LNG News Editor:
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.
The Dynagas partnership, listed on the New York Stock Exchange, reported second-quarter net income of $9.1 million, up from $6.4M in the same three months of 2020.
Half-year
Six-month net income to the end of June 2021 jumped to $24.9M from $13.3M in the same period of 2020.
The six vessels in the Dynagas fleet are the “Clean Energy”, the “Amur River”, the “Ob River”, the “Arctic Aurora”, the “Yenisei River” and the “Lena River”.
Five of the six carriers have winterized Ice-class 1A classification for delivering through Russian Arctic waters. Only the “Clean Energy” is not an ice-class vessel.
The first three ships on the list have capacity of 149,700 cubic metres capacity vessel and the second three vessels of the half-dozen have 155,000 cubic metres capacity.
Dynagas voyage revenues in the second quarter came to $33.9M, little changed from the 2020 quarter.
Voyage revenues in the first half fell to $67.3M from $68.3M in the first six months of 2020.
Dynagas stated in its earnings that a new time charter party agreement with entered into with Norwegian energy company Equinor for the employment of the “Arctic Aurora” vessel.
“Under the new time charter, the ‘Arctic Aurora’ is expected to be delivered to Equinor in September 2021 in direct continuation of the current charter party with Equinor, meaning there will be no lapse of time between the current and the new time charter,” explained Dynagas.
