From GlobeNewswire: 2024-11-22 08:30:00

Dynagas LNG Partners LP reported strong financial results for the three and nine months ended September 30, 2024. Highlights include $37.5 million in net income and $0.75 in earnings per common unit for the nine months, and $15.1 million in net income and $0.32 in earnings per common unit for the quarter. Adjusted EBITDA reached $86.5 million. The fleet had 100% utilization. Quarterly cash distributions were declared and paid to preferred unit holders, with a future distribution planned for common unitholders. The Board authorized a $10 million common unit repurchase program over the next 12 months.

The ongoing conflict between Russia and Ukraine has led to sanctions from the US, EU, Canada, and other countries. While the Partnership’s operations have not been significantly impacted yet, the full extent of the economic consequences remains uncertain. The Partnership is closely monitoring developments and potential impacts on its business, financial condition, and results of operations.

Financial results for the three and nine months ended September 30, 2024, show growth in voyage revenues, net income, and Adjusted EBITDA compared to the same periods in 2023. Fleet utilization was at 100%, with vessels operating under long-term charters. The Partnership’s strong financial position, with no debt maturities until 2029, positions it well for growth opportunities.

Adjusted EBITDA for the three months ended September 30, 2024, was $28.9 million, reflecting an increase from the previous year. Adjusted Net Income reached $14.5 million, up from $3.1 million in the same period in 2023. Voyage revenues for the quarter were $39.1 million, with a fleet utilization rate of 100%. Vessel daily operating expenses were lower than the previous year.

The Partnership’s liquidity and financing activities show positive trends, with increased net cash from operating activities and total cash of $52.0 million as of September 30, 2024. Contracted time charter coverage and revenue backlog provide stability and long-term visibility for the Partnership’s financial performance.

Overall, Dynagas LNG Partners LP’s strong financial results, strategic initiatives, and focus on growth opportunities position it well for continued success in the LNG carrier industry. The Partnership’s commitment to maximizing value for unitholders, through cash distributions, repurchase programs, and strategic capital allocation, reflects its dedication to sustainable growth and financial strength.



Read more at GlobeNewswire:: Dynagas LNG Partners LP Reports Results for the Three and