Athens, Greece – Dynagas LNG Partners LP held their Q1 2024 Earnings Call on June 28, 2024, discussing their financial results for the quarter. CEO Tony Lauritzen and CFO Michael Gregos led the call, providing insight into the company’s performance and future outlook.

During the call, Lauritzen highlighted the company’s net income of $11.8 million and earnings per common unit of $0.23 for the first quarter of 2024. Additionally, adjusted net income was reported at $12.4 million, with adjusted earnings per common unit reaching $0.25. The company also revealed an adjusted EBITDA of $29 million for the same period.

One of the key announcements made was the completion of a new lease financing agreement totaling $345 million with China Development Bank Financial Leasing for four out of the six LNG carriers in their fleet. This financing, combined with available cash reserves, allowed Dynagas LNG Partners to fully repay existing debt before its maturity in September 2024.

Gregos discussed the company’s improved financial position, noting a reduction in total debt outstanding to $345 million following the refinancing. With two vessels now debt-free, the company expects greater flexibility moving forward, aiming to further reduce financial leverage based on their current run rate EBITDA of $115 million.

Looking ahead, Dynagas LNG Partners stated that their fleet comprises of six LNG carriers with an average age of approximately 13.9 years. With long-term charters in place and a contracted backlog of approximately $1.07 billion as of June 20, 2024, the company’s commercial strategy is centered on securing stable revenue streams.

The company expressed confidence in their financial management strategies, highlighting a significant reduction in debts since 2019, improved net debt to EBITDA ratio, and enhanced equity book value. With a focus on organic deleveraging and contracted cash flows, Dynagas LNG Partners looks to explore new opportunities and deliver value to their shareholders.

In conclusion, Lauritzen thanked participants for their time and attention during the call, expressing anticipation for future communications. The call concluded with no further questions, signaling a positive outlook for Dynagas LNG Partners as they continue to navigate the LNG industry landscape.