Dynagas LNG Partners income rises

Dynagas LNG Partners, a partnership formed by Dynagas, reported an adjusted net income of US$17.3 million for the fourth quarter, 15 percent up on the corresponding quarter in 2015.

Tony Lauritzen, the partnership’s CEO said the year has been a record one, with financial results boosted by the contribution of net revenues relating to the Lena River LNG carrier that the partnership acquired from Dynagas Holding in late 2015.

In addition, the partnership’s fleet of six vessels recorded a 100 percent utilization during 2016.

“With our fleet 86 percent contracted through 2017 and 75 percent contracted through 2018 and 2019, and with an estimated fleet-wide average remaining contract duration of 10.7 years,” Lauritzen said.

The Partnership reported average daily hire gross of commissions of approximately $78,250 per day per vessel in the three months ended December 31, 2016, compared to approximately $78,900 per day per vessel in the same period of 2015.

Lauritzen added that the partnership intends to obtain additional contract coverage, particularly in 2017.

As of February 27, 2017, the partnership had contracted employment for 86 percent of its fleet estimated available days for 2017 and 75 percent of its fleet estimated available days for 2018 and 2019.