Dynagas Lng Partners Lp · NYSE:DLNG
Dynagas Lng Partners Lp — Q2 2024 Earnings Presentation
13 slides from Dynagas Lng Partners Lp's earnings presentation, Sep 10, 2024
Slide 1: Q2 2024 Financial Results Presentation
Q2 2024 Financial Results Presentation 10 September, 2024
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 borrowings and to access debt and equity markets; planned capital expenditures and availability of capital resources to fund capital expenditures; our ability to maintain long-term relationships with major LNG traders; our ability to leverage our Sponsor’s r
Slide 4: Quarter Highlights
Quarter Highlights Quarter Highlights Net income of $10.7 million and Earnings per common unit (basic and diluted) of $0.20; Adjusted Net Income (1) of $12.4 million and Adjusted Earnings (1) per common unit (basic and diluted) of $0.25; Adjusted EBITDA(1) of $28.6 million; 100% fleet utilization; E
Slide 5: Financial Summary Q2 2024
Financial Summary q2 2024 Quarter Highlights ▪ Stable financial performance reflecting contract based operating In USD thousands, except TCE q2 2024 q1 2024 q2 2023 model. Voyage Revenues 37,615 38,055 37,653 Operating Income 18,821 19,337 18,298 ▪ Increase in Adjusted EBITDA and Adjusted Net Income
Slide 6: Cash Flow Bridge and Capital Structure
Cash Flow Bridge and Capital Structure CASH FLOW BRIDGE (1) CAPITAL STRUCTURE ($) thousand s ($) millions $337 $345 $54 $73 Senior Secured Debt Series A Preferred Units Series B Preferred Units Common Book Equity ▪ Decrease in cash as Partnership’s existing cash of $63.7 million were utilized along
Slide 7: Debt Highlights
Debt Highlights ▪ Ongoing deleveraging continuing: Refinancing completed on June 27th further reducing leverage to $345m on four LNG carriers, with NET DEBT / EBITDA two vessels debt-free. 7.0 6.6 ▪ Financial leverage metrics continue to strengthen with $378m in 6.0 5.6 debt paid since end 2018. 4.8
Slide 8: Fleet Profile
Fleet Profile Fleet ◼ 6 LNG carriers Total cbm capacity ◼ 914,100 cbm (149,700 cbm for steam turbine LNG fleet, 155,000 cbm for the tri-fuel diesel engine LNG fleet (TFDE’s)) Fleet average age ◼ ~14.1 years(1) Average remaining charter ◼ ~6.4 years (1)(2) duration ◼ Equinor (Norway), SEFE Marketing
Slide 9: Fleet Employment Overview
Fleet Employment Overview Size Charterer 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Clean Energy 150,000 SEFE (Singap ore) Rio Grand e L NG Ob River (1) 150,000 SEFE (Sing apore) Amur River (1) 150,000 SEFE (Singap ore) Yenisei River(2) 155,000 Yamal LNG (Sing apore) 5+5+5 yrs
Slide 10: Summary
Summary Financial Flexibility: Our new financing arrangements are flexible, low-cost, and long-tenor, enhancing our strategic flexibility for future initiatives. Significant Debt Reduction: Successfully lowered our debt from $675 million in September 2019 to $345 million and reduced our Net Debt to
Slide 11: Appendix
Appendix 10
Slide 12: 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 Three Months Ended Six Months Ended June 30, June 30, (In thousands of U.S. dollars except for units and per unit data) 2024 2023 2024 2023 Net Income $ 10,708 $ 14,430 $ 22,458 $ 24,030 Amortization of deferre
Slide 13: Reconciliation of Net income to Adjusted EBITDA
Reconciliation of Net income to Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, (In thousands of U.S. dollars) 2024 2023 2024 2023 Net income $ 10,708 $ 14,430 $ 22,458 $ 24,030 Net interest and finance costs (1) 8,182 9,222 16,837 18,402 Depreciation 7,994 7,951 15,988 15,816