Dynagas LNG Partners Announces Early Delivery of Yenisei River and Extension of Yamal LNG Long Term Charter
August 27 2018 - 4:05PM
Dynagas LNG Partners LP (the “Partnership”) (NYSE: “DLNG”), an
owner and operator of LNG carriers, today announced that it has
entered into an agreement with Yamal Trade Pte. Ltd. for the early
commencement of the long term charter contract for employment of
the ice class liquefied natural gas (LNG) carrier Yenisei River in
the Yamal LNG Project. Pursuant to this agreement, the
Yenisei River will commence operating 180 days earlier and as a
result, the firm charter period has been extended from 15 years to
15 years plus 180 days. The Yenisei River was delivered early
to Yamal LNG on August 14, 2018, immediately upon completion of its
mandatory statutory class five-year special survey and dry-docking
in Singapore.
Tony Lauritzen, Chief Executive Officer of the
Partnership commented: “We are very pleased with the
extension of the firm charter period of the Yenisei River and its
early delivery to Yamal LNG. We have been focused on securing
long term employment and filling short and medium term availability
gaps in our fleet.
“Now that Yenisei River has commenced employment
with Yamal LNG early and the Lena River has been contracted for
employment by a major energy company, following its redelivery from
Gazprom and prior to commencing its long term charter with Yamal
LNG, our first potential vessel available for employment will be
the Arctic Aurora in 2021. Thereafter, our next vessel available
for employment is the Clean Energy in 2026.
“We believe the Yamal LNG Project is running
ahead of schedule and we are pleased we could accommodate Yamal
LNG’s shipping needs with the early delivery of the Yenisei
River. In addition, one of our Sponsor’s vessels (which we do
not own and do not generate any revenues from) was also delivered
to Yamal LNG six months earlier than its earliest contracted
delivery date.”
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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