Dynagas LNG Partners LP (NYSE:DLNG) stock fell 9.09% (As on June 21, 11:24:17 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 23. For the first quarter of 2023, Adjusted Net Income was $6.5 million compared to $10.0 million for the corresponding period of 2022, which represents a net decrease of 35%.  As of March 31, 2023, the Partnership reported total cash of $52.9 million. As of June 20, 2023, the Partnership had estimated contracted time charter coverage for 100% of its fleet estimated Available Days for 2023, 2024 and 2025. All six LNG carriers in the fleet are operating under their respective long-term charters with international gas companies with an average remaining contract term of 6.1 years. As of June 20, 2023, the estimated contracted revenue backlog was $0.96 billion.

Meanwhile, the company has the strategy of creating equity value through reducing debt and have since September 2019, repaid $218.4 million in debt, which includes two voluntary loan prepayments of $18.7 million and $31.3 million, which were effected on October 12, 2022 and on March 27, 2023, respectively, in agreement with the lenders of our $675 million credit facility. The current debt outstanding is $456.6 million. Since December 31, 2019 the company has reduced the net leverage ratio from 6.6 to 4.5, while also increasing the book equity value by 37% to, $430.6 million.

DLNG in the first quarter of FY 23 has reported the adjusted earnings per share of 10 cents, missing the analysts’ estimates for the adjusted earnings per share of 21 cents. The company had reported the adjusted revenue of $37.26 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $33.68 million.

Voyage revenues for the three months ended March 31, 2023 were $37.3 million as compared to $33.3 million for the corresponding period of 2022, which represents a net increase of 12.0%. This increase is mainly attributable to the increase in the deferred revenue amortization relating to the new time charter party agreement with Equinor ASA for the new employment of the Arctic Aurora which will commence in September 2023, as well as to the higher revenue earning days of the Clean Energy in the three months ended March 31, 2023 compared to the corresponding period of 2022, due to the scheduled dry-dock of the Clean Energy which took place in the three months ended March 31, 2022.