Dynagas LNG Partners Q3 loss deepens

Dynagas LNG Partners, a limited partnership formed by the Greek shipowner Dynagas, reported an earnings hit following one-time non-cash write off in the third quarter of the year. 

The partnership reported a net loss of $4.7 million after accounting for a $7.5 million one-time non-cash write off from the accelerated amortization of deferred loan fees due to the early prepayment of the term loan.

Commenting on the results, Dynagas LNG Partners CEO Tony Lauritzen, said that the partnership’s underlying charter business remains healthy.

“Upon the commencement of the employment of the Lena River under its new multi-year charter on July 01, 2019, each of our six LNG carriers are now fully delivered and operating under their respective term charters with international gas producers with an average remaining contract term of 8.9 years.  The earliest possible re-chartering availability is in the third quarter of 2021, which is the earliest contracted re-delivery date for one of our six LNG carriers with the next carrier becoming available at the earliest in the first quarter of 2026,” Lauritzen said.

In addition, fleet utilization during the third quarter was at 99 percent.

As of November 21, 2019, the partnership had estimated contracted time charter coverage for 100 percent of its fleet estimated available days for 2019, 100 percent of its fleet estimated available days for 2020 and 92 percent of its fleet estimated Available Days for 2021.