Dynagas LNG Net Income Up

LNG tanker operator Dynagas LNG said its net income was $11.9 million for the third quarter of 2013, compared to $6.7 million in the same period of 2012, representing an increase of 78.6%.

Operating income was $14.1 million for the third quarter of 2013 compared to $9.3 million for the same period in the prior year, representing an increase of 51.1%.

Operating results improved primarily due to an increase in revenues attributable to the higher charter rate earned by the LNG carrier Ob River, after entering its current five year time charter contract in September, 2012, and an increase in revenue earning days of 14 days, or 5.3%, in the third quarter of 2013 compared to the same period in 2012.

The increase was also attributable in part to the lack of special survey and dry-dock expenses and associated voyage and vessel operating expenses in the third quarter of 2013 compared to the same period in 2012, when one of the company’s vessels underwent its scheduled special survey and dry-dock and incurred approximately $1.3 million of additional drydocking related expenses.

Dynagas Financial Results Overview

 The average daily time charter equivalent rate earned by the company’s vessels in the third quarter of 2013 was $76,638, compared to $70,515 in the same period in 2012. During the three and nine month periods ended September 30, 2013 all of our vessels operated at 100% utilization.

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LNG World News Staff, December 13, 2013; Image: Dynagas