LNG

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.

Oct 7 (LNG) – One of the world’s main LNG shipping-focused conferences, Capital Link’s Annual New York Maritime Forum, is taking place on a virtual basis over two days on October 14-15. The conference will feature senior executives from 50 leading maritime companies, financiers and industry participants. The event is organized in partnership with DNB ASA, Norway’s largest bank and in cooperation with Nasdaq and the New York Stock Exchange. Registration for the event is complimentary.

   “The digital format of the event this year transforms NYMF into a truly global event,” said the organizers. The Forum has been held in New York City for the past 11 years and covers liquefied petroleum gas and LNG issues in the international shipping markets. Speakers next week include: Tony Lauritzen, Chief Executive of LNG fleet owner Dynagas LNG Partners, Oyestein Kalleklev, CEO of Flex LNG and Mark Kremin, President and CEO of Teekay LNG Partners.

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.