Lena River Boosts Dynagas’ Profit

2016 proved to be smooth sailing for the Monaco-headquartered owner and operator of LNG carriers Dynagas LNG Partners LP, the company claims as it reports financial results.

Namely, the owner of LNG carriers posted a full-year net income of USD 66.9 million, higher than a net income of USD 60.1 million seen in 2015.

The increase in net income was mainly attributed to Lena River, a 155,000 cubic meter ice class liquefied natural gas carrier acquired in late 2015.

Adjusted EBITDA amounted to USD 139.5 million in 2016, compared to EBITDA of USD 113.2 million recorded in 2015.

“The year ended December 31, 2016 has been a record financial year for us, during which Adjusted EBITDA increased by approximately 23% as compared to the full year ended December 31, 2015, mainly to the acquisition from our sponsor of the Lena River in late 2015,” Tony Lauritzen, Chief Executive Officer of Dynagas LNG Partners, commented.

“Our fleet of six LNG Carriers performed at 100% utilization during 2016, which contributed positively to our full year financial results,” Lauritzen added.

In 2016, the company’s voyage revenues totaled USD 169.9 million, against USD 145.2 million posted a year earlier.

According to Lauritzen, revenues are derived from the employment of the company’s vessels on fixed multi-year charter contracts and they are not directly linked to commodity price fluctuations.

“With our fleet 86% contracted through 2017 and 75% contracted through 2018 and 2019, and with an estimated fleet-wide average remaining contract duration of 10.7 years, we intend to continue to focus on obtaining additional contract coverage, particularly in 2017,” Dynagas’ CEO said in the outlook for 2017.

The company’s fleet is currently comprised of six LNG carriers, with an aggregate carrying capacity of approximately 913,980 cubic meters.

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