Dynagas LNG Partners reported net income of $11.0 million for the three months ended March 31, as compared to $11.2 million in the corresponding period of 2013.
Operating income for the first quarter of 2014 was $12.8 million, compared to $13.5 million in the corresponding period of 2013. Adjusted EBITDA for the first quarter of 2014 was $16.3 million compared to $16.9 million for the first quarter of 2013.
The Partnership’s Distributable Cash Flow for the three months ended March 31, 2014 was $12.3 million.
The Partnership’s operating results for the three months ended March 31, 2014 were primarily impacted by increased general and administrative costs of approximately $0.6 million, mainly due to additional fees and expenses as a result of being a public company since November 2013. These increases to general and administrative costs were mainly offset by an approximate $0.4 million decrease in interest and finance costs mainly resulting from significantly lower levels of weighted outstanding indebtedness in the first quarter of 2014 as compared to the corresponding period of 2013.
Total operating expenses decreased, from approximately $3.2 million or $11,863 per LNG carrier per day during the three month period ended March 31, 2013 to $3.1 million or $11,570 per LNG carrier per day in the three month period ended March 31, 2014. No special survey and dry-dock repairs were incurred on any of our LNG carriers in the periods under discussion.
The average daily hire gross of commissions earned by LNG carriers of approximately $77,700 per day per vessel remained substantially the same in the three month periods ended March 31, 2014 and 2013. During both quarters ended March 31, 2014 and 2013, all of the Partnership’s vessels operated at 100% utilization.