Ετικέτα: Dynagas LNG Partners

Dynagas LNG Partners: Διανομή 0,5625 δολ. ανά μετοχή

Η Dynagas LNG Partners LP, συμφερόντων Γιώργου Προκοπίου, ανακοίνωσε ότι το Διοικητικό της Συμβούλιο ενέκρινε χρηματική διανομή ύψους 0,5625 δολ. ανά μονάδα για τις Σωρευτικές Εξαγοράσιμες Προνομιούχες Μετοχές Αορίστου Χρόνου Σειράς Α (Cumulative Redeemable Perpetual Preferred Shares).Η διανομή αφορά την περίοδο από τις 12 Μαΐου έως τις 11 Αυγούστου 2026 και θα καταβληθεί στις 12 Αυγούστου 2026 στους κατόχους προνομιούχων μονάδων που θα είναι εγγεγραμμένοι στις 5 Αυγούστου 2026.
Πρόκειται για την 44η συνεχόμενη χρηματική διανομή των Series A Preferred Units από τότε που ξεκίνησαν να διαπραγματεύονται στο NYSE.
Σημειώνεται ότι η Dynagas LNG Partners διαθέτει στόλο έξι LNG carriers, συνολικής μεταφορικής ικανότητας περίπου 914.000 κυβικών μέτρων, τα οποία απασχολούνται σε πολυετείς ναυλώσεις.

Dynagas LNG Partners reports results for the three months ended March 31, 2026.

Dynagas LNG Partners LP (NYSE: DLNG) (the “Partnership”), an owner of liquefied natural gas (“LNG”) carriers, announced its results for the three months ended March 31, 2026.
Quarter Highlights:
– Net Income and Earnings per common unit (basic and diluted) of $17.4 million and $0.43, respectively;
– Adjusted Net Income(1) of $12.4 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.29;
– Adjusted EBITDA(1) of $24.3 million;
– 95.1% fleet utilization(2);
– Declared and paid a cash distribution of $0.5625 per unit on the Partnership’s Series A Preferred Units (NYSE: DLNG PR A) for the period from November 12, 2025 to February 11, 2026;
– and Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended December 31, 2025, which was paid on February 27, 2026, to all common unitholders of record as of February 23, 2026.
(1) Adjusted Net Income, Adjusted Earnings per common unit and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.
(2) Please refer to Appendix B for additional information on how we calculate fleet utilization
Recent Events:
– The Clean Energy was delivered under its new time charter party agreement with Rio GrandeLNG, LLC (“Rio Grande”) in April 2026;
– Declared a quarterly cash distribution of $0.5625 per unit on the Partnership’s Series APreferred Units for the period from February 12, 2026 to May 11, 2026, which was paid onMay 12, 2026 to all Series A Preferred unitholders of record as of May 5, 2026; and
– Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended March31, 2026, which was paid on May 22, 2026 to all common unitholders of record as of May18, 2026.
CEO Commentary:
We are pleased to report solid financial results for the first quarter of 2026. Net Income for the period was $17.4 million, or $0.43 per common unit, supported by 95.1% fleet utilization and Adjusted EBITDA of $24.3 million.
We remain focused on creating value for our unitholders through disciplined deleveraging and sustainable capital returns. Consistent with this focus, our Board of Directors declared a quarterly cash distribution of $0.050 per common unit, which was paid on May 22, 2026.
The LNG shipping market has shown resilience during the first half of 2026, against a backdrop of significant geopolitical disruption. Following the escalation of hostilities involving Iran and the temporary closure of the Strait of Hormuz, approximately 20% of global LNG supply was removed from the market during March and April. The resulting shortfall has been largely offset by U.S. export growth, with U.S. volumes running approximately 18% above full-year 2025 levels on an annualized basis. Global LNG trade volumes continued to expand as the redirection of trade flows from the Atlantic Basin to Asia has lengthened average sailing distances and increased ton-mile demand, tightening vessel availability and driving LNG carrier charter rates sharply higher. While these dynamics are supportive for the broader LNG shipping sector, the Partnership’s fleet is fully contracted under long-term charters and therefore does not have direct exposure to these market movements.
As of May 29, 2026, the Partnership had estimated contracted time charter coverage for 100%, 100%, and 65% of its fleet estimated Available Days for 2026, 2027, and 2028, respectively, with an estimated contracted revenue backlog of $0.78 billion and an average remaining contract term of 4.7 years.
With respect to charter developments, we are pleased to report that the Clean Energy was redelivered from her previous charter with SEFE in early April 2026 and was successfully delivered under her new time charter with Rio Grande at the end of April 2026. The new charter with Rio Grande is at a higher daily rate than the previous SEFE charter and is expected to be accretive to the Partnership’s revenues and cash flows going forward.
With respect to the ongoing Russian sanctions environment, the Partnership continues to monitor developments, including the E.U.’s 19th sanctions package, with which the Partnership is required to comply. For a detailed discussion, please refer to the “Russian Sanctions Developments” section of this press release.
Looking ahead, we remain focused on disciplined capital allocation, continued balance sheet deleveraging, and returning capital to our unitholders in a sustainable manner.
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Νέα διανομή μερίσματος από την Dynagas LNG Partners

Dynagas LNG Partners LP, controlled by Greek shipowner George Prokopiou, has approved a new quarterly cash distribution of $0.050 per common unit for the quarter ended March 31, 2026.The distribution was approved by the company’s board of directors and will be paid on May 22, 2026, to all common unitholders of record as of May 18, 2026.
The NYSE-listed company is engaged in the ownership and operation of LNG carriers, with its vessels employed under multi-year charter agreements.
Dynagas LNG Partners’ current fleet consists of six LNG carriers, with a total cargo capacity of approximately 914,000 cubic meters, ensuring a stable presence in the liquefied natural gas shipping sector.

Dynagas LNG Partners: New dividend distribution

Dynagas LNG Partners LP (the “Partnership”) (NYSE: “DLNG”), an owner and operator of LNG carriers, has announced that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended March 31, 2026 of $0.050 per common unit.
The cash distribution is payable on May 22, 2026 to all common unit holders of record as of May 18, 2026.

Dynagas LNG Partners LP Announces Cash Distribution for the Quarter Ended December 31, 2025 of $0.050 per Common Unit

Dynagas LNG Partners LP (the “Partnership”) (NYSE: “DLNG”), an owner and operator of LNG carriers, today announced that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended December 31, 2025 of $0.050 per common unit.
The cash distribution is payable on February 27, 2026 to all common unit holders of record as of February 23, 2026.

Dynagas LNG Partners Says Long Term LNG Shipping Demand Remains High

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three and nine months ended September 30, 2022.
Quarter Highlights:
Net income and earnings per common unit (basic and diluted) of $7.4 million and $0.12, respectively;
Adjusted Net Income(1) of $4.5 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.04;
Adjusted EBITDA(1) of $20.0 million;
100% fleet utilization(2);
Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the period from May 12, 2022 to August 11,
2022 and $0.546875 per unit on the Series B Preferred Units (NYSE: “DLNG PR B”) for the period from May 22, 2022 to August 21, 2022; and
Completed the scheduled dry-dock of the Amur River and OB River including the installation of ballast water treatment equipment in accordance with current regulations.
Subsequent Events:
Declared a quarterly cash distribution of $0.5625 on the Partnership’s Series A Preferred Units for the period from August 12, 2022 to November 2022, which was paid on November 14, 2022 to all preferred Series A unit holders of record as of November 7, 2022;
Declared a quarterly cash distribution of $0.546875 on the Partnership’s Series B Preferred Units for the period from August 22, 2022 to November 21, 2022, which was paid on November 22, 2022 to all preferred Series B unit holders of record as of November 15, 2022; and
On October 12, 2022 and pursuant to the designation of Amsterdam Trade Bank (“ATB”) by the Office of Foreign Assets Control as a Specially Designated National, the Partnership, in agreement with all lenders of the $675 Credit Facility, made a voluntary prepayment of $18,73 million which was applied in prepayment of the entire participation of ATB to the $675 Million Credit Facility. An amount equal to the above mentioned prepayment was released from the Cash Collateral Account in order to make the prepayment.
(1) Adjusted Net Income and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.
(2) Please refer to Appendix B.
CEO Commentary:
We are pleased to report the results for the three and nine months period ended September 30, 2022.
All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 6.2 years. As of December 12, 2022, our estimated contracted revenue backlog1 2 was $0.91 billion.
The earliest contracted re-delivery date for any of our six LNG carriers is in the third quarter of 2023 (for the Arctic Aurora), with the second earliest contracted re-delivery date in the first quarter of 2026 (for the Clean Energy), both subject to the terms of the applicable charter.
For the third quarter of 2022, we reported Net Income of $7.4 million, earnings per common unit of $0.12, Adjusted Net Income of $4.5 million and Adjusted EBITDA of $20.0 million. While future results may vary, we are pleased to report 100% utilization for our fleet for the tenth quarter in a row.
We are optimistic for the outlook of LNG shipping in the long term. Sellers and buyers of LNG have on the back of a surging demand for natural gas, reverted to a large extent to long term sale and purchase agreements, which also underlines the long term demand for LNG shipping.
Russian Sanctions Developments
Due to the ongoing Russian conflicts with Ukraine, the United States (“U.S.”), European Union (“E.U.”), Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government.
As of today’s date, and to the Partnership’s knowledge:
Current U.S. and E.U. sanctions regimes do not materially affect the business, operations or financial condition of the Partnership and the Partnership’s counterparties are currently performing their obligations under their respective time charters in compliance with applicable U.S. and E.U. rules and regulations;Sanctions legislation in the E.U. continues to exclude LNG;
The charters of the Amur River, the Ob River and the Clean Energy are under the control of the German government as of April 4th when Gazprom Germania (and all its subsidiaries), the indirect parent of Gazprom Marketing and Trading (GMT Singapore), was placed under the control of the German Government (Federal Network Agency) since Gazprom Germania operates critical energy infrastructure in Germany;
By a press statement released by the German Ministry of Economic Affairs and Climate Action on November 14, 2022, the ownership of SEFE GmbH and all of its subsidiaries, including SEFE Marketing & Trading Singapore Pte Ltd, has transitioned to the German Federal Government, via the Federal Ministry for Economic Affairs and Climate Action; and
Sanctions legislation has been changing and the Partnership continues to monitor such changes as applicable to the Partnership and its counterparties.

Dynagas LNG Partners LP Reports Results for the Three Months and Year Ended December 31, 2021

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three months and year ended December 31, 2021.
Fourth Quarter Highlights:
– Net income and earnings per common unit (basic and diluted) of $16.9 million and $0.38, respectively;- Adjusted Net Income(1)of $11.4 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.23;- Adjusted EBITDA(1) $24.7 million;- 100% fleet utilization(2); and- Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the period from August 12, 2021 to November 11, 2021 and $0.546875 per unit on the Series B Preferred Units (NYSE: “DLNG PR B”) for the period from August 22, 2021 to November 21, 2021.
Subsequent Events:
– Declared a quarterly cash distribution of $0.5625 on the Series A Preferred Units for the period from November 12, 2021 to February 11, 2022, which was paid on February 14, 2022 to all preferred Series A unit holders of record as of February 7, 2022; and- Declared a quarterly cash distribution of $0.546875 on the Series B Preferred Units for the period from November 22, 2021 to February 21, 2022, which was paid on February 22, 2022 to all preferred Series B unit holders of record as of February 14, 2022.
(1) Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.
(2) Please refer to Appendix B.
CEO Commentary:
Our thoughts go out to everyone affected and suffering as a result of the crisis in Ukraine. We continue to closely monitor this ongoing situation, including the implications of economic sanctions, trading restrictions and other considerations that may affect our business. Please see section of this report entitled “Russian Sanctions Developments”.
We are pleased to report the results for the three months and full year ended December 31, 2021. All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 6.9 years. As of March 17, 2022, our estimated contracted revenue backlog is $1.02 billion.
All six of our LNG carriers are contracted with major international energy companies. The earliest contracted re-delivery date for any of our six LNG carriers, subject to the terms of the applicable charter, is in the third quarter of 2023 (the Arctic Aurora), with the second earliest contracted re-delivery date (for the Clean Energy) in the first quarter of 2026.
For the fourth quarter of 2021, we reported Net Income of $16.9 million, Earnings per common unit of $0.38, Adjusted Net Income of $11.4 million, Adjusted Earnings per common unit of $0.23 and Adjusted EBITDA of $24.7 million. We are also pleased to report 100% utilization of our fleet for the seventh quarter in a row.
Going forward, we intend to continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity to build equity value over time and enhance our ability to pursue future growth initiatives.
Russian Sanctions Developments
Due to the ongoing Russian conflicts with Ukraine, the United States (“U.S.”), European Union (“E.U.”), Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government.
As of today’s date and to the Partnership’s knowledge:
– The Partnership is in compliance with all applicable U.S. and E.U. sanctions;
– Current U.S. and E.U. sanctions regimes have exempted certain LNG shipping operations and do not materially affect the business, operations or financial condition of the Partnership;
– The Partnership’s counterparties are currently performing their obligations under their respective time charters in compliance with applicable U.S. and E.U. rules and regulations;
– Sanctions legislation is changing rapidly and the Partnership is continuously monitoring the ongoing situation.
The full impact of the commercial and economic consequences of the Russian conflict with Ukraine are uncertain at this time. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine situation more generally, will not have a significant impact on its business, financial condition or results of operations.
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Dynagas LNG Partners LP Announces New Time Charter for the LNG Carrier Arctic Aurora

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced that it has entered into a new time charter party agreement with Equinor ASA (“Equinor”) for the employment of the 2013 built ice class LNG carrier Arctic Aurora.
Under the new time charter agreement, the Arctic Aurora is expected to be delivered to Equinor in September 2021 in direct continuation of the current charter party with Equinor, meaning there will be no lapse of time between the current and the new time charter. The term ‘in direct continuation’ does not refer to the contracted income.
The time charter period is about 2 years and the annual gross revenues from the time charter agreement are expected to be about $21.5 million.
Tony Lauritzen, Chief Executive Officer of Dynagas LNG Partners LP, commented:
“We are very pleased to enter into this new agreement with Equinor, with whom the Arctic Aurora has been employed since its delivery in 2013, reflecting our long-standing relationship with Equinor and the outstanding operational performance of the Arctic Aurora and our manager throughout the years.”

Dynagas LNG Partners LP Shielded From COVID-19 Impact, Thanks to Contracted Revenue Backlog Is Approximately $1.15 Billion

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, yesterday announced its results for the three and nine months ended September 30, 2020.
Third Quarter Highlights:
• Net income and earnings per common unit of $10.0 million and $0.20, respectively;• Adjusted Net Income(1) of $10.2 million and Adjusted Earnings per common unit of $0.21;• Adjusted EBITDA(1) of $24.2 million;• 100% fleet utilization;• Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the period from May 12, 2020 to August 11, 2020 and $0.546875 per unit on the Series B Preferred Units (NYSE: “DLNG PR B”) for the period from May 22, 2020 to August 21, 2020; and• Entered into an amended and restated ATM Sales Agreement (the “A&R Sales Agreement”), for the offer and sale of common units representing limited partnership interests, having an aggregate offering price of up to $30.0 million (the “Current ATM Program”). Upon entry into the A&R Sales Agreement, the Partnership terminated its prior at-the-market program established in July of 2020 (the “Prior ATM Program”). At the time of such termination, $0.4 million of the Partnership’s common units out of an aggregate of $30.0 million of its common units were sold pursuant to the Prior ATM Program.
Subsequent Events:
• Declared a quarterly cash distribution of $0.5625 on the Partnership’s Series A Preferred Units for the period from August 12, 2020 to November 11, 2020, which was paid on November 12, 2020; and• Declared a quarterly cash distribution of $0.546875 on the Partnership’s Series B Preferred Units for the period from August 22, 2020 to November 21, 2020, which is payable on November 23, 2020.
(1) Adjusted Net Income, Adjusted Earnings per common unit, and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.
CEO Commentary:
We are pleased to report the results for the three months and nine months ended September 30, 2020. All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 7.9 years. Our estimated contracted revenue backlog is approximately $1.15 billion. Absent any unforeseen events or unscheduled dry dockings, our fleet is contracted to be employed 100% for 2020, 92% for 2021 and 83% for 2022 through and including 2025. The earliest contracted re-delivery date for our six LNG carriers is in the third quarter of 2021(the Arctic Aurora), with the next carrier (the Clean Energy) becoming available for re-chartering in the first quarter of 2026 at the earliest.
For the third quarter of 2020, we reported Net Income of $10.0 million and Adjusted EBITDA of $24.2 million. This improved performance is attributable to an increase in voyage revenues and a decrease in interest and finance costs compared to the corresponding period in 2019, coupled with stable vessel operating expenses during this period.
Despite the ongoing operational challenges the industry is facing as a result of the COVID-19 outbreak, we are pleased to report 100% utilization for our fleet for the third quarter of 2020. The ongoing impact of the COVID-19 outbreak has been operationally manageable due to our manager’s COVID-19 response plan which has been implemented with the support of our seafarers, charterers and employees, for which we are grateful.
Going forward, we intend to continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity so as to build equity value over time. This, we believe, will enhance our ability to pursue future growth initiatives.
Three Months Ended September 30, 2020 and 2019 Financial Results
Net Income for the three months ended September 30, 2020 was $10.0 million as compared to a Net Loss of $4.7 million in the corresponding period of 2019, which represents an increase of $14.7 million, or 312.8%. This increase was mainly attributable to a decrease in interest and finance costs in the three months ended September 30, 2020, as further analyzed below.
Adjusted Net Income for the three months ended September 30, 2020 was $10.2 million compared to $2.8 million in the corresponding period of 2019, representing a net increase of $7.4 million or 264.3%.
Voyage revenues for the three-month periods ended September 30, 2020 and 2019 were $34.3 million and $34.4 million, respectively.
The Partnership reported average daily hire gross of commissions(1) of approximately $62,500 per day per vessel in the three-month period ended September 30, 2020, compared to approximately $62,200 per day per vessel in the corresponding period of 2019. During the three-month periods ended September 30, 2020 and September 30, 2019, the Partnership’s vessels operated at 100% and 99% utilization, respectively.
Vessel operating expenses were $7.2 million, which corresponds to a daily rate per vessel of $13,074 in the three-month period ended September 30, 2020, as compared to $7.5 million, or a daily rate per vessel of $13,531 in the corresponding period of 2019.
Adjusted EBITDA for the three months ended September 30, 2020 was $24.2 million, as compared to $23.8 million for the corresponding period of 2019, which corresponds to an increase of $0.4 million, or 1.7%.
Interest and finance costs, net, were $6.0 million in the three months ended September 30, 2020 as compared to $20.9 million in the corresponding period of 2019, which represents a decrease of $14.9 million, or 71.3%. The decrease in interest and finance costs is due to (i) the lower weighted average interest rate, (ii) the reduction in the average interest bearing debt and (iii) the decrease in deferred loan fees as a result of a $7.5 million one-time write-off of deferred loan fees included in the corresponding period of 2019 in connection with the early prepayment of the $480 million Senior Secured Term Loan facility in September 2019.
For the three months ended September 30, 2020, the Partnership reported Earnings per common unit and Adjusted Earnings per common unit, basic and diluted, of $0.20 and $0.21 respectively, after taking into account the distributions relating to the Series A Preferred Units and the Series B Preferred Units on the Partnership’s Net income/Adjusted Net Income. Earnings per common unit and Adjusted Earnings per common unit, basic and diluted, are calculated on the basis of a weighted average number of 35,593,477 common units outstanding during the period and in the case of Adjusted Earnings per common unit after reflecting the impact of the non-cash items presented in Appendix B of this press release.
Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings/(Loss) per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the condensed financials presented below.
(1) Average daily hire gross of commissions represents voyage revenue excluding the non-cash time charter deferred revenue amortization, divided by the Available Days in the Partnership’s fleet as described in Appendix B.
Liquidity/ Financing/ Cash Flow Coverage
During the three months ended September 30, 2020, the Partnership generated net cash from operating activities of $27.6 million as compared to $13.6 million in the corresponding period of 2019, which represents an increase of $14.0 million, or 102.9%.
As of September 30, 2020, the Partnership reported total cash of $76.0 million (including $50.0 million of restricted cash). The Partnership’s outstanding indebtedness as of September 30, 2020 under the $675.0 Million Credit Facility amounted to $627.0 million, gross of unamortized deferred loan fees and including $48.0 million, which is repayable within one year.
In July 2020, the Partnership, under the Prior ATM program, issued and sold 122,580 common units at a weighted average price of $3.665 per unit, resulting in gross proceeds of $0.4 million and net proceeds of $0.3 million. No issuances of common units under the Current ATM program were made during the three months ended September 30, 2020.
As of September 30, 2020, the Partnership had unused availability of $30.0 million under its interest free $30.0 million revolving credit facility with its Sponsor, or the $30.0 Million Revolving Credit Facility, which was extended on November 14, 2018, and is available to the Partnership at any time until November 2023.
Vessel Employment
As of November 12, 2020, the Partnership had estimated contracted time charter coverage(1) for 100% of its fleet estimated Available Days (as defined in Appendix B) for 2020, 92% of its fleet estimated Available Days for 2021 and 83% of its fleet estimated Available Days for 2022.
As of the same date, the Partnership’s contracted revenue backlog estimate (2) (3) was $1.15 billion, with an average remaining contract term of 7.9 years.
(1) Time charter coverage for the Partnership’s fleet is calculated by dividing the fleet contracted days on the basis of the earliest estimated delivery and redelivery dates prescribed in the Partnership’s current time charter contracts, net of scheduled class survey repairs by the number of expected Available Days during that period.
(2) The Partnership calculates its estimated contracted revenue backlog by multiplying the contractual daily hire rate by the expected number of days committed under the contracts (assuming earliest delivery and redelivery and excluding options to extend), assuming full utilization. The actual amount of revenues earned and the actual periods during which revenues are earned may differ from the amounts and periods disclosed due to, for example, dry-docking and/or special survey downtime, maintenance projects, off-hire downtime and other factors that result in lower revenues than the Partnership’s average contract backlog per day.
(3) $0.16 billion of the revenue backlog estimate relates to the estimated portion of the hire contained in certain time charter contracts with Yamal which represents the operating expenses of the respective vessels and is subject to yearly adjustments on the basis of the actual operating costs incurred within each year. The actual amount of revenues earned in respect of such variable hire rate may therefore differ from the amounts included in the revenue backlog estimate due to the yearly variations in the respective vessels’ operating costs.
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