Dynagas Bolsters LNG Carrier Fleet

Dynagas LNG Partners LP, an Athens-based owner and operator of LNG carriers, has bought from Dynagas Holding 100% of the ownership interests in the Yenisei River, a 2013 built ice class liquefied natural gas carrier, and the related time charter contract, for USD 257.5 million.

Dynagas expects to finance the purchase with the net proceeds of its recently completed USD 250 million public offering of senior unsecured notes due 2019, and available cash on hand.

The Yenisei River is currently operating under a time charter with Gazprom Global LNG Limited with an initial term of five years that expires in July 2018.

Based on a scheduled delivery date of September 30, 2014, the company’s average remaining charter term would be 5.4 years and the average age of the fleet would be 4.7 years.

Dynagas expects the Yenisei River acquisition will be bringing in USD 25.0 million net cash a year.