Business Context and Reporting Period
This Form 6-K filing by Dynagas LNG Partners LP (NYSE: DLNG) covers the month of November 2021, with the report dated November 4, 2021. The Partnership is a master limited partnership that owns and operates liquefied natural gas (LNG) carriers on multi-year charters. As of the filing date, the fleet consists of six LNG carriers with an aggregate carrying capacity of approximately 914,000 cubic meters.
Key Financial Metrics
The filing focuses on a specific capital distribution event rather than comprehensive financial statements for a fiscal period.
- Cash Distribution: The Board declared a cash distribution of $0.546875 per unit on its Series B Fixed to Floating Cumulative Redeemable Perpetual Preferred Units.
- Distribution Period: August 22, 2021, to November 21, 2021.
- Payment Date: November 22, 2021.
- Record Date: November 15, 2021.
- Outstanding Units: 2,200,000 Series B Preferred Units.
- Historical Context: This represents the twelfth sequential cash distribution on the Series B Preferred Units since they began trading on the NYSE.
The filing text does not provide clear values for total revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios for the reporting period.
Material Changes
The primary material event reported is the declaration of the quarterly cash distribution on the Series B Preferred Units. There is no information provided in this filing regarding material changes in fleet composition, charter rates, or operational performance compared to prior periods.
Guidance, Outlook, and Risks
The filing includes standard forward-looking statements cautioning that actual results may differ materially from expectations due to various uncertainties. Key risks and contingencies identified include:
- Strength of world economies and currencies.
- General market conditions, including fluctuations in charter rates and vessel values.
- Changes in demand for LNG shipping capacity.
- Operating expense volatility, specifically bunker prices, drydocking, and insurance costs.
- Availability of financing and refinancing.
- Regulatory changes and political conditions affecting shipping routes.
- Vessel breakdowns and off-hire instances.
The Partnership disclaims any obligation to update forward-looking statements based on future developments.
Investor Verification Checklist
- Verify the record date of November 15, 2021, to confirm eligibility for the $0.546875 per unit distribution.
- Confirm the payment date of November 22, 2021, for the Series B Preferred Units.
- Review the total number of outstanding Series B Preferred Units (2,200,000) to calculate total distribution outflow.
- Check subsequent filings for updates on fleet operations, charter expirations, or changes in the broader LNG market that were not detailed in this specific 6-K.