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Dynagas LNG announces financial results

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LNG Industry,

Dynagas LNG Partners has announced a 40% increase in net income of US$14.3 million in 2Q15 compared to 2Q14. The company’s net income for 1H15 was up 37.3% to US$29.2 million compared to the corresponding period of last year.

Adjusted net income for 2Q15 increased 27.7% to US$14.6 million.

In a statement, the management of Dynagas LNG said of the results: "The results show a significant improvement compared to the same period in 2014. The partnership's adjusted EBITDA increased by 62% for the second quarter of 2015, compared to the same period in 2014. This increase was primarily attributable to the growth of our fleet in line with our strategy.

"During the last six months we have achieved 99% fleet utilisation, which positively affected our financial results for the period and which we believe is reflective of the quality of our vessels and our manager's operational ability.

"With our fleet fully contracted through 2016 and 80% contracted through 2017, we intend to continue to focus our attention on further fleet growth, contract coverage and safe and efficient operations. The fleet of five LNG carriers currently owned by our sponsor, which we have the right to acquire, provides us with an identified opportunity for growth. The characteristics of these vessels make them attractive for conventional shipping as well as LNG projects that require specialised ice classed and winterised vessels, which are features we believe will continue to be in demand going forward. We also believe that our sponsor will be able to contract for additional LNG carrier newbuildings that we expect will create further growth potential for the partnership."

Edited from press release by

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