Dynagas LNG Partners logs rise in quarterly profit

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

The limited partnership formed by shipowner Dynagas posted a net income of $10.6 million as compared to $5.5 million in the fourth quarter of 2020.

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

Voyage revenues for the three-month period hit $34.4 million, almost the same as last year.

The partnership reported average daily hire gross of commissions of about $62,700 per day per vessel, compared to some $62,200 per day in the corresponding period of 2019.

In addition, full-year net profit reached $34 million, compared to $3.6 million last year, the firm said.

“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 7.5 years. Our estimated contracted revenue backlog is approximately $1.1 billion,” chief executive Tony Lauritzen, said.

“Absent any unforeseen events or unscheduled dry dockings the earliest contracted re-delivery date for any of our six LNG carriers is in the third quarter of 2021, for Arctic Aurora, with the next carrier Clean Energy becoming available for re-chartering in the first quarter of 2026,” he said.

Subsequent to the quarter, the partnership entered into an amended and restated agreement with manager Dynagas.

Under the deal, the technical management fee was reduced by 13%, which is equivalent to $417 per vessel per day effective from January 1, 2021, Lauritzen said.

He added the current short term market for LNG shipping was “challenging”, however, the firm expects this market would improve going into the second half of the year driven by seasonal demand.

Most Popular

Venture Global, Petronas seal 20-year LNG SPA

US LNG exporter Venture Global LNG has signed a 20-year LNG supply contract with Malaysian energy giant Petronas for volumes from the CP2 project in Louisiana.

Delfin inks new deals for US FLNG project, eyes FID later this year

Delfin Midstream, the US developer of a floating LNG export project offshore Louisiana, is moving forward with the project by signing new deals with Siemens Energy, Samsung Heavy, and Black & Veatch.

Golden Pass LNG seeks re-export approval

Golden Pass LNG, a joint venture owned by energy giants QatarEnergy and ExxonMobil, is seeking approval from the US DOE to export previously imported LNG from October, as it nears the launch of the first liquefaction train.

More News Like This

Dynagas LNG Partners reports higher Q1 net income

Dynagas LNG Partners, the operator of six LNG carriers that work under long-term charters, reported a rise in its net income in the first quarter compared to the same period in 2024.

Dynagas LNG Partners reports higher net income

Dynagas LNG Partners, the operator of six LNG carriers that work under long-term charters, reported a rise in its net income in the fourth quarter and 2024.

Pure Energy inks $1.1 billion sale and leaseback deal for LNG carrier quintet

London-based Watson Farley & Williams (WFW), who advised CMBFL on the transaction, revealed the deal in a statement on...

Dynagas LNG Partners reports higher net income, plans fleet growth

The NYSE-listed limited partnership formed by shipowner Dynagas posted a net income of $15.1 million for the three months...