Dynagas LNG Reports Results for 1st Quarter, 2018

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(Image Courtesy: LNG World News)

Dynagas LNG Partners, an owner and operator of liquefied natural gas (“LNG”) carriers, today announced its results for the three months ended March 31, 2018.

Highlights:

  • Net income of USD 4.8 million for the three months ended March 31, 2018;
  • Earnings per common unit of USD 0.09 for the three months ended March 31, 2018;
  • Adjusted Net Income(1) of USD 7.2 million for the three months ended March 31, 2018;
  • Adjusted Earnings per common unit (1) (2) of USD 0.16 for the three months ended March 31, 2018;
  • Distributable Cash Flow(1) of USD 11.3 million during the three months ended March 31, 2018;
  • Adjusted EBITDA(1) of USD 26.6 million for the three months ended March 31, 2018;
  • Reported cash of USD 61.4 million and available liquidity of USD 91.4 million as of March 31, 2018;
  • Quarterly cash distribution of USD 0.25 per common unit in respect of the first quarter of 2018 and USD 0.5625 per preferred unit in respect of the most recent period.

CEO Commentary:

Tony Lauritzen, Chief Executive Officer of the Partnership, commented:

“Our reported earnings for the first quarter of 2018 were, as expected, below those of the first quarter of 2017 and were impacted by the following:

  • the temporary employment of the Clean Energy on the spot market until July 2018, when the vessel will commence a time charter with Gazprom for a term of approximately eight years, and
  • the longer term nature of our contracts following our decision to reduce the charter hire rate on two vessels, the Yenisei River and the Lena River, with effect from November 2016, in exchange for securing the long-term charter with Gazprom, mentioned above, for the employment of the Clean Energy. These transactions contributed to an increase in our contracted backlog, thereby enhancing our revenue visibility.”

Sea News, May 17