Company: DLNG
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001104659-25-033744
Chunk: 262

Company: Dynagas LNG Partners LP
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 262
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 Note 2 to our consolidated financial statements included in this annual report.
Results of Operations
Year ended December 31, 2024 compared to the year ended December 31, 2023
Voyage Revenues. Voyage revenues increased by $7.5 million, or 5.0%, to$156.4 million in the year ended December 31, 2024, compared to $148.9 million for the year ended December 31, 2023. Excluding non-cash items, which related to the amortization of deferred revenue and the value of the EUAs due to us by the charterers of our vessels, under time charter employment, voyage revenues increased by $18.1 million. This increase in voyage revenues was primarily due to the increase in the hire rate of the Arctic Aurora following its new time charter party agreement with Equinor ASA, which took effect in October 2023.
Revenues from contracts with customers. In the year ended December 31, 2024, revenues from contracts with customers were nil, compared to $11.6 the year ended December 31, 2023. Revenues from contracts with customers include compensation from Yamal for services regarding the special surveys of the Lena River and the Yenisei River, which were completed in the year ended December 31, 2023, as per the terms of the charter party agreements.
Voyage Expenses—including related party. In the year ended December 31, 2024, voyage expenses were $6.4 million, compared to $3.3 million for the year ended December 31, 2023, representing an increase of $3.1 million or 93.9%. The increase is primarily associated with the corresponding value of the EUAs, mentioned above, which we are obliged to surrender to the EU authorities.
Vessels’ Operating Expenses. Vessel operating expenses decreased by 8.1% or $2.8 million, to $31.6 million during the year ended December 31, 2024 from $34.4 million during the year ended December 31, 2023. Our daily operating expenses decreased from $15,713 for the year ended December 31, 2023 to $14,409 for the year ended December 31, 2024. This decrease is primarily associated with lower technical maintenance on our vessels.
Dry-docking and special survey costs. In the year ended December 31, 2024, dry-docking