Dynagas LNG had completely fallen off my radar. On another thread, DrBob2, mentioned this name. They happened to have reported results just this past week (11/22), including
- Rev of $39.1M (9M $114.7M)
- Net Income of $15.1M (adjusted $14.5M)
- reinstated quarterly div of 5c/sh
- Avg TCE of $72,800 daily
- Charter backlog of $1.1B
DLNG’s prior risk had to do with 5 of its 6 LNG vessels chartered to Russian- related LNG entities. A majority of those vessels were tied to Gazprom contracts. But Gazprom’s trading side has shifted to German govt control via SEFE (Securing Energy for Europe). 3 Gazprom contracts became SEFE contracts. That leaves two vessels serving Yamal LNG which is a Russian joint venture with international partners (including French energy major, Total). Some of the vessels are ice-class. So, even though the vessels are old, they will likely find employment in Russia’s dark fleet.