to another of our ships.We may be subject to litigation that could have an adverse effect on us.We may in the future be involved from time to time in litigation matters. These matters may include, among other things, contractdisputes, personal injury claims, environmental claims or proceedings, toxic tort claims, employment matters and governmental claims fortaxes or duties, as well as other litigation that arises in the ordinary course of our business. We cannot predict with certainty the outcomeof any claim or other litigation matter. The ultimate outcome of any litigation matter and the potential costs associated with prosecuting ordefending such lawsuits, including the diversion of management’s attention to these matters, could have an adverse effect on us and, in theevent of litigation that could reasonably be expected to have a material adverse effect on us, could lead to an event of default under certainof our credit facilities.Risks Inherent in an Investment in UsGasLog and its affiliates may compete with us.Pursuant to the omnibus agreement between us and GasLog, GasLog and its controlled affiliates (other than us, our general partnerand our subsidiaries) generally have agreed not to acquire, own, operate or charter certain LNG carriers operating under charters of fivefull years or more. The omnibus agreement, however, contains significant exceptions that may allow GasLog or any of its controlledaffiliates to compete with us, which could harm our business. For example, these exceptions result in GasLog not being restricted from:acquiring, owning, operating or chartering Non-Five-Year Vessels; acquiring a non-controlling equity ownership,Table of Contents26voting or profit participation interest in any company, business or pool of assets; acquiring, owning, operating or chartering a Five-YearVessel that GasLog would otherwise be restricted from owning if we are not willing or able to acquire such vessel from GasLog within theperiods set forth in the omnibus agreement; or owning or operating any Five-Year Vessel that GasLog owns on the closing date of the IPOand that was not part of our fleet as of such date. See “Item 7. Major Unitholders and Related Party Transactions—B. Related PartyTransactions—Omnibus Agreement—Noncompetition” for a detailed description of those exceptions and the definitions of “Five-YearVessel” and “Non-Five-Year Vessel”.The price of our common units has declined significantly in recent years and may continue to be volatile.The price of our common units may be volatile and may fluctuate due to factors including:●our payment of cash distributions to our unitholders;●the amount of cash distributions paid to our unitholders;●repurchases by us of our common units pursuant to our unit repurchase programme;●actual or anticipated fluctuations in quarterly and annual results;●fluctuations in oil and natural gas prices;●fluctuations in the seaborne transportation industry, including fluctuations in the charter rates and utilization of vessels in theLNG carrier market;●fluctuations in supply of and demand for LNG;●mergers and strategic alliances in the shipping industry;●changes in governmental regulations or maritime self-regulatory organizations standards;●shortfalls in our operating results from levels forecasted by securities analysts;●announcements concerning us or our competitors or other MLPs;●the failure of securities analysts to publish research about us, or analysts making changes in their financial estimates;●general economic conditions including fluctuations in interest rates;●terrorist acts;●future sales of our units or other securities, including sales under our ATM Programme;●investors’ perceptions of us, the LNG market, the LNG shipping industry and the energy industry more broadly;●significant cash redemptions from funds invested in the MLP sector;●inclusion or exclusion of our units in equity market indices and exchange traded funds;●the general state of the securities markets; and●other developments affecting us, our industry or our competitors.Table of Contents27Securities markets worldwide are experiencing price and volume fluctuations. The market price for our common units may also bevolatile. This market volatility, as well as general economic, market or political conditions, could reduce the market price of our commonunits despite our operating performance.Common unitholders have limited voting rights, and our partnership agreement restricts the voting rights of unitholders owning morethan 4.9% of our common units.Unlike the holders of common stock in a corporation, holders of common units have only limited voting rights on matters affectingour business. We will hold a meeting of the limited partners every year to elect one or more members of our board of directors and to voteon any other matters that are properly brought before the meeting. Our general partner has appointed three of our five directors and thecommon unitholders elected the remaining two directors. Four of our directors meet the independence standards of the NYSE, and two ofthe four also qualify as independent of GasLog under our partnership agreement, so as to be eligible for membership on our conflictscommittee. If our general partner exercises its right to transfer the power to elect a majority of our directors to the common unitholders, anadditional director will thereafter be elected by our common unitholders. Our general partner may exercise this right in order to permit usto claim, or continue to claim, an exemption from U.S. federal income tax under Section 883 of the U.S. Internal Revenue Code of 1986,as amended, or the “Code”. See “Item 4. Information on the Partnership—B. Business Overview—Taxation of the Partnership”.The partnership agreement also contains provisions limiting the ability of common unitholders to call meetings or to acquireinformation about our operations, as well as other provisions limiting the common unitholders’ ability to influence the manner or directionof management. Unitholders have no right to elect our general partner, and our general partner may not be removed except by a vote of theholders of at least 662⁄% of the outstanding common units, including any units owned by our general partner and its affiliates, votingtogether as a single class.Our partnership agreement further restricts unitholders’ voting rights by providing that if any person or group owns beneficially morethan 4.9% of any class or series of units (other than the Preference Units) then outstanding, any such units owned by that person or groupin excess of 4.9% may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting oflimited partners, calculating required votes (except for purposes of nominating a person for election to our board of directors), determiningthe presence of a quorum or for other similar purposes, unless required by law.Effectively, this means that the voting rights of any common unitholders not entitled to vote on a specific matter will be redistributedpro rata among the other common unitholders. Our general partner, its affiliates and persons who acquired common units with the priorapproval of our board of directors will not be subject to the 4.9% limitation, except with respect to voting their common units in theelection of the elected directors.GasLog and our general partner own a controlling interest in us and have conflicts of interest and limited fiduciary and contractualduties to us and our unitholders, which may permit them to favor their own interests to your detriment.GasLog currently owns partnership units representing a 33.3% partnership interest, including a 2.0% general partner interest in us, andowns and controls our general partner. In addition, our general partner has the right to appoint three of five, or a majority, of our directors.Certain of our directors and officers are directors and officers of GasLog or its affiliates, and, as such, they have fiduciary duties toGasLog or its affiliates that may cause them to pursue business strategies that disproportionately benefit GasLog or its affiliates or whichotherwise are not in the best interests of us or our unitholders. Conflicts of interest may arise between GasLog and its affiliates (includingour general partner), on the one hand, and us and our unitholders, on the other hand. As a result of these conflicts, our general partner andits affiliates may favor their own interests over the interests of our unitholders. See “—Our partnership agreement limits our generalpartner’s and our directors’ fiduciary duties to our unitholders and restricts the remedies available to unitholders for actions taken by ourgeneral partner or our directors”. These conflicts include, among others, the following situations:●neither our partnership agreement nor any other agreement requires our general partner or GasLog or its affiliates to pursue abusiness strategy that favors us or utilizes our assets, and GasLog’s officers and directors have a fiduciary duty to make decisionsin the best interests of the shareholders of GasLog, which may be contrary to our interests;Table of Contents28●our partnership agreement permits our general partner to make a number of decisions in its individual capacity, as opposed to inits capacity as our general partner. Specifically, our general partner will be considered to be acting in its individual capacity if itexercises its call right, pre-emptive rights or registration rights, consents or withholds consent to any merger or consolidation ofthe partnership, appoints any directors or votes for the election of any director, votes or refrains from voting on amendments toour partnership agreement that require a vote of the outstanding units, voluntarily withdraws from the partnership, transfers (tothe extent permitted under our partnership agreement) or refrains from transferring its units or general partner interest or votesupon the dissolution of the partnership;●under our partnership agreement, as permitted under Marshall Islands law, our general partner and our directors have limitedfiduciary duties. The partnership agreement also restricts the remedies available to our unitholders; as a result of purchasingunits, unitholders are treated as having agreed to the modified standard of fiduciary duties and to certain actions that may betaken by our general partner and our directors, all as set forth in the partnership agreement;●our general partner is entitled to reimbursement of all reasonable costs incurred by it and its affiliates for our benefit;●our partnership agreement does not restrict us from paying our general partner or its affiliates for any services rendered to us onterms that are fair and reasonable or entering into additional contractual arrangements with any of these entities on our behalf;●our general partner may exercise its right to call and purchase our common units if it and its affiliates own more than 80% of ourcommon units; and●our general partner is not obligated to obtain a fairness opinion regarding the value of the common units to be repurchased by itupon the exercise of its limited call right.Even if our general partner relinquishes the power to elect one director to the common unitholders, so that they will elect a majority ofour directors, our general partner will have substantial influence on decisions made by our board of directors. See “Item 7. MajorUnitholders and Related Party Transactions—B. Related Party Transactions”.Our officers face conflicts in the allocation of their time to our business.Our officers are all employed by GasLog or its applicable affiliate and are performing executive officer functions for us pursuant tothe administrative services agreement. Our officers are not required to work full-time on our affairs and also perform services for affiliatesof our general partner (including GasLog). As a result, there could be material competition for the time and effort of our officers who alsoprovide services to our general partner’s affiliates, which could have a material adverse effect on our business, results of operations andfinancial condition. See “Item 6. Directors, Senior Management and Employees”.The Merger between GasLog and GEPIF, completed in June 2021, could create uncertainty over the future management and directionof the Partnership and could adversely impact the Partnership and our unitholders.There could be disagreement among major shareholders of GasLog, including the Rolling Shareholders and GEPIF, with respect tothe short- and long-term management, direction and strategy of the Partnership. GasLog has the right to appoint three of five, or amajority, of our directors and officers, therefore any such disagreements with respect to the Partnership’s strategic direction may have anadverse effect on our business, operations, financial results and unit price.Furthermore, since GasLog completed its merger with GEPIF, GasLog has limited public reporting obligations, which could adverselyimpact our unitholders’ ability to assess the management and direction of the Partnership, which may have a negative effect on our unitprice.Table of Contents29Our partnership agreement limits our general partner’s and our directors’ fiduciary duties to our unitholders and restricts theremedies available to unitholders for actions taken by our general partner or our directors.Under the partnership agreement, our general partner has delegated to our board of directors the authority to oversee and direct ouroperations, management and policies on an exclusive basis, and such delegation will be binding on any successor general partner of thepartnership. Our partnership agreement also contains provisions that reduce the standards to which our general partner and directors wouldotherwise be held by Marshall Islands law. For example, our partnership agreement:●permits our general partner to make a number of decisions in its individual capacity, as opposed to in its capacity as our generalpartner. Where our partnership agreement permits, our general partner may consider only the interests and factors that it desires,and in such cases, it has no fiduciary duty or obligation to give any consideration to any interest of, or factors affecting, us, ouraffiliates or our unitholders. Decisions made by our general partner in its individual capacity will be made by its sole owner,GasLog. Specifically, pursuant to our partnership agreement, our general partner will be considered to be acting in its individualcapacity if it exercises its call right, pre-emptive rights or registration rights, consents or withholds consent to any merger orconsolidation of the partnership, appoints any directors or votes for the election of any director, votes or refrains from voting onamendments to our partnership agreement that require a vote of the outstanding units, voluntarily withdraws from thepartnership, transfers (to the extent permitted under our partnership agreement) or refrains from transferring its units or generalpartner interest or votes upon the dissolution of the partnership;●provides that our general partner and our directors are entitled to make other decisions in “good faith” if they reasonably believethat the decision is in our best interests;●generally provides that transactions with our affiliates and resolutions of conflicts of interest not approved by the conflictscommittee of our board of directors and not involving a vote of unitholders must be on terms no less favorable to us than thosegenerally being provided to or available from unrelated third parties or be “fair and reasonable” to us and that, in determiningwhether a transaction or resolution is “fair and reasonable”, our board of directors may consider the totality of the relationshipsbetween the parties involved, including other transactions that may be particularly advantageous or beneficial to us; and●provides that neither our general partner nor our officers or directors will be liable for monetary damages to us, our limitedpartners or assignees for any acts or omissions, unless there has been a final and non-appealable judgment entered by a court ofcompetent jurisdiction determining that our general partner or our officers or directors or those other persons engaged in actualfraud or willful misconduct.In order to become a limited partner of our partnership, a unitholder is required to agree to be bound by the provisions in thepartnership agreement, including the provisions discussed above.Fees and cost reimbursements, which GasLog or its applicable affiliate will determine for services provided to us and our subsidiaries,will be substantial, may be higher for future periods than reflected in our results of operations for the year ended December 31, 2021,will be payable regardless of our profitability and will reduce our cash available for distribution to our unitholders.Pursuant to the ship management agreements, our subsidiaries pay fees for technical and vessel management services provided tothem by GasLog LNG Services, and reimburse GasLog LNG Services for all expenses incurred on their behalf. These fees and expensesinclude all costs and expenses incurred in providing the crew and technical management of the vessels in our fleet to our subsidiaries. Inaddition, our operating subsidiaries pay GasLog LNG Services a fixed management fee for costs and expenses incurred in connection withproviding these services to our operating subsidiaries.Pursuant to an administrative services agreement, GasLog provides us with certain administrative services. We pay a fixed fee toGasLog for its reasonable costs and expenses incurred in connection with the provision of the services under the administrative servicesagreement.Table of Contents30Pursuant to the commercial management agreements, GasLog LNG Services provides us with commercial management services.Effective January 1, 2022, we pay to GasLog a fixed commission of 1.25% on gross charter revenues in U.S. dollars for costs andexpenses incurred in connection with providing services.For a description of the ship management agreements, commercial management agreements and the administrative servicesagreement, see “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions”. The aggregate fees andexpenses payable for services under the ship management agreements, commercial management agreements and administrative servicesagreement for the year ended December 31, 2021 were $7.7 million, $5.4 million and $4.7 million, respectively. Additionally, these feesand expenses will be payable without regard to our business, results of operation and financial condition. The payment of fees to and thereimbursement of expenses of GasLog or its applicable affiliate, including GasLog LNG Services, could adversely affect our ability to paycash distributions to our unitholders.Our partnership agreement contains provisions that may have the effect of discouraging a person or group from attempting to removeour current management or our general partner and, even if public unitholders are dissatisfied, it will be difficult for them to removeour general partner without GasLog’s consent, all of which could diminish the trading price of our common units and PreferenceUnits.Our partnership agreement contains provisions that may have the effect of discouraging a person or group from attempting to removeour current management or our general partner.●It is difficult for unitholders to remove our general partner without its consent. The vote of the holders of at least 662⁄3% of alloutstanding common units, including any units owned by our general partner and its affiliates, voting together as a single class isrequired to remove the general partner. As of February 24, 2022, GasLog owns 29.7% of our outstanding common units.Common unitholders are entitled to elect only two of the five members of our board of directors. Our general partner, by virtue ofits general partner interest, in its sole discretion, appoints the remaining directors (subject to its right to transfer the power to electa majority of our directors to the common unitholders).●The election of the directors by common unitholders is staggered, meaning that the members of only one of two classes of ourelected directors will be selected each year. In addition, the directors appointed by our general partner will serve for termsdetermined by our general partner.●Our partnership agreement contains provisions limiting the ability of common unitholders to call meetings of unitholders, tonominate directors and to acquire information about our operations as well as other provisions limiting the unitholders’ ability toinfluence the manner or direction of management.●Unitholders’ voting rights are further restricted by the partnership agreement provision providing that if any person or groupowns beneficially more than 4.9% of any class or series of units (other than the Preference Units) then outstanding, any suchunits owned by that person or group in excess of 4.9% may not be voted on any matter and will not be considered to beoutstanding when sending notices of a meeting of limited partners, calculating required votes (except for purposes of nominatinga person for election to our board of directors), determining the presence of a quorum or for other similar purposes, unlessrequired by law. Effectively, this means that the voting rights of any such common unitholders in excess of 4.9% will beredistributed pro rata among the other common unitholders holding less than 4.9% of the voting power of all classes of unitsentitled to vote. Our general partner, its affiliates and persons who acquired common units with the prior approval of our board ofdirectors will not be subject to this 4.9% limitation, except with respect to voting their common units in the election of theelected directors.●There are no restrictions in our partnership agreement on our ability to issue equity securities.The effect of these provisions may be to diminish the price at which the common units and Preference Units will trade.Table of Contents31We are subject to certain risks with respect to our relationship with GasLog, and failure of GasLog to comply with certain of itsfinancial covenants under its debt instruments could, among other things, result in a default under the loan facilities related to four ofour vessels, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.Any default by GasLog under its corporate guarantees could result in a default under the loan facility related to the GasLog Greece,the GasLog Geneva, the GasLog Gibraltar, and the GasLog Glasgow. In the event of such a default, the lenders in the facility couldterminate their commitments to lend and/or accelerate the outstanding loans and declare all amounts borrowed due and payable. If ourlenders were to foreclose on our vessels in the event of such a default, this may adversely affect our ability to finance future operations orcapital needs or to engage, expand or pursue our business activities. If any of these events occur, we cannot guarantee that our assets willbe sufficient to repay in full all of our outstanding indebtedness, and we may be unable to find alternative financing. Even if we couldobtain alternative financing, such financing might not be on terms that are favorable or acceptable. Any of these events would adverselyaffect our ability to make distributions to our unitholders and could cause a decline in the market price of our common units andPreference Units.We may have difficulty obtaining consents that are necessary to acquire vessels with an existing charter or a financing agreement.Under the omnibus agreement, we have certain options to acquire vessels with existing charters from GasLog. The omnibusagreement provides that our ability to consummate the acquisition of any such vessels from GasLog will be subject to obtaining allrelevant consents including the consent of the existing charterers, lenders, governmental authorities and other non-affiliated third parties tothose agreements. While GasLog will be obligated to use reasonable efforts to obtain any such consents, we cannot assure you that in anyparticular case the necessary consent will be obtained from the required parties.We are a holding company and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financialobligations and to make distributions to unitholders.We are a holding company. Our subsidiaries conduct all of our operations and own all of our operating assets, including our ships. Wehave no significant assets other than the equity interests in our subsidiaries. As a result, our ability to pay our obligations and to makedistributions to unitholders depends entirely on our subsidiaries and their ability to distribute funds to us. The ability of a subsidiary tomake these distributions could be affected by a claim or other action by a third party, including a creditor, or by the law of its jurisdictionof incorporation which regulates the payment of distributions. If we are unable to obtain funds from our subsidiaries, our board ofdirectors may exercise its discretion not to make distributions to unitholders.The control of our general partner may be transferred to a third party without unitholder consent.Our general partner may transfer its general partner interest to a third party in a merger or in a sale of all or substantially all of itsassets without the consent of the unitholders. In addition, our partnership agreement does not restrict the ability of the members of ourgeneral partner from transferring their respective membership interests in our general partner to a third party.Substantial future sales of our common units in the public market could cause the price of our common units to fall.We have granted registration rights to GasLog and certain of its affiliates. These unitholders have the right, subject to someconditions, to require us to file registration statements covering any of our common or other equity securities owned by them or to includethose securities in registration statements that we may file for ourselves or other unitholders. As of February 24, 2022, GasLog owns15,206,602 common units and 1,660,000 Class B units (of which 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 areClass B-5 units and 415,000 are Class B-6 units). The Class B units will convert to common units at a rate of 415,000 per year between2022 and 2025. Following their registration and sale under the applicable registration statement, those securities will become freelytradable. By exercising their registration rights and selling a large number of common units or other securities, these unitholders couldcause the price of our common units to decline.Table of Contents32We may issue additional equity securities, including securities senior to the common units, without the approval of our commonunitholders, which would dilute the ownership interests of the common unitholders.We may, without the approval of our common unitholders, issue an unlimited number of additional units or other equity securities. Inaddition, we may issue an unlimited number of units that are senior to the common units in right of distribution, liquidation and voting.For example on June 30, 2019, we issued 2,532,911 common units and 2,490,000 Class B units to GasLog in exchange for GasLog’sincentive distribution rights (“IDRs”). Refer to “Item 5. Operating and Financial Review and Prospects—B. Liquidity and CapitalResources”.On May 16, 2017, the Partnership commenced its ATM Programme under which we may, from time to time, raise equity through theissuance and sale of new common units. Following an increase in the size of the ATM Programme completed on November 3, 2017, andagain on February 26, 2019, we can issue up to $250.0 million in new common units. As of February 24, 2022 8,486,705 common unitshave been issued through the ATM Programme.Since the commencement of the ATM Programme through December 31, 2021, GasLog Partners has issued and received payment fora total of 8,486,705 common units, with cumulative gross proceeds of $133.6 million at a weighted average price of $15.75 per unit andnet proceeds of $132.4 million, after deducting commissions. In connection with the issuance of common units under the ATM Programmeduring this period, the Partnership also issued 164,145 general partner units to its general partner. The net proceeds from the issuance ofthe general partner units were $2.7 million. The issuance by us of additional common units or other equity securities of equal or seniorrank will have the following effects:●our common unitholders’ proportionate economic ownership interest in us will decrease;●the amount of cash available for distribution on each common unit may decrease;●the relative voting strength of each previously outstanding common unit may be diminished;●we may not be able to pay our distributions to common unitholders if we have failed to pay the distributions on our PreferenceUnits; and●the market price of the common units may decline.The Preference Units are senior to the common units and as such receive priority over the common units in distributions andliquidation.Our general partner has a limited call right that may require you to sell your common units at an undesirable time or price.If at any time our general partner and its affiliates own more than 80% of the common units, our general partner will have the right,which it may assign to any of its affiliates or to us, but not the obligation, to acquire all, but not less than all, of the common units held byunaffiliated persons at a price not less than the then-current market price of our common units. Our general partner is not obligated toobtain a fairness opinion regarding the value of the common units to be repurchased by it upon the exercise of this limited call right. As aresult, you may be required to sell your common units at an undesirable time or price and may not receive any return on your investment.You may also incur a tax liability upon a sale of your common units. GasLog, which owns and controls our general partner, owns 29.7% ofour outstanding common units as of February 24, 2022.You may not have limited liability if a court finds that unitholder action constitutes control of our business.As a limited partner in a partnership organized under the laws of the Marshall Islands, you could be held liable for our obligations tothe same extent as a general partner if you participate in the “control” of our business. Our general partner generally has unlimited liabilityfor the obligations of the partnership, such as its debts and environmental liabilities, except for those contractual obligations of thepartnership that are expressly made without recourse to our general partner. In addition, the limitations on the liability of holders of limitedpartner interests for the obligations of a limited partnership have not been clearly established in some jurisdictions in which we dobusiness.Table of Contents33We can borrow money to pay distributions, which would reduce the amount of credit available to operate our business.Our partnership agreement allows us to make working capital borrowings to pay distributions.Accordingly, if we have availableborrowing capacity, we can make distributions on all our units even though cash generated by our operations may not be sufficient to paysuch distributions. Any working capital borrowings by us to make distributions will reduce the amount of working capital borrowings wecan make for operating our business. For more information, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity andCapital Resources—Credit Facilities”.Increases in interest rates may cause the market price of our common units to decline.An increase in interest rates may cause a corresponding decline in demand for equity investments in general, and in particular foryield-based equity investments such as our common units. Any such increase in interest rates or reduction in demand for our commonunits resulting from other relatively more attractive investment opportunities may cause the trading price of our common units to decline.We are a “foreign private issuer” under NYSE rules, and as such we are entitled to exemption from certain NYSE corporategovernance standards, and you may not have the same protections afforded to unitholders of similarly organized limited partnershipsthat are subject to all of the NYSE corporate governance requirements.We are a “foreign private issuer” under the securities laws of the United States and the rules of the NYSE. Under the securities laws ofthe United States, “foreign private issuers” are subject to different disclosure requirements than U.S. domiciled registrants, as well asdifferent financial reporting requirements. Under the NYSE rules, a “foreign private issuer” is subject to less stringent corporategovernance requirements. Subject to certain exceptions, the rules of the NYSE permit a “foreign private issuer” to follow its home countrypractice in lieu of the listing requirements of the NYSE, including (i) the requirement that a majority of the board of directors consists ofindependent directors and (ii) the requirement that a compensation committee to a nominating/corporate governance committee can beestablished.Accordingly, in the future you may not have the same protections afforded to unitholders of similarly organized limited partnershipsthat are subject to all of the NYSE corporate governance requirements.Unitholders may have liability to repay distributions.Under some circumstances, unitholders may have to repay amounts wrongfully returned or distributed to them. Under the MarshallIslands Limited Partnership Act, or the “Marshall Islands Act”, we may not make a distribution to you if the distribution would cause ourliabilities to exceed the fair value of our assets. Marshall Islands law provides that for a period of three years from the date of theimpermissible distribution, limited partners who received the distribution and who knew at the time of the distribution that it violatedMarshall Islands law will be liable to the limited partnership for the distribution amount. Assignees who become substituted limitedpartners are liable for the obligations of the assignor to make contributions to the partnership that are known to the assignee at the time itbecame a limited partner and for unknown obligations if the liabilities could be determined from the partnership agreement. Liabilities topartners on account of their partnership interest and liabilities that are non-recourse to the partnership are not counted for purposes ofdetermining whether a distribution is permitted.Our Preference Units are subordinated to our debt obligations and investors’ interests could be diluted by the issuance of additionalpreference units and by other transactions.Our Preference Units are subordinated to all of our existing and future indebtedness. As of December 31, 2021, we had an aggregateof $1,085.8 million of outstanding indebtedness under our credit facilities. Our existing indebtedness restricts, and our future indebtednessmay include restrictions on, our ability to pay distributions to unitholders. Our partnership agreement authorizes the issue of an unlimitednumber of preference units in one or more class of units. The issuance of additional preference units on a parity with or senior to ourPreference Units would dilute the interests of the holders of our Preference Units, and any issuance of preference units senior to or on aparity with our Preference Units or of additional indebtedness could affect our ability to pay distributions on, redeem or pay the liquidationpreference on our Preference Units. No provisions relating to our Preference Units protect the holders of our Preference Units in the eventof a highly leveraged or other transaction, including the sale, lease or conveyance of all or substantially all our assets or business, whichmight adversely affect the holders of our Preference Units.Table of Contents34Each series of our Preference Units ranks pari passu with any other class or series of units established after the original issue date ofsuch series that is not expressly subordinated or senior to the Preference Units as to the payment of distributions and amounts payableupon liquidation or reorganization. If less than all distributions payable with respect to a series of Preference Units and any paritysecurities are paid, any partial payment shall be made pro rata with respect to such Preference Units and any parity securities entitled to adistribution payment at such time in proportion to the aggregate amounts remaining due in respect of such units at such time.Holders of our Preference Units have extremely limited voting rights.Holders of the Preference Units generally have no voting rights. However, if and whenever distributions payable on a series ofPreference Units are in arrears for six or more quarterly periods, whether or not consecutive, holders of such series of Preference Units(voting together as a class with all other classes or series of parity securities upon which like voting rights have been conferred and areexercisable) will be entitled to elect one additional director to serve on our board of directors, and the size of our board of directors will beincreased as needed to accommodate such change (unless the size of our board of directors already has been increased by reason of theelection of a director by holders of parity securities upon which like voting rights have been conferred and with which the Preference Unitsvoted as a class for the election of such director). The right of such holders of Preference Units to elect a member of our board of directorswill continue until such time as all accumulated and unpaid distributions on the applicable series of Preference Units have been paid infull.The Preference Units represent perpetual equity interests and holders have no right to receive any greater payment than the liquidationpreference regardless of the circumstances.The Preference Units represent perpetual equity interests in us and, unlike our indebtedness, will not give rise to a claim for paymentof a principal amount at a particular date. As a result, holders of the Preference Units may be required to bear the financial risks of aninvestment in the Preference Units for an indefinite period of time. In addition, the Preference Units rank junior to all our indebtedness andother liabilities, and any other senior securities we may issue in the future with respect to assets available to satisfy claims against us.The payment due to a holder of any of our Series A Preference Units, Series B Preference Units or Series C Preference Units upon aliquidation is fixed at the redemption preference of $25.00 per unit plus accumulated and unpaid distributions to the date of liquidation. If,in the case of our liquidation, there are remaining assets to be distributed after payment of this amount, holders of Preference Units willhave no right to receive or to participate in these amounts. Furthermore, if the market price for Preference Units is greater than theliquidation preference, holders of Preference Units will have no right to receive the market price from us upon our liquidation.In 2020, we reduced our quarterly cash distribution rate on our common units to $0.01 per common unit with effect from the thirdquarter 2020 and onwards. We have maintained this distribution rate throughout 2021 and may continue to do so for the foreseeablefuture.Even though our partnership agreement states we distribute all available cash, since the third quarter 2020 we have only distributed$0.01 per common unit whilst we focus on preserving liquidity. “Available cash” is defined in our partnership agreement, and it generallymeans, for each fiscal quarter, all cash on hand at the end of the quarter (including our proportionate share of cash on hand of certainsubsidiaries we do not wholly own):●less the amount of cash reserves (including our proportionate share of cash reserves of certain subsidiaries we do not whollyown) established by the board of directors to:●provide for the proper conduct of our business (including reserves for future capital expenditures and for our anticipatedcredit needs);●comply with applicable law, any debt instruments, or other agreements;●provide funds for payments to holders of Preference Units; and/orTable of Contents35●provide funds for distributions to our limited partners and to our general partner for any one or more of the next fourquarters;●plus all cash on hand (including our proportionate share of cash on hand of certain subsidiaries we do not wholly own) on thedate of determination of available cash for the quarter resulting from working capital borrowings made after the end of thequarter. Working capital borrowings are generally borrowings that are made under our credit agreements and in all cases are usedsolely for working capital purposes or to pay distributions to partners.As a result of the significantly reduced distributions since 2021, we may generate cash in the future but we currently expect to reservethat cash for use in the business instead of distributing that cash as distributions to our common unit holders. We may use such cashreserves for debt repayment, preference unit buybacks, future growth opportunities or other general partnership purposes. There is noguarantee, however, that our business will generate excess cash in the future.The Preference Units have not been rated, and ratings of any other of our securities may affect the trading price of the PreferenceUnits.We have not sought to obtain a rating for any series of Preference Units, and the units may never be rated. It is possible, however, thatone or more rating agencies might independently determine to assign a rating to the Series A, Series B or Series C Preference Units or thatwe may elect to obtain a rating of our Series A, Series B or Series C Preference Units in the future. In addition, we may elect to issue othersecurities for which we may seek to obtain a rating. If any ratings are assigned to a series of Preference Units in the future or if we issueother securities with a rating, such ratings, if they are lower than market expectations or are subsequently lowered or withdrawn, or ifratings for such other securities would imply a lower relative value for the Preference Units, could adversely affect the market for, or themarket value of, the Preference Units. Ratings only reflect the views of the issuing rating agency or agencies and such ratings could at anytime be revised downward or withdrawn entirely at the discretion of the issuing rating agency. A rating is not a recommendation topurchase, sell or hold any particular security, including the Preference Units. Ratings do not reflect market prices or suitability of asecurity for a particular investor and any future rating of either the Series A, Series B or Series C Preference Units may not reflect all risksrelated to us and our business, or the structure or market value of the Preference Units.Market interest rates may adversely affect the value of our Preference Units.One of the factors that will influence the price of our Preference Units will be the distribution yield on the Preference Units (as apercentage of the price of our Series A, Series B or Series C Preference Units, as applicable) relative to market interest rates. An increasein market interest rates may lead prospective purchasers of our Preference Units to expect higher distribution yields, and higher interestrates would likely increase our borrowing costs and potentially decrease funds available for distributions. Accordingly, higher marketinterest rates could cause the market price of our Preference Units to decrease.The Preference Units are redeemable at our option.We may, at our option, redeem all or, from time to time, part of the Series A Preference Units on or after June 15, 2027, the Series BPreference Units on or after March 15, 2023 or the Series C Preference Units on or after March 15, 2024. If we redeem your Series A,Series B or Series C Preference Units, you will be entitled to receive a redemption price equal to $25.00 per unit plus accumulated andunpaid distributions to the date of redemption. We may elect to exercise our partial redemption right on multiple occasions.The historical levels of three-month LIBOR are not an indication of the future levels of three-month LIBOR, and the phasing out ofLIBOR after 2023 may adversely affect the value of and return on our Preference Units.The distribution rates for the Series B Preference Units and the Series C Preference Units will be determined based on three-monthLIBOR, from and including March 15, 2023 and March 15, 2024, respectively. The distribution rate for the Series A Preference Units willbe determined based on three- month LIBOR from and including June 15, 2027. In the past, the level of three-month LIBOR hasexperienced significant fluctuations. Historical levels, fluctuations and trends of three-month LIBOR are not necessarily indicative offuture levels. Any historical upward or downward trend in three-month LIBOR is not an indication that three-month LIBOR is more orless likely to increase or decrease at any time during the floating rate period for a series of Preference Units, and you should not take thehistorical levels of three-month LIBOR as an indication of its future performance. Although the actual three-month LIBOR on adistribution payment date or at other times during a distribution period with respect to a series of Preference UnitsTable of Contents36may be higher than the three-month LIBOR on the applicable distribution determination date for such series, you will not benefit from thethree-month LIBOR at any time other than on the distribution determination date for such distribution period. As a result, changes in thethree-month LIBOR may not result in a comparable change in the market value of the Series B Preference Units on or after March 15,2023, the Series C Preference Units on or after March 15, 2024 or the Series A Preference Units on or after June 15, 2027.Upon discontinuance of the LIBOR base rate, the appointed calculation agent will use a substitute or successor base rate that it hasdetermined in its discretion, after consultation with the Partnership, and which is most comparable to the LIBOR base rate. This may resultin distribution payments differing from expectations and could materially affect the value of such Preference Units.We have been organized as a limited partnership under the laws of the Marshall Islands, which does not have a well-developed body ofpartnership law.We are a partnership formed in the Republic of the Marshall Islands, which does not have a well-developed body of case law orbankruptcy law and, as a result, unitholders have fewer rights and protections under Marshall Islands law than under a typical jurisdictionin the United States. As such, in the case of a bankruptcy of the Partnership, there may be a delay of bankruptcy proceedings and theability of unitholders and creditors to receive recovery after a bankruptcy proceeding. Our partnership affairs are governed by ourpartnership agreement and by the Marshall Islands Act. The provisions of the Marshall Islands Act resemble provisions of the limitedpartnership laws of a number of states in the United States, most notably Delaware. The Marshall Islands Act also provides that it is to beapplied and construed to make it uniform with the Delaware Revised Uniform Partnership Act and, so long as it does not conflict with theMarshall Islands Act or decisions of the Marshall Islands courts, interpreted according to the non-statutory law (or case law) of the State ofDelaware. There have been, however, few, if any, court cases in the Marshall Islands interpreting the Marshall Islands Act, in contrast toDelaware, which has a well-developed body of case law interpreting its limited partnership statute. Accordingly, we cannot predictwhether Marshall Islands courts would reach the same conclusions as the courts in Delaware. For example, the rights of our unitholdersand the fiduciary responsibilities of our general partner under Marshall Islands law are not as clearly established as under judicialprecedent in existence in Delaware. As a result, unitholders may have more difficulty in protecting their interests in the face of actions byour general partner and its officers and directors than would unitholders of a similarly organized limited partnership in the United States.Because we are organized under the laws of the Marshall Islands, it may be difficult to serve us with legal process or enforcejudgments against us, our directors or our management.We are organized under the laws of the Marshall Islands and substantially all of our assets are located outside of the United States. Inaddition, our general partner is a Marshall Islands limited liability company, our directors and officers generally are or will be non-residents of the United States, and all or a substantial portion of the assets of these non-residents are located outside the United States. As aresult, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States if you believethat your rights have been infringed under securities laws or otherwise. Even if you are successful in bringing an action of this kind, thelaws of the Marshall Islands and of other jurisdictions may prevent or restrict you from enforcing a judgment against our assets or theassets of our general partner or our directors or officers.Our partnership agreement designates the Court of Chancery of the State of Delaware as the sole and exclusive forum, unlessotherwise provided for by Marshall Islands law, for certain litigation that may be initiated by our unitholders, which could limit ourunitholders’ ability to obtain a favorable judicial forum for disputes with our general partner.Our partnership agreement provides that, unless otherwise provided for by Marshall Islands law, the Court of Chancery of the State ofDelaware will be the sole and exclusive forum for any claims that:●arise out of or relate in any way to the partnership agreement (including any claims, suits or actions to interpret, apply or enforcethe provisions of the partnership agreement or the duties, obligations or liabilities among limited partners or of limited partners tous, or the rights or powers of, or restrictions on, the limited partners or us);●are brought in a derivative manner on our behalf;●assert a claim of breach of a fiduciary duty owed by any director, officer or other employee of us or our general partner, or owedby our general partner, to us or the limited partners;Table of Contents37●assert a claim arising pursuant to any provision of the Marshall Islands Act; or●assert a claim governed by the internal affairs doctrine regardless of whether such claims, suits, actions or proceedings sound incontract, tort, fraud or otherwise, are based on common law, statutory, equitable, legal or other grounds, or are derivative or directclaims. Any person or entity otherwise acquiring any interest in our common units or Preference Units shall be deemed to havenotice of and to have consented to the provisions described above. This forum selection provision may limit our unitholders’ability to obtain a judicial forum that they find favorable for disputes with us or our directors, officers or other employees orunitholders.Tax RisksIn addition to the following risk factors, you should read “Item 10. Additional Information—E. Tax Considerations” for a morecomplete discussion of the expected material U.S. federal and non-U.S. income tax considerations relating to us and the ownership anddisposition of our common units and Preference Units.We may be subject to taxes, which may reduce our cash available for distribution to you.We and our subsidiaries may be subject to tax in the jurisdictions in which we are organized or operate, reducing the amount of cashavailable for distribution. In computing our tax obligation in these jurisdictions, we are required to take various tax accounting andreporting positions on matters that are not entirely free from doubt and for which we have not received rulings from the governingauthorities. We cannot assure you that upon review of these positions the applicable authorities will agree with our positions. A successfulchallenge by a tax authority could result in additional tax imposed on us or our subsidiaries, further reducing the cash available fordistribution. In addition, changes in our operations or ownership could result in additional tax being imposed on us or our subsidiaries injurisdictions in which operations are conducted. See “Item 4. Information on the Partnership—B. Business Overview—Taxation of thePartnership”.U.S. tax authorities could treat us as a “passive foreign investment company” under certain circumstances, which would have adverseU.S. federal income tax consequences to U.S. unitholders.A non-U.S. entity treated as a corporation for U.S. federal income tax purposes will be treated as a “passive foreign investmentcompany”, or “PFIC”, for U.S. federal income tax purposes if at least 75.0% of its gross income for any tax year consists of “passiveincome” or at least 50.0% of the average value of its assets produce, or are held for the production of, “passive income”. For purposes ofthese tests, “passive income” includes dividends, interest, gains from the sale or exchange of investment property and rents and royaltiesother than rents and royalties that are received from unrelated parties in connection with the active conduct of a trade or business. Forpurposes of these tests, income derived from the performance of services does not constitute “passive income”. U.S. unitholders of a PFICare subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions theyreceive from the PFIC, and the gain, if any, they derive from the sale or other disposition of their interests in the PFIC.Based on our past, current and projected methods of operation, and an opinion of our U.S. counsel, Cravath, Swaine & Moore LLP,we believe that we will not be a PFIC for our current tax year and we expect that we will not be treated as a PFIC for any future tax year.We have received opinions of our U.S. counsel in support of this position that conclude that the income our subsidiaries earn from certainof our time-chartering activities should not constitute passive income for purposes of determining whether we are a PFIC. In addition, wehave represented to our U.S. counsel that more than 25.0% of our gross income for each of our previous years arose and that we expectthat more than 25.0% of our gross income for our current and each future year will arise from such time-chartering activities, and morethan 50.0% of the average value of our assets for each such year was or will be held for the production of such non-passive income.Assuming the composition of our income and assets is consistent with these expectations, and assuming the accuracy of otherrepresentations we have made to our U.S. counsel for purposes of their opinion, our U.S. counsel is of the opinion that we should not be aPFIC for our current tax year or any future year. This opinion is based and its accuracy is conditioned on representations, valuations andprojections provided by us regarding our assets, income and charters to our U.S. counsel. While we believe these representations,valuations and projections to be accurate, the shipping market is volatile and no assurance can be given that they will continue to beaccurate at any time in the future.Table of Contents38Moreover, there are legal uncertainties involved in determining whether the income derived from time-chartering activities constitutesrental income or income derived from the performance of services. In Tidewater Inc. v. United States, 565 F.3d 299 (5th Cir. 2009), theUnited States Court of Appeals for the Fifth Circuit, or the “Fifth Circuit”, held that income derived from certain time-chartering activitiesshould be treated as rental income rather than services income for purposes of a provision of the Code relating to foreign salescorporations. In that case, the Fifth Circuit did not address the definition of passive income or the PFIC rules; however, the reasoning ofthe case could have implications as to how the income from a time charter would be classified under such rules. If the reasoning of thiscase were extended to the PFIC context, the gross income we derive or are deemed to derive from our time-chartering activities may betreated as rental income, and we would likely be treated as a PFIC. In published guidance, the Internal Revenue Service, or “IRS”, statedthat it disagreed with the holding in Tidewater, and specified that time charters similar to those at issue in the case should be treated asservice contracts. We have not sought, and we do not expect to seek, an IRS ruling on the treatment of income generated from our time-chartering activities, and the opinion of our counsel is not binding on the IRS or any court. As a result, the IRS or a court could disagreewith our position. No assurance can be given that this result will not occur. In addition, although we intend to conduct our affairs in amanner to avoid, to the extent possible, being classified as a PFIC with respect to any tax year, we cannot assure you that the nature of ouroperations will not change in the future, or that we will not be a PFIC in the future. If the IRS were to find that we are or have been a PFICfor any tax year (and regardless of whether we remain a PFIC for any subsequent tax year), our U.S. unitholders would face adverse U.S.federal income tax consequences. See “Item 10. Additional Information—E. Tax Considerations—Material U.S. Federal Income TaxConsiderations—U.S. Federal Income Taxation of U.S. Holders—PFIC Status and Significant Tax Consequences” for a more detaileddiscussion of the U.S. federal income tax consequences to U.S. unitholders if we are treated as a PFIC.We may have to pay tax on U.S.-source income, which will reduce our cash flow.Under the Code, the U.S. source gross transportation income of a ship-owning or chartering corporation, such as ourselves, is subjectto a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under a taxtreaty or Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consistsof 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in theUnited States.We do not expect to qualify for an exemption from such U.S. federal income tax under a tax treaty nor do we expect to qualify for theexemption under Section 883 of the Code during the 2022 tax year, unless our general partner exercises the “GasLog option” described in“Item 4. Information on the Partnership—B. Business Overview—Taxation of the Partnership—U.S. Taxation of Shipping”. Even if we donot qualify for such an exemption, we do not currently expect any resulting U.S. federal income tax liability to be material or materiallyreduce the earnings available for distribution to our unitholders. For 2021, the U.S. source gross transportation tax was $1.4 million. For amore detailed discussion, see the section entitled “Item 4. Information on the Partnership—B. Business Overview—Taxation of thePartnership—United States”.You may be subject to income tax in one or more non-U.S. jurisdictions as a result of owning our common units or Preference Units if,under the laws of any such jurisdiction, we are considered to be carrying on business there. Such laws may require you to file a taxreturn with, and pay taxes to, those jurisdictions.We intend to conduct our affairs and cause each of our subsidiaries to operate its business in a manner that minimizes income taxesimposed upon us and our subsidiaries. Furthermore, we intend to conduct our affairs and cause each of our subsidiaries to operate itsbusiness in a manner that minimizes the risk that unitholders may be treated as having a permanent establishment or tax presence in ajurisdiction where we or our subsidiaries conduct activities simply by virtue of their ownership of our common units or Preference Units.However, because we are organized as a partnership, there is a risk in some jurisdictions that our activities or the activities of oursubsidiaries may rise to the level of a tax presence that is attributed to our unitholders for tax purposes. If you are attributed such a taxpresence in a jurisdiction, you may be required to file a tax return with, and to pay tax in, that jurisdiction based on your allocable share ofour income. In addition, we may be required to obtain information from you in the event a tax authority requires such information tosubmit a tax return. We may be required to reduce distributions to you on account of any tax withholding obligations imposed upon us bythat jurisdiction in respect of such allocation to you. The United States may not allow a tax credit for any foreign income taxes that youdirectly or indirectly incur by virtue of an investment in us.Table of Contents39ITEM 4. INFORMATION ON THE PARTNERSHIPA.History and Development of the PartnershipGasLog Partners was formed on January 23, 2014 as a Marshall Islands limited partnership. GasLog Partners and its subsidiaries areprimarily engaged in the ownership, operation and acquisition of LNG carriers engaged in LNG transportation. The Partnership conductsits operations through its vessel-owning subsidiaries and, as of February 24, 2022, we have a fleet of 15 LNG carriers, including onevessel sold and leased back under a bareboat charter, comprised of ten vessels with modern TFDE propulsion technology and five Steamvessels.On May 12, 2014, we completed our IPO and our common units began trading on the NYSE on May 7, 2014 under the ticker symbol“GLOP”. A portion of the proceeds of our IPO was paid as partial consideration for GasLog’s contribution to us of the interests in itssubsidiaries which owned the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney. Since the IPO we have completedadditional equity offerings as set forth below, the proceeds of which have been used (i) to partially fund the acquisition of GasLog vesselowning subsidiaries, (ii) to pay down debt or (iii) for general corporate purposes: Date Vessel AcquisitionDate of Equity Offering Equity Offering Principal Use of Proceeds CompletedNovember 15, 2018 Preference equity Acquisition of theApril 1,2019 offering, Series C GasLog Glasgow Preference UnitsJanuary 17, 2018 Preference equity Acquisition of theApril 26,2018 offering, Series B GasLog Gibraltar Preference UnitsMay 16, 2017 onwards Common equity Acquisition of the SolarisOctober 20,2017 offering through our Acquisition of theNovember 14,2018 ATM Programme Methane Becki AnneMay 15, 2017 Preference equity Acquisition of theJuly 3,2017 offering, Series A GasLog Geneva Preference UnitsJanuary 27, 2017 Follow-on common Acquisition of theMay 3,2017 equity offering GasLog GreeceAugust 5, 2016 Follow-on common Acquisition of theNovember 1,2016 equity offering GasLog SeattleJune 26, 2015 Follow-on common Acquisition of theJuly 1,2015 equity offering Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather SallySeptember 29, 2014 Follow-on common Acquisition of theSeptember 29,2014 equity offering Methane Rita Andrea and Methane Jane ElizabethWe maintain our principal executive offices at 69 Akti Miaouli, 18537 Piraeus, Greece. Our telephone number at that address is +30210 459 1000.We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Inaccordance with these requirements, we file reports and other information as a foreign private issuer with the SEC. You may obtain copiesof all or any part of such materials from the SEC upon payment of prescribed fees. You may also inspect reports and other informationregarding registrants, such as us, that file electronically with the SEC without charge at a website maintained by the SEC athttp://www.sec.gov. These documents and other important information on our governance are posted on our website and may be viewed athttp://www.gaslogmlp.com.Table of Contents40B.Business Overview OverviewSince our IPO in May 2014, we have been a growth-oriented limited partnership focused on acquiring, owning and operating LNGcarriers engaged in LNG transportation under multi-year charters, growing our wholly-owned fleet from three vessels at the time of ourIPO to 14 today, nine vessels with modern TFDE propulsion technology and five Steam vessels. In addition, GasLog Partners has leasedback under a bareboat charter for a period of five years one TFDE vessel sold to CBDL in October 2021. However, our cost of equitycapital has remained elevated for a prolonged period and has prohibited us from raising, on acceptable terms, the capital required tocontinue growing our assets and our cash flows with the last vessel acquisition completed in April 2019. Since December 31, 2019, anumber of increasingly strong negative indicators in the LNG shipping market, exacerbated by the COVID-19 pandemic caused us torecord a non-cash impairment loss against four of our five Steam vessels in the year ended December 31, 2020 and all five Steam vesselsin the year ended December 31, 2021. On February 6, 2020, in light of reduced expectations for Steam vessel utilization and earnings due to these risks, we announced that GasLog Partners will focus its capital allocation on debt repayment and prioritizing balance sheet strength. The Partnership reduced its quarterly common unit distribution to $0.125 per unit for the first quarter of 2020, from $0.561 per unit for the fourth quarter of 2019 and then further decreased its quarterly common unit distribution to $0.01 per unit for the third quarter of 2020 onwards.Our capital allocation priorities remain focused on reducing our leverage and improving the cash break-even of our fleet to reduce ourcost of capital and further enhance the Partnership’s competitive positioning.All of our vessels were contributed to us by, or acquired by us from, GasLog, which controls us through its ownership of our generalpartner. All vessels have fixed charter terms, with an initial duration of more than six months, expiring between March 2022 and June2026. Six of our vessels currently operate under long-term time charters (defined as charters with initial duration of more than five years)and nine vessels trade in the short-term spot market (defined as vessels under contracts with initial duration of less than five years). Onredelivery, the vessels will operate in the short-term spot market unless we are able to secure new long-term time charters. One of ourvessels is chartered to Gunvor under a term charter expiring in November 2022 with a variable rate of hire indexed to broker estimates ofLNG shipping spot rates for vessels of the same class and subject to minimum and maximum rates of hire. The charters on three Steamvessels and four TFDE vessels will expire in 2022.While spot rates for LNG carriers improved in 2018 and 2019 compared to prior years, the term charter market for on-the-watervessels has not developed as expected, resulting in reduced expectations for future vessel utilization and earnings, in particular for ourSteam vessels after the expiry of their multi-year charters with Shell. Furthermore, the difference between ship broker estimates of the fairmarket values and the carrying values of our Steam vessels has increased over time. These factors caused the Partnership to recognize anon-cash impairment loss of $23.9 million in the year ended December 31, 2020 for four of its five Steam vessels built in 2006 and 2007and a non-cash impairment loss of $104.0 million in the year ended December 31, 2021 for its five Steam vessels.Since the formation of the Partnership and the contribution of the three initial vessels in our fleet, we have grown our fleet and ourcash flows through the acquisition from GasLog of vessels with multi-year charters. However, as a result of the significant challengesfacing the listed midstream energy MLP industry, our cost of equity capital has remained elevated for a prolonged period, making thefunding of new acquisitions challenging. As a result, while we do have options and other rights under which we may acquire additionalLNG carriers from GasLog and which provide us with significant built-in growth opportunities as described below, our high cost of capitalis not currently conducive to the funding of such acquisitions on acceptable terms.We believe that the actions taken to prioritize balance sheet strength and to lower our cash break-evens, combined with our focus onsecuring new term employment for our vessels whose charters have expired or will expire in 2022 and 2023, will reduce our cost of capitalover time. As a result, if we are able to raise new debt or equity capital on acceptable terms in the future, we intend to focus again onincremental acquisitions from GasLog or third parties in order to continue to grow our assets and cash flows. For further discussion of therisks that we face in growing our assets and cash flows, please read “Item 3. Key Information—D. Risk Factors”.GasLog is, we believe, a leading independent international owner, operator and manager of LNG carriers which provides support tointernational energy companies as part of their LNG logistics chain. GasLog was founded by its chairman, Peter G. Livanos, whosefamily’s shipping activities commenced more than 100 years ago. On April 4, 2012, GasLog completed its initial public offering, and itscommon shares began trading on the NYSE on March 30, 2012 under the ticker symbol “GLOG”. At the time of its initial public offering,GasLog’s wholly owned fleet consisted of ten LNG carriers, including eight newbuildings on order. Since its initial public offering,GasLog has increased by approximately 84% the total carrying capacity of its wholly owned fleet, which includes vessels onTable of Contents41the water and newbuildings on order but excludes the vessels owned by the Partnership and the bareboat fleet. As of February 24, 2022,GasLog’s wholly owned and bareboat fleet includes 24 LNG carriers, including 20 ships on the water and four LNG carriers on order fromDSME, as well as a 33.3% ownership in the Partnership. See “—Our Fleet”.On February 22, 2021, GasLog announced that it had entered into a Merger Agreement with GEPIF. Under the Merger Agreement,GEPIF would acquire all of the outstanding common shares of GasLog that are not held by the Rolling Shareholders of GasLog inexchange for $5.80 in cash per common share.GasLog announced on June 9, 2021, the completion of the transaction with GEPIF (the “Transaction”) following the special generalmeeting of GasLog’s shareholders held virtually on June 4, 2021, where the Transaction and the related agreements (i) the previouslyannounced Merger Agreement, (ii) the merger and (iii) the statutory merger agreement contemplated by the Merger Agreement, receivedthe requisite approval of GasLog’s shareholders required by the Agreement and Plan of Merger, dated as of February 21, 2021 (andsubsequently amended on April 20, 2021).Trading in GasLog’s common shares on the New York Stock Exchange (“NYSE”), was suspended with immediate effect and thedelisting of the common shares from the NYSE became effective on June 21, 2021. GasLog’s 8.75% Series A Cumulative RedeemablePerpetual Preference Shares remain outstanding and continue to trade in the NYSE.Following the consummation of the Transaction on June 9, 2021, certain existing shareholders, including Blenheim Holdings, whichis wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation, hold approximately 55.2% of theoutstanding common shares of GasLog Ltd. and GEPIF holds approximately 44.8%.Our FleetOwned FleetThe following table presents information about our fleet as of February 24, 2022: Cargo Charterer (for Charter Capacitycontracts of moreExpirationLNG CarrierYear Built(cbm)than six months)Propulsion(Firm Period)Optional Period1 Solaris 2014 155,000 Shell TFDE March 2022 —2 Methane Heather Sally 2007 145,000 Cheniere Steam June 2022 —3 GasLog Sydney 2013 155,000 TotalEnergies TFDE June 2022 —4 GasLog Seattle 2013 155,000 TotalEnergies TFDE June 2022 —5 Methane Shirley Elisabeth 2007 145,000 JOVO Steam August 2022 —6 Methane Rita Andrea 2006 145,000 Gunvor Steam September 2022 —7 GasLog Santiago 2013 155,000 Trafigura TFDE December 2022 2023-2028(1)8 Methane Jane Elizabeth 2006 145,000 Cheniere Steam March 2023 2024-2025(2)9 GasLog Geneva 2016 174,000 Shell TFDE September 2023 2028-2031(3)10 Methane Alison Victoria 2007 145,000 CNTIC VPower Steam October 2023 2024-2025(4)11 GasLog Gibraltar 2016 174,000 Shell TFDE October 2023 2028-2031(3)12 Methane Becki Anne 2010 170,000 Shell TFDE March 2024 2027-2029(5)13 GasLog Greece 2016 174,000 Shell TFDE March 2026 2031(6)14 GasLog Glasgow 2016 174,000 Shell TFDE June 2026 2031(6)(1)Charterer may extend the term of this time charter for a period ranging from one to six years, provided that the charterer gives usadvance notice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optionalperiod.(2)Charterers may extend the term of the time charters by two additional periods of one year, provided that the charterer gives us advancenotice of declaration. The period shown reflects the expiration of the minimum optional period and the maximum optional period.Table of Contents42(3)Charterer may extend the term of the time charters by two additional periods of five and three years, respectively, provided that thecharterer gives us advance notice of declaration. The period shown reflects the expiration of the minimum optional period and themaximum optional period.(4)The charterer may extend the term of the related charter by two additional periods of one year, provided that the charterer gives usadvance notice of its exercise of any extension option. The period shown reflects the expiration of the minimum optional period andthe maximum optional period.(5)Charterer may extend the term of the related charter for one extension period of three or five years, provided that the charterer givesus advance notice of its exercise of any extension option. The period shown reflects the expiration of the minimum optional periodand the maximum optional period.(6)Charterer may extend the term of these time charters for a period of five years, provided that the charterer gives us advance notice ofdeclaration.Bareboat Vessel Cargo Charterer (for Charter Capacitycontracts of moreExpirationLNG Carrier Year Built (cbm) than six months) Propulsion (Firm Period) Optional Period1 GasLog Shanghai (1)2013155,000GunvorTFDENovember 2022 — (1)In October 2021, the vessel was sold and leased back from CDBL for a period of five years, with no repurchase option or obligation.The key characteristics of our current fleet include the following:●each ship is sized at between approximately 145,000 cbm and 174,000 cbm capacity, which places our ships in the medium-sizeclass of LNG carriers; we believe this size range maximizes their operational flexibility, as these ships are compatible with mostexisting LNG terminals around the world;●each ship is double-hulled, which is standard in the LNG industry;●each ship has a membrane containment system incorporating current industry construction standards, including guidelines andrecommendations from Gaztransport and Technigaz (the designer of the membrane system) as well as updated standards fromour classification society;●each of our ships is equipped with a steam turbine or TFDE propulsion technology;●Bermuda is the flag state of each ship;●each of our ships has received an ENVIRO+ notation from our classification society, which denotes compliance with itspublished guidelines concerning the most stringent criteria for environmental protection related to design characteristics,management and support systems, sea discharges and air emissions; and●our owned and bareboat fleet has an average age of 10.0 years, making it one of the youngest in the industry, compared to acurrent average age of approximately 9.92 years for the global trading LNG carrier fleet including LNG carriers of all sizes as ofDecember 31, 2021.Charter expirationsEight of our vessels (three Steam and five TFDE vessels) are expected to come off-charter within 2022, while the GasLog Santiago isdue to come off charter in December 2022 if the charterer determines not to exercise the option period.Table of Contents43By the end of 2020, all five of the Partnership’s Steam vessels had ended their initial multi-year time charters with subsidiaries ofShell, and three additional TFDE vessels also concluded their multi-year charters during 2021. Although we have been successful infinding longer-term employment for our available vessels, this has been concluded at current market rates, which are below those achievedduring the initial charters.GasLog Partners continues to pursue opportunities for new term charters with third parties, while trading in the spot market andpursuing the most advantageous redeployment depending on evolving market conditions.Additional VesselsFive-Year Vessel Business OpportunitiesGasLog has agreed, and has caused its controlled affiliates (other than us, our general partner and our subsidiaries) to agree, not toacquire, own, operate or charter any LNG carrier with a cargo capacity greater than 75,000 cbm engaged in oceangoing LNGtransportation under a charter for five full years or more without, within 30 calendar days after the consummation of the acquisition or thecommencement of the operations or charter of such a vessel, notifying us and offering us the opportunity to purchase such vessel at fairmarket value. We refer to these vessels, together with any related charters, as “Five-Year Vessels”.See “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions— Omnibus Agreement—Noncompetition” for additional information on the LNG carrier purchase options.Rights of First OfferIn addition, under the omnibus agreement, we will have a right of first offer with regard to any proposed sale, transfer or otherdisposition of any LNG carriers with cargo capacities greater than 75,000 cbm engaged in oceangoing LNG transportation under a charterof five full years or more that GasLog owns, as discussed elsewhere in this annual report.Vessel Acquisition ConsiderationsWe are not obligated to purchase any of the vessels from GasLog described in the previous sections and, accordingly, we may notcomplete the purchase of any such vessels. Furthermore, our ability to purchase any additional vessels, including under the omnibusagreement from GasLog, is dependent on our ability to obtain financing to fund all or a portion of the acquisition costs of these vessels.Our ability to acquire additional vessels from GasLog is also subject to obtaining any applicable consents of governmental authorities andother non-affiliated third parties, including the relevant lenders and charterers. Under the omnibus agreement, GasLog will be obligated touse reasonable efforts to obtain any such consents. We cannot assure you that in any particular case the necessary consent will be obtained.See “Item 3. Key Information—D. Risk Factors—Risks Inherent in Our Business” for a discussion of the risks we face in acquiringvessels. See also “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Omnibus Agreement”.Ship Time ChartersWe provide the services of all of our ships under time charters. A time charter is a contract for the use of the ship for a specified termat a daily hire rate. Under a time charter, the ship owner provides crewing and other services related to the ship’s operation, the cost ofwhich is covered by the hire rate, and the customer is responsible for substantially all of the ship voyage costs (including bunker fuel, portcharges and canal fees and LNG boil-off).Our time charters provide for redelivery of the ship to us at the expiration of the term, as such term may be extended upon thecharterer’s exercise of its extension options, or upon earlier termination of the charter (as described below), plus (or in some cases) minusa specified number of days. Our charter contracts do not provide the charterers with options to purchase our ships during or uponexpiration of the charter term.The following discussion describes the material terms of the time and spot charters for our fleet.Table of Contents44Initial Term, Extensions and RedeliveryLong-term Market (defined as vessels with charter parties with initial duration of more than five years)The initial terms of the time charters for the GasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltarbegan upon delivery of the ships and will terminate in 2026, 2026, 2023 and 2023, respectively. For the GasLog Greece and the GasLogGlasgow, MSL has the option to extend the term of the charter for up to five years and, for the GasLog Geneva and the GasLog Gibraltar,MSL has the option to extend the term of the charter by two additional periods of five and three years, respectively. Each charter requiresthat the charterer provide the owner with advance notice of its exercise of any extension option.The term of the time charter for the Solaris began upon delivery of the ship to GasLog in 2014 following an initial period duringwhich the ship operated under a maiden voyage time charter, the purpose of which was to facilitate completion by Shell of an operationaldischarge inspection of the ship. The Solaris is due to come off charter in March 2022.The initial term of the time charter for the Methane Becki Anne began upon its acquisition by GasLog in 2015 and will terminate in2024. MSL has the option to extend the term of the time charter for an additional period of either three or five years beyond the initialcharter expiration date.Short-term Spot Market (defined as vessels with charter parties with initial duration of less than five years)The term of the time charter of the GasLog Santiago began on its delivery to Trafigura in August 2018 and will terminate inDecember 2022 following Trafigura exercising the option to extend the term of the time charter for one year past its original terminationdate of December 2021. Trafigura retains various options to extend the term of the time charter for between one and six years at specifiedrates.The GasLog Sydney commenced a 350-day charter with Total in June 2021 and will terminate in June 2022.The Methane Jane Elizabeth commenced an 800-day charter with Cheniere in December 2020 and will terminate in March 2023.Cheniere has the option to extend this charter by one year following an additional year option at specified rates. The charter rate for thisperiod is lower than the previous charter rate for the Methane Jane Elizabeth.The term of the time charter of the GasLog Shanghai began upon its delivery to Gunvor in June 2019 and has a variable rate of hirewithin an agreed range during the charter period. The charter with Gunvor will terminate in November 2022. The vessel is now owned bya wholly-owned subsidiary of CDBL and leased back to GasLog Partners.The Methane Shirley Elisabeth commenced a two-year charter with JOVO in July 2020 and will terminate in August 2022.The Methane Alison Victoria commenced a three-year time charter with CNTIC VPower in October 2020 and which will terminate inOctober 2023. The charterer may extend the term of the charter by two additional periods of one year, provided that the charterer givesadvance notice.The Methane Heather Sally commenced a one-year charter with Cheniere in June 2021 and will terminate in June 2022.The Methane Rita Andrea’s current time charter with Gunvor will terminate in September 2022.Hire Rate Provisions“Hire rate” refers to the basic payment from the customer for use of the ship. Under all of our time charters, the hire rate is payable tous monthly in advance in U.S. dollars.The hire rates provided for under the time charters for the GasLog Santiago, the GasLog Sydney, the GasLog Seattle, the GasLogGreece, the GasLog Glasgow, the GasLog Geneva, the GasLog Gibraltar, the Methane Heather Sally, the Methane Rita Andrea, theMethane Shirley Elisabeth, the Methane Jane Elizabeth, the Methane Alison Victoria and the Methane Becki Anne include only onecomponent that is a fixed daily amount that increases during any option period.Table of Contents45Under the time charter for the GasLog Shanghai, the vessel is under a variable market-related structure calculated from the average ofthree broker reports. The rate is assessed based on each voyage the ship performs. This type of hire rate structure has a floor and a ceiling.Under the time charter for the Solaris, the vessel is managed by a subsidiary of Shell and such entity covers operating costs.Therefore, the hire rate includes only one component that is a fixed daily amount equivalent to the capital cost component.The hire rates for each of our ships may be reduced if the ship does not perform to certain of its specifications or if we breach ourobligations under the charter.Off-HireWhen a ship is “off-hire”—or not available for service—a time charterer generally is not required to pay the hire rate, and we remainresponsible for all costs, including the cost of any LNG cargo lost as boil-off during such off-hire periods. The vast majority of our timecharters provide an annual allowance period for us to schedule preventative maintenance work on the ships, whilst for the spot ships wetake advantage of (any) period between charters to perform the required maintenance. Our ships are maintained to the highest standards inaccordance with the maker’s maintenance schedule. A ship generally will be deemed off-hire under our time charters if there is a specifiedtime outside of the annual allowance period when the ship is not available for the charterer’s use due to, among other things, operationaldeficiencies (including the failure to maintain a certain guaranteed speed), dry-docking for repairs, maintenance or inspection, equipmentbreakdowns, deficiency of personnel or neglect of duty by the ship’s officers or crew, deviation from course, or delays due to accidents,quarantines, ship detentions or similar problems.All ships are dry-docked at least once every five years for a special survey as required by the ship’s classification society. Ships areconsidered to be on a scheduled off-hire under our time charters during such periods.Ship Management and MaintenanceUnder our time charters, we are responsible for the technical management of the majority of our ships (the Solaris is managed byShell). Technical management includes the engagement and provision of qualified crews, employment of armed guards for transport incertain high-risk areas, maintaining the ship, arranging supply of stores and equipment, cleaning and painting and ensuring compliancewith applicable regulations, including licensing and certification requirements, as well as for dry-docking expenses. We provide thesemanagement services through technical management agreements with GasLog LNG Services, a wholly-owned subsidiary of GasLog. See“Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Ship Management Agreements”.Termination and CancellationUnder our existing time charters, each party has certain termination rights which include, among other things, the automatictermination of a charter upon loss of the relevant ship. Either party may elect to terminate a charter upon the occurrence of specifieddefaults or upon the outbreak of war or hostilities involving two or more major nations, such as the United States or the People’s Republicof China, if such war or hostilities materially and adversely affect the trading of the ship for a period of at least 30 days. In addition,charterers have the option to terminate a charter if the relevant ship is off-hire for any reason other than scheduled dry-docking. Thenumber of off-hire days which trigger this option varies dependent on the terms of the individual charter parties.The Bareboat ChartersOn October 26, 2021, GasLog Partners’ subsidiary, GAS-three Ltd., completed the sale and leaseback of the GasLog Shanghai withCDBL. The vessel was sold and leased back under a bareboat charter for a period of five years, with no repurchase option or obligation.The vessel remains on its charter with Gunvor.CompetitionWe operate in markets that are highly competitive and based primarily on supply and demand. Generally, competition for LNG timecharters is based primarily on charter party terms including price, ship availability, size, age, technical specifications andTable of Contents46condition, LNG shipping experience, quality and efficiency of ship operations including level of emissions, shipping industry relationshipsand reputation for customer service, and technical ability and reputation for operation of highly specialized ships. Nine of our vessels (fiveSteam and four TFDE) operate in the spot charter market that covers short-term charters of less than five years. In the future, more of ourvessels may operate in the more volatile spot charter market.Although we believe that the GasLog Group is one of a small number of large independent owners who focus primarily on newly-built, technically advanced LNG carriers, a growing number of other independent shipping companies also own and operate, and in somecases manage, LNG carriers and have new ships under construction. Several of these other ship owners and managers have decided toenter, or to expand their presence in, the LNG market with newbuilding vessels over the last year, and potentially others may also attemptto participate in the LNG market in the future.In addition to independent owners, some of the major oil and gas producers own LNG carriers and, in the recent past, they havecontracted for the construction of new LNG carriers. Certain national oil and gas and shipping companies also have large fleets of LNGcarriers that have expanded and may continue to expand. Some of these companies, as well as other market participants such as tradingcompanies who have LNG shipping capacity contracted on multi-year charters, may compete with independent owners by using theirfleets to carry LNG for third parties.Seagoing and Shore-Based EmployeesWe do not directly employ any on-shore or seagoing employees. The services of our executive officers and other employees areprovided pursuant to the administrative services agreement, under which we pay an annual fee. As of December 31, 2021, GasLogemployed (directly and through manning agents) approximately 2,247 seafaring staff who serve on GasLog’s owned and managed vessels(including our fleet) as well as 150 shore-based staff. GasLog and its affiliates may employ additional staff to assist us as we grow.GasLog, through certain of its subsidiaries, provides onshore advisory, commercial, technical and operational support to our operatingsubsidiaries pursuant to the amended ship management agreements, subject to any alternative arrangements made with the applicablecharterer. See “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Ship ManagementAgreements”.LNG marine transportation is a specialized area requiring technically skilled officers and personnel with specialized training. We andGasLog regard attracting and retaining motivated, well-qualified seagoing and shore-based personnel as a top priority, and GasLog offersits people competitive compensation packages. As a result, GasLog has historically enjoyed high retention rates. In 2021, GasLog’sretention rate was 95.6% for senior seagoing officers, 96.8% for other seagoing officers and 95.6% for shore staff.Although GasLog has historically experienced high employee retention rates, the demand for technically skilled officers and crews toserve on LNG carriers and FSRUs has been increasing as the global fleet of LNG carriers and FSRUs continues to grow. This increaseddemand has, and may continue, to put inflationary cost pressure on ensuring qualified and well trained crew are available to GasLog.However, we and GasLog expect that the impact of cost increases and increased competition would be mitigated to some extent by thecontinuous evolution and adjustment of the GasLog salary and benefit structure and by certain provisions in our time charters, includingautomatic periodic adjustment and cost review provisions.Classification, Inspection and MaintenanceEvery large, commercial seagoing ship must be “classed” by a classification society. The classification society certifies that the ship is“in class”, signifying that the ship has been built and subsequently maintained in accordance with the rules of the classification society andcomplies with applicable rules and regulations of the ship’s country of registry and the international conventions of which that country is amember. In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, theclassification society will undertake them on application or by official order, acting on behalf of the authorities concerned. Theclassification society also undertakes on request other surveys and checks that are required by regulations and requirements of the flagstate. These surveys are subject to agreements made in each individual case and/or to the regulations of the country concerned.To ensure each ship is maintained in accordance with classification society standards and for maintenance of the class certificate,regular and extraordinary surveys of hull and machinery, including the electrical plant, and any special equipment classes are required tobe performed periodically. Surveys are based on a five-year cycle that consists of annual surveys, intermediate surveys that areTable of Contents47typically completed between the second and third years of every five-year cycle, and comprehensive special surveys (also known as classrenewal surveys) that are completed at each fifth anniversary of the ship’s delivery. According to class, vessels 15 years of age or over willbe subject to special consideration and approval by Class ABS based on the vessel’s survey status before being permitted to have anIntermediate underwater inspection in Lieu of dry-docking (UWILD) instead of out of water dry-docking survey. Basis our maintenancestandards and the condition of the vessels we expect we will be able to retain the five year cycle of dry-docking and maintain thisassumption for budgeting and operations planning.All areas subject to surveys as defined by the classification society are required to be surveyed at least once per five-year class cycle,unless shorter intervals between surveys are otherwise prescribed. All ships are also required to be dry-docked at least once during everyfive-year class cycle for inspection of their underwater parts and for repairs related to inspections. If any defects are found, theclassification surveyor will issue a “recommendation” which must be rectified by the ship owner within prescribed time limits. We intendto dry-dock our ships at five-year intervals that coincide with the completion of the ship’s special surveys. We expect that the dry-dockingschedule for the vessels which we have the option to purchase from GasLog will, for the foreseeable future, follow the same schedule asour current fleet.Most insurance underwriters make it a condition for insurance coverage that a ship be certified as “in class” by a classification societythat is a member of the International Association of Classification Societies. The vessels in our fleet are each certified by the AmericanBureau of Shipping. Each ship has been awarded International Safety Management certification and is currently “in class”.The following table lists the years in which we expect to carry out the next or initial dry-dockings and special surveys for our fleet: Dry-dockingandShip NameSpecial SurveyGasLog Shanghai 2023GasLog Seattle 2023GasLog Santiago 2023GasLog Sydney 2023Solaris 2024Methane Jane Elizabeth 2025Methane Alison Victoria 2025Methane Shirley Elisabeth 2025Methane Heather Sally 2025Methane Becki Anne 2025Methane Rita Andrea 2026GasLog Greece 2026GasLog Geneva 2026GasLog Gibraltar 2026GasLog Glasgow 2026Risk of Loss, Insurance and Risk ManagementThe operation of any ship has inherent risks. These risks include mechanical failure, personal injury, collision, property loss ordamage, ship or cargo loss or damage and business interruption due to a number of reasons, including mechanical failure, cyber-attack,political circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an inherent possibility of marinedisaster, including collision, explosion, spills and other environmental mishaps, and the liabilities arising from owning and operating shipsin international trade.We maintain hull and machinery insurance on all our ships against marine and war risks at a Total Loss limit amount determined bythe most recent brokers’ valuation and our mortgage’s insurance covenants, as deemed to be prudent. In addition, we maintain protectionand indemnity insurance on all our ships up to the maximum insurable limit available at any given time by the International Group of P&IClubs. We also maintain cyber insurance coverage on all of our ships. The insurance coverage is described in more detail below. While webelieve that our insurance coverage will be adequate, not all risks can be insured, and there can be noTable of Contents48guarantee that we will always be able to obtain adequate insurance coverage at reasonable rates or at all, or that any specific claim we maymake under our insurance coverage will be paid.Hull & Machinery Marine Risks Insurance and Hull & Machinery War Risks InsuranceWe maintain hull and machinery marine risks insurance and hull and machinery war risks insurance on our ships, which cover loss ofor damage to a ship due to marine perils such as collisions, fire or lightning, and the loss of or damage to a ship due to war perils such asacts of war, terrorism or piracy. Each of our ships is insured under these policies for a total amount that exceeds what we believe to be itsfair market value. We also maintain hull disbursements and increased value insurance policies covering each of our ships, which provideadditional coverage in the event of the total or constructive loss of a ship. Our marine risks insurance policies contain deductible amountsfor which we will be responsible, but there are no deductible amounts under our war risks policies or our total loss policies.Loss of Hire Insurance/Delay InsuranceWe have obtained loss of hire insurance to protect us against loss of income as a result of the ship being off-hire or otherwise sufferinga loss of operational time for events falling under the terms of our hull and machinery/war insurance. Under our loss of hire policy, ourinsurer will pay us the hire rate agreed in respect of each ship for each day, in excess of a certain number of deductible days, for the timethat the ship is out of service as a result of damage, up to a maximum of 90 days. The number of deductible days for the ships in our fleetis 14 days per ship. In addition to the loss of hire insurance, we also place delay insurance which, like loss of hire, covers all ownedvessels for time lost due to events falling under the terms of our hull and machinery insurance, plus additional protection and indemnityrelated incidents. The cover has a deductible of seven days with a maximum of seven days (which takes it up to the loss of hire deductibleof 14 days) for H&M losses, two days with a maximum of 12 days for ship-related perils, and a maximum of 5 days for shoreside perils.The hire rate is aligned with the loss of hire insurance daily sum insured. As of July 1, 2021, the delay insurers inserted a CommunicableDisease Exclusion clause to exclude losses arising out of pandemia (i.e. COVID-19).Additionally, we buy war loss of hire and kidnap and ransom insurance when our ships are ordered to sail through West Africa, theIndian Ocean and Gulf of Aden to insure against potential losses relating to the hijacking of a ship and its crew by pirates.Protection and Indemnity InsuranceProtection and indemnity insurance is typically provided by a protection and indemnity association, or “P&I association”, and coversthird-party liability, crew liability and other related expenses resulting from illness, injury to or death of crew, passengers and other thirdparties, loss of or damage to cargo, third-party claims arising from collisions with other ships (to the extent not recovered by the hull andmachinery policies), damage to other third-party property, pollution arising from oil or other substances and salvage, towing and otherrelated costs, including wreck removal.Our protection and indemnity insurance covering our ships is provided by a P&I association that is a member of the InternationalGroup of Protection and Indemnity Clubs, or “International Group”. The thirteen P&I associations that comprise the International Groupinsure approximately 90% of the world’s commercial tonnage and have entered into a pooling agreement to reinsure each association’sliabilities. Insurance provided by a P&I association is a form of mutual indemnity insurance.Our protection and indemnity insurance is currently subject to limits of $3 billion per ship per event in respect of liability topassengers and seamen, $2 billion per ship per event in respect of liability to passengers and $1 billion per ship per event in respect ofliability for oil pollution.For claims falling in excess of the above figures, the General Excess of Loss Reinsurance Programme of the International Grouppurchase a ‘collective overspill reinsurance’ to provide protection in respect of claims exceeding the upper cover limit.As a member of a P&I association, we will be subject to calls payable to the P&I association based on the International Group’s claimrecords as well as the claim records of all other members of the P&I association of which we are a member.Table of Contents49Cyber InsuranceWe have insurance coverage for cyber-related vessel hull & machinery risks. Our policy covers physical damage to any of our vesselsup to $50 million per vessel with a fleet aggregate limit of $150 million.During 2021, we purchased an additional cyber product which compliments the existing vessel hull & machinery cyber cover forlosses in excess of $100,000 and up to $10 million and provides coverage irrespective of cause (malicious act, terror or negligence) for thecore Enterprise risks including:●Cyber Defense Costs and Remediation costs (including public relation costs as remediation costs)●Costs for repair/replacement of Loss or Damage to IT Assets●Data Restoration costs●Personal Data Loss costs●Loss of Revenue (does not need to be caused by a Physical damage event)●Cyber Crime – Illegal/unlawful demands (ransom)●Cyber Crime – E-theft financial Loss (instructions for transfer of money, credit, securities etc.)The company also provides pre-risk assessment and advice that may reduce GasLog’s cyber exposure and chance of claim.Safety PerformanceGasLog provides intensive onboard training for its officers and crews to instill a culture of the highest operational and safetystandards. During 2021, GasLog’s fleet experienced 1 recordable injury and 6 first aid cases.Permits and AuthorizationsWe are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, financial assurancesand certificates with respect to our ships. The kinds of permits, licenses, financial assurances and certificates required will depend uponseveral factors, including the waters in which the ship operates, the nationality of the ship’s crew and the age of the ship. We have obtainedall permits, licenses, financial assurances and certificates currently required to operate our ships. Additional laws and regulations,environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of our doing business.Environmental and Other RegulationThe carriage, handling, storage and regasification of LNG are subject to extensive laws and regulations relating to the protection ofthe environment, health and safety and other matters. These laws and regulations include international conventions and national, state andlocal laws and regulations in the countries where our ships now or in the future will operate, or where our ships are registered. Compliancewith these laws and regulations may entail significant expenses and may impact the resale value or useful lives of our ships. Our ships maybe subject to both scheduled and unscheduled inspections by a variety of governmental, quasi-governmental and private organizations,including the local port authorities, national authorities, harbor masters or equivalent, classification societies, flag state administrations(countries of registry) and charterers. Failure to maintain permits, licenses, certificates or other authorizations required by some of theseentities could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our ships or leadto the invalidation for our insurance coverage reduction.We believe that our ships are operated in material compliance with applicable environmental laws and regulations and that our shipsin operation have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. In fact,each of our ships have received an ENVIRO, an ENVIRO+ or a CLEAN notation from our classification societies, which denotecompliance with their published guidelines concerning stringent criteria for environmental protection related to design characteristics,management and support systems, sea discharges and air emissions. Because environmental laws and regulations are frequently changedand may impose increasingly strict requirements, however, it is difficult to predict accurately the ultimate cost of complying with theserequirements or the impact of these requirements on the resale value or useful lives of our ships. Moreover, additionalTable of Contents50legislation or regulation applicable to the operation of our ships that may be implemented in the future, such as in response to a seriousmarine incident like the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, could negatively affect our profitability.International Maritime RegulationsThe IMO, the United Nations agency for maritime safety and the prevention of pollution by ships, has adopted several internationalconventions that regulate the international shipping industry, including the International Convention for the Safety of Life at Sea(“SOLAS”), the International Convention on Civil Liability for Oil Pollution Damage, the International Convention on Civil Liability forBunker Oil Pollution Damage, the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers(“STCW”) and the International Convention for the Prevention of Pollution From Ships (“MARPOL”). Ships that transport gas, includingLNG carriers, are also subject to regulations under amendments to SOLAS, including the International Safety Management Code for theSafe Operation of Ships and for Pollution Prevention, or the “ISM Code”. The ISM Code requires, among other things, that the party withoperational control of a ship develop an extensive safety management system, including the adoption of a policy for safety andenvironmental protection setting forth instructions and procedures for operating its ships safely and also describing procedures forresponding to emergencies. We rely on GasLog LNG Services for the development and maintenance of a safety management system forour ships that meets these requirements. GasLog LNG Services is also subject to the International Code for Construction and Equipmentof Ships Carrying Liquefied Gases in Bulk (the “IGC Code”), which prescribes design and construction standards for ships involved in thetransport of gas. Compliance with the IGC Code must be evidenced by a Certificate of Fitness for the Carriage of Liquefied Gases of Bulkwhich is issued per vessel. Non-compliance with the IGC Code or other applicable IMO regulations may subject a ship owner or abareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected ships and may result in thedenial of access to, or detention in, some ports.SOLAS is an international maritime law which sets minimum safety standards in the construction, equipment and operation ofmerchant ships. The convention requires signatory flag states to ensure that ships flagged by them comply with at least these standards.The current version of SOLAS is the 1974 version, known as SOLAS 1974, which came into force on May 25, 1980. As of January 2022,SOLAS 1974 had 167 contracting states, which flag about 99.9% of merchant ships around the world in terms of gross tonnage. SOLAS inits successive forms is generally regarded as the most important of all international maritime laws concerning the safety of merchant ships.STCW 1978 was adopted on July 7, 1978 and entered into force on April 28, 1984. The main purpose of the Convention is to promotesafety of life and property at sea and the protection of the marine environment by establishing in common agreement internationalstandards of training, certification and watchkeeping for seafarers. The Manila amendments to the STCW Convention and Code wereadopted on June 25, 2010, marking a major revision of the STCW Convention and Code. The 2010 amendments were entered into forceon January 1, 2012 under the tacit acceptance procedure and were aimed at bringing the Convention and Code up to date withdevelopments since they were initially adopted and to enable them to address issues that were anticipated to emerge in the foreseeablefuture.The MARPOL Convention establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, airemissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged form. In September 1997, theIMO adopted Annex VI to MARPOL to address air pollution from ships. Annex VI came into force on May 19, 2005. It sets limits onsulfur oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances, such aschlorofluorocarbons. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be establishedwith more stringent controls on sulfur emissions. Annex VI has been ratified by many, but not all, IMO member states. In October 2008,the Marine Environment Protection Committee, (“MEPC”), of the IMO approved amendments to Annex VI regarding particulate matter,nitrogen oxide and sulfur oxide emissions standards. These amendments became effective in July 2010. These requirements establish aseries of progressive standards to further limit the sulfur content in fuel oil, (which phased in between 2012 and 2020), as well as new tiersof nitrogen oxide emission standards for new marine diesel engines, depending on their date of installation. As of January 1, 2020, shipsmust either use low sulfur fuel (potentially including undertaking necessary fuel tank modification) to comply with a global sulfur cap of0.5 percent m/m or be filled with exhaust gas scrubbers. Additionally, more stringent emission standards could apply in coastal areasdesignated as Emission Control Areas, or “ECAs”. For example, IMO “Tier III” emission standards for nitrous oxide apply in NorthAmerican and U.S. Caribbean Sea ECAs to all marine diesel engines installed on a ship constructed after January 1, 2016. The EuropeanUnion Directive 2005/33/EC, which became effective on January 1, 2010, parallels Annex VI and requires ships to use reduced sulfurcontent fuel for their main and auxiliary engines. OurTable of Contents51fleet complies with the relevant legislation and has the relevant certificates, including certificates evidencing compliance with Annex VI ofthe MARPOL Convention.Although the United States is not a party, many countries have ratified the International Convention on Civil Liability for OilPollution Damage, 1969, as amended, (“CLC”). Under this convention, a ship’s registered owner is strictly liable for pollution damagecaused in the territorial waters of a contracting state by discharge of persistent oil, subject under certain circumstances to certain defensesand limitations. Ships carrying more than 2,000 gross tons of oil, and trading to states that are parties to this convention, must maintainevidence of insurance in an amount covering the liability of the owner. In jurisdictions where the CLC has not been adopted, variouslegislative schemes or common law impose liability either on the basis of fault or in a manner similar to the CLC. P&I Clubs in theInternational Group issue the required Bunker Convention (defined below) “Blue Cards” to provide evidence of insurance meeting theliability requirements. Where applicable, all of our vessels have received “Blue Cards” from their P&I Club and are in possession of aCLC State-issued certificate attesting that the required insurance coverage is in force.The IMO also has adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage, or the “BunkerConvention”, which imposes liability on ship owners for pollution damage in jurisdictional waters of ratifying states caused by dischargesof bunker fuel and requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amountequal to the limits of liability under the applicable national or international limitation regime. We maintain insurance in respect of ourships that satisfies these requirements.Non-compliance with the ISM Code or with other IMO regulations may subject a ship owner or bareboat charterer to increasedliability, may lead to decreases in available insurance coverage for affected ships and may result in the denial of access to, or detention in,some ports, including United States and European Union ports. Non-compliance with the ISM Code or other IMO regulations may subjecta shipowner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected ships and mayresult in the denial of access to, or detention in, some ports, including ports in the United States and Europe.The Maritime Labour Convention (“MLC”) 2006 was adopted by the International Labour Conference at its 94th (Maritime) Session(2006), establishing minimum working and living conditions for seafarers. The convention entered into force August 20, 2013, whilstamendments were approved by the International Labour Conference at its 103rd Session (2014). The convention establishes a single,coherent instrument embodying as far as possible all up-to-date standards of existing international maritime labour conventions andrecommendations, as well as the fundamental principles to be found in other international labour conventions.United StatesOil Pollution Act and CERCLAOur operations are subject to the OPA, which establishes an extensive regulatory and liability regime for environmental protection andcleanup of oil spills, and the Comprehensive Environmental Response, Compensation and Liability Act, or “CERCLA”, which imposesliability on owners and operators of ships for cleanup and natural resource damage from the release of hazardous substances (other thanoil). Under OPA, ship owners, operators and bareboat charterers are responsible parties who are jointly, severally and strictly liable (unlessthe spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs andother damages arising from oil spills from their ships. As of February 22, 2021, OPA currently limits the liability of responsible partieswith respect to ships over 3,000 gross tons to the greater of $2,300 per gross ton or $19,943,400 per double hull ship and permitsindividual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries. Some stateshave enacted legislation providing for unlimited liability for discharge of pollutants within their waters. Liability under CERCLA islimited to the greater of $300 per gross ton or $5.0 million for ships over 300 gross tons carrying a hazardous substance as cargo and thegreater of $300 per gross ton or $0.5 million for any other ship over 300 gross tons.These limits of liability do not apply under certain circumstances, however, such as where the incident is caused by violation ofapplicable U.S. federal safety, construction or operating regulations, or by the responsible party’s gross negligence or willful misconduct.In addition, a marine incident that results in significant damage to the environment, such as the Deepwater Horizon oil spill, could result inamendments to these limitations or other regulatory changes in the future. We maintain the maximum pollution liability coverage amountof $1 billion per incident for our ships. We also believe that we will be in substantial compliance with OPA, CERCLA and all applicablestate regulations in the ports where our ships will call.Table of Contents52OPA also requires owners and operators of ships over 300 gross tons to establish and maintain with the National Pollution FundCenter of the U.S. Coast Guard evidence of financial responsibility sufficient to meet the limit of their potential strict liability under theact. Such financial responsibility can be demonstrated by providing a guarantee from an appropriate guarantor, who can release therequired guarantee to the National Pollution Fund Center against payment of the requested premium. We have purchased such a guaranteein order to provide evidence of financial responsibility and have received the mandatory certificates of financial responsibility from theU.S. Coast Guard in respect of each of the vessels included in our fleet. We intend to obtain such certificates in the future for each of ourvessels, if required to have them.Clean Water ActThe U.S. Clean Water Act of 1972, (the “CWA”), prohibits the discharge of oil, hazardous substances and ballast water in U.S.navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for anyunauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complementsthe remedies available under OPA and CERCLA. Furthermore, most U.S. states that border a navigable waterway have enactedenvironmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or arelease of a hazardous substance. These laws may be more stringent than U.S. federal law.The United States Environmental Protection Agency, (the “EPA”), has enacted rules requiring ballast water discharges and otherdischarges incidental to the normal operation of certain ships within United States waters to be authorized under the Ship General Permitfor Discharges Incidental to the Normal Operation of Ships, (the “VGP”). To be covered by the VGP, owners of certain ships must submita Notice of Intent, (“NOI”), at least 30 days before the ship operates in United States waters. Compliance with the VGP could require theinstallation of equipment on our ships to treat ballast water before it is discharged or the implementation of other disposal arrangements,and/or otherwise restrict our ships from entering United States waters. In March 2013, the EPA published a new VGP that includesnumeric effluent limits for ballast water expressed as the maximum concentration of living organisms in ballast water. The VGP alsoimposes a variety of changes for non-ballast water discharges including more stringent Best Management Practices for discharges of oil-to-sea interfaces in an effort to reduce the toxicity of oil leaked into U.S. waters. The 2013 VGP was issued with an effective period ofDecember 19, 2013 to December 18, 2018. The Vessel Incidental Discharge Act, (“VIDA”), enacted on December 4, 2018, requires theEPA and Coast Guard to develop new performance standards and enforcement regulations and extends the 2013 VGP provisions until newregulations are final and enforceable. We have submitted NOIs for our fleet and intend to submit NOIs for our ships in the future, whererequired, and do not believe that the costs associated with obtaining and complying with the VGP will have a material impact on ouroperations.Clean Air ActThe U.S. Clean Air Act of 1970, as amended by the Clean Air Act Amendments of 1977 and 1990, (the “CAA”), requires the EPA topromulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our ships may be subject to vaporcontrol and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations inregulated port areas and emission standards for so-called “Category 3” marine diesel engines operating in U.S. waters. The marine dieselengine emission standards are currently limited to new engines beginning with the 2004 model year. On April 30, 2010, the EPA adoptedfinal emission standards for Category 3 marine diesel engines equivalent to those adopted in the amendments to Annex VI to MARPOL.The CAA also requires states to adopt State Implementation Plans, or “SIPs”, designed to attain national health-based air qualitystandards in primarily major metropolitan and/or industrial areas. Several SIPs regulate emissions resulting from ship loading andunloading operations by requiring the installation of vapor control equipment. The MEPC has designated as an ECA the area extending200 miles from the territorial sea baseline adjacent to the Atlantic/Gulf and Pacific coasts and the eight main Hawaiian Islands and theBaltic Sea, North Sea and Caribbean Sea, under the Annex VI amendments. Fuel used by vessels operating in the ECA cannot exceed0.1% (mass by mass) sulfur. As of January 1, 2016, NOx after-treatment requirements also apply. Our vessels can store and burn low-sulfur fuel oil or alternatively burn natural gas which contains no sulfur. Additionally, burning natural gas will ensure compliance withIMO Tier III NOx emission limitations without the need for after-treatment. Charterers must supply compliant fuel for the vessels beforeordering vessels to trade in areas where restrictions apply. As a result, we do not expect such restrictions to have a materially adverseimpact on our operations or costs.Table of Contents53Other Environmental InitiativesU.S. Coast Guard regulations adopted under the U.S. National Invasive Species Act, (“NISA”), impose mandatory ballast watermanagement practices for all ships equipped with ballast water tanks entering U.S. waters, which could require the installation ofequipment on our ships to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements orprocedures, and/or otherwise restrict our ships from entering U.S. waters. In June 2012, the U.S. Coast Guard rule establishing standardsfor the allowable concentration of living organisms in ballast water discharged in U.S. waters and requiring the phase-in of Coast Guardapproved ballast water management systems, (“BWMS”), became effective. The rule requires installation of Coast Guard approvedBWMS by new vessels constructed on or after December 1, 2013 and existing vessels as of their first dry-docking after January 1, 2016.Several states have adopted legislation and regulations relating to the permitting and management of ballast water discharges.At the international level, the IMO adopted an International Convention for the Control and Management of Ships’ Ballast Water andSediments in February 2004, (the “BWM Convention”). The BWM Convention’s implementing regulations call for a phased introductionof mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits. The threshold ratificationrequirements for the convention to enter into force were met in 2016, and the convention became effective on September 8, 2017. All ournewly delivered ships from 2016 onwards have compliant equipment installed. We have selected one manufacturer to supply the requiredequipment to be installed at the first dry-dock of all remaining ships. The programme and required funds have been included in our futureplanning to ensure the fleet remains compliant at all times.Our vessels may also become subject to the International Convention on Liability and Compensation for Damage in Connection withthe Carriage of Hazardous and Noxious Substances by Sea, 1996 as amended by the Protocol to the HNS Convention, adopted in April2010, or “HNS Convention”, if it is entered into force. The HNS Convention creates a regime of liability and compensation for damagefrom hazardous and noxious substances, or “HNS”, including a two-tier system of compensation composed of compulsory insurance takenout by shipowners and an HNS Fund which comes into play when the insurance is insufficient to satisfy a claim or does not cover theincident. To date, the HNS Convention has not been ratified by a sufficient number of countries to enter into force.Greenhouse Gas RegulationsThe MEPC of IMO adopted two new sets of mandatory requirements to address greenhouse gas emissions from ships at its July 2011meeting. The Energy Efficiency Design Index requires a minimum energy efficiency level per capacity mile and is applicable to newvessels, and the Ship Energy Efficiency Management Plan is applicable to currently operating vessels. The requirements, which enteredinto force in January 2013, were fully implemented by GasLog as of December 2012 and have been implemented by the Partnership aswell. The IMO is also considering the development of a market-based mechanism for greenhouse gas emissions from ships, but it isdifficult to predict the likelihood that such a standard might be adopted or its potential impact on our operations at this time.Meeting in a remote session in June 2021 (MEPC 76), MEPC finalized and adopted amendments to the International Convention forthe Prevention of Pollution from Ships (“MARPOL”) Annex VI that will require ships to reduce their GHG emissions. These amendmentscombine technical and operational approaches to improve the energy efficiency of ships and provide important building blocks for futureGHG reduction measures. These amendments are expected to enter into force on November 1, 2022 with the requirements for EnergyEfficiency Existing Ships Index (“EEXI”) and Carbon Intensity Index (“CII”) certification coming into effect on January 1, 2023. TheEEXI, which indicates the energy efficiency of a ship compared to a baseline, will be implemented for existing ships as technical measuresto reduce CO2 emissions. The CII will be calculated annually and implemented as an operational carbon intensity measure to benchmarkand improve efficiency. The regulations and framework will be reviewed by January 1, 2026.The European Union has indicated in the past that it intends to propose an expansion of the existing European Union emissionstrading scheme to include emissions of greenhouse gases from marine ships. The EU MRV Regulation (Monitoring, Reporting,Verification), entered into force on July 1, 2015, requires large vessels entering European Union ports to monitor, report and verify theircarbon dioxide emissions as of January 1, 2018. In the United States, the EPA has adopted regulations under the CAA to limit greenhousegas emissions from certain mobile sources, although these requirements do not currently apply to greenhouse gas emissions from ships. Inaddition, the International Paris Agreement, which entered into force on November 4, 2016, establishes a framework for reducing globalgreenhouse gas emissions designed to take effect by 2020, with the goal of holding the increase in global average temperature to wellbelow 2 degrees Celsius and pursuing efforts to limit the increase to 1.5 degrees Celsius. AlthoughTable of Contents54the Paris Agreement does not specifically require controls on shipping or other industries, it is possible that countries or groups ofcountries will seek to impose such controls in the future. Any passage of climate control legislation or other regulatory initiatives by theIMO, the European Union, the United States or other countries where we operate, or any treaty adopted or amended at the internationallevel that restricts emissions of greenhouse gases could require us to make significant expenditures that we cannot predict with certainty atthis time.We believe that LNG carriers, which have the inherent ability to burn natural gas to power the ship, and in particular LNG carriers likecertain of our vessels that utilize fuel-efficient diesel electric propulsion, can be considered among the cleanest of large ships in terms ofemissions and very adaptable to the usage of newly developed lower and/or zero emission fuels.Ship Security RegulationsA number of initiatives have been introduced in recent years intended to enhance ship security. On November 25, 2002, the MaritimeTransportation Security Act of 2002, (“MTSA”), was signed into law. To implement certain portions of the MTSA, the U.S. Coast Guardissued regulations in July 2003 requiring the implementation of certain security requirements aboard ships operating in waters subject tothe jurisdiction of the United States. Similarly, in December 2002, amendments to SOLAS created a new chapter of the convention dealingspecifically with maritime security. This new chapter came into effect in July 2004 and imposes various detailed security obligations onships and port authorities, most of which are contained in the newly created International Ship and Port Facilities Security Code, (“ISPSCode”). Among the various requirements are:●on-board installation of automatic information systems to enhance ship-to-ship and ship-to-shore communications;●on-board installation of ship security alert systems;●the development of ship security plans; and●compliance with flag state security certification requirements.The U.S. Coast Guard regulations, intended to align with international maritime security standards, exempt non-U.S. ships fromMTSA ship security measures, provided such ships have on board a valid “International Ship Security Certificate” that attests to the ship’scompliance with SOLAS security requirements and the ISPS Code. We have implemented the various security measures required by theIMO, SOLAS and the ISPS Code and have approved ISPS certificates and plans certified by the applicable flag state on board all ourships.Legal ProceedingsWe have not been involved in any legal proceedings that we believe may have a significant effect on our business, financial position,results of operations or liquidity, and we are not aware of any proceedings that are pending or threatened that may have a material effect onour business, financial position, results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims inthe ordinary course of business, principally property damage, personal injury claims and commercial disputes. We expect that these claimswould be covered by insurance, subject to customary deductibles. However, those claims, even if lacking merit, could result in theexpenditure of significant financial and managerial resources.Taxation of the PartnershipMarshall IslandsBecause we and our subsidiaries do not and will not conduct business or operations in the Republic of the Marshall Islands, neither wenor our subsidiaries will be subject to income, capital gains, profits or other taxation in the Republic of the Marshall Islands under currentMarshall Islands law, and we do not expect this to change in the future. As a result, distributions we receive from the operatingsubsidiaries are not expected to be subject to Marshall Islands taxation.Table of Contents55United StatesThe following discussion is based on the Code, judicial decisions, administrative pronouncements, and existing and proposedregulations issued by the U.S. Department of the Treasury, all of which are subject to change, possibly with retroactive effect. Thisdiscussion does not address any U.S. state or local taxes. You are encouraged to consult your own tax advisor regarding the particular U.S.federal, state and local and foreign income and other tax consequences of acquiring, owning and disposing of our common units orPreference Units that may be applicable to you.In GeneralWe have elected to be treated as a corporation for U.S. federal income tax purposes. As such, except as provided below, we will besubject to U.S. federal income tax on our income to the extent such income is from U.S. sources or is otherwise “effectively connected”with the conduct of a trade or business in the United States.U.S. Taxation of Our SubsidiariesOur subsidiaries have elected to be treated as disregarded entities for U.S. federal income tax purposes. As a result, for purposes of thediscussion below, our subsidiaries are treated as branches rather than as separate corporations.U.S. Taxation of Shipping IncomeWe expect that substantially all of our gross income will be attributable to income derived from the transportation of LNG pursuant tothe operation of our LNG carriers. Gross income attributable to transportation exclusively between non-U.S. ports is considered to be100% derived from sources outside the United States and generally not subject to any U.S. federal income tax. Gross income attributableto transportation that both begins and ends in the United States, or “U.S. Source Domestic Transportation Income”, is considered to be100% derived from sources within the United States and generally will be subject to U.S. federal income tax. Although there can be noassurance, we do not expect to engage in transportation that gives rise to U.S. Source Domestic Transportation Income.Gross income attributable to transportation, including shipping income, that either begins or ends, but that does not both begin andend, in the United States is considered to be 50% derived from sources within the United States (such 50% being “U.S. SourceInternational Transportation Income”). Subject to the discussion of “effectively connected income” below, Section 887 of the Codeimposes on us a 4% U.S. income tax in respect of our U.S. Source International Transportation Income (without the allowance fordeductions) unless we are exempt from U.S. federal income tax on such income under a tax treaty or the rules contained in Section 883 ofthe Code. The other 50% of the income described in the first sentence of this paragraph would not be subject to U.S. income tax.For this purpose, “shipping income” means income that is derived from:(i)the use of ships;(ii)the hiring or leasing of ships for use on a time, operating or bareboat charter basis;(iii)the participation in a pool, partnership, strategic alliance, joint operating agreement or other joint venture we directly orindirectly own or participate in that generates such income; or(iv)the performance of services directly related to those uses.We do not expect to qualify for an exemption from such U.S. federal income tax under a tax treaty nor do we expect to qualify for theexemption under Section 883 of the Code during the 2022 tax year, unless our general partner exercises the “GasLog option”.Our general partner, which is a wholly owned subsidiary of GasLog, by virtue of its general partner interest, has an option (the“GasLog option”), exercisable at its discretion, to cause our common unitholders to permanently have the right to elect a majority of ourdirectors. If that option were exercised, we might qualify for an exemption from U.S. federal income tax on U.S. SourceTable of Contents56International Transportation Income under Section 883 of the Code. There is no assurance, however, that GasLog will exercise the GasLogoption, which is necessary for us to qualify for such exemption, nor can we assure you that GasLog’s exercise of the GasLog option wouldbe sufficient for us to qualify for the exemption for our current or any future tax year.For any tax year in which we are not entitled to the exemption under Section 883, we would be subject to the 4% U.S. federal incometax under Section 887 on our U.S. Source International Transportation Income (subject to the discussion of “effectively connected income”below) for those years. For 2021, our U.S. source gross transportation tax was $1.4 million. In addition, our U.S. Source InternationalTransportation Income that is considered to be “effectively connected” with the conduct of a U.S. trade or business is subject to the U.S.corporate income tax currently imposed at rates of up to 21% (net of applicable deductions). In addition, we may be subject to the 30%U.S. “branch profits” tax on earnings “effectively connected” with the conduct of such trade or business, as determined after allowance forcertain adjustments, and on certain interest paid or deemed paid attributable to the conduct of our U.S. trade or business.Our U.S. Source International Transportation Income would be considered “effectively connected” with the conduct of a U.S. trade orbusiness only if:(i)we had, or were considered to have, a fixed place of business in the United States involved in the earning of U.S. source grosstransportation income; and(ii)substantially all of our U.S. source gross transportation income was attributable to regularly scheduled transportation, such as theoperation of a ship that followed a published schedule with repeated sailings at regular intervals between the same points forvoyages that begin or end in the United States.We believe that we will not meet these conditions because we will not have, or permit circumstances that would result in having, sucha fixed place of business in the United States or any ship sailing to or from the United States on a regularly scheduled basis.Taxation of Gain on Sale of Shipping AssetsRegardless of whether we qualify for the exemption under Section 883 of the Code, we will not be subject to U.S. income taxationwith respect to gain realized on a sale of a ship, provided the sale is considered to occur outside of the United States (as determined underU.S. tax principles). In general, a sale of a ship will be considered to occur outside of the United States for this purpose if title to the ship(and risk of loss with respect to the ship) passes to the buyer outside of the United States. We expect that any sale of a ship will be sostructured that it will be considered to occur outside of the United States.Other Jurisdictions and Additional InformationFor additional information regarding the taxation of our subsidiaries, see Note 22 to our audited consolidated financial statementsincluded elsewhere in this annual report.Table of Contents57C.Organizational StructureGasLog Partners is a publicly traded limited partnership formed in the Marshall Islands on January 23, 2014.As of February 24, 2022, we have 16 subsidiaries, one is incorporated in the Marshall Islands and 15 are incorporated in Bermuda. Ofour subsidiaries, 14 own vessels in our fleet. Our subsidiaries are wholly owned by us. A list of our subsidiaries is set forth in Exhibit 8.1to this annual report.D.Property, Plant and EquipmentOther than our ships, we do not own any material property. Our vessels are subject to priority mortgages, which secure our obligationsunder our various credit facilities. For information on our vessels, see “Item 4. Information on the Partnership—B. Business Overview—Our Fleet”. For further details regarding our credit facilities, refer to “Item 5. Operating and Financial Review and Prospects—B.Liquidity and Capital Resources—Credit Facilities”.ITEM 4.A. UNRESOLVED STAFF COMMENTSNot applicable.ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTSThe following discussion of our financial condition and results of operations should be read in conjunction with the financialstatements and the notes to those statements included elsewhere in this annual report. This discussion includes forward-looking statementsthat involve risks and uncertainties. As a result of many factors, such as those set forth under “Item 3. Key Information—D. Risk Factors”and elsewhere in this annual report, our actual results may differ materially from those anticipated in these forward-looking statements.Please see the section “Forward-Looking Statements” at the beginning of this annual report.We manage our business and analyze and report our results of operations in a single segment.Table of Contents58OverviewSince our IPO in May 2014, we have been a growth-oriented limited partnership focused on acquiring, owning and operating LNGcarriers engaged in LNG transportation under multi-year charters, growing our wholly-owned fleet from three vessels at the time of ourIPO to 14 today, nine vessels with modern TFDE propulsion technology and five Steam vessels. In addition, GasLog Partners has leasedback under a bareboat charter for a period of five years one TFDE vessel sold to CBDL in October 2021. However, our cost of equitycapital has remained elevated for a prolonged period and has prohibited us from raising, on acceptable terms, the capital required tocontinue growing our assets and our cash flows with the last vessel acquisition completed in April 2019. Since December 31, 2019, anumber of increasingly strong negative indicators in the LNG shipping market, exacerbated by the COVID-19 pandemic caused us torecord a non-cash impairment loss against four of our five Steam vessels in the year ended December 31, 2020 and all five Steam vesselsin the year ended December 31, 2021. On February 6, 2020, in light of reduced expectations for Steam vessel utilization and earnings dueto these risks, we announced that GasLog Partners will focus its capital allocation on debt repayment and prioritizing balance sheetstrength. The Partnership reduced its quarterly common unit distribution to $0.125 per unit for the first quarter of 2020, from $0.561 perunit for the fourth quarter of 2019 and then further decreased its quarterly common unit distribution to $0.01 per unit for the third quarterof 2020 onwards.Our capital allocation priorities remain focused on reducing our leverage and improving the cash break-even of our fleet to reduce ourcost of capital and further enhance the Partnership’s competitive positioning.All of our vessels were contributed to us by, or acquired by us from, GasLog, which controls us through its ownership of our generalpartner. All vessels have fixed charter terms, with an initial duration of more than six months, expiring between March 2022 and June2026. Six of our vessels currently operate under long-term time charters (defined as charters with initial duration of more than five years)and nine vessels trade in the short-term spot market (defined as vessels under contracts with initial duration of less than five years). Onredelivery, the vessels will operate in the short-term spot market unless we are able to secure new long-term time charters. One of ourvessels is chartered to Gunvor under a term charter expiring in November 2022 with a variable rate of hire indexed to broker estimates ofLNG shipping spot rates for vessels of the same class and subject to minimum and maximum rates of hire. The charters on three Steamand five TFDE vessels will expire in 2022.We intend to grow and/or renew our fleet over time through further acquisitions and/or disposals of LNG carriers and have optionsand other rights under which we may acquire additional LNG carriers from GasLog, as described below. We believe that such options andrights provide us with significant built-in growth opportunities. We may also consider whether to acquire vessels or other LNGinfrastructure assets from shipyards or other owners. However, we cannot assure you that we will make any particular acquisition, renewour fleet or that, as a consequence, we will successfully grow our distributions per common unit. Among other things, our ability toacquire additional LNG carriers or other LNG infrastructure assets will be dependent upon our ability to raise additional equity and debtfinancing.Items You Should Consider When Evaluating Our Historical Financial Performance and Assessing Our Future ProspectsOur results of operations, cash flows and financial position could differ from those that would have resulted if we operatedautonomously or as an entity independent of GasLog in the years for which historical financial data is presented below, and such data maynot be indicative of our future operating results or financial performance.You should consider the following facts when evaluating our historical results of operations and assessing our future prospects:●Our owned and bareboat fleet consists of 15 LNG carriers. We have nine vessels operating in the short-term spot market(defined as vessels under contracts of an initial duration of less than five years). Furthermore, the long-term charters (definedas charters of an initial duration of more than five years) on one of our TFDE vessels will expire in 2022. We continue topursue opportunities for new multi-year charters with third parties for all these vessels, but we may have difficulty in securingnew charters at attractive rates and durations. We currently expect these vessels to operate in the spot market for a potentiallysignificant period of time. The spot market is highly competitive and subject to significant fluctuations in utilization and charterrates. Furthermore, advances in LNG carrier technology and the relatively large number of new, modern vessels ordered in thelast recent years may negatively impact our ability to recharter our vessels trading in the spot and short-term market on attractiverates and may result in lower charter rates and lower levels of utilization for our Steam vessels in particular. If we are unable tosecure employment for a vessel, we will not receive any revenues from thatTable of Contents59vessel and we will be required to pay expenses necessary to maintain the vessel in proper operating condition as well as toservice the debt attached to that vessel.●Our future capital needs are uncertain and we may need to raise additional funds in the future. We may need to raiseadditional capital to maintain, replace and expand the operating capacity of our fleet, fund our operations, meet our debt serviceobligations and pay distributions to our common and preference unitholders. Our future funding requirements will depend onmany factors, including the cost and timing of vessel acquisitions, the cost of maintaining our existing fleet, the cost ofretrofitting or modifying existing ships as a result of technological advances, changes in applicable environmental or otherregulations or standards, customer requirements or otherwise. Despite the fact that we currently have no debt maturities until2024, our ability to obtain bank financing or to access the debt or equity capital markets may be limited by our financialcondition at the time of any such financing or offering, as well as by adverse market conditions that are beyond our control. If weraise additional funds by issuing equity or equity- linked securities, our unitholders may experience dilution or reduceddistributions per unit. Inability to secure bank financing or access the capital markets could have a material adverse effect on ourbusiness, or financial condition, results of operations and cash flows, including cash available for distributions to our unitholders.●While our revenues are variable as a function of the utilization and earnings of our vessels trading in the spot and short-termmarket and under variable rate charters, our costs are largely of a fixed nature. In 2021, 54% of our revenues were earnedunder long-term charters with an initial duration of more than five years. In 2022, this percentage will be 61%, assuming that wedo not enter into any new long-term charters. Our revenues are likely to be more volatile than has historically been the case whensubstantially all of our fleet operated under such long-term charters. On the other hand, the majority of our costs, comprisingvessel operating costs, general and administrative expenses and the costs of servicing our debt, are largely fixed in nature.Consequently, our results of operations and cash flows are likely to be increasingly volatile as a function of the growing share ofour revenues which are exposed to the fluctuations of utilization and charter rates in the spot and short-term market.Industry Overview and TrendsEnergy PricesAs referenced in “Item 3. Key Information—Risk Factors”, oil prices, as measured by the spot price of Brent crude oil, increasedthrough much of the year, peaking at approximately $86 per barrel in October 2021. Rising oil prices were supported by a global economicrecovery as COVID-19 vaccinations were introduced across the world. In addition, the Organization of Petroleum Exporting Countries(“OPEC”) reduced oil output to balance the market’s supply with demand. This combination of broad based economic recovery and oilproduction reductions led to oil prices ending 2021 at approximately $79 per barrel, an increase of 70% from the end of 2020. In early2022, spot oil prices have continued to rise higher and as of February 22, 2022 Brent crude oil was quoted at approximately $97 per barrelcompared to $78 per barrel at December 31, 2021 and $65 per barrel at the same time last year.Global natural gas prices set new record high levels in many parts of the world during 2021. Specifically, natural gas prices in theimport regions of Europe, as measured by the Title Transfer Facility (“TTF”), peaked at approximately $60 per million British ThermalUnits (“MMBtu”) in December and averaged approximately $16 per MMBtu during the year while in Asia, the Japan Korea Marker(“JKM”) set a new record of approximately $49 per MMBtu in December and averaged approximately $18 per MMBtu in 2021.Meanwhile, gas prices in the United States, as measured by the Henry Hub (“HH”) benchmark, remained relatively low by historicallevels, averaging $3.70 per MMBtu although that is 74% higher than the multi-year low of $2.13 per MMBtu set in 2020. Gas prices inEurope and Asia were positively impacted by lower production in these regions and growing demand as economies around the worldrecovered from COVID-19 related shutdowns enacted in 2020. In addition, a colder than average 2020/21 winter in the NorthernHemisphere drew inventories in Europe and parts of Asia below their 5-year averages to start the year.International gas prices have moderated since the beginning of 2021 as procurement for the Northern Hemisphere winter wanes;however, import prices remain well above the levels observed during the same period in 2021. As of February 22, 2022, natural gas priceswere quoted at approximately $26 per MMBtu for TTF compared to $6 per MMBtu at the same time last year and at approximately $26per MMBtu for JKM compared to $6 per MMBtu at the same time last year. By contrast, the price recovery of spot Henry Hub in the U.S.,has been less dramatic, quoted at $4.20 per MMBtu as of February 22, 2022 compared to $2.73 at the same time last year.Table of Contents60While the majority of LNG volumes are sold under long-term contracts with prices linked to the price of crude oil, we believe that thedifference in delivered gas prices between import markets in Asia and the Atlantic Basin and export costs from the U.S. is a significantdriver of spot LNG trade, as the differential incentivizes natural gas marketers and buyers to ship LNG over longer distances. The recentrise in Asian and European gas prices referenced above have resulted in a differential currently wide enough to incentivize inter-basintrade and gas price futures imply that the inter-basin arbitrage opportunity may exist periodically in coming months and years, potentiallyleading to longer voyages for LNG cargoes and, all else equal, increasing the demand for spot LNG shipping.LNG SupplySupply for 2021 totaled 393 mt, an increase of 22 mt or approximately 6% over 2020, according to Poten & Partners Group, Inc.(“Poten”). The U.S. led supply growth in 2021, up by approximately 25 mt or 51% year-over-year due to the ramp-up in supply from newliquefaction trains which came online in H2 20 and 2021 as well as significantly fewer cargo cancellations in 2021 relative to 2020.Meanwhile Nigeria, Trinidad and Norway each registered a decline of over 3 mt or 18%, 29% and 97%, respectively, due to supply issuesand/or unplanned downtime. LNG supply is projected to rise 6% to approximately 400 mt in 2022, according to BloombergNEF(“BNEF”). This expected growth is driven by the ramp-up of new supply commissioned in 2021 and new capacity scheduled to come onstream in 2022.During 2021, 2 new LNG liquefaction projects reached Final Investment Decision (“FID”), Qatar’s North Field Expansion Projectwhich anticipates the construction of 4 new trains with a combined capacity of 33 mtpa as well as Woodside’s Pluto LNG Train 2 inAustralia with a capacity of 5 mtpa. Should any further projects take FID, incremental LNG shipping capacity is likely to be required totransport the LNG produced by these projects. Nonetheless, there can be no assurance that any of these projects will take FID or, if one ormore FIDs are taken, that incremental shipping will be contracted or that GasLog will be successful in securing renewed or new charters atattractive rates and durations to meet such LNG shipping requirements.LNG DemandFor the full year 2021, LNG demand was 386 mt compared to approximately 363 mt for the full year 2020, an increase of 6%,according to Poten. Demand growth in 2021 was led by China where demand grew approximately 12 mt or 17% and South Korea wheredemand grew approximately 7 mt or 16%. This growth was balanced by declines in Europe, where demand declined by approximately 6mt or 8% and India where demand declined by approximately 2 mt or approximately 7%.Wood Mackenzie forecasts global LNG demandgrowth of over 88 mt between 2021 and 2026, a compound annual growth of approximately 4%. This growth is expected to be broad-based, with South East Asia (excluding India) accounting for approximately 65% and China, Latin America and India expected to accountfor 26%, 5% and 9%, respectively.LNG Shipping Rates and Chartering ActivityIn the LNG shipping spot market, TFDE headline rates, as reported by Clarksons, averaged $89,000 per day in 2021, a 51% increaseyear-on-year. Wide gas price differentials allowed for arbitrage opportunities for transporting LNG between the Atlantic and Pacific basinsfor most of the year. Based on forward pricing for LNG in the US and Asia, this trend looks to continue into 2022. According to Poten,113 term charters between 12 months and seven years were reported in 2021, an increase of 117% over 2020, of which 44 were for TFDEvessels and 18 were for Steam vessels. The term charter market for Steam vessels continues to be significantly less liquid than that forTFDEs.Clarksons assesses headline spot rates for TFDE and Steam LNG carriers at $27,500 per day and $10,000 per day, respectively as ofFebruary 18, 2022. The COVID related outbreaks around the world continue to create uncertainty regarding near-term demand for LNG.In addition, spot rates may be prone to further periods of seasonality and volatility similar to those seen in recent years. Accordingly, thereis no guarantee that LNG shipping spot rates will stay at or near current levels or return to the levels experienced in the fourth quarter of2021, which could harm our business, financial condition, results of operations and cash flows, including cash available for distributions tounitholders.Delays to the start-up, or unexpected downtime, of LNG supply projects or significant further orders of new LNG carriers mayweaken the supply/demand balance for LNG shipping. Reduced demand for LNG or LNG shipping, or any reduction or limitation in LNGproduction capacity, or significant increases in LNG shipping capacity, could have a material adverse effect on our ability toTable of Contents61secure future time charters at attractive rates and durations for new ships we may order or acquire, or upon expiration or early terminationof our current charter arrangements, which could harm our business, financial condition, results of operations and cash flows, includingcash available for distributions to unitholders, as well as our ability to meet certain of our debt covenants. A sustained decline in charterrates could also adversely affect the market value of our ships, on which certain of the ratios and financial covenants with which we arerequired to comply are based.Global LNG FleetAccording to Poten, as of January 13, 2022, the global fleet of dedicated LNG carriers (>100,000 cbm) consisted of 582 vessels withanother 151 LNG carriers on order, of which 122 vessels (or 79%) have multi-year charters. Poten estimates that a total of 29 LNG carriersare due to be delivered in 2022. In 2021, a record 82 orders for LNG carriers were placed, as estimated by Poten. We believe that thegrowing global demand for natural gas, especially in Asia, increasing supply from the U.S. and other regions, and other LNG markettrends, including increased trading of LNG, should support the existing order backlog for vessels and should also drive a need foradditional LNG carrier newbuildings. Finally, the scrapping of older and less efficient vessels, the conversion of existing vessels to FSRUsor FSUs and/or employing LNG carriers for short-term storage purposes in order to exploit arbitrage opportunities could reduce theavailability of LNG carriers on the water today. However, various factors, including changes in prices of and demand for LNG, canmaterially affect the competitive dynamics that currently exist and there can be no assurance that this need for additional carriers willmaterialize or that GasLog will be successful in securing renewed or new charters at attractive rates and durations to meet such LNGshipping requirements.The statements in this “Industry Overview and Trends” section are forward-looking statements based on management’s currentexpectations and certain material assumptions and, accordingly, involve risks and uncertainties that could cause actual results, performanceand outcomes to differ materially from those expressed herein. See “Item 3. Key Information—D. Risk Factors” of this annual report.A.Operating ResultsFactors Affecting Our Results of OperationsWe believe the principal factors that will affect our future results of operations include:●the supply and demand for LNG shipping services and the number of vessels available in the short-term or spot LNG carriercharter market;●our ability to secure future employment, at economically attractive rates, for our nine vessels operating in the short term spotmarket and the one vessel with a long term charter expiring in 2022;●our ability to raise, on acceptable terms, the equity and debt financing required to fund the growth/renewal of our fleet byaccessing the drop-down pipeline at GasLog and/or by acquiring LNG infrastructure assets from third parties;●our ability to obtain acceptable financing in respect of our capital and refinancing commitments;●our ability to maintain good working relationships with our customers and our ability to increase the number of our customersthrough the development of new working relationships;●the performance of our charterers;●the effective and efficient technical and operational management of our ships;●our ability to obtain and maintain regulatory approvals and to satisfy technical, health, safety and compliance standards that meetour customers’ requirements; andTable of Contents62●economic, regulatory, political and governmental conditions that affect the LNG and LNG shipping industries, which includegeopolitical factors such as the imposition of trade tariffs and changes in the number of new LNG importing countries andregions, as well as structural LNG market changes impacting LNG supply and demand.In addition to the general factors discussed above, we believe certain specific factors have impacted, or will impact, our results ofoperations. These factors include:●the hire rate earned by our ships including any of our ships that may trade in the short-term spot market if we are unable to securenew long-term charters;●unscheduled off-hire days;●the level of our ship operating expenses, including the costs of crewing, insurance and maintenance;●our level of debt, the related interest expense and the timing of required payments of principal;●mark-to-market changes in derivative financial instruments and foreign currency fluctuations; and●the level of our general and administrative expenses, including costs of consultants.See “Item 3. Key Information—D. Risk Factors” for a discussion of certain risks inherent in our business.Principal Components of Revenues and ExpensesRevenuesOur revenues are driven primarily by the number of LNG carriers in our fleet, the amount of daily charter hire that they earn undertime charters and the number of operating days during which they generate revenues. These factors, in turn, are affected by our decisionsrelating to ship acquisitions and disposals, the amount of time that our ships spend in dry-dock undergoing repairs, maintenance andupgrade work, the age, condition and technical specifications of our ships, as well as the relative levels of supply and demand in the LNGcarrier charter market.Our LNG carriers are employed through time charter contracts. Revenues under our time charters are recognized when services areperformed, revenue is earned and the collection of the revenue is reasonably assured. The charter hire revenue is recognized on a straight-line basis over the term of the relevant time charter. We do not recognize revenue during days when the ship is off-hire, unless it isrecoverable from insurers. Advance payments under time charter contracts are classified as liabilities until such time as the criteria forrecognizing the revenue are met.Voyage Expenses and CommissionUnder our time charter arrangements, charterers bear substantially all voyage expenses, including bunker fuel, port charges and canaltolls, but not commissions. Commissions are recognized as expenses on a pro rata basis over the duration of a time charter. Bunkers’consumption recognized under Voyage expenses and commissions represents bunkers consumed during vessels’ unemployment and off-hire periods.Vessel Operating CostsWe are generally responsible for ship operating expenses, which include costs for crewing, insurance, repairs, modifications andmaintenance, lubricants, spare parts and consumable stores, vessel surveys and inspections and other miscellaneous expenses, as well asthe associated cost of providing these items and services. However, the charter on one vessel in our fleet contains provisions that aredesigned to reduce our exposure to increases in operating costs, including review provisions and cost pass-through provisions. Shipoperating expenses are recognized as expenses when incurred.Table of Contents63DepreciationWe depreciate the cost of our ships on the basis of two components: a vessel component and a dry-docking component. The vesselcomponent is depreciated on a straight-line basis over the expected useful life of each ship, based on the cost of the ship less its estimatedresidual value. We estimate the useful lives of our ships to be 35 years from the date of delivery from the shipyard. Management estimatesresidual value of its vessels to be equal to the product of its lightweight tonnage (“LWT”) and an estimated scrap rate per LWT, whichrepresents our estimate of the market value of the ship at the end of its useful life.We must periodically dry-dock each of our ships for inspection, repairs and maintenance and any modifications to comply withindustry certification or governmental requirements. All our ships are required to be dry-docked for these inspections at least once everyfive years. At the time of delivery of a ship, we estimate the dry-docking component of the cost of the ship, which represents the estimatedcost of the ship’s first dry-docking based on our historical experience with similar types of ships. The dry-docking component of the ship’scost is depreciated over five years, in the case of new ships, and until the next dry-docking for secondhand ships, which is performedwithin five years from the vessel’s last dry-docking unless the Partnership determines to dry-dock the ships at an earlier date. In the event aship is dry-docked at an earlier date, the unamortized dry-docking component is written off immediately. The LNG vessels are alsorequired to undergo an underwater survey in lieu of dry-docking (“intermediate survey”) in order to meet certain classificationrequirements. The intermediate survey component is estimated after the first intermediate survey takes place which is between the first andthe second dry-docking and is amortized over the period until the next dry-docking which is estimated to be two and a half years.General and Administrative ExpensesGeneral and administrative expenses consist primarily of legal and other professional fees, board of directors’ fees, share-basedcompensation expense, directors’ and officers’ liability insurance, travel and accommodation expenses, commercial management fees andadministrative fees payable to GasLog.Impairment Loss on VesselsAll owned and bareboat vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carryingamount of an asset may not be recoverable. Whenever the carrying amount of a vessel exceeds its recoverable amount, an impairment lossis recognized in the consolidated statement of profit or loss. The recoverable amount is the higher of a vessel’s fair value less cost ofdisposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of a vessel in an arm’s lengthtransaction less the costs of disposal, while “value in use” is the expected value of all expectations about possible estimated future cashflows, discounted to their present value. Recoverable amounts are estimated for individual vessels. Each vessel is considered to be a singlecash-generating unit. The fair value less cost of disposal of the vessels is estimated from market-based evidence by appraisal that isnormally undertaken by professionally qualified brokers.Financial CostsWe incur interest expense on the outstanding indebtedness under our credit facilities and the swap arrangements, if any, that qualifyfor treatment as cash flow hedges for financial reporting purposes, which we include in our financial costs. Financial costs also includeamortization of other loan issuance costs incurred in connection with establishing our credit facilities.Interest expense and amortization of loan issuance costs are expensed as incurred.Financial IncomeFinancial income consists of interest income, which will depend on the level of our cash deposits, investments and prevailing interestrates. Interest income is recognized on an accrual basis.(Loss)/gain on DerivativesAny gain or loss derived from the movement in the fair value of the derivatives (interest rate swaps and forward foreign exchangecontracts) that have not been designated as hedges, the ineffective portion of changes in the fair value of the derivatives that meetTable of Contents64hedge accounting criteria, realized gain/loss on derivatives held for trading, and the amortization of the cumulative unrealized loss for thederivatives in respect of which hedge accounting was discontinued, if any, are presented as gain or loss on derivatives in our consolidatedstatements of profit or loss.Results of OperationsOur results set forth below are derived from the annual consolidated financial statements of the Partnership.Certain numerical figures included in the below tables have been rounded. Discrepancies in tables between totals and the sums of theamounts listed may occur due to such rounding.Year ended December 31, 2020 compared to the year ended December 31, 2021 2020 2021 Change(in thousands of U.S. dollars)Statement of profit or loss Revenues 333,662 326,142 (7,520)Voyage expenses and commissions (10,443) (6,863) 3,580Vessel operating costs (74,798) (75,333) (535)Depreciation (83,058) (85,493) (2,435)General and administrative expenses (18,960) (13,362) 5,598Loss on disposal of vessel — (630) (630)Impairment loss on vessels (23,923) (103,977) (80,054)Profit from operations 122,480 40,484 (81,996)Financial costs (50,987) (37,297) 13,690Financial income 295 43 (252)(Loss)/gain on derivatives (14,929) 2,496 17,425Profit for the year 56,859 5,726 (51,133)During the year ended December 31, 2020, we had an average of 15.0 vessels operating in our owned fleet having 5,333 availabledays while during the year ended December 31, 2021, we had an average of 15.0 vessels operating in our owned and bareboat fleet having5,320 available days.Revenues: Revenues decreased by $7.6 million, or 2.3%, from $333.7 million for the year ended December 31, 2020 to $326.1 million for the year ended December 31, 2021. The decrease is mainly attributable to the expirations of the initial multi-year time charters of four of our Steam vessels with Shell in 2020 and early 2021, which were contracted at higher rates compared to their current contracted rates, and also due to increased off-hire days for scheduled dry-dockings. The decrease was partially offset by the improved performance of our spot fleet in the year ended December 31, 2021 compared to the year ended December 31, 2020, in line with the ongoing improvement of the LNG shipping market observed in 2021. As a result, the average daily hire rate decreased from $64,339 for the year ended December 31, 2020 to $62,265 for the year ended December 31, 2021.Voyage Expenses and Commissions: Voyage expenses and commissions decreased by $3.5 million, or 33.7%, from $10.4 million for the year ended December 31, 2020 to $6.9 million for the year ended December 31, 2021. The decrease in voyage expenses and commissions is mainly attributable to a decrease in bunker consumption costs due to the increased utilization of our spot fleet in the year ended December 31, 2021, as compared to the year ended December 31, 2020.Vessel Operating Costs: Vessel operating costs increased by $0.5 million, or 0.7%, from $74.8 million for the year ended December 31, 2020 to $75.3 million for the year ended December 31, 2021. The increase in vessel operating costs is attributable to an increase in crew costs of $1.9 million, mainly as a result of COVID-19 restrictions (extension bonus, increased costs for travelling and quarantines) and an increase in other operating expenses of $0.6 million, partially offset by a decrease of $2.0 million in technical maintenance expenses primarily in connection with increased maintenance needs of the fleet during 2020 compared to 2021. As a result, daily operating costs per vessel (after excluding calendar days for the Solaris, the operating costs of which are covered by theTable of Contents65charterers) increased from $14,598 per day during the year ended December 31, 2020 to $14,742 per day during the year ended December31, 2021.General and Administrative Expenses: General and administrative expenses decreased by $5.6 million, or 29.5%, from $19.0 million for the year ended December 31, 2020 to $13.4 million for the year ended December 31, 2021. The decrease in general and administrative expenses is mainly attributable to a decrease of $3.1 million in administrative services fees, in connection with the decrease of the annual fee payable to GasLog in 2021 by approximately $0.2 million per vessel per year, driven by cost-reduction initiatives, a decrease in amortization of share-based compensation of $1.5 million, mainly due to accelerated vestings of relevant awards in 2020 and a decrease of $0.9 million in legal and professional fees. As a result, daily general and administrative expenses decreased from $3,453 per vessel ownership day for the year ended December 31, 2020 to $2,441 per vessel ownership day for the year ended December 31, 2021.Impairment Loss on Vessels: Impairment loss on vessels was $23.9 million for the year ended December 31, 2020 and $104.0 million for the year ended December 31, 2021. The impairment loss for the year ended December 31, 2021 was recognized as of December 31, 2021 with respect to all five of the Partnership’s Steam vessels, after concluding that events and circumstances triggered the existence of potential impairment of Steam vessels on that date and was the result of the reduced expectations of the rates at which we could expect to secure term employment for the remaining economic lives of those vessels, and significant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet. The impairment loss for the year ended December 31, 2020 was recognized as of June 30, 2020 and December 31, 2020 with respect to four of the Partnership’s Steam vessels, after concluding that events and circumstances triggered the existence of potential impairment of all its vessels on that date and was the result of anticipated increases in volatility in the spot charter market over the near term from COVID-19 pandemic-related impacts on LNG and LNG shipping demand.Financial Costs: Financial costs decreased by $13.7 million, or 26.9%, from $51.0 million for the year ended December 31, 2020 to $37.3 million for the year ended December 31, 2021. The decrease in financial costs is mainly attributable to a decrease of $12.3 million due to the lower LIBOR rates in the year ended December 31, 2021 as compared to the year ended December 31, 2020, as well as the reduced debt balances year-over-year, and a decrease of $2.0 million in amortization of deferred loan issuance costs as a result of the loan refinancings completed in July 2020, partially offset by a $0.5 million increase in other financial costs. During the year ended December 31, 2020, we had an average of $1,337.9 million of outstanding indebtedness, with a weighted average interest rate of 3.1%, compared to an average of $1,229.5 million of outstanding indebtedness with a weighted average interest rate of 2.4% during the year ended December 31, 2021.(Loss)/Gain on derivatives: Loss on derivatives decreased by $17.4 million, from a loss of $14.9 million for the year ended December 31, 2020 to a gain of $2.5 million for the year ended December 31, 2021. The decrease in loss is attributable to a net decrease of $19.7 million in unrealized loss from the mark-to-market valuation of derivatives held for trading which were carried at fair value through profit or loss, which reflected a net loss of $8.6 million in the year ended December 31, 2020 as compared to a gain of $11.1 million in the year ended December 31, 2021, partially offset by a net increase of $2.3 million in realized loss on derivatives held for trading.Profit for the Year: There was a decrease of $51.2 million, from a profit of $56.9 million for the year ended December 31, 2020 to a profit of $5.7 million for the year ended December 31, 2021, mainly as a result of the aforementioned factors.Year ended December 31, 2019 compared to the year ended December 31, 2020For a discussion of our results for the year ended December 31, 2019 compared to the year ended December 31, 2020, please see“Item 5. Operating and Financial Review and Prospects – A. Operating Results – Year ended December 31, 2019, compared to the yearended December 31, 2020” contained in our annual report on Form 20-F for the year ended December 31, 2020, filed with the SEC onMarch 2, 2021.CustomersFor the year ended December 31, 2021, 55.7% of our revenues derived from subsidiaries of Shell and 23.4% from major LNGproducers, with the remaining revenues derived from various charterers in the spot/short-term market.Table of Contents66SeasonalityThe revenues of our vessels employed under long-term charter arrangements, were not significantly impacted by seasonal trendsduring the year ended December 31, 2021. However, our nine vessels trading in the short-term spot market (defined as vessels undercontracts of an initial duration of less than five years), including also our vessel chartered under a variable market-linked rate of hirewithin an agreed range, are subject to seasonality in spot rates which has been evident in the LNG shipping market during 2021. To theextent that more of our vessels cease to be employed under long-term charter arrangements (defined as charters with an initial duration ofmore than five years) in the future, there will likely be some additional seasonality in our revenues.B.Liquidity and Capital ResourcesWe operate in a capital-intensive industry and we expect to finance the purchase of any additional vessels or other capital expendituresthrough a combination of borrowings from commercial banks, cash generated from operations and debt, lease and equity financings, ifany. In addition to paying distributions and potentially repurchasing common and preference units, our other liquidity requirements relateto paying our operating and general and administrative expenses, servicing our debt, funding investments, funding working capital andmaintaining cash reserves against fluctuations in operating cash flows. Our funding and treasury activities are intended to maximizeinvestment returns while maintaining appropriate liquidity and complying with our financial covenants under our debt facilities.On January 29, 2019, the board of directors of GasLog Partners authorized a common unit repurchase programme of up to $25.0million covering the period January 31, 2019 to December 31, 2021. Under the terms of the repurchase programme, GasLog Partners mayrepurchase common units from time to time, at its discretion, on the open market or in privately negotiated transactions. On February 5,2020, the board of directors of GasLog Partners authorized a renewal of the common unit repurchase programme taking the total authorityoutstanding under the programme to $25.0 million, to be utilized from February 10, 2020 to December 31, 2021.Since the authorization of the common unit repurchase programme and through December 31, 2021, GasLog Partners has repurchasedand cancelled a total of 1,363,062 units at a weighted average price of $17.50 per common unit for a total amount of $23.9 million,including commissions. The board of directors of GasLog Partners has not renewed the common unit repurchase programme following itsexpiration on December 31, 2021.In March 2021, the Partnership established a preference unit repurchase programme (the “Repurchase Programme”), which authorizedthe repurchase of preference units through March 31, 2023. In the year ended December 31, 2021 and since inception of the RepurchaseProgramme, GasLog Partners repurchased and cancelled an aggregate of 464,429 Series B Preference Units and 269,549 Series CPreference Units at a weighted average price of $25.00 per preference unit for both Series. The aggregate amount repaid during the yearfor repurchases of preference units was $18.4 million, including commissions.On May 16, 2017, GasLog Partners commenced an ATM Programme under which the Partnership may, from time to time, raise equitythrough the issuance and sale of new common units having an aggregate offering price of up to $100.0 million in accordance with theterms of an equity distribution agreement entered into on the same date. On November 3, 2017 and February 26, 2019, the size of the ATMProgramme was increased to $144.0 million and to $250.0 million, respectively.During the year ended December 31, 2021, GasLog Partners issued and received payment for 3,195,401 common units at a weightedaverage price of $3.19 per common unit for total gross proceeds of $10.2 million and net proceeds of $10.0 million, after brokercommissions. During this year, we also issued 56,158 general partner units to our general partner in order for GasLog to retain its 2.0%general partner interest. The net proceeds from the issuance of the general partner units were $0.2 million.Since the commencement of the ATM Programme through December 31, 2021, GasLog Partners has issued and received payment fora total of 8,486,705 common units, with cumulative gross proceeds of $133.6 million at a weighted average price of $15.75 per unit andnet proceeds of $132.4 million, after broker commissions.On October 26, 2021, GasLog Partners’ subsidiary, GAS-three Ltd. completed the sale and leaseback of the GasLog Shanghai with awholly-owned subsidiary of CDBL. CDBL has the right to sell the vessel to third parties. The vessel was sold to CDBL for a gross cashconsideration of $120.0 million. GasLog leased back the vessel under a bareboat charter from CDBL for a period of fiveTable of Contents67years with no repurchase option or obligation. The existing loan facility advance of the specified vessel was terminated, releasing $20.5million of incremental net liquidity (net sale proceeds less debt prepayment) to the Partnership.As of December 31, 2021, we had in place six interest rate swap agreements at a notional value of $343.3 million in aggregate,maturing between 2022 and 2025. As a result of its hedging agreements, the Partnership had hedged 31.2% of its floating interest rateexposure on its outstanding debt (excluding the lease liability) as of December 31, 2021, at a weighted average interest rate ofapproximately 2.4% (excluding margin).As of December 31, 2021, we had $145.5 million of cash and cash equivalents, of which $72.6 million was held in current accountsand $72.9 million was held in time deposits with an original duration of less than three months.Under our existing multi-year charters as of December 31, 2021, we had contracted revenues of $257.1 million for 2022 andapproximately $305.0 million thereafter. Although these contracted revenues are based on contracted charter rates, we are dependent onthe ability and willingness of our charterers, to meet their obligations under these charters.As of December 31, 2021, we had an aggregate of $1,085.8 million of indebtedness outstanding under our credit facilities of which$99.3 million was repayable within one year, and $55.9 million of lease liabilities mainly related to the sale and leaseback of the GasLogShanghai, of which $10.3 million was repayable within one year.Working Capital PositionAs of December 31, 2021, our current assets totaled $161.1 million and current liabilities totaled $175.5 million, resulting in anegative working capital position of $14.4 million. Current liabilities include $28.3 million of unearned revenue in relation to hiresreceived in advance (which represents a non-cash liability that will be recognized as revenues after December 31, 2021 as the services arerendered).Management monitors the Partnership’s liquidity position throughout the year to ensure that it has access to sufficient funds to meetits forecast cash requirements, including debt service commitments, and to monitor compliance with the financial covenants within its loanfacilities. We anticipate that our primary sources of funds for at least twelve months from the date of this report will be available cash andcash from operations. We believe that these anticipated sources of funds, as well as our ability to access the debt or equity capital marketsif needed, will be sufficient to meet our liquidity needs and to comply with our banking covenants for at least twelve months from the dateof this report. Additionally, we may enter into new debt facilities in the future, as well as public equity or debt instruments, although therecan be no assurance that we will be able to obtain additional debt or equity financing on terms acceptable to us, which will also depend onfinancial, commercial and other factors, as well as a significant recovery in capital market conditions and a sustainable improvement in theLNG charter market, that are beyond our control.Cash FlowsYear ended December 31, 2020 compared to the year ended December 31, 2021The following table summarizes our net cash flows from operating, investing and financing activities for the years indicated:Year ended December 31, 2020 2021 Change(restated)*(in thousands of U.S. dollars)Net cash provided by operating activities 218,352 233,386 15,034Net cash (used in)/provided by investing activities (23,292) 98,169 121,461Net cash used in financing activities (188,208) (289,761) (101,553)* Restated so as to reflect a change in accounting policy introduced on January 1, 2021, with respect to the reclassification of interest paidand movements of cash collaterals for interest rate swaps from Net cash provided by operating activities to Net cash used in financingactivities.Table of Contents68Net Cash provided by Operating Activities:Net cash provided by operating activities increased by $15.0 million, from $218.4 million in the year ended December 31, 2020 to$233.4 million in the year ended December 31, 2021. The increase of $15.0 million is mainly attributable to a $15.4 million movement inworking capital accounts (primarily affected by an increase of $14.3 million from trade receivable movements) and a net decrease of $7.1million in vessel operating costs, voyage expenses and commissions and general and administrative expenses (after excluding the non-cashdecrease in amortization of share-based compensation). These increases were partially offset by a decrease of $7.6 million in revenues.Net Cash (used in)/provided by Investing Activities:Net cash used in investing activities decreased by $121.5 million, from net cash used in investing activities of $23.3 million in theyear ended December 31, 2020 to net cash provided by investing activities of $98.2 million in the year ended December 31, 2021. Thedecrease of $121.5 million is attributable to the $117.6 million of proceeds from the sale and leaseback transaction, net of commissions, ofthe GasLog Shanghai and a decrease in payments for tangible fixed asset additions of $4.2 million, partially offset by a decrease infinancial income received of $0.3 million.Net Cash used in Financing Activities:Net cash used in financing activities increased by $101.6 million, from cash used in financing activities of $188.2 million in the yearended December 31, 2020 to $289.8 million in the year ended December 31, 2021. The increase of $101.6 million is mainly attributable toa decrease in bank loan drawdowns of $480.0 million, an increase of $17.4 million in cash used for repurchases of common and preferenceunits, a decrease in net proceeds of $2.9 million from entering into or termination of interest rate swap agreements and an increase of $1.7million in payments for lease liabilities, partially offset by a decrease of $335.5 million in bank loan repayments, a decrease of $37.7million in distributions paid, an increase in proceeds from equity raisings and issuance of general partner units of $10.2 million, a decreaseof $9.2 million in interest paid and a decrease of $7.4 million in payments for loan issuance costs.Table of Contents69Borrowing ActivitiesCredit FacilitiesBelow is a summary of certain provisions of the Partnership’s credit facilities outstanding as of December 31, 2021: Payment ofOutstandingAvailablePrincipalsSubsidiary PartyPrincipalUndrawnInstallmentsFacility NameLender(s)(Collateral Ship)AmountAmountInterest RateMaturityScheduleA five-year revolvingcredit facility that thePartnership signed withGasLog on April 3,2017 (the "SponsorCredit Facility") GasLog Ltd. GasLog Partners LP Revolving CreditFacility: nil ($30.0million undrawn)$30.0 million Fixed interestrate 2022 Revolving facility of $30.0million available inminimum amounts of $2.0million which arerepayable within a periodof six months after therespective drawdown date,subject to automaticrenewal if not repaid. Facility Agreement datedOctober 16, 2015 thatthe Partnership assumedfollowing theacquisitions of GAS-eleven Ltd. on May 3,2017, GAS-thirteen Ltd.on July 3, 2017, GAS-fourteen Ltd. on April26, 2018 and GAS-twelve Ltd. on April 1,2019 (the "AssumedOctober 2015 Facility") Citibank, N.A., LondonBranch, Nordea Bank AB,London Branch, TheExport-Import Bank ofKorea, Bank of America,National Association,BNP Paribas, Sea BridgeFinance Limited, CreditSuisse AG, HSBC Bankplc, ING Bank N.V.,London Branch, KEBHANA Bank, LondonBranch, KfW IPEX-BankGmbH, National AustraliaBank Limited, Oversea-Chinese BankingCorporation Limited,Société Générale and TheKorea Development BankGAS-eleven Ltd. (GasLogGreece), GAS-twelve Ltd.(GasLog Glasgow), GAS-thirteen Ltd. (GasLogGeneva), GAS-fourteenLtd. (GasLog Gibraltar)$406.5 millionN/ALIBOR +applicablemargin2028GAS-eleven Ltd.: 8consecutive semi-annualinstallments of $5.8million, a balloon paymentdue in 2026 of $36.3million and thereafter 4consecutive semi-annualinstallments of $4.2million until March 2028. GAS-twelve Ltd.: 8consecutive semi-annualinstallments of $5.8million, a balloon paymentdue in 2026 of $36.3million and thereafter 4consecutive semi-annualinstallments of $4.2million until June 2028. GAS-thirteen Ltd.: 9consecutive semi-annualinstallments of $5.7million, a balloon paymentdue in 2026 of $35.8million and thereafter 4consecutive semi-annualinstallments of $4.2million until September2028. GAS-fourteen Ltd.: 9consecutive semi-annualinstallments of $5.7million, a balloon paymentdue in 2026 of $35.8million and thereafter 4consecutive semi-annualinstallments of $4.2million until October2028.Table of Contents70 Payment ofOutstandingAvailablePrincipalsSubsidiary PartyPrincipalUndrawnInstallmentsFacility NameLender(s)(Collateral Ship)AmountAmountInterest RateMaturityScheduleFacility Agreement datedFebruary 20, 2019among GAS-four Ltd.,GAS-five Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd. asborrowers, and thefinancial institutionsparty thereto, (the "2019GasLog PartnersFacility")Credit Suisse AG, NordeaBank Abp, filial i Norge,Iyo Bank Ltd., SingaporeBranch and DevelopmentBank of Japan, Inc.GAS-four Ltd. (GasLogSantiago), GAS-five Ltd.(GasLog Sydney), GAS-sixteen Ltd. (Methane RitaAndrea), GAS-seventeenLtd.(Methane JaneElizabeth)$273.5 millionN/ALIBOR +applicablemargin20249 consecutive quarterlyinstallments of $5.8 millionand a balloon amount of$221.3 million togetherwith the final quarterlyreductionThe GasLog Partners$260.3M FacilityBNP Paribas, CreditSuisse AG, Alpha BankS.A. and DevelopmentBank of Japan, Inc.GAS-seven Ltd. (GasLogSeattle), GAS-eight Ltd.(Solaris), GAS-twentyLtd. (Methane ShirleyElisabeth)$243.1 millionN/ALIBOR +applicablemargin20258 equal semi-annualinstallments of $8.6million, with a finalballoon amount of $174.4million payableconcurrently with the lastinstallment in July 2025The GasLog Partners$193.7M FacilityDNB Bank ASA, INGBank N.V.GAS-nineteen Ltd.(Methane Alison Victoria),GAS-twenty one Ltd.(Methane Heather Sally),GAS-twenty seven Ltd.(Methane Becki Anne)$176.5 millionN/ALIBOR +applicablemargin20258 equal semi-annualinstallments of $8.6 millionbeginning in January 2021,with a final balloon amountof $107.7 million payableconcurrently with the lastinstallment in July 2025Sponsor Credit FacilityOn April 3, 2017, GasLog Partners entered into an unsecured five-year term loan of $45.0 million and a new five-year revolvingcredit facility of $30.0 million with GasLog. On April 5, 2017, an amount of $45.0 million under the term loan facility and an amount of$15.0 million under the revolving credit facility were drawn by the Partnership, with the latter fully repaid on May 22, 2017. On March 23,2018, the $45.0 million term loan under the Sponsor Credit Facility with GasLog was prepaid and terminated. The revolving credit facilityprovides for an availability period of five years. Each borrowing under the Sponsor Credit Facility accrues interest at a rate of 9.125% perannum with an annual 1.0% commitment fee on the undrawn balance.The Sponsor Credit Facility contains customary events of default, including non-payment of principal or interest, breach of covenantsor material inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the Sponsor CreditFacility covenants require that at all times GasLog must continue to control, directly or indirectly, the affairs or composition of thePartnership’s board of directors and any amendment to our partnership agreement, in the reasonable opinion of the lender, must not beadverse to its interests in connection with the Sponsor Credit Facility.In November 2021, the GasLog Partners Board determined not to renew the Sponsor Credit Facility when it expires in April 2022.Securities, Covenants and GuaranteesThe credit agreements are secured as follows:●first priority mortgages over the ships owned by the respective borrowers;●in the case of the 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility and the GasLog Partners $193.7MFacility, guarantees from the Partnership and the Partnership’s subsidiary GasLog Partners Holdings, and in the case of theAssumed October 2015 Facility, guarantees from the Partnership and GasLog Partners Holdings up to the value of thecommitments relating to the GasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar andguarantees from GasLog and GasLog Carriers for up to the value of the commitments on the remaining vessels;Table of Contents71●a pledge or a negative pledge of the share capital of the respective borrower; and●a first priority assignment of all earnings and insurance related to the ships owned by the respective borrower.Certain of the credit facilities also impose certain restrictions relating to the Partnership and GasLog, and their other subsidiaries,including restrictions that limit the Partnership’s and GasLog’s ability to make any substantial change in the nature of the Partnership’s orGasLog’s business or to engage in transactions that would constitute a change of control, without repaying part or all of the Partnership’sand GasLog’s indebtedness in full.The credit facilities contain customary events of default, including non-payment of principal or interest, breach of covenants ormaterial inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the credit facilities containcovenants requiring the Partnership and certain of the Partnership’s subsidiaries to maintain the aggregate of (i) the market value, on acharter exclusive basis, of the mortgaged vessel or vessels and (ii) the market value of any additional security provided to the lenders, at avalue of not less than 120.0% of the then outstanding amount under the applicable facility (130.0% of the aggregate outstanding principalbalance plus any hedging exposure for the GasLog Partners $193.7M Facility). If we fail to comply with these covenants and are not ableto obtain covenant waivers or modifications, the lenders could require the Partnership to make prepayments or provide additionalcollateral sufficient to bring the Partnership into compliance with such covenants, and if we fail to do so the lenders could accelerate theindebtedness.The Partnership, as corporate guarantor is also subject to specified financial covenants on a consolidated basis. These financialcovenants include the following as defined in the agreements:●the aggregate amount of cash and cash equivalents, short-term investments and available undrawn facilities with remainingmaturities of at least six months (excluding loans from affiliates) must be at least $45,000;●total indebtedness divided by total assets must be less than 65.0%;●the Partnership is permitted to declare or pay any dividends or distributions, subject to no event of default having occurred oroccurring as a consequence of the payment of such dividends or distributions.The Assumed October 2015 Facility also imposes specified financial covenants that apply to GasLog and its subsidiaries on aconsolidated basis:●net working capital (excluding the current portion of long-term debt) must be not less than $0;●total indebtedness divided by total assets must not exceed 75.0%;●the ratio of EBITDA over debt service obligations as defined in the GasLog guarantees (including interest and debtrepayments, but excluding any prepayments) on a trailing 12 months basis must be not less than 110.0%; the ratio shall beregarded as having been complied with even if the ratio falls below the stipulated 110.0% when cash and cash equivalentsand short-term investments are at least $110,000;●the aggregate amount of cash and cash equivalents and short-term investments must be not less than $75,000; and●GasLog’s market value adjusted net worth must at all times be not less than $350,000.The second set of covenants could also be applicable to GasLog and its subsidiaries on a consolidated basis under the GasLogPartners $193.7M Facility in the event of a reverse drop-down of a vessel from the Partnership to GasLog.Assumed October 2015 FacilityIn connection with the acquisitions of GAS-eleven Ltd., the entity that owns the GasLog Greece, on May 3, 2017, GAS-thirteen Ltd.,the entity that owns the GasLog Geneva, on July 3, 2017, GAS-fourteen Ltd., the entity that owns the GasLog Gibraltar on AprilTable of Contents7226, 2018 and GAS-twelve Ltd., the entity that owns the GasLog Glasgow, on April 1, 2019, the Partnership assumed $151.4 million,$155.0 million, $143.6 million and $134.1 million of outstanding indebtedness of the respective acquired entities under a debt financingagreement dated October 16, 2015 with 14 international banks, with Citibank N.A. London Branch and Nordea Bank AB, London Branchacting as agents on behalf of the other finance parties. The financing is backed by the Export Import Bank of Korea (“KEXIM”) and theKorea Trade Insurance Corporation (“K-Sure”), who are either directly lending or providing cover for over 60% of the facility. TheAssumed October 2015 Facility was subsequently amended and restated in December 2019. The loan agreement with respect to each ofthe GasLog Greece and the GasLog Glasgow provided for four tranches of $51.3 million, $25.6 million, $25.0 million and $61.1 million,while the loan agreement with respect to each of the GasLog Geneva and the GasLog Gibraltar provided for four tranches of $50.5million, $25.3 million, $24.6 million and $60.3 million, respectively. Under the terms of the agreement, each drawing under the first threetranches would be repaid in 24 consecutive semi-annual equal installments commencing six months after the actual deliveries of theGasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar according to a 12-year profile. Each drawing underthe fourth tranche would be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual deliveries ofthe relevant vessels according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016, $163.0million was drawn down to partially finance the delivery of the GasLog Greece, on June 24, 2016, $163.0 million was drawn down topartially finance the delivery of the GasLog Glasgow, on September 26, 2016, $160.7 million was drawn down to partially finance thedelivery of the GasLog Geneva, and on October 25, 2016, $160.7 million was drawn to partially finance the delivery of the GasLogGibraltar. Amounts drawn under each applicable tranche bear interest at LIBOR plus a margin.2019 GasLog Partners FacilityOn February 20, 2019, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners andGasLog Partners Holdings LLC entered in a loan agreement with Credit Suisse AG, Nordea Bank ABP, filial i Norge and Iyo Bank Ltd.,Singapore Branch, each an original lender, Nordea acting as security agent and trustee for and on behalf of the other finance partiesmentioned above, for a credit facility for up to $450.0 million for the purpose of refinancing in full the existing Partnership Facility.Subsequently on the same date, the Development Bank of Japan, Inc. entered the facility as lender via transfer certificate. The vesselsoriginally covered by the 2019 GasLog Partners Facility were the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, theMethane Rita Andrea and the Methane Jane Elizabeth.The agreement provides for an amortising revolving credit facility which can be repaid and redrawn at any time, subject to theoutstanding amount immediately after any drawdown not exceeding (i) 75% of the aggregate of the market values of all vessels under theagreement, or (ii) the total facility amount. The total facility amount reduces in 20 equal quarterly amounts of $7.4 million, with a finalballoon amount of $302.9 million reducing concurrently with the last quarterly reduction in February 2024. The credit facility bearsinterest at LIBOR plus a margin. On March 6, 2019, the Partnership drew down $360.0 million under the 2019 GasLog Partners Facilityand an additional $75.0 million on April 1, 2019.On October 26, 2021 GAS-three Ltd., was released from its liabilities following the sale and leaseback of the GasLog Shanghai toCDBL and the prepayment of $97.0 million.GasLog Partners $260.3M FacilityOn July 16, 2020, GasLog Partners entered into a credit agreement of $260.3 million with BNP Paribas, Credit Suisse AG and AlphaBank S.A., each an original lender, with BNP Paribas acting as security agent and trustee for and on behalf of the other finance partiesmentioned above. The purpose of the facility was the refinancing of the outstanding indebtedness of GAS-twenty Ltd., GAS-seven Ltd.and GAS-eight Ltd including the payment of loan fees under this facility. The vessels covered by the GasLog Partners $260.3M Facilityare the Methane Shirley Elisabeth, the GasLog Seattle and the Solaris.The relevant amount of $260.3 million was drawn on July 21, 2020, out of which $258.5 million was used to refinance theoutstanding indebtedness of GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd. The facility amortizes over ten equal semi-annualinstallments of $8.6 million beginning in January 2021, with a final balloon amount of $174.4 million payable concurrently with the lastinstallment in July 2025. The credit facility bears interest at LIBOR plus a margin.Table of Contents73On October 15, 2020, the Development Bank of Japan Inc. (“DBJ”) acceded as a new lender in the facility via transfer certificate.BNP Paribas and Credit Suisse each transferred $25.0 million of their commitment to DBJ following the consent of the Borrowers. AlphaBank S.A. retained the participation amount it was allocated as an original lender.GasLog Partners $193.7M FacilityOn July 16, 2020, GasLog Partners entered into a credit agreement of $193.7 million with DNB Bank ASA, London Branch, and INGBank N.V., London Branch, each an original lender, with DNB Bank ASA, London Branch acting as security agent and trustee for and onbehalf of the other finance party mentioned above. The purpose of the facility was to refinance the outstanding indebtedness of GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. and for general corporate purposes. The vessels covered by the GasLogPartners $193.7M Facility are Methane Alison Victoria, the Methane Heather Sally and the Methane Becki Anne.The relevant amount of $193.7 million was drawn down on July 21, 2020, out of which $174.9 million was used to refinance theoutstanding indebtedness of GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd. The facility amortizes over ten equalsemi-annual installments of $8.6 million beginning in January 2021, with a final balloon amount of $107.7 million payable concurrentlywith the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus a margin.Quantitative and Qualitative Disclosures About Market RiskFor information about our exposure to market risks, see “Item 11. Quantitative and Qualitative Disclosures About Market Risk”.Capital Expenditures in Relation to Vessel AcquisitionsAs of December 31, 2021, there are no commitments for capital expenditures related to our fleet with respect to vessel acquisitions. Inthe event we decide to exercise our options to purchase additional ships from GasLog, we expect to finance the costs with cash fromoperations and a combination of debt and equity financing, if available on acceptable terms.C. Research and Development, Patents and Licenses, etc.Not applicable.D. Trend InformationSee “Item 5. Operating and Financial Review and Prospects—Overview—Industry Overview and Trends”.E. Critical Accounting EstimatesThe preparation of the consolidated financial statements in conformity with IFRS requires us to make estimates and assumptions thataffect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. ThePartnership’s management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultationwith experts and other methods management considers reasonable in the particular circumstances. However, uncertainty about theseassumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liabilityin the future. Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materiallydifferent results under different assumptions and conditions. For a description of all our principal accounting policies, see Note 2 to ourannual consolidated financial statements included elsewhere in this annual report.Impairment of VesselsWe evaluate the carrying amounts of our vessels to determine whether there is any indication that they have suffered an impairmentloss by considering both internal and external sources of information. If any such indication exists, their recoverable amounts areestimated in order to determine the extent of the impairment loss, if any.Table of Contents74Recoverable amount is the higher of fair value less costs to sell and value in use. Our estimates of recoverable value assume that thevessels are all in seaworthy condition without need for repair and certified in class without notations of any kind.In assessing the fair value less cost to sell of the vessel, the Partnership obtains charter-free market values for its vessels fromindependent and internationally recognized ship brokers on a semi-annual basis, which are also commonly used and accepted by thePartnership’s lenders for determining compliance with the relevant covenants in the Partnership’s credit facilities. Vessel values can behighly volatile, so the charter-free market values may not be indicative of the future market value of the Partnership’s vessels, or pricesthat could be achieved if it were to sell them.As of December 31, 2021, a number of negative indicators such as differences between the charter-free market values of thePartnership’s Steam vessels, as estimated by ship brokers, and their respective carrying amounts, combined with reduced expectations ofthe rates at which the Partnership could expect to secure term employment for the remaining economic lives of the Steam vessels andsignificant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuelefficient LNG carriers to the global fleet, influenced management’s strategic decisions and prompted the Partnership to conclude thatevents and circumstances triggered the existence of potential impairment of Steam vessels, with no impairment indicators identified withrespect to the owned and bareboat TFDE fleet.The Partnership performed an impairment assessment for the Steam vessels by comparing each vessel’s value in use applying the“expected cash flow” approach, i.e. using all expectations about possible cash flows instead of the single most likely cash flow(“traditional approach”). The expected cash flow approach was considered more appropriate in light of the increasing uncertaintypertaining to the business outlook for our Steam vessels. As of December 31, 2021, the Partnership’s management established itsexpectations for recovering each Steam vessel’s carrying amount in the form of two alternative scenarios: (a) continued operation of thevessel until the end of its useful economic life or (b) sale (at fair value less costs to sell) post expiry of its charter party agreement currentlyin effect. Appropriate probabilities were determined and assigned to each probable outcome, taking into account management’s establishedstrategic goals and tactical objectives with respect to vessels’ operation and residual value risk management. In both scenarios, estimatedfuture cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value ofmoney and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flowsrelated to vessels is complex and requires management to make various estimates. The assumptions that the Partnership used in itsdiscounted projected net operating cash flow analysis included, among others, utilization, operating revenues, voyage expenses andcommissions, dry-docking costs, operating expenses (including vessel management costs), residual values, fair values less costs to sell andthe discount rate. The key assumptions, being those to which the outcome of the impairment assessment is most sensitive, are the estimatesof long-term charter rates for non-contracted revenue days and the discount rate.Revenue assumptions were based on contracted time charter rates up to the end of the current contract for each vessel, as well as theestimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenueassumptions exclude days of scheduled off-hire based on the fleet’s historical performance and internal forecasts. The estimated daily timecharter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recentcharter market rates, (ii) conditions existing in the LNG market as of December 31, 2021, (iii) historical average time charter rates, basedon publications by independent third party maritime research services (“maritime research publications”), (iv) estimated future timecharter rates, based on maritime research publications that provide such forecasts and (v) management’s internal assessment of long-termcharter rates achievable by each class of vessel.Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond our control, managementbelieves that the use of the revenue estimates discussed above to be reasonable as of the reporting date. We have assumed no inflation norany other revenue escalation or growth factors in determining forecasted time charter rates beyond the contracted charter period throughthe end of a vessel’s useful life, consistent with long-run historical evidence and industry expectations.We used an annual operating expenses escalation factor equal to 1% based on its historical data and experience, as well asexpectations of future inflation on operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet andresidual and scrap values are the same as those used for our depreciation policy. All estimates used and assumptions made were inaccordance with our internal budgets and historical experience of the shipping industry.Table of Contents75In our impairment assessment as of December 31, 2021, the rate used to discount future estimated cash flows to their present valueswas 7.5% (6.4% as of December 31, 2020). This was based on an estimated weighted average cost of capital calculated using cost ofequity and cost of debt components, adjusted also for vessel-specific risks and uncertainties, as applicable to each probable outcome.The table below sets forth in U.S. dollars (i) the historical acquisition cost of our vessels and (ii) the carrying value of each of ourvessels as of December 31, 2020 and December 31, 2021, after giving effect to an aggregate impairment charge of $23.9 million recordedagainst four of our five Steam vessels for the year ended December 31, 2020 and an impairment charge of $104.0 million recorded againstour five Steam vessels for the year ended December 31, 2021. Carrying values(1)(in thousands of U.S. dollars)Cargo capacity Acquisition December 31,December 31, Vessel Built Date (cbm) cost 2020 2021GasLog Shanghai(2)January 2013 155,000 189,619 149,712 81,651GasLog Santiago(3) March 2013 155,000 189,560 159,552 153,826GasLog Sydney(3) May 2013 155,000 195,947 167,062 161,168GasLog Seattle(3) December 2013 155,000 201,738 164,516 158,463Solaris(3) June 2014 155,000 202,163 166,955 161,578Methane Rita Andrea(4) April 2006 145,000 156,613 90,533 67,697Methane Jane Elizabeth(4) June 2006 145,000 156,613 97,362 70,149Methane Alison Victoria(4) May 2007 145,000 156,610 96,385 71,587Methane Shirley Elisabeth(4) March 2007 145,000 156,599 90,283 69,069Methane Heather Sally(4) June 2007 145,000 156,599 103,274 75,964Methane Becki Anne(3) September 2010 170,000 232,334 197,834 189,654GasLog Greece(3) March 2016 174,000 209,195 180,882 176,980GasLog Glasgow(3) June 2016 174,000 208,532 181,742 177,640GasLog Geneva(5) September 2016 174,000 203,975 178,710 175,192GasLog Gibraltar(5) October 2016 174,000 203,835 179,097 175,527Total$ 2,819,932 $ 2,203,899 $ 1,966,145(1)Our owned and bareboat vessels are stated at carrying values (see Note 6 and Note 7 to our consolidated financial statements includedelsewhere in this annual report). An aggregate impairment loss of $23.9 million was recorded for the year ended December 31, 2020.An aggregate impairment loss of $104.0 million was recorded for the year ended December 31, 2021.(2)Indicates a vessel which was remeasured at the lower of its carrying amount and fair value less costs to sell as of September 30, 2021,following its sale and lease back agreement with a wholly-owned subsidiary of CDBL, with no impairment loss recognized. OnOctober 26, 2021, the vessel was recognized as a right-of use asset at an amount equal to the proportion of its previous carryingamount that reflects the right-of-use retained. No impairment indicators were identified with respect to such asset as of December 31,2021.(3)Indicates our TFDE vessels for which, as of December 31, 2021, the basic charter-free market value is lower than the vessel’scarrying value but no impairment indicators were identified for these vessels as described above. The aggregate carrying value ofthese vessels exceeds their aggregate basic charter-free market value by $69.8 million as of December 31, 2021.(4)Indicates our Steam vessels for which, as of December 31, 2021, the basic charter-free market value is lower than the vessel’scarrying value and impairment indicators were identified for these vessels as described above. After the recognition of an impairmentloss of $104.0 million, the aggregate carrying value of these vessels exceeds their aggregate basic charter-free market value by $38.5million as of December 31, 2021.(5)Indicates vessels for which, as of December 31, 2021, the basic charter free market value is higher than the vessel’s carrying value.Table of Contents76As a result of its impairment assessments for the year ended December 31, 2021, the Partnership recognized an aggregate non-cashimpairment loss of $104.0 million on its five Steam vessels built in 2006 and 2007 and determined there was no impairment for itsremaining owned and bareboat on-the-water fleet, comprising ten TFDE vessels.ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEESA.Directors and Senior ManagementThe following table sets forth information regarding our directors and executive officers. We rely solely on the executive officers ofGasLog or its applicable affiliate who provide executive officer services for our benefit pursuant to the administrative services agreementand who are responsible for our day-to-day management subject to the direction of our board of directors. The business address for each ofour directors and executive officers is 69 Akti Miaouli, 18537 Piraeus, Greece. The following directors have been determined by our boardof directors to be independent under the standards of the NYSE and the rules and regulations of the SEC: Curtis V. Anastasio, RolandFisher,Kristin H. Holth and Julian R. Metherell. Officers are elected from time to time by vote of our board of directors and hold officeuntil a successor is elected.Name Age PositionCurtis V. Anastasio 65 Chairman of the Board of Directors/DirectorRoland Fisher(1) 50 Class I DirectorKristin H. Holth(2)66Class III DirectorJulian R. Metherell 58 DirectorPaolo Enoizi(3) 49 Director/Chief Executive OfficerAchilleas Tasioulas 46 Chief Financial OfficerKonstantinos Karathanos(4)48Chief Financial Officer(1)Mr. Fisher was appointed a director on February 8, 2021(2)Ms. Holth was appointed a director on November 1, 2021(3)Mr. Enoizi was appointed Chief Executive Officer and a director on August 1, 2021.(4)Mr. Karathanos was appointed Chief Operating Officer on February 11, 2022Our Class I and Class III Directors were elected by our common unitholders and will hold office until the 2023, and 2024 annualmeetings of limited partners, respectively. Our other directors were appointed by our general partner in its sole discretion. See “—C. BoardPractices”.Certain biographical information about each of these individuals is set forth below.Curtis V. Anastasio has been the Executive Chairman of our board of directors since our inception to May 2016 and Non-ExecutiveChairman from May 2016 to date. From the time he led the initial public offering in April of 2001 to his retirement on December 31, 2013,Mr. Anastasio was the president and chief executive officer of NuStar Energy L. P., a publicly traded MLP based in San Antonio, Texas.Mr. Anastasio was also president and chief executive officer of NuStar GP Holdings, LLC, a position he held since the company’s initialpublic offering in 2006. In addition, Mr. Anastasio serves as a director and chairman of the Audit Committee of Par Pacific Holdings(previously Par Petroleum Corporation) a growth-orientated company that manages and maintains interests in energy related assets, andserves as a director and chairman of the Audit Committee of the Chemours Company. Between 2013 and 2019, Mr. Anastasio served onthe board of the Federal Reserve Bank of Dallas. Mr. Anastasio received a Juris Doctorate degree from Harvard Law School in 1981 and aBachelor of Arts degree, Magna cum Laude, from Cornell University in 1978.Roland Fisher was appointed to our board of directors on February 8, 2021. Mr. Fisher is the founder of Gasfin Development, acompany recognized for pioneering mid-scale LNG infrastructure in multiple markets, most recently delivering Sub-Saharan Africa’s firstLNG terminal, at Tema, Ghana. Prior to founding Gasfin, Mr. Fisher was Chief Financial Officer at TGE Group, a specialist cryogenic gasengineering business. Previously, Mr. Fisher also spent 10 years in private equity investment roles with Caledonia Investments and Actisworking on a diverse portfolio from natural resources to financial services across Europe, Southern Africa andTable of Contents77South America. He started his career with Deloitte in London. Mr. Fisher is a Chartered Accountant (ICAEW), holds an MBA withDistinction from INSEAD, and an MA (Hons) from Edinburgh University. Mr. Fisher sits on the investment committee of Nash & Co andis a Trustee of Kasanka National Park in Zambia.Kristin H. Holth was appointed to our Board of Directors and a member of our Audit Committee and Conflicts Committee in November 2021. From 2017 to 2020 Ms. Holth served as Executive Vice President and Global Head of Ocean Industries in DNB Bank ASA, Norway’s largest financial services group. Ms. Holth has significant experience in capital markets and funding and has held numerous management positions within DNB, including Global Head of Shipping, Offshore & Logistics for four years and General Manager & Head of DNB Americas for six years. Ms. Holth also holds several board positions, including Independent Director of Maersk Drilling and Maersk Tankers. Ms. Holth also sat on the board of directors of GasLog from September 2020 to June 2021. Ms. Holth holds a Bachelor in Economics and Business Administration from BI Norwegian Business School.Julian R. Metherell was appointed to our board of directors on August 6, 2020; and has served on the GasLog board of directorssince October 2011. Mr. Metherell is currently a director of MW&L Capital; he also sits on the board of a number of private companiesincluding Wellsafe, Natural Capital Research and Chairman Mentors International. He was the chief financial officer and a director ofGenel Energy plc, a leading independent oil and gas exploration and production company operating in the Kurdistan Region of Iraq. GenelEnergy plc is the successor to Vallares Plc, a publicly listed acquisition company which Mr. Metherell co-founded in April 2011. From1999 to 2011, Mr. Metherell was a partner at The Goldman Sachs Group, Inc., where he served as chief executive officer of the UKinvestment banking division. Prior to joining Goldman Sachs, Mr. Metherell was a director in the European energy group at DresdnerKleinwort, a London-based investment bank. Mr. Metherell is a graduate of Manchester University, where he received a B.Sc. degree, andof Cambridge University, where he received an M.B.A.Paolo Enoizi was appointed as a director and our CEO on August 1, 2021. Mr. Enoizi joined GasLog Partners LP in August 2019 andwas appointed Chief Operating Officer (“COO”) from September 2019 to February 2022. He was appointed COO of GasLog on the samedate. Prior to joining GasLog Partners, Mr. Enoizi was most recently Managing Director of Stolt Tankers BV Rotterdam, a subsidiary ofStolt Nielsen Limited, where he was responsible for the operation of over 100 chemical tankers, 200 people ashore and over 4,000seafarers. Mr. Enoizi’s previous roles also included Director of Technical & Innovation and General Manager of Newbuilding &Technical. Whilst at Stolt Nielsen, Mr. Enoizi led major business transformations, integration of company acquisitions and operationalimprovement initiatives in areas such as process optimisation, cost reductions, digitalisation and business intelligence. Prior to joiningStolt Nielsen in 2008, Mr. Enoizi was Managing Director of a family-owned ship management company. Mr. Enoizi is a director of HiLoMaritime Risk Management Limited, a not for profit joint industry initiative which uses a predictive mathematical model to enhanceshipping industry safety. Mr. Enoizi has a Masters degree in Naval Architecture and Marine Engineering from the University of Genova.Achilleas Tasioulas has served as our CFO and CFO of GasLog since July 2020. Mr. Tasioulas joined GasLog in October 2014 asFinancial Controller and his role was expanded to Chief Risk Officer, Financial Controller and Head of Tax in August 2017 and DeputyCFO of GasLog in December 2019 and has over 14 years of experience in the shipping industry. During his years with GasLog he hasbeen actively engaged in our growth and capital markets activity, as well as developing considerable experience in operations, corporatefinance, treasury and risk management. Mr. Tasioulas is also a Board Member of Gastrade and a Director of several Group subsidiaries.Immediately prior to joining GasLog, Mr. Tasioulas was Corporate Controller for NYSE-listed Danaos Corporation for 6 years. Mr.Tasioulas is an ICAEW Fellow Chartered Accountant, has an MSc in Project Analysis, Finance and Investments from the University ofYork in the UK and a BSc in Economics from the University of Macedonia in Greece. Furthermore, Mr. Tasioulas has completedexecutive education programs in Advance Corporate Finance in London Business School and Strategic Financial Leadership in StanfordUniversity Graduate School of Business.Konstantinos Karathanos was appointed COO of GasLog and GasLog Partners on February 11, 2022. Prior to this he served as Deputy COO from November 2021 and General Manager Innovation and Technology from 2019. Mr. Karathanos joined the group in 2000 and from then to 2017 held several positions such as Fleet Manager, Project & Site Manager and Ship Manager. Prior to re-joining GasLog, Mr. Karathanos held the position of Technical Manager at Minerva Marine from 2017 to 2019. Mr. Karathanos has over 20 years of experience in the shipping industry specializing in LNG Carriers design and construction and Technical & Operational management as well as focusing on Energy and Performance with emphasis on Energy efficiency and decarbonization of the fleet. Mr. Karathanos has an Executive MBA from ALBA, the American College of Greece, an MSc in Thermal Power and Fluid Mechanics from the University of Manchester and a B.Eng. in Mechanical Engineering from Manchester Metropolitan University.Table of Contents78Board Leadership StructureOur board leadership structure consists of our Chairman and the chairmen of our board committees. Our operational management isheaded by our CEO. Mr. Enoizi, as CEO, is responsible for the day-to-day operations of the Partnership, which includes decisions relatingto the Partnership’s general management and control of its affairs and business, and works with our board in developing our businessstrategy. The board of directors does not have a policy mandating that the roles of CEO and Chairman be held by separate individuals, butbelieves that at this time the separation of such roles is appropriate and beneficial to unitholders.B.Compensation of Directors and Senior ManagementReimbursement of Expenses of Our General PartnerOur general partner does not receive compensation from us for any services it provides on our behalf, although it is entitled toreimbursement for expenses incurred on our behalf. In addition, our operating subsidiaries reimburse GasLog LNG Services for expensesincurred pursuant to the amended ship management agreements that our operating subsidiaries are party to with GasLog LNG Services.See “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Ship Management Agreements”.Executive CompensationThe services of our executive officers and other employees are provided pursuant to the administrative services agreement, underwhich we pay an annual fee. Mr. Paul A. Wogan stepped down as CEO with effect from August 01, 2021, and Paolo Enoizi was appointedas CEO. We do not pay any of our executive officers any compensation directly. See “Item 7. Major Unitholders and Related PartyTransactions—B. Related Party Transactions—Administrative Services Agreement”. Our officers and employees and officers andemployees of our subsidiaries and affiliates of GasLog and our general partner may participate in employee pension and benefit plans andarrangements sponsored by GasLog, GasLog subsidiaries, our general partner or their affiliates, including plans that may be established inthe future. We did not set aside or accrue any amounts in the year ended December 31, 2021 to provide pension, retirement or similarbenefits to our senior management.Compensation of DirectorsEach non-management director receives cash compensation for being a member of our board of directors, as well as for being amember or chairperson of a committee. During 2021, non-management directors each received a director fee of $110,000 per year. Inaddition, members of the audit and conflicts committees each received a committee fee of $25,000 per year whereas the chairpersons ofsuch committees received a fee of $50,000 per year. Our chairman receives an additional chair fee and received director fees totaling$266,181 in 2021. In addition, each director is reimbursed for out-of-pocket expenses in connection with attending meetings of the boardof directors or committees.We did not set aside or accrue any amounts in the year ended December 31, 2021 to provide pension, retirement or similar benefits toour directors.Equity Compensation PlanIn January 2015, our board of directors approved the GasLog Partners LP 2015 Long-Term Incentive Plan (the “Plan”). The purposeof the Plan is to promote the interests of the Partnership and its unitholders by attracting and retaining exceptional directors, officers,employees and consultants and enabling such individuals to participate in the long-term growth and financial success of the Partnership.The Plan provides for the grant of options to purchase our common units, common unit appreciation rights, restricted common units,phantom performance common units, cash incentive awards and other equity-based or equity-related awards. We have reserved forissuance a total of 945,026 common units under the Plan (equal to approximately 6.59% of the 14,322,358 common units outstanding as ofDecember 31, 2014), subject to adjustment for changes in capitalization as provided in the Plan. The Plan is administered by our board ofdirectors, or such committee of our board of directors as may be designated by our board of directors to administer the Plan.Table of Contents79On April 1, 2021, we granted our executive officers and employees an aggregate of 98,255 restricted common units and 98,255phantom performance common units, with an aggregate fair value as of the grant date of $540,400. On September 14, 2021, we grantedour executive officers and employees an aggregate of 21,663 restricted common units and 21,663 phantom performance common units,with an aggregate fair value as of the grant date of $177,203. These awards vest on the third anniversary of the grant date, subject to therecipients’ continued service; vesting of the phantom stock units is also subject to the achievement of certain performance targets. Theymay be settled in cash or newly issued units, or a combination thereof, at our discretion.As of December 31, 2021, we have 407,824 common units reserved for issuance under the Plan (equal to approximately 0.80% of the51,137,201 common units outstanding).C.Board PracticesIn accordance with our partnership agreement, our general partner has delegated to our board of directors the authority to oversee anddirect our operations, management and policies on an exclusive basis, and such delegation will be binding on any successor generalpartner of the partnership. Our general partner, GasLog Partners GP LLC, is wholly owned by GasLog. Our executive officers, all ofwhom are employed by GasLog or its applicable affiliate, manage our day-to-day activities consistent with the policies and proceduresadopted by our board of directors.Since August 2020, our board of directors has consisted of five members, three of whom are appointed by our general partner in itssole discretion and two of whom are elected by our common unitholders. The directors appointed by our general partner serve until asuccessor is duly appointed by the general partner. Directors elected by our common unitholders are divided into three classes servingstaggered three-year terms. At our 2015 annual meeting, the Class I elected director was elected to serve for a one year term expiring onthe date of the succeeding annual meeting, the Class II elected director was elected to serve for a two-year term expiring on the secondsucceeding annual meeting and the Class III elected director was elected to serve for a three-year term expiring on the third succeedingannual meeting. At each subsequent annual meeting of unitholders, directors will be elected to succeed the class of director whose termhas expired by a plurality of the votes of the common unitholders. Directors elected by our common unitholders will be nominated by theboard of directors or by any limited partner or group of limited partners that holds at least 10% of the outstanding common units. In orderto effectuate cost savings, the Partnership Agreement was amended in August 2020 to reduce the size of the board of directors. Inconnection with such amendment, the number of directors was decreased from seven to five, the number of Appointed Directors decreasedfrom four to three and the Class II Elected Director seat was eliminated.If our general partner exercises its right to transfer the power to elect a majority of our directors to the common unitholders, anadditional director will thereafter be elected as a Class II director by our common unitholders. Our general partner may exercise this rightin order to permit us to claim, or continue to claim, an exemption from U.S. federal income tax under Section 883 of the Code. See “Item4. Information on the Partnership—B. Business Overview—Taxation of the Partnership”.The Class I and Class III directors elected by our common unitholders, Mr. Anastasio and Mr. Metherell were determined by ourboard to be independent under the standards of the NYSE and the rules and regulations of the SEC. The elected directors also qualify asindependent of GasLog under our partnership agreement so as to be eligible for membership on our conflicts committee.Each outstanding common unit is entitled to one vote on matters subject to a vote of common unitholders. However, if at any time,any person or group owns beneficially more than 4.9% of any class or series of units (other than the Preference Units) then outstanding,any such units owned by that person or group in excess of 4.9% may not be voted on any matter and will not be considered to beoutstanding when sending notices of a meeting of limited partners, calculating required votes (except for purposes of nominating a personfor election to our board of directors), determining the presence of a quorum or for other similar purposes under our partnershipagreement, unless otherwise required by law. This loss of voting rights does not apply to the Preference Units. Effectively, this means thatthe voting rights of any such common unitholders in excess of 4.9% will be redistributed pro rata among the other common unitholdersholding less than 4.9% of the voting power of all classes of units entitled to vote. Our general partner, its affiliates and persons whoacquired common units with the prior approval of our board of directors will not be subject to this 4.9% limitation except with respect tovoting their common units in the election of the elected directors. This limitation will support our claim of an exemption from U.S. federalincome tax under Section 883 of the Code in the event our general partner transfers the power to elect one director to the commonunitholders.Table of Contents80There are no service contracts between us and any of our directors providing for benefits upon termination of their employment orservice.We are a “foreign private issuer” under the securities laws of the United States and the rules of the NYSE. Under the securities laws ofthe United States, “foreign private issuers” are subject to different disclosure requirements than U.S. domiciled registrants, as well asdifferent financial reporting requirements. Under the NYSE rules, a “foreign private issuer” is subject to less stringent corporategovernance requirements. Subject to certain exceptions, the rules of the NYSE permit a “foreign private issuer” to follow its home countrypractice in lieu of the listing requirements of the NYSE, including (i) the requirement that a majority of the board of directors consist ofindependent directors and (ii) the requirement that a compensation committee or a nominating/corporate governance committee beestablished. Four of our five directors qualify as independent. As a result, non-independent directors may, among other things, participatein fixing the compensation of our management, making share and option awards and resolving governance issues regarding our Company.Accordingly, in the future you may not have the same protections afforded to unitholders of similarly organized limited partnerships thatare subject to all of the NYSE corporate governance requirements.Our board of directors meets regularly throughout the year. In 2021, the board met 16 times. As part of our board meetings, ourindependent directors meet without the non-independent directors in attendance. In addition, the board regularly holds sessions without theCEO and executive officers present.Committees of the Board of DirectorsAudit CommitteeWe have an audit committee that, among other things, reviews our external financial reporting, engages our external auditors andoversees our internal audit activities and procedures and the adequacy of our internal accounting controls. Our audit committee iscomprised of Roland Fisher, Kristin H. Holth and Julian R. Metherell, with Roland Fisher serving as the chair of the audit committee. Ourboard of directors has determined that each of Roland Fisher, Kristin H. Holth and Julian R. Metherell satisfies the independence standardsestablished by the NYSE and qualifies as an “audit committee financial expert” for purposes of SEC rules and regulations.Conflicts CommitteeWe also have a conflicts committee that is available at the board of directors’ discretion to review specific matters that the board ofdirectors believes may involve conflicts of interest. The conflicts committee will determine if the resolution of the conflict of interest isfair and reasonable to us. The members of the conflicts committee must meet the independence standards established by the NYSE and theSEC to serve on an audit committee of a board of directors, and may not be any of the following: (a) officers or employees of our generalpartner, (b) officers, directors or employees of any affiliate of our general partner (other than the Partnership and its subsidiaries) or (c)holders of any ownership interest in the general partner, its affiliates or the Partnership and its subsidiaries (other than (x) common units or(y) awards granted pursuant to any long-term incentive plan, equity compensation plan or similar plan of the Partnership or itssubsidiaries). Any matters approved by the conflicts committee will be conclusively deemed to be fair and reasonable to us, approved byall of our partners and not a breach by our directors, our general partner or its affiliates of any duties any of them may owe us or ourunitholders. Our conflicts committee is comprised of Kristin H. Holth and Roland Fisher, with Kristin H. Holth serving as chair of theconflicts committee.Employees of affiliates of GasLog provide services to us under the administrative services agreement. See “Item 7. Major Unitholdersand Related Party Transactions—B. Related Party Transactions—Administrative Services Agreement”.Our officers and the other individuals providing services to us or our subsidiaries may face a conflict regarding the allocation of theirtime between our business and the other business interests of GasLog or its affiliates. Our officers and such other individuals providingservices to us or our subsidiaries intend to devote as much time to the management of our business and affairs as is necessary for theproper conduct of our business and affairs.Whenever our general partner makes a determination or takes or declines to take an action in its individual capacity rather than in itscapacity as our general partner, it is entitled to make such determination or to take or decline to take such other action free of any fiduciaryduty or obligation whatsoever to us or any limited partner, and our general partner is not required to act in good faith or pursuant to anyother standard imposed by our partnership agreement or under the Marshall Islands Act or any other law. Specifically,Table of Contents81our general partner will be considered to be acting in its individual capacity if it exercises its call right, pre-emptive rights or registrationrights, consents or withholds consent to any merger or consolidation of the partnership, appoints any directors or votes for the appointmentof any director, votes or refrains from voting on amendments to our partnership agreement that require a vote of the outstanding units,voluntarily withdraws from the partnership, transfers (to the extent permitted under our partnership agreement) or refrains fromtransferring its units, general partner interest or votes upon the dissolution of the partnership. Actions of our general partner, which aremade in its individual capacity, will be made by GasLog as sole member of our general partner.Corporate GovernanceThe board of directors and our Partnership’s management engage in an ongoing review of our corporate governance practices in orderto oversee our compliance with the applicable corporate governance rules of the NYSE and the SEC.We have adopted a Code of Business Conduct and Ethics for all directors, officers, employees and agents of the Partnership.This document and other important information on our governance are posted on our website and may be viewed athttp://www.gaslogmlp.com. Reference to our website is for informational purposes only; our website is not incorporated by reference inthis annual report. We will also provide a paper copy of any of these documents upon the written request of a unitholder at no cost.Unitholders may direct their requests to the attention of our General Counsel, c/o GasLog LNG Services Ltd., 69 Akti Miaouli, Piraeus,18537 Greece.Exemptions from NYSE Corporate Governance RulesBecause we qualify as a foreign private issuer under SEC rules, we are permitted to follow the corporate governance practices of theMarshall Islands (the jurisdiction in which we are organized) in lieu of certain of the NYSE corporate governance requirements that wouldotherwise be applicable to us. The NYSE rules do not require a listed company that is a foreign private issuer to have a board of directorsthat is comprised of a majority of independent directors. Under Marshall Islands law, we are not required to have a board of directorscomprised of a majority of directors meeting the independence standards described in the NYSE rules. In addition, the NYSE rules do notrequire limited partnerships like us to have boards of directors comprised of a majority of independent directors. Accordingly, our board ofdirectors is not required to be comprised of a majority of independent directors.The NYSE rules do not require foreign private issuers or limited partnerships like us to establish a compensation committee or anominating/corporate governance committee. Similarly, under Marshall Islands law, we are not required to have a compensationcommittee or a nominating/corporate governance committee. Accordingly, we do not have a compensation committee or a nominating/corporate governance committee.D.EmployeesWe do not directly employ any on-shore or seagoing employees. The services of our executive officers and other employees areprovided pursuant to the administrative services agreement, under which we pay an annual fee. As of December 31, 2021, GasLogemployed (directly and through manning agents) approximately 2,247 seafaring staff who serve on GasLog’s owned and managed vessels(including our fleet) as well as 150 shore-based staff. GasLog and its affiliates may employ additional staff to assist us as we grow.GasLog, through certain of its subsidiaries, provides onshore advisory, commercial, technical and operational support to our operatingsubsidiaries pursuant to the amended ship management agreements, subject to any alternative arrangements made with the applicablecharterer. See “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Ship ManagementAgreements”.LNG marine transportation is a specialized area requiring technically skilled officers and personnel with specialized training. We andGasLog regard attracting and retaining motivated, well-qualified seagoing and shore-based personnel as a top priority, and GasLog offersits people competitive compensation packages. As a result, GasLog has historically enjoyed high retention rates. In 2021, GasLog’sretention rate was 95.6% for senior seagoing officers, 96.8% for other seagoing officers and 95.6% for shore staff.Although GasLog has historically experienced high employee retention rates, the demand for technically skilled officers and crews toserve on LNG carriers has been increasing as the global fleet of LNG carriers continues to grow. This increased demand has and maycontinue to put inflationary cost pressure on ensuring qualified and well trained crew are available to GasLog. However, weTable of Contents82and GasLog expect that the impact of cost increases would be mitigated to some extent by certain provisions in certain of our timecharters, including automatic periodic adjustment provisions and cost review provisions.In addition, the services of our executive officers and other employees are provided pursuant to the administrative services agreement,under which we pay an annual fee. See “Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Administrative Services Agreement”.E.Share OwnershipThe common units beneficially owned by our directors and executive officers and/or entities affiliated with these individuals isdisclosed in “Item 7. Major Unitholders and Related Party Transactions—A. Major Unitholders” below. For information regardingarrangements for involving the employees in the capital of the company, see “Item 6. Directors, Senior Management and Employees—B.Compensation of Directors and Senior Management”.ITEM 7.    MAJOR UNITHOLDERS AND RELATED PARTY TRANSACTIONSA.Major UnitholdersThe following table sets forth certain information regarding the beneficial ownership of our outstanding common units as of February24, 2022 held by:●each of our executive officers;●each of our directors;●all our directors and officers as a group; and●each holder known to us to beneficially own 5% or more of our units;Beneficial ownership is determined in accordance with SEC rules. Percentage computations are based on an aggregate of 51,137,201common units outstanding as of February 24, 2022. Each issued and outstanding common unit entitles the unitholder to one vote.Information for certain holders is based on their latest filings with the SEC or information delivered to us. Except as notedTable of Contents83below, the address of all unitholders, officers and directors identified in the table and the accompanying footnotes below is in care of ourprincipal executive offices.Common Units Beneficially Owned Name of Beneficial Owner Number Percent Directors and officers Curtis V. Anastasio * *Roland Fisher — —Kristin H. Holth — —Julian R. Metherell — —Achilleas Tasioulas — —Paolo Enoizi — —All directors and officers as a group * *Other 5% beneficial owners GasLog Ltd.(1) 15,206,602 29.7% Cobas Asset Management, SGIIC, SA(2) 4,396,949 8.6% Invesco Ltd.(3) 2,365,723 4.6% (1)GasLog Ltd. is effectively controlled by its chairman, Peter G. Livanos, who is deemed to beneficially own, directly or indirectly,29.7% of the issued and outstanding common shares of GasLog Ltd. Excludes the 2.0% general partner interest held by ourgeneral partner, a wholly owned subsidiary of GasLog Ltd.(2)Based on information contained in the Schedule 13G filed with the SEC on February 15, 2022, Cobas Asset Management, SGIIC,SA. has sole voting power over 4,396,949 common units.(3)Based on information contained in the Schedule 13G filed with the SEC on April 12, 2021, Invesco Ltd. has sole voting powerover 2,365,723 common units.*Less than 1%.Each outstanding common unit is entitled to one vote on matters subject to a vote of common unitholders. However, to preserve ourability to claim an exemption from U.S. federal income tax under Section 883 of the Code (which we do not expect to qualify for, unlessour general partner exercises the “GasLog option” described in “Item 4. Information on the Partnership—B. Business Overview—Taxation of the Partnership—U.S. Taxation of Shipping”), if at any time any person or group owns beneficially more than 4.9% of anyclass or series of units (other than the Preference Units) then outstanding, any units beneficially owned by that person or group in excess of4.9% may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting of limited partners,calculating required votes (except for purposes of nominating a person for election to our board of directors), determining the presence ofa quorum or for other similar purposes under our partnership agreement, unless otherwise required by law. Effectively, this means that thevoting rights of any such common unitholders in excess of 4.9% will be redistributed pro rata among the other common unitholdersholding less than 4.9% of the voting power of all classes of units entitled to vote. Our general partner, its affiliates and persons whoacquired common units with the prior approval of our board of directors will not be subject to this 4.9% limitation except with respect tovoting their common units in the election of the elected directors.Holders of our Preference Units generally have no voting rights except (i) in respect of amendments to the partnership agreementwhich would adversely vary the rights of the Preference Units or, (ii) in the event that the Partnership proposes to issue any paritysecurities if the cumulative distributions payable on issued and outstanding Preference Units are in arrears or (iii) in the event that thePartnership proposes to issue any securities that are senior to the Preference Units. However, if and whenever distributions payable on aseries of Preference Units are in arrears for six or more quarterly periods, whether or not consecutive, holders of such series of PreferenceUnits (voting together as a class with all other classes or series of parity securities upon which like voting rights have been conferred andare exercisable) will be entitled to elect one additional director to serve on our board of directors, and the size of our board of directors willbe increased as needed to accommodate such change (unless the size of our board of directors already has been increased by reason of theelection of a director by holders of parity securities upon which like voting rights have been conferred and with which the Preference Unitsvoted as a class for the election of such director). The right of such holders of Preference Units toTable of Contents84elect a member of our board of directors will continue until such time as all accumulated and unpaid dividends on the applicable series ofPreference Units have been paid in full.As a result of its ownership of the general partner, and the fact that the general partner elects the majority of the Partnership’s directorsin accordance with the partnership agreement, GasLog has the ability to control the Partnership’s affairs and policies. GasLog will retainthe ability to control the Partnership’s affairs and policies through its ownership of the general partner post completion of the Transactionannounced by GasLog on February 22, 2021, under which GEPIF will acquire all of the outstanding common shares of GasLog that arenot held by the Rolling Shareholders of GasLog in exchange for $5.80 in cash per common share. The Transaction is expected to close inthe second quarter of 2021. See “Item 6. Directors, Senior Management and Employees—C. Board Practices”.As of February 24, 2022, we had 3 common unitholders of record located in the United States. One of those shareholders was CEDE& CO., a nominee of The Depository Trust Company, which held in aggregate 35,930,595 common units, representing 70.3% of ouroutstanding common units and a 66.7% ownership interest in us. We believe that the units held by CEDE & CO. include common unitsbeneficially owned by both holders in the United Sates and non-U.S. beneficial owners.B.Related Party TransactionsFrom time to time we have entered into agreements and have consummated transactions with certain related parties. We may enterinto related party transactions from time to time in the future. The related party transactions that we have entered into or were party toduring the year ended December 31, 2021 are discussed below.Omnibus AgreementOn May 12, 2014, we entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. Thefollowing discussion describes certain provisions of the omnibus agreement.Noncompetition; Five-Year Vessel Restricted Business OpportunitiesUnder the omnibus agreement, GasLog has agreed, and has caused its controlled affiliates (other than us, our general partner and oursubsidiaries) to agree, not to acquire, own, operate or charter any LNG carrier with a cargo capacity greater than 75,000 cbm engaged inoceangoing LNG transportation under a charter for five full years or more without, within 30 calendar days after the consummation of theacquisition or the commencement of the operations or charter of such a vessel, notifying us and offering us the opportunity to purchasesuch a vessel at fair market value. For the purposes of this section, we refer to these vessels, together with any related charters, as “FiveYear Vessels” and to all other LNG carriers, together with any related charters, as Non-Five Year Vessels. The restrictions in this paragraphwill not prevent GasLog or any of its controlled affiliates (other than us and our subsidiaries) from:(1)acquiring, owning, operating or chartering Non-Five-Year Vessels;(2)acquiring one or more Five-Year Vessels if GasLog promptly offers to sell the vessel to us for the acquisition price plus anyadministrative costs (including re-flagging and reasonable legal costs) associated with the transfer to us at the time of theacquisition;(3)putting a Non-Five-Year Vessel under charter for five full years or more if GasLog offers to sell the vessel to us for fair marketvalue (x) promptly after the time it becomes a Five-Year Vessel and (y) at each renewal or extension of that charter for five fullyears or more;(4)acquiring one or more Five-Year Vessels as part of the acquisition of a controlling interest in a business or package of assets andowning, operating or chartering those vessels; provided, however, that:(a)if less than a majority of the value of the business or assets acquired is attributable to Five-Year Vessels, as determined ingood faith by GasLog’s board of directors, GasLog must offer to sell such vessels to us for their fair market value plus anyadditional tax or other similar costs that GasLog incurs in connection with the acquisition and the transfer of such vessels tous separate from the acquired business; andTable of Contents85(b)if a majority or more of the value of the business or assets acquired is attributable to Five-Year Vessels, as determined ingood faith by GasLog’s board of directors, GasLog must notify us of the proposed acquisition in advance. Not later than 30days following receipt of such notice, we will notify GasLog if we wish to acquire such vessels in cooperation andsimultaneously with GasLog acquiring the Non-Five-Year Vessels. If we do not notify GasLog of our intent to pursue theacquisition within 30 days, GasLog may proceed with the acquisition and then offer to sell such vessels to us as provided in(a) above;(5)acquiring a non-controlling equity ownership, voting or profit participation interest in any company, business or pool of assets;(6)acquiring, owning, operating or chartering any Five-Year Vessel if we do not fulfill our obligation to purchase such vessel inaccordance with the terms of any existing or future agreement;(7)acquiring, owning, operating or chartering a Five-Year Vessel subject to the offers to us described in paragraphs (2), (3) and (4)above pending our determination whether to accept such offers and pending the closing of any offers we accept;(8)providing ship management services relating to any vessel;(9)owning or operating any Five-Year Vessel that GasLog owned on the closing date of the IPO and that was not part of our fleet asof such date; or(10)acquiring, owning, operating or chartering a Five-Year Vessel if we have previously advised GasLog that we consent to suchacquisition, ownership, operation or charter.If GasLog or any of its controlled affiliates (other than us, our general partner or our subsidiaries) acquires, owns, operates or chartersFive-Year Vessels pursuant to any of the exceptions described above, it may not subsequently expand that portion of its business other thanpursuant to those exceptions. However, such Five-Year Vessels could eventually compete with our vessels upon their re-chartering.In addition, under the omnibus agreement we have agreed, and have caused our subsidiaries to agree, to acquire, own, operate orcharter Five-Year Vessels only. The restrictions in this paragraph will not:(1)prevent us or any of our subsidiaries from owning, operating or chartering any Non-Five-Year Vessel that was previously a Five-Year Vessel while owned by us or any of our subsidiaries;(2)prevent us or any of our subsidiaries from acquiring Non-Five-Year Vessels as part of the acquisition of a controlling interest in abusiness or package of assets and owning, operating or chartering those vessels; provided, however, that:(a)if less than a majority of the value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determinedin good faith by us, we must offer to sell such vessels to GasLog for their fair market value plus any additional tax or othersimilar costs that we incur in connection with the acquisition and the transfer of such vessels to GasLog separate from theacquired business; and(b)if a majority or more of the value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determinedin good faith by us, we must notify GasLog of the proposed acquisition in advance. Not later than 30 days following receiptof such notice, GasLog must notify us if it wishes to acquire the Non-Five-Year Vessels in cooperation and simultaneouslywith us acquiring the Five-Year Vessels. If GasLog does not notify us of its intent to pursue the acquisition within 30 days,we may proceed with the acquisition and then offer to sell such vessels to GasLog as provided in (a) above;(3)prevent us or any of our subsidiaries from acquiring, owning, operating or chartering any Non-Five-Year Vessels subject to theoffer to GasLog described in paragraph (2) above, pending its determination whether to accept such offer and pending the closingof any offer it accepts; orTable of Contents86(4)prevent us or any of our subsidiaries from acquiring, owning, operating or chartering Non-Five-Year Vessels if GasLog haspreviously advised us that it consents to such acquisition, ownership, operation or charter.If we or any of our subsidiaries acquires, owns, operates or charters Non-Five-Year Vessels pursuant to any of the exceptionsdescribed above, neither we nor such subsidiary may subsequently expand that portion of our business other than pursuant to thoseexceptions.During the 30-day period after GasLog’s notice and offer of an opportunity to purchase a Five-Year Vessel, we and GasLog willnegotiate in good faith to reach an agreement on the fair market value (and any applicable break-up costs) of the relevant vessel. If we donot reach an agreement within such 30-day period, a mutually-agreed upon investment banking firm, ship broker or other expert advisorwill be engaged to determine the fair market value (and any applicable break-up costs) of the relevant vessel and other outstanding terms,and we will have the option, but not the obligation, to purchase the relevant vessel on such terms. Our ability to consummate theacquisition of such Five-Year Vessel from GasLog will be subject to obtaining any consents of governmental authorities and other non-affiliated third parties and to all agreements existing with respect to such Five-Year Vessel. See “Item 3. Key Information—D. RiskFactors—Risks Inherent in Our Business—We may have difficulty obtaining consents that are necessary to acquire vessels with anexisting charter or a financing agreement”. Under the omnibus agreement, GasLog will indemnify the Partnership against losses arisingfrom the failure to obtain any consent or governmental permit necessary to own or operate the fleet in substantially the same manner thatthe vessels were owned and operated by GasLog immediately prior to the Partnership’s acquisition of such vessels. See “—Indemnification”.Upon a change of control of us or our general partner, the non-competition provisions of the omnibus agreement will terminateimmediately. Upon a change of control of GasLog, the non-competition provisions of the omnibus agreement applicable to GasLog willterminate at the time of the change of control. On the date on which a majority of our directors ceases to consist of directors that were (1)appointed by our general partner prior to our first annual meeting of unitholders and (2) recommended for election by a majority of ourappointed directors, the non-competition provisions applicable to GasLog shall terminate immediately.LNG Carrier Purchase OptionsIf we and GasLog are unable to agree upon the fair market value of any of these optional vessels, the respective fair market valueswill be determined by a mutually acceptable investment banking firm, ship broker or other expert advisor, and we will have the right, butnot the obligation, to purchase the vessel at such price. Our ability to consummate the acquisition of such vessels from GasLog will besubject to obtaining any consents of governmental authorities and other non-affiliated third parties and to all agreements existing as of theclosing date in respect of such vessels. See “Item 3. Key Information—D. Risk Factors—Risks Inherent in Our Business—We may havedifficulty obtaining consents that are necessary to acquire vessels with an existing charter or a financing agreement”.On the date on which a majority of our directors ceases to consist of directors that were (1) appointed by our general partner prior toour first annual meeting of unitholders and (2) recommended for election by a majority of our appointed directors, the LNG carrierpurchase options shall terminate immediately.Rights of First OfferUnder the omnibus agreement, we and our subsidiaries have granted to GasLog a right of first offer on any proposed sale, transfer orother disposition of any Five-Year Vessels or Non-Five-Year Vessels owned by us. Under the omnibus agreement, GasLog has agreed (andhas caused its subsidiaries to agree) to grant a similar right of first offer to us for any Five-Year Vessels they might own. These rights offirst offer will not apply to a (1) sale, transfer or other disposition of vessels between any affiliated subsidiaries or pursuant to the terms ofany current or future charter or other agreement with a charter party or (2) merger with or into, or sale of substantially all of the assets to,an unaffiliated third party.Prior to engaging in any negotiation regarding any vessel disposition with respect to a Five-Year Vessel with an unaffiliated third partyor any Non-Five-Year Vessel, we or GasLog, as the case may be, will deliver a written notice to the other relevant party setting forth thematerial terms and conditions of the proposed transaction. During the 30-day period after the delivery of such notice, we and GasLog, asthe case may be, will negotiate in good faith to reach an agreement on the transaction. If we do not reach an agreement within such 30-dayperiod, we or GasLog, as the case may be, will be able within the next 180 calendar days to sell, transfer, disposeTable of Contents87or re-charter the vessel to a third party (or to agree in writing to undertake such transaction with a third party) on terms generally no lessfavorable to us or GasLog, as the case may be, than those offered pursuant to the written notice. Our ability to consummate the acquisitionof such Five-Year Vessel from GasLog will be subject to obtaining any consents of governmental authorities and other non-affiliated thirdparties and to all agreements existing in respect of such Five-Year Vessel. See “Item 3. Key Information—D. Risk Factors—Risks Inherentin Our Business—We may have difficulty obtaining consents that are necessary to acquire vessels with an existing charter or a financingagreement”.Upon a change of control of us or our general partner, the right of first offer provisions of the omnibus agreement will terminateimmediately. Upon a change of control of GasLog, the right of first offer provisions applicable to GasLog under the omnibus agreementwill terminate at the time of the change of control. On the date on which a majority of our directors ceases to consist of directors that were(1) appointed by our general partner prior to our first annual meeting of unitholders and (2) recommended for election by a majority of ourappointed directors, the provisions related to the rights of first offer granted to us by GasLog shall terminate immediately.For purposes of the omnibus agreement, a “change of control” means, with respect to any “applicable person”, any of the followingevents: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of theapplicable person’s assets to any other person, unless immediately following such sale, lease, exchange or other transfer such assets areowned, directly or indirectly, by the applicable person; (b) the consolidation or merger of the applicable person with or into another personpursuant to a transaction in which the outstanding voting securities of the applicable person are changed into or exchanged for cash,securities or other property, other than any such transaction where (i) the outstanding voting securities of the applicable person are changedinto or exchanged for voting securities of the surviving person or its parent and (ii) the holders of the voting securities of the applicableperson immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding voting securities of thesurviving person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of Sections 13(d) or14(d)(2) of the Securities Exchange Act of 1934, or the “Exchange Act”), other than GasLog or its affiliates with respect to the generalpartner, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of allof the then outstanding voting securities of the applicable person, except in a merger or consolidation which would not constitute a changeof control under clause (b) above.IndemnificationUnder the omnibus agreement, GasLog undertook to indemnify us after the closing of the IPO for a period of five years and toindemnify us for a period of at least three years after our purchase of any vessels subject to purchase options, against certain environmentaland toxic tort liabilities with respect to the vessels that are contributed or sold to us to the extent arising prior to the time they werecontributed or sold to us. Liabilities resulting from a change in law after the closing of the IPO are excluded from the environmentalindemnity. There is an aggregate cap of $5 million on the amount of indemnity coverage provided by GasLog for environmental and toxictort liabilities. No claim may be made unless the aggregate dollar amount of all claims exceeds $500,000, in which case GasLog is liablefor claims only to the extent such aggregate amount exceeds $500,000.GasLog will also indemnify us for liabilities related to:●certain defects in title to the fleet and any failure to obtain, prior to the time they were contributed to us, certain consents andpermits necessary to conduct our business, which liabilities arise within three years after the closing of the IPO; and●certain tax liabilities attributable to the operation of the assets contributed or sold to us prior to the time they were contributed orsold.AmendmentsThe omnibus agreement may not be amended without the prior approval of the conflicts committee of our board of directors if theproposed amendment will, in the reasonable discretion of our board of directors, adversely affect holders of our common units.Table of Contents88Administrative Services AgreementOn May 12, 2014, we entered into an administrative services agreement with GasLog, pursuant to which GasLog provides certainmanagement and administrative services to us. The services provided under the administrative services agreements are required to beprovided in a diligent manner, as we may reasonably direct.The administrative services agreement will continue indefinitely until terminated by us upon 90 days’ notice for any reason in the solediscretion of our board of directors. In addition, the administrative services agreement may be terminated by GasLog upon 90 days’ noticeif:●there is a change of control of us or our general partner;●a receiver is appointed for all or substantially all of our property;●an order is made to wind up our partnership;●a final judgment or order that materially and adversely affects our ability to perform the agreement is obtained or entered and notvacated, discharged or stayed; or●we make a general assignment for the benefit of our creditors, file a petition in bankruptcy or liquidation or commence anyreorganization proceedings.Under the administrative services agreement, certain officers of GasLog provide executive officer functions for our benefit. Theseofficers are responsible for our day-to-day management subject to the direction of our board of directors. Our board of directors has theability to terminate the arrangement with GasLog regarding the provision of executive officer services to us at any time in its solediscretion.The administrative services provided by GasLog include:●bookkeeping, audit and accounting services: assistance with the maintenance of our corporate books and records, assistance withthe preparation of our tax returns and arranging for the provision of audit and accounting services;●legal and insurance services: arranging for the provision of legal, insurance and other professional services and maintaining ourexistence and good standing in necessary jurisdictions;●administrative and clerical services: assistance with personnel administration, payroll and office space, arranging meetings forour common unitholders pursuant to the partnership agreement, arranging the provision of IT services, providing alladministrative services required for debt and equity financings and attending to all other administrative matters necessary toensure the professional management of our business;●banking and financing services: providing treasury and cash management services including assistance with identifying andaccessing sources of capital, preparation of budgets, overseeing banking services and bank accounts, arranging for the deposit offunds and monitoring and maintaining compliance therewith and financial risk management;●advisory services: assistance in complying with United States and other relevant securities laws;●client and investor relations: arranging for the provision of advisory, clerical and investor relations services to assist and supportus in our communications with our unitholders; and●assistance with the integration of any acquired businesses.For the year ended December 31, 2021, GasLog received a service fee of $0.3 million per vessel per year in connection withproviding services under the administrative services agreement. Amounts payable by us under the administrative services agreementTable of Contents89must be paid in advance on a monthly basis by the first working day of each month. The aggregate fees and expenses for services underthe administrative services agreement for the year ended December 31, 2021 was $4.7 million, which related to all 15 vessels in theGasLog Partners owned and bareboat fleet.In November 2021, the board of directors approved an increase in the service fee payable to GasLog under the terms of theadministrative services agreement. With effect from January 1, 2022 a service fee of $0.6 million per vessel per year will be payable.Under the administrative services agreement, we will indemnify GasLog against all actions which may be brought against it as a resultof its performance of the administrative services including, without limitation, all actions brought under the environmental laws of anyjurisdiction, and against and in respect of all costs and expenses they may suffer or incur due to defending or settling such actions;provided, however, that such indemnity excludes any or all losses to the extent that they are caused by or due to the fraud, grossnegligence or willful misconduct of GasLog or its officers, employees and agents.Ship Management AgreementsAll vessels in our fleet have entered into a ship management agreement with GasLog LNG Services, except the Solaris which ismanaged by Shell, pursuant to which certain crew and technical services are provided by GasLog LNG Services. Under these shipmanagement agreements, our operating subsidiaries pay fees to and reimburse the costs and expenses of the manager as described below.Management services. Each amended ship management agreement requires that GasLog LNG Services and its subcontractors usetheir best endeavors to perform, among others, the following management services:●the provision of suitably and adequately qualified crew for the vessel in accordance with the requirements of the owner and theattendance to all matters pertaining to training, labor relations, insurance and amenities of the crew;●the provision of operational and technical management, including arrangement and supervision of dry-dockings, repairs,alterations and the upkeep of the vessel, arrangement for the victualling and storing of the vessels, appointment of surveyors andtechnical consultants and development, implementation and maintenance of a Safety Management System in accordance with theISM Code;●the provision of applicable documentation of compliance and safety management certificates;●the provision of an accounting system that meets the requirements of the owner, regular accounting services and regular reportsand records, and the maintenance of records of costs and expenditures incurred, as well as data necessary or proper for thesettlement of accounts between the parties;●the procurement of all stores, spares, equipment, provisions, oils, fuels and any other goods, material or services to be supplied tothe vessel;●the handling and settlement of claims relating to the vessel, including any claims involving the charterers;●the navigation of the vessel, handling of all necessary communication, and management of cargo operations of the vessel; and●the arrangement, maintenance and preparation for suitable moorings for vessels for lay-up.Management fee. For the year ended December 31, 2021, pursuant to the amended ship management agreements, the vessel-owningsubsidiaries, as owners, paid a management fee of $46,000 per month to GasLog LNG Services, as manager, and will reimburse GasLogLNG Services for all expenses incurred on their behalf. The aggregate fees and expenses for services under these management agreementsfor the year ended December 31, 2021 were $7.7 million, which related to 14 vessels in the GasLog Partners owned and bareboat fleet.GasLog LNG Services does not provide ship management services to the Solaris.Table of Contents90The management fee is subject to an annual adjustment. The adjustment will be agreed between the parties in good faith on the basisof general inflation and proof of increases in actual costs incurred by GasLog LNG Services, as manager. Any dispute relating to theannual rate adjustment would be settled by dispute resolution provisions set forth in the applicable ship management agreement.In November 2021, the board of directors approved a decrease in the service fee payable to GasLog LNG Services. With effect fromJanuary 1, 2022 a management fee of $37,500 per vessel per month will be payable.Term. Each ship management agreement continues indefinitely until terminated by either party as described below.Automatic termination and termination by either party. Each ship management agreement will be deemed to be terminated if:●the vessel is sold, becomes a total loss, is declared as a constructive, compromised or arranged total loss or is requisitioned forhire; or●an order is made or a resolution is passed for the winding up, dissolution, liquidation or bankruptcy of the other party (otherwisethan for the purpose of a solvent reconstruction or amalgamation), a receiver or similar officer is appointed or the other partysuspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors.Termination by the manager. Under each ship management agreement, the manager may terminate the ship management agreementwith immediate effect by written notice if:●any money payable to the manager pursuant to the agreement has not been paid within 30 days of payment having been requestedin writing by the manager;●the owner fails to cease employment of the vessel in an unlawful trade or on a voyage, which in the reasonable opinion of themanager, is unduly hazardous, within a reasonable time after receiving notice from the manager;●the relevant ship management agreement or any of the owner’s rights or obligations are assigned to any person or entity withoutthe manager’s prior written agreement or approval; or●the owner elects to provide officers and, for any reason within their control, fails to (i) procure officers and ratings complyingwith the requirements of STCW 95 or (ii) instruct such officers and ratings to obey all reasonable orders of the managers inconnection with the operating of the managers’ safety management system.Termination by the owner. Under each ship management agreement, the owner may terminate the applicable agreement by giving 90days’ written notice in the event that the manager, in the reasonable opinion of the owner, fails to manage the vessel in accordance withfirst class LNG ship management practice. The owner may also terminate the applicable agreement by giving 90 days’ notice if themanager fails to meet any material obligation of the ship management agreement or fails to meet any obligation under the shipmanagement agreement that has a material adverse effect upon the owner, if such default is not capable of being remedied or the managerfails to remedy the default within a reasonable time to the satisfaction of the owner. Notwithstanding the foregoing, the owner mayterminate the ship management agreement at any time for any reason by giving the manager not less than three months’ written notice.Additional fees and provisions. Under each ship management agreement, the manager and its employees, agents and subcontractorswill be indemnified by the owner against all actions that may be brought against them or incurred or suffered by them arising out of or inconnection with their performance under such agreement; provided, however, that such indemnity excludes any or all losses that may becaused by or due to the fraud, gross negligence or willful misconduct of the manager or its employees, agents and subcontractors.In May 2015, the Ship Management Agreements were amended to delete the annual incentive bonus and superintendent fees clauses,with effect from April 1, 2015.Table of Contents91In April 2016, the Ship Management Agreements were amended to consolidate all ship management related fees into a single feestructure.Commercial Management AgreementsOur operating subsidiaries have entered into commercial management agreements with GasLog that were amended upon completionof the IPO, pursuant to which GasLog provides certain commercial management services to us. For the year ended December 31 2021, theannual commercial management fee was $360,000 for each vessel payable quarterly in advance. The aggregate fees and expenses underthese commercial management agreements for the year ended December 31, 2021 were $5.4 million which related to all 15 vessels in theGasLog Partners owned and bareboat fleet..The amended commercial management agreements require that GasLog use their best endeavors to perform, among others, thefollowing management services:●the commercial operations, including providing chartering services in accordance with the vessel owners’ instructions (includingseeking and negotiating employment for the vessels and the execution of charter parties or other contracts relating to theemployment of the vessels), arranging payment to the owner’s account of all hire and/or freight revenues, calculating hire, freightand other money due from or to the charterer, issuing voyage instructions, appointing agents and surveyors and arranging surveysassociated with the commercial operations;●the administration of invoicing and collection of hire payables; and●the assessment of the market on specific issues and provision of such consultancy services as the owners may from time to timerequire.In 2020, the Commercial Management Agreements were novated from GasLog Ltd. to GasLog LNG Services. The novation wascompleted to accurately reflect the Group entity providing the commercial management services to us.In November 2021, the board of directors approved a change in the amount paid per annum per vessel. It was agreed that with effectfrom January 1, 2022 the commercial management fee would be paid as a fixed commission of 1.25% on the gross charter revenues of allvessels in the GLOP fleet. The fee will continue to be paid monthly in advance. It is considered that the change better reflects the exposureof the GasLog Partners fleet to the spot market and incentivizes the commercial manager to arrange more profitable fixtures for the fleet.Contribution AgreementOn May 12, 2014, we entered into a contribution agreement with GasLog and certain of its subsidiaries that effected certain formationtransactions in connection with our IPO, including the transfer of the ownership interests in our initial fleet, and the use of the net proceedsof the IPO.Credit FacilitiesOn April 3, 2017, we entered into a new unsecured five-year term loan of $45.0 million and a new five-year revolving credit facilityof $30.0 million with GasLog. For a more detailed description of this credit facility, please read “Item 5. Operating and Financial Reviewand Prospects—B. Liquidity and Capital Resources—Borrowing Activities—Revolving Credit Facility with GasLog”. On November 16,2021 the Partnership’s Board decided not to proceed with renewing the facility on its expiry in March 2022.On May 25, 2017, in connection with the acquisition of the GasLog Greece, we and GasLog Partners Holdings entered into aguarantee pursuant to which we and GasLog Partners Holdings guaranteed up to the amount of outstanding loan available to GAS-eleven Ltd. under the Assumed October 2015 Facility among GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., Gas-fourteen Ltd.,GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd., GAS-twenty five Ltd., as borrowers. On June 28, 2017, inconnection with the acquisition of the GasLog Geneva, we and GasLog Partners Holdings extended the guaranteeTable of Contents92agreement to guarantee up to the amount of outstanding commitment made available to GAS-thirteen Ltd. In April 2018, in connectionwith the acquisition of the GasLog Gibraltar, we and GasLog Partners Holdings extended the guarantee agreement to guarantee up to theamount of outstanding commitment made available to GAS-fourteen Ltd. In April 2019, in connection with the acquisition of the GasLogGlasgow, we and GasLog Partners Holdings extended the guarantee agreement to guarantee up to the amount of outstanding commitmentmade available to GAS-twelve Ltd. As of December 31, 2021, the amount outstanding under the loans available to GAS-eleven Ltd. was $99.5 million, GAS-twelve Ltd. was $99.5 million, GAS-thirteen Ltd. was $103.8 million and GAS-fourteen Ltd. was $103.8 million.On February 20, 2019, in connection with the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the Methane Rita Andreaand the Methane Jane Elizabeth, we and GasLog Partners Holdings entered into a guarantee pursuant to which we and GasLog PartnersHoldings guaranteed up to the amounts of outstanding loan available to GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd.and GAS-seventeen Ltd., as borrowers, under the 2019 GasLog Partners Facility. On October 26, 2021 GAS-three Ltd, was released fromits liabilities following the sale and leaseback of the GasLog Shanghai to CDBL and the prepayment of $97.1 million. As of December 31,2021, the amount outstanding under the loans available was $273.6 million.On July 16, 2020, in connection with the Methane Shirley Elisabeth, the GasLog Seattle and the Solaris, we and GasLog PartnersHoldings entered into a guarantee pursuant to which we and GasLog Partners Holdings guaranteed up to the amounts of outstanding loanavailable to GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd., as borrowers, under the GasLog Partners $260.3M Facility. As ofDecember 31, 2021, the amount outstanding under the loans available was $243.1 million.On July 16, 2020, in connection the Methane Alison Victoria, the Methane Heather Sally and the Methane Becki Anne, we andGasLog Partners Holdings entered into a guarantee pursuant to which we and GasLog Partners Holdings guaranteed up to the amounts ofoutstanding loan available to GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., as borrowers, under the GasLogPartners $193.7M Facility. As of December 31, 2021, the amount outstanding under the loans available was $176.5 million.Indemnification AgreementsWe have entered into indemnification agreements with our directors and officers which provide, among other things, that we willindemnify our directors and officers, under the circumstances and to the extent provided for therein, for expenses, damages, judgments,fines, settlements and fees that they may be required to pay in actions or proceedings to which they are or may be made a party by reasonof such person’s position as a director, officer, employee or other agent of the Partnership, subject to, and to the maximum extent permittedby, applicable law.In addition, in connection with the acquisitions described above, the respective vessel owning entities have entered into shipmanagement and commercial management agreements with GasLog. See “Item 7. Major Unitholders and Related Party Transaction—B.Related Party Transactions”.Other Related Party TransactionsAs a result of our relationships with GasLog and its affiliates, we, our general partner and our subsidiaries have entered into or willenter into various agreements that will not be the result of arm’s length negotiations. We generally refer to these agreements and thetransactions that they provide for as “transactions with affiliates” or “related party transactions”.Our partnership agreement sets forth procedures by which future related party transactions may be approved or resolved by our boardof directors. Pursuant to our partnership agreement, our board of directors may, but is not required to, seek the approval of a related partytransaction from the conflicts committee of our board of directors or from the common unitholders (excluding common units owned byour general partner and its affiliates). Neither our general partner nor our board of directors will be in breach of their obligations under thepartnership agreement or their duties stated or implied by law or equity if the transaction is approved by the conflicts committee or therequisite majority of the common unitholders. If approval of the conflicts committee is sought, then the conflicts committee will beauthorized to consider any and all factors as it determines to be relevant or appropriate under the circumstances and it will be presumedthat, in making its decision, the conflicts committee acted in good faith. In order for a determination or other action to be in “good faith”for purposes of the partnership agreement, the person or persons making such determination or taking or declining to take such otheraction must reasonably believe that the determination or other action is in our best interests.Table of Contents93Our conflicts committee is comprised of two members of our board of directors. The conflicts committee is available at the board ofdirectors’ discretion to review specific matters that the board of directors believes may involve conflicts of interest. The members of theconflicts committee must and do meet the independence standards established by the NYSE and the SEC to serve on an audit committee ofa board of directors, and are not and may not be any of the following: (a) officers or employees of our general partner, (b) officers,directors or employees of any affiliate of our general partner (other than the Partnership and its subsidiaries) or (c) holders of anyownership interest in the general partner, its affiliates or the Partnership and its subsidiaries (other than (x) common units or (y) awardsgranted pursuant to any long-term incentive plan of the Partnership or its subsidiaries).Transactions with our affiliates that are not approved by the conflicts committee and that do not involve a vote of common unitholdersmust be on terms no less favorable to us than those generally provided to or available from unrelated third parties or be “fair andreasonable” to us. In determining whether a transaction or resolution is “fair and reasonable”, our board of directors may consider thetotality of the relationships between the parties involved, including other transactions that may be particularly advantageous or beneficialto us. If our board of directors does not seek approval by the conflicts committee or the requisite majority of the common unitholders andinstead determines that the terms of a transaction with an affiliate are no less favorable to us than those generally provided to or availablefrom unrelated third parties or are “fair and reasonable” to us, it will be presumed that, in making its decision, our board of directors actedin good faith and, in any proceeding brought by or on behalf of any limited partner or the partnership, the person bringing or prosecutingsuch proceeding will have the burden of overcoming such presumption.C.Interests of Experts and CounselNot applicable.ITEM 8.    FINANCIAL INFORMATIONA.Consolidated Statements and Other Financial InformationSee “Item 18. Financial Statements” below.Legal ProceedingsWe have not been involved in any legal proceedings that we believe may have a significant effect on our business, financial position,results of operations or liquidity, and we are not aware of any proceedings that are pending or threatened that may have a material effect onour business, financial position, results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims inthe ordinary course of business, principally property damage and personal injury claims. We expect that those claims would be covered byinsurance, subject to customary deductibles. However, those claims, even if lacking merit, could result in the expenditure of significantfinancial and managerial resources.Our Cash Distribution PolicyRationale for Our Cash Distribution PolicyFollowing a challenging number of years for capital markets in midstream energy, along with declining visibility in to thePartnership’s future financial performance exacerbated by the COVID-19 pandemic related uncertainty in the near term LNG and LNGshipping markets, our board of directors decided to reduce our quarterly cash distributions on our common units to $0.01 per unit from thethird quarter 2020 onwards.As a result, the Partnership will retain approximately $22 million in cash reserves annually. We believe this action will furtherstrengthen the Partnership’s balance sheet, lower the fleet’s breakeven, reduce its cost of capital and further enhance its competitivepositioning. The Partnership expects to maintain this policy for the immediate future.Table of Contents94Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution PolicyThere is no guarantee that unitholders will receive quarterly distributions from us. Our distribution policy is subject to certainrestrictions and may be changed at any time, including:●Our common unitholders have no contractual or legal right to receive distributions unless there is available cash at the end ofeach quarter as defined in our partnership agreement and the Preference Unit distributions have been paid. The determination ofavailable cash is subject to the broad discretion of our board of directors to establish reserves and other limitations and to takeinto consideration our debt service obligations.●We are subject to restrictions on distributions under our financing agreements. Our financing agreements contain materialfinancial tests and covenants that must be satisfied in order to pay distributions. If we are unable to satisfy the restrictionsincluded in any of our financing agreements or are otherwise in default under any of those agreements, as a result of our debtlevels or otherwise, we will not be able to make cash distributions to you, notwithstanding our stated cash distribution policy.These financial tests and covenants are described in this annual report in “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources”.●We are required to make substantial capital expenditures to maintain and replace our fleet. These expenditures may fluctuatesignificantly over time, particularly as our vessels near the end of their useful lives. In order to minimize these fluctuations, ourpartnership agreement requires us to deduct estimated, as opposed to actual, maintenance and replacement capital expendituresfrom the amount of cash that we would otherwise have available for distribution to our common unitholders. In years whenestimated maintenance and replacement capital expenditures are higher than actual maintenance and replacement capitalexpenditures, the amount of cash available for distribution to common unitholders will be lower than if actual maintenance andreplacement capital expenditures were deducted.●Although our partnership agreement requires us to distribute all of our available cash, our partnership agreement, includingprovisions contained therein requiring us to make cash distributions, may be amended. Our partnership agreement can beamended with the approval of a majority of the outstanding common units. GasLog owns common units representing a 29.7%ownership interest in us.●Even if our cash distribution policy is not modified or revoked, the amount of distributions we pay under our cash distributionpolicy and the decision to make any distribution are determined by our board of directors, taking into consideration the terms ofour partnership agreement.●Under Section 51 of the Marshall Islands Act, we may not make a distribution to you if the distribution would cause ourliabilities to exceed the fair value of our assets.●We may lack sufficient cash to pay distributions to our unitholders due to decreases in total operating revenues, decreases in hirerates, the loss of a vessel, increases in operating or general and administrative expenses, principal and interest payments onoutstanding debt, taxes, working capital requirements, maintenance and replacement capital expenditures or anticipated cashneeds. See “Item 3. Key Information—D. Risk Factors” for a discussion of these factors.Our ability to make distributions to our unitholders depends on the performance of our subsidiaries and their ability to distribute cashto us. The ability of our subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing andfuture indebtedness, applicable limited partnership and limited liability company laws in the Marshall Islands and other laws andregulations.During the year ended December 31, 2021, the aggregate amount of cash distribution paid to common unitholders was $2.0 million.Table of Contents95Preference Units Distribution RequirementsDistributions on our Preference Units are payable quarterly on each of March 15, June 15, September 15 and December 15, or thenext succeeding business day, as and if declared by our board of directors out of legally available funds for such purpose.For the Series A Preference Units, from and including May 15, 2017 to, but excluding, June 15, 2027, the distribution rate is 8.625%per annum per $25.00 of liquidation preference per unit (equal to $2.15625 per annum per unit). From and including June 15, 2027, thedistribution rate for the Series A Preference Units will be a floating rate equal to three-month LIBOR plus a spread of 6.31% per annumper $25.00 of liquidation preference per unit. The distribution rates are not subject to adjustment. We paid distributions to holders of ourSeries A Preference Units of $0.5390625 per unit on March 15, 2021, June 15, 2021, September 15, 2021 and December 15, 2021.For the Series B Preference Units, from and including January 17, 2018 to, but excluding, March 15, 2023, the distribution rate is8.200% per annum per $25.00 of liquidation preference per unit (equal to $2.05 per annum per unit). From and including March 15, 2023,the distribution rate for the Series B Preference Units will be a floating rate equal to three-month LIBOR plus a spread of 5.839% perannum per $25.00 of liquidation preference per unit. The distribution rates are not subject to adjustment. We paid distributions to holdersof our Series B Preference Units of $0.5125 per unit on March 15, 2021, on June 15, 2021, September 15, 2021 and December 15, 2021.For the Series C Preference Units, from and including November 15, 2018 to, but excluding, March 15, 2024, the distribution rate is8.500% per annum per $25.00 of liquidation preference per unit (equal to $2.05 per annum per unit). From and including March 15, 2024,the distribution rate for the Series C Preference Units will be a floating rate equal to three-month LIBOR plus a spread of 5.317% perannum per $25.00 of liquidation preference per unit. The distribution rates are not subject to adjustment. We paid distributions to holdersof our Series C Preference Units of $0.53125 on March 15, 2021, June 15, 2021, September 15, 2021 and December 15, 2021.Our Preference Unit distribution payment obligations impact our future liquidity needs. If we do not pay our Preference Unitdistributions, we will not be able to pay distributions to our common unitholders.Distributions of Available CashWe will make distributions of available cash after payment of Preference Unit distributions for any quarter in the following manner:●first, to our general partner, in accordance with its percentage interest in the manner described in “—General Partner Interest”below; and●thereafter, to all common unitholders pro rata, a percentage equal to 100% less the general partner percentage interest, in themanner described in “—General Partner Interest” below.The preceding paragraph is based on the assumption that our general partner maintains its 2.0% general partner interest and that we donot issue additional classes of equity securities.General Partner InterestOur partnership agreement provides that our general partner initially will be entitled to 2.0% of all distributions that we make prior toour liquidation. Our general partner has the right, but not the obligation, to contribute a proportionate amount of capital to us to maintainits 2.0% general partner interest if we issue additional common units. Our general partner’s 2.0% interest, and the percentage of our cashdistributions to which it is entitled, will be proportionately reduced if we issue additional common units in the future and our generalpartner does not contribute a proportionate amount of capital to us in order to maintain its 2.0% general partner interest. Our generalpartner will be entitled to make a capital contribution in order to maintain its 2.0% general partner interest in the form of the contributionto us of common units based on the current market value of the contributed common units.Table of Contents96B.Significant ChangesSee “Item 18. Financial Statements—Note 23. Subsequent Events” below.ITEM 9.    THE OFFER AND LISTINGTrading on the New York Stock ExchangeSince our IPO in the United States, our common units have been listed on the NYSE under the symbol “GLOP”.Our Series A Preference Units have been trading on the NYSE under the symbol “GLOP PR A” since May 10, 2017.Our Series B Preference Units have been trading on the NYSE under the symbol “GLOP PR B” since January 11, 2018.Our Series C Preference Units have been trading on the NYSE under the symbol “GLOP PR C” since November 15, 2018.ITEM 10.    ADDITIONAL INFORMATIONA.Share CapitalNot applicable.B.Memorandum of AssociationThe information required to be disclosed under Item 10.B is incorporated by reference to Exhibit 3.2 of our Current Report on Form6-K furnished with the SEC on June 24, 2019.C.Material ContractsThe following is a summary of each material contract, other than contracts entered into in the ordinary course of business, to whichwe or any of our subsidiaries is a party. Such summaries are not intended to be complete and reference is made to the contracts themselves,which are exhibits to this annual report.(a)Form of Contribution Agreement; please see “Item 7. Major Unitholders and Related Party Transactions—B. Related PartyTransactions—Contribution Rights Agreement”.(b)Form of Omnibus Agreement; please see “Item 7. Major Unitholders and Related Party Transactions—B. Related PartyTransactions—Omnibus Agreement”.(c)Form of Administrative Services Agreement; please see “Item 7. Major Unitholders and Related Party Transactions—B. RelatedParty Transactions—Administrative Services Agreement”.(d)Form of Commercial Management Agreement; please see “Item 7. Major Unitholders and Related Party Transactions—B.Related Party Transactions—Commercial Management Agreement”.(e)Form of Ship Management Agreement; please see “Item 7. Major Unitholders and Related Party Transactions—B. Related PartyTransactions—Ship Management Agreements”.(f)Form of $30.0 Million Revolving Credit Agreement by and between GasLog Partners LP and GasLog Ltd.; please see “Item 5.Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.(g)Form of Indemnification Agreement for the Partnership’s directors and certain officers; please see “Item 7. Major Unitholdersand Related Party Transactions—B. Related Party Transactions—Indemnification Agreements”.Table of Contents97(h)GasLog Partners LP 2015 Long-Term Incentive Plan; please see “Item 6. Directors, Senior Management and Employees—B.Compensation of Directors and Senior Management— Equity Compensation Plan”.(i)Addendum dated April 21, 2015 to the Omnibus Agreement dated May 12, 2014, among GasLog Ltd., GasLog Partners GP LLCand GasLog Partners Holdings LLC; please see “Item 7. Major Unitholders and Related Party Transactions—B. Related PartyTransactions— Omnibus Agreement”.(j)Facilities Agreement for $1,311,356,340 Loan Facilities dated October 16, 2015 (as supplemented by supplemental deeds datedApril 12, 2017, May 2, 2017 and July 3, 2017) between GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., Gas-fourteenLtd.,GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd., GAS-twenty five Ltd., as borrowers, Citibank, N.A.,London Branch, Nordea Bank AB, London Branch, The Export- Import Bank of Korea, Bank of America, National Association,BNP Paribas, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., LondonBranch, KEB Hana Bank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese BankingCorporation Limited, Societe Generale and The Korea Development Bank as mandated lead arrangers with Nordea Bank AB,London Branch as agent, security agent, global co-ordinator and bookrunner and Citibank N.A., London Branch as export creditagent, global co-coordinator, bookrunner and export credit agent co-ordinator guaranteed by GasLog Ltd. and GasLog CarriersLtd.: please see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.(k)Exchange Agreement among GasLog Partners LP, GasLog Partners GP LLC and GasLog Ltd. dated June 24, 2019: please see“Item 7. Major Unitholders and Related Party Transactions—B. Related Party Transactions—Exchange Agreement.”(l)Facilities Agreement dated February 20, 2019, relating to $450,000,000 Revolving Credit Facility among GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., Gas-sixteen Ltd.,GAS-seventeen Ltd., as borrowers, Credit Suisse AG, Nordea Bank Abp, Filial INorge, The IyoBank, Ltd. Singapore Branch as the Original Lenders with Nordea Bank Abp, Filial I Norge as agent and thesecurity agent, and Credit Suisse AG as mandated lead arranger, global co-ordinator and bookrunner, guaranteed by GasLogPartners LP and GasLog Partners Holdings LLC.: please see “Item 5. Operating and Financial Review and Prospects—B.Liquidity and Capital Resources—Credit Facilities”.(m)Facility Agreement dated December 12, 2019, relating to $1,052,791,260 Loan Facilities among GAS-twenty eight Ltd.; GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd., and GAS-thirty five Ltd., asborrowers, Citibank, N.A. London Branch, DNB (UK) Ltd., Skandinaviska Enskilda Banken AB (publ), Bank of AmericaNational Association, Commonwealth Bank of Australia, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Societe Generale, London Branch, Standard Chartered Bank, BNP Paribas Seoul Branchand The Korea Development Bank as Mandated Lead Arrangers; Citibank, N.A. London Branch, DNB (UK) Ltd., SkandinaviskaEnskilda Banken AB (publ), KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking CorporationLimited, Societe Generale, London Branch, Standard Chartered Bank, BNP Paribas Seoul Branch and The Korea DevelopmentBank as bookrunners; DNB Bank ASA, London Branch as Agent and security agent; Citibank N.A., London Branch as ECAAgent and ECA Co-ordinator; Citibank N.A.London Branch and DNB (UK) Ltd., as Global Co-ordinators and GasLog Ltd.,GasLog Carriers Ltd., GasLog Partners LP and GasLog Partners Holdings LLC as Guarantors; please see “Item 5. Operating andFinancial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.(n)Facility Agreement dated July 16, 2020, relating to $260,331,250 loan facility among GAS-twenty Ltd., GAS-seven Ltd. andGAS-eight Ltd., as borrowers, BNP Paribas and Credit Suisse AG, as mandated lead arrangers, with BNP Paribas as agent andsecurity agent and Credit Suisse AG as global co-ordinator and bookrunner, guaranteed by GasLog Partners LP and GasLogPartners Holdings LLC; please see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.(o)Facility Agreement dated July 16, 2020, relating to $200,000,000 loan facility among GAS-twenty seven Ltd., GAS-twenty oneLtd. and GAS-nineteen Ltd., as borrowers, DNB (UK) Ltd. and ING Bank N.V., London Branch, as mandated lead arrangers,with DNB Bank ASA, London Branch as agent and security agent, DNB (UK) Ltd. and ING Bank N.V., London Branch asbookrunners and ING Bank N.V, London Branch as structuring and documentation bank, guaranteed by GasLogTable of Contents98Partners LP, GasLog Partners Holdings LLC, GasLog Ltd. and GasLog Carriers Ltd.; please see “Item 5. Operating and FinancialReview and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.D.Exchange Controls and Other Limitations Affecting Security HoldersWe are not aware of any governmental laws, decrees, regulations or other legislation, including foreign exchange controls, in theRepublic of the Marshall Islands that may affect the import or export of capital, including the availability of cash and cash equivalents foruse by the Partnership, or the remittance of dividends, interest or other payments to non-resident holders of securities.E.Tax ConsiderationsMaterial U.S. Federal Income Tax ConsiderationsThe following is a discussion of the material U.S. federal income tax considerations that may be relevant to prospective unitholders.This discussion is based upon provisions of the Code, Treasury Regulations and current administrative rulings and court decisions, all as ineffect or existence on the date of this annual report and all of which are subject to change, possibly with retroactive effect. Changes inthese authorities may cause the tax consequences of unit ownership to vary substantially from the consequences described below. Unlessthe context otherwise requires, references in this section to “we”, “our” or “us” are references to GasLog Partners LP.The following discussion applies only to beneficial owners of common units or Preference Units that own the common units orPreference Units as “capital assets” within the meaning of Section 1221 of the Code (i.e., generally, for investment purposes) and is notintended to be applicable to all categories of investors, such as unitholders subject to special tax rules (e.g., financial institutions, insurancecompanies, broker-dealers, tax-exempt organizations, retirement plans or individual retirement accounts or former citizens or long-termresidents of the United States), persons who will hold the units as part of a straddle, hedge, conversion, constructive sale or otherintegrated transaction for U.S. federal income tax purposes, or persons that have a functional currency other than the U.S. dollar, each ofwhom may be subject to tax rules that differ significantly from those summarized below. If a partnership or other entity classified as apartnership for U.S. federal income tax purposes holds our common units or Preference Units, the tax treatment of its partners generallywill depend upon the status of the partner and the activities of the partnership. If you are a partner in a partnership holding our commonunits or Preference Units, you are encouraged to consult your own tax advisor regarding the tax consequences to you of the partnership’sownership of our common units or Preference Units.No ruling has been or will be requested from the IRS regarding any matter affecting us or prospective unitholders. The statementsmade herein may be challenged by the IRS and, if so challenged, may not be sustained upon review in a court. This discussion does notcontain information regarding any U.S. state or local, estate, gift or alternative minimum tax considerations concerning the ownership ordisposition of common units or Preference Units. This discussion does not comment on all aspects of U.S. federal income taxation thatmay be important to particular unitholders in light of their individual circumstances, and each prospective unitholder is encouraged toconsult its own tax advisor regarding the U.S. federal, state, local and other tax consequences of the ownership or disposition of commonunits or Preference Units.Election to be Treated as a CorporationWe have elected to be treated as a corporation for U.S. federal income tax purposes. As a result, U.S. Holders (as defined below) willnot be directly subject to U.S. federal income tax on our income, but rather will be subject to U.S. federal income tax on distributionsreceived from us and dispositions of units as described below.U.S. Federal Income Taxation of U.S. HoldersAs used herein, the term “U.S. Holder” means a beneficial owner of our common units or Preference Units that owns (actually orconstructively) less than 10.0% of our equity and that is:●an individual U.S. citizen or resident (as determined for U.S. federal income tax purposes);Table of Contents99●a corporation (or other entity that is classified as a corporation for U.S. federal income tax purposes) organized under the laws ofthe United States, any state thereof or the District of Columbia;●an estate the income of which is subject to U.S. federal income taxation regardless of its source; or●a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one ormore U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect tobe treated as a U.S. person for U.S. federal income tax purposes.DistributionsSubject to the discussion below of the rules applicable to PFICs, any distributions to a U.S. Holder made by us with respect to ourcommon units or Preference Units generally will constitute dividends to the extent of our current and accumulated earnings and profits, asdetermined under U.S. federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a nontaxablereturn of capital to the extent of the U.S. Holder’s tax basis in its common units or Preference Units and thereafter as capital gain. U.S.Holders that are corporations generally will not be entitled to claim a dividend received deduction with respect to distributions they receivefrom us. Dividends received with respect to our common units or Preference Units generally will be treated as foreign source “passivecategory income” for purposes of computing allowable foreign tax credits for U.S. federal income tax purposes.Dividends received with respect to our common units or Preference Units by a U.S. Holder that is an individual, trust or estate, or a“U.S. Individual Holder”, generally will be treated as “qualified dividend income”, which is taxable to such U.S. Individual Holder atpreferential tax rates provided that: (i) our common units or Preference Units, as the case may be, are readily tradable on an establishedsecurities market in the United States (such as the NYSE on which our common units and Preference Units are currently traded); (ii) weare not a PFIC for the tax year during which the dividend is paid or the immediately preceding tax year (which we do not believe we are,have been or will be, as discussed below under “—PFIC Status and Significant Tax Consequences”); (iii) the U.S. Individual Holder hasowned the common units or Preference Units for more than 60 days during the 121-day period beginning 60 days before the date on whichthe common units or Preference Units become ex-dividend (and has not entered into certain risk limiting transactions with respect to suchcommon units or Preference Units); and (iv) the U.S. Individual Holder is not under an obligation to make related payments with respectto positions in substantially similar or related property. There is no assurance that any dividends paid on our common units or PreferenceUnits will be eligible for these preferential rates in the hands of a U.S. Individual Holder, and any distributions paid on our common unitsor Preference Units that are not eligible for these preferential rates will be taxed at ordinary income rates to a U.S. Individual Holder.Special rules may apply to any amounts received in respect of our common units or Preference Units that are treated as “extraordinarydividends”. In general, an extraordinary dividend is a dividend with respect to a common unit that is equal to or in excess of 10.0% of aunitholder’s adjusted tax basis (or fair market value upon the unitholder’s election) in such common unit (5% in the case of PreferenceUnits). In addition, extraordinary dividends include dividends received within a one-year period that, in the aggregate, equal or exceed20.0% of a unitholder’s adjusted tax basis (or fair market value). If we pay an “extraordinary dividend” on our common units orPreference Units that is treated as “qualified dividend income”, then any loss recognized by a U.S. Individual Holder from the sale orexchange of such common units or Preference Units will be treated as long-term capital loss to the extent of the amount of such dividend.Sale, Exchange or Other Disposition of Common units or Preference UnitsSubject to the discussion of PFIC status below, a U.S. Holder generally will recognize capital gain or loss upon a sale, exchange orother disposition of our units in an amount equal to the difference between the amount realized by the U.S. Holder from such sale,exchange or other disposition and the U.S. Holder’s adjusted tax basis in such units. The U.S. Holder’s initial tax basis in its unitsgenerally will be the U.S. Holder’s purchase price for the units and that tax basis will be reduced (but not below zero) by the amount ofany distributions on the units that are treated as non-taxable returns of capital (as discussed above under “Distributions”). Such gain or losswill be treated as long-term capital gain or loss if the U.S. Holder’s holding period is greater than one year at the time of the sale, exchangeor other disposition. Certain U.S. Holders (including individuals) may be eligible for preferential rates of U.S. federal income tax inrespect of long-term capital gains. A U.S. Holder’s ability to deduct capital losses is subject to limitations. Such capital gain or lossgenerally will be treated as U.S. source income or loss, as applicable, for U.S. foreign tax credit purposes.Table of Contents100Medicare Tax on Net Investment IncomeCertain U.S. Holders, including individuals, estates and trusts, will be subject to an additional 3.8% Medicare tax on, among otherthings, dividends and capital gains from the sale or other disposition of equity interests. For individuals, the additional Medicare taxapplies to the lesser of (i) “net investment income” or (ii) the excess of “modified adjusted gross income” over $200,000 ($250,000 ifmarried and filing jointly or $125,000 if married and filing separately). “Net investment income” generally equals the taxpayer’s grossinvestment income reduced by deductions that are allocable to such income. Unitholders are encouraged to consult their tax advisorsregarding the implications of the additional Medicare tax resulting from their ownership and disposition of our common units orPreference Units.PFIC Status and Significant Tax ConsequencesAdverse U.S. federal income tax rules apply to a U.S. Holder that owns an equity interest in a non-U.S. corporation that is classifiedas a PFIC for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any tax yearin which the holder held our units, either:●at least 75.0% of our gross income (including the gross income of our vessel-owning subsidiaries) for such tax year consists ofpassive income (e.g., dividends, interest, capital gains from the sale or exchange of investment property and rents derived otherthan in the active conduct of a rental business); or●at least 50.0% of the average value of the assets held by us (including the assets of our vessel- owning subsidiaries) during suchtax year produce, or are held for the production of, passive income.Income earned, or treated as earned (for U.S. federal income tax purposes), by us in connection with the performance of serviceswould not constitute passive income. By contrast, rental income generally would constitute “passive income” unless we were treated asderiving that rental income in the active conduct of a trade or business under the applicable rules.Based on our current and projected methods of operation, and an opinion of counsel, we do not believe that we are or will be a PFICfor our current or any future tax year. We have received an opinion of our U.S. counsel, Cravath, Swaine & Moore LLP, in support of thisposition that concludes that the income our subsidiaries earn from certain of our present time-chartering activities should not constitutepassive income for purposes of determining whether we are a PFIC. In addition, we have represented to our U.S. counsel that we expectthat more than 25.0% of our gross income for our current tax year and each future year will arise from such time-chartering activities, andmore than 50.0% of the average value of our assets for each such year will be held for the production of such nonpassive income.Assuming the composition of our income and assets is consistent with these expectations, and assuming the accuracy of otherrepresentations we have made to our U.S. counsel for purposes of their opinion, our U.S. counsel is of the opinion that we should not be aPFIC for our current tax year or any future year.Our counsel has indicated to us that the conclusions described above are not free from doubt. While there is legal authority supportingour conclusions, including IRS pronouncements concerning the characterization of income derived from time charters as services income,the Fifth Circuit held in Tidewater Inc. v. United States, 565 F.3d 299 (5th Cir. 2009) that income derived from certain marine time charteragreements should be treated as rental income rather than services income for purposes of a “foreign sales corporation” provision of theCode. In that case, the Fifth Circuit did not address the definition of passive income or the PFIC rules; however, the reasoning of the casecould have implications as to how the income from a time charter would be classified under such rules. If the reasoning of this case wereextended to the PFIC context, the gross income we derive or are deemed to derive from our time-chartering activities may be treated asrental income, and we would likely be treated as a PFIC. The IRS has announced its nonacquiescence with the court’s holding in theTidewater case and, at the same time, announced the position of the IRS that the marine time charter agreements at issue in that caseshould be treated as service contracts.Distinguishing between arrangements treated as generating rental income and those treated as generating services income involvesweighing and balancing competing factual considerations, and there is no legal authority under the PFIC rules addressing our specificmethod of operation. Conclusions in this area therefore remain matters of interpretation. We are not seeking a ruling from the IRS on thetreatment of income generated from our time-chartering operations, and the opinion of our counsel is not binding on the IRS or any court.Thus, while we have received an opinion of counsel in support of our position, it is possible that the IRS or a court could disagree with thisposition and the opinion of our counsel. In addition, although we intend to conduct our affairs in a manner to avoid being classified as aPFIC with respect to any tax year, we cannot assure unitholders that the nature of our operations will not change in the future and that wewill not become a PFIC in any future tax year.Table of Contents101As discussed more fully below, if we were to be treated as a PFIC for any tax year, a U.S. Holder would be subject to differenttaxation rules depending on whether the U.S. Holder makes an election to treat us as a “Qualified Electing Fund”, which we refer to as a“QEF election”. As an alternative to making a QEF election, a U.S. Holder should be able to make a “mark-to-market” election withrespect to our common units or Preference Units, as discussed below. In addition, if a U.S. Holder owns our common units or PreferenceUnits during any tax year that we are a PFIC, such units owned by such holder will be treated as PFIC units even if we are not a PFIC in asubsequent year and, if the total value of all PFIC stock that such holder directly or indirectly owns exceeds certain thresholds, such holdermust file IRS Form 8621 with your U.S. federal income tax return to report your ownership of our common units or Preference Units.The PFIC rules are complex, and you are encouraged to consult your own tax advisor regarding the PFIC rules, including the annualPFIC reporting requirement.Taxation of U.S. Holders Making a Timely QEF ElectionIf we were to be treated as a PFIC for any tax year, and a U.S. Holder makes a timely QEF election, such holder hereinafter an“Electing Holder”, then, for U.S. federal income tax purposes, that holder must report as income for its tax year its pro rata share of ourordinary earnings and net capital gain, if any, for our tax years that end with or within the tax year for which that holder is reporting,regardless of whether or not the Electing Holder received distributions from us in that year. The Electing Holder’s adjusted tax basis in thecommon units or Preference Units will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings andprofits that were previously taxed will result in a corresponding reduction in the Electing Holder’s adjusted tax basis in common units orPreference Units and will not be taxed again once distributed. An Electing Holder generally will recognize capital gain or loss on the sale,exchange or other disposition of our common units or Preference Units. A U.S. Holder makes a QEF election with respect to any year thatwe are a PFIC by filing IRS Form 8621 with its U.S. federal income tax return. If contrary to our expectations, we determine that we aretreated as a PFIC for any tax year, we will provide each U.S. Holder with the information necessary to make the QEF election describedabove. Although the QEF election is available with respect to subsidiaries, in the event we acquire or own a subsidiary in the future that istreated as a PFIC, no assurances can be made that we will be able to provide U.S. Holders with the necessary information to make the QEFelection with respect to such subsidiary.Taxation of U.S. Holders Making a “Mark-to-Market” ElectionIf we were to be treated as a PFIC for any tax year and, as we anticipate, our units were treated as “marketable stock”, then, as analternative to making a QEF election, a U.S. Holder would be allowed to make a “mark-to-market” election with respect to our commonunits or Preference Units, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions andrelated Treasury Regulations. If that election is made, the U.S. Holder generally would include as ordinary income in each tax year theexcess, if any, of the fair market value of the U.S. Holder’s common units or Preference Units at the end of the tax year over the holder’sadjusted tax basis in the common units or Preference Units. The U.S. Holder also would be permitted an ordinary loss in respect of theexcess, if any, of the U.S. Holder’s adjusted tax basis in the common units or Preference Units over the fair market value thereof at the endof the tax year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S.Holder’s tax basis in its common units or Preference Units would be adjusted to reflect any such income or loss recognized. Gainrecognized on the sale, exchange or other disposition of our common units or Preference Units would be treated as ordinary income, andany loss recognized on the sale, exchange or other disposition of the common units or Preference Units would be treated as ordinary lossto the extent that such loss does not exceed the net mark-to-market gains previously included in income by the U.S. Holder. The mark-to-market election generally will not be available with respect to subsidiaries. Accordingly, in the event we acquire or own a subsidiary in thefuture that is treated as a PFIC, the mark-to-market election generally will not be available with respect to such subsidiary.Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market ElectionIf we were to be treated as a PFIC for any tax year, a U.S. Holder that does not make either a QEF election or a “mark-to-market”election for that year, such holder hereinafter a “Non-Electing Holder”, would be subject to special rules resulting in increased tax liabilitywith respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our common unitsor Preference Units in a tax year in excess of 125.0% of the average annual distributions received by the Non-Electing Holder in the threepreceding tax years, or, if shorter, the portion of the Non-Electing Holder’s holding period for the common units orTable of Contents102Preference Units before the tax year) and (2) any gain realized on the sale, exchange or other disposition of the units. Under these specialrules:●the excess distribution or gain would be allocated ratably over the Non-Electing Holder’s aggregate holding period for thecommon units or Preference Units;●the amount allocated to the current tax year and any tax year prior to the tax year we were first treated as a PFIC with respect tothe Non-Electing Holder would be taxed as ordinary income; and●the amount allocated to each of the other tax years would be subject to tax at the highest rate of tax in effect for the applicableclass of taxpayers for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to theresulting tax attributable to each such other tax year.These penalties would not apply to a qualified pension, profit sharing or other retirement trust or other tax-exempt organization thatdid not borrow money or otherwise utilize leverage in connection with its acquisition of our common units or Preference Units. If we weretreated as a PFIC for any tax year and a Non-Electing Holder who is an individual dies while owning our common units or PreferenceUnits, such holder’s successor generally would not receive a step-up in tax basis with respect to such units.U.S. Federal Income Taxation of Non-U.S. HoldersA beneficial owner of our common units or Preference Units (other than a partnership or an entity or arrangement treated as apartnership for U.S. federal income tax purposes) that is not a U.S. Holder is referred to as a Non-U.S. Holder. If you are a partner in apartnership (or an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holding our common units orPreference Units, you are encouraged to consult your own tax advisor regarding the tax consequences to you of the partnership’sownership of our common units or Preference Units.DistributionsDistributions we pay to a Non-U.S. Holder will not be subject to U.S. federal income tax or withholding tax if the Non-U.S. Holder isnot engaged in a U.S. trade or business. If the Non-U.S. Holder is engaged in a U.S. trade or business, our distributions will be subject toU.S. federal income tax to the extent they constitute income “effectively connected” with the Non-U.S. Holder’s U.S. trade or business.However, distributions paid to a Non-U.S. Holder that is engaged in a U.S. trade or business may be exempt from taxation under anincome tax treaty and, if, required by such income tax treaty, the income arising from the distribution is not attributable to a U.S.permanent establishment maintained by the Non-U.S. Holder.Disposition of UnitsIn general, a Non-U.S. Holder is not subject to U.S. federal income tax or withholding tax on any gain resulting from the dispositionof our common units or Preference Units provided the Non-U.S. Holder is not engaged in a U.S. trade or business. A Non-U.S. Holder thatis engaged in a U.S. trade or business will be subject to U.S. federal income tax in the event the gain from the disposition of units is“effectively connected” with the conduct of such U.S. trade or business (provided, in the case of a Non-U.S. Holder entitled to the benefitsof an income tax treaty with the United States, such gain also is attributable to a U.S. permanent establishment as required by such incometax treaty). However, even if not engaged in a U.S. trade or business, individual Non-U.S. Holders may be subject to tax on gain resultingfrom the disposition of our common units or Preference Units if they are present in the United States for 183 days or more during the taxyear in which those units are disposed and meet certain other requirements.Backup Withholding and Information ReportingIn general, payments to a U.S. Individual Holder of distributions or the proceeds of a disposition of common units or Preference Unitswill be subject to information reporting. These payments to a U.S. Individual Holder also may be subject to backup withholding if the U.S.Individual Holder:●fails to provide an accurate taxpayer identification number;Table of Contents103●is notified by the IRS that it has failed to report all interest or corporate distributions required to be reported on its U.S. federalincome tax returns; or●in certain circumstances, fails to comply with applicable certification requirements.Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying theirstatus on IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable.Backup withholding is not an additional tax. Rather, a unitholder generally may obtain a credit for any amount withheld against itsliability for U.S. federal income tax (and obtain a refund of any amounts withheld in excess of such liability) by timely filing a U.S.federal income tax return with the IRS.In addition, individual citizens or residents of the United States holding certain “foreign financial assets” (which generally includesstock and other securities issued by a foreign person unless held in an account maintained by a financial institution) that exceed certainthresholds (the lowest being holding foreign financial assets with an aggregate value in excess of: (1) $50,000 on the last day of the taxyear or (2) $75,000 at any time during the tax year) are required to report information relating to such assets. Significant penalties mayapply for failure to satisfy the reporting obligations described above. Higher reporting thresholds apply to certain individuals living abroadand to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed ofto hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. Unitholders are encouraged toconsult their tax advisors regarding their reporting obligations, if any, that would result from their purchase, ownership or disposition ofour units.Marshall Islands Tax ConsequencesThe following discussion is based upon the current laws of the Republic of the Marshall Islands applicable to persons who are notresidents of, maintain offices in, engage in business in the Republic of the Marshall Islands or who are not citizens of the Marshall Islands.Because we and our subsidiaries do not and do not expect to conduct business or operations in the Republic of the Marshall Islands,under current Marshall Islands law you will not be subject to Marshall Islands taxation or withholding on distributions, including upondistribution treated as a return of capital, we make to you as a unitholder. In addition, you will not be subject to Marshall Islands stamp,capital gains or other taxes on the purchase, ownership or disposition of common units, and you will not be required by the Republic of theMarshall Islands to file a tax return in the Republic of the Marshall Islands relating to your ownership of common units.EACH PROSPECTIVE UNITHOLDER IS ENCOURAGED TO CONSULT ITS OWN TAX COUNSEL OR OTHER ADVISORWITH REGARD TO THE LEGAL AND TAX CONSEQUENCES OF UNIT OWNERSHIP UNDER ITS PARTICULARCIRCUMSTANCES.F.Dividends and Paying AgentsNot applicable.G.Statement by ExpertsNot applicable.H.Documents on DisplayWe are subject to the informational requirements of the “Exchange Act”. In accordance with these requirements, we file reports andother information as a foreign private issuer with the SEC. You may obtain copies of all or any part of such materials from the SEC uponpayment of prescribed fees. You may also inspect reports and other information regarding companies, such as us, that file electronicallywith the SEC without charge at a web site maintained by the SEC at http://www.sec.gov.Table of Contents104I.Subsidiary InformationNot applicable.ITEM 11.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKWe are exposed to various market risks, including interest rate and foreign currency exchange risks. From time to time, we may makeuse of derivative financial instruments such as derivative contracts to maintain the desired level of exposure arising from these risks.A discussion of our accounting policies for derivative financial instruments is included in Note 2 to our annual consolidated financialstatements included elsewhere in this annual report. Further information on our exposure to market risk is included in Note 16 to ourannual consolidated financial statements included elsewhere in this annual report.ITEM 12.    DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIESNot applicable.Table of Contents105PART IIITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIESThere has been no material default in the payment of principal, interest, sinking or purchase fund installments or any othermaterial default relating to the Partnership’s debt. There have been no arrears in payment of dividends on, or material delinquencywith respect to, any class of preference shares of the Partnership or any of its subsidiaries.ITEM 14.    MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDSIn August 2020, our board of directors approved an amendment to the Partnership’s sixth Amended and Restated Agreement ofLimited Partnership that (1) decreased the number of directors from seven to five and (2) provided that the Board shall consist of threeappointed directors and two elected directors.On June 24, 2019, we and GasLog entered into an agreement, effective as of June 30, 2019, to modify the Partnership Agreement,thereby eliminating GasLog’s IDRs. In exchange for the IDRs, GasLog received 2,532,911 common units and 2,490,000 Class B units (ofwhich 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 areClass B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. The Class B units have all of the rights and obligations attachedto the common units, except for voting rights and participation in earnings and distributions until such time as GasLog exercises its right toconvert the Class B units to common units. On July 1, 2021, GasLog Partners issued 415,000 common units in connection with GasLog’soption to convert the second tranche of its Class B units. The remaining Class B units will become eligible for conversion on a one-for-onebasis into common units at GasLog’s option on July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-2 units, Class B-3units, Class B-4 units, Class B-5 units and the Class B-6 units, respectively. Following the IDR elimination, the Partnership’s profitallocation is based on the revised distribution policy for available cash stated in the Partnership Agreement as amended, effective June 30,2019, and under which 98.0% of the available cash is distributed to the common unitholders and 2.0% is distributed to the general partner.In connection with the modification to the IDRs we entered into a Sixth Amended and Restated Agreement of Limited Partnership whichreplaced the Fifth Amended and Restated Limited Partnership Agreement in its entirety. Please see our Sixth Amended and RestatedLimited Partnership Agreement, filed as an exhibit hereto, for additional information about our IDRs.On November 27, 2018, we and GasLog entered into an agreement to modify the partnership agreement with respect to the generalpartner IDRs. The modification reduced the general partner’s IDRs on quarterly distributions above $0.5625 per unit from 48% to 23%.GasLog further agreed to waive the incentive distribution payments resulting from any asset or business acquired by us from a third party.In connection with the modification to the IDRs we entered into a Fifth Amended and Restated Agreement of Limited Partnership whichreplaced the Fourth Amended and Restated Limited Partnership Agreement in its entirety.On November 15, 2018, we completed a public offering of our Series C Preference Units, on January 17, 2018, we completed a publicoffering of our Series B Preference Units and on May 15, 2017, we completed a public offering of our Series A Preference Units. OurPreference Units rank senior to our common units and to each other class or series of limited partner interests or other equity securitiesestablished after the original issue of the Preference Units that is not expressly made senior to or on a parity with the Preference Units as tothe payment of distributions and amounts payable upon a liquidation event. In connection with the issuance of the Series A PreferenceUnits, we entered into a Second Amended and Restated Agreement of Limited Partnership which replaced the First Amended and RestatedAgreement of Limited Partnership in its entirety. In connection with the issuance of the Series B Preference Units, we entered into a ThirdAmended and Restated Agreement of Limited Partnership which replaced the Second Amended and Restated Agreement of LimitedPartnership in its entirety. In connection with the issuance of the Series C Preference Units, we entered into a Fourth Amended andRestated Agreement of Limited Partnership which replaced the Third Amended and Restated Agreement of Limited Partnership in itsentirety.Table of Contents106ITEM 15. CONTROLS AND PROCEDURESA.Disclosure Controls and ProceduresOur management, with the participation of our CEO and CFO, has evaluated the effectiveness of the design and operation of ourdisclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of December 31, 2021. Basedon our evaluation, the CEO and the CFO have concluded that, as of December 31, 2021, our disclosure controls and procedures wereeffective.B.Management’s Annual Report on Internal Control Over Financial ReportingOur management is responsible for establishing and maintaining adequate internal controls over financial reporting, as such term isdefined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act and for the assessment of the effectiveness of internal control over financialreporting. Our internal controls over financial reporting are designed under the supervision of our CEO and CFO to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordancewith International Financial Reporting Standards.Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that,in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of our financial statements in accordance with IFRS, and that our receipts andexpenditures are being made in accordance with authorizations of our management and directors; and (iii) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect onthe financial statements.Because of the inherent limitations of internal controls over financial reporting, misstatements may not be prevented or detected on atimely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods aresubject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with thepolicies or procedures may deteriorate.Our management conducted an evaluation of the effectiveness of our internal control over financial reporting using criteria issued bythe Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the Internal Control—Integrated Framework (2013framework). Based on the evaluation, our management concluded that our internal control over financial reporting was effective as ofDecember 31, 2021.C.Attestation Report of the Registered Public Accounting FirmThe effectiveness of the Company’s internal control over financial reporting as of December 31, 2021 has been audited by DeloitteCertified Public Accountants S.A., an independent registered public accounting firm, as stated in their report which appears below.REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Board of Directors and Unitholders of GasLog Partners LPOpinion on Internal Control over Financial ReportingWe have audited the internal control over financial reporting of GasLog Partners LP and subsidiaries (the “Partnership”) as ofDecember 31, 2021, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee ofSponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Partnership maintained, in all material respects,effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—IntegratedFramework (2013) issued by COSO.Table of Contents107We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)(PCAOB), the consolidated financial statements as of and for the year ended December 31, 2021, of the Partnership and our report datedMarch 1, 2022 expressed an unqualified opinion on those financial statements.Basis for OpinionThe Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessmentof the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on InternalControl Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reportingbased on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to thePartnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and ExchangeCommission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weaknessexists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing suchother procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control over Financial ReportingA partnership’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples. A partnership’s internal control over financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of thepartnership; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles, and that receipts and expenditures of the partnership are being made only inaccordance with authorizations of management and directors of the partnership; and (3) provide reasonable assurance regarding preventionor timely detection of unauthorized acquisition, use, or disposition of the partnership’s assets that could have a material effect on thefinancial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projectionsof any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes inconditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Deloitte Certified Public Accountants S.A.Athens, GreeceMarch 1, 2022D.Changes in Internal Control over Financial ReportingThere were no material changes to the Partnership’s internal control over financial reporting that occurred during the period coveredby this annual report that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control overfinancial reporting.ITEM 16. [RESERVED]ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERTRoland Fisher, Kristin H. Holth and Julian R. Metherell, each of whose biographical details are included in “Item 6. Directors, SeniorManagement and Employees—A. Directors and Senior Management”, qualifies as an “audit committee financial expert”. Our board ofdirectors has affirmatively determined that each of Mr. Fisher, Ms. Holth and Mr. Metherell meets the definition of “independent director”for purposes of serving on an audit committee under applicable SEC and NYSE rules.Table of Contents108ITEM 16.B. CODE OF ETHICSWe have adopted a Code of Business Conduct and Ethics for all directors, officers, employees and agents of the Partnership, a copy ofwhich is posted on our website and may be viewed at http://www.gaslogmlp.com. We will also provide a paper copy of this document uponthe written request at no cost. Unitholders may direct their requests to the attention of our General Counsel, GasLog Partners LP, 69 AktiMiaouli, 18537 Piraeus, Greece. No waivers of the Code of Business Conduct and Ethics have been granted to any person during the fiscalyear ended December 31, 2021.We have also adopted a Trading Policy that generally prohibits directors, officers, employees, controlling unitholders and theirrespective related parties (“Covered Persons”) from trading in securities of the Partnership while in possession of material non-publicinformation regarding the Partnership, or in securities of any other company while in possession of material non-public informationregarding that company, which knowledge was obtained in the course of service to or employment with GasLog. The Trading Policy alsoimposes certain pre-clearance requirements and quarterly blackout periods. In addition, among other things, the Trading Policy generallyprohibits Covered Persons from (i) trading in equity securities of the Partnership on a short-term basis, (ii) purchasing securities of thePartnership on margin, (iii) purchasing or selling derivatives related to securities of the Partnership (except for certain “permitted hedgingderivatives”, which the Trading Policy defines as any derivative transaction to (x) hedge a position in Partnership securities held by therelevant Covered Person for more than 12 months, (y) with respect to the number of Partnership securities less than or equal to the amountsuch Covered Person could sell at such time in compliance with Rule 144 under the Securities Act of 1933, as amended, and (z) otherwisein compliance with the terms of the Trading Policy) and (iv) selling Partnership securities short (other than short sales effected by anindependent financial institution that is party to a permitted hedging derivative, in accordance with its own standard practices andprocedures, for the purpose of hedging its own position as a party to, or facilitating the entry by a Covered Person into, such permittedhedging derivative).ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICESDeloitte Certified Public Accountants S.A. (PCAOB ID No. 1163), an independent registered public accounting firm has audited ourannual financial statements acting as our independent auditor for the fiscal year ended December 31, 2021.Deloitte LLP (PCAOB ID No. 1147), an independent registered public accounting firm, has audited our annual financial statementsacting as our independent auditor for the fiscal years ended December 31, 2019 and December 31, 2020.The table below sets forth the total amount billed and accrued for Deloitte Certified Public Accountants S.A. for services performed in2021 and Deloitte LLP for services performed 2020, respectively, and breaks down these amounts by the category of service. The feespaid to our principal accountant were approved in accordance with the pre-approval policies and procedures described below.20202021 (Expressed inmillions of U.S.Dollars)Audit fees $ 0.50 $ 0.40Total fees $ 0.50 $ 0.40Audit FeesAudit fees represent compensation for professional services rendered for the audit of the consolidated financial statements of thePartnership, fees for the review of the quarterly financial information, as well as in connection with the review of registration statementsand related consents and comfort letters, and any other services required for SEC or other regulatory filings.Tax FeesNo tax fees were billed by our principal accountant in 2020 and 2021.Table of Contents109Audit-related FeesNo audit-related fees were billed by our principal accountant in 2020 and 2021.All Other FeesNo other fees were billed by our principal accountant in 2020 and 2021.Pre-approval Policies and ProceduresOur Audit Committee is responsible for the appointment, compensation, retention and oversight of the work of the independentauditors. The Audit Committee is also responsible for reviewing and approving in advance the retention of the independent auditors for theperformance of all audits and lawfully permitted non-audit services.ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEESNone.ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERSOn July 1, 2021, GasLog elected to convert 415,000 Class B-2 units into 415,000 common units in accordance with the terms of theagreement entered into in June 2019 by GasLog and GasLog Partners regarding the elimination of the IDRs held by GasLog.In March 2021, the Partnership established a preference unit repurchase programme, which authorized the repurchase of preferenceunits through March 31, 2023. In the year ended December 31, 2021, and since inception of the Repurchase Programme, the Partnershiphas repurchased and cancelled an aggregate of 464,429 Series B Preference Units and 269,549 Series C Preference Units at a weightedaverage price of $25.00 per preference unit for both Series. The total amount repaid during the period for repurchases of preference unitswas $18.4 million, including commissions.On July 1, 2020, GasLog elected to convert 415,000 Class B-1 units into 415,000 common units in accordance with the terms of theagreement entered into in June 2019 by GasLog and GasLog Partners regarding the elimination of the IDRs held by GasLog.On January 30, 2019, the Partnership announced that its board of directors approved a unit repurchase program of up to $25 million ofthe Partnership’s common units covering the period from January 31, 2019 to December 31, 2021. On February 6, 2020, the Partnershipannounced that its board of directors had approved an increase in the amount available under the unit repurchase authority back up to$25.0 million. Under the terms of the repurchase program, the Partnership may repurchase common units from time to time, at thePartnership’s discretion, on the open market or in privately negotiated transactions. Any repurchases are subject to market conditions,applicable legal requirements and other considerations. The Partnership is not obligated under the repurchase program to repurchase anyspecific dollar amount or number of common units, and the repurchase program may be modified, suspended or discontinued at any timeor never utilized. Any common units repurchased by the Partnership under the program will be cancelled. As of December 31, 2021,1,363,062 common units had been repurchased by the Partnership.ITEM 16.F. CHANGE IN PARTNERSHIP’S CERTIFYING ACCOUNTANTDeloitte LLP (PCAOB ID No. 1147) served as our independent auditor for the fiscal years ended 2020 and 2019.As previously reported on our Form 6-K filed with the SEC on March 22, 2021, in March 2021, our audit committee and board ofdirectors, respectively, approved the engagement of Deloitte Certified Public Accountants S.A. (PCAOB ID No. 1163) to audit ourfinancial statements for the fiscal year ended December 31, 2021.Table of Contents110ITEM 16.G. CORPORATE GOVERNANCEStatement of Significant Differences Between Our Corporate Governance Practices and the New York Stock Exchange CorporateGovernance Standards for U.S. Non-Controlled IssuersOverviewPursuant to certain exceptions for foreign private issuers, the Partnership is not required to comply with certain of the corporategovernance practices followed by U.S. companies under the NYSE listing standards. However, pursuant to Section 303.A.11 of the NYSEListed Company Manual and the requirements of Form 20-F, we are required to state any significant ways in which our corporategovernance practices differ from the practices required by the NYSE for U.S. companies. We believe that our established practices in thearea of corporate governance are in line with the spirit of the NYSE standards and provide adequate protection to our unitholders. Thesignificant differences between our corporate governance practices and the NYSE standards applicable to listed U.S. companies are setforth below.Independence of DirectorsThe NYSE rules do not require a listed company that is a foreign private issuer to have a board of directors that is comprised of amajority of independent directors. Under Marshall Islands law, we are not required to have a board of directors comprised of a majority ofdirectors meeting the independence standards described in the NYSE rules. In addition, NYSE rules do not require limited partnershipslike us to have boards of directors comprised of a majority of independent directors. Accordingly, our board of directors is not required tobe comprised of a majority of independent directors. However, our board of directors has determined that each of, Curtis V. Anastasio,Kristin H. Holth, Roland Fisher and Julian R. Metherell satisfies the independence standards established by the NYSE as applicable to us.Corporate Governance, Nominating and Compensation CommitteeThe NYSE rules do not require foreign private issuers or limited partnerships like us to establish a compensation committee or anominating/corporate governance committee. Similarly, under Marshall Islands law, we are not required to have a compensationcommittee or a nominating/corporate governance committee. Accordingly, we do not have a compensation committee or a nominating/corporate governance committee.ITEM 16.H. MINE SAFETY DISCLOSURENot applicable.Table of Contents111PART IIIITEM 17. FINANCIAL STATEMENTSNot applicable.ITEM 18. FINANCIAL STATEMENTSReference is made to pages F-1 through F-47 included herein by reference.ITEM 19. EXHIBITSExhibit No. Description1.1Certificate of Limited Partnership of GasLog Partners LP(1)1.2Seventh Amended and Restated Agreement of Limited Partnership of GasLog Partners LP(2)2.1Certificate of Formation of GasLog Partners GP LLC(1)2.2Limited Liability Company Agreement of GasLog Partners GP LLC(1)2.3Description of Securities(11)4.1Form of Contribution Agreement(1)4.2Form of Omnibus Agreement(1)4.3Form of Administrative Services Agreement(1)4.4Form of Commercial Management Agreement(1)4.5Form of Ship Management Agreement(5)4.7Form of $30.0 Million Revolving Credit Agreement by and between GasLog Partners LP and GasLog Ltd.(1)4.8Form of Indemnification Agreement for the Partnership’s directors and certain officers(5)4.9GasLog Partners LP 2015 Long-Term Incentive Plan(3)4.10Addendum dated April 21, 2015 to the Omnibus Agreement dated May 12, 2014, among GasLog Ltd., GasLogPartners LP, GasLog Partners GP LLC and GasLog Partners Holdings LLC(4)Table of Contents112Exhibit No. Description4.15Facilities Agreement for $1,311,356,340 Loan Facilities dated October 16, 2015 between GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., Gas-fourteen Ltd., GAS-twenty two Ltd., GAS-twenty three Ltd., GAS-twentyfour Ltd., GAS-twenty five Ltd., as borrowers, Citibank, N.A., London Branch, Nordea Bank AB, London Branch,The Export- Import Bank of Korea, Bank of America, National Association, BNP Paribas, Credit AgricoleCorporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V., London Branch, KEB HanaBank, London Branch, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese BankingCorporation Limited, Societe Generale and The Korea Development Bank as mandated lead arrangers with NordeaBank AB, London Branch as agent, security agent, global co-ordinator and bookrunner and Citibank N.A., LondonBranch as export credit agent, global co-coordinator, bookrunner and export credit agent co-ordinator, guaranteedby GasLog Ltd. and GasLog Carriers Ltd., previously filed as an exhibit to GasLog Ltd.’s Annual Report on Form20-F (File No. 001-35466), filed with the SEC on March 14, 2016, and hereby incorporated by reference to suchReport(6)4.16Exchange Agreement by and among GasLog Partners LP, GasLog Partners GP LLC and GasLog Ltd. dated June24, 2019(7)4.17Facilities Agreement dated February 20, 2019, relating to $450,000,000 Revolving Credit Facility among GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., Gas-sixteen Ltd., GAS-seventeen Ltd., as borrowers, Credit Suisse AG,Nordea Bank Abp, Filial I Norge, The IyoBank, Ltd. Singapore Branch as the Original Lenders with Nordea BankAbp, Filial I Norge as agent and the security agent, and Credit Suisse AG as mandated lead arranger, global co-ordinator and bookrunner, guaranteed by GasLog Partners LP and GasLog Partners Holdings LLC(8)*4.18Facility Agreement dated December 12, 2019, relating to $1,052,791,260 Loan Facilities among GAS-twenty eightLtd.; GAS-thirty Ltd., GAS-thirty one Ltd., GAS-thirty two Ltd., GAS-thirty three Ltd., GAS-thirty four Ltd., andGAS-thirty five Ltd., as borrowers, Citibank, N.A. London Branch, DNB (UK) Ltd., Skandinaviska EnskildaBanken AB (publ), Bank of America National Association, Commonwealth Bank of Australia, KfW IPEX-BankGmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Societe Generale,London Branch, Standard Chartered Bank, BNP Paribas Seoul Branch and The Korea Development Bank asMandated Lead Arrangers; Citibank, N.A. London Branch, DNB (UK) Ltd., Skandinaviska Enskilda Banken AB(publ), KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking CorporationLimited, Societe Generale, London Branch, Standard Chartered Bank, BNP Paribas Seoul Branch and The KoreaDevelopment Bank as bookrunners; DNB Bank ASA, London Branch as Agent and security agent; Citibank N.A.,London Branch as ECA Agent and ECA Co-ordinator; Citibank N.A. London Branch and DNB (UK) Ltd., asGlobal Co-ordinators and GasLog Ltd., GasLog Carriers Ltd., GasLog Partners LP and GasLog Partners HoldingsLLC as Guarantors**(9)4.19Facility Agreement dated July 16, 2020, relating to $260,331,250 loan facility among GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd., as borrowers, BNP Paribas and Credit Suisse AG, as mandated lead arrangers,with BNP Paribas as agent and security agent and Credit Suisse AG as global co-ordinator and bookrunner,guaranteed by GasLog Partners LP and GasLog Partners Holdings LLC; please see “Item 5. Operating andFinancial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”**(10)4.20Facility Agreement dated July 16, 2020, relating to $200,000,000 loan facility among GAS-twenty seven Ltd.,GAS-twenty one Ltd. and GAS-nineteen Ltd., as borrowers, DNB (UK) Ltd. and ING Bank N.V., London Branch,as mandated lead arrangers, with DNB Bank ASA, London Branch as agent and security agent, DNB (UK) Ltd.and ING Bank N.V., London Branch as bookrunners and ING Bank N.V, London Branch as structuring anddocumentation bank, guaranteed by GasLog Partners LP, GasLog Partners Holdings LLC, GasLog Ltd. andGasLog Carriers Ltd.; please see “Item 5. Operating and Financial Review and Prospects—B. Liquidity andCapital Resources—Credit Facilities”**(10)8.1List of Subsidiaries of GasLog Partners LP12.1Rule 13a-14(a)/15d-14(a) Certification of GasLog Partners LP’s Chief Executive OfficerTable of Contents113Exhibit No. Description12.2Rule 13a-14(a)/15d-14(a) Certification of GasLog Partners LP’s Chief Financial Officer13.1GasLog Partners LP Certification of Paolo Enoizi, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, asadopted pursuant to Section 906 of the U.S. Sarbanes- Oxley Act of 200213.2GasLog Partners LP Certification of Achilleas Tasioulas, Chief Financial Officer, pursuant to 18 U.S.C. Section1350, as adopted pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 200213.3Consent of Deloitte LLP13.4Consent of Deloitte Certified Public Accountants S.A.101.INSXBRL Instance Document101.SCHXBRL Taxonomy Extension Schema101.CALXBRL Taxonomy Extension Scheme Calculation Linkbase101.DEFXBRL Taxonomy Extension Scheme Definition Linkbase101.LABXBRL Taxonomy Extension Scheme Label Linkbase101.PREXBRL Taxonomy Extension Scheme Presentation Linkbase104Cover page interactive data file (formatted as Inline XBRL and included in Exhibit 101)(1)Previously filed as an exhibit to GasLog Partners LP’s Registration Statement on Form F-1 (File No. 333-195109), declared effectiveby the SEC on May 6, 2014, and hereby incorporated by reference to such Registration Statement.(2)Previously filed as Exhibit 3.2 to GasLog Partners LP’s Report on Form 6-K (File No. 001-36433), filed with the SEC on August 5,2020, hereby incorporated by reference to such Report.(3)Previously filed as Exhibit 4.6 to GasLog Partners LP’s Registration Statement on Form S-8 (File No. 333-203139), filed with theSEC on March 31, 2015, and hereby incorporated by reference to such Registration Statement.(4)Previously filed as Exhibit 99.3 to GasLog Partners LP’s Report on Form 6-K, filed with the SEC on April 30, 2015, herebyincorporated by reference to such Report.(5)Previously filed as an exhibit to GasLog Partners LP’s Annual Report on Form 20-F, filed with the SEC on February 12, 2016, herebyincorporated by reference to such Report.(6)Previously filed as an exhibit to GasLog Ltd.’s Annual Report on Form 20-F (File No. 001-35466), filed with the SEC on March 14,2016, and hereby incorporated by reference to such Report.(7)Previously filed as Exhibit 10.1 to GasLog Partners LP’s Report on Form 6-K (File No. 001-36433), filed with the SEC on June 24,2019, hereby incorporated by reference to such Report.(8)Previously filed as an exhibit to GasLog Partners LP’s Annual Report on Form 20-F (File No. 001-36433), filed with the SEC onFebruary 26, 2019, and hereby incorporated by reference to such Report.Table of Contents114(9)Previously filed as an exhibit to GasLog Partners LP’s Annual Report on Form 20-F (File No. 001-36433), filed with the SEC onMarch 3, 2020, and hereby incorporated by reference to such Report.(10)Previously filed as Exhibit 10.1 to GasLog Partners LP’s Report on Form 6-K (File No. 001-36433), filed with the SEC on August 5,2020, and hereby incorporated by reference to such Report.(11)Previously filed as an exhibit to GasLog Partners LP’s Annual Report on Form 20-F (File No. 001-36433), filed with the SEC onMarch 2, 2021, and hereby incorporated by reference to such Report.*Confidential material has been redacted and complete exhibits have been separately filed with the SEC.**Certain schedules have been omitted. The registrant hereby undertakes to furnish supplemental copies of any of the omitted schedulesupon request by the SEC, provided, however, that GasLog Partners LP may request confidential treatment pursuant to Rule 24b-2 ofthe Exchange Act for any schedule so furnished.Table of Contents115SIGNATUREThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorizedthe undersigned to sign this annual report on its behalf.GASLOG PARTNERS LP,By/s/ PAOLO ENOIZIName:Paolo EnoiziTitle:Chief Executive OfficerDated: March 1, 2022Table of ContentsF-1GASLOG PARTNERS LPINDEX TO CONSOLIDATED FINANCIAL STATEMENTSPageReport of Independent Registered Public Accounting Firm—Deloitte Certified Public Accountants S.A. (PCAOB ID No.1163)F-2Report of Independent Registered Public Accounting Firm—Deloitte LLP (PCAOB ID No.1147)F-5Consolidated statements of financial position as of December 31, 2020 and 2021F-6Consolidated statements of profit or loss and total comprehensive income or loss for the years ended December 31, 2019, 2020 and2021F-7Consolidated statements of changes in owners’/partners’ equity for the years ended December 31, 2019, 2020 and 2021F-8Consolidated statements of cash flows for the years ended December 31, 2019, 2020 and 2021F-9Notes to the consolidated financial statementsF-10Table of ContentsF-2REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Board of Directors and Unitholders of GasLog Partners LPOpinion on the Financial StatementsWe have audited the accompanying consolidated statements of financial position of GasLog Partners LP and subsidiaries ("thePartnership") as of December 31, 2021, the related consolidated statements of profit or loss, comprehensive income or loss, changes inowners'/partners' equity and cash flows, for the year ended December 31, 2021, and the related notes (collectively referred to as the"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of thePartnership as of December 31, 2021, and the results of its operations and its cash flows for the year ended December 31, 2021, inconformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.The consolidated financial statements of Partnership for the years ended December 31, 2020 and December 31, 2019, before the effects ofthe adjustments to retrospectively apply the change in accounting policy discussed in Note 2 to the financial statements, were audited byother auditors whose report, dated March 2, 2021, expressed an unqualified opinion on those statements. We have also audited theadjustments to the 2020 and 2019 financial statements to retrospectively apply the change in accounting policy for the reclassification ofinterest paid and movements of cash collaterals for swaps in 2021, as discussed in Note 2 to the financial statements. Our proceduresincluded (1) comparing previously reported amounts as per Partnership’s restated analysis to previously audited financial statements; (2)obtaining the Partnership's restated analysis, prepared by management, of the retrospective adjustments for cash flow reclassification ofinterest paid and movements of cash collaterals for swaps and comparing the retrospectively adjusted amounts per the 2020 and 2019 cashflow to the Partnership’s supporting documentation, and (3) testing the mathematical accuracy of the restated analysis of the retrospectiveadjustments. In our opinion, such retrospective adjustments are appropriate and have been properly applied. However, we were notengaged to audit, review, or apply any procedures to the 2020 and 2019 consolidated financial statements of the Partnership other thanwith respect to the retrospective adjustments, and accordingly, we do not express an opinion or any other form of assurance on the 2020and 2019 consolidated financial statements taken as a whole.We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), thePartnership's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report datedMarch 1, 2022, expressed an unqualified opinion on the Partnership's internal control over financial reporting.Basis for OpinionThese financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on thePartnership's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to beindependent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations ofthe Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Ouraudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error orfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significantestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our auditsprovide a reasonable basis for our opinion.Critical Audit MatterThe critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that wascommunicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to thefinancial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication ofTable of ContentsF-3critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, bycommunicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures towhich it relates.Tangible fixed assets — Impairment of vessels — Refer to Notes 2 and 3 to the financial statementsCritical Audit Matter DescriptionThe carrying value of vessels as of December 31, 2021, was $1,884.5 million, net of an impairment loss of $103.98 million recognized in2021.The Partnership's vessels are evaluated for impairment when events or changes in circumstances indicate that the carrying value may notbe recoverable, and conversely for reversal of impairment. For each vessel for which impairment indicators or impairment reversalindicators are identified, management estimates the recoverable amount, which is the higher of fair value less cost to sell and value in useand compares it to the carrying value. The Partnership assesses value in use using discounted future cash flows, which requiresmanagement to make estimates and assumptions, the most significant of which is charter rates for non-contracted revenue days anddiscount rate. Management identifies theses as key assumptions to which the outcome of the impairment assessment is most sensitive.At each reporting date, the Partnership reassesses its impairment assumptions and revises them as appropriate. In its impairment assessment during 2021, the Partnership revised its impairment assessment for its Steam vessels by comparing each vessel’s value in use applying the “expected cash flow” approach instead of the single most likely cash flow (“traditional approach”). The expected cash flow approach was considered more appropriate in light of the increasing uncertainty pertaining to the business outlook for the Partnership’s Steam vessels. As of December 31, 2021, the Partnership’s management established its expectations for recovering each Steam vessel’s carrying amount in the form of two alternative scenarios: (a) continued operation of the vessel until the end of its useful economic life or (b) sale (at fair value less costs to sell) post expiry of its charter party agreement currently in effect. Appropriate probabilities were determined and assigned to each probable outcome, taking into account management’s established strategic goals and tactical objectives with respect to vessels’ operation and residual value risk management. In both scenarios, expected future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.In addition to the above, the Partnership revised certain assumptions for charter rates for the period up to December 31, 2022 and from2023 up to the end of the Steam vessels useful life and its assumptions for the discount rate. For Steam vessels, management’s assumptionsfor charter rates for non-contracted revenue days decreased from an average of $40 thousand per day to $35 thousand per day compared to2020, and management’s average discount rate assumption increased to 7.52%, resulting in an impairment loss of $103.98 millionrecognized on all the Partnership’s Steam vessels during 2021. For all other vessels no impairment indicators were identified as ofDecember 31, 2021 and therefore no impairment was recognized for these remaining vessels.We identified impairment of vessels as a critical audit matter because of the significant judgments made by management to estimate thediscount rate, the charter rates for non-contracted revenue days and probabilities scenarios which are particularly subjective as theyinvolve assumptions about the LNG shipping market through the end of the useful lives of the vessels, and due to the sensitivity of thevalue in use calculations to management's assumptions. Performing audit procedures to evaluate the reasonableness of management'sestimates of charter rates for non-contracted revenue days and the discount rate required a high degree of auditor judgment.How the Critical Audit Matter Was Addressed in the AuditOur audit procedures related to the charter rate assumption for non-contracted revenue days used by management to estimate therecoverable amount of vessels included the following:●We tested the controls over management's estimation of the recoverable amount of vessels for which impairment indicators wereidentified, including controls over the assumption for the charter rate for non-contracted revenue days and the discount rate.●With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rate, including: management'sestimation method; testing the source information underlying the determination of the discount rate; the mathematical accuracy ofTable of ContentsF-4the discount rate calculation; and developing a range of independent estimates and comparing those to the discount rate selected bymanagement.●We assessed the Partnership's use of the expected cash flow approach by obtaining evidence supporting its appropriateness.●We evaluated the reasonableness of charter rates for non-contracted revenue days up to December 31, 2022 by comparingmanagement's assumptions for Steam vessels to market data and considered actual time charters agreed with charterers for similarvessels.●We evaluated the reasonableness of management's charter rate assumptions from January 1, 2023 through the end of each vessel'suseful life, for which very limited observable market data is available, by evaluating management's rationale and evidence for theseassumptions, as follows:-We re-assessed the rationale and evidence for the estimated long run costs of building and financing newbuild LNG vesselsand the differential between the longer-term charter rates for Steam vessels assumed by management, including comparisonto historic new build prices, comparison of the differentials to actual charter rates and to market data available about nearerterm charter rates, with particular focus on the charter rate differentials between Steam and non-Steam vessels.-We compared them with management's assumptions for the period up to December 31, 2022 for which market data wasavailable and assessed the reasonableness of the changes in management's charter rate assumptions over the forecast periodin light of evidence gathered about the potential future evolution of the LNG shipping market, including forecasts andreports published by external industry experts.-We considered new evidence arising between Q4 2020 and Q4 2021 in our evaluation of management’s assumption that thelong term charter rate for the Steam vessels has changed since the prior year.●We also considered other relevant evidence, including shipbrokers’ estimates of market values of Steam vessels that were lower thanmanagement’s estimates of values in use as of December 31, 2021.●We tested the mathematical accuracy of management’s value in use calculations and agreed the inputs to the source information andunderlying assumptions used by management.●We assessed the sensitivity disclosures in Note 3 based on our own sensitivity analysis and checked management’s calculations ofthose sensitivities.●We evaluated management’s ability to accurately forecast by comparing actual results to management’s historical forecasts./s/ Deloitte Certified Public Accountants S.A.Athens, GreeceMarch 1, 2022We have served as the Partnership's auditor since 2021.Table of ContentsF-5REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Board of Directors and Unitholders of GasLog Partners LPOpinion on the Financial StatementsWe have audited, before the effects of the adjustments to retrospectively apply the change in accounting discussed in Note 2 to theconsolidated financial statements, the accompanying consolidated statement of financial position of GasLog Partners LP and subsidiaries("the Partnership") as of December 31, 2020, the related consolidated statements of profit or loss, comprehensive income or loss, changesin owners'/partners' equity and cash flows, for each of the two years in the period ended December 31, 2020, and the related notes(collectively referred to as the "financial statements") (the 2020 financial statements before the effects of the retrospective adjustmentsdiscussed in Note 2 to the financial statements are not presented herein). In our opinion, the financial statements, before the effects of theadjustments to retrospectively apply the change in accounting discussed in Note 2 to the financial statements, present fairly, in all materialrespects, the financial position of the Partnership as of December 31, 2020, and the results of its operations and its cash flows for each ofthe two years in the period ended December 31, 2020, in conformity with International Financial Reporting Standards as issued by theInternational Accounting Standards Board.We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the change in accountingdiscussed in Note 2 to the financial statements, and accordingly we do not express an opinion or any other form of assurance aboutwhether such retrospective adjustments are appropriate and have been properly applied. Those retrospective adjustments were audited byother auditors.Basis for OpinionThese financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on thePartnership's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to beindependent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations ofthe Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Ouraudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error orfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significantestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our auditsprovide a reasonable basis for our opinion./s/ Deloitte LLPLondon, United KingdomMarch 2, 2021We began serving as the Partnership's auditor in 2014. In 2021 we became the predecessor auditor.Table of ContentsF-6GasLog Partners LPConsolidated statements of financial positionAs of December 31, 2020 and 2021(All amounts expressed in thousands of U.S. Dollars, except unit data) December 31, December 31,Note20202021Assets Non-current assets Other non-current assets 18644Tangible fixed assets 32,206,6181,888,583Right-of-use assets451681,996Total non-current assets 2,207,3201,970,623Current assets Trade and other receivables 516,26511,156Inventories 3,0362,991Prepayments and other current assets 2,6911,433Cash and cash equivalents 103,736145,530Total current assets 125,728161,110Total assets 2,333,0482,131,733Partners’ equity and liabilities Partners’ equity Common unitholders (47,517,824 units issued and outstanding as of December 31, 2020 and 51,137,201 units issuedand outstanding as of December 31, 2021) 6594,901579,447General partner (1,021,336 units issued and outstanding as of December 31, 2020 and 1,077,494 units issued andoutstanding as of December 31, 2021) 611,02810,717Preference unitholders (5,750,000 Series A Preference Units, 4,600,000 Series B Preference Units and 4,000,000Series C Preference Units issued and outstanding as of December 31, 2020 and 5,750,000 Series A PreferenceUnits, 4,135,571 Series B Preference Units and 3,730,451 Series C Preference Units issued and outstanding as ofDecember 31, 2021)6347,889329,334Total partners’ equity 953,818919,498Current liabilities Trade accounts payable 13,5789,547Due to related parties 147,525952Derivative financial instruments—current portion 188,1855,184Other payables and accruals 850,67950,171Borrowings—current portion 7104,90899,307Lease liabilities—current portion433210,342Total current liabilities185,207175,503Non-current liabilities Derivative financial instruments—non-current portion 1812,1524,061Borrowings—non-current portion 71,180,635986,451Lease liabilities—non-current portion411245,556Other non-current liabilities 1,124664Total non-current liabilities 1,194,0231,036,732Total partners’ equity and liabilities 2,333,0482,131,733The accompanying notes are an integral part of these consolidated financial statements.Table of ContentsF-7GasLog Partners LPConsolidated statements of profit or loss and total comprehensive income or lossFor the years ended December 31, 2019, 2020 and 2021(All amounts expressed in thousands of U.S. Dollars, except per unit data) Note 2019 2020 2021Revenues 9378,687333,662326,142Net pool allocation9,141,058——Voyage expenses and commissions 10(7,308)(10,443)(6,863)Vessel operating costs 12(76,742)(74,798)(75,333)Depreciation 3,4(89,309)(83,058)(85,493)General and administrative expenses 11(19,401)(18,960)(13,362)Loss on disposal of vessel3——(630)Impairment loss on vessels3(138,848)(23,923)(103,977)Profit from operations 48,137122,48040,484Financial costs 13(71,998)(50,987)(37,297)Financial income 131,88729543(Loss)/gain on derivatives 18(12,795)(14,929)2,496Total other expenses, net (82,906)(65,621)(34,758)(Loss)/profit and total comprehensive (loss)/income for the year (34,769)56,8595,726(Loss)/earnings per unit attributable to the Partnership, basic and diluted: 20Common unit (basic) (1.43)0.55(0.47)Common unit (diluted)(1.43)0.52(0.47)General partner unit (1.52)0.55(0.46)The accompanying notes are an integral part of these consolidated financial statements.Table of ContentsF-8GasLog Partners LPConsolidated statements of changes in owners’/partners’ equityFor the years ended December 31, 2019, 2020 and 2021(All amounts expressed in thousands of U.S. Dollars, except unit data)Class BPreferenceTotalGeneral partnerCommon unitholdersunitholdersIDRsunitholdersPartners’Owners’ Units Amounts Units Amounts Units Amounts Amounts Units Amounts equity capital TotalBalance as of December 31, 2018 927,53213,28945,448,993812,863——5,17614,350,000348,3311,179,65973,1341,252,793IFRS 16 adjustment (1) —4—173—————17715192Balance as of January 1, 2019 (as restated(1)) 927,53213,29345,448,993813,036——5,17614,350,000348,3311,179,83673,1491,252,985Profit and total comprehensive income attributable toGasLog Ltd. (“GasLog”)’s operations (Note 20) ——————————2,6502,650Equity offering costs———(288)————266(22)—(22)Repurchases of common units (Note 6)——(1,171,572)(22,890)—————(22,890)—(22,890)Elimination of incentive distribution rights ("IDRs")and issuance of common and Class B units (Note 6) ——2,532,9111,7962,490,000—(2,391)——(595)—(595)Issuance of general partner units (Note 6) 93,8041,996———————1,996—1,996Settlement of awards vested during the year (Note 6) ——49,850—————————Cash distribution to GasLog in exchange for net assetscontribution to the Partnership ——————————(93,646)(93,646)Difference between net book values of acquiredsubsidiary and consideration paid —(357)—(17,490)—————(17,847)17,847—Distributions declared (Note 6) —(2,200)—(101,932)——(2,785)—(31,036)(137,953)—(137,953)Share-based compensation, net of accrued distribution—18—847—————865—865Partnership’s (loss)/income and totalcomprehensive(loss)/income (Note 20)—(1,479)—(66,268)————30,328(37,419)—(37,419)Balance as of December 31, 2019 1,021,33611,27146,860,182606,8112,490,000——14,350,000347,889965,971—965,971Equity offering costs———(132)—————(132)—(132)Repurchases of common units (Note 6)——(191,490)(996)—————(996)—(996)Conversion of Class B units to common units (Note 6)——415,000—(415,000)———————Settlement of awards vested during the year (Note 6)——434,132—————————Distributions declared (Note 6)—(839)—(38,389)————(30,328)(69,556)—(69,556)Share-based compensation, net of accrued distribution—35—1,637—————1,672—1,672Partnership’s profit and total comprehensive income(Note 20)—561—25,970————30,32856,859—56,859Balance as of December 31, 20201,021,33611,02847,517,824594,9012,075,000——14,350,000347,889953,818—953,818Net proceeds from public offerings of common unitsand issuances of general partner units (Note 6)56,1582053,195,4019,634—————9,839—9,839Repurchases of preference units (Note 6)———(2)———(733,978)(18,386)(18,388)—(18,388)Conversion of Class B units to common units (Note 6)——415,000—(415,000)———————Settlement of awards vested during the year (Note 6)——8,976—————————Distributions declared (Note 6)—(42)—(1,972)————(29,863)(31,877)—(31,877)Share-based compensation, net of accrued distribution—8—372—————380—380Partnership’s(loss)/income and total comprehensive(loss)/income (Note 20)—(482)—(23,486)————29,6945,726—5,726Balance as of December 31, 20211,077,49410,71751,137,201579,4471,660,000——13,616,022329,334919,498—919,498(1)Restated so as to reflect an adjustment introduced due to the adoption of International Financial Reporting Standard (“IFRS”) 16Leases on January 1, 2019.The accompanying notes are an integral part of these consolidated financial statements.Table of ContentsF-9GasLog Partners LPConsolidated statements of cash flowsFor the years ended December 31, 2019, 2020 and 2021(All amounts expressed in thousands of U.S. Dollars) Note 2019 2020 2021(restated)(1)(restated)(1)Cash flows from operating activities: (Loss)/profit for the year (34,769) 56,859 5,726Adjustments for: Depreciation 3,4 89,309 83,058 85,493Impairment loss on vessels3138,84823,923103,977Loss on disposal of vessel3——630Financial costs 13 71,998 50,987 37,297Financial income 13 (1,887) (295) (43)Loss/(gain) on derivatives (excluding realized loss on forward foreign exchange contracts held for trading) 18 11,500 14,868 (2,496)Share-based compensation 11 1,158 1,908 378Realized foreign exchange losses542——276,699231,308230,962Movements in operating assets and liabilities: Decrease/(increase) in trade and other receivables 6,601 (9,150) 5,109Decrease in inventories 26 317 45Change in related parties, net 17,559 (1,971) (3,330)(Increase)/decrease in prepayments and other current assets (352) (814) 978Decrease/(increase) in other non-current assets 672 (58) 142Decrease in other non-current liabilities (1,245) (281) (482)Increase/(decrease) in trade accounts payable 3,651 (1,807) (2,403)Increase in other payables and accruals 263 808 2,365Net cash provided by operating activities 303,874218,352 233,386Cash flows from investing activities: Proceeds from sale and leaseback, net of commissions4——117,569Payments for tangible fixed asset additions (13,940)(23,618) (19,443)Return of capital expenditures 7,465— —Financial income received1,95032643Purchase of short-term investments (33,000)— (2,500)Maturity of short-term investments 43,000— 2,500Net cash provided by/(used in) investing activities 5,475(23,292) 98,169Cash flows from financing activities: Borrowings drawdowns 19 445,000479,984 —Borrowings repayments 19 (465,195)(540,701) (205,179)Interest paid (64,813)(51,457) (42,239)Payments of cash collateral for interest rate swaps —(16,730) —Release of cash collateral for interest rate swaps —16,450 280Payment of loan issuance costs19(6,173)(7,362)—Proceeds from entering into interest rate swaps18—16,056—Payments for termination of interest rate swaps 18 —(13,210) —Proceeds from public offerings of common units and issuances of general partner units (net of underwriting discounts andcommissions)61,996—10,205Repurchases of common and preference units6(22,890)(996)(18,388)Payment of offering costs (1,670)(146) (346)Cash distributions to GasLog in exchange for contribution of net assets (93,646)— —Distributions paid6(137,953)(69,556)(31,877)Payments for lease liabilities 4, 19 (491)(540) (2,217)Net cash used in financing activities(345,835)(188,208)(289,761)(Decrease)/increase in cash and cash equivalents (36,486)6,852 41,794Cash and cash equivalents, beginning of the year 133,37096,884 103,736Cash and cash equivalents, end of the year 96,884103,736 145,530Non-Cash Investing and Financing Activities: Capital expenditures included in liabilities at the end of the year 10,261 13,261 7,261Financing costs included in liabilities at the end of the year 19 164 — —Offering costs included in liabilities at the end of the year 14 — 20Liabilities related to leases at the end of the year 19 65 — —Non-cash prepayment of lease payments4——27,365(1)Restated so as to reflect a change in accounting policy introduced on January 1, 2021, with respect to the reclassification ofinterest paid and movements of cash collaterals for interest rate swaps (Note 2).The accompanying notes are an integral part of these consolidated financial statements.Table of ContentsF-10GasLog Partners LPNotes to the consolidated financial statementsFor the years ended December 31, 2019, 2020 and 2021(All amounts expressed in thousands of U.S. Dollars, except unit and per unit data)1.Organization and OperationsGasLog Partners LP (“GasLog Partners” or the “Partnership”) was formed as a limited partnership under the laws of the MarshallIslands on January 23, 2014, being a wholly owned subsidiary of GasLog for the purpose of initially acquiring the interests in threeliquefied natural gas (“LNG”) carriers (or the “Initial Fleet”) that were contributed to the Partnership by GasLog in connection with theinitial public offering of its common units (the “IPO”) on May 12, 2014.The Partnership’s principal business is the acquisition and operation of LNG vessels, providing LNG transportation services on a worldwide basis. GasLog LNG Services Ltd. (“GasLog LNG Services” or the “Manager”), a related party and a wholly owned subsidiary of GasLog, incorporated under the laws of Bermuda, provides technical and commercial services to the Partnership.On April 1, 2019, GasLog Partners acquired 100% of the ownership interests in GAS-twelve Ltd., the entity that owns a 174,000 cbmLNG carrier, the GasLog Glasgow, for an aggregate purchase price of $214,000.Since its IPO, the Partnership has acquired from GasLog 100% of the ownership interests in 15 vessel-owning entities in aggregate,including the one mentioned above. The acquisitions were accounted for as reorganizations of companies under common control. ThePartnership’s historical results and net assets were retroactively restated to reflect the historical results of the acquired entities from theirrespective dates of incorporation by GasLog. The carrying amounts of assets and liabilities included are based on the historical carryingamounts of such assets and liabilities recognized by the subsidiaries.On May 18, 2018, the Partnership through the GasLog Shanghai entered the Cool Pool, an LNG carrier pooling arrangement operatedby GasLog and Golar LNG Ltd. (the “Cool Pool”) to market their vessels operating in the LNG shipping spot market. The Cool Poolallowed the participating owners to optimize the operation of the pool vessels through improved scheduling ability, cost efficiencies andcommon marketing. The objective of the Cool Pool was to serve the growing LNG market by providing customers with reliable, flexibleand innovative solutions to meet their increasingly complex shipping requirements. The Cool Pool chartered vessels (tri-fuel diesel electric(“TFDE”) LNG carriers in the 155,000-170,000 cbm range) for periods up to one year in duration as agents for the owners, who eachremained responsible for the technical and commercial operation of their vessels and performance of the contracts. The Partnershipthrough the GasLog Shanghai exited the Cool Pool on June 23, 2019.On October 26, 2021, GasLog Partners completed the sale and leaseback of the GasLog Shanghai with a wholly-owned subsidiary ofChina Development Bank Financial Leasing Co., Ltd. (“CDBL”). The vessel was sold and leased back under a bareboat charter withCDBL for a period of five years with no repurchase option or obligation.As of December 31, 2021, GasLog held a 33.3% ownership interest in the Partnership (including 2.0% through its general partnerinterest). As a result of its 100% ownership of the general partner, and the fact that the general partner elects the majority of thePartnership’s directors in accordance with the Partnership Agreement, GasLog has the ability to control the Partnership’s affairs andpolicies.Table of ContentsF-11As of December 31, 2021, the companies listed below were 100% held by the Partnership. The Partnership wholly owned 14 LNGvessels and operated one LNG vessel leased back under a bareboat charter, as described above: Cargo Place ofDate of CapacityNameincorporationincorporationPrincipal activitiesVessel(cbm)Delivery DateGAS-three Ltd. Bermuda April 2010 Right-of-use asset company GasLog Shanghai 155,000 January 2013GAS-four Ltd. Bermuda April 2010 Vessel-owning company GasLog Santiago 155,000 March 2013GAS-five Ltd. Bermuda February 2011 Vessel-owning company GasLog Sydney 155,000 May 2013GAS-seven Ltd. Bermuda March 2011 Vessel-owning company GasLog Seattle 155,000 December 2013GAS-eight Ltd.BermudaMarch 2011Vessel-owning companySolaris155,000June 2014GAS-eleven Ltd.BermudaDecember 2012Vessel-owning companyGasLog Greece174,000March 2016GAS-twelve Ltd.BermudaDecember 2012Vessel-owning companyGasLog Glasgow174,000June 2016GAS-thirteen Ltd.BermudaJuly 2013Vessel-owning companyGasLog Geneva174,000September 2016GAS-fourteen Ltd. Bermuda July 2013 Vessel-owning company GasLog Gibraltar 174,000 October 2016GAS-sixteen Ltd. Bermuda January 2014 Vessel-owning company Methane Rita Andrea 145,000 April 2014GAS-seventeen Ltd. Bermuda January 2014 Vessel-owning company Methane Jane Elizabeth 145,000 April 2014GAS-nineteen Ltd. Bermuda April 2014 Vessel-owning company Methane Alison Victoria 145,000 June 2014GAS-twenty Ltd. Bermuda April 2014 Vessel-owning company Methane Shirley Elisabeth 145,000 June 2014GAS-twenty one Ltd. Bermuda April 2014 Vessel-owning company Methane Heather Sally 145,000 June 2014GAS-twenty seven Ltd.BermudaJanuary 2015Vessel-owning companyMethane Becki Anne170,000March 2015GasLog Partners Holdings LLC Marshall Islands April 2014 Holding company — — —2. Significant Accounting PoliciesStatement of complianceThe consolidated financial statements of the Partnership have been prepared in accordance with IFRS as issued by the InternationalAccounting Standards Board (the “IASB”).Basis of preparationThe consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of derivative financialinstruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets.The principal accounting policies are set out below.Until December 31, 2020, interest paid and movements of cash collateral were presented in the consolidated statement of cash flowsunder cash provided by operating activities. IAS 7 Cash Flow Statement does not dictate how interest cash flows should be classified, butrather allows an entity to determine the classification appropriate to its business. The standard permits entities to present payments forinterest under either operating or financing activities, provided that the elected presentation is applied consistently from period to period.In 2021, management elected to reclassify interest paid including cash paid for interest rate swaps held for trading and the movements ofcash collateral related to the Partnership’s interest rate swaps under cash used in financing activities. Management believes that the revisedclassification provides a more comprehensive view on the cost of financing the Partnership’s operations and it better reflectsmanagement’s view of the financing nature of these transactions. Comparative figures have been retrospectively adjusted to reflect thischange in policy in the statement of cash flows, as follows:Year ended December 31, 2019 As previously reported Adjustments As restatedNet cash provided by operating activities 239,061 64,813 303,874Net cash provided by investing activities 5,475 — 5,475Net cash used in financing activities (281,022) (64,813) (345,835)Decrease in cash and cash equivalents (36,486) — (36,486)Table of ContentsF-12Year ended December 31, 2020 As previously reported Adjustments As restatedNet cash provided by operating activities 166,615 51,737 218,352Net cash used in investing activities (23,292) — (23,292)Net cash used in financing activities (136,471) (51,737) (188,208)Increase in cash and cash equivalents 6,852 — 6,852The consolidated financial statements are expressed in U.S. Dollars (“USD”), which is the functional currency of the Partnership andeach of its subsidiaries because their vessels operate in international shipping markets, in which revenues and expenses are primarilysettled in USD and the Partnership’s most significant assets and liabilities are paid for and settled in USD.As of December 31, 2021, the Partnership’s current assets totaled $161,110 while current liabilities totaled $175,503, resulting in anegative working capital position of $14,393. Current liabilities include an amount of $28,325 of unearned revenue in relation to vesselhires received in advance (which represents a non-cash liability that will be recognized as revenues after December 31, 2021 as theservices are rendered). In considering going concern, management has reviewed the Partnership’s future cash requirements, covenantcompliance and earnings projections.Management monitors the Partnership’s liquidity position throughout the year to ensure that it has access to sufficient funds to meetits forecast cash requirements, including debt service commitments, and to monitor compliance with the financial covenants within its loanfacilities. Management anticipates that the Partnership’s primary sources of funds for at least twelve months from the date of this reportwill be available cash and cash from operations. Management believes that these anticipated sources of funds, as well as its ability toaccess the debt or equity capital markets if needed, will be sufficient for the Partnership to meet its liquidity needs and to comply with itsbanking covenants for at least twelve months from the date of this report and therefore it is appropriate to prepare the financial statementson a going concern basis. Additionally, the Partnership may enter into new debt facilities in the future, as well as public equity or debtinstruments, although there can be no assurance that the Partnership will be able to obtain additional debt or equity financing on termsacceptable to the Partnership, which will also depend on financial, commercial and other factors, as well as a significant recovery incapital market conditions and a sustainable improvement in the LNG charter market, that are beyond the Partnership’s control.On March 1, 2022, the Partnership’s board of directors authorized the consolidated financial statements for issuance and filing.Basis of consolidationThe accompanying consolidated financial statements include the accounts of the Partnership and its subsidiaries assuming that theyare consolidated from the date of their incorporation by GasLog, as they were under the common control of GasLog. All intra-grouptransactions and balances are eliminated on consolidation.Accounting for (i) revenues and related operating expenses and (ii) voyage expenses and commissionsRevenues comprise revenues from time charters for the charter hire of the Partnership’s vessels earned during the period inaccordance with existing contracts and gross pool revenues.A time charter represents a contract entered into for the use of a vessel for a specific period of time and a specified daily charter hirerate. Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from thevessel’s delivery to the charterer, except for any off-hire period, when a charter agreement exists, the vessel is made available and servicesare provided to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes cash received prior tothe reporting date relating to services to be rendered after the reporting date. Accrued revenue represents income recognized in advance asa result of the straight-line revenue recognition in respect of charter agreements that provide for varying charter rates.Under a time charter arrangement, the hire rate per the charter agreement has two components: the lease component and the servicecomponent relating to the vessel operating costs. The revenue in relation to the lease component of the agreements is accounted for underIFRS 16 Leases. The revenue in relation to the service component relates to vessel operating expenses, which include expenses that arepaid by the vessel owner such as management fees, crew wages, provisions and stores, technicalTable of ContentsF-13maintenance and insurance expenses. These costs are essential to operating a charter and the charterers receive the benefit of these whenthe vessel is used during the contracted time and, therefore, these costs are accounted for in accordance with the requirements of IFRS 15Revenue from Contracts with Customers.Pool revenues were recognized on a gross basis representing time charter revenues earned by a GasLog Partners vessel participatingin the pool under charter agreements where GasLog Partners contracted directly with charterers. Revenue was recognized on a monthlybasis, when the vessel was made available and services were provided to the charterer during the period, the amount could be estimatedreliably and collection of the related revenue was reasonably assured.Time charter hires are received monthly in advance and are classified as liabilities until such time as the criteria for recognizing therevenue as earned are met.Under a time charter arrangement the vessel operating expenses such as management fees, crew wages, provisions and stores,technical maintenance and insurance expenses, as well as broker’s commissions, are paid by the vessel owner, whereas the majority ofvoyage expenses such as bunkers, port expenses, agents’ fees and extra war risk insurance are paid by the charterer.Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result ina separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-upactivity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses are recognized over the period ofeach contract, and not at a certain point in time, in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers,to match the recognition of the respective hire revenues realized. All other voyage expenses and vessel operating costs are expensed asincurred, with the exception of commissions, which are also recognized on a pro-rata basis over the period of the time charter. Bunkers’consumption included in voyage expenses represents mainly bunkers consumed during vessels’ unemployment and off-hire.Net pool allocationThe Partnership because of its participation in the Cool Pool (until June 23, 2019) also received a net allocation from the pool, whichwas recognized separately in the consolidated statement of profit or loss under “Net Pool Allocation” and represented GasLog Partners’share of the net revenues earned from the other pool participants’ vessels less the other participants’ share of the net revenues earned byGasLog Partners’ vessels included in the pool. Each participant’s share of the net pool revenues was based on the number of pool pointsattributable to its vessels and the number of days such vessels participated in the pool.Financial income and costsInterest income, interest expense, other borrowing costs and realized loss/gain on derivatives are recognized on an accrual basis.Foreign currenciesTransactions in currencies other than USD are recognized at the rates of exchange prevailing at the dates of the transactions. At theend of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into USD at the ratesprevailing at that date. All resulting exchange differences are recognized in the consolidated statement of profit or loss in the period inwhich they arise.Deferred financing costsCommitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities arerecorded as deferred loan issuance costs and classified contra debt while the fees incurred for the undrawn facilities are classified undernon-current assets in the statement of financial position and are classified contra debt on the drawdown dates.Deferred financing costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interestmethod. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement ofprofit or loss.Table of ContentsF-14Non-current assets held for saleNon-current assets (such as vessels) are classified as held for sale if their carrying amount will be recovered principally through a saletransaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carryingamount and fair value less costs to sell. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair valueless costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of anycumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current assetis recognized at the date of derecognition. Non-current assets held for sale are presented separately from the other assets in the statementof financial position and are not depreciated or amortized while they are classified as held for sale.Tangible fixed assets: VesselsVessels are stated at cost less accumulated depreciation and any accumulated impairment loss. The initial cost of an asset comprisesits purchase price and any directly attributable costs of bringing the asset to its working condition.The cost of an LNG vessel is split into two components, a “vessel component” and a “dry-docking component”. Depreciation for thevessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated usefullife of this major component of the value of the vessels. Residual values are based on management’s estimation of the amount that thePartnership would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were alreadyof the age and in the condition expected at the end of their useful life.The LNG vessels are required to undergo a dry-docking overhaul every five years that cannot be performed while the vessels areoperating to restore their service potential and to meet their classification requirements. The dry-docking component is estimated at thetime of a vessel’s delivery from the shipyard or acquisition from the previous owner and is measured based on the estimated cost of thefirst dry-docking, subsequent to its acquisition, based on the Partnership’s historical experience with similar types of vessels. Forsubsequent dry-dockings, actual costs are capitalized when incurred. The dry-docking component is depreciated over the period offive years in the case of new vessels, and until the next dry-docking for secondhand vessels (which is performed within five years from thevessel’s last dry-docking).Costs that will be capitalized as part of the future dry-dockings will include a variety of costs incurred directly attributable to the dry-dock, and costs incurred to meet classification and regulatory requirements, as well as expenses related to the dock preparation and portexpenses at the dry-dock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related tomachinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment onboard. Dry-docking costs do not include vessel operating expenses such as replacement parts, crew expenses, provisions, lubricantsconsumption, insurance, management fees or management costs during the dry-docking period. Expenses related to regular maintenanceand repairs of the vessels are expensed as incurred, even if such maintenance and repair occurs during the same time period as the dry-docking.The LNG vessels are also required to undergo an underwater survey in lieu of dry-docking (“intermediate survey”) in order to meetcertain classification requirements. The intermediate survey component is estimated after the first intermediate survey, which takes placebetween the first and the second dry-docking and is amortized over the period until the next dry-docking which is estimated to be two anda half years. The extent of the underwater inspection is to be sufficient to include all items which would normally be examined if thevessel was on dry-docking. If the intermediate survey reveals a damage or deterioration that requires further attention, the surveyor mayrequire that the vessel be dry-docked earlier than scheduled in order to undertake a detailed survey and necessary repairs.The expected useful lives are as follows:Vessel LNG vessel component 35 yearsDry-docking component5 yearsIntermediate survey component the period until the next dry-docking (i.e. 1-3 years)Table of ContentsF-15Management estimates the useful life of its vessels to be 35 years from the date of initial delivery from the shipyard. Secondhandvessels are depreciated from the date of their acquisition through their remaining estimated useful life.The useful lives and the depreciation method are reviewed annually to ensure that the method and period of depreciation areconsistent with the expected pattern of economic benefits from the Partnership’s vessels. The residual value is also reviewed at eachfinancial period end. If expectations differ from previous estimates, the changes are accounted for prospectively in profit or loss in theperiod of the change and future periods.Management estimates the residual value of its vessels to be equal to the product of their lightweight tonnage (''LWT'') and anestimated scrap rate per LWT. Effective December 31, 2021, following management's annual reassessment, the estimated scrap rate perLWT was increased. This change in estimate is expected to decrease the future annual depreciation by $448. The estimated residual valueof the vessels may not represent the fair market value at any time partly because market prices of scrap values tend to fluctuate. ThePartnership might revise the estimate of the residual values of the vessels in the future in response to changing market conditions.Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed as incurred.When vessels are sold, they are derecognized and any gain or loss resulting from their disposals is included in profit or loss. Gain orloss on disposal is determined by comparing proceeds from sale, net of costs attributable to such sale, with the carrying amount of thevessel sold.Impairment of tangible fixed assets and right-of-use assetsAll assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset maynot be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in theconsolidated statement of profit or loss. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value inuse”. The fair value less costs of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs ofdisposal, while “value in use” is the expected value of all expectations about possible estimated future cash flows, discounted to theirpresent value. Recoverable amounts are estimated for individual assets. Each vessel is considered to be a single cash-generating unit. Thefair value less costs of disposal of the vessels is estimated from market-based evidence by appraisal that is normally undertaken byprofessionally qualified brokers.Reimbursable capital expendituresCosts eligible for capitalization that are contractually reimbursable by our charterers are recognized on a gross basis in the periodincurred under “Vessels”. Concurrently, an equal amount is deferred as a liability and amortized to profit or loss as income over theremaining tenure of the charter party agreement.LeasesLease income from operating leases of vessels where the Partnership is a lessor is recognized in the statement of profit or loss on astraight-line basis over the lease term. The respective leased assets are included in the statement of financial position based on their natureunder “Tangible fixed assets”.The Partnership is a lessee under a vessel sale and leaseback arrangement and also leases vessel communication equipment. Rentalcontracts are typically made for fixed periods but may have extension options. Lease terms are negotiated on an individual basis andcontain a wide range of different terms and conditions. Following the implementation of IFRS 16, a lease is recognized as a right-of-useasset and a corresponding liability at the date at which the leased asset is available for use by the Partnership. The corresponding rentalobligations, net of finance charges, are included in current and non-current liabilities as lease liabilities. The lease liability is subsequentlymeasured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and byreducing the carrying amount to reflect lease payment made. Lease payments to be made under reasonably certain extension options arealso included in the measurement of the liability. Each lease payment is allocated between the liability and finance cost. The finance cost ischarged to profit or loss over the lease period so as to produce a constant periodic rate ofTable of ContentsF-16interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s usefullife and the lease term on a straight-line basis.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: (a) fixed payments (including in-substance fixed payments), less any lease incentives receivable, (b) variable lease payments that are based on an index or a rate (if any), initially measured using the index or rate as at the commencement date, (c) amounts expected to be payable by the lessee under residual value guarantees (if any), (d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and (e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Partnership’s incremental borrowing rate, which is the Partnership’s current average borrowing rate. Right-of-use assets are measured at cost comprising the following: (a) the amount of the initial measurement of lease liability, (b) any lease payments made at or before the commencement date less any lease incentives received, (c) any initial direct costs, and (d) restoration costs. The right-of-use asset is depreciated over its useful life or over the shorter of its useful life and the lease term if there is no reasonable certainty that the Partnership will obtain ownership at the end of the lease term. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value items comprise of low value vessel equipment.ProvisionsProvisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, it is probablethat the Partnership will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Theamount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of thereporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cashflows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of theeconomic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if itis virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.InventoriesInventories represent lubricants on board the vessel and, in the event of a vessel not being employed under a time charter, bunkers onboard the vessel. Inventories are stated at the lower of cost calculated on a first-in, first-out basis, and net realizable value.Financial instrumentsFinancial assets and liabilities are recognized when the Partnership has become a party to the contractual provisions of the instrument.All financial instruments are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue offinancial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added toor deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.●Cash and cash equivalentsCash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highlyliquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at thetime of purchase that are subject to an insignificant risk of change in value.●Short-term investmentsShort-term investments represent short-term, highly liquid time deposits placed with financial institutions which are readilyconvertible into known amounts of cash with original maturities of more than three months but less than 12 months at the time ofpurchase that are subject to an insignificant risk of change in value.Table of ContentsF-17●Trade receivablesTrade receivables are carried at the amount expected to be received from the third party to settle the obligation. At each reporting date,all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtfulaccounts. Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using theeffective interest method. Trade receivables are written off when there is no reasonable expectation of recovery. See Note 5 for furtherinformation about the Partnership’s accounting for trade receivables.The simplified approach is applied to trade and other receivables and the Partnership recognizes lifetime expected credit losses(“ECLs”) on the trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs.●BorrowingsBorrowings are measured at amortized cost, using the effective interest method. Any difference between the proceeds (net oftransaction costs) and the settlement of the borrowings is recognized in the statement of profit or loss over the term of the borrowings.●Derivative financial instrumentsDerivative financial instruments, such as interest rate swaps or forward foreign exchange contracts, are used to economically hedgethe Partnership’s exposure to interest rate or foreign exchange rate risks. Derivative financial instruments are initially recognized atfair value and are subsequently remeasured to their fair value at each reporting date. The resulting changes in fair value are recognizedin profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which case the timing of therecognition in profit or loss depends on the nature of the hedge relationship. Derivatives are presented as assets when their valuation isfavorable to the Partnership and as liabilities when unfavorable to the Partnership.Criteria for classifying a derivative instrument in a hedging relationship include: (1) the hedging instrument is expected to be highlyeffective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedgecan be reliably measured; (3) there is adequate documentation of the hedging relationships at the inception of the hedge; and (4) forcash flow hedges, the forecasted transaction that is the hedged item in the hedging relationship must be considered highly probable.The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized inother comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidatedstatement of profit or loss. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassifiedto the consolidated statement of profit or loss in the periods when the hedged item affects the consolidated statement of profit or loss.Hedge accounting is discontinued when the Partnership terminates the hedging relationship, when the hedging instrument expires or issold, terminated or exercised, or when it no longer qualifies for hedge accounting. When a forecast transaction designated as thehedged item in a cash flow hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled immediately to theconsolidated statement of profit or loss.Segment informationEach vessel-owning company owns one LNG carrier which is operated under a time charter with similar operating and economiccharacteristics. Consequently, the information provided to the Chief Executive Officer (the Partnership’s chief operating decision maker)to review the Partnership’s operating results and allocate resources is on a consolidated basis for a single reportable segment. Furthermore,when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure ofgeographic information is impracticable.Employee benefits●Short-term employee benefitsTable of ContentsF-18Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the annual reporting periodin which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting periodand are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current liabilities in theconsolidated statement of financial position.●Long-term employee benefitsLong-term employee benefits are employee benefits that are not expected to be settled wholly before 12 months after the end of theannual reporting period in which the employees render the service that gives rise to the benefit. These obligations are classified as Long-term liabilities and are measured as the present value of expected future payments to be made with any unwinding in the discount reflectedin the consolidated statement of profit or loss.●Share-based compensationShare-based compensation to executives and others providing similar services is measured at the fair value of the equity instrumentson the grant date. Details regarding the determination of the fair value of share-based transactions are set out in Note 21.The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a straight-line basis over thevesting period, based on the Partnership’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity.At the end of each reporting period, the Partnership revises its estimate of the number of equity instruments expected to vest. The impactof the revision of the original estimates, if any, is recognized in the consolidated statement of profit or loss such that the cumulativeexpense reflects the revised estimate, with a corresponding adjustment to the share-based compensation reserve.If a grant of equity instruments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when thevesting conditions are not satisfied) (a) the Partnership shall account for the cancellation or settlement as an acceleration of vesting, andshall therefore recognize immediately the amount that otherwise would have been recognized for services received over the remainder ofthe vesting period and (b) any payment made to the employee on the cancellation or settlement of the grant shall be accounted for as therepurchase of an equity interest, i.e. as a deduction from equity, except to the extent that the payment exceeds the fair value of the equityinstruments granted, measured at the repurchase date. Any such excess shall be recognized as an expense.Critical accounting judgments and key sources of estimation uncertaintyThe preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates andassumptions that affect the reported amounts of assets, liabilities, revenues and expenses recognized in the consolidated financialstatements. The Partnership’s management evaluates whether estimates should be made on an ongoing basis, utilizing historicalexperience, consultation with experts and other methods which management considers reasonable in the particular circumstances.However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to thecarrying amount of the asset or liability in the future. Critical accounting judgments are those that reflect significant judgments ofuncertainties and potentially result in materially different results under different assumptions and conditions.Critical accounting judgmentsIn the process of applying the Partnership’s accounting policies, management has made the following judgments, apart from thoseinvolving estimations, that had the most significant effect on the amounts recognized in the consolidated financial statements.Classification of the Partnership interests: The interests in the Partnership comprise common units, preference units and a generalpartner interest. Under the terms of the Partnership Agreement, the Partnership is required to distribute 100% of available cash (as definedin the Partnership Agreement) with respect to each quarter within 45 days of the end of the quarter to the partners. Available cash can besummarized as cash and cash equivalents less an amount equal to cash reserves established by the board of directors to (i) provide for theproper conduct of the business of the Partnership (including reserves for future capital expenditures and for anticipated future credit needsof the Partnership) subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debtinstrument or other agreement or obligation to which any Partnership member is a party or by which it is bound or its assets are subjectand/or (iii) provide funds for certain distributions relating to future periods.Table of ContentsF-19In reaching a judgment as to whether the interests in the Partnership should be classified as liabilities or equity interests, thePartnership has considered the wide discretion of the board of directors to determine whether any portion of the amount of cash availableto the Partnership constitutes available cash and that it is possible that there could be no available cash. In the event that there is noavailable cash, as determined by the board of directors, the Partnership does not have a contractual obligation to make a distribution.Accordingly, management has concluded that the Partnership interests do not represent a contractual obligation on the Partnership todeliver cash and therefore should be classified as equity within the financial statements.Key sources of estimation uncertainty are as follows:Impairment of vessels: The Partnership evaluates the carrying amounts of each of its vessels to determine whether there is anyindication that those vessels have suffered an impairment loss by considering both internal and external sources of information. If any suchindication exists, the recoverable amount of vessels is estimated in order to determine the extent of the impairment loss, if any. The totalcarrying amount of the Partnership’s vessels as of December 31, 2021, was $1,884,494 (December 31, 2020: $2,203,899). Recoverableamount is the higher of fair value less costs to sell and value in use. The Partnership’s estimates of recoverable value assume that thevessels are all in seaworthy condition without need for repair and certified in class without notations of any kind. In assessing the fair value less cost to sell of the vessel, the Partnership obtains charter-free market values for its vessels from independent and internationally recognized ship brokers on a semi-annual basis, which are also commonly used and accepted by the Partnership’s lenders for determining compliance with the relevant covenants in the Partnership’s credit facilities. Vessel values can be highly volatile, so the charter-free market values may not be indicative of the current or future market value of the Partnership’s vessels, or prices that could be achieved if it were to sell them. As of December 31, 2021, a number of negative indicators such as differences between the charter-free market values of thePartnership’s Steam vessels, as estimated by ship brokers, and their respective carrying amounts, combined with reduced expectations ofthe rates at which the Partnership could expect to secure term employment for the remaining economic lives of the Steam vessels andsignificant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuelefficient LNG carriers to the global fleet, influenced management’s strategic decisions and prompted the Partnership to conclude thatevents and circumstances triggered the existence of potential impairment of Steam vessels, with no impairment indicators identified withrespect to the owned and bareboat TFDE fleet as of December 31, 2021.The Partnership performed an impairment assessment for the Steam vessels by comparing each vessel’s value in use applying the“expected cash flow” approach, i.e. using all expectations about possible cash flows, instead of the single most likely cash flow known asthe “traditional approach”. The expected cash flow approach was considered more appropriate in light of the increasing uncertaintypertaining to the business outlook for the Partnership’s Steam vessels. As of December 31, 2021, the Partnership’s managementestablished its expectations for recovering each Steam vessel’s carrying amount in the form of two alternative scenarios: (a) continuedoperation of the vessel until the end of its useful economic life or (b) sale (at fair value less costs to sell) post expiry of its charter partyagreement currently in effect. Appropriate probabilities were determined and assigned to each probable outcome, taking into accountmanagement’s established strategic goals and tactical objectives with respect to vessels’ operation and residual value risk management. Inboth scenarios, estimated future cash flows are discounted to their present value using a discount rate that reflects current marketassessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not beenadjusted. The projection of cash flows related to vessels is complex and requires management to make various estimates. The assumptionsthat the Partnership used in its discounted projected net operating cash flow analysis included, among others, utilization, operatingrevenues, voyage expenses and commissions, dry-docking costs, operating expenses (including vessel management costs), residual values,fair values less costs to sell and the discount rate. The key assumptions, being those to which the outcome of the impairment assessment ismost sensitive, are the estimates of long-term charter rates for non-contracted revenue days and the discount rate.Revenue assumptions were based on contracted time charter rates up to the end of the current contract for each vessel, as well as theestimated average time charter rates for the remaining life of the vessel after the completion of its current contract. The revenueassumptions exclude days of scheduled off-hire based on the fleet’s historical performance and internal forecasts. The estimated daily timecharter rates used for non-contracted revenue days after the completion of the current time charter are based on a combination of (i) recentcharter market rates, (ii) conditions existing in the LNG market as of December 31, 2021, (iii) historical average time charter rates, basedon publications by independent third party maritime research services (“maritime research publications”), (iv) estimatedTable of ContentsF-20future time charter rates, based on maritime research publications that provide such forecasts and (v) management’s internal assessment oflong-term charter rates achievable by each class of vessel.More specifically, for vessels whose charters expire within the next twelve months, the estimated charter rates and utilization for thefirst year from the assessment date were based on the approved annual budget for the respective year, which was formed based on theanticipated market conditions for that period and the latest available maritime research publications from ship brokers for short-term (lessthan 12 months) employment of a vessel operating in the spot market on less than one-year time charter contracts.For non-contracted periods starting on the second year for already expired charters or upon the expiration of the firm charter period ofa vessel through the end of each vessel’s useful life, the estimated average time charter rates for Steam vessels were based on analysis offuture supply and demand for LNG, internally estimated and market-derived costs of building and financing newbuild LNG vessels, thetechnical characteristics of each vessel and an assessment of the appropriate discount for Steam vessels’ charter rates compared to modernnewbuild LNG carriers, which is driven largely by unit freight cost differentials and utilization of such vessels. The Partnership alsoconsidered estimated future time charter rates taking into account the significant uncertainties regarding future demand for such vessels inlight of the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet and the anticipated developmentsin terms of environmental regulations.Recognizing that the LNG industry is cyclical and subject to significant volatility based on factors beyond the Partnership’s control,management believes that the use of the revenue estimates discussed above to be reasonable as of the reporting date. The Partnership hasassumed no inflation or any other revenue escalation or growth factors in determining forecasted time charter rates beyond the contractedcharter period through the end of a vessel’s useful life, consistent with long-run historical evidence and industry expectations.The Partnership used an annual operating expenses escalation factor equal to 1% based on its historical data and experience, as well asits expectations of future inflation on operating and dry-docking costs. Estimates for the remaining useful lives of the current fleet andresidual and scrap values are the same as those used for the Partnership's depreciation policy. All estimates used and assumptions madewere in accordance with the Partnership’s internal budgets and historical experience of the shipping industry.In the Partnership’s impairment assessment as of December 31, 2021, the rate used to discount future estimated cash flows to their present values was 7.5% (6.4% as of December 31, 2020). This was based on an estimated weighted average cost of capital calculatedusing cost of equity and cost of debt components, adjusted also for vessel-specific risks and uncertainties, as applicable to each probableoutcome.The recoverable amounts (values in use) for all five Steam vessels calculated as per above were lower than the respective carryingamounts of those vessels and, consequently, an impairment loss of $103,977 was recognized in the year ended December 31, 2021 (Note3).In connection with the impairment testing of our vessels as of December 31, 2021, we performed a sensitivity analysis on the mostdifficult, subjective, or complex assumptions that have the potential to affect the outcome of the impairment assessment, which are theprojected charter hire rate used to forecast future cash flows for non-contracted revenue days and the discount rate used, in particular forthe Steam vessels (Note 3). It is reasonably possible that changes to these assumptions within the next financial year could require amaterial adjustment of the carrying amount of the Partnership’s Steam vessels.Adoption of new and revised IFRS(a) Standards and interpretations adopted in the current periodThe following standards and amendments relevant to the Partnership were effective in the current year:In August 2020, the IASB issued the Phase 2 amendments to IFRS 9 Financial Instruments, IFRS 7 Financial Instruments:Disclosures, IFRS 4 and IFRS 16 in connection with the Phase 2 of the interest rate benchmark reform. The amendments address theissues arising from the implementation of the reforms, including the replacement of one benchmark with an alternative one. Theamendments are effective for annual periods beginning on or after January 1, 2021 and did not have a material impact on the Partnership'sconsolidated financial statements.Table of ContentsF-21All other IFRS standards and amendments that became effective in the current year are not relevant to the Partnership or are notmaterial with respect to the Partnership’s financial statements.(b) Standards and amendments in issue not yet adoptedAt the date of authorization of these consolidated financial statements, the following standards and amendments relevant to thePartnership were in issue but not yet effective:In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements, to clarify that liabilitiesare classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification isunaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waiver or a breach of covenant).The amendment also clarifies what IAS 1 means when it refers to the “settlement” of a liability as the extinguishment of a liability withcash, other economic resources or an entity’s own equity instruments. The amendment will be effective for annual periods beginning on orafter January 1, 2024 and should be applied retrospectively in accordance with IAS 8 Accounting Policies, Changes in AccountingEstimates and Errors. Earlier application is permitted. Management anticipates that this amendment will not have a material impact on thePartnership’s financial statements.In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, IFRS Practice Statement 2 and IAS 8 AccountingPolicies, Changes in Accounting Estimates and Errors to improve accounting policy disclosures and help the users of the financialstatements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments will be effectivefor annual periods beginning on or after January 1, 2023. Management anticipates that these amendments will not have a material impacton the Partnership’s financial statements.The impact of all other IFRS standards and amendments issued but not yet adopted is not expected to be material with respect to thePartnership’s financial statements.Table of ContentsF-223. Tangible fixed assetsThe movements in tangible fixed assets (i.e. vessels and their associated depot spares) are reported in the following table:TotalOther tangibletangible fixedCost Vessels assets assetsAs of January 1, 2020 2,859,172—2,859,172Additions 23,8992,71926,618Fully amortized dry-docking component(9,242)—(9,242)As of December 31, 2020 2,873,8292,7192,876,548Additions 12,0731,37013,443Disposals(190,295)—(190,295)Fully amortized dry-docking component (14,512)—(14,512)As of December 31, 2021 2,681,0954,0892,685,184Accumulated depreciation As of January 1, 2020 572,742—572,742Depreciation expense 82,507—82,507Impairment loss on vessels23,923—23,923Fully amortized dry-docking component (9,242)—(9,242)As of December 31, 2020 669,930—669,930Depreciation expense 81,937—81,937Disposals(44,731)—(44,731)Impairment loss on vessels103,977—103,977Fully amortized dry-docking component (14,512)—(14,512)As of December 31, 2021 796,601—796,601Net book value As of December 31, 2020 2,203,8992,7192,206,618As of December 31, 2021 1,884,4944,0891,888,583All vessels have been pledged as collateral under the terms of the Partnership’s credit facilities (Note 7).On October 26, 2021, GAS-three Ltd. completed the sale and leaseback of the GasLog Shanghai with CDBL (Note 4). During theyear ended December 31, 2021, a loss of $630 arising from the sale and leaseback transaction was recorded in profit or loss.As of December 31, 2021, a number of negative indicators such as differences between the charter-free market values of thePartnership’s Steam vessels, as estimated by ship brokers, and their respective carrying amounts, combined with reduced expectations ofthe rates at which the Partnership could expect to secure term employment for the remaining economic lives of the Steam vessels andsignificant uncertainties regarding future demand for such vessels in light of the continued addition of modern, larger and more fuelefficient LNG carriers to the global fleet, influenced management’s strategic decisions and prompted the Partnership to conclude thatevents and circumstances triggered the existence of potential impairment of its Steam vessels in accordance with its accounting policy(Note 2), with no impairment indicators identified with respect to the owned and bareboat TFDE fleet as of December 31, 2021. Therecoverable amounts (values in use) for the five Steam vessels owned by the Partnership (in the table below) were lower than theTable of ContentsF-23respective carrying amounts of these vessels and, consequently, an aggregate impairment loss of $103,977 was recognized in profit or loss in the year ended December 31, 2021. As of and for the year ended December 31, 2021VesselImpairment loss on vessels Recoverable amountMethane Rita Andrea (23,234) 67,697Methane Jane Elizabeth (22,573) 70,149Methane Alison Victoria (20,118) 71,587Methane Shirley Elisabeth (16,869) 69,069Methane Heather Sally (21,183) 75,964Total (103,977) 354,466As of December 31, 2021, the most sensitive and/or subjective assumptions that have the potential to affect the outcome of theimpairment assessment for the Steam vessels are the projected charter hire rate used to forecast future cash flows for non-contractedrevenue days (the “re-chartering rate”) and the discount rate used. The average long-term re-chartering rate over the remaining useful lifeof the vessels used in our impairment exercise for the Steam vessels was $35 per day ($40 per day as of December 31, 2020).Increasing/decreasing the average re-chartering rate used by $5 per day would decrease/increase the impairment loss by $41,645. Thediscount rate used for the Steam vessels was 7.5% (6.4% as of December 31, 2020). Increasing/decreasing the discount rate by 0.5%would increase/(decrease) the impairment loss by $8,177/ ($8,719), respectively.4. LeasesThe movements in right-of use assets are reported in the following table:Vessels’Right-of-Use Assets Vessel Equipment TotalAs of January 1, 2020 — 1,033 1,033Additions, net — 34 34Depreciation expense — (551) (551)As of December 31, 2020 — 516 516Additions, net 84,761 275 85,036Depreciation expense (3,110) (446) (3,556)As of December 31, 2021 81,651 345 81,996On October 26, 2021, GasLog Partners completed the sale and leaseback of the GasLog Shanghai with a wholly-owned subsidiary ofCDBL. CDBL has the right to sell the vessel to third parties. The vessel was sold to CDBL for net proceeds of $117,569. GasLog leasedback the vessel under bareboat charter from CDBL for a period of five years with no repurchase option or obligation. This sale andleaseback met the definition of a lease under IFRS 16 Leases, resulting in the recognition of a right-of-use asset of $84,761 and acorresponding lease liability of $57,396.An analysis of the lease liabilities is as follows:Lease Liabilities 2020 2021As of January 1, 886 444Additions, net 34 57,671Lease expense (Note 13) 33 333Payments (509) (2,550)As of December 31, 444 55,898Lease liabilities—current portion 332 10,342Lease liabilities—non-current portion 112 45,556Total 444 55,898Table of ContentsF-245. Trade and Other ReceivablesTrade and other receivables consisted of the following:As ofDecember 31, 2020 2021Due from charterers 5,070 577VAT receivable 48 33Accrued income 4,010 5,120Insurance claims 3,584 2,853Other receivables 3,553 2,573Total 16,265 11,156Accrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yetinvoiced are included under Other receivables.6. Partners’ EquityOn January 29, 2019, the board of directors of GasLog Partners authorized a unit repurchase programme of up to $25,000 coveringthe period January 31, 2019 to December 31, 2021. Under the terms of the repurchase programme, GasLog Partners may repurchasecommon units from time to time, at its discretion, on the open market or in privately negotiated transactions. During the year endedDecember 31, 2019, GasLog Partners repurchased and cancelled 1,171,572 common units at a weighted average price of $19.52 percommon unit, for a total cost of $22,890 including commissions.Under the Partnership’s “at-the-market” common equity offering programme (the “ATM Programme”) established in 2017, thePartnership entered into a Third Amended and Restated Equity Distribution Agreement on February 26, 2019, to further increase the sizeof the ATM Programme from $144,040 to $250,000.On April 1, 2019, GasLog Partners issued 49,850 common units in connection with the vesting of 24,925 Restricted Common Units(“RCUs”) and 24,925 Performance Common Units (“PCUs”) under its 2015 Long-Term Incentive Plan (the “2015 Plan”).On June 24, 2019, the Partnership Agreement was amended to eliminate the IDRs, effective as of June 30, 2019, in exchange for theissuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units,415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are ClassB-6 units), issued on June 30, 2019.With respect to the aforementioned transactions during the year ended December 31, 2019, the Partnership also issued 93,804 generalpartner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from the issuance of thegeneral partner units were $1,996.On February 5, 2020, the board of directors of GasLog Partners authorized a renewal of the unit repurchase programme taking thetotal authority outstanding under the programme to $25,000, to be utilized from February 10, 2020 to December 31, 2021. During the yearended December 31, 2020, GasLog Partners repurchased and cancelled a total of 191,490 units at a weighted average price of $5.18 percommon unit for a total amount of $996, including commissions.On April 3, 2020, GasLog Partners issued 46,843 common units in connection with the vesting of 25,551 RCUs and 21,292 PCUsunder its 2015 Plan. On June 30, 2020, GasLog Partners issued an additional 21,589 common units in connection with the vesting of11,776 RCUs and 9,813 PCUs under its 2015 Plan.On July 1, 2020, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the first tranche of itsClass B units issued upon the elimination of IDRs in June 2019. Finally, on September 25, 2020, GasLog Partners issued 365,700 commonunits in connection with the vesting of 182,850 RCUs and 182,850 PCUs under its 2015 Plan.Table of ContentsF-25On March 31, 2021, the Partnership entered into a Fourth Amended and Restated Equity Distribution Agreement to renew the ATMProgramme. Under the ATM Programme, in the year ended December 31, 2021, GasLog Partners issued and received payment for3,195,401 common units at a weighted average price of $3.19 per common unit for total net proceeds, after deducting fees and otherexpenses, of $9,634. As of December 31, 2021, the unutilized portion of the ATM Programme was $116,351.On April 6, 2021, GasLog Partners issued 8,976 common units in connection with the vesting of 5,984 RCUs and 2,992 PCUs underits 2015 Plan.In connection with the aforementioned transactions during this year ended December 31, 2021, the Partnership also issued 56,158 general partner units to its general partner in order for GasLog to retain its 2.0% general partner interest. The net proceeds from theissuance of the general partner units were $205.On July 1, 2021, GasLog Partners issued 415,000 common units in connection with GasLog’s option to convert the second tranche ofits Class B units issued upon the elimination of IDRs in June 2019.Finally, under the Partnership’s preference unit repurchase programme established in March 2021 and covering the period March 11,2021 to March 31, 2023, GasLog Partners repurchased and cancelled a total of 464,429 Series B Preference Units and 269,549 Series CPreference Units at a weighted average price of $25.00 per preference unit for both Series. The aggregate amount paid during the periodfor repurchases of preference units was $18,388, including commissions.As of December 31, 2021, the Partnership’s capital consisted of 51,137,201 outstanding common units, 1,077,494 outstanding generalpartner units, 1,660,000 Class B units and 13,616,022 Preference Units (5,750,000 Series A Preference Units, 4,135,571 Series BPreference Units and 3,730,451 Series C Preference Units).Table of ContentsF-26Cash distributionsThe Partnership’s cash distributions for the years ended December 31, 2019, 2020 and 2021 are presented in the following table: Type of Distribution Payment Amount Declaration date units per unitdatepaidJanuary 29, 2019 Common$0.55February 13, 201926,929February 22, 2019 Preference (Series A, B,C)$0.5390625, $0.5125, $0.7083March 15, 20198,290April 24, 2019Common$0.55May 10, 201926,911May 10, 2019Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125June 17, 20197,582July 24, 2019Common$0.55August 9, 201926,640July 24, 2019Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125September 16, 20197,582October 29, 2019Common$0.55November 13, 201926,437November 14, 2019 Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125December 16, 20197,582Total $137,953February 5, 2020Common$0.561February 21, 202026,754February 5, 2020Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125March 16, 20207,582May 6, 2020Common$0.125May 21, 20205,967May 14, 2020Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125June 15, 20207,582August 4, 2020Common$0.125August 20, 20206,022August 4, 2020Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125September 15, 20207,582November 9, 2020Common$0.01November 25, 2020485November 9, 2020Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125December 15, 20207,582Total $69,556January 27, 2021Common$0.01February 11, 2021485February 19, 2021Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125March 15, 20217,582April 28, 2021Common$0.01May 13, 2021485May 13, 2021Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125June 14, 20217,582July 26, 2021Common$0.01August 12, 2021522July 26, 2021Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125September 13, 20217,412October 26, 2021Common$0.01November 12, 2021522November 16, 2021Preference (Series A, B, C)$0.5390625, $0.5125, $0.53125December 14, 20217,287Total$31,877Voting RightsThe following is a summary of the unitholder vote required for the approval of the matters specified below. Matters that require theapproval of a “unit majority” require the approval of a majority of the outstanding common units voting as a single class.In voting their common units the general partner and its affiliates will have no fiduciary duty or obligation whatsoever to thePartnership or the limited partners, including any duty to act in good faith or in the best interests of the Partnership or the limited partners.Each outstanding common unit is entitled to one vote on matters subject to a vote of common unitholders. However, to preserve thePartnership’s ability to claim an exemption from U.S. federal income tax under Section 883 of the United States Internal Revenue Code of1986, if at any time any person or group owns beneficially more than 4.9% of any class or series of units then outstanding, any unitsbeneficially owned by that person or group in excess of 4.9% may not be voted on any matter and will not be considered to be outstandingwhen sending notices of a meeting of limited partners, calculating required votes (except for purposes of nominating a person for electionto the board of directors), determining the presence of a quorum or for other similar purposes under the Partnership Agreement, unlessotherwise required by law. Effectively, this means that the voting rights of any such unitholders in excess of 4.9% will be redistributed prorata among the other common unitholders holding less than 4.9% of the voting power of all classes of units entitled to vote. The generalpartner, its affiliates and persons who acquired common units with the prior approval of the board of directors will not be subject to this4.9% limitation except with respect to voting their common units in the election of the elected directors. This loss of voting rights does notapply to the preference units.Table of ContentsF-27The Partnership holds a meeting of the limited partners every year to elect one or more members of the board of directors and to voteon any other matters that are properly brought before the meeting. The general partner retains the right to appoint three out of the fivedirectors.Preference unitholders generally have no voting rights. However, the consent of at least two thirds of the outstanding preference units,voting as a single class, is required prior to any amendment to the Partnership Agreement that would have a material adverse effect on theexisting terms of the preference units, the issuance of securities that rank pari passu to the preference units if distributions are in arrears, orthe issuance of securities that rank senior to the preference units. In addition, preference unitholders become entitled to elect one directorto the Partnership’s board of directors if and whenever distributions payable are in arrears for six or more quarterly periods, whether or notconsecutive. In such a case, the general partner will also be entitled to appoint one additional director to the board of directors.General Partner InterestThe Partnership Agreement provides that the general partner initially will be entitled to 2.0% of all distributions that the Partnershipmakes prior to its liquidation. The general partner has the right, but not the obligation, to contribute a proportionate amount of capital tothe Partnership to maintain its 2.0% general partner interest if the Partnership issues additional units. The general partner’s 2.0% interest,and the percentage of the Partnership’s cash distributions to which it is entitled, will be proportionately reduced if the Partnership issuesadditional units in the future and the general partner does not contribute a proportionate amount of capital to the Partnership in order tomaintain its 2.0% general partner interest. The general partner will be entitled to make a capital contribution in order to maintain its 2.0%general partner interest in the form of the contribution to the Partnership of common units based on the current market value of thecontributed common units.Incentive Distribution RightsIDRs represented the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus afterthe payment of preference unit distributions and after the minimum quarterly distribution and the target distribution levels had beenachieved. Since completion of the IPO, GasLog had held 100% of the IDRs.Following the IDR elimination, 98% of the available cash is distributed to the common unitholders and 2% is distributed to thegeneral partner. The updated earnings allocation has been applied to the Partnership’s earnings for the three months ended June 30, 2019and onwards (Note 20).Class B unitsThe Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation indistributions until such time as GasLog exercises its right to convert the Class B units to common units. After the conversion of the firstand second tranches of 415,000 Class B units to common units on July 1, 2020 and 2021, the remaining 1,660,000 Class B units willbecome eligible for conversion on a one-for-one basis into common units at GasLog’s option on July 1, 2022, July 1, 2023, July 1, 2024and July 1, 2025 for the Class B-3 units, Class B-4 units, Class B-5 units and Class B-6 units, respectively.Preference UnitsFrom and including the original issue date to, but excluding, June 15, 2027, distributions on the 8.625% Series A CumulativeRedeemable Perpetual Fixed to Floating Rate Preference Units (the ‘‘Series A Preference Units’’) will accrue at 8.625% per annum per$25.00 of liquidation preference per unit. From and including June 15, 2027, the distribution rate will be a floating rate equal to the three-month USD London Interbank Offered Rate (“LIBOR”)* plus a spread of 6.31% per annum per $25.00 of liquidation preference per unitof Series A Preference Units.From and including the original issue date to, but excluding, March 15, 2023, distributions on the 8.200% Series B CumulativeRedeemable Perpetual Fixed to Floating Rate Preference Units (the “Series B Preference Units”) will accrue at 8.200% per annum per$25.00 of liquidation preference per unit. From and including March 15, 2023, the distribution rate will be a floating rate equal to three-month LIBOR* plus a spread of 5.839% per annum per $25.00 of liquidation preference per unit of Series B Preference Units.Table of ContentsF-28From and including the original issue date to, but excluding, March 15, 2024, the distribution rate for the 8.500% Series C CumulativeRedeemable Perpetual Fixed to Floating Rate Preference Units (the “Series C Preference Units”, and together with the Series A PreferenceUnits and Series B Preference Units, the “Preference Units”) will accrue at 8.500% per annum per $25.00 of liquidation preference perunit. From and including March 15, 2024, the distribution rate will be a floating rate equal to the three-month LIBOR* plus a spread of5.317% per annum per $25.00 of liquidation preference per unit of Series C Preference Units.The Preference Units issued are not convertible into common units and have been accounted for as equity instruments based oncertain characteristics such as the absolute discretion held by our board of directors over distributions, which can be deferred andaccumulated, as well as the redemption rights held only by the Partnership. The Series A, Series B and Series C Preference Units havepreference upon liquidation and the holders would receive $25.00 per unit plus any accumulated and unpaid distributions.* Upon discontinuance of the LIBOR base rate, the appointed calculation agent will use a substitute or successor base rate that it has determined inits discretion, after consultation with the Partnership, and which is most comparable to the LIBOR base rate.7. BorrowingsBorrowings as of December 31, 2020 and 2021 consisted of the following:As of December 31, 2020 2021Amounts due within one year 109,673 103,493Less: unamortized deferred loan issuance costs (4,765) (4,186)Borrowings—current portion 104,908 99,307Amounts due after one year 1,195,241 996,242Less: unamortized deferred loan issuance costs (14,606) (9,791)Borrowings—non-current portion 1,180,635 986,451Total 1,285,543 1,085,758Terminated Facilities:(a)Citibank N.A., London Branch, Nordea Bank Finland PLC London Branch, DVB Bank America N.V., ABN Amro Bank N.V.,Skandinaviska Enskilda Banken AB and BNP Paribas facilityOn November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd, GasLog Partners LPand GasLog Partners Holdings LLC entered into a loan agreement with Citibank N.A., London Branch, acting as security agent and trusteefor and on behalf of the other finance parties mentioned above, for a credit facility for up to $450,000 (the “Terminated PartnershipFacility”) for the purpose of refinancing in full the existing debt facilities. The agreement provided for a single tranche that was drawn onNovember 18, 2014. The credit facility bore interest at LIBOR plus a margin. On March 6, 2019, the Partnership prepaid an amount of$354,375 for the aggregate outstanding debt of GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd. and GAS-seventeenLtd., which would have been due in November 2019. On March 7, 2019, the facility was terminated and the respective unamortized loanfees of $988 were written-off to profit or loss.(b)Five Vessel RefinancingOn February 18, 2016, subsidiaries of the Partnership and GasLog entered into credit agreements (the “Five Vessel Refinancing”) torefinance the debt maturities that were scheduled to become due in 2016 and 2017. The Five Vessel Refinancing was comprised of a five-year senior tranche facility of up to $396,500 and a two-year bullet junior tranche of up to $180,000. The vessels covered by the FiveVessel Refinancing were the Partnership-owned Methane Alison Victoria, Methane Shirley Elisabeth, Methane Heather Sally and MethaneBecki Anne and the GasLog-owned Methane Lydon Volney. ABN AMRO Bank N.V. and DNB (UK) Ltd. were mandated lead arrangers tothe transaction. The other banks in the syndicate were: DVB Bank America N.V., Commonwealth Bank of Australia, ING Bank N.V.,London Branch, Credit Agricole Corporate and Investment Bank and National Australia Bank Limited. Following the acquisition of theMethane Becki Anne on November 14, 2018, the Partnership assumed $93,896 of outstanding indebtedness of the acquired entity.Table of ContentsF-29On April 5, 2016, $323,162 and $149,792 under the senior and junior tranche, respectively, of the Five Vessel Refinancing weredrawn to refinance $535,500 of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd. and GAS-twentyseven Ltd. The balance outstanding for the entities owned by the Partnership as of December 31, 2019 was $240,422 under the seniortranche. Amounts drawn bore interest at LIBOR plus a margin. The balance under the junior tranche was prepaid by the Partnership onApril 5, 2017 and January 5, 2018, in amounts of $120,042 and $29,750, respectively, with the junior tranche subsequently cancelled. Thesenior tranche was terminated on July 16, 2020, with the subsequent prepayment of the remaining outstanding amount of $221,553 and therespective unamortized loan fees of $977 written-off to profit or loss.(c)Citigroup Global Market Limited, Credit Suisse AG, Nordea Bank AB, Skandinaviska Enskilda Banken AB (publ), HSBCBank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, Korea Development Bank and DVB Bank AmericaN.V. facilityOn July 19, 2016, GasLog entered into a credit agreement to refinance the existing indebtedness on eight of its on-the-water vessels ofup to $1,050,000 (the “Legacy Facility Refinancing”) with a number of international banks, extending the maturities of six existing creditfacilities to 2021. The vessels covered by the Legacy Facility Refinancing were the GasLog Savannah, the GasLog Singapore, the GasLogSkagen, the GasLog Seattle, the Solaris, the GasLog Saratoga, the GasLog Salem and the GasLog Chelsea. Citigroup Global MarketLimited, Credit Suisse AG and Nordea Bank AB were mandated lead arrangers to the transaction. The other banks in the syndicate were:Skandinaviska Enskilda Banken AB (publ), HSBC Bank Plc, ING Bank N.V., London Branch, Danmarks Skibskredit A/S, KoreaDevelopment Bank and DVB Bank America N.V. Nordea Bank AB, London Branch was the agent and security agent for the transaction.The Legacy Facility Refinancing was comprised of a five-year term loan facility of up to $950,000 and a revolving credit facility of up to$100,000.Following the acquisitions of GAS-seven Ltd. and GAS-eight Ltd., the Partnership assumed $122,292 and $124,141 of indebtednessdrawn on July 25, 2016 under the term loan facility to refinance the existing indebtedness of $124,000 and $127,080 for GAS-seven Ltd.and GAS-eight Ltd., respectively. Amounts drawn bore interest at LIBOR plus a margin. On November 13, 2018, $25,940 was drawnunder the revolving credit facility, which was repaid on December 12, 2018. The balance outstanding for the entities owned by thePartnership as of December 31, 2019 was $201,037. On March 18, 2020, $25,940 was drawn under the revolving credit facility. Finally,the facility was terminated on July 16, 2020, with the subsequent prepayment of the remaining outstanding amount of $211,846 and therespective unamortized loan fees of $941 written-off to profit or loss.Existing Facilities:(a)GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd. and GAS-fourteen Ltd. facilityFollowing the acquisitions of GAS-eleven Ltd. on May 3, 2017, GAS-thirteen Ltd. on July 3, 2017, GAS-fourteen Ltd. on April 26,2018 and GAS-twelve Ltd. on April 1, 2019, the Partnership assumed $151,423, $155,005, $143,622 and $134,107 of outstandingindebtedness of the acquired entities, respectively, under a debt financing agreement dated October 16, 2015 with 14 international banks,with Citibank N.A. London Branch and Nordea Bank AB, London Branch acting as agents on behalf of the other finance parties. Thefinancing is backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who areeither directly lending or providing cover for over 60% of the facility (the “Assumed October 2015 Facility”).The loan agreements with GAS-eleven Ltd. and GAS-twelve Ltd., with respect to the GasLog Greece and the GasLog Glasgow,respectively, provided for four tranches of $51,257, $25,615, $24,991 and $61,104, while the loan agreements with GAS-thirteen Ltd. andGAS-fourteen Ltd., with respect to the GasLog Geneva and the GasLog Gibraltar, respectively, each provided for four tranches of$50,544, $25,258, $24,643 and $60,252. Under the terms of the agreement, each drawing under the first three tranches would be repaid in24 consecutive semi-annual equal installments commencing six months after the actual deliveries of the GasLog Greece, the GasLogGlasgow, the GasLog Geneva and the GasLog Gibraltar, respectively, according to a 12-year profile. Each drawing under the fourthtranche would be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery of the relevantvessel according to a 20-year profile, with a balloon payment together with the final installment. On March 22, 2016 and on June 24, 2016,$162,967 was drawn down on each date to partially finance the delivery of the GasLog Greece and the GasLog Glasgow, respectively,while on September 26, 2016 and on October 25, 2016, $160,697 was drawn down on each date to partially finance the deliveries of theGasLog Geneva and the GasLog Gibraltar, respectively. The aggregate balance outstanding for the entities owned by the Partnership as ofDecember 31, 2021 is $406,516 (December 31, 2020: $452,369). Amounts drawn under each applicable tranche bear interest at LIBORplus a margin.Table of ContentsF-30(b)2019 GasLog Partners FacilityOn February 20, 2019, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd., GAS-seventeen Ltd., GasLog Partners andGasLog Partners Holdings LLC entered into a loan agreement with Credit Suisse AG, Nordea Bank Abp, filial i Norge and Iyo Bank Ltd.,Singapore Branch, each an original lender and Nordea acting as security agent and trustee for and on behalf of the other finance partiesmentioned above, for a credit facility of up to $450,000 (the “2019 GasLog Partners Facility”). Subsequently, on the same date, theDevelopment Bank of Japan, Inc. entered the facility as lender via transfer certificate. The vessels covered by the 2019 GasLog PartnersFacility are the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the Methane Rita Andrea and the Methane Jane Elizabeth.The agreement provides for an amortizing revolving credit facility which can be repaid and redrawn at any time, subject to theoutstanding amount immediately after any drawdown not exceeding (i) 75.0% of the aggregate of the market values of all vessels underthe agreement, or (ii) the total facility amount. The total facility amount reduces in 20 equal quarterly amounts of $7,357, with a finalballoon amount of up to $302,860, together with the last quarterly reduction in February 2024. The credit facility bears interest at LIBORplus a margin. On March 6, 2019, the Partnership drew down $360,000 under the 2019 GasLog Partners Facility, out of which $354,375was used to prepay the outstanding debt under the Terminated Partnership Facility, which would have been due in November 2019. OnApril 1, 2019, the Partnership drew down an additional $75,000 under the 2019 GasLog Partners Facility.On October 26, 2021, the outstanding indebtedness of GAS-three Ltd., in the amount of $97,050 was prepaid pursuant to the sale andleaseback agreement entered into with a wholly-owned subsidiary of CDBL (refer to Note 4). The relevant advance of the loan agreementwas cancelled and the respective unamortized loan fees of $604 were written-off to profit or loss. The aggregate balance outstanding as ofDecember 31, 2021 is $273,568 (December 31, 2020: $398,501), with no amount available to be redrawn as of December 31, 2021(December 31, 2020: nil).(c)BNP Paribas, Credit Suisse AG and Alpha Bank S.A.On July 16, 2020, GasLog Partners entered into a credit agreement of $260,331 (the “GasLog Partners $260.3M Facility”) with BNPParibas, Credit Suisse AG and Alpha Bank S.A., each an original lender, with BNP Paribas acting as security agent and trustee for and onbehalf of the other finance parties mentioned above, in order to refinance the existing indebtedness due in 2021 on three of its vessels. Thefacility will amortize over ten equal semi-annual installments of $8,597 beginning in January 2021, with a final balloon amount of$174,361 payable concurrently with the last installment in July 2025. Interest on the facility will be payable at a rate of LIBOR plus amargin. The relevant amount of $260,331 was drawn on July 21, 2020, out of which $258,532 was used to refinance the outstandingindebtedness of GAS-twenty Ltd., GAS-seven Ltd. and GAS-eight Ltd., the respective entities owning the Methane Shirley Elisabeth, theGasLog Seattle and the Solaris. The balance outstanding under the facility as of December 31, 2021 is $243,137 (December 31, 2020:$260,331).(d)DNB Bank ASA, London Branch, and ING Bank N.V., London BranchOn July 16, 2020, GasLog Partners entered into a credit agreement of $193,713 (the “GasLog Partners $193.7M Facility”) with DNBBank ASA, London Branch, and ING Bank N.V., London Branch, each an original lender, with DNB Bank ASA, London Branch acting assecurity agent and trustee for and on behalf of the other finance party mentioned above, in order to refinance the existing indebtedness duein 2021 on three of its vessels. The facility will amortize over ten equal semi-annual installments of $8,599 beginning in January 2021,with a final balloon amount of $107,723 payable concurrently with the last installment in July 2025. Interest on the facility will be payableat a rate of LIBOR plus a margin. An amount of $193,713 was drawn down on July 21, 2020, out of which $174,867 was used to refinancethe outstanding indebtedness of GAS-nineteen Ltd., GAS-twenty one Ltd. and GAS-twenty seven Ltd., the respective entities owning theMethane Alison Victoria, the Methane Heather Sally and the Methane Becki Anne. The balance outstanding under the facility as ofDecember 31, 2021 is $176,514 (December 31, 2020: $193,713).Securities Covenants and GuaranteesThe obligations under the credit agreements are secured as follows:(i)first priority mortgages over the ships owned by the respective borrowers;Table of ContentsF-31(ii)in the case of the 2019 GasLog Partners Facility, the GasLog Partners $260.3M Facility and the GasLog Partners $193.7MFacility guarantees from the Partnership and the Partnership’s subsidiary GasLog Partners Holdings LLC, and in the case of theAssumed October 2015 Facility, guarantees from the Partnership and GasLog Partners Holdings LLC up to the value of thecommitments relating to the GasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar andguarantees from GasLog and GasLog Carriers Ltd. for up to the value of the commitments on the remaining vessels;(iii)a pledge or a negative pledge of the share capital of the respective borrower; and(iv)a first priority assignment of all earnings and insurance related to the ships owned by the respective borrower.Certain of the credit facilities also impose certain restrictions relating to the Partnership and GasLog, and their other subsidiaries,including restrictions that limit the Partnership’s and GasLog’s ability to make any substantial change in the nature of the Partnership’s orGasLog’s business or to change the corporate structure without approval from lenders.The credit facilities contain customary events of default, including non-payment of principal or interest, breach of covenants ormaterial inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the credit facilities containcovenants requiring the Partnership and certain of the Partnership’s subsidiaries to maintain the aggregate of (i) the market value, on acharter exclusive basis, of the mortgaged vessel or vessels and (ii) the market value of any additional security provided to the lenders, at avalue of not less than 120.0% of the then outstanding amount under the applicable facility (130.0% of the aggregate outstanding principalbalance plus any hedging exposure for the GasLog Partners $193.7M Facility). If the Partnership fails to comply with these covenants andare not able to obtain covenant waivers or modifications, the lenders could require the Partnership to make prepayments or provideadditional collateral sufficient to bring the Partnership into compliance with such covenants, and if we fail to do so the lenders couldaccelerate the indebtedness.The credit facilities impose certain operating and financial restrictions on the Partnership and GasLog. These restrictions generallylimit the Partnership’s and GasLog’s collective subsidiaries’ ability to, among other things: (a) incur additional indebtedness, create liensor provide guarantees, (b) provide any form of credit or financial assistance to, or enter into any non-arms’ length transactions with, thePartnership, GasLog or any of their affiliates, (c) sell or otherwise dispose of assets, including ships, (d) engage in merger transactions, (e)terminate any charter, (f) change the manager of ships, or (g) acquire assets, make investments or enter into any joint venture arrangementsoutside of the ordinary course of business. In addition, under each facility, the respective vessel-owning entities are also required tomaintain at all times minimum liquidity of $1,500 per entity ($5,500 for GAS-twenty Ltd.) and were in compliance as of December 31,2021.The Partnership, as corporate guarantor is also subject to specified financial covenants on a consolidated basis. These financialcovenants include the following as defined in the agreements:(i)the aggregate amount of cash and cash equivalents, short-term investments and available undrawn facilities withremaining maturities of at least six months (excluding loans from affiliates) must be at least $45,000;(ii)total indebtedness divided by total assets must be less than 65.0%;(iii) the Partnership is permitted to declare or pay any distributions, subject to no event of default having occurred or occurring as a consequence of the payment of such distributions.The Assumed October 2015 Facility also imposes specified financial covenants that apply to GasLog and its subsidiaries on aconsolidated basis:(i)net working capital (excluding the current portion of long-term debt) must be not less than $0;(ii)total indebtedness divided by total assets must not exceed 75.0%;(iii)the ratio of EBITDA over debt service obligations as defined in the GasLog guarantees (including interest and debtrepayments, but excluding any prepayments) on a trailing 12 months basis must be not less than 110.0%; the ratioTable of ContentsF-32shall be regarded as having been complied with even if the ratio falls below the stipulated 110% when cash and cashequivalents and short-term investments are at least $110,000;(iv)the aggregate amount of cash and cash equivalents and short-term investments must be not less than $75,000; and(v)GasLog’s market value adjusted net worth must at all times be not less than $350,000.The second set of covenants could also be applicable to GasLog and its subsidiaries on a consolidated basis under the GasLogPartners $193.7M Facility in the event of a reverse drop-down of a vessel from the Partnership to GasLog.In connection with the de-listing of GasLog’s common shares from the New York Stock Exchange completed in June 2021,supplemental agreements have been signed with certain of the Partnership’s lenders with respect to clauses relating to GasLog. All costsrelating to such amendments have been covered by GasLog directly.Compliance with financial covenants is required to be reported to the Partnership’s lenders on a semi-annual basis. GasLog Partnersand GasLog were in compliance with all financial covenants as of December 31, 2021.Loan From Related Parties:On April 3, 2017, GasLog Partners entered into an unsecured five-year term loan of $45,000 and a five-year revolving credit facilityof $30,000 with GasLog (together, the “Sponsor Credit Facility”). The term loan facility was terminated on March 23, 2018. The revolvingcredit facility provides for an availability period of five years and accrues interest at a rate of 9.125% per annum with an annual 1.0%commitment fee on the undrawn balance.On November 14, 2019, the Partnership drew down $10,000 under the revolving credit facility, which was subsequently repaid onDecember 31, 2019. As of December 31, 2021, the outstanding balance of the Sponsor Credit Facility is nil.The Sponsor Credit Facility contains customary events of default, including non-payment of principal or interest, breach of covenantsor material inaccuracy of representations, default under other material indebtedness and bankruptcy. In addition, the Sponsor CreditFacility covenants require that at all times GasLog must continue to control, directly or indirectly, the affairs or composition of thePartnership’s board of directors and any amendment to our Partnership Agreement, in the reasonable opinion of the lender, must not beadverse to its interests in connection with the Sponsor Credit Facility.Borrowings Repayment ScheduleThe maturity table below reflects the principal repayments of the borrowings outstanding as of December 31, 2021 based on theirrepayment schedules:As ofDecember 31, 2021Not later than one year 103,493Later than one year and not later than three years 410,810Later than three years and not later than five years 526,485Later than five years58,947Total 1,099,735The weighted average interest rate for the abovementioned credit facilities in the year ended December 31, 2021 is 2.4%(December 31, 2020: 3.1%).As the bank facilities bear interest at variable interest rates, their aggregate fair value as of December 31, 2021 is equal to the principalamount outstanding of $1,099,735.Table of ContentsF-338. Other Payables and AccrualsAn analysis of other payables and accruals is as follows:As ofDecember 31, 2020 2021Unearned revenue 25,828 28,325Accrued off-hire 1,802 1,768Accrued purchases 4,187 3,273Accrued interest 10,855 9,180Other accruals 8,007 7,625Total 50,679 50,171The unearned revenue of $28,325 represents monthly charter hires received in advance as of December 31, 2021 relating toJanuary 2022 (December 31, 2020: $25,828).9. RevenuesThe Partnership has recognized the following amounts relating to revenues:For the year endedDecember 31, 2019 2020 2021Revenues from long-term time charters 312,978 243,288177,275Revenues from spot time charters60,71590,374148,867Revenues from the Cool Pool 4,994 ——Total 378,687 333,662326,142The Partnership defines long-term time charters as charter party agreements with an initial duration of more than five years (excludingany optional periods), while all charter party agreements of an initial duration of less than (or equal to) five years (excluding any optionalperiods) are classified as spot time charters.Revenues from the Cool Pool relate only to the pool revenues received from a GasLog Partners vessel operating in the Cool Pool anddo not include the Net pool allocation to GasLog Partners of a gain of $1,058 for the year ended December 31, 2019. On June 23, 2019,the GasLog Shanghai exited the pool following a termination agreement dated June 6, 2019 that GasLog entered into with the Cool Pooland Golar in order to assume commercial control of GasLog’s and GasLog Partners’ vessels operating in the spot market.10. Voyage Expenses and CommissionsAn analysis of voyage expenses and commissions is as follows:For the year endedDecember 31, 2019 2020 2021Brokers’ commissions on revenues 4,258 3,3933,441Bunkers’ consumption and other voyage expenses 3,050 7,0503,422Total 7,308 10,4436,863Bunkers’ consumption represents mainly bunkers consumed during periods when a vessel is not employed under a charter or off-hireperiods (including bunkers consumed during dry-docking).Table of ContentsF-3411. General and Administrative ExpensesAn analysis of general and administrative expenses is as follows:For the year endedDecember 31, 2019 2020 2021Administrative services fees (Note 14) 8,963 7,838 4,708Commercial management fees (Note 14) 5,400 5,400 5,400Share-based compensation (Note 21) 1,158 1,908 378Other expenses 3,880 3,814 2,876Total 19,401 18,960 13,36212. Vessel Operating CostsAn analysis of vessel operating costs is as follows:For the year endedDecember 31, 2019 2020 2021Crew costs 36,944 36,881 38,768Technical maintenance expenses 20,987 21,295 19,342Other operating expenses 18,811 16,622 17,223Total 76,742 74,798 75,33313. Net Financial Income and CostsAn analysis of financial income and financial costs is as follows:For the year endedDecember 31, 2019 2020 2021Financial income Financial income 1,887295 43Total financial income 1,887295 43Financial costs Amortization and write-off of deferred loan issuance costs 6,8067,434 5,394Interest expense on loans 63,91242,459 30,114Lease expense 56 33 333Commitment fees 729359 304Other financial costs including bank commissions 495702 1,152Total financial costs 71,99850,987 37,297In the year ended December 31, 2021, an amount of $604 representing the write-off of the unamortized deferred loan issuance costs inconnection with the termination of the GAS-three Ltd. advance of 2019 GasLog Partners Facility (Note 7) was included in Amortizationand write-off of deferred loan issuance costs (December 31, 2020: $1,918 in connection with the termination of the Five VesselRefinancing and the Legacy Facility Refinancing, December 31, 2019: $988 in connection with the termination of the TerminatedPartnership Facility).Table of ContentsF-3514. Related Party TransactionsThe Partnership has the following balances with related parties which are included in the consolidated statements of financial position:As ofDecember 31, 2020 2021Amounts due to related partiesDue to GasLog LNG Services(a)7,361131Due to GasLog (b) 164 821Total 7,525 952(a)The balances represent mainly payments made by GasLog LNG Services on behalf of the Partnership.(b)The balances represent payments made by GasLog on behalf of the Partnership.The details of the credit facility with GasLog are disclosed in Note 7.In the year ended December 31, 2021, the Partnership acquired vessel depot spares from GasLog for an amount of $1,370 ($2,719 inthe year ended December 31, 2020) (Note 3).The Partnership had the following transactions with related parties for the years ended December 31, 2019, 2020 and 2021:Company Details Account 2019 2020 2021GasLog/ GasLog LNG Services Commercial management fee(i) General andadministrative expenses 5,400 5,400 5,400GasLog Administrative services fee(ii) General andadministrative expenses 8,963 7,838 4,708GasLog LNG Services Management fees (iii) Vessel operating costs 7,728 7,728 7,728GasLog LNG Services Other vessel operating costs Vessel operating costs 65 40 30GasLog Interest expense under Sponsor Credit Facility (Note 7) Financial costs 119 — —GasLog Commitment fee under Sponsor Credit Facility (Note 7) Financial costs 291 305 304GasLog Realized (gain)/loss on interest rate swaps held for trading (Note 18) (Loss)/gain on derivatives (2,358) 4,347 4,586GasLogRealized loss on forward foreign exchange contracts held for trading(Note 18)(Loss)/gain on derivatives1,29561—Cool Pool Adjustment for net pool allocation (iv) Net pool allocation (1,058) — —(i)Commercial Management AgreementsThe vessel-owning subsidiaries of GasLog Partners have entered into commercial management agreements with GasLog (collectively,the “Commercial Management Agreements”), pursuant to which GasLog provided certain commercial management services,including chartering services, consultancy services on market issues and invoicing and collection of hire payables, to the Partnership.The annual commercial management fee under the agreements is $360 for each vessel payable quarterly in advance in lump sumamounts. With effect from January 1, 2022, the annual commercial management fee will change from a fixed annual amount to a fixedcommission of 1.25% on gross charter revenues of each vessel, which will continue to be payable monthly in advance.Effective July 21, 2020, October 1, 2020 and November 1, 2020, the commercial management agreements between the vessel-owningentities and GasLog were novated to GasLog LNG Services as the provider of commercial management services.(ii)Administrative Services AgreementThe Partnership has entered into an administrative services agreement (the “Administrative Services Agreement”) with GasLog,pursuant to which GasLog will provide certain management and administrative services. The services provided under theAdministrative Services Agreement are provided as the Partnership may direct, and include bookkeeping, audit, legal, insurance,Table of ContentsF-36administrative, clerical, banking, financial, advisory, client and investor relations services. The Administrative Services Agreementwill continue indefinitely until terminated by the Partnership upon 90 days’ notice for any reason in the sole discretion of thePartnership’s board of directors. For the years ended December 31, 2019, 2020 and 2021, the annual service fee was $608, $523 and$314 per vessel per year, respectively. With effect from January 1, 2022, the service fee was changed to $579 per vessel per year.(iii)Ship Management AgreementsEach of the vessel owning subsidiaries of GasLog Partners has entered into a ship management agreement and subsequentamendments (collectively, the “Ship Management Agreements”) under which the vessel owning subsidiaries pay a management fee of$46 per month to the Manager and reimburse the Manager for all expenses incurred on their behalf and contain clauses for decreasedmanagement fees in case of a vessel’s lay-up. The management fees are subject to an annual adjustment, agreed between the parties ingood faith, on the basis of general inflation and proof of increases in actual costs incurred by the Manager. Each Ship ManagementAgreement continues indefinitely until terminated by either party. With effect from January 1, 2022, the management fee was reducedto $37.5 per vessel per month.(iv)In the period from May 2018 until June 2019, the Partnership, through the GasLog Shanghai, participated in the Cool Pool to markettheir vessels operating in the LNG shipping spot market.(v)In the year ended December 31, 2020, Ceres Shipping Enterprises S.A., an entity controlled by the Livanos family, received a fee of$400 from the Partnership for consultancy services provided in relation to the Partnership’s debt re-financings completed in July 2020.This amount is classified under Deferred loan issuance costs (i.e. contra debt) and will be amortized over the duration of therespective facilities.(vi)Omnibus AgreementThe Partnership has entered into an omnibus agreement with GasLog, our general partner and certain of our other subsidiaries. Theomnibus agreement governs among other things (i) when and the extent to which the Partnership and GasLog may compete againsteach other, (ii) the time and the value at which the Partnership may exercise the right to purchase certain offered vessels by GasLog,(iii) certain rights of first offer granted to GasLog to purchase any of its vessels on charter for less than five full years from thePartnership and vice versa and (iv) GasLog’s provisions of certain indemnities to the Partnership. On March 7, 2019, the Partnershipexercised the option to acquire the GasLog Glasgow.15. Commitments and ContingenciesFuture gross minimum lease payments receivable in relation to non-cancellable time charter agreements for vessels in operation,including a vessel under a lease (Note 4) as of December 31, 2021, are as follows (30 off-hire days are assumed when each vessel willundergo scheduled dry-docking; in addition, early redelivery of the vessels by the charterers or any exercise of the charterers’ options toextend the terms of the charters are not accounted for):As of December 31,Period2021Not later than one year197,195Later than one year and not later than two years120,520Later than two years and not later than three years57,721Later than three years and not later than four years51,707Later than four years and not later than five years16,998Total444,141Table of ContentsF-37In September 2017 and July 2018, GasLog LNG Services Ltd. entered into maintenance agreements with Wartsila Greece S.A.(“Wartsila”) in respect of eight of the Partnership’s LNG carriers. The agreements ensure dynamic maintenance planning, technicalsupport, security of spare parts supply, specialist technical personnel and performance monitoring.In March 2019, GasLog LNG Services entered into an agreement with Samsung Heavy Industries Co., Ltd. (“Samsung”) in respect ofeleven of the Partnership’s LNG carriers. The agreement covers the supply of ballast water management systems on board the vessels bySamsung and associated field, commissioning and engineering services for a firm period of six years. As of December 31, 2021, ballastwater management systems had been installed on seven out of the eleven vessels.Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shippingbusiness. In addition, losses may arise from disputes with charterers, environmental claims, agents and insurers and from claims withsuppliers relating to the operations of the Partnership’s vessels. Currently, management is not aware of any such claims or contingentliabilities requiring disclosure in the consolidated financial statements.16. Financial Risk ManagementThe Partnership’s activities expose it to a variety of financial risks, including market risk, liquidity risk and credit risk. ThePartnership’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potentialadverse effects on the Partnership’s financial performance. The Partnership makes use of derivative financial instruments such as interestrate swaps and forward foreign exchange contracts to mitigate certain risk exposures.Market riskInterest Rate Risk: The Partnership is subject to market risks relating to changes in interest rates because it has floating rate debt outstanding. Significant increases in interest rates could adversely affect the Partnership’s results of operations and its ability to service its debt. The Partnership uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize economic risks and costs associated with its floating rate debt and not for speculative or trading purposes. As of December 31, 2021, the Partnership had economically hedged 31.2% of its floating interest rate exposure on its outstandingborrowings by swapping the variable rate for a fixed rate (December 31, 2020: 36.3)%.The aggregate principal amount of the Partnership’s outstanding floating rate debt which was not economically hedged as ofDecember 31, 2021 was $756,403 (December 31, 2020: $831,581). As an indication of the extent of the Partnership’s sensitivity to interestrate changes, an increase or decrease in LIBOR of 10 basis points would have decreased or increased, respectively, the profit duringthe year ended December 31, 2021 by $767, based upon its debt level at the end of the reporting period (December 31, 2020: $766 andDecember 31, 2019: $782).Interest Rate Sensitivity Analysis: The fair value of the interest rate swaps as of December 31, 2021 was estimated as a net liability of$9,245 (December 31, 2020: $20,337). For the three years ended December 31, 2021, the interest rate swaps were not designated as cashflow hedging instruments (Note 18).The interest rate swap agreements described below are subject to market risk as they are recorded at fair value in the statement offinancial position at year end. The fair value of interest rate swap liabilities increases when interest rates decrease and decreases wheninterest rates increase. As of December 31, 2021, if interest rates had increased or decreased by 10 basis points with all other variablesheld constant, the positive/(negative) impact, respectively, on the fair value of the interest rate swaps would have amounted toapproximately $404 (December 31, 2020: $844 and December 31, 2019: $1,468) affecting (Loss)/gain on derivatives in the respectiveperiods.Currency Risk: Currency risk is the risk that the value of financial instruments and/or the cost of commercial transactions willfluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets andliabilities are denominated in a currency that is not the Partnership’s functional currency. The Partnership is exposed to foreign exchangerisk arising from various currency exposures primarily with respect to technical maintenance and crew costs denominated in euros.Specifically, for the year ended December 31, 2021, approximately $42,426 of the operating and administrative expenses weredenominated in euros (December 31, 2020: $48,664 and December 31, 2019: $43,543). As of December 31, 2021, approximately $10,030of the Partnership’s outstanding trade payables and accruals were denominated in euros (December 31, 2020: $12,279).Table of ContentsF-38As an indication of the extent of the Partnership’s sensitivity to changes in exchange rate, a 10% increase in the average euro/dollarexchange rate would have decreased its profit and cash flows during the year ended December 31, 2021 by $4,243, based upon itsexpenses during the year (December 31, 2020: $4,866 and December 31, 2019: $4,354).Liquidity riskLiquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentiallyenhances profitability but can also increase the risk of losses.The Partnership manages its liquidity risk by having secured credit lines, by receiving capital contributions to fund its commitmentsand by maintaining cash and cash equivalents.The following tables detail the Partnership’s expected cash flows for its financial liabilities. The tables have been drawn up based onthe undiscounted cash flows of financial liabilities based on the earliest date on which the Partnership can be required to pay. The tableincludes both interest and principal cash flows. Variable future interest payments were determined based on an average LIBOR plus themargins applicable to the Partnership’s loans at the end of each year presented. Weighted-averageeffectiveLessinterestthan 1 rate month 1-3 months 3-12 months 1-5 years 5+ years TotalDecember 31, 2021 Trade accounts payable9,415132———9,547Due to related parties—952———952Other payables and accruals*8,3797,3755,625——21,379Other non-current liabilities*———80—80Lease liabilities1,0191,9418,92948,390—60,279Variable interest loans2.42%17,89419,16485,121996,83560,1461,179,160Fixed interest loans**—49———49Total36,70729,61399,6751,045,30560,1461,271,446December 31, 2020Trade accounts payable 13,434 144 — ——13,578Due to related parties — 7,525 — ——7,525Other payables and accruals* 10,043 8,053 5,401 ——23,497Other non-current liabilities* — — — 73—73Lease liabilities42 85 218 113—458Variable interest loans 2.48%17,99921,27293,4791,062,227228,2651,423,242Fixed interest loans** —7522949—353Total 41,518 37,154 99,327 1,062,462228,2651,468,726* Non-financial liabilities are excluded.** A commitment fee is charged at 1.0% on the available amount of the Sponsor Credit Facility.The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ fromthose estimates of interest rates determined at the end of the reporting period.The following tables detail the Partnership’s expected cash flows for its derivative financial instruments. The table has been drawn upbased on the undiscounted contractual net cash inflows and outflows on derivative instruments that are settled on a net basis. When theamount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interestTable of ContentsF-39rates as illustrated by the yield curves existing at the end of the reporting period. The undiscounted contractual cash flows are based on thecontractual maturities of the interest rate swaps.Less than 1 month 1-3 months 3-12 months 1-5 years TotalDecember 31, 2021Interest rate swaps683524,7754,1419,336Total683524,7754,1419,336December 31, 2020 Interest rate swaps 79 351 7,764 12,222 20,416Total 79 351 7,764 12,222 20,416The Partnership expects to be able to meet its current obligations resulting from financing and operating its vessels using the liquidityexisting at year-end and the cash generated by operating activities. The Partnership expects to be able to meet its long-term obligationsresulting from financing its vessels through cash generated from operations.Credit riskCredit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss. The Partnership is exposed tocredit risk in the event of non-performance by any of its counterparties. To limit this risk, the Partnership currently deals exclusively withfinancial institutions and customers with high credit ratings.As ofDecember 31, 2020 2021Cash and cash equivalents 103,736 145,530Trade and other receivables 16,265 11,156For the years ended December 31, 2019, December 31, 2020 and December 31, 2021, 83%, 73% and 56%, respectively, of thePartnership’s revenues were earned from subsidiaries of Royal Dutch Shell plc (“Shell”) and accounts receivable were not collateralized;however, management believes that the credit risk is partially offset by the creditworthiness of the Partnership’s principal counterparty andthe fact that the hire is being collected in advance. The Partnership did not experience any credit losses on its accounts receivable portfolioduring the three years ended December 31, 2021. The carrying amount of financial assets recorded in the consolidated financial statementsrepresents the Partnership’s maximum exposure to credit risk. Management monitors exposure to credit risk and believes that there is nosubstantial credit risk arising from the Partnership’s counterparty.The credit risk on liquid funds and derivative financial instruments is limited because the direct and indirect counterparties are bankswith high credit ratings assigned by international credit rating agencies.17. Capital Risk ManagementThe Partnership’s objectives when managing capital are to safeguard the Partnership’s ability to continue as a going concern and topursue future growth opportunities. Among other metrics, the Partnership monitors capital using a total indebtedness to total assets ratio(Note 7), which is defined under certain of the Partnership’s credit facilities as total debt and derivative financial instruments divided bytotal assets. The total indebtedness to total assets ratio is as follows:Table of ContentsF-40As of December 31, 2020 2021 Borrowings—current portion 104,908 99,307Borrowings—non-current portion 1,180,635 986,451Lease liabilities—current portion33210,342Lease liabilities —non-current portion 112 45,556Derivative financial instruments—current liability 8,185 5,184Derivative financial instruments—non-current liability12,1524,061Total indebtedness 1,306,324 1,150,901Total assets 2,333,048 2,131,733Total indebtedness/total assets 56.0%54.0%18. Derivative Financial InstrumentsThe fair value of the Partnership’s derivative liabilities is as follows:As ofDecember 31, 2020 2021Derivative liabilities carried at fair value through profit or loss (FVTPL) Interest rate swaps 20,337 9,245Total 20,337 9,245Derivative financial instruments—current liability 8,185 5,184Derivative financial instruments—non-current liability12,1524,061Total 20,337 9,245Interest rate swap agreementsThe Partnership enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate inorder to hedge a portion of the Partnership’s exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, thecounterparty effects quarterly floating-rate payments to the Partnership for the notional amount based on the three-month LIBOR, and thePartnership effects quarterly payments to the counterparty on the notional amount at the respective fixed rates.Interest rate swaps held for tradingThe principal terms of the interest rate swaps held for trading were as follows:FixedNotional Amount Trade Effective Termination Interest December 31, December 31,CompanyCounterpartyDateDateDateRate20202021GasLog Partners GasLog Nov 2016 Nov 2016 July 2021 1.63%/1.43%* 130,000 —GasLog Partners GasLog Nov 2016 Nov 2016 July 2022 1.72%/1.52%* 130,000 130,000GasLog Partners GasLog July 2017 July 2017 June 2022 2.19%/1.99%* 80,000 80,000GAS-twenty seven Ltd.DNB Bank ASAJuly 2020July 2020July 20243.146%48,88948,889GAS-twenty seven Ltd.DNB Bank ASAJuly 2020July 2020April 20253.069%40,00040,000GAS-twenty seven Ltd.ING Bank N.V.July 2020July 2020July 20243.24%24,44424,444GAS-twenty seven Ltd.ING Bank N.V.July 2020July 2020April 20253.176%20,00020,000 Total 473,333343,333* Pursuant to the Credit Support Annex entered into in March 2020, whereby GasLog Partners agreed to effect deposit cash collateralpayments with GasLog in connection with its derivative instruments with GasLog, the fixed interest rates of the interest rate swapswere decreased by 20 basis points or 0.2%. In November 2020, the Credit Support Annex was amended and the cash collateral heldwith GasLog was fully released and the fixed interest rates of the three remaining interest rate swaps with GasLog were reverted totheir initial fixed rates with effect on the next interest period.Table of ContentsF-41In the year ended December 31, 2020, the Partnership terminated two interest rate swap agreements with an aggregate notionalamount of $155,000 initially due in 2023 and 2024 with GasLog by paying an amount of $13,210 equal to their aggregate fair values upontermination. Also, GAS-twenty seven Ltd. entered into four interest rate swap agreements with an aggregate notional amount of $133,333due in 2024 and 2025 with DNB Bank ASA, London Branch and ING Bank N.V., London Branch, the banks which were registered ashedging providers under the relevant facility entered into in July 2020 (Note 7), receiving an amount of $16,056.The derivative instruments of the Partnership listed above were not designated as cash flow hedging instruments as of December 31,2021. The change in the fair value of the interest rate swaps for the year ended December 31, 2021 amounted to a gain of $11,092(December 31, 2020: a loss of $8,623 and December 31, 2019: a loss of $14,381), which was recognized in profit or loss in the yearincurred and is included in (Loss)/gain on derivatives. During the year ended December 31, 2021, the gain of $11,092 was mainlyattributable to changes in the LIBOR yield curve, which was used to calculate the present value of the estimated future cash flows,resulting in a decrease in net derivative liabilities from interest rate swaps held for trading.Forward foreign exchange contractsThe Partnership may use non-deliverable forward foreign exchange contracts to mitigate foreign exchange transaction exposures inEuros and Singapore Dollars (“SGD”). Under these non-deliverable forward foreign exchange contracts, the counterparties settle thedifference between the fixed exchange rate and the prevailing rate on the agreed notional amounts on the respective settlement dates. Allforward foreign exchange contracts are considered by management to be part of economic hedge arrangements but have not been formallydesignated as such.Forward foreign exchange contracts held for tradingThe derivative instruments mentioned above were not designated as cash flow hedging instruments. In the year ended December 31,2021, the Partnership did not enter into any new forward foreign exchange contracts and the change in the fair value of these contracts forthe year ended December 31, 2021 amounted to nil (December 31, 2020: a gain of $55 and December 31, 2019: gain of $523), which wasrecognized in profit or loss for the year incurred and is included in (Loss)/gain on derivatives.An analysis of Loss/(gain) on derivatives is as follows:For the year endedDecember 31, 2019 2020 2021Realized (gain)/loss on interest rate swaps held for trading (2,358) 6,300 8,596Realized loss on forward foreign exchange contracts held for trading 1,295 61 —Unrealized loss/(gain) on interest rate swaps held for trading 14,381 8,623 (11,092)Unrealized gain on forward foreign exchange contracts held for trading (523) (55) —Total loss/(gain) on derivatives 12,795 14,929 (2,496)Fair value measurementsThe fair value of the Partnership’s financial assets and liabilities approximate to their carrying amounts at the reporting date.The fair value of derivatives at the end of the reporting period is determined by discounting the future cash flows using the interestrate curves at the end of the reporting period, the estimation of the counterparty risk and the Partnership’s own risk inherent in the contract.The derivatives met Level 2 classification, according to the fair value hierarchy as defined by IFRS 13 Fair Value Measurement. Therewere no financial instruments in Levels 1 or 3 and no transfers between Levels 1, 2 or 3 during the periods presented. The definitions ofthe levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable:●Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities;●Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that areobservable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); andTable of ContentsF-42●Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that arenot based on observable market data (unobservable inputs).19. Cash Flow ReconciliationsThe reconciliations of the Partnership’s financing activities for the three years ended December 31, 2021 are presented in thefollowing tables:A reconciliation of borrowings arising from financing activities is as follows: Deferred Non-cashfinancingCash flows itemscosts, assetsBorrowingsJanuary 1, 2019 1,365,800Borrowings drawdowns 445,000——445,000Borrowings repayments (465,195)——(465,195)Additions in deferred loan issuance costs (6,173)(164)(50)(6,387)Amortization and write-off of deferred loan issuance costs (Note13) —6,806—6,806December 31, 2019 1,346,024Borrowings drawdowns479,984——479,984Borrowings repayments(540,701)——(540,701)Additions in deferred loan issuance costs(7,362)164—(7,198)Amortization and write-off of deferred loan issuance costs (Note13)—7,434—7,434December 31, 20201,285,543Borrowings repayments (Note 7)(205,179)——(205,179)Amortization and write-off of deferred loan issuance costs (Note13)—5,394—5,394December 31, 20211,085,758A reconciliation of net derivative assets/liabilities arising from financing activities is as follows: Non-cash Net derivativeCash flowsitemsassets/(liabilities)January 1, 2019 4,935Unrealized loss on interest rate swaps held for trading (Note 18) — (14,381) (14,381)Unrealized gain on forward foreign exchange contracts held for trading (Note 18) — 523 523December 31, 2019 (8,923)Proceeds from entering into interest rate swaps(16,056)—(16,056)Payment for interest rate swaps termination13,210—13,210Unrealized loss on interest rate swaps held for trading (Note 18) — (8,623) (8,623)Unrealized gain on forward foreign exchange contracts held for trading (Note 18) — 55 55December 31, 2020 (20,337)Unrealized gain on interest rate swaps held for trading (Note 18)—11,09211,092December 31, 2021(9,245)Table of ContentsF-43A reconciliation of lease liabilities arising from financing activities is as follows: Non-cash Cash flowsitemsLease liabilitiesJanuary 1, 20191,393Lease expense (Note 13)—5656Payments for interest(54)—(54)Payments for lease liabilities (491) (18) (509)December 31, 2019 886Additions—3434Lease expense (Note 13)—3333Payments for interest(34)—(34)Payments for lease liabilities (540) 65 (475)December 31, 2020 444Additions—57,67157,671Lease expense (Note 13)—333333Payments for interest(333)—(333)Payments for lease liabilities(2,217)—(2,217)December 31, 2021 55,89820. Earnings/(loss) Per Unit(“EPU”)The Partnership calculates earnings per unit by allocating reported profit or loss for each period to each class of units based on thedistribution policy for available cash stated in the Partnership Agreement as generally described in Note 6 above.Basic earnings per unit is determined by dividing profit or loss for the year, after deducting preference unit distributions and addingany excess of the carrying amount of preference units over the fair value of the consideration paid to settle them, by the weighted averagenumber of units outstanding during the year. Diluted earnings per unit is calculated by dividing the profit of the yearTable of ContentsF-44attributable to common unitholders by the weighted average number of potential ordinary common units assumed to have been convertedinto common units, unless such potential ordinary common units have an antidilutive effect.For the year ended December 31, 2019 2020 2021(Loss)/profit for the year (34,769) 56,859 5,726Less: Profit attributable to GasLog’s operations* (2,650) — —Partnership’s (loss)/profit (37,419) 56,859 5,726Adjustment for:Accrued preference unit distributions(30,328)(30,328)(29,694)Differences on repurchase of preference units——(2)Partnership’s (loss)/profit attributable to: (67,747) 26,531 (23,970)Common unitholders (66,268) 25,970 (23,488)General partner (1,479) 561 (482)Incentive distribution rights** — N/A N/AWeighted average units outstanding (basic) Common units 46,272,598 47,042,494 49,501,674General partner units 975,531 1,021,336 1,049,800(Loss)/earnings per unit (basic) Common unitholders (1.43) 0.55 (0.47)General partner (1.52) 0.55 (0.46)Weighted average units outstanding (diluted) Common units*** 46,272,598 49,567,506 49,501,674General partner units 975,531 1,021,336 1,049,800(Loss)/earnings per unit (diluted) Common unitholders (1.43) 0.52 (0.47)General partner (1.52) 0.55 (0.46)* Includes profit of GAS-twelve Ltd. for the period prior to its transfer to the Partnership on April 1, 2019. While such amount isreflected in the Partnership’s financial statements because the transfer to the Partnership was accounted for as reorganization ofentities under common control (Note 1), the aforementioned entity was not owned by the Partnership prior to its transfer to thePartnership on the respective date and accordingly the Partnership was not entitled to the cash or results generated in the period priorto such transfer.** The IDRs were eliminated on June 30, 2019 (Note 6). Until their elimination, they represented the right to receive an increasingpercentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the targetdistribution levels had been achieved. GasLog held the incentive distribution rights following completion of the Partnership’s IPO.The IDRs could be transferred separately from any other interests, subject to restrictions in the Partnership Agreement. Based on thenature of such right, earnings attributable to IDRs could not be allocated on a per unit basis.*** Includes unvested awards with respect to the 2015 Plan (Note 21) for the year ended December 31, 2020; does not include unvestedawards and Class B units for the years ended December 31, 2019 and December 31, 2021, because their effect would be anti-dilutive.The 2,490,000 Class B units were issued on June 30, 2019 and are included in the weighted average number of units outstanding forthe calculation of diluted EPU from July 1, 2019 and onwards. They become eligible for conversion on a one-for-one basis intocommon units at GasLog’s option in six tranches of 415,000 units per annum on July 1 of 2020 (Note 6), 2021(Note 6), 2022, 2023,2024 and 2025; as a result, they do not have an impact on the calculation of basic EPU until conversion.Table of ContentsF-4521. Share-based CompensationThe Partnership has granted to its executives RCUs and PCUs in accordance with the 2015 Plan.The details of the granted awards are presented in the following table: Fair value at grantAwardsNumberGrant date dateRCUs26,308April 1, 2019$22.99PCUs26,308April 1, 2019$22.99RCUs233,688April 1, 2020$2.02PCUs233,688April 1, 2020$2.02RCUs98,255April 1, 2021$2.75PCUs98,255April 1, 2021$2.75RCUs21,663September 14,2021$4.09PCUs21,663September 14,2021$4.09The RCUs and PCUs vest three years after the grant dates subject to the recipients’ continued service; vesting of the PCUs is alsosubject to the achievement of certain performance targets in relation to total unitholder return. Specifically, the performance measure isbased on the total unitholder return (“TUR”) achieved by the Partnership during the performance period, benchmarked against the TUR ofa selected group of peer companies. TUR above the 75th percentile of the peer group results in 100% of the award vesting; TUR betweenthe 50th and 75th percentile of the peer group results in 50% of award vesting; TUR below the 50th percentile of the peer group results innone of the award vesting. The holders are entitled to cash distributions that are accrued and settled on vesting.The awards are settled in cash or in common units at the sole discretion of the board of directors or such committee as may bedesignated by the board to administer the 2015 Plan. These awards have been treated as equity settled because the Partnership has nopresent obligation to settle them in cash.Fair valueThe fair value per common unit of the RCUs and PCUs in accordance with the 2015 Plan was determined by using the grant dateclosing price and was not further adjusted since the holders are entitled to cash distributions.Table of ContentsF-46Movement in RCUs and PCUs during the yearThe summary of RCUs and PCUs is presented below: Weighted Number ofaverageAggregateawardscontractual lifefair valueRCUs Outstanding as of January 1, 2020 76,467 1.26 1,790Granted during the year 233,688 — 472Vested during the year(220,177)—(1,816)Outstanding as of December 31, 2020 89,978 2.04 446Granted during the year119,918—368Vested during the year(5,984)—(140)Outstanding as of December 31, 2021203,9121.86674PCUs Outstanding as of January 1, 2020 76,467 1.26 1,790Granted during the year 233,688 — 472Vested during the year(213,955)—(1,668)Forfeited during the year(6,222)—(148)Outstanding as of December 31, 2020 89,978 2.04 446Granted during the year119,918—368Vested during the year(2,992)—(70)Forfeited during the year(2,992)—(70)Outstanding as of December 31, 2021203,9121.86674The total expense recognized in respect of equity-settled employee benefits for the year ended December 31, 2021 was $378 ($1,908for the year ended December 31, 2020; $1,158 for the year ended December 31, 2019). The total accrued cash distribution as of December31, 2021 is $86 (December 31, 2020: $129).22. TaxationUnder the laws of the countries of the Partnership’s incorporation and the vessels’ registration, the Partnership is not subject to tax oninternational shipping income. However, it is subject to registration and tonnage taxes, which are included in vessel operating costs in theconsolidated statement of profit or loss.Under the United States Internal Revenue Code of 1986, as amended (the “Code”), the U.S. source gross transportation income of aship-owning or chartering corporation, such as the Partnership, is subject to a 4% U.S. Federal income tax without allowance fordeduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulationspromulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable totransportation that begins or ends, but that does not both begin and end, in the United States.The Partnership did not qualify for this exemption for the three years ended December 31, 2021. During the year ended December 31,2021, the estimated U.S. source gross transportation tax was $1,357 (December 31, 2020: $1,300 and December 31, 2019: $978).Table of ContentsF-4723. Subsequent EventsOn January 26, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution, with respect tothe quarter ended December 31, 2021, of $0.01 per unit. The cash distribution was paid on February 10, 2022, to all common unitholdersof record as of February 7, 2022. The aggregate amount of the declared distribution was $522.On February 25, 2022, the board of directors of GasLog Partners approved and declared a distribution on the Series A PreferenceUnits of $0.5390625 per preference unit, a distribution on the Series B Preference Units of $0.5125 per preference unit and a distributionon the Series C Preference Units of $0.53125 per preference unit. The cash distributions are payable on March 15, 2022 to all unitholdersof record as of March 8, 2022.During the period from January 1, 2022 through March 1, 2022, GasLog Partners repurchased and cancelled an additional 107,245Series B Preference Units and 42,390 Series C Preference Units at a weighted average price of $25.36 per preference unit for both series,under its preference unit repurchase programme. EXHIBIT 8.1SUBSIDIARIES OF GASLOG PARTNERS LPThe following companies are subsidiaries of GasLog Partners LP:Name of Subsidiary Jurisdiction ofIncorporation Proportion ofOwnership InterestGAS-three Ltd.Bermuda100%GAS-four Ltd.Bermuda100%GAS-five Ltd.Bermuda100%GAS-seven Ltd.Bermuda100%GAS-eight Ltd.Bermuda100%GAS-eleven Ltd.Bermuda100%GAS-twelve Ltd.Bermuda100%GAS-thirteen Ltd.Bermuda100%GAS-fourteen Ltd.Bermuda100%GAS-sixteen Ltd.Bermuda100%GAS-seventeen Ltd.Bermuda100%GAS-nineteen LtdBermuda100%GAS-twenty LtdBermuda100%GAS-twenty one Ltd.Bermuda100%GAS-twenty seven Ltd.Bermuda100%GasLog Partners Holdings LLCMarshall Islands100% EXHIBIT 12.1CERTIFICATION OF CHIEF EXECUTIVE OFFICERI, Paolo Enoizi certify that:1.I have reviewed this annual report on Form 20-F of GasLog Partners LP (the “Partnership”);2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessaryto make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to theperiod covered by this report;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materialrespects the financial condition, results of operations and cash flows of the Partnership as of, and for, the periods presented in thisreport;4.The Partnership’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange ActRules 13a-15(f) and 15d-15(f)) for the Partnership and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed underour supervision, to ensure that material information relating to the Partnership, including its consolidated subsidiaries, ismade known to us by others within those entities, particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to bedesigned under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the Partnership’s disclosure controls and procedures and presented in this report ourconclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by thisreport based on such evaluation; and(d)Disclosed in this report any change in the Partnership’s internal control over financial reporting that occurred during theperiod covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Partnership’sinternal control over financial reporting; and5.The Partnership’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financialreporting, to the Partnership’s auditors and the audit committee of the Partnership’s board of directors (or persons performing theequivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reportingwhich are reasonably likely to adversely affect the Partnership’s ability to record, process, summarize and report financialinformation; and(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in thePartnership’s internal control over financial reporting.Dated: March 1, 2022 By:/s/ Paolo Enoizi Name: Paolo Enoizi Title: Chief Executive Officer  EXHIBIT 12.2CERTIFICATION OF CHIEF FINANCIAL OFFICERI, Achilleas Tasioulas, certify that:1.I have reviewed this annual report on Form 20-F of GasLog Partners LP (the “Partnership”);2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessaryto make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to theperiod covered by this report;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materialrespects the financial condition, results of operations and cash flows of the Partnership as of, and for, the periods presented in thisreport;4.The Partnership’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange ActRules 13a-15(f) and 15d-15(f)) for the Partnership and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed underour supervision, to ensure that material information relating to the Partnership, including its consolidated subsidiaries, ismade known to us by others within those entities, particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to bedesigned under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the Partnership’s disclosure controls and procedures and presented in this report ourconclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by thisreport based on such evaluation; and(d)Disclosed in this report any change in the Partnership’s internal control over financial reporting that occurred during theperiod covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Partnership’sinternal control over financial reporting; and5.The Partnership’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financialreporting, to the Partnership’s auditors and the audit committee of the Partnership’s board of directors (or persons performing theequivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reportingwhich are reasonably likely to adversely affect the Partnership’s ability to record, process, summarize and report financialinformation; and(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in thePartnership’s internal control over financial reporting. Dated: March 1, 2022 By:/s/ Achilleas Tasioulas Name: Achilleas Tasioulas Title: Chief Financial Officer  EXHIBIT 13.1CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002In connection with the annual report on Form 20-F of GasLog Partners LP, a limited partnership organized under the laws of theRepublic of the Marshall Islands (the “Partnership”), for the period ending December 31, 2021, as filed with the Securities and ExchangeCommission on the date hereof (the “Report”), the undersigned officer of the Company certifies pursuant to 18 U.S.C. Section 1350, asadopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of thePartnership as of, and for, the periods presented in the report.The foregoing certification is provided solely for purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Actof 2002 and is not intended to be used or relied upon for any other purpose. Date: March 1, 2022 By:/s/ Paolo Enoizi Name: Paolo Enoizi Title: Chief Executive Officer  EXHIBIT 13.2CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002In connection with the annual report on Form 20-F of GasLog Partners LP, a limited partnership organized under the laws of theRepublic of the Marshall Islands (the “Partnership”), for the period ending December 31, 2021, as filed with the Securities and ExchangeCommission on the date hereof (the “Report”), the undersigned officer of the Partnership certifies pursuant to 18 U.S.C. Section 1350, asadopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of thePartnership as of, and for, the periods presented in the report.The foregoing certification is provided solely for purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Actof 2002 and is not intended to be used or relied upon for any other purpose. Date: March 1, 2022 By:/s/ Achilleas Tasioulas Name: Achilleas Tasioulas Title: Chief Financial Officer  Exhibit 13.3CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMWe consent to the incorporation by reference in Registration Statements, No. 333-249399 on Form F-3, and No. 333-203139 on Form S-8,of our reports dated March 2, 2021, relating to the consolidated financial statements of GasLog Partners LP as of December 31, 2020 andfor the two years in the period then ended, appearing in this Annual Report on Form 20-F of GasLog Partners LP for the year endedDecember 31, 2021./s/ Deloitte LLPLondon, United KingdomMarch 1, 2022 Exhibit 13.4CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMWe consent to the incorporation by reference in Registration Statements, No. 333-249399 on Form F-3, and No. 333-203139 on Form S-8,of our reports dated March 1, 2022, relating to the consolidated financial statements of GasLog Partners LP and the effectiveness ofGasLog Partners LP’s internal control over financial reporting appearing in this Annual Report on Form 20-F of GasLog Partners LP forthe year ended December 31, 2021./s/ Deloitte Certified Public Accountants S.A.Athens, GreeceMarch 1, 2022

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