Dynagas LNG Partners Announces Early Delivery of Yenisei River and Extension of Yamal LNG Long Term Charter
MONACO, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Dynagas LNG Partners LP (the “Partnership”) (NYSE: “DLNG”), an owner and operator of LNG carriers, today announced that it has entered into an agreement with Yamal Trade Pte. Ltd. for the early commencement of the long term charter contract for employment of the ice class liquefied natural gas (LNG) carrier Yenisei River in the Yamal LNG Project. Pursuant to this agreement, the Yenisei River will commence operating 180 days earlier and as a result, the firm charter period has been extended from 15 years to 15 years plus 180 days. The Yenisei River was delivered early to Yamal LNG on August 14, 2018, immediately upon completion of its mandatory statutory class five-year special survey and dry-docking in Singapore.
Tony Lauritzen, Chief Executive Officer of the Partnership commented: “We are very pleased with the extension of the firm charter period of the Yenisei River and its early delivery to Yamal LNG. We have been focused on securing long term employment and filling short and medium term availability gaps in our fleet.
“Now that Yenisei River has commenced employment with Yamal LNG early and the Lena River has been contracted for employment by a major energy company, following its redelivery from Gazprom and prior to commencing its long term charter with Yamal LNG, our first potential vessel available for employment will be the Arctic Aurora in 2021. Thereafter, our next vessel available for employment is the Clean Energy in 2026.
“We believe the Yamal LNG Project is running ahead of schedule and we are pleased we could accommodate Yamal LNG’s shipping needs with the early delivery of the Yenisei River. In addition, one of our Sponsor’s vessels (which we do not own and do not generate any revenues from) was also delivered to Yamal LNG six months earlier than its earliest contracted delivery date.”
About Dynagas LNG Partners LP
Dynagas LNG Partners LP (NYSE: DLNG) is a growth-oriented partnership formed by Dynagas Holding Ltd., its sponsor, to own and operate LNG carriers employed on multi-year charters. The Partnership’s current fleet consists of six LNG carriers, with an aggregate carrying capacity of approximately 914,000 cubic meters.
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Nicolas Bornozis
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Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Partnership desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “expected,” “pending,” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Partnership’s management of historical operating trends, data contained in its records and other data available from third parties. Although the Partnership believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Partnership’s control, the Partnership cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Partnership’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for Liquefied Natural Gas (LNG) shipping capacity, changes in the Partnership’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Partnership’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires, the amount of cash available for distribution, and other factors. Please see the Partnership’s filings with and other reports furnished to the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Partnership disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Further, we cannot assess the effect of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
