Dynagas LNG Partners LP (NYSE:DLNG) stock fell 3.26% (As on June 28, 12:04:27 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 22. The operating income declined 20.3% Y/Y to $12.56 million, and the margin contracted 940 bps to 37.7%. Adjusted EBITDA was $22.94 million (-3.9% Y/Y), and the margin contracted by 240 bps to 69%. DLNGs All six LNG carriers have an average remaining contract term of 6.6 years. As of June 27, 2022, the estimated contracted revenue backlog was $0.98 billion. The company reported average daily hire gross of commissions of ~$63,130 per day per vessel for the quarter, compared to ~$62,250 per day per same quarter 2021, on vessels operated at 100% utilization. DLNG generated net cash from operating activities of $24.8 million for the quarter, compared to $22.9 million a year ago. As of March 31, 2022, the company held total cash of $106.6 million. As of June 27, 2022, DLNG had estimated contracted time charter coverage for 100% of its fleet’s available days for 2022, 96% of its available days for 2023, and 83% of its fleet’s estimated Available Days for 2024. As of March 31, 2022, the Partnership had unused availability of $30.0 million under its interest free $30.0 million revolving credit facility with its Sponsor, or the $30.0 Million Revolving Credit Facility, which was extended on November 14, 2018, and is available to the Partnership at any time until November 2023.

DLNG in the first quarter of FY 22 has reported the adjusted earnings per share of 19 cents, beating the analysts’ estimates for the adjusted earnings per share of 17 cents. The company had reported 0.5 percent fall in the adjusted revenue to $33.26 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $32.23 million. Adjusted Net Income for the three months ended March 31, 2022 was $10.0 million compared to $10.6 million for the corresponding period of 2021, which represents a net decrease of $0.6 million or 5.7%, mainly due to the increase in the vessels’ operating expenses. Voyage revenues for the three months ended March 31, 2022 were $33.3 million as compared to $33.4 million for the corresponding period of 2021. The Partnership reported average daily hire gross of commissions of approximately $63,130 per day per vessel in the three-month period ended March 31, 2022, compared to approximately $62,250 per day per vessel for the corresponding period of 2021.