Dynagas LNG Partners LP · NYSE:DLNG
Dynagas LNG Partners LP — Q1 2019 Earnings Presentation
14 slides from Dynagas LNG Partners LP's earnings presentation, Jun 6, 2019
Slide 1: Q1 2019 Financial Results Presentation
s Q1 2019 Financial Results Presentation 6 June 2019
Slide 2: Forward Looking Statements and Disclaimer
Forward Looking Statements and Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable federal securities laws. All statements included in this presentation which are not historical or current facts (including ou
Slide 3: Forward Looking Statements and Disclaimer
Forward Looking Statements and Disclaimer In addition, unpredictable or unknown factors herein also could have material adverse effects on forward-looking statements. Please read the Partnership’s filings with the Securities and Exchange Commission for more information regarding these factors and th
Slide 4: Recent Developments
Recent Developments Quarter Highlights Net income for the first quarter of $1.9 million; Adjusted EBITDA(1) for the first quarter of $21.7 million; Distributable Cash Flow(1) for the first quarter of $5.8 million; Reported free cash of $112.3 million and available liquidity of $142.3 million each as
Slide 5: Q1'19 Financial Highlights
Q1’ 19 Financial Highlights USD in thousands (except for unit, average daily hire and other operational data) Q1 2019 Q4 2018 Q1 2018 Revenues 31,403 31,019 33,904 Adjusted Net Income (1) 1,731 1,292 7,232 Adjusted EBITDA (1) 21,716 21,587 26,590 Distributable Cash Flow (1) 5,782 5,522 11,286 Annual
Slide 6: Distributable Cash Flow and Cash Coverage Ratio
Distributable Cash Flow and Cash Coverage Ratio (USD in thousands) Q1’ 19 Distribution Coverage Q1’ 19 Cash Coverage Net income 1,892 Net income 1,892 Depreciation 7,480 Depreciation 7,480 Amortization of deferred financing fees 804 Amortization of deferred financing fees 804 Net interest and financ
Slide 7: Debt Refinancing Update
Debt Refinancing Update(1) Partnership Current Debt Profile: $250 million non amortizing 6.25% USD 250 million senior unsecured notes due October 30, 2019 (the “2019 Notes”); $470 million Secured Term Loan B due May 2023 with minimum $4.8 million amortization per annum (the “Term Loan B”). The Partn
Slide 8: Partnership Highlights
Partnership Highlights Credit story underpinned by long term charters. Reported free cash of $112.3 million. Stable and predictable operating expenses. 33% of Partnership’s contracts are on an OPEX and Dry-Dock pass through basis. No scheduled dry-docks until 2022. Estimated and expected 12 month fo
Slide 9: Fleet Profile
Fleet Profile Fleet 6 LNG carriers 914,100 cbm (149,700 cbm for steam turbine LNG fleet, 155,000 cbm for the tri-fuel Total cbm capacity diesel engine LNG fleet (TFDE’s)) Fleet average age ~8.8 years(1) Average remaining charter duration ~9.3 years(1)(2) Equinor, Yamal (Total, CNPC, Silkro
Slide 10: Partnership Fleet on Long Term Contracts
Partnership Fleet on Long Term Contracts L NG Carrier Year Capacity Name Built (cbm) Charterer 2019 2020 2021 2022 Clean 2007 149,700 2026 Ener gy Ob River 2007 149,700 2028 (1) A m ur 2028 2008 149,700 River (1) (1) A r ctic 2013 155,000 A ur or a Yenis ei 2013 155,000 2033/34 River Undisclosed L e
Slide 11: Market Share: Leader in Ice Class (Arc-4) Trades
Market Share: Leader in Ice Class (Arc-4) Trades “Dynagas Group” (DLNG and Sponsor) is believed to have an 82% market share of the vessels with ice class 1A FS or equivalent notations Limited vessel supply creates sublet opportunities for clients (Gazprom Sakhalin) First LNG shipping company
Slide 12: Appendix
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Slide 13: Reconciliation of net income to Adjusted Net Income and Adjusted Earnings per Common Unit
Reconciliation of net income to adjusted Net Income and Adjusted Earnings / (loss) per Common Unit Three Months Ended (In thousands of U.S. Dollars, except for units and per unit data) March 31, 2019 2018 Net income $ 1,892 $ 4,840 Amortization of deferred revenue (197) 138 Amortization of deferred
Slide 14: Reconciliation of Net income to Adjusted EBITDA
Reconciliation of Net income to Adjusted EBITDA 1 Three Months Ended Reconciliation to Net income March 31, (In thousands of U.S dollars) 2019 2018 Net income $ 1,892 $ 4,840 Armortization and write-off of deferred finance fees 804 811 Net interest and finance costs, excluding amortization 11,701 11