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    Dynagas LNG Partners Reports Results for the Three Months Ended March 31, 2022


    June 28, 2022 - Contify Energy News

     

      Dynagas LNG Partners LP (“Dynagas Partners” or the “Partnership”), an owner and operator of liquefied natural gas (“LNG”) carriers, today announced its results for the three months ended March 31, 2022.

      Original Press Release:

      ATHENS, June 27 -- Dynagas LNG Partners LP issued the following news release:

      Dynagas LNG Partners LP (NYSE: “DLNG”) (“Dynagas Partners” or the “Partnership”), an owner and operator of liquefied natural gas (“LNG”) carriers, today announced its results for the three months ended March 31, 2022.

      Quarter Highlights:

      * Net income and earnings per common unit (basic and diluted) of $23.9 million and $0.57, respectively;

      * Adjusted Net Income(1) of $10.0 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.19;

      * Adjusted EBITDA(1) $22.9 million;

      * 100% fleet utilization(2); and

      * Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the period from November 12, 2021 to February 11, 2022 and $0.546875 per unit on the Series B Preferred Units (NYSE: “DLNG PR B”) for the period from November 22, 2021 to February 21, 2022.

      Subsequent Events:

      * Declared a quarterly cash distribution of $0.5625 on the Partnership’s Series A Preferred Units for the period from February 12, 2022 to May 11, 2022, which was paid on May 12, 2022 to all preferred Series A unit holders of record as of May 5, 2022; and

      * Declared a quarterly cash distribution of $0.546875 on the Partnership’s Series B Preferred Units for the period from February 22, 2022 to May 21, 2022, which was paid on May 23, 2022 to all preferred Series B unit holders of record as of May 16, 2022.

      CEO Commentary:

      We are pleased to report the results for the three months ended March 31, 2022.

      All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 6.6 years. As of June 27, 2022, our estimated contracted revenue backlog[1 2] was $0.98 billion.

      The earliest contracted re-delivery date for any of our six LNG carriers is in the third quarter of 2023 (for the Arctic Aurora), with the second earliest contracted re-delivery date in the first quarter of 2026 (for the Clean Energy), both subject to the terms of the applicable charter.

      For the first quarter of 2022, we reported Net Income of $23.9 million, earnings per common unit of $0.57, Adjusted Net Income of $10.0 million and Adjusted EBITDA of $22.9 million. While future results may vary, we are pleased to report 100% utilization for our fleet for the eighth quarter in a row.

      We are in a period of high demand for LNG shipping, which we believe will benefit the Partnership.

      We continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity so as to build equity value. This, we believe, will enhance our ability to pursue future growth initiatives.

      Disclaimer: The full PDF release can be found at http://www.dynagaspartners.com/upload_press/dlng062722.pdf

      Source: Dynagas LNG Partners LP

      [Category: Energy, Partnerships and Alliances]

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