Dynagas LNG Partners said its net income for the three and nine months ended September 30 was $14.0 million and $35.2 million, a rise of 17.8% and 1.8% over the same periods in 2013.
Distributable cash flow during the three and nine month periods were $16.3 million and $41.2 million, an increase of 40.1% and 21.6%.
Tony Lauritzen, CEO of the Partnership said: “ During this past quarter we had 100% fleet utilization, which is reflected in our financial results.
“We have previously stated that we would be focused in 2014 on operational efficiency and growth.We believe our operating costs are competitive due to our management and operational efficiency and continued to implement our growth strategy through the acquisition of the Yenisei River. So far in 2014, we have increased the size of our fleet by approximately 69% on a cubic meter capacity basis, which has enabled us to pay increased cash distributions to our unitholders.
“Following the acquisition of our fifth LNG carrier, we intend to recommend to the Board a quarterly cash distribution of between $0.42 per unit and $0.425 per unit with respect to the quarter ending December 31, 2014, which, if approved by the Board, would represent a cash distribution per unit increase of approximately 15% since our IPO approximately twelve months ago.
“With our fleet fully contracted through 2016, we continue to focus our attention on further fleet growth and safe and efficient operations. The fleet of five LNG carriers (the ―Optional Vessels‖) currently owned by our Sponsor, provides us with an identified source of growth. In addition, the expertise and technical capabilities of our Manager, Dynagas Ltd., support our strategy of maintaining safe and efficient operations for our LNG Carriers. I look forward to working with our team in an effort to meet all of our goals.”
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Press Release; Image: Dynagas LNG