Dynagas LNG Enters New Long-Term Charters, Maintains Current Distribution (NYSE:DLNG)
MARCH 31, 2016 BY ROBIN REYES IN DIVIDEND NEWS, STOCK -- NEWS ·
Dynagas LNG (NYSE:DLNG) announced Thursday that it has extended its current charter with Gazprom Global for the liquefied natural gas (LNG) carrier Ob River on the same terms until May 1, 2018, and entered into a long-term charter agreement with Gazprom Marketing and Trading for the Ob River for 10 years. Additionally, Dynagas has entered into a new long-term charter agreement for its LNG carrier Lena River for the Yamal LNG project in the Yamal peninsula in northern Russia. The Lena River is currently on time charter to Gazprom through late 2018.
The vessel is expected to join the Yamal LNG project in 2019 and is contracted to be chartered for a minimum of 15 years. Following the new Lena River and Ob River time charters, Dynagas’ minimum contracted revenue backlog has increased to $1.2 billion from $586.2 million, and the average remaining minimum contract duration has increased from 3.7 to 7.9 years, generating aggregate annualized net cash from operations of approximately $34.0 million. Management has recommended, however, that the current cash distribution per common and subordinated units remain unchanged. Shares last traded more than 6% higher at $10.20 with a 52-week range of $6.70 to $20.83.
The stock is up 14.86% or $1.43 after the news, hitting $11.05 per share. About 546,591 shares traded hands or 296.67% up from the average. Dynagas LNG Partners LP (NYSE:DLNG) has declined 23.83% since August 24, 2015 and is downtrending. It has underperformed by 32.85% the S&P500.
Dynagas LNG Partners LP, through its subsidiaries, operates in the seaborne transportation industry worldwide. The company owns and operates liquefied natural gas (LNG) vessels. As of January 21, 2016, its fleet consisted of six LNG carriers, with an aggregate carrying capacity of approximately 913,980 cubic meters. Dynagas GP LLC serves as the general partner of Dynagas LNG Partners LP. The company was founded in 2013 and is based in Monaco.
Dynagas LNG Partners LP - Receive
