Dynagas Lng Partners Lp · NYSE:DLNG
Dynagas Lng Partners Lp — Q1 2024 Earnings Presentation
13 slides from Dynagas Lng Partners Lp's earnings presentation, Jun 28, 2024
Slide 1: Q1 2024 Financial Results Presentation
Q1 2024 Financial Results Presentation 28 June, 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: Recent Developments
Recent Developments Quarter Highlights Net income of $11.8 million and Earnings per common unit (basic and diluted) of $0.23; 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 $29.0 million; 100% fleet utilization.
Slide 5: New Lease Financing Agreement
New Lease Financing Agreement On June 27, 2024 the amount of $345 million together with $63.6m cash on hand were utilized to prepay in full the $408.6 million outstanding principal under the $675 million credit facility prior to its maturity in September 2024; Main features of the finance lease agre
Slide 6: Pro-forma Cash Flow Post-Refinancing
Pro-forma Cash Flow Post-Refinancing Following the $345 million refinancing, our fleet (over the next twelve months) is estimated to generate free cash flow of approximately $8m per quarter after distributions to preferred unitholders, contingent on current SOFR rates, utilization and operating expe
Slide 7: Financial Summary q1 2024
Financial Summary q1 2024 Credit Metrics Q1 2024 Financials Historical Financial Performance 3.3x $38.1 million Adjusted Net Income ($m) Q1 2024 Net Debt to LTM EBITDA Voyage revenues 14.0 38% $11.6 million 12.0 Q1 2024 Net Debt to Total Book Operating cash flow 10.0 Cap $68,128 per day 8.0 $76.0 mi
Slide 8: Fleet Profile
Fleet Profile Fleet n 6 LNG carriers n 914,100 cbm (149,700 cbm for steam turbine LNG fleet, 155,000 cbm for the tri-fuel diesel Total cbm capacity engine LNG fleet (TFDE’s)) Fleet average age n ~13.9 years(1) Average remaining charter n ~6.6 years(1)(2) duration n 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 (Singapore) Rio Grande LNG Ob River (1) 150,000 SEFE (Singapore) Amur River (1) 150,000 SEFE (Singapore) Yenisei River(2) 155,000 Yamal LNG (Singapore) 5+5+5 yrs Lena R
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
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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 March 31, (In thousands of U.S. dollars except for units and per unit data) 2024 2023 Net Income $ 11,750 $ 9,600 Amortization of deferred revenue 1,700 (3,629) Amortization and write-off of
Slide 13: Reconciliation of Net income to Adjusted EBITDA
Reconciliation of Net income to Adjusted EBITDA Three Months Ended March 31, (In thousands of U.S. dollars) 2024 2023 Net income $ 11,750 $ 9,600 Net interest and finance costs (1) 8,655 9,180 Depreciation 7,994 7,865 Loss on Debt extinguishment — 154 (Gain)/ Loss on derivative financial instrument