Dynagas LNG Partners’ income rises

Dynagas LNG Partners' income rises

Dynagas LNG Partners, a partnership formed by Dynagas, on Friday posted an adjusted net income of US$18.8 million and $37.7 million, for the second quarter and first six months of 2016, respectively.

The adjusted net income for the second quarter rose 28.4 percent compared to the corresponding quarter in 2015.

For the first half of 2016, the adjusted net income rose 26.4 percent compared to the first six months of 2015, the company’s report shows.

Dynagas LNG Partners noted that the rise can be attributed to the contribution of net revenues relating to the Lena River to operating results. The vessel was acquired from Dynagas, the Partnership’s sponsor, late in December 2015.

Adjusted EBITDA for the quarter increased by 27.0 percent to $35.0 million, compared to second quarter 2015 adjusted EBITDA of $27.6 million.

The Partnership reported average daily hire gross of commissions on a cash basis of approximately $81,300 per day per vessel in the three months ended June 30, 2016, compared to approximately $78,800 per day per vessel in the same period of 2015.

The Partnership’s vessels operated at 100 percent utilization during the second quarter.

Tony Lauritzen, CEO of the Partnership added that the fleet is fully contracted through 2016 and 88 percent contracted through 2017, and a fleet-wide average remaining contract duration is 10.1 years. In addition, the fleet is 64 percent contracted through 2018.

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