Dynagas LNG Partners posts lower profit in Q4

Dynagas LNG Partners, a limited partnership formed by the Greek shipowner Dynagas, reported fourth-quarter net income of $5.6 million, down 63.7 percent year-on-year.

Earnings per common unit for the three months ended December 31 were 11 cents share.

The US-listed LNG shipper that operates a fleet of six vessels posted voyage revenues of $34.5 million in the period, down from 41.4 million in the fourth quarter of 2016.

For the full-year of 2017, the company reported net profit of $17.3 million, or 27 cents per share. Revenue was at $139 million.

“Our reported earnings for the fourth quarter of 2017 were, as expected, below those of the fourth quarter of 2016,” said chief executive Tony Lauritzen.

The results were impacted by the temporary employment of LNG carrier Clean Energy on the spot market until July 2018, when the vessel will commence a time charter with Russian Gazprom for a term of approximately 8 years, according to Lauritzen.

Thes results were also affected by the “longer-term nature of our contracts following our decision to reduce the charter hire rate on two vessels, the Yenisei River and the Lena River, with effect from November 2016, in exchange for securing the long-term charter with Gazprom,” he said.