Dynagas LNG Beats Profit Forecasts, May Add Five More LNG Tankers
With earnings, adjusted for amortization costs, profits came to 43 cents per share, Greece-based Dynagas LNG Partners LP (DLNG) exceeded Wall Street expectations.
The company is looking into the opportunity of acquiring five LNG carriers currently owned by the parent company Dynagas Holding Ltd.
Dynagas LNG has reported first-quarter profit of $14.9 million. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The gas shipping company posted revenue of $35.6 million in the period. Adjusted EBITDA for the three months ended March 31, 2015 was USD 28.1 million, compared to USD 16.5 million in the corresponding period of 2014, which represents an increase of 70.3%.
“The results show an improvement compared to the same period in 2014, which is primarily due to the increase in the number of vessels in our fleet in line with our growth strategy,” the company said in a comment on its quarter results.
Meanwhile, fleet of five LNG carriers (the ‘optional vessels’) currently owned by the parent company Dynagas Holding, will be acquired by the company to provide it with an identified opportunity for growth.
“The fleet of five LNG carriers currently owned by our Sponsor, which we have the right to acquire, provides us with an identified opportunity for growth,” says a statement from the company.
Dynagas LNG Partners said that its fleet was fully contracted through 2016 and 80% contracted through 2017.