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.

- Advertisements -

Most Popular

Golden Pass LNG to ramp up construction activities after Zachry deal

QatarEnergy and ExxonMobil will ramp up construction activities at the Golden Pass LNG export terminal in Texas after a...

Hudong-Zhonghua confirms TotalEnergies order for LNG bunkering vessel

China’s Hudong-Zhonghua said it had secured an order to build one 18,600-cbm LNG bunkering vessel for French energy giant...

India was top destination for US LNG cargoes in May

India was the top destination for US liquefied natural gas cargoes in May, as Asia overtook Europe as the...

More News Like This

Dynagas LNG carrier rescues two people in Florida Straits

A newbuild LNG carrier, owned by Dynagas and chartered by Cheniere, recently rescued two persons in the Florida Straits. Greek...

Dynagas LNG Partners reports higher quarterly net income

Dynagas LNG Partners, the operator of six LNG carriers which work under long-term charters, reported a rise in its...

Dynagas, CDB Leasing seal sale and leaseback deal for LNG carrier quartet

LNG carrier owner Dynagas LNG Partners has signed a sale and leaseback deal with China Development Bank Financial Leasing...

Dynagas LNG Partners inks refinancing deal for four carriers

LNG carrier owner Dynagas LNG Partners signed a term sheet with a "major financial leasing operator in Asia" for...