Dynagas LNG Reports Q3 EPS of $0.12

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Credits: Alvarez/Unsplash

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas carriers, has announced its results for the three and nine months ended September 30, 2022.

Quarter Highlights

  • Net income and earnings per common unit (basic and diluted) of $7.4 million and $0.12, respectively;
  • Adjusted Net Income of $4.5 million and Adjusted Earnings per common unit (basic and diluted) of $0.04;
  • Adjusted EBITDA of $20.0 million;
  • 100% fleet utilization;
  • Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units for the period from May 12, 2022 to August 11, 2022 and $0.546875 per unit on the Series B Preferred Units for the period from May 22, 2022 to August 21, 2022; and
  • Completed the scheduled dry-dock of the Amur River and OB River including the installation of ballast water treatment equipment in accordance with current regulations.

Subsequent Events

  • Declared a quarterly cash distribution of $0.5625 on the Partnership’s Series A Preferred Units for the period from August 12, 2022 to November 2022, which was paid on November 14, 2022 to all preferred Series A unit holders of record as of November 7, 2022;
  • Declared a quarterly cash distribution of $0.546875 on the Partnership’s Series B Preferred Units for the period from August 22, 2022 to November 21, 2022, which was paid on November 22, 2022 to all preferred Series B unit holders of record as of November 15, 2022; and
  • On October 12, 2022 and pursuant to the designation of Amsterdam Trade Bank (“ATB”) by the Office of Foreign Assets Control as a Specially Designated National, the Partnership, in agreement with all lenders of the $675 Credit Facility, made a voluntary prepayment of $18,73 million which was applied in prepayment of the entire participation of ATB to the $675 Million Credit Facility. An amount equal to the above-mentioned prepayment was released from the Cash Collateral Account in order to make the prepayment.

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Source: Globe Newswire

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