Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three and six months ended June 30, 2022.
Quarter Highlights:
Subsequent Events:
CEO Commentary:
We are pleased to report the results for the three- and six-months period ended June 30, 2022.
All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 6.4 years. As of September 22, 2022, our estimated contracted revenue backlog1 2 was $0.95 billion.
The earliest contracted re-delivery date for any of our six LNG carriers is in the third quarter of 2023 (for the Arctic Aurora), with the second earliest contracted re-delivery date in the first quarter of 2026 (for the Clean Energy), both subject to the terms of the applicable charter.
For the second quarter of 2022, we reported Net Income of $11.1 million, earnings per common unit of $0.22, Adjusted Net Income of $9.1 million and Adjusted EBITDA of $22.9 million. While future results may vary, we are pleased to report 100% utilization for our fleet for the ninth quarter in a row.
During the second quarter of 2022 and the subsequent period until to date we successfully completed the scheduled dry docks of the Clean Energy, the Amur River and the Ob River, including ballast water treatment equipment installation in all three vessels in accordance with current regulatory requirements.
We are in a period of high demand for LNG shipping, which we believe will benefit the Partnership.
We continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity so as to build equity value. This, we believe, will enhance our ability to pursue future growth initiatives.
Russian Sanctions Developments
Due to the ongoing Russian conflicts with Ukraine, the United States (“U.S.”), European Union (“E.U.”), Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government.
