Dynagas Eyes Five More LNG Tankers

Dynagas LNG Partners is looking into the opportunity of acquiring five LNG carriers currently owned by the company’s sponsor, Dynagas Holding Ltd.

Namely, the tanker owner, which has increased the size of its fleet by approximately 69% on a cubic meter capacity basis in 2014, said it was continuing its focus on further fleet growth.

“The fleet of five LNG carriers (the ‘optional vessels’) currently owned by our sponsor, which we have the right to acquire, provides us with an identified opportunity for growth. I look forward to working with our team towards meeting our goals, which we believe will benefit our unitholders,” the company said.

The company reported net income of USD 14.9 million for the three months ended March 31, 2015, compared to USD 11 million in the corresponding period of 2014, an increase of 34.9%.

Adjusted EBITDA for the three months ended March 31, 2015 was USD 28.1 million, compared to USD 16.5 million in the corresponding period of 2014, which represents an increase of 70.3%.

“The results show an improvement compared to the same period in 2014, which is primarily due to the increase in the number of vessels in our fleet in line with our growth strategy,” the company said in a comment on its quarter results.

“During this past quarter, we had 100% fleet utilization, which positively affected our financial results and which we believe reflects to the quality of our vessels and our manager’s operational ability,” the comment further read.

The LNG carrier owner and operator said that its fleet was fully contracted through 2016 and 80% contracted through 2017.