Business Context and Reporting Period
This Form 6-K filing by Dynagas LNG Partners LP (NYSE: DLNG) is dated April 21, 2017. The Partnership is a growth-oriented master limited partnership formed to own and operate liquefied natural gas (LNG) carriers employed 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 does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The primary financial data disclosed relates to a specific distribution event:
- Distribution Declared: $0.5625 per unit on Series A Cumulative Redeemable Perpetual Preferred Units.
- Distribution Period: February 12, 2017, to May 11, 2017.
- Payment Date: On or about May 12, 2017.
- Record Date: May 5, 2017.
- Outstanding Units: 3,000,000 Series A Preferred Units.
- Total Distribution Value: $1,687,500 (calculated as 3,000,000 units x $0.5625).
Material Changes
This filing represents the seventh cash distribution on the Series A Preferred Units since they began trading on the NYSE. The filing does not disclose material changes in operating results, fleet composition, or financial position compared to prior periods, as it is a distribution announcement rather than a periodic financial report.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statements regarding plans, objectives, and future performance. Management notes that actual results may differ materially due to various uncertainties, including:
- Strength of world economies and currencies.
- Fluctuations in charter rates and vessel values.
- Changes in demand for LNG shipping capacity.
- Operating expenses, including 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 these forward-looking statements.
Investor Verification Checklist
- Verify the record date of May 5, 2017, to confirm eligibility for the $0.5625 per unit distribution.
- Confirm the payment date of approximately May 12, 2017, for cash flow planning.
- Review the total outstanding Series A Preferred Units (3,000,000) to validate the aggregate payout amount.
- Check subsequent filings for updates on fleet utilization, charter rates, and operating expenses not detailed in this distribution notice.