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Dynagas LNG releases latest results

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LNG Industry,

Dynagas LNG Partners LP has announced its results for the three and six months ended 30 June 2018.


  • Net income of US$0.4 million for the three months ended 30 June 2018. Included in the Q2 2018 results are US$2.2 million of scheduled class survey and dry dock costs related to the Arctic Aurora, one of the three tri-fuel diesel engine (TFDE) vessels in our fleet.
  • Loss per common unit of US$0.04 for the three months ended 30 June 2018.
  • Adjusted Net Income of US$4.5 million for the three months ended 30 June 2018.
  • Adjusted Earnings per common unit of US$0.08 for the three months ended 30 June 2018.
  • Distributable Cash Flow of US$8.7 million during the three months ended 30 June 2018.
  • Adjusted EBITDA of US$24.4 million for the three months ended 30 June 2018.
  • Reported free cash of US$57.8 million and available liquidity of US$87.8 million as of 30 June 2018.
  • Quarterly cash distribution of US$0.25 per common unit in respect of Q2 of 2018 and US$0.5625 per preferred unit in respect of the most recent period.

CEO Commentary:

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

“We are pleased to report our earnings for the three months ended 30 June 2018.”

“Our reported earnings for [Q2] of 2018 were in line with our expectations and were above those for [Q2] of 2017, but below those for [Q1] of 2018. Our earnings were impacted by: (i) the temporary employment of the Clean Energy in the short-term market until 13 July 2018, at which time the vessel commenced employment on a time charter with Gazprom for a term of approximately eight years, (ii) the completion of the multiyear charter contract with Gazprom for the Ob River in April 2018 and the subsequent employment of the vessel with the same company at a lower rate of hire reflecting a longer charter term of ten years, and (iii) the scheduled dry-docking of the Arctic Aurora in May 2018.”

“We believe the Yamal LNG project is progressing well. On 1 July 2018, Yamal narrowed the delivery windows for both the Yenisei River and the Lena River to the earliest possible allowed under their respective 15 year charter contracts.”

“On 21 July 2018, the Yenisei River completed the five year term of its employment contract with Gazprom. Following the redelivery of the vessel to the Partnership, the vessel is undergoing its five year special survey which is expected to be completed in mid-August 2018. After the completion of the special survey, we expect to employ the Yenisei River in the short-term market until the vessel commences its 15 year contract with Yamal.”

“Following redelivery from Gazprom in October 2018 and the completion of its special survey, the Lena River is contracted to be employed on a multi-month charter contact with a large gas producer until the vessel commences its 15 year contract with Yamal.”

“On 19 July 2018, we paid quarterly cash distribution of US$0.25 per common unit with respect to [Q2] of 2018. Since our initial public offering in November 2013, we have paid total cash distributions of US$7.29 per common unit. In addition, on 13 August 2018, we expect to pay a cash distribution of US$0.5625 per unit on our Series A Preferred Units for the period from 12 May 2018 to 11 August 2018.”

“We believe that we have significant cash flow visibility with contracted vessel employment for approximately 85% of 2018, 99% of 2019 and 100% of 2020, and with an estimated Fleet-wide average remaining contract duration of 10.1 years.”

“Our intent is to seek additional contract coverage, particularly in 2018, to manage our capital structure and operating expenses, and to continue the safe operation of our Fleet.”

“We look forward to working towards meeting our goals, which we believe will continue to benefit our unitholders.”

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