DLNG - Dynagas LNG Partners trades lower post Q2 results

Dynagas LNG Partners (DLNG -5.3%) voyage revenues for both the quarters 2021 and 2020 were $33.9M. Adj. net income increased 5.1% Y/Y to $10.4M, mainly due to the net effect of the decrease in finance costs and the increase in operating and G&A expenses. Fleet Utilization for both the quarters operated at 100%. TCE rate was also flat to $60,879 from $60,813. Adj. EBITDA margin declined 150 bps to 69.7%. As of Sept. 7, 2021, the Partnership’s contracted revenue backlog estimate was $1.09B, with an average remaining contract term of 7.4 years. Average number of vessels in the period remained flat at 6. Vessel operating expenses of $7.6M increased 10.1% Y/Y; equivalent to daily rate of $13,945. Generated net cash from operating activities of $15.8M, increase of 95.1% Y/Y. As of June 30, 2021, total cash of $86.8M, outstanding indebtedness under the $675M, credit facility amounted to $591M. Book equity was $359M;

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Dynagas LNG Partners trades lower post Q2 results