Dynagas LNG Partners LP
NYSE:DLNG
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Dynagas LNG Partners LP
NYSE:DLNG
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Dynagas LNG Partners LP
Dynagas LNG Partners LP engages in the provision of seaborne transportation services. The firm's vessels are employed on multi-year time charters with international energy companies. As of December 31, 2016, the Company owned and operated a fleet of six LNG carriers, consisting of the three LNG carriers in its Initial Fleet, the Clean Energy, the Ob River and the Amur River, and three 2013-built Ice Class LNG carriers that the Company acquired from its Sponsor the Arctic Aurora, the Yenisei River, and the Lena River (collectively referred as its Fleet). The vessels in its Fleet have an average age of 6.6 years and are contracted under multi-year charters with Shell, Gazprom, Statoil and Yamal with an average remaining charter term, as of March 17, 2017, of approximately 10.6 years, including the charter agreements relating to the Yenisei River and the Lena River with Yamal. The firm's Fleet is managed by its manager, Dynagas Ltd.
Dynagas LNG Partners LP engages in the provision of seaborne transportation services. The firm's vessels are employed on multi-year time charters with international energy companies. As of December 31, 2016, the Company owned and operated a fleet of six LNG carriers, consisting of the three LNG carriers in its Initial Fleet, the Clean Energy, the Ob River and the Amur River, and three 2013-built Ice Class LNG carriers that the Company acquired from its Sponsor the Arctic Aurora, the Yenisei River, and the Lena River (collectively referred as its Fleet). The vessels in its Fleet have an average age of 6.6 years and are contracted under multi-year charters with Shell, Gazprom, Statoil and Yamal with an average remaining charter term, as of March 17, 2017, of approximately 10.6 years, including the charter agreements relating to the Yenisei River and the Lena River with Yamal. The firm's Fleet is managed by its manager, Dynagas Ltd.
Fleet Utilization: Dynagas LNG Partners achieved 100% scheduled fleet utilization in Q2 2024, with all six LNG carriers operating under long-term charters.
Revenue: Revenue for the quarter was $37.6 million, in line with the prior quarter.
Net Income: Net income was $10.7 million, with earnings per common unit of $0.20, slightly lower due to reduced swap gains and a one-off debt extinguishment loss.
Debt Reduction: The company refinanced its credit facility, reducing total debt to $345 million and improving its net debt/EBITDA ratio to 2.9x.
Contract Backlog: The contracted revenue backlog stands at $1.04 billion, with no vessel availability until 2028, supporting stable future income.
Interest Rate Exposure: From Q4 2024, debt service costs will rise as the interest rate swap matures, increasing cash breakeven to about $50,000/day.
