Dynagas LNG Partners posts Q2 loss

Clean Energy (Image courtesy of Dynagas LNG Partners)

Dynagas LNG Partners, a limited partnership formed by the Greek shipowner Dynagas, on Tuesday reported a second-quarter loss of $5.2 million, after reporting a profit in the same quarter a year before.

The company posted loss per common unit of $0.19 for the three months ended June 30.

Adjusted earnings per share and EBITDA were at $0.07 and $22.9 million, respectfully.

Dynagas quarterly voyage revenues stood at $32 million as compared to $42.6 million in the second quarter of 2016.

“We have previously communicated that this quarter would be affected by scheduled class surveys and related dry dockings for three of our six vessels which would result in cost items and would also qualify as off-hire under the relevant contracts,” said Chief Executive Tony Lauritzen.

“We are satisfied that the class surveys, including dry dockings, were completed in a quick and efficient manner with an average of approximately 15 days per vessel from arrival to departure at the shipyard. The vessels are on a 5-year special survey cycle, therefore we expect the next special class survey and related dry docking to occur in about 5 years,” said Lauritzen.

 

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