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Thursday, September 21, 2017

Dynagas LNG Posts Q2 Loss

September 5, 2017

Pic: Dynagas LNG Partners

Pic: Dynagas LNG Partners

 Greece-based Dynagas LNG Partners has reported a second-quarter loss of USD 5.2 million, after reporting a profit in the same quarter a year before.

 
Tony Lauritzen, Chief Executive Officer of the Partnership, commented: "We have previously communicated that this quarter would be affected by scheduled class surveys and related dry dockings for three of our six vessels which would result in cost items and would also qualify as off-hire under the relevant contracts."
 
"We are satisfied that the class surveys, including dry dockings, were completed in a quick and efficient manner with an average of approximately 15 days per vessel from arrival to departure at the shipyard. The vessels are on a 5-year special survey cycle, therefore we expect the next special class survey and related dry docking to occur in about 5 years," he added.
 
"Our reported earnings for the second quarter of 2017 were, as expected, below those of the second quarter of 2016 and were impacted by the following: (i) the class surveys and related dry dockings of three of our vessels, as described above, (ii) the temporary employment of the Clean Energy on the spot market, (iii) the inclusion in second quarter results of one-off non-cash expenses associated with our refinanced bank loans and (iv) our decision to reduce the charter hire rate on two vessels, the Yenisei River and the Lena River, with effect from November 2016, in exchange for a long-term charter on the Clean Energy with an approximate eight year term. These transactions were net accretive to our contracted backlog, thereby enhancing our revenue visibility."
 
As of September 5, 2017, the Partnership had contracted employment for 84% of its fleet estimated Available Days for 2017, 75% of its fleet estimated Available Days for 2018 and 75% of its fleet estimated Available Days for 2019.
 
As of the same date, the Partnership's contracted revenue backlog estimate was approximately $1.49 billion, with average remaining contract duration of 10.2 years. 
 
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