Company: DLNG
Filing Date: 2025-03-07
Form Type: 6-K
Source: 0001317861-25-000016
Chunk: 4

Company: Dynagas LNG Partners LP
Filing Date: 2025-03-07
Form: 6-K
Chunk 4
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 2023. Adjusted Net Income (a non-GAAP financial measure) for the three months ended December 31, 2024 was $15.0 million compared to $10.3 million for the corresponding period of 2023, which represents a net increase of $4.7 million, or 45.6%. This increase is mainly attributable to the increase in the cash voyage revenues and the decrease of the vessels’ operating expenses, as well as the decrease of interest and finance costs compared to the corresponding period of 2023. Voyage revenues for the three months ended December 31, 2024 were $41.7 million as compared to $37.0 million for the corresponding period of 2023, which represents a net increase of $4.7 million, or 12.7%, which is mainly attributable to the increase in the revenues of the Arctic Aurorafollowing its new time charter party agreement with Equinor ASA, which took effect in October 2023, as well as to the value of the EU ETS emissions allowances (“EUAs”) due to the Partnership by the charterers of its vessels, pursuant to the terms of its time charter agreements. The same value of these EUAs, which the Partnership is obliged to surrender to the EU authorities, is included within Voyage expenses. The Partnership reported average daily hire gross of commissions (1)of approximately $71,460 per day per vessel for the three-month-period ended December 31, 2024, compared to approximately $70,000 per day per vessel for the corresponding period of 2023. The Partnership’s vessels operated at 100% fleet utilization during the three-month period ended December 31, 2024 and 2023 . Vessel operating expenses were $8.1 million, which corresponds to a daily rate per vessel of $14,732 for the three-month period ended December 31, 2024, as compared to $8.4 million, or a daily rate per vessel of $15,172, in the corresponding period of 2023. This decrease is mainly attributable to lower planned technical maintenance on the Partnership’s vessels in the three- month period ending December 31, 2024 compared to the corresponding period in 2023. Adjusted EBITDA (a non- GAAP financial measure) for the three months ended December 31, 2024 was $28.5 million, as compared to $27.4 million for the corresponding period of 2023.