Dynagas LNG Partners (NYSE: DLNG) reported Q4 EPS of $0.08, $0.01 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $34.32 million versus the consensus estimate of $33.3 million.

CEO Commentary:

We are pleased to report the results for the three months and year ended December 31, 2019. Upon the delivery of our vessel Lena River to Yamal LNG on July 1, 2019 pursuant to her multi-year charter, each of our six LNG carriers are operating under their respective term charters with international gas producers with an average remaining contract term of 8.6 years. The earliest possible re-chartering availability in our fleet is in the third quarter of 2021, which is the earliest contracted re-delivery date for one of our six LNG carriers (Arctic Aurora) with the next carrier (Clean Energy) becoming available at the earliest in the first quarter of 2026.

The fleet performed well during the fourth quarter with a utilization of 100%. We reported Net Income of $5.5 million for the fourth quarter and Adjusted EBITDA of about $24.0 million, the latter of which is in line with our previous estimate of an annualized EBITDA of approximately $95.0 million and which assumed that all of our vessels had been delivered pursuant to their respective long-term charters (i.e., from July 1, 2019).

We have in place term charter contracts with international energy companies for each of our vessels that generate cash flows that may be used towards the increased amortization requirements of our syndicated $675 million senior secured term loan, or the Credit Facility, which is expected to build equity value over time. As a result of our financial profile, which is intended to deleverage our debt over time, we expect to be better positioned for future growth initiatives as we expect global LNG markets to continue their robust development

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