Dynagas LNG Partners turns to profit in Q2

Dynagas LNG Partners, a limited partnership formed by the Greek shipowner Dynagas, posted a net income of $0.4 million in the second quarter of 2018, compared to a net loss of $5.2 million in Q2 2017. 

Adjusted net income for the three months ended June 30, 2018, was $4.5 million as compared to of $4.2 million in the corresponding period of 2017, the partnership said in its quarterly report.

The increase was attributed to the decrease in dry-dock and special survey expenditures by $2.7 million, or 54.6 percent, the decrease in the second quarter operating expenses by 21.2 percent, and the decrease in the interest and finance costs for the second quarter by 8.4 percent.

Company’s CEO Tony Lauritzen said the “reported earnings for the second quarter of 2018 were in line with our expectations and were above those for the second quarter of 2017, but below those for the first quarter of 2018.”

As of July 27, 2018, the partnership had estimated contracted time charter coverage for 85 percent of its fleet estimated available days for the remaining 2018, 99 percent of 2019 and 100 percent of 2020.

“Our intent is to seek additional contract coverage, particularly in 2018, to manage our capital structure and operating expenses, and to continue the safe operation of our fleet,” said Lauritzen.