Dynagas LNG Partners LP Q4 FY2022 earnings call

• Fleet Performance: All 6 LNG carriers are under long-term charters with 100% utilization for 11 consecutive quarters.
• Financial Results: Fourth quarter net income was $11.6M, adjusted net income $7M, adjusted EBITDA $23.6M. Full-year 2022: net income $54M, adjusted net income $30.6M, adjusted EBITDA $89.5M.
• Sanctions: Monitoring Ukraine crisis impacts, current U.S. and EU sanctions not materially affecting business.
• New Charter: Entered a new ~3-year time charter with Equinor for Arctic Aurora, expected delivery in Sept 2023.
• Debt Prepayment: Voluntary prepayment of $80.7M due to Amsterdam Trade Bank being designated as SDN.
• Financial Metrics: Net income Q4 2022 down 31% due to lower unrealized gain on interest rate swap; interest costs up. Debt deleveraging: Net leverage down to 4.7x from 6.6x, book value of equity $424M. Operating cash flow $57M, free cash flow $54M for full-year.

The company's fleet consists of 6 LNG carriers, all operating under long-term charters with international gas companies. For the fourth quarter of 2022, net income was $11.6 million, adjusted net income was $7 million, and adjusted EBITDA was $23.6 million. For the full-year 2022, net income was $54 million, adjusted net income was $30.6 million, and adjusted EBITDA was $89.5 million. The fleet utilization was 100% for the 11th consecutive quarter.

• Strong LNG Market: Expect strong demand for fleet going forward, favorable for new energy projects.
• Refinancing: Proactive in refinancing, aiming to do so before maturity in Sept 2024.
• Dry Docks: 3 dry docks scheduled for 2023, with vessels on hire during dry docks.

• Ukraine Crisis: Monitoring economic sanctions, trading restrictions, etc., but current sanctions not materially affecting business.
• Debt Prepayment: Impact of Amsterdam Trade Bank designation and subsequent prepayment.

Q: About refinancing timing and debt financing market impact A: Proactive in refinancing, markets open despite interest rates, LNG market fundamentals strong Q: Dry dock duration A: 20 to 30 days reasonable assumption Q: Consideration of going private A: No discussion at project level, not a consideration