Dynagas LNG reports Q3 adjusted EPS 30c vs. 1c last year

Reports Q3 revenue $39.1M vs. $37M last year. The company said, “We are pleased to report the financial results for the three months ended September 30, 2024. In the third quarter of 2024, we reported a Net Income of $15.1 million, with earnings per common unit of $0.32. Adjusted EBITDA and Adjusted Net Income reached $28.9 million and $14.5 million respectively. All six LNG carriers in our fleet are currently operating under long-term charters with international gas companies. These contracts have an average remaining term of 6.2 years. Assuming no unforeseen events, the Partnership expects no vessel availability until 2028. As of November 22, 2024, our estimated contract backlog stands at approximately $1.01 billion, equating to an average of about $168 million per vessel. We are pleased to announce the reinstatement of a quarterly cash distribution to our common unitholders which reflects our strong cash flow and improved balance sheet. This is a significant milestone for the Partnership after a period during which the Partnership was unable to pay distributions to its common unitholders due to previous financing restrictions which no longer exist after the successful completion of our refinancing in June 2024 on improved terms. In addition to the cash distribution to our common unitholders, we are pleased with the Board’s authorization of a common unit repurchase program to buy back up to an aggregate of $10 million of the Partnership’s outstanding common units over the next 12 months. We believe it is in the interest of our common unitholders that the Partnership has the authorization to repurchase common units as part of our capital allocation strategy. Our capital allocation strategy aims not only to return capital to our unitholders but also to strategically position the Partnership for growth, with the flexibility to efficiently allocate capital depending on the circumstances. Our objective is to position the Partnership to capitalize on future market opportunities across not only our core business of LNG carriers but also in other shipping sectors. Moving forward, our priorities remain to provide safe, reliable service to our customers and to effectively allocate capital for the benefit of our common unitholders. Our robust financial position, highlighted by 100% of our fleet being under time charter until 2028 and the absence of debt maturities until 2029, positions us well for this initiative. Additionally, the current trading price of our common units, which is approximately 45% below our book value, presents a favorable opportunity for value creation through these repurchases. While approving the repurchase program, we carefully considered a variety of factors, including the need to balance returns to our common unitholders with the efficient use of capital for future opportunities while acknowledging the uncertain geopolitical landscape and regulatory environments. As with our cash distribution to common unitholders, the common unit repurchase program is a significant part of our capital allocation strategy and underscores our confidence in the Partnership and commitment to maximizing value for our unitholders.”