Athens-based LNGC owner, Dynagas LNG Partners has reported net income and earnings per common unit (basic and diluted) of $51.6 mill and $1.05, respectively for 2024
Adjusted net income was $54.2 mill and adjusted earnings per common unit (basic and diluted) was $1.12, while adjusted EBITDA came in at $115 million with 100% fleet utilisation.
For the fourth quarter of last year, the partnership reported net income and earnings per common unit (basic and diluted) of $14.1 mill and $0.29, respectively.
Adjusted net income was $15 mill and adjusted earnings per common unit were $0.32 with an adjusted EBITDA of $28.5 mill.
Subsequently, Dynagas declared a quarterly cash distribution of $0.5625 on the its series A preferred units for the period from 12th November, 2024 to 11th February, 2025, which was paid on 12th February.
In addition, a quarterly cash distribution of $0.677286319 on the the series B preferred units was declared for the period from 22nd November, 2024 to 23rd February and also declared a quarterly cash distribution of $0.049 per common unit for 4Q24, which was paid on 27th February, 2025.
CEO, Tony Lorentzen, said: “We are pleased with the financial results for the three months ended 31st December, 2024.
“For this quarter, our net income stood at $14.1 mill, with earnings per common unit of $0.29. We achieved an adjusted EBITDA and an adjusted net income of $28.5 mill and $15 mill, respectively.
“Our financial results reflect our stable, contracts-based operating model.
“Currently, all six LNG carriers in our fleet are under long-term charters with international gas companies with an average remaining term of 5.9 years.
“We anticipate, assuming no unforeseen events, no vessel availability until 2028. As of 6th March, 2025, our estimated contract backlog stands at approximately $1 bill.
“Following the refinancing of our outstanding debt in June, 2024, our financial leverage has improved significantly with two of our vessels now debt-free and a reduced annual debt amortisation of $44 mill.
“With no debt maturities until 2029 and contracted cash flows above our cash breakeven point, we continue to focus on strengthening our balance sheet to ensure enduring financial flexibility and sustained enhancement of common unitholder value,” he said.
Dynagas explained that current US and EU sanctions do not materially affect the business, operations or financial condition of the Partnership and, to its knowledge, its counterparties are currently performing their obligations under their respective timecharters in compliance with applicable US and EU rules and regulations.
However, the partnership warned that the full impact of the commercial and economic consequences of the Russian conflict with Ukraine is currently uncertain.
It said that it could not provide any assurance that any further development in sanctions, or escalation of the Ukraine conflict more generally, will not have a significant impact on its business, financial condition or results of operations.
