Contracted revenues for Dynagas LNG Partners remain steady at over 1 billion dollars.
George Prokopiou’s holding company, which is listed on Wall Street and manages a fleet of six LNG carriers, registered revenues of 114.7 million dollars in the first nine months of 2024, compared to 111.9 million dollars a year earlier.
At the same time, Dynagas CEO Tony Laurtizen left open the possibility that the company will not only proceed with investments in new LNG carriers, but also expanding to new shipping markets.
Laurtizen pointed out that the company is reinstating quarterly dividend distribution for common shares.
“This is a significant milestone for Partners, after a period in which it was unable to pay dividends to its common shareholders due to previous funding constraints. Restrictions which no longer exist after the successful completion of the company’s refinancing in June 2024 with improved terms.”
The company’s board also approved a common share repurchase program of up to 10 million over the next 12 months.
“Our strong financial position, highlighted by the fact that 100% of our fleet is under time charter through 2028, and the absence of debt maturities through 2029, position us well for this initiative.
In addition, the current trading price of our common shares, which is approximately 45% below our book value, presents a favorable opportunity to create value through these repurchases.
In approving the repurchase program, we carefully considered a variety of factors, including the need to balance returns on common shares with the efficient use of capital for future opportunities, while recognizing the uncertain geopolitical landscape and regulatory environment.”
