Dynagas LNG says profit climbs in Q3

Dynagas LNG Partners reported a rise in both its profit and voyage revenues in the third quarter of this year.

The limited partnership formed by Greek shipowner Dynagas logged a net income of $11.3 million in the third quarter, a rise of 13 percent when compared to $10 million in the same quarter of 2020.

Dynagas LNG attributed the rise in net income to the increase in voyage revenues as well as to the decrease in finance costs.

Net income also increased compared to $9.1 million in the second quarter as well.

Adjusted net income for the three months ended September 30 also rose 13.7 percent year-on-year to $11.6 million.

Also, voyage revenues for the July-September period reached $34.7 million, up 1.2 percent when compared to the same period a year ago.

The partnership reported average daily hire gross of commissions of about $62,800 per
day per vessel in the three-month period, compared to about $62,500 per day per vessel in the corresponding period in 2020.

The 2013-built 155,000-cbm vessel LNG carrier Arctic Aurora has started a new charter with Norway’s Equinor on September 15, immediately upon expiration of the previous charter party, Dynagas LNG said.

The firm revealed this two-year extension in April this year.

Dynagas LNG expects the annual gross revenues from the charter agreement to reach about $21.5 million.

Contracted revenue backlog at $1.06 billion

“All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 7.2 years,” chief executive Tony Lauritzen, said.

As of November 18, Dynagas LNG’s estimated contracted revenue backlog stands at about $1.06 billion.

“The earliest contracted re-delivery date for any of our six LNG carriers, subject to the terms of the applicable charter, is in the third quarter of 2023 (the Arctic Aurora), with the second earliest contracted re-delivery date (for the Clean Energy) in the first quarter of 2026,” he said.

“Going forward, we intend to continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity to build equity value over time and enhance our ability to pursue future growth initiatives,” Lauritzen said.

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