Dynagas Partners dips

Nasdaq-listed Dynagas LNG Partners has posted a slight fall in earnings for the second quarter as costs rose.

Net profit was $10.2m to 30 June, down from $11.5m in the same quarter of 2013.

Voyage revenues dropped to $20.9m, compared to $21.3m the year before due to a one-off charge of $0.9m related to time-charter amortisation.

Vessel operating expenses increased by 14.3% to $3.5m as it added crew costs for a fourth ship acquired during the quarter.

Average daily rates were $77,200 per day, down $500 per day over the year, with 100% utilisation.

This full contract cover extends until the end of 2016 and is 75% for 2017.

The deals are worth $625.3m.