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Dynagas LNG results released

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LNG Industry,


Dynagas LNG Partners LP, an owner and operator of LNG carriers, has announced its results for the three and nine months ended 30 September 2017.

Highlights:

  • Operating income of US$15.9 million, net income of US$4.0 million and earnings per common unit of US$0.06 for the three months ended 30 September 2017 (included in the third quarter 2017 results are US$1.1 million of scheduled class survey and dry dock costs for one of the three steam turbine vessels in the partnership’s fleet).
  • Adjusted Net Income of US$7.0 million, Adjusted Earnings per common unit of US$0.15 and Adjusted EBITDA of US$26.4 million for the three months ended 30 September 2017.
  • Distributable Cash Flow of US$11.3 million during the three months ended 30 September 2017.
  • US$70.5 million of cash and US$100.5 million of available liquidity as of 30 September 2017.
  • Quarterly cash distribution of US$0.4225 per common unit and US$0.5625 per preferred unit.
  • Contracted revenue backlog of approximately US$1.46 billion, with fleet-wide average remaining contract duration of 10 years.

Tony Lauritzen, CEO:

  • “We are pleased to report our earnings for the financial quarter ended 30 September 2017, which were within our expectations. We have previously communicated that this quarter would be partly affected by the scheduled class survey and related dry docking on one of the six vessels in our fleet, the Amur River, which would result in cost items and would also qualify as off-hire under the relevant contracts.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06122017/dynagas-lng-results-released/


 

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