Germany takes three Dynagas LNG carriers from Gazprom

Jun. 28, 2022 2:53 PM ETDynagas LNG Partners LP (DLNG)OGZPYBy: Carl Surran, SA News Editor40 Comments

Fjord landscape with LNG tanker and tug ships in Norway

Gert-Jan van Vliet/iStock via Getty Images

Dynagas LNG Partners (NYSE:DLNG) -5.3% in Tuesday's trading following Q1 earnings and saying the German government has picked up the charters of its three liquefied natural gas carriers previously fixed to Russia's Gazprom (OTCPK:OGZPY), Splash247.com reports.

Dynagas (DLNG) said the Ob River, Clean Energy and Amur River, which were chartered to a unit of the Russian energy firm until 2026 and 2028, are now effectively under the control of the German government for an indefinite period.

The partnership has six LNG carriers in its fleet, all operating under long-term charters with an average remaining contract term of 6.5 years.

Dynagas (DLNG) reported better than expected Q1 adjusted earnings but revenues fell slightly to $33.2M from the year-earlier quarter.

Q1 net income jumped to $23.9M from $15.9M a year ago, mostly attributable to the increase in the gain on an interest rate swap transaction; Q1 operating income fell to $12.5M from $15.7M.

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