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.

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