Dynagas LNG Partners aims to secure new Arctic Aurora charter in Q1 2023

Dynagas LNG Partners, the owner of six LNG carriers which operate under long-term charters, is expecting to secure a new contract for its LNG carrier Arctic Aurora in the first quarter of 2023.

The earliest contracted re-delivery date for any of the company’s six LNG carriers is in the third quarter of 2023 for Arctic Aurora, currently chartered by Norway’s Equinor.

In addition, the second earliest contracted re-delivery date is in the first quarter of 2026 for Clean Energy, chartered by SEFE.

Back in April 2021, Equinor extended the charter period for the 2013-built 155,000-cbm, Arctic Aurora, for about two years.

Chief executive Tony Lauritzen said during the company’s third-quarter conference call on Monday that “there continues to be strong demand for LNG time shipping.”

“In particular, we believe the 150,000 to 160,000 cubic meter LNG carrier segment is ideal to supply LNG for the European FSRU market,” he said.

“As such, we believe the Arctic Aurora should be in a very good position to benefit from a strong period market,” he said.

Answering a question by an analyst regarding the LNG carrier, Lauritzen said that he expects the vessel to probably be locked in for a charter in the next quarter.

FSRUs

Germany, which currently does not have any land-based import facilities, has chartered five FSRUs, two of which are from the fleet of Dynagas, the parent of Dynagas LNG Partners.

“Post current charters, we believe the partnership has the potential to consider conversion of existing LNG carriers to FSRUs as an alternative to conventional LNG charters,” Lauritzen said.

The CEO said that Dynagas LNG Partners would consider both alternatives.

“We believe the combination of the availability of the Arctic Aurora against a strong market and the further strengthening of our balance sheet places the partnership in a favorable position,” he said.

Net income drops

As per third-quarter results, Dynagas LNG Partners said net income decreased by 35 percent to $7.4 million, compared to the same quarter in 2021.

Moreover, Dynagas LNG Partners attributed this to the special survey dry-dock cost of Amur River and OB River.

The firm completed the scheduled dry-dock of the two LNG carriers, including the installation of ballast water treatment equipment in accordance with current regulations.

Adjusted net income reached $4.5 million while the company reported adjusted Ebitda of $20 million.

- Advertisements -

Most Popular

VTTI, IKAV to take majority stake in Italy’s Adriatic LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, joined forces with German asset manager IKAV to...

Seapeak says working on charter and other opportunities for six LNG carriers

Stonepeak's Seapeak is pursuing various opportunities relating to six of its liquefied natural gas (LNG) carriers which are scheduled...

Deutsche ReGas: Mukran FSRU welcomes first LNG tanker

LNG terminal operator Deutsche ReGas has received the first LNG tanker at its FSRU-based LNG import facility in Germany’s...

More News Like This

Dynagas welcomes new LNG tanker in its fleet

Greek LNG shipping firm Dynagas has taken delivery of the 200,000-cbm LNG carrier, Clean Vitality, in South Korea. The firm...

Germany’s DET nears launch of Stade FSRU terminal

The 174,000-cbm FSRU Energos Force will complete one LNG delivery and a short visit to a yard prior to...

Deutsche ReGas starts commissioning Mukran FSRU terminal

LNG terminal operator Deutsche ReGas has kicked off commissioning activities at its FSRU-based LNG import facility in Germany’s port...

Deutsche ReGas expects to launch Mukran FSRU terminal by end of winter

LNG terminal operator Deutsche ReGas expects to launch its FSRU-based LNG import facility in Germany's port of Mukran by...