Company: DLNG
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001104659-25-033744
Chunk: 215

Company: Dynagas LNG Partners LP
Filing Date: 2025-04-10
Form: 20-F
Item: Item 4
Chunk 215
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ice class vessels.
The age profile of the existing fleet as of February 28, 2025, is shown below. The average age of all LNG carriers in service is 10.5 years, with lower fleet ages for comparatively bigger vessels and smaller vessels. Whereas, mid-sized vessels are relatively older. 
LNG Fleet Age Profile: February 28, 2025

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       Size Range in CBM        Average Age (Years)
                0-18,000                        8.5
               18-50,000                        9.3
               50-75,000                       22.7
              75-125,000                        4.5
             125-150,000                       21.3
             150-200,000                        6.5
             200-220,000                       14.1
                220,000+                       15.8
Average Age -Total Fleet                       10.5
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Source: Drewry
Due to high-quality construction and in most cases, high-quality maintenance, LNG carriers tend to have longer useful lives than oil tankers. However, older ships may find it harder to find employment. EEXI and CII regulations are expected to impact older steam turbine LNG vessels more. These vessels will need to reduce the speed. Ships built before 1990 will likely be replaced in the near future. Some of older tonnage may also get converted into FSRU. LNG fleet deliveries over last nine years are shown below. In early 2025 (till mid-March), two older steam turbine LNG vessels were sold for scrapping, demonstrating weak demand for these vessels.

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<{self.tag} alt="{self.alt}" src="{self.src}">LNG Fleet Delivery: 2015- February 2025
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Source: Drewry, Note YTD 2023 deliveries include deliveries between January and February 2025
LNG Shipping Arrangements
LNG carriers are usually chartered for a fixed period of time. Shipping arrangements are normally based on charters of five years or more because:

●   LNG projects are expensive and typically involve an integrated chain of dedicated facilities. Accordingly, the overall success of an LNG project depends heavily on long-term planning and coordination of project activities, including marine transportation; and
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●   LNG carriers are expensive to build, and vessel financing is supported by