GLOP - GasLog Partners sinks after 92% dividend cut gloomy outlook

GasLog Partners ([[GLOP]] -28.2%) plunges in early trade after reporting weaker than expected Q3 earnings and slashing its quarterly distribution to $0.01/share from $0.125.GasLog Partners says the distribution cut will save $22M/year, allowing it to preserve liquidity during the current period of pandemic-related uncertainty.The partnership says it will conduct an independent review of its business and strategic alternatives, which it expects to complete no later than Q1 2021.All five of the partnership's steam vessels will have ended their initial multi-year time charters by year-end 2020, while three additional tri-fuel diesel electric vessels will conclude their multi-year charters next year; longer-term employment has been found for some available vessels but at low market rates.

For further details see:

GasLog Partners sinks after 92% dividend cut, gloomy outlook