Company: DLNG
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001104659-25-033744
Chunk: 159

Company: Dynagas LNG Partners LP
Filing Date: 2025-04-10
Form: 20-F
Item: Item 3
Chunk 159
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 see Note 5 to our annual consolidated financial statements included in this annual report.

Each Sale and Leaseback Agreement is secured by a customary security package which includes, among other things (except as otherwise provided herein, capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the relevant Sale and Leaseback Agreement):

  the Accounts Charges over the Earnings Accounts;  

  the Charterers’ Assignments in relation to the Earnings, the Insurances, the Requisition Compensation and the Assigned Documents of the Ships;  

  the Charter Guarantee in relation to the Charterers’ obligations under the Transaction Documents;  

  the Negative Share Pledges in relation to the issued shares of the Charterers; and  

  the Manager’s Undertakings by each Approved Manager of each Ship.  

As of December 31, 2024, we were in compliance with all the financial covenants contained in the sale and leaseback agreements.

Capital Expenditures

We reserve cash from operations for future maintenance capital expenditures, normal working capital requirements and other matters.

Table of Contents

Our future capital expenditure requirements principally relate to vessel drydocks including costs related to voyages to and from the drydocking yard that will depend on the distance from the vessel’s ordinary trading area to the drydocking yard. No scheduled vessel drydocks are expected in 2025. As at December 31, 2024, we have no other material capital expenditure commitments for the next twelve months.

Cash Flows

The following table summarizes our net cash flows from operating, investing and financing activities and our cash and cash equivalents and restricted cash for the years ended December 31, 2024, 2023 and 2022:

                                                                          Year Ended December 31,                                                                
  (Amounts in thousands of Dollars)                                       2024                                       2023                    2022                
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash provided by operating activities                               $                              92,158      $           64,391      $           57,324  
  Net cash used in investing activities                                                                    (27)                 (4,238)                 (3,635)  
  Net cash used in financing activities                                                                (97,727)                (66,269)                (70,836)  
  Cash and cash equivalents and restricted cash at beginning of year                                     73,752                  79,868                  97,015