Dynagas LNG Partners’ third quarter income jumps

Dynagas LNG Partners' third quarter income jumps
Image courtesy of Dynagas LNG Partners

Dynagas LNG Partners, a partnership formed by Dynagas, reported an adjusted net income of US$19.1 million for the third quarter, 19.1 percent up on the $16 million in the corresponding period of 2015. 

The rise has been mainly atributed to the contribution of net revenues relating to the Lena River to operating results, the partnership said. The Lena River was acquired from Dynagas Holding the partnership’s sponsor, late in December 2015.

In addition, the partnership’s adjusted income for the first nine months jumped to $56.8 million from $45.8 million in the same period a year before. This represents an increase of 23.8 percent.

Speaking of the results, Tony Lauritzen, the partnership’s CEO said that this has been a record financial quarter for the company, adding that its current fleet of six LNG carriers operated at 100 percent utilization, contributing to the strong quarterly results.

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 September 30, 2016, compared to approximately $80,400 per day per vessel in the same period of 2015.

Lauritzen further noted that the partnership is looking to obtain additional vessel contract coverage. The partnership’s fleet is fully contracted trough 2016 and 89 percent contracted through 2017 with an estimated remaining contract duration of 11 years.

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