Dynagas Partners Delays Purchase of LNG Tanker Duo

Dynagas vesselImage Courtesy: Dynagas

Owner and operator of LNG carriers Dynagas LNG Partners has reached an agreement to further extend the deadline for the purchase of two LNG tankers.

The company said that the deal, which was reached on March 30, is related to the tankers Clean Ocean and Clean Planet.

The purchase option, granted to the Partnership under the omnibus agreement, was pushed from March 31, 2018 to December 31, 2018.

The company unveiled the agreement as part of its first quarter financial report in which it said that its net income for the period decreased by 62.5%.

Net income for the three months ended March 31, 2018 was USD 4.8 million as compared to net income of USD 12.9 million in the corresponding period of 2017.

The decrease was mainly attributable to the lower revenues earned for the Clean Energy which has been employed under a short-term charter during the first quarter of 2018.

Although the earnings for the period were down, contracted backlog increased thereby enhancing the company’s revenue visibility, Tony Lauritzen, Chief Executive Officer of the Partnership, said.

“With our fleet 85% contracted through 2018, 92% contracted through 2019 and 100% contracted through 2020, and with an estimated fleet-wide average remaining contract duration of 10.2 years, we believe we have significant cash flow visibility,” Lauritzen added.

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