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GasLog: A Well-Covered Preferred Yielding 10.4%

Published Thu, 03 Jan 2019 05:28:23 -0500 on Seeking Alpha

One aspect of income investing that comes with the territory is the trade-off between risk and return, or more specifically, risk and yield. The higher the yield, the greater the risk (yield is compensation for risk - or better put, the perception of risk). As some readers know, I have exposure to the shipping sector in that I believe the risk within the sector is often mispriced and, as a result, opportunities are available.
The following note is about one such opportunity where I believe the perception of risk is greater than the actual risk and the yield available more than compensates investors.
Company Description
GasLog Partners (GLOP) is a limited partnership focused on owning, operating and acquiring LNG carriers engaged in LNG transportation under long-term charters. The company's initial fleet of three LNG carriers was contributed to it by GasLog Ltd. (GLOG), which controls the company through ownership of its general partner and limited partner units.

Source: Company earnings presentation
GasLog Partners currently owns 13 LNG carriers. Most of the vessels in its fleet operate under multi-year charters with a wholly owned subsidiary of Royal Dutch Shell plc (RDS-A, RDS-B). During 2018, GLOP signed multi-year charters with Cheniere Energy, Inc. (LNG) and another counterparty. The company also has one vessel that currently operates in the LNG shipping spot market through its participation in The Cool Pool.

Source: Company earnings... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
DYNAGAS LNG PARTNERS LP 1.20   0.0 -0.24 0.25 19.23
TSAKOS ENERGY NAVIGATION 3.10   0.0 -1.25 0.20 6.39
TEEKAY OFFSHORE PARTNERS LP 1.18   0.0 -0.11 0.01 0.85

DYNAGAS LNG PARTNERS LP - DLNG
DYNAGAS LNG PARTNERS LP - DLNG  


Older articles featuring Dynagas Lng Partners Lp (DLNG):
A 9.8% Yielding Portfolio Beating The Market: The Cash Flow Kingdom Income Portfolio Mid-Year Review
Low Yield Vs. High Yield Preferred Stocks. Is The Spread Wider Than You Thought?
Shipping Industry Preferred Stocks - High Yields, But Watch For Riptides
Dividends By The Numbers For March 2019 And 2019-Q1
Oil And Gas Industry Dominate January 2019 Dividend Cuts
Teekay Offshore: Better Support Was Sold Off; An 11%+ Yield Opportunity
94 Mid-December 10%+ Yield Dividend WallStars Enjoy Jolly Target Gains
81 Pre-December 10%+ Yield Dividend WallStars Boast Bullish Target Gains
Capital Product Partners: Nearly 12% Yield With Growing Coverage And No K-1
The Safer High-Yield LNG Play: Hoegh LNG Partners

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