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Dynagas LNG announces six month results

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LNG Industry,

Dynagas LNG Partners LP has announced its unaudited results for the three and six months ended 30 June 2014.

Dynagas LNG’s net income for the three months ended 30 June 2014 fell 11.3% to US$ 10.2 million, compared to US$11.5 million in the corresponding period of 2013. Operating income for the same period decreased 10.9% to US$ 12.3 million, compared to US$13.8 million in the corresponding period of last year.

A net income of US$ 21.2 million was reported for the six months ended 30 June  2014, which was 6.5% down on the US$ 22.7 million net income reported in the corresponding period of 2013. Operating income for the six month period fell 8% to US$ 25.1 million, compared to US$ 27.3 million in the corresponding period of 2013.

During the six month period, Dynagas LNG incurred non-recurring non-cash charges amounting to US$ 0.9 million related to accelerated time charter amortisation, which was partly counterbalanced by the US$ 0.6 million voyage revenues generated by the Arctic Aurora that was added to Dynagas LNG’s fleet on 23 June 2014. In addition, during the six month period the Partnership incurred US$ 1 million of general and administrative costs vs. approximately nil in the corresponding period of 2013. The Arctic Aurora addition in the Dynagas LNG’s fleet further had an approximate US$ 0.3 million impact on our operating performance, related to recurring operational costs (i.e operating expenses, depreciation and management fees).

LNG carrier Arctic Aurora

In June, Dynagas LNG completed the acquisition of 100% of the ownership interests in the entity that owns and operates the Arctic Aurora. Dynagas LNG purchased the 155 000 m3 ice class LNG carrier for an aggregate purchase price of $235 million. Following the acquisition of the Arctic Aurora, Dynagas LNG’s fleet consisted of four LNG carriers with an average age of 5.5 years and an aggregate carrying capacity of 604 100 m3.

Adapted from press release by

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