Dynagas LNG Partners profit up

Monaco-based LNG shipping company, Dynagas LNG Partners, revealed a net income for the three and six months ended June 30 of $14.3 million and $29.2 million, an increase of 40% and 37.3% over the same periods in 2014.

Distributable cash flow during the three and six months ended June 30 was at $17.4 million and $35.4 million, a rise of 38.2% and 42.3% as compared to 2014.

During the last six months Dynagas LNG Partners have achieved 99% fleet utilization, which positively affected the company’s financial results for the period, the company informed in a statement.

“With our fleet fully contracted through 2016 and 80% contracted through 2017, we intend to continue to focus our attention on further fleet growth, contract coverage and safe and efficient operations,” the company said.

In June 2015, the Amur River (renamed from Clean Force) completed its time charter with BG Group and commenced employment under its new 13-year time charter with Gazprom Global LNG. The new contract has an estimated revenue backlog of approximately $307.4 million.

LNG World News Staff; Image: Sakhalin Energy