LNG

Dynagas LNG Partners, the owner of six LNG carriers and mostly involved in Russian cargo liftings, posted a 22 percent increase in quarterly net income even as ownership issues arose because of the Ukraine war and the German Government prolonged control of Gazprom charters.

Dynagas LNG Partners, the owner of six LNG carriers and mostly involved in Russian cargo liftings, has confirmed in its latest earnings report that three of its carrier charters are now controlled by the German government because they were under contract to Russian natural gas company Gazprom.

Dynagas LNG Partners, the owner of six LNG carriers and with five of them ice-class, has given an upbeat assessment of the cargo market and shipping developments from the safe point of view of all its vessels being on long-term charters.

Dynagas LNG Partners, the small Greek LNG fleet owner with mostly ice-class vessels, reported a 42 percent increase in second-quarter net income, mainly attributable to a decrease in financing costs as all ships remained chartered for the next seven years on average and fleet growth was a possibility.

Sovcomflot, the Russian shipping line with an overall fleet of 145 vessels, said its LNG carrier, the “Christophe De Margerie”, reached Cape Dezhnev in Russia’s Far East to complete the earliest annual eastbound voyage carrying a cargo along the Northern Sea Route.

Novatek, the independent Russian natural gas company and majority owner of the Yamal LNG plant, said it aimed to create an LNG shipping subsidiary called Maritime Arctic Transport as part of its strategy to build a second Arctic liquefaction plant and to produce total volumes of more than 50 million tonnes per annum.

Dynagas LNG Partners, the US-listed owner of six modern LNG carriers chartered to companies such as Russia’s Gazprom, posted a 55 percent plunge in annual revenue, with the Chief Executive saying the slump was only short term.

Dynagas LNG Partners, the Greek-owned carrier operator with six vessels, posted first-quarter operating income of $8.7 million and a net loss $5.2M amid extra expenses for a scheduled class survey and dry-dock costs for the company’s three steam turbine-powered vessels.

June 9 (LNGJ) - Dynagas LNG Partners, the owner and operator of a fleet of six LNG carriers, said net income fell almost 25 percent for the three months to the end of March 2017, coming in at $12.9 million compared with $17.1M in the same quarter a year ago. Dynagas also has options to buy five more carriers from its European-based affiliate Dynagas Holdings. “Part of our strategic plan has been to enter into longer-term charters for the employment of the vessels in our fleet,” said Tony Lauritzen, Chief Executive of the US-listed company. “In general, long-term charters are priced at day rates below shorter-term charters. Our average remaining contract duration is now 10.5 years and our contracted backlog estimate is $1.52 billion, thereby providing us with significant cash flow visibility,” stated Lauritzen.

The US-listed partnership subsidiary of the Greek LNG carrier fleet owner Dynagas managed to successfully complete a $480-million loan transaction linked to its contracts for Ice-Class vessels chartered to Russian natural gas giant Gazprom.