Dynagas income up

Monaco-based LNG shipping company, Dynagas LNG Partners reported a rise in its third-quarter net income.

According to a company report revealed on Monday, Dynagas profit climbed 11.8 percent to $16 million as compared to the same period in 2014.

Dynagas net income for the first nine months rose 24 percent on year to $45.8 million.

Distributable cash flow for the three and nine months ended September 30 was at $18.9 million and $54.3 million, an increase of 15.8 percent and 31.8 percent, respectively.

During the period, Dynagas reached a 100 percent fleet utilization which positively affected the company’s financial results for the period, the report said.

Tony Lauritzen, Chief Executive Officer of the Partnership said, “With our fleet fully contracted through 2016 and 80% contracted through 2017, we intend to continue to focus our attention on increasing contract coverage and further fleet growth.”

LNG World News Staff; Image: Dynagas