Company: DLNG
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001104659-25-033744
Chunk: 154

Company: Dynagas LNG Partners LP
Filing Date: 2025-04-10
Form: 20-F
Item: Item 3
Chunk 154
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 2024, compared to an aggregate of $6.4 million, or $2,917 per LNG carrier per day in management fees for the year ended December 31, 2023. The 3.1%, or $0.2 million, increase in management fees is consistent with the annual 3% increase in daily management fees pursuant to the Master Agreement see also “ Item 7. Major Unitholders and Related Party Transactions - B. Related Party Transactions”.

Table of Contents

Depreciation. Depreciation expense increased by 0.9%, or $0.3 million, to $32.2 million during the year ended December 31, 2024, from $31.9 million during the year ended December 31, 2023. The increase is due to a differential in the number of calendar days between the compared periods.

Interest and Finance Costs. Interest and finance costs decreased by 20.4%, or $8 million to $31.2 million during the year ended December 31, 2024, from $39.2 million during the year ended December 31, 2023. The decrease in interest and finance costs was predominantly due to the reduction in the outstanding balance of interest-bearing debt in the year ended December 31, 2024, as compared to the corresponding period of 2023.

Interest Income. Interest income decreased by 3.8%, or $0.1 million, to $2.5 million during the year ended December 31, 2024, from $2.6 million during the year ended December 31, 2023. The decrease is attributable to the decrease in interest rates during the year ended December 31, 2024, as compared to the corresponding period of 2023.

Gain on derivative instruments. On May 7, 2020 we entered into a floating to fixed interest rate swap transaction effective from June 29, 2020. It provided a fixed 3-month LIBOR rate of 0.41% based on notional values that reflect the amortization schedule of 100% of our debt outstanding under the $675 Million Credit Facility. During the year ended December 31, 2024, we recognized a gain on the derivative financial instruments of $1.8 million (relating to the portion of the period the interest rate swap agreement was in effect), compared to a gain on the derivative financial instrument of $5.3 million which was recognized in the year ended December 31