Dynagas LNG Partners LP (NYSE:DLNG) stock fell 1.79% (As on September 15, 11:30:39 AM UTC-4, Source: Google Finance) after the company posted mixed result for the second quarter of FY 23. For the second quarter of 2023, the company has reported Adjusted Net Income of $5.8 million and Adjusted EBITDA of $23.0 million. All six LNG carriers in thw fleet operate under their respective long-term charters with international gas companies with an average remaining contract term of approximately 7.4 years. Since December 31, 2019 the company has reduced the net leverage ratio from 6.6 to 4.3, while also increasing the book equity value by 41%, to $442.2 million. As of June 30, 2023, the Partnership reported total cash of $52.9 million.

DLNG in the second quarter of FY 23 has reported the adjusted earnings per share of 8 cents, missing the analysts’ estimates for the adjusted earnings per share of 18 cents. The company had reported the adjusted revenue of $37.7 million in the second quarter of FY 23, beating the analysts’ estimates for revenue of $33.7 million. Voyage revenues for the three months ended June 30, 2023 were $37.7 million as compared to $33.4 million for the corresponding period of 2022, which represents a net increase of $4.3 million or 12.9%, which is mainly attributable to the increase in the deferred revenue amortization relating to the new time charter party agreement of the Arctic Aurora, as well as to the increase in available days of the Clean Energy and the Amur River for the three months ended June 30, 2023 compared to the corresponding period of 2022, due to their scheduled dry-docks completed in 2022.

Meanwhile, the company has entered into new time charter party agreements for the Clean Energy and the Arctic Aurora with Rio Grande LNG, LLC, a subsidiary of NextDecade Corporation, adding approximately $270 million to the Partnership’s revenue backlog. The Clean Energy will be employed for a time charter period of about two years, commencing between March – May 2026 following the expiration of the vessel’s existing time charter to SEFE Marketing & Trading. The Arctic Aurora will be employed for a time charter period of about seven years, commencing between September – November 2026 following the expiration of the vessel’s existing time charter to Equinor ASA. The company has also commenced the scheduled dry-dock of the Yenisei River, Lena River and Arctic Aurora including installation of ballast water treatment equipment in accordance with current regulations.