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Dynagas LNG Partners LP reports final 2019 results

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LNG Industry,

Dynagas LNG Partners LP has announced its results for the quarter and year ended 31 December 2019.

Quarter highlights:

  • Net income and earnings per common unit of US$5.5 million and US$0.07 respectively.
  • Adjusted Net Income and Adjusted EBITDA of US$5.6 million and US$24.0 million, respectively.
  • Distributable Cash Flow of US$10.2 million.
  • 100% fleet utilisation.
  • Repayment of the US$250 million aggregate principal amount 6.25% senior unsecured notes on 30 October 2019.
  • Cash distribution of US$0.5625 per unit on its Series A Preferred Units for the period from 12 August 2019 to 11 November 2019 and US$0.546875 per unit on the Series B Preferred Units for the period from 22 August 2019 to 21 November 2019.

Subsequent events:

  • Declared a quarterly cash distribution of US$0.5625 on the Series A Preferred Unit for the period from 12 November 2019 to 11 February 2020, which was paid on 12 February 2020.
  • Declared a quarterly cash distribution of US$0.546875 on the Series B Preferred Units for the period from 22 November 2019 to 21 February 2020, which was paid on 24 February 2020.

CEO commentary:

“We are pleased to report the results for the three months and year ended 31 December 2019. Upon the delivery of our vessel Lena River to Yamal LNG on 1 July 2019 pursuant to her multi-year charter, each of our six LNG carriers are operating under their respective term charters with international gas producers with an average remaining contract term of 8.6 years. The earliest possible re-chartering availability in our fleet is in the third quarter of 2021, which is the earliest contracted re-delivery date for one of our six LNG carriers (Arctic Aurora) with the next carrier (Clean Energy) becoming available at the earliest in the first quarter of 2026.

“The fleet performed well during the fourth quarter with a utilization of 100%. We reported Net Income of US$5.5 million for the fourth quarter and Adjusted EBITDA of about US$24.0 million, the latter of which is in line with our previous estimate of an annualized EBITDA of approximately US$95.0 million and which assumed that all of our vessels had been delivered pursuant to their respective long-term charters (i.e. 1 July 2019).

“We have in place term charter contracts with international energy companies for each of our vessels that generate cash flows that may be used towards the increased amortisation requirements of our syndicated US$675 million senior secured term loan, or the Credit Facility, which is expected to build equity value over time. As a result of our financial profile, which is intended to deleverage our debt over time, we expect to be better positioned for future growth initiatives as we expect global LNG markets to continue their robust development.”

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