Dynagas LNG logs higher Q1 profit

Dynagas LNG Partners posted a rise in its quarterly profit as the shipping firm’s six carriers continued to operate as usual under long-term charters.

The limited partnership formed by Greek shipowner Dynagas reported a net income of $15.9 million in the first quarter, compared to $7 million in the first quarter of 2020.

Dynagas LNG attributed the rise in net income to a decrease in interest and finance costs.

Voyage revenues for the three-month period reached $33.4 million, down from $34.4 million in the first quarter last year.

In addition, the partnership reported average daily hire gross of commissions of about $62,250 per day per vessel in the three-month period ended March 31. This compares to about $63,100 per day per vessel for the corresponding period of 2020.

“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 7.7 years,” chief executive Tony Lauritzen, said.

As of March 31, Dynagas LNG’s estimated contracted revenue backlog reached about $1.12 billion.

“After securing a new two year charter for the Arctic Aurora with Equinor, and barring any unforeseen events, the earliest contracted re-delivery date for any of our six LNG carriers is in the third quarter of 2023,” Lauritzen said.

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

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