Financial Performance Overview - For the three months ended December 31, 2024, the company reported a net income of $14.1 million, an increase of 34.3% compared to $10.5 million in the same period of 2023 [14] - Adjusted net income for the same period was $15.0 million, reflecting a 45.6% increase from $10.3 million in the prior year [15] - Voyage revenues for Q4 2024 were $41.7 million, up 12.7% from $37.0 million in Q4 2023, primarily due to increased revenues from the Arctic Aurora [16] Operational Metrics - The company achieved 100% fleet utilization during the three-month periods ended December 31, 2024, and 2023 [17] - Average daily hire gross of commissions was approximately $71,460 per day per vessel for Q4 2024, compared to $70,000 in Q4 2023 [17] - Vessel operating expenses decreased to $8.1 million in Q4 2024, with a daily rate per vessel of $14,732, down from $8.4 million and $15,172 in Q4 2023 [18] Cash Flow and Liquidity - The company generated net cash from operating activities of $32.5 million in Q4 2024, a 60.9% increase from $20.2 million in Q4 2023 [24] - As of December 31, 2024, total cash was reported at $68.2 million, with outstanding financial liabilities under sale and leaseback agreements totaling approximately $320.7 million [25] Debt and Financial Leverage - Following the refinancing of outstanding debt in June 2024, the company improved its financial leverage, with two vessels now debt-free and reduced annual debt amortization of $44 million [9] - There are no debt maturities until 2029, and contracted cash flows are above the cash breakeven point [9] Future Outlook - The company has a contract backlog estimated at approximately $1.0 billion, with an average remaining contract term of 5.9 years [9][26] - All six LNG carriers in the fleet are under long-term charters with international gas companies, ensuring stable revenue streams [9]
Dynagas LNG Partners LP Reports Results for the Three and Twelve Months Ended December 31, 2024