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Dynagas LNG Partners
Dynagas LNG Partners is a Monaco-based shipping master limited partnership. The partnership owned six 155,000 cu m LNG tankers as of late August. Dynagas LNG Partners had its initial public offering in New York in November 2013. Dynagas Holdings, a private company controlled by Greek shipping tycoon George Prokopiou is the partnership’s sponsor and general partner.
Dynagas Partners posted a slim second-quarter profit, contrasting with a loss made in the same quarter a year ago.
It reported net income of $400,000 versus a net loss of $5.2m in the second quarter of 2017.
Chief executive Tony Lauritzen said the earnings were “in line with our expectations”.
However, earnings per common unit of $0.08 beat analysts’ expectations by $0.07.
Dynagas Partners had 85% contracted employment for this year as of late July, rising to 99% next year and 100% in 2020.
The partnership has paid a second-quarter cash distribution of $0.25 per common unit.
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Proceeds from Series B redeemable units will be for general partnership purposes that may include repaying of debt or funding of acquisitions
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