The following is a summary of the Dynagas LNG Partners LP (DLNG) Q3 2023 Earnings Call Transcript:
Financial
Q3 net income of $1.4 million; loss per unit: $0.04.
Adjusted net income: $3.1 million; adjusted earnings per unit: $0.01.
Revenue up 23.7% YoY to $37 million.
Decreased net leverage to 4.1 times; increased book equity value by 42%.
Business
Six LNG carriers operating under long-term contracts.
Completed dry-docking for three vessels; plans for fully employed fleet through 2027.
Continuous efforts towards debt reduction.
Ongoing negotiations for credit facility refinancing, completion expected in Q1 2024.
Financial Performance:
Dynagas LNG Partners reported a Q3 net income of $1.4 million with a loss per common unit of $0.04.
The adjusted net income amounted to $3.1 million, corresponding to adjusted earnings per common unit of $0.01.
The revenue increased to $37 million, a significant 23.7% increase compared to Q3 2022.
The company managed to decrease its net leverage to 4.1 times while increasing the book equity value by 42% to $441 million through the repayment of $242 million in debt from December 2019 until September 2023.
Business Progress:
All six LNG carriers in Dynagas' fleet were operating under long-term contracts with international gas companies during the third quarter.
The company successfully completed scheduled dry-docking for three vessels and plans on a fully employed fleet through 2027 to mitigate potential market uncertainties.
Partnership ongoing efforts to reduce debt will also contribute towards raising equity value.
An important future strategic move for the company is its current negotiations for refinancing their credit facility, expected to be completed in Q1 2024.
More detailed: Dynagas LNG Partners LP IR
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