LNG carrier operator Dynagas LNG Partners is currently in talks with financial institutions for the refinancing of its 6.25% $250m senior notes, which are due on October 30, the company revealed in its latest financial report.
According to Tony Lauritzen, chief executive officer of Dynagas LNG Partners, the company is in an advanced stage with commercial banks and other capital sources for a potential financing transaction which may provide funding for the payment due on the maturity date of its 2019 notes and/or term loan.
Currently Dynagas LNG Partners’ fleet of six LNG carriers have all been contracted on charters to international gas producers with an average remaining duration of 9.3 years.
“We believe in the positive long term fundamentals of the LNG shipping industry as the production of LNG continues to grow and natural gas continues to gain market share as a reliable, abundant, price competitive and relatively cleaner energy resource,” Lauritzen said.
“We are looking forward to concluding our above-mentioned refinancing and thereafter, focusing on new projects in the future,” Lauritzen added.
Dynagas LNG Partners reported a net income of $1.9m for the first quarter down by 60.4% from net income of $4.8m in the same period of 2018.