Dynagas LNG Partners LP Enters Into New Long-Term Time Charter for the LNG Carrier Arctic Aurora and Extends Current Time Cha...
December 21 2017 - 9:00AM
Dynagas LNG Partners LP. (the “Partnership”) (NYSE:DLNG), an owner
and operator of LNG carriers, today announced the following:
The Partnership has entered into a new three
year charter agreement with Statoil ASA (“Statoil”) for the
employment of the Arctic Aurora, its 2013-built, 155,000 cubic
meter, tri-fuel diesel engine, ice class LNG carrier (the “Extended
Charter”). The Arctic Aurora is currently, and has been since 2013,
on charter to Statoil (the “Current Charter”). The Extended Charter
is expected to commence in the third quarter of 2018 in direct
continuation of the Current Charter (interrupted only by the
vessel’s mandatory statutory class five-year special survey and
dry-docking) and will have a firm period of about 3 years +/- 30
days. Statoil will have the option to extend the Extended Charter
by two consecutive 12-month periods at escalated rates.
PetroChina International (Singapore) Pte. Ltd.
(“PetroChina”) has exercised its right to extend the current
charter term for the Clean Energy, the Partnership’s 2007-built,
approximately 150,000 cubic meter LNG carrier, by a minimum period
of approximately 4 months. The Clean Energy was delivered to
PetroChina in October 2017 and is now expected to be redelivered to
the Partnership under the charter, as extended, at the earliest, in
May 2018 and at latest, in June 2018, prior to its delivery to
Gazprom Marketing & Trading Singapore Pte Ltd in July 2018,
when the vessel will commence a time charter with a term of
approximately eight years.
The extension of these two charter periods
increases the Partnership’s estimated contracted backlog to
approximately $1.51 billion with average remaining contract
duration of about 10.6 years.
Tony Lauritzen, Chief Executive Officer of the Partnership,
commented:
“We are pleased to report our extended charters
with Statoil and PetroChina. Statoil is an important partner for
Dynagas that further solidifies our operation of LNG carriers in
subzero and ice bound areas. The charter with PetroChina
strengthens an important cooperation that provides cleaner energy
in a rapidly growing Chinese gas market. As previously communicated
we have been executing on our strategy of securing term employment
for part of our availability in 2018 on the back of an improving
LNG shipping market.”
About Dynagas LNG Partners
LP.Dynagas LNG Partners LP. is a growth-oriented
partnership formed by its Sponsor to own, and operate liquefied
natural gas (“LNG”) carriers employed on multi-year charters. The
current fleet of Dynagas LNG Partners consists of six LNG carriers,
each of which has a carrying capacity of approximately 150,000 to
155,000 cbm. The Partnership and its Sponsor perform conventional
LNG shipping and specialized LNG shipping in sub-zero and ice bound
areas and represents the world’s largest fleet of ice classed LNG
carriers.
Visit the Partnership’s website at
www.dynagaspartners.com
Contact Information: Dynagas
LNG Partners LP23, Rue Basse, 98000 MonacoAttention: Michael
GregosTel. +37799996445Email: management@dynagaspartners.com
Investor Relations / Financial
Media:Nicolas BornozisPresidentCapital Link, Inc.230 Park
Avenue, Suite 1536 New York, NY 10169Tel. (212) 661-7566E-mail:
dynagas@capitallink.com
Forward-Looking
StatementsMatters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Partnership desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “expected,” “pending” and
similar expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, examination by the Partnership’s management of
historical operating trends, data contained in its records and
other data available from third parties. Although the Partnership
believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Partnership’s control, the
Partnership cannot assure you that it will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in the Partnership’s view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for Liquefied
Natural Gas (LNG) shipping capacity, changes in the Partnership’s
operating expenses, including bunker prices, drydocking and
insurance costs, the market for the Partnership’s vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties. The information set forth herein speaks only as of
the date hereof, and the Partnership disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
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