Dynagas LNG Partners LP · NYSE:DLNG
Dynagas LNG Partners LP — Q3 2019 Earnings Presentation
14 slides from Dynagas LNG Partners LP's earnings presentation, Nov 22, 2019
Slide 1: Q3 2019 Financial Results Presentation
Q3 2019 Financial Results Presentation 22 November 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 Completion of a new $675 million Senior Secured Term Loan (the “Credit Facility”) which together with cash on hand was used to refinance all of the Partnership’s existing indebtedness under the Term Loan B and the Notes. The full amount was drawn on September 2
Slide 5: Q3'19 Financial Highlights
Q3’ 19 Financial Highlights USD in thousands (except for unit, average daily hire and other operational data) Q3 2019 Q2 2019 Q3 2018 Revenues 34,364 30,817 31,320 Adjusted Net Income (1) 2,775 771 3,275 Adjusted EBITDA (1) 23,775 20,875 23,474 Distributable Cash Flow (1) 7,007 4,907 7,506 Annualize
Slide 6: Refinancing
Refinancing New syndicated $675 million senior secured term loan, closed and funded on September 25, 2019 Use of funds: On September 25th, $470.4m was utilized to repay in full the outstanding principal under the Senior Secured Term Loan B. $250m (together with cash on hand) were utilized to repay t
Slide 7: Liquidity and Key Balance Sheet Data
Liquidity and Key Balance Sheet Data US$ million September 30, As Adjusted Following 2019 Repayment of Debt outstanding for the quarter ended includes the Notes on 30 October 2019 $675 million Credit Facility and $250 million unsecured notes (the “Notes”) which were repaid on Cash(1) 317.7 (250) 67.
Slide 8: 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 ~9.3 years(1) Average remaining charter duration ~8.9 years(1)(2) Equinor, Yamal (Total, CNPC, Silkro
Slide 9: Long Term Contracts Provide Stable, Visible Cash Flows
Long Term Contracts Provide Stable, Visible Cash Flows 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 L
Slide 10: Market Share: Leader in Ice Class Trades
Market Share: Leader in Ice Class Trades Dynagas Group (DLNG and Sponsor) has an 82% market share of the LNG carriers with ice class 1A FS or equivalent notations The Company’s Arc-4 LNG/ice class 1A FS vessels may trade in conventional open water areas and in ice bound areas No material diffe
Slide 11: Dynagas LNG Partners LP Overview
Dynagas LNG Partners LP Overview High Quality Fleet Stable, Contracted Cash Flow Attractive Financial Profile 6 Vessels 100% Contracted Revenue Global Refinancing and Deleveraging The Partnership operates six large LNG All six of the Partnership’s vessels are Traditional amortizing term loan sets th
Slide 12: Appendix
Appendix 11
Slide 13: Reconciliation of net income to adjusted Net Income and Adjusted Earnings / (loss) 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) September 30, 2019 2018 Net loss $ (4,740) $ (654) Non cash expense from accelerated amortization of deferred loan
Slide 14: Reconciliation of Net income to Adjusted EBITDA
Reconciliation of Net income to Adjusted EBITDA 1 Three Months Ended Reconciliation to Net income September 30, (In thousands of U.S dollars) 2019 2018 Net loss $ (4,740) $ (654) Amortization and write-off of deferred finance fees 8,316 819 Net interest and finance costs, excluding amortization 12,5