Dynagas LNG Partners reports lower Q3 profit

Dynagas LNG Partners reports lower Q3 profitImage courtesy Dynagas LNG Parnters

Dynagas LNG Partners, a limited partnership formed by the Greek shipowner Dynagas, on Tuesday reported a third-quarter profit of $4 million. 

This compares to $17.3 million net profit reported in the corresponding quarter in 2016.

The company’s CEO, Tony Lauritzen said that the quarter, as previously noted, was “partly affected by the scheduled class survey and related drydocking on one of the six vessels in our fleet, the Amur River.”

The earnings were also impacted by the temporary employment of the Clean Energy on the spot market until July 2018, when she will commence an approximate 8-year time charter with Gazprom, the company informed in its quarterly report.

Also, the longer term nature of the contracts following the Partnership’s decision to reduce the charter hire rate on two vessels, the Yenisei River and the Lena River, with effect from November 2016, in exchange for securing a long-term charter on the Clean Energy with an approximate eight-year term, impacted the net income Lauritzen said.

Voyage revenues were at $33.5 million for the third quarter compared to $43.1 million for the same period of 2016, a decrease of 22.3 percent.

As of December 5, 2017, the Partnership had contracted employment for 92 percent of its fleet estimated available days for 2017, 75 percent of its fleet estimated available days for 2018, and 75 percent of its fleet estimated available fays for 2019, the Partnership said.

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