Dynagas LNG profit up 34.9 percent

Dynagas LNG Partners said its quarterly net income rose 34.9 percent to US$14.9 million, as compared to the first quarter in 2014.

Distributable cash flow during the three months ended March was at US$18.0 million, an increase of 46.5 percent from the same period in 2014, Dynagas LNG Partners said in a statement on Thursday.

According to the statement, the results showed an improvement primarily due to the increase in the number of vessels in Dynagas LNG fleet.

During 2014, the company increased the size of its fleet by approximately 69 percent on a cubic meter capacity basis.

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

“The fleet of five LNG carriers currently owned by our Sponsor, which we have the right to acquire, provides us with an identified opportunity for growth,” it added.

LNG World News Staff; Image: Dynagas