New acquisitions push Dynagas LNG cash distributions upwards
Dynagas LNG Partners, an owner and operator of LNG carriers, said that its board of directors has declared a quarterly cash distribution for the quarter ended September 30 of $0.39 per unit.
This represents a 6.8% increase from the prior quarter’s distribution of $0.365 per unit and reflects the contribution to operating results for a full quarter of the 2013 built LNG carrier Arctic Aurora, which was delivered to the partnership on June 23, 2014.
The cash distribution is payable on or about November 12, 2014 to unit holders of record as of November 5, 2014.
In addition and as a result of the partnership’s acquisition of the 2013 built LNG carrier Yenisei River on September 25, 2014, the management of the partnership intends to recommend to the Board a further increase to the Partnership’s quarterly cash distribution of between $0.030 and $0.035 per unit, which would become effective for the distribution with respect to the quarter ending December 31, 2014. Management can provide no assurance that it will make such recommendation, and if such recommendation is made, that it will be approved by the Board.
This further increase, if approved by the Board, is expected to be declared and paid in February 2015 and would result in a quarterly cash distribution level of between $0.420 and $0.425 per unit corresponding to an annualized cash distribution of between $1.68 and $1.70 per unit, representing an aggregate increase in the partnership’s cash distributions of between 15.0% and 16.4% since its initial public offering in November 2013.
Pres Release; Image: Dynagas LNG Partners