Q2 2024 Dynagas LNG Partners LP Earnings Call Transcript
Key Points
- All six LNG carriers in Dynagas LNG Partners LP (DLNG)'s fleet were operating on long-term charters with esteemed international gas companies.
- Reported net income of $10.7 million and adjusted net income of $12.4 million for the second quarter of 2024.
- Successfully concluded new lease financing agreements with China Development Bank Financial Leasing, securing $344.9 million in financing.
- Substantially reduced debt levels and secured a more flexible financing structure, with two LNG carriers now debt-free.
- Maintained 100% scheduled fleet utilization during the second quarter, ensuring stable operations.
- Revenue slightly decreased to $37.6 million from $38 million in the first quarter.
- Operating income for the second quarter decreased by 2.6% to $18.8 million from the prior quarter.
- Net income for the second quarter was slightly lower at $10.7 million compared to $11.75 million in the first quarter.
- A one-off loss on debt extinguishment of $331,000 due to early prepayment of the prior credit facility.
- Anticipated increase in interest expenses when the interest rate swap matures, leading to higher debt service costs in the fourth quarter.
Thank you for standing by, ladies and gentlemen, and welcome to the Dynagas LNG Partners conference call on the second quarter 2024 financial results.
We have with us today Mr. Tony Lauritzen, Chief Executive Officer; and Mr. Michael Gregos, Chief Financial Officer of the company. (Operator Instructions) I must advise you this conference is being recorded today.
Please be reminded that the company announced its results with a press release that has been publicly distributed. At this time, I'd like to remind everyone that in today's presentation and conference call, Dynagas LNG Partners will be making forward-looking statements. These statements are within the meaning of the federal securities laws. This conference call and slide presentation of the webcast contains certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
The statements in today's conference call are not historical facts, including, among others, the expected financial performance of Dynagas LNG Partners' business, Dynagas
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