Dynagas LNG Partners LP · NYSE:DLNG
Dynagas LNG Partners LP — Q3 2015 Earnings Presentation
21 slides from Dynagas LNG Partners LP's earnings presentation, Nov 9, 2015
Slide 1: Dynagas LNG Partners 3rd Quarter and Nine Months 2015 Earnings Presentation
Dynagas LNG Partners (“DLNG”) 3rd Quarter and Nine Months ended September 30, 2015 Earnings Presentation November 9, 2015
Slide 2: Forward Looking Statements
Forward Looking Statements 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 our financial for
Slide 3: Today's Presenters
Today’s Presenters Tony Lauritzen Chief Executive Officer and Director Michael Gregos Chief Financial Officer 2
Slide 4: Recent Developments
Recent Developments Quarterly Common and On October 23, 2015, the Partnership announced a cash distribution for the third quarter of Subordinated Units Cash 2015 of $0.4225 per common and subordinated unit which will be paid on or about November Distribution 12, 2015, to all unit holders of record a
Slide 5: Q3 and Nine Months ended Sept. 30, 2015 Financial Results
Q3 and Nine Months ended Sept. 30, 2015 Financial Results Dynagas LNG Partners reports results for the quarter and nine months ended September 30, 2015: For the third quarter of 2015: • Net income and Adjusted Net Income(1) attributable to unitholders of $16.0 million. • Adjusted EBITDA of $29.1 mil
Slide 6: Selected Financial and Operational Data
Selected Financial and Operational Data Selected Corporate and Financial Data (USD in 3 Months 9 Months thousands) 30-09-15 30-09-14 30-09-15 30-09-14 Average Number of vessels 5.0 4.1 5.0 3.4 Available Days 460 373.5 1,365 924 Voyage revenues $37,015 $28,841 $108,186 $70,713 Operating Income $23,01
Slide 7: Distributable Cash Flow
Distributable Cash Flow Distributable Cash Flow (USD thousands) 3 Months 9 Months 30-09-15 30-09-14 30-09-15 30-09-14 Net Income $16,043 $13,994 $45,224 $35,241 Depreciation $6,101 $4,869 $18,104 $11,721 Amortization of deferred finance fees $383 $158 $1,153 $394 Net Interest and finance costs, excl
Slide 8: Capital Structure
Capital Structure Capital Structure Liquidity and Capital Resources USD millions (1) Series A • Total cash of $116.6 million as of September 30, 2015. Preferred Units, 75 • Further $30 million available credit support from our Sponsor. • Total Debt as of September 30, 2015: $ 560 million • 45% of to
Slide 9: Quarterly Distribution
Cash Distributions Cumulative Number of Increase in Effective Quarter Quarterly Cash Increase in operational Cash Distribution Payment Date Distribution Ended Distribution per Unit Distributions vessels for a per Unit per Unit full quarter 31 December, 2013 Feb-14 0.365 3 31 March, 2014 May-14 0.365
Slide 10: Partnership Fleet Profile
Partnership Fleet Profile Vessels 5 LNG carriers Total Capacity 759,100 cbm (149,700 cbm each for initial fleet, 155,000 for the Arctic Aurora and Yenisei River) Fleet Average Age ~5.9 years(1) Remaining Average Charter Duration ~4.3 years(1)(2) Counterparties Gazprom, BG Group and Statoil
Slide 11: Fixed Charters Provide Steady, Predictable Cash Flows
Fixed Charters Provide Steady, Predictable Cash Flows LNG Carrier Year Capacity Name Built (cbm) Charterer 2015 2016 2017 2018 2019 2020 Clean 2007 149,700 Energy Ob River 2007 149,700 Amur 2008 149,700 2028 River Arctic (1) 2013 155,000 Aurora Yenisei 2013 155,000 River Charterer optional period Fi
Slide 12: Sponsor Recent Developments
Sponsor Recent Developments Dynagas Holding Ltd. (the “Sponsor”) finalized the following agreements for the Yamal LNG Project: Newbuilding contracts for five 172,000 cubic meter Arc-7 newbuilding contracts to be constructed by Daewoo Shipbuilding and Marine Engineering Co., Ltd of South Korea for a
Slide 13: Drop-Down Opportunity
Drop-Down Opportunity Potential fleet growth with drop down pipeline of 10 high specification LNG Carriers all on long term contracts with high quality customers. 172,410 172,410 172,410 172,410 172,410 162,000 162,000 2,424,150 162,000 162,000 759,100 155,000 155,000 155,000 149,700 149,700 cbm (cu
Slide 14: Industry Overview
Industry Overview 13
Slide 15: Existing LNG Carrier fleet and orderbook
Existing LNG Carrier fleet and orderbook Global LNG Carrier Fleet & orderbook LNG Carrier orderbook LNG Carriers: existing and on order (number of vessels) LNG Carriers: on order (number of vessels) 17 Vessels on order: available for charter LNG Carriers on order: committed Vessels on order: 119 Ves
Slide 16: LNG Supply – Demand Growth through 2020
LNG Supply – Demand Growth through 2020 LNG Supply New LNG Export Production • Anticipated ~160 Mtpa of new supplies by 2020; a Million Tons of LNG 65% increase from 2014. 160 • LNG trade has remained relatively flat, ~240 Mtpa, USA Australia since 2011 due to constrained supply. 140 Canada Russia •
Slide 17: LNG Shipping Balance Outlook Through 2020
LNG Shipping Balance Outlook Through 2020 • The shipping market is expected to tighten by 2017 LNG Vessel Supply-Demand Balances as Australian and U.S. export projects ramp up. # of Vessels (Normalized to 160,000m3) • Our Base Case LNG Vessel Supply-Demand 600 Balance is a conservative forecast basi
Slide 18: Why Invest in DLNG
Why Invest in DLNG Fixed rate revenues ($566m backlog2) underpinned by long term charter contracts to diversified and credit worthy counterparties. Modern (average age: 5.9 years2) and flexible fleet operated by reputable manager with proven and strong track Record. Distribution growth of 15.8% sinc
Slide 19: Appendix
Appendix 18
Slide 20: 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 per common unit Reconciliation of Net Income to Adjusted Net Income available to common Three Months Ended Nine Months Ended unitholders and Adjusted Earnings per common unit (USD in thousands) September 30, September 30, 2015
Slide 21: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three Months Ended Nine Months Ended Adjusted EBITDA Statistics & Reconciliation (USD in September 30 September 30 thousands) 2015 2014 2015 2014 Reconciliation to Net Income Net Income $16,043 $13,994 $45,224 $35,241 Net interest and finance costs $6,