Dynagas LNG Partners Announces Reduction in Quarterly Distribution to $0.0625 Per Common Unit for the Fourth Quarter 2018
January 25 2019 - 4:05PM
Dynagas LNG Partners LP (the “Partnership”) (NYSE: DLNG), an owner
and operator of LNG carriers, today announced that its board of
directors has reduced its quarterly cash distribution to $0.0625
per common unit with respect to the quarter ended December 31, 2018
from $0.25 per common unit in prior quarters. The cash
distribution to common unitholders is payable on February 14, 2019
to all common unitholders of record on February 7, 2019.
There are no changes to the quarterly cash distributions relating
to any of the Partnership’s outstanding preferred units.
Tony Lauritzen, CEO of Dynagas LNG Partners LP
commented: “Our Board of Directors believes that the decision to
reduce our cash distribution to common unitholders is necessary in
order to retain more of the cash generated from the Partnership’s
long term contracts to maintain a steady cash balance and to
facilitate the refinancing of the Partnership's $250 million notes
which mature on October 30, 2019 (the
“Notes”). The level of future cash
distributions to common unit holders, which may be further reduced
or eliminated by the Board of Directors of the Partnership, will be
subject to, among other factors, the final terms of the refinancing
of the Notes, including the level of indebtedness incurred (if any)
or new securities issued (if any) by the Partnership in connection
with such refinancing. The Partnership believes that the
reduction of the cash distribution described above is not
reflective of the Partnership’s underlying operational performance,
with our LNG carriers continuing to generate stable and predictable
long term cash flows from long term contracts with high quality
counterparties.”
About Dynagas LNG Partners
LP
Dynagas LNG Partners LP (NYSE: DLNG) is a
growth-oriented partnership formed by Dynagas Holding Ltd., its
sponsor, to own and operate LNG carriers employed on multi-year
charters. The Partnership’s current fleet consists of six LNG
carriers, with an aggregate carrying capacity of approximately
914,000 cubic meters.
Visit the Partnership’s website
at www.dynagaspartners.com
Contact Information:Dynagas LNG
Partners LP 23, Rue Basse, 98000 Monaco Attention: Michael Gregos
Tel. +377 99996445 Email:
management@dynagaspartners.com
Investor Relations / Financial Media: Nicolas
Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536
New York, NY 10169 Tel. (212) 661-7566 E-mail:
dynagas@capitallink.com
Forward-Looking Statement
Matters 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, the amount of cash
available for distribution, and other factors. Please see the
Partnership’s filings with and other reports furnished to 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. Further, we cannot assess the
effect of each such factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to
be materially different from those contained in any forward-looking
statement.
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