LNG carrier Dynagas' Q2 net income rises 28% yr/yr

Reuters
Sep 08
LNG carrier Dynagas' <a href="https://laohu8.com/S/QTWO">Q2</a> net income rises 28% yr/yr

Overview

  • Dynagas LNG Q2 net income rises 28% yr/yr, driven by reduced finance costs

  • Adjusted EBITDA for Q2 dips 3.1% due to lower cash voyage revenues

  • Co repurchased 156,319 common units under its Repurchase Program

Outlook

  • Dynagas LNG expects no vessel availability before 2028

  • Company has $0.9 bln estimated contract backlog

  • Dynagas LNG foresees annual cash savings of $5.7 mln from Series B redemption

  • Company says current sanctions have no material impact on operations

Result Drivers

  • LONG-TERM CHARTERS - High fleet utilization at 99.4% due to long-term charters with leading gas companies

  • DEBT REFINANCING - Reduced interest and finance costs following debt refinancing in June 2024

  • VOYAGE REVENUES - Slight increase in voyage revenues driven by non-cash effects from EU emissions allowances

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Voyage Revenues

$38.61 mln

Q2 Adjusted Net Income

$14.46 mln

Q2 Net Income

$13.71 mln

Q2 Adjusted EBITDA

$27.69 mln

Q2 Operating Income

$19.18 mln

Analyst Coverage

  • The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 3 three months ago

Press Release: ID:nGNXy6fSt

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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