Dynagas LNG growth strategy has positive impact on earnings

Dynagas LNG Partners LP, an owner and operator of LNG carriers, has announced its unaudited results for the first quarter of 2015.

Highlights for the first three months of the year (and comparisons to the same period in 2014) include:

• Net income of US$14.9 million, an increase of 34.9%.
• Adjusted net income of US$15.2 million, an increase of 36%.
• Distributable cash flow of US$18 million, an increase of 46.5%.
• Adjusted EBITDA of US$28.1 million, an increase of 70.3%.

Growth strategy

A statement from the company’s management said: “We are pleased to report our earnings for the first quarter of 2015. The results show an improvement compared to the same period in 2014, which is primarily due to the increase in the number of vessels in our fleet in line with our growth strategy.

“Consistent with our objectives, we have been and continue to be focused on the performance of our fleet from a safety, operational and technical point of view. During this past quarter, we had 100% fleet utilisation, which positively affected our financial results and which we believe reflects to the quality of our vessels and our manager’s operational ability.”

Fleet performance

In 2014, Dynagas LNG increased the size of its fleet by approximately 69% on a cubic metre capacity basis. The fleet is fully contracted through 2016, and 80% contracted through 2017. The company will continue to focus on further fleet growth, contract coverage and safe and efficient operations.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/lng-shipping/15052015/dynagas-lng-first-quarter-results-765/