Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-36185 |
Entity Registrant Name | Dynagas LNG Partners LP |
Entity Central Index Key | 0001578453 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 36,781 | $ 24,979 |
Trade accounts receivable | 46 | 384 |
Prepayments and other assets | 5,766 | 949 |
Inventories | 838 | 808 |
Total current assets | 43,431 | 27,120 |
FIXED ASSETS, NET: | ||
Vessels, net | 869,175 | 884,900 |
Total fixed assets, net | 869,175 | 884,900 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash | 50,000 | 50,000 |
Due from related party | 1,350 | 1,350 |
Accrued charter revenue | 54 | 371 |
Deferred charges | 1,614 | 2,096 |
Derivative financial instrument, non-current portion | 4,008 | 0 |
Total assets | 969,632 | 965,837 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of unamortized deferred financing fees of $2,170 and $2,285, respectively | 45,830 | 45,715 |
Trade payables | 5,087 | 4,373 |
Due to related party | 618 | 1,706 |
Accrued liabilities | 6,194 | 1,655 |
Derivative financial instrument, current portion | 1,332 | 1,332 |
Unearned revenue | 9,360 | 8,064 |
Total current liabilities | 68,421 | 62,845 |
NON-CURRENT LIABILITIES: | ||
Deferred revenue | 3,212 | 3,199 |
Long-term debt, net of current portion and unamortized deferred financing fees of $3,987 and $5,034, respectively | 539,013 | 561,966 |
Derivative financial instrument, non- current portion | 0 | 1,334 |
Total non-current liabilities | 542,225 | 566,499 |
Commitments and contingencies | 0 | 0 |
PARTNERS’ EQUITY: | ||
Common unitholders (unlimited authorized; 36,802,247 units and 35,612,580 units issued and outstanding as at June 30, 2021 and December 31, 2020) | 232,258 | 209,784 |
General Partner (35,526 units issued and outstanding as at June 30, 2021 and December 31, 2020) | 14 | (5) |
Total partners’ equity | 358,986 | 336,493 |
Total liabilities and partners’ equity | 969,632 | 965,837 |
Series A Preferred Stock [Member] | ||
PARTNERS’ EQUITY: | ||
Preferred unitholders | 73,216 | 73,216 |
Total partners’ equity | 73,216 | 73,216 |
Series B Preferred Stock [Member] | ||
PARTNERS’ EQUITY: | ||
Preferred unitholders | 53,498 | 53,498 |
Total partners’ equity | $ 53,498 | $ 53,498 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred finance fees, current portion | $ 2,170 | $ 2,285 |
Deferred finance fees, non-current portion | $ 3,987 | $ 5,034 |
Common unitholders - units issued | 36,802,247 | 35,612,580 |
Common unitholders - units outstanding | 36,802,247 | 35,612,580 |
General Partner unitholders - units outstanding | 35,526 | 35,526 |
General Partner unitholders - units issued | 35,526 | 35,526 |
Series A Preferred Stock [Member] | ||
Preferred Units, Authorized | 3,450,000 | 3,450,000 |
Preferred Units, Issued | 3,000,000 | 3,000,000 |
Preferred Units, Outstanding | 3,000,000 | 3,000,000 |
Series B Preferred Stock [Member] | ||
Preferred Units, Authorized | 2,530,000 | 2,530,000 |
Preferred Units, Issued | 2,200,000 | 2,200,000 |
Preferred Units, Outstanding | 2,200,000 | 2,200,000 |
Unaudited Interim Condensed Co
Unaudited Interim Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES: | ||
Voyage revenues | $ 67,377 | $ 68,384 |
EXPENSES: | ||
Voyage expenses (including related party) | (1,370) | (1,610) |
Vessel operating expenses | (14,493) | (14,470) |
General and administrative expenses (including related party) | (1,723) | (1,265) |
Management fees-related party | (2,987) | (3,358) |
Depreciation | (15,725) | (15,812) |
Operating income | 31,079 | 31,869 |
OTHER INCOME/(EXPENSES): | ||
Interest and finance costs | (10,831) | (15,309) |
Interest income | 0 | 209 |
Gain/ (Loss) on derivative financial instruments | 4,763 | (3,352) |
Other, net | (31) | (23) |
Total other income/ (expenses) | (6,099) | (18,475) |
Partnership’s Net Income | 24,980 | 13,394 |
Common unitholders’ interest in Net Income | 19,180 | 7,605 |
General Partner’s interest in Net Income | $ 19 | $ 8 |
Earnings per unit, basic and diluted: | ||
Common unit (basic and diluted) | $ 0.53 | $ 0.21 |
Weighted average number of units outstanding, basic and diluted: | ||
Common units | 36,201,051 | 35,490,000 |
Series A Preferred Stock [Member] | ||
OTHER INCOME/(EXPENSES): | ||
Partnership’s Net Income | $ 3,375 | $ 3,375 |
Preferred unitholders' interest in Net Income | 3,375 | 3,375 |
Series B Preferred Stock [Member] | ||
OTHER INCOME/(EXPENSES): | ||
Partnership’s Net Income | 2,406 | 2,406 |
Preferred unitholders' interest in Net Income | $ 2,406 | $ 2,406 |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Partners' Equity - USD ($) $ in Thousands | Total | Limited Partner [Member] | General Partner [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] |
Beginning Balance, value at Dec. 31, 2019 | $ 313,707 | $ 187,021 | $ (28) | $ 73,216 | $ 53,498 |
Beginning Balance, units at Dec. 31, 2019 | 35,490,000 | 35,526 | 3,000,000 | 2,200,000 | |
-Net income | 13,394 | $ 7,605 | $ 8 | $ 3,375 | $ 2,406 |
-Distributions declared and paid (common and preferred units) (Note 10) | (5,781) | 0 | 0 | (3,375) | (2,406) |
Ending Balance, value at Jun. 30, 2020 | 321,320 | $ 194,626 | $ (20) | $ 73,216 | $ 53,498 |
Ending Balance, units at Jun. 30, 2020 | 35,490,000 | 35,526 | 3,000,000 | 2,200,000 | |
Beginning Balance, value at Dec. 31, 2020 | 336,493 | $ 209,784 | $ (5) | $ 73,216 | $ 53,498 |
Beginning Balance, units at Dec. 31, 2020 | 35,612,580 | 35,526 | 3,000,000 | 2,200,000 | |
-Net income | 24,980 | $ 19,180 | $ 19 | $ 3,375 | $ 2,406 |
- Issuance of common stock, net of issuance costs (Note 10) | 3,294 | $ 3,294 | 0 | 0 | 0 |
- Issuance of common stock, net of issuance costs (Note 10), units | 1,189,667 | ||||
-Distributions declared and paid (common and preferred units) (Note 10) | (5,781) | $ 0 | 0 | (3,375) | (2,406) |
Ending Balance, value at Jun. 30, 2021 | $ 358,986 | $ 232,258 | $ 14 | $ 73,216 | $ 53,498 |
Ending Balance, units at Jun. 30, 2021 | 36,802,247 | 35,526 | 3,000,000 | 2,200,000 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from Operating Activities: | ||
Net income: | $ 24,980 | $ 13,394 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 15,725 | 15,812 |
Amortization and write-off of deferred financing fees | 1,162 | 1,287 |
Deferred revenue amortization | 330 | 104 |
Amortization and write off of deferred charges | 392 | 108 |
(Gain)/ Loss on derivative financial instruments | (4,763) | 3,352 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 338 | (577) |
Prepayments and other assets | (317) | (481) |
Inventories | (30) | (67) |
Due from/to related parties | (1,088) | (3,730) |
Deferred expenses | (9) | (934) |
Trade accounts payable | 712 | (181) |
Accrued liabilities | 40 | (311) |
Unearned revenue | 1,296 | (940) |
Net cash provided by Operating Activities | 38,768 | 26,836 |
Cash flows from Investing Activities: | ||
Other additions to vessels’ equipment | 0 | 0 |
Net cash used in Investing Activities | 0 | 0 |
Cash flows from Financing Activities: | ||
Net proceeds from issuance of common units | 3,407 | 0 |
Payment of securities registration and other filing costs | (13) | 0 |
Distributions declared and paid | (5,781) | (5,781) |
Repayment of long-term debt | (24,000) | (24,000) |
Payment of derivative instruments | (579) | 0 |
Net cash used in Financing Activities | (26,966) | (29,781) |
Net increase in cash and cash equivalents and restricted cash | 11,802 | (2,945) |
Cash and cash equivalents and restricted cash at beginning of the period | 74,979 | 66,206 |
Cash and cash equivalents and restricted cash at end of the period | 86,781 | 63,261 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents | 36,781 | 13,261 |
Restricted cash | $ 50,000 | $ 50,000 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: Basis of Presentation and General Information Dynagas LNG Partners LP (“Dynagas Partners” or the “Partnership”) was incorporated as a limited partnership on May 30, 2013 November 18, 2013 8,250,000 18.00 4,250,000 18.00 30 November 30, 2021 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. The COVID-19 pandemic and measures to contain its spread have negatively impacted regional and global economies and trade patterns in markets in which we operate, the way we operate our business, and the businesses of our charterers and suppliers The Partnership has experienced some logistical challenges across its fleet, however, as of June 30, 2021, the Partnership did not experience any material negative financial impacts to its results of operations or financial position as a result of COVID-19. As of June 30, 2021, the Partnership had a working capital deficit of $ 25 35.7 The Partnership is engaged in the seaborne transportation industry through the ownership and operation of high specification LNG vessels and is the sole owner (directly or indirectly) of all outstanding shares or units of the following subsidiaries as of June 30, 2021: Vessel Owning Subsidiaries: Basis of Presentation and General Information - Vessel Owning Subsidiaries (Table) Company Name Country of incorporation/ formation Vessel Name Delivery date from shipyard Delivery date to Partnership Cbm Capacity Pegasus Shipholding S.A. (“Pegasus”) Marshall Islands Clean Energy March 2007 October 2013 149,700 Lance Shipping S.A. (“Lance”) Marshall Islands Ob River July 2007 October 2013 149,700 Seacrown Maritime Ltd. (“Seacrown”) Marshall Islands Amur River January 2008 October 2013 149,700 Fareastern Shipping Limited (“Fareastern”) Malta Arctic Aurora July 2013 June 2014 155,000 Navajo Marine Limited (“Navajo”) Marshall Islands Yenisei River July 2013 September 2014 155,000 Solana Holding Ltd. (“Solana”) Marshall Islands Lena River October 2013 December 2015 155,000 1. Basis of Presentation and General Information (continued): Non-Vessel Owning Subsidiaries: Basis of Presentation and General Information - Non-Vessel Owning Subsidiaries (Table) Company Name Country of incorporation/formation Purpose of incorporation Dynagas Equity Holding Limited (“Dynagas Equity”) Marshall Islands Holding company that owns all of the outstanding share capital of Arctic LNG Carriers Ltd. (“Arctic LNG”). Dynagas Operating GP LLC (“Dynagas Operating GP”) Marshall Islands Limited Liability Company in which the Partnership holds a 100 Dynagas Operating LP (“Dynagas Operating”) Marshall Islands Limited partnership in which the Partnership holds a 100 Dynagas Finance Inc. Marshall Islands Wholly owned subsidiary of the Partnership whose activities were limited to the co-issuance of the 2019 Notes discussed under Note 6 and engaging in other activities incidental thereto. Arctic LNG Marshall Islands Wholly owned subsidiary of the Partnership which is directly wholly owned by Dynagas Equity and which owns all of the issued and outstanding share capital of Pegasus, Lance, Seacrown, Fareastern, Navajo, Solana and Dynagas Finance LLC. Dynagas Finance LLC Delaware Wholly owned subsidiary of Arctic LNG and co-borrower of the Partnership’s Term Loan discussed under Note 6. Since the Partnership’s inception, the technical, administrative and commercial management of the Partnership’s fleet is performed by Dynagas Ltd. (“Dynagas” or the “Manager”), a related company, wholly owned by the Partnership’s Chairman (Note 3(a)). As of June 30, 2021, the Partnership’s Sponsor owned 42.4 0.1 The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S Securities and Exchange Commission (“SEC”) for interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of Dynagas Partners and its wholly-owned subsidiaries, referred to above. All intercompany balances and transactions have been eliminated upon consolidation. These unaudited interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2020 and notes thereto included in its Annual Report on Form 20-F, filed with the SEC on April 29, 2021. In the opinion of the Partnership’s management, all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows have been included in the financial statements for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements | 2. Significant Accounting Policies and Recent Accounting Pronouncements: Significant Accounting Policies and Recent Accounting Pronouncements A summary of the Partnership’s significant accounting policies can be found in the Partnership’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission on April 29, 2021. There have been no material changes to these policies in the six month period ended June 30, 2021. Significant Accounting Policies and Recent Accounting Pronouncements - Major Charterers (Table) During the six month periods ended June 30, 2021 and 2020, charterers that individually accounted for more than 10 Charterer 2021 2020 A 45 % 45 % B 39 % 40 % C 16 % 15 % Total 100 % 100 % Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of June 30, 2021, the Partnership has not made any contract modifications to replace the reference rate in any of its agreements and has not evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. The Partnership is in the process of evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue equity, to issue or modify debt or for other reasons. The ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but entities need to apply the guidance as of the beginning of the fiscal year that includes the interim period in which they choose to early adopt the guidance. The guidance is applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The Partnership is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. 2. Significant Accounting Policies and Recent Accounting Pronouncements (continued): In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after Dec 15, 2021 and for interim periods within those fiscal years. The Partnership is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with related parties | 3. Transactions with related parties: Transactions with related parties During the six-month periods ended June 30, 2021 and 2020, the Partnership incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of income: Transactions with related parties - Statements of Income (Table) Six months ended June 30 2021 2020 Included in voyage expenses – related party Charter hire commissions (a) $ 851 $ 855 Included in general and administrative expenses – related party Executive services fee (d) $ 324 $ 298 Administrative services fee (e) $ 60 $ 60 Management fees-related party Management fees (a) $ 2,987 $ 3,358 As of June 30, 2021 and December 2020, balances with related parties consisted of the following: Transactions with related parties - Balance Sheet (Table) Period/Year ended 2021 2020 Assets: Security deposits to Manager (a) $ 1,350 $ 1,350 Total assets due from related party, non-current $ 1,350 $ 1,350 Liabilities included in Due to related party: Working capital due to Manager (a) $ 356 $ 1,032 Executive service charges due to Manager (d) $ 162 $ 159 Administrative service charges due to Manager (e) $ 30 $ 30 Other Partnership expenses due to Manager $ 70 $ 485 Total liabilities due to related party, current $ 618 $ 1,706 3. Transactions with related parties (continued): a) Dynagas Ltd. The Partnership’s vessels originally entered into vessel management agreements with Dynagas Ltd., the Partnership’s Manager (the “Management Agreements”), which terminated on December 31, 2020 2.5 3 On March 3, 2021, the Partnership entered into a new master management agreement (the “Master”) with Dynagas Ltd. (the “Manager”), which amends and supersedes the previous commercial, technical, crew, accounting and vessel administrative services agreement and reduces the technical management fees payable from $ 3,167 2,750 3 The Master Agreement initially terminates on December 31, 2030 six months th During the six month periods ended June 30, 2021 and 2020, each vessel was charged a daily management fee of $ 2.8 3.1 2,987 3,358 The Master also provides for: (i) a commission of 1.25 During the six month periods ended June 30, 2021 and 2020, charter hire commissions under the Master and the Management Agreements amounted to $ 851 855 The Management Agreements also provide for an advance equal to three months daily management fee. The Master Agreement also provides that during its’ term, the advance shall continue to be maintained by the Manager. Such advances as of June 30, 2021 and 2020, amounted to $ 1,350 3. Transactions with related parties (continued): In addition, the Manager makes payments for operating expenses with funds provided by the Partnership. As of June 30, 2021 and December 31, 2020 amounts of $ 356 1,032 (b) Loan from related party On November 18, 2013, upon the completion of its IPO, the Partnership entered into the $ 30 five years The $30 million Sponsor Facility was extended on November 14, 2018, for an additional term of five years No November 30, 2023 (c) Optional Vessel acquisitions from Sponsor/ Omnibus Agreement At the IPO date, the Partnership and its Sponsor entered into the Omnibus Agreement, as amended and as currently in effect. The amended Omnibus Agreement sets out (i) the terms and the extent the Partnership and the Sponsor may compete with each other, (ii) the procedures to be followed for the exercise of the Partnership’s option to acquire the Initial Optional Vessels (as defined in the Omnibus Agreement), as well as the Partnership’s option to acquire the Sponsor’s ownership interest (which is currently 49.0 five 172,000 ARC 7 LNG The purchase option periods with regards to the Initial Optional Vessels that were not exercised, expired in December 2018. The Partnership’s option periods with regards to the Sponsor’s interests in in all five joint venture entities described above also expired unexercised. (d) Executive Services Agreement On March 21, 2014, the Partnership entered into an executive services agreement (the “Executive Services Agreement”) with its Manager with retroactive effect from the IPO closing date, pursuant to which the Manager provides the Partnership the certain services of its executive officers, who report directly to the Board of Directors. Under the Executive Services Agreement, the Manager is entitled to an executive services fee of € 538 648 1.2052 The Executive Services Agreement had an initial term of five years and, on November 18, 2018, was automatically renewed for successive five year terms, unless terminated earlier 324 298 3. Transactions with related parties (continued): (e) Administrative Services Agreement On December 30, 2014 and with effect from the IPO closing date, the Partnership entered into an administrative services agreement (the “Administrative Services Agreement”) with its Manager, according to which the Partnership is provided with certain financial, accounting, reporting, secretarial and information technology services, for a monthly fee of $ 10 120 days 60 |
Prepayments and other assets
Prepayments and other assets | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and other assets | 4. Prepayments and other assets: Prepayments and other assets The amounts in the consolidated condensed balance sheets are analyzed as follows: Prepayments and other assets (Table) Period/Year ended June 30, 2021 December 31, 2020 Insurance claims receivable (Note 9) $ 4,500 $ — Prepayments and other assets $ 1,266 $ 949 Total prepayments and other assets $ 5,766 $ 949 |
Vessels, net
Vessels, net | 6 Months Ended |
Jun. 30, 2021 | |
Vessels Net | |
Vessels, net | 5. Vessels, net: Vessels, net The amounts in the consolidated condensed balance sheets are analyzed as follows: Vessels, net (Table) Vessel Cost Accumulated Depreciation Net Book Balance December 31, 2020 $ 1,167,909 $ (283,009) $ 884,900 Depreciation — (15,725) (15,725) Balance June 30, 2021 $ 1,167,909 $ (298,734) $ 869,175 As of June 30, 2021, all vessels comprising the Partnership’s fleet were first priority mortgaged as collateral to secure the $675 Million Credit Facility, further discussed in Note 6. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt: Long-Term Debt The amounts shown in the consolidated condensed balance sheets are analyzed as follows: Long-Term Debt - Credit Facilities And Senior Notes (Table) Period/ Year Ended Debt instruments Borrowers-Issuers June 30, 2021 December 31, 2020 $675 Million Credit Facility Fareastern Shipping Limited, Pegasus Shipholding S.A., Lance Shipping S.A., Seacrown Maritime Ltd., Navajo Marine Limited, Solana Holding Ltd. 591,000 615,000 Total debt $ 591,000 $ 615,000 Less deferred financing fees (6,157) (7,319) Total debt, net of deferred finance costs $ 584,843 $ 607,681 Less current portion, net of deferred financing fees $ (45,830) $ (45,715) Long-term debt, net of current portion and deferred financing fees $ 539,013 $ 561,966 6. Long-Term Debt (continued): $675 Million Senior Secured Term Loan Facility ($675 Million Credit Facility) On September 18, 2019, Fareastern Shipping Limited, Pegasus Shipholding S.A., Lance Shipping S.A., Seacrown Maritime Ltd., Navajo Marine Limited and Solana Holding Ltd., wholly owned by the Partnership, as co-borrowers, entered into a syndicated $ 675 675 470.4 204.6 The $675 Million Credit Facility bears interest at U.S. LIBOR (in case LIBOR is less than zero, LIBOR 3.00 six LNG vessels five years 20 quarterly The $675 Million Credit Facility contains financial covenants that require the Partnership to: · meet a specified minimum ratio of Cash and Cash Equivalents to Total Liabilities; · meet a specified maximum ratio of Total Liabilities to the Market Value Adjusted Total Assets; and · maintain a minimum liquidity of $ 50 The $675 Million Credit Facility restricts the Partnership from declaring or making any distributions to its common unit-holders while borrowings are outstanding. Scheduled distributions to the preferred unit-holders under the existing Series A Preferred Units and Series B Preferred Units are not restricted provided there is no event of default while the $675 Million Credit Facility remains outstanding. As of June 30, 2021, the Partnership was in compliance with all financial covenants prescribed in its $675 Million Credit Facility. The annual principal payments for the Partnership’s outstanding $675 Million Credit Facility as at June 30, 2021, required to be made after the balance sheet date were as follows: Long - Term Debt - Principal Payments (Table) Year ending June 30, Amount 2022 $ 48,000 2023 48,000 2024 48,000 Thereafter 447,000 Total long-term debt $ 591,000 6. Long-Term Debt (continued): The weighted average interest rate on the Partnership’s long-term debt for the six month periods ended June 30, 2021 and 2020 was 3.1 4.2 Total interest incurred on long-term debt for the six month periods ended June 30, 2021 and 2020, amounted to $ 9,531 13,939 |
Accrued liabilities
Accrued liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities | |
Accrued liabilities | 7. Accrued liabilities: Accrued liabilities The amounts in the consolidated condensed balance sheets are analyzed as follows: Accrued liabilities (Table) Period/Year ended June 30, 2021 December 31, 2020 Provisions for legal claims (Note 9) $ 4,500 $ — Other accrued liabilities $ 1,694 $ 1,655 Total accrued liabilities $ 6,194 $ 1,655 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 8. Fair Value Measurements: Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents, trade accounts receivable, amounts due from/to related parties and trade accounts payable: s 969 1,350 Long-term debt: Derivative financial instrument A fair value hierarchy that prioritizes the inputs used to measure fair value has been established by Generally Accepted Accounting Principles. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the determination of the fair value of the assets or liabilities. 8. Fair Value Measurements (continued): The following table summarizes the hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique on a recurring basis as of the valuation date. Fair Value Measurements - Recurring Measurements (Table) Significant Other Observable Inputs (Level 2) Recurring measurements: June 30, December 31, 2020 Assets Interest rate swaps 4,008 — Total $ 4,008 — Liabilities Interest rate swaps 1,332 2,666 Total $ 1,332 $ 2,666 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies: Commitments and Contingencies (a) Long-term leases: The Partnership employs its vessels under time charter contracts. Certain of its time charters provide for variable lease payments, escalating lease payments, charterers’ options to extend the lease terms, termination clauses and charterers’ options to purchase the underlying assets. The Partnership, in order to calculate future minimum contracted lease payments, has assessed all the relevant factors that create an economic incentive for the lessee to be reasonably certain to exercise lease renewal, termination or purchase options. Two of the Partnership’s time charters contain escalating lease payments and two of its time charters contain both fixed lease and variable lease payments. The variable lease payments relate to services and executory costs (the “Opex Lease Element”). The Opex Lease Element is determined on a cost pass through basis on the vessel’s actual operating expenses for each applicable year. Under time charters, the vessels are employed for a specific period of time in accordance with the terms of each agreement. Normally, the charterer has the option to redeliver the vessel to the owner in a period that varies a few days more or less from the contractual termination date. For certain of its time charters, the Partnership has provided to its charterers, the option to extend the lease term for additional periods under the same or different terms. The options are exercised close to the original termination dates. Specifically, under two of the Partnership’s time charters, the charterer has the option to extend the original lease term by three consecutive periods of five years, the first declared at the original termination date and each of the two remaining at or close to the termination of each option period. Certain time charters are subject to the satisfaction of important conditions, which, if not satisfied, or waived by the charterer, may result in their cancellation or amendment and in such case the Partnership may not receive the contracted revenues thereunder. The Partnership assessed the respective termination clauses and concluded that the lease term is not affected. In addition, under certain time charters and, upon certain circumstances triggering a sanctions event, as defined therein, the charterers have the option to purchase the vessels unless the Partnership can remediate such event. 9. Commitments and Contingencies (continued): The Partnership’s future minimum contracted lease payments (excluding variable lease payments) under its non-cancelable long-term time charter contracts, as of June 30, 2021, gross of brokerage commissions, without taking into consideration any assumed off-hire days (including those arising out of periodical class survey requirements), is as analyzed below: Commitments and Contingencies - Charter Hire (Table) Period/ Year ending December 31, Amount 2021 (period) 63,196 2022 125,359 2023 119,046 2024 103,935 2025 103,478 2026 and thereafter 447,063 Total $ 962,077 (b) Legal Proceedings: Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities which should be disclosed (other than that referred below) or for which a provision should be established in the accompanying consolidated condensed financial statements. The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is then able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated condensed financial statements. The Partnership is covered in the event of any liabilities associated with the individual vessels’ actions up to the maximum limits as provided for by the Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. On May 16, 2019, a purported stockholder of the Partnership filed a putative class action lawsuit against the Partnership and certain related entities and individual officers and directors of the Partnership in the United States District Court for the Southern District of New York (Case No.19- cv-04512). The complaint purports to be brought on behalf of shareholders who purchased the common stock of the Partnership between February 16, 2018 and March 21, 2019. The Complaint generally alleges that the defendants violated Sections 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and/or misleading statements regarding, among other matters, new charter agreements that the Partnership entered into with various energy companies and the Partnership’s expectations about its ability to sustain its quarterly distribution. The complaint seeks unspecified damages, attorneys’ fees, and other costs. On August 19, 2019, the Court appointed a group of shareholders as Lead Plaintiffs in the action, who filed an amended complaint on September 26, 2019. The amended complaint makes allegations similar to those in the original complaint, extends the class period (December 21, 2017 through March 21, 2019), adds as defendants three additional directors of the Partnership and the underwriters of the Partnership’s Series B Preferred Units Offering, and asserts new claims under Section 20A of the Securities Exchange Act of 1934 on behalf of plaintiffs who acquired Partnership securities or sold put options contemporaneously with the Series B Preferred Units Offering, and under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 based on allegedly false and/or misleading statements in the offering documents for the Series B Preferred Units Offering. The Partnership, related entity defendants, and underwriter defendants filed a motion to dismiss the amended complaint on December 5, 2019. 9. Commitments and Contingencies (continued): In May 2021, the parties entered into a Stipulation and Agreement of Settlement of $ 4.5 4.5 4.5 (c) Technical and Commercial Management Agreement: As further disclosed in Note 3, the Partnership has contracted with Dynagas Ltd. for the provision of commercial, administrative and technical management of its vessels pursuant to certain Management Agreement. On March 3, 2021, the Partnership entered into a new master management agreement (the “Master”) with Dynagas Ltd. (the “Manager”), which amends and supersedes the previous commercial, technical, crew, accounting and vessel administrative services management agreement. For the commercial services provided under the Master Management Agreement, the Partnership pays a commission of 1.25 12,026 2.8 December 31, 2030 3 66,093 |
Partners_ Equity
Partners’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Partners’ Equity | 10. Partners’ Equity: Partners’ Equity Series A Preferred Units: On July 20, 2015, the Partnership concluded an underwritten public offering of 3,000,000 9 25 72.3 2.4 0.3 Series B Preferred Units: On October 23, 2018, the Partnership concluded the underwritten public offering of 2,200,000 25 53 2 Concurrently with the conclusion of the Series B Preferred Units Public Offering, the Partnership entered into the Limited Partnership Agreement in order to, among others, conform its provisions to the terms and provisions related to the issuance of the Series B Preferred Units and to remove references to subordinated units and subordinated period that are no longer in effect. As of June 30, 2021, the Partnership had 36,802,247 15,595,000 3,000,000 2,200,000 35,526 10. Partners’ Equity (continued): Common and General Partner unit distribution provisions: The Partnership pays distributions in the following manner: • first • second The percentage allocations of available cash from operating surplus among the common unitholders, the General Partner and the holders of the incentive distribution rights up to the various target distribution levels are illustrated below. The percentage interests shown for the common unitholders, the General Partner and the holders of the incentive distribution rights for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests shown for our General Partner include its 0.1% General Partner interest only and assumes that our General Partner has contributed any capital necessary to maintain its 0.1% General Partner interest. Under the Limited Partnership Agreement, the holder of the incentive distribution rights in the Partnership, which is currently the General Partner, has the right to receive an increasing percentage of cash distributions after the first target distribution level. Partners’ Equity (Table) Total Quarterly Distribution Target Amount Unitholders General Partner Holders of IDRs Minimum Quarterly Distribution $0.365 99.9 % 0.1 % 0.0 % First Target Distribution up to $ 0.420 99.9 % 0.1 % 0.0 % Second Target Distribution above $ 0.420 0.456 85.0 % 0.1 % 14.9 % Third Target Distribution Above $ 0.456 0.548 75.0 % 0.1 % 24.9 % Thereafter above $ 0.548 50.0 % 0.1 % 49.9 % On September 26, 2019 the Partnership announced that pursuant to the closing of the $675 Million Credit Facility (Note 6), the Partnership is prohibited from paying distribution to its common unit-holders while borrowings are outstanding under the $675 Million Credit Facility. Preferred Units distribution and redemption provisions: Distributions on the Series A Preferred Units are cumulative from the date of original issue and are payable quarterly on February 12, May 12, August 12 and November 12, of each year, when, as and if declared by the Partnership’s Board of Directors out of amounts legally available for such purpose. Distributions are payable at a distribution rate of 9.00% per annum of the stated liquidation preference. Any time on or after August 12, 2020, the Series A Preferred Units may be redeemed, in whole or in part, at the Partnership’s option, out of amounts legally available for such purpose, at a redemption price of $ 25 10. Partners’ Equity (continued): Distributions on the Series B Preferred Units are cumulative from the date of original issue and are payable quarterly on February 22, May 22, August 22 and November 22, of each year, when, as and if declared by the Partnership’s Board of Directors out of amounts legally available for such purpose. Furthermore, distributions on the Series B Preferred Units are payable (i) from and including the original issue date to, but excluding, November 22, 2023 at a fixed rate equal to 8.75 three-month LIBOR plus a spread of 5.593 At any time on or after November 22, 2023, the Series B Preferred Units may be redeemed, in whole or in part, at the Partnership’s option, out of amounts available for such purpose, at a redemption price of $ 25 The Series A Preferred Units and the Series B Preferred Units represent perpetual equity interests in the Partnership, unlike the Partnership’s indebtedness, do not give rise to a claim for payment of a principal amount at a particular date. The Series A Preferred Units rank pari passu with the Series B Preferred Units. Both the Series A Preferred Units and the Senior B Preferred Units rank senior to the Partnership’s common units and to each other class or series of limited partner interests or other equity established after the original issue date of the Series A Preferred Units and the Series B Preferred Units that is not expressly made senior to or on a parity with the Series A Preferred Units and the Series B Preferred Units as to payment of distributions. The Series A Preferred Units and the Series B Preferred Units are rank junior to all of the Partnership’s existing and future indebtedness. The interests of the holders of Series A Preferred Units or Series B Preferred Units could be diluted by the issuance of additional preferred units, including additional Series A Preferred units or Series B Preferred Units, and by other transactions. Common unit distributions: No quarterly cash distributions to Common unitholders were made with respect to the six month period ended June 30, 2021 and 2020. Series A Preferred unit distributions: On January 21, 2021 0.5625 February 12, 2021 February 5, 2021 On April 20, 2021 0.5625 May 12, 2021 May 5, 2021 Series B Preferred unit distributions: On January 28, 2021 0.546875 February 22, 2021 February 15, 2021 On April 27, 2021 0.546875 May 24, 2021 May 17, 2021 10. Partners’ Equity (continued): General Partner Distributions: During the six-month periods ended June 30, 2021 and 2020, no At the market” equity program On July 2, 2020, the Partnership entered into an ATM Sales Agreement (the “Original Agreement”) for the offer and sale of common units representing limited partnership interests, having an aggregate offering price of up to $30.0 million. On August 19, 2020, the Partnership terminated the above mentioned ATM Sales Agreement 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. During the year ended December 31, 2020 the Partnership issued and sold 122,580 0.3 During the six month period ended June 30, 2021, the Partnership issued and sold 1,189,667 3.3 |
Earnings per Unit
Earnings per Unit | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Unit | 11. Earnings per Unit: Earnings per Unit The Partnership calculates earnings/ (loss) per unit by allocating distributed and undistributed net income/ (losses) for each period to common and general partner units, after adjusting for the effect of preferred distributions, only to the extent that they are earned. Any undistributed earnings for the period are allocated to the various unitholders based on the distribution waterfall for cash available for distribution specified in the Limited Partnership Agreement, as generally described in Note 10 above. Where distributions relating to the period are in excess of earnings, the deficit is also allocated according to the cash distribution model. The sum of the distributed amounts and the allocation of the undistributed earnings or deficit to each class of unitholders is divided by the weighted average number of units outstanding during the period. Diluted earnings per unit, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional units that would then share in the Partnership’s net earnings. The Partnership had no dilutive instruments in the six month periods ended June 30, 2021 and 2020. The calculations of the basic and diluted earnings per common unit are presented below: Earnings per Unit (Table) Six months ended June 30, 2021 2020 Partnership’s Net income $ 24,980 $ 13,394 Less: Net Income attributable to preferred unitholders 5,781 5,781 General Partner’s interest in Net Income 19 8 Net income attributable to common unitholders $ 19,180 $ 7,605 Weighted average number of common units outstanding, basic and diluted 36,201,051 35,490,000 Earnings per common unit, basic and diluted $ 0.53 $ 0.21 |
Interest and Finance Costs
Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2021 | |
Interest And Finance Costs | |
Interest and Finance Costs | 12. Interest and Finance Costs: Interest and Finance Costs The amounts in the unaudited interim condensed consolidated statements of income are analyzed as follows: Interest and Finance Costs (Table) Six months ended June 30, 2021 2020 Interest expense (Note 6) $ 9,531 $ 13,939 Amortization of deferred financing fees 1,162 1,287 Other 138 83 Total $ 10,831 $ 15,309 |
Derivative financial instrument
Derivative financial instrument | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instrument | 13. Derivative financial instruments: Derivative financial instrument On May 7, 2020, the Partnership entered into a floating to fixed interest rate swap transaction with a leading international bank, for the purpose of managing its exposure to LIBOR variability that the Partnership has under the $675 Million Credit Facility. The swap transaction, which is effective from June 29, 2020 LIBOR 0.41 September 30, 2024 As of June 30, 2021 and December 31, 2020, the outstanding notional amount of Partnership’s interest rate swap was $ 591 615 2,676 2,666 As of June 30, 2021 and 2020, the Partnership recognized a gain on derivative financial instruments of $ 4.8 3.4 The realized loss on non-hedging interest rate swaps included in “Gain/ (Loss) on derivative financial instruments, net” amounted to $ 0.6 0 Tabular Disclosure of Derivatives Location Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of setoff exists. The following tables present information with respect to the fair values of the derivative instrument reflected in the balance sheet on a gross basis by transaction. The tables also present information with respect to gains/ (losses) on derivative positions reflected in the unaudited interim condensed consolidated Statement of Income. 13. Derivative financial instruments (continued): Derivative Instruments not designated as hedging instruments – Balance Sheet Location Derivative Financial Instrument - Not designated as Hedging Instrument - Balance Sheet Location (Table) Assets Liabilities Derivative Balance Sheet Location June 31, December 31, June 31, 2021 December 31, 2020 Interest rate swap Derivative financial Instruments, Current — — 1,332 1,332 Interest rate swap Derivative financial Instruments, non- Current 4,008 — — 1,334 Total $ 4,008 $ — $ 1,332 $ 2,666 Derivatives Instruments not designated as Hedging Instruments – Net effect on the Consolidated Condensed Statements of Income Derivative Financial Instrument - Not Designated as Hedging Instrument - Net Effect on the Consolidated Statements of Comprehensive Income (Table) Net Realized and Unrealized Gain/ (Loss) Recognized on Statement of Income Location Six months ended June 30, 2021 2020 Interest rate swap Gain/ (Loss) on derivative instruments 4,763 (3,352) Total $ 4,763 $ (3,352) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events: Subsequent Events (a) Quarterly Series A Preferred unit cash distribution July 21, 2021 0.5625 August 12, 2021 August 5, 2021 (b) Quarterly Series B Preferred unit cash distribution: July 28, 2021 0.546875 August 23, 2021 August 16, 2021 |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of June 30, 2021, the Partnership has not made any contract modifications to replace the reference rate in any of its agreements and has not evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. The Partnership is in the process of evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue equity, to issue or modify debt or for other reasons. The ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but entities need to apply the guidance as of the beginning of the fiscal year that includes the interim period in which they choose to early adopt the guidance. The guidance is applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The Partnership is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. 2. Significant Accounting Policies and Recent Accounting Pronouncements (continued): In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after Dec 15, 2021 and for interim periods within those fiscal years. The Partnership is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information - Vessel Owning Subsidiaries (Table) | Vessel Owning Subsidiaries: Basis of Presentation and General Information - Vessel Owning Subsidiaries (Table) Company Name Country of incorporation/ formation Vessel Name Delivery date from shipyard Delivery date to Partnership Cbm Capacity Pegasus Shipholding S.A. (“Pegasus”) Marshall Islands Clean Energy March 2007 October 2013 149,700 Lance Shipping S.A. (“Lance”) Marshall Islands Ob River July 2007 October 2013 149,700 Seacrown Maritime Ltd. (“Seacrown”) Marshall Islands Amur River January 2008 October 2013 149,700 Fareastern Shipping Limited (“Fareastern”) Malta Arctic Aurora July 2013 June 2014 155,000 Navajo Marine Limited (“Navajo”) Marshall Islands Yenisei River July 2013 September 2014 155,000 Solana Holding Ltd. (“Solana”) Marshall Islands Lena River October 2013 December 2015 155,000 |
Basis of Presentation and General Information - Non-Vessel Owning Subsidiaries (Table) | Non-Vessel Owning Subsidiaries: Basis of Presentation and General Information - Non-Vessel Owning Subsidiaries (Table) Company Name Country of incorporation/formation Purpose of incorporation Dynagas Equity Holding Limited (“Dynagas Equity”) Marshall Islands Holding company that owns all of the outstanding share capital of Arctic LNG Carriers Ltd. (“Arctic LNG”). Dynagas Operating GP LLC (“Dynagas Operating GP”) Marshall Islands Limited Liability Company in which the Partnership holds a 100 Dynagas Operating LP (“Dynagas Operating”) Marshall Islands Limited partnership in which the Partnership holds a 100 Dynagas Finance Inc. Marshall Islands Wholly owned subsidiary of the Partnership whose activities were limited to the co-issuance of the 2019 Notes discussed under Note 6 and engaging in other activities incidental thereto. Arctic LNG Marshall Islands Wholly owned subsidiary of the Partnership which is directly wholly owned by Dynagas Equity and which owns all of the issued and outstanding share capital of Pegasus, Lance, Seacrown, Fareastern, Navajo, Solana and Dynagas Finance LLC. Dynagas Finance LLC Delaware Wholly owned subsidiary of Arctic LNG and co-borrower of the Partnership’s Term Loan discussed under Note 6. |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements - Major Charterers (Table) | Significant Accounting Policies and Recent Accounting Pronouncements - Major Charterers (Table) During the six month periods ended June 30, 2021 and 2020, charterers that individually accounted for more than 10 Charterer 2021 2020 A 45 % 45 % B 39 % 40 % C 16 % 15 % Total 100 % 100 % |
Transactions with related par_2
Transactions with related parties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with related parties - Statements of Income (Table) | Transactions with related parties - Statements of Income (Table) Six months ended June 30 2021 2020 Included in voyage expenses – related party Charter hire commissions (a) $ 851 $ 855 Included in general and administrative expenses – related party Executive services fee (d) $ 324 $ 298 Administrative services fee (e) $ 60 $ 60 Management fees-related party Management fees (a) $ 2,987 $ 3,358 |
Transactions with related parties - Balance Sheet (Table) | Transactions with related parties - Balance Sheet (Table) Period/Year ended 2021 2020 Assets: Security deposits to Manager (a) $ 1,350 $ 1,350 Total assets due from related party, non-current $ 1,350 $ 1,350 Liabilities included in Due to related party: Working capital due to Manager (a) $ 356 $ 1,032 Executive service charges due to Manager (d) $ 162 $ 159 Administrative service charges due to Manager (e) $ 30 $ 30 Other Partnership expenses due to Manager $ 70 $ 485 Total liabilities due to related party, current $ 618 $ 1,706 |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and other assets (Table) | The amounts in the consolidated condensed balance sheets are analyzed as follows: Prepayments and other assets (Table) Period/Year ended June 30, 2021 December 31, 2020 Insurance claims receivable (Note 9) $ 4,500 $ — Prepayments and other assets $ 1,266 $ 949 Total prepayments and other assets $ 5,766 $ 949 |
Vessels, net (Tables)
Vessels, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Vessels Net | |
Vessels, net (Table) | The amounts in the consolidated condensed balance sheets are analyzed as follows: Vessels, net (Table) Vessel Cost Accumulated Depreciation Net Book Balance December 31, 2020 $ 1,167,909 $ (283,009) $ 884,900 Depreciation — (15,725) (15,725) Balance June 30, 2021 $ 1,167,909 $ (298,734) $ 869,175 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt - Credit Facilities And Senior Notes (Table) | The amounts shown in the consolidated condensed balance sheets are analyzed as follows: Long-Term Debt - Credit Facilities And Senior Notes (Table) Period/ Year Ended Debt instruments Borrowers-Issuers June 30, 2021 December 31, 2020 $675 Million Credit Facility Fareastern Shipping Limited, Pegasus Shipholding S.A., Lance Shipping S.A., Seacrown Maritime Ltd., Navajo Marine Limited, Solana Holding Ltd. 591,000 615,000 Total debt $ 591,000 $ 615,000 Less deferred financing fees (6,157) (7,319) Total debt, net of deferred finance costs $ 584,843 $ 607,681 Less current portion, net of deferred financing fees $ (45,830) $ (45,715) Long-term debt, net of current portion and deferred financing fees $ 539,013 $ 561,966 |
Long - Term Debt - Principal Payments (Table) | The annual principal payments for the Partnership’s outstanding $675 Million Credit Facility as at June 30, 2021, required to be made after the balance sheet date were as follows: Long - Term Debt - Principal Payments (Table) Year ending June 30, Amount 2022 $ 48,000 2023 48,000 2024 48,000 Thereafter 447,000 Total long-term debt $ 591,000 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities | |
Accrued liabilities (Table) | The amounts in the consolidated condensed balance sheets are analyzed as follows: Accrued liabilities (Table) Period/Year ended June 30, 2021 December 31, 2020 Provisions for legal claims (Note 9) $ 4,500 $ — Other accrued liabilities $ 1,694 $ 1,655 Total accrued liabilities $ 6,194 $ 1,655 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements - Recurring Measurements (Table) | Fair Value Measurements - Recurring Measurements (Table) Significant Other Observable Inputs (Level 2) Recurring measurements: June 30, December 31, 2020 Assets Interest rate swaps 4,008 — Total $ 4,008 — Liabilities Interest rate swaps 1,332 2,666 Total $ 1,332 $ 2,666 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Charter Hire (Table) | Commitments and Contingencies - Charter Hire (Table) Period/ Year ending December 31, Amount 2021 (period) 63,196 2022 125,359 2023 119,046 2024 103,935 2025 103,478 2026 and thereafter 447,063 Total $ 962,077 |
Partners_ Equity (Tables)
Partners’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Partners’ Equity (Table) | Partners’ Equity (Table) Total Quarterly Distribution Target Amount Unitholders General Partner Holders of IDRs Minimum Quarterly Distribution $0.365 99.9 % 0.1 % 0.0 % First Target Distribution up to $ 0.420 99.9 % 0.1 % 0.0 % Second Target Distribution above $ 0.420 0.456 85.0 % 0.1 % 14.9 % Third Target Distribution Above $ 0.456 0.548 75.0 % 0.1 % 24.9 % Thereafter above $ 0.548 50.0 % 0.1 % 49.9 % |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Unit (Table) | The calculations of the basic and diluted earnings per common unit are presented below: Earnings per Unit (Table) Six months ended June 30, 2021 2020 Partnership’s Net income $ 24,980 $ 13,394 Less: Net Income attributable to preferred unitholders 5,781 5,781 General Partner’s interest in Net Income 19 8 Net income attributable to common unitholders $ 19,180 $ 7,605 Weighted average number of common units outstanding, basic and diluted 36,201,051 35,490,000 Earnings per common unit, basic and diluted $ 0.53 $ 0.21 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest And Finance Costs | |
Interest and Finance Costs (Table) | The amounts in the unaudited interim condensed consolidated statements of income are analyzed as follows: Interest and Finance Costs (Table) Six months ended June 30, 2021 2020 Interest expense (Note 6) $ 9,531 $ 13,939 Amortization of deferred financing fees 1,162 1,287 Other 138 83 Total $ 10,831 $ 15,309 |
Derivative financial instrume_2
Derivative financial instrument (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instrument - Not designated as Hedging Instrument - Balance Sheet Location (Table) | Derivative Financial Instrument - Not designated as Hedging Instrument - Balance Sheet Location (Table) Assets Liabilities Derivative Balance Sheet Location June 31, December 31, June 31, 2021 December 31, 2020 Interest rate swap Derivative financial Instruments, Current — — 1,332 1,332 Interest rate swap Derivative financial Instruments, non- Current 4,008 — — 1,334 Total $ 4,008 $ — $ 1,332 $ 2,666 |
Derivative Financial Instrument - Not Designated as Hedging Instrument - Net Effect on the Consolidated Statements of Comprehensive Income (Table) | Derivative Financial Instrument - Not Designated as Hedging Instrument - Net Effect on the Consolidated Statements of Comprehensive Income (Table) Net Realized and Unrealized Gain/ (Loss) Recognized on Statement of Income Location Six months ended June 30, 2021 2020 Interest rate swap Gain/ (Loss) on derivative instruments 4,763 (3,352) Total $ 4,763 $ (3,352) |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - Vessel Owning Subsidiaries (Table) (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Pegasus Shipholding S.A. ("Pegasus") [Member] | |
Property, Plant and Equipment [Line Items] | |
Country of incorporation/ formation | Marshall Islands |
Vessel Name | Clean Energy |
Delivery date from shipyard | March 2007 |
Delivery date to Partnership | October 2013 |
Cbm Capacity | 149,700 |
Lance Shipping S.A. ("Lance") [Member] | |
Property, Plant and Equipment [Line Items] | |
Country of incorporation/ formation | Marshall Islands |
Vessel Name | Ob River |
Delivery date from shipyard | July 2007 |
Delivery date to Partnership | October 2013 |
Cbm Capacity | 149,700 |
Seacrown Maritime Ltd. ("Seacrown") [Member] | |
Property, Plant and Equipment [Line Items] | |
Country of incorporation/ formation | Marshall Islands |
Vessel Name | Amur River |
Delivery date from shipyard | January 2008 |
Delivery date to Partnership | October 2013 |
Cbm Capacity | 149,700 |
Fareastern Shipping Limited ("Fareastern") [Member] | |
Property, Plant and Equipment [Line Items] | |
Country of incorporation/ formation | Malta |
Vessel Name | Arctic Aurora |
Delivery date from shipyard | July 2013 |
Delivery date to Partnership | June 2014 |
Cbm Capacity | 155,000 |
Navajo Marine Limited ("Navajo") [Member] | |
Property, Plant and Equipment [Line Items] | |
Country of incorporation/ formation | Marshall Islands |
Vessel Name | Yenisei River |
Delivery date from shipyard | July 2013 |
Delivery date to Partnership | September 2014 |
Cbm Capacity | 155,000 |
Solana Holding Ltd. ("Solana") [Member] | |
Property, Plant and Equipment [Line Items] | |
Country of incorporation/ formation | Marshall Islands |
Vessel Name | Lena River |
Delivery date from shipyard | October 2013 |
Delivery date to Partnership | December 2015 |
Cbm Capacity | 155,000 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Non-Vessel Owning Subsidiaries (Table) (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Dynagas Operating GP LLC ("Dynagas Operating GP") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest in subsidiary | 100.00% |
Dynagas Operating LP ("Dynagas Operating") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest in subsidiary | 100.00% |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (Details Narrative) - USD ($) | 6 Months Ended | 11 Months Ended | |
Jun. 30, 2021 | Nov. 18, 2013 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Date of incorporation | May 30, 2013 | ||
Working capital deficit | $ 25,000,000 | $ 35,700,000 | |
Dynagas Holding Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 42.40% | ||
Dynagas Holding Ltd [Member] | $30 million Sponsor Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | $ 30,000,000 | |
Line of Credit Facility, Expiration Date | Nov. 30, 2021 | ||
General Partner [Member] | Dynagas Holding Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
General Partner Interest in Dynagas LNG Partners LP | 0.10% | ||
IPO [Member] | |||
Related Party Transaction [Line Items] | |||
Date of initial public offering (IPO) | November 18, 2013 | ||
IPO [Member] | Common [Member] | |||
Related Party Transaction [Line Items] | |||
Limited Partners Capital Account Units Offered | 8,250,000 | ||
Shares Issued, Price Per Share | $ 18 | ||
IPO [Member] | Common [Member] | Dynagas Holding Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Limited Partners Capital Account Units Offered | 4,250,000 | ||
Shares Issued, Price Per Share | $ 18 |
Significant Accounting Polici_4
Significant Accounting Policies and Recent Accounting Pronouncements - Major Charterers (Table) (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||
Percentage of time charter revenue | 100.00% | 100.00% |
Charterer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of time charter revenue | 45.00% | 45.00% |
Charterer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of time charter revenue | 39.00% | 40.00% |
Charterer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of time charter revenue | 16.00% | 15.00% |
Significant Accounting Polici_5
Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Concentration risk benchmark description | During the six month periods ended June 30, 2021 and 2020, charterers that individually accounted for more than 10% of the Partnership’s revenues | |
Percentage of time charter revenue | 100.00% | 100.00% |
Revenue Benchmark [Member] | ||
Percentage of time charter revenue | 10.00% |
Transactions with related par_3
Transactions with related parties - Statements of Income (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Included in voyage expenses – related party | ||
Charter hire commissions (a) | $ 851 | $ 855 |
Included in general and administrative expenses – related party | ||
Executive services fee (d) | 324 | 298 |
Administrative services fee (e) | 60 | 60 |
Management fees-related party | ||
Management fees (a) | $ 2,987 | $ 3,358 |
Transactions with related par_4
Transactions with related parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Due from related party, non-current | $ 1,350 | $ 1,350 |
Liabilities included in Due to related party: | ||
Due to related party, current | 618 | 1,706 |
Security deposits to Manager (a) [Member] | ||
Assets: | ||
Due from related party, non-current | 1,350 | 1,350 |
Working capital due to Manager (a) [Member] | ||
Liabilities included in Due to related party: | ||
Due to related party, current | 356 | 1,032 |
Executive service charges due to Manager (d) [Member] | ||
Liabilities included in Due to related party: | ||
Due to related party, current | 162 | 159 |
Administrative service charges due to Manager (e) [Member] | ||
Liabilities included in Due to related party: | ||
Due to related party, current | 30 | 30 |
Other Partnership expenses due to Manager [Member] | ||
Liabilities included in Due to related party: | ||
Due to related party, current | $ 70 | $ 485 |
Transactions with related par_5
Transactions with related parties (Details Narrative) € in Thousands | Jan. 03, 2021USD ($) | Mar. 21, 2014 | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2020USD ($) | Nov. 14, 2018 | Nov. 18, 2013USD ($) | Dec. 31, 2020USD ($) | Dec. 30, 2014USD ($) | Dec. 31, 2013USD ($) |
Related Party Transaction [Line Items] | ||||||||||
Charter Hire Commission | $ 851,000 | $ 855,000 | ||||||||
Advances | 1,350,000 | $ 1,350,000 | ||||||||
Annual executive services fee | $ 324,000 | 298,000 | ||||||||
Eur/US Dollar exchange rate | 1.2052 | |||||||||
Administrative services fee | $ 60,000 | 60,000 | ||||||||
Dynagas Ltd. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Management services agreement initial termination date | December 31, 2020 | |||||||||
Daily management fee | $ 2,800 | 3,100 | $ 2,500 | |||||||
Management fees annual upward percentage adjustment | 3.00% | 3.00% | ||||||||
Charter Hire Commission payable to the Management company | 1.25% | 1.25% | ||||||||
Charter Hire Commission | $ 851,000 | 855,000 | ||||||||
Advances | 1,350,000 | |||||||||
Dynagas Ltd. [Member] | Working Capital Advances [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments for operating expenses | $ 356,000 | 1,032,000 | ||||||||
Master Management Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Management services agreement initial termination date | December 31, 2030 | December 31, 2030 | ||||||||
Daily management fee | $ 2,750 | $ 2,987 | 3,358 | 3,167 | ||||||
Management fees annual upward percentage adjustment | 3.00% | 3.00% | ||||||||
Administrative services days termination notice | 6 months | 6 months | ||||||||
$30 million Sponsor Facility [Member] | Dynagas Holding Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revolving credit facility borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||||||
Duration of facility | 5 years | |||||||||
Revolving credit facility amount drawn down | $ 0 | $ 0 | ||||||||
$30 million Extended Sponsor Facility [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Duration of facility | 5 years | |||||||||
Five joint venture entities [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percentage of ownership in entity | 49.00% | 49.00% | ||||||||
Amended Omnibus Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number Of Vessels | 5 | |||||||||
LNG Carrier Capacity | 172,000 | 172,000 | ||||||||
Vessel Type | ARC 7 LNG | ARC 7 LNG | ||||||||
Executive Services Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Annual executive services fee | $ 648,000 | € 538,000 | ||||||||
Executive services agreement duration | The Executive Services Agreement had an initial term of five years and, on November 18, 2018, was automatically renewed for successive five year terms, unless terminated earlier | |||||||||
Administrative Services Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Administrative services days termination notice | 120 days | 120 days | ||||||||
Administrative services fee | $ 60,000 | $ 60,000 | ||||||||
Administrative Services Agreement [Member] | Monthly fee [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Administrative services fee | $ 10,000 |
Prepayments and other assets _2
Prepayments and other assets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid Insurance | $ 4,500 | $ 0 |
Other Prepaid Expense, Current | 1,266 | 949 |
Total prepayments and other assets | $ 5,766 | $ 949 |
Vessels, net (Table) (Details)
Vessels, net (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | $ 884,900 | |
Depreciation | (15,725) | $ (15,812) |
Balance end of period | 869,175 | |
Vessel Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | 1,167,909 | |
Balance end of period | 1,167,909 | |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | (283,009) | |
Depreciation | (15,725) | |
Balance end of period | (298,734) | |
Net Book Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | 884,900 | |
Depreciation | (15,725) | |
Balance end of period | $ 869,175 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities And Senior Notes (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 591,000 | $ 615,000 |
Less deferred financing fees | (6,157) | (7,319) |
Total debt, net of deferred finance costs | 584,843 | 607,681 |
Less current portion, net of deferred financing fees | (45,830) | (45,715) |
Long-term debt, net of current portion and deferred financing fees | 539,013 | 561,966 |
$675 Million Credit Facility [Member] | Fareastern Shipping Limited, Pegasus Shipholding S.A., Lance Shipping S.A., Seacrown Maritime Ltd., Navajo Marine Limited, Solana Holding Ltd. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 591,000 | $ 615,000 |
Long - Term Debt - Principal Pa
Long - Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 48,000 | |
2023 | 48,000 | |
2024 | 48,000 | |
Thereafter | 447,000 | |
Total long-term debt | $ 591,000 | $ 615,000 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 10 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Sep. 25, 2019 | Oct. 30, 2019 | Dec. 31, 2020 | Sep. 18, 2019 | |
Debt Instrument [Line Items] | ||||||
Restricted cash | $ 50,000,000 | $ 50,000,000 | ||||
Weighted average interest rate | 3.10% | 4.20% | ||||
Total interest incurred on long-term debt | $ 9,531,000 | $ 13,939,000 | ||||
$250 Million Senior Unsecured Notes due 2019 (2019 Notes) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of notes payable | $ 204,600,000 | |||||
$675 Million Senior Secured Term Loan Facility ($675 Million Credit Facility) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 675,000,000 | |||||
Credit facility amount drawn down | $ 675,000,000 | |||||
Debt instrument, description of variable rate basis | LIBOR | |||||
Loan Margin Percentage | 3.00% | |||||
Vessels provided as collateral | six LNG vessels | |||||
Maturity profile | 5 years | |||||
Line of credit facility, repayment installments | 20 | |||||
Debt Instrument, frequency of payments | quarterly | |||||
Covenant compliance | As of June 30, 2021, the Partnership was in compliance with all financial covenants prescribed in its $675 Million Credit Facility. | |||||
$675 Million Senior Secured Term Loan Facility ($675 Million Credit Facility) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Restricted cash | $ 50,000,000 | |||||
$480 Million Senior Secured Term Loan Facility (Term Loan B) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount repaid | $ 470,400,000 |
Accrued liabilities (Table) (De
Accrued liabilities (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities | ||
Provisions for legal claims (Note 9) | $ 4,500 | $ 0 |
Other accrued liabilities | 1,694 | 1,655 |
Total accrued liabilities | $ 6,194 | $ 1,655 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 4,008 | $ 0 |
Total Liabilities | 1,332 | 2,666 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 4,008 | 0 |
Total Liabilities | $ 1,332 | $ 2,666 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Due from related parties non current fair value - determined through level 3 inputs | $ 969 | |
Due from related party | $ 1,350 | $ 1,350 |
Commitments and Contingencies -
Commitments and Contingencies - Charter Hire (Table) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (period) | $ 63,196 |
2022 | 125,359 |
2023 | 119,046 |
2024 | 103,935 |
2025 | 103,478 |
2026 and thereafter | 447,063 |
Total | $ 962,077 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | Jan. 03, 2021 | May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||||||
Accrued Liabilities, Current | $ 6,194,000 | $ 1,655,000 | ||||
Prepaid Expense and Other Assets, Current | $ 5,766,000 | 949,000 | ||||
Dynagas Ltd. [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Charter Hire Commission payable to the Management company | 1.25% | |||||
Commission payable over the minimum contractual charter revenues | $ 12,026,000 | |||||
Daily management fee | 2,800 | $ 3,100 | $ 2,500 | |||
Management services agreement initial termination date | December 31, 2020 | |||||
Management fees | 66,093,000 | |||||
Master Management Agreement [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Daily management fee | $ 2,750 | $ 2,987 | $ 3,358 | $ 3,167 | ||
Management services agreement initial termination date | December 31, 2030 | |||||
Inflation rate adjustment to management fees | 3.00% | |||||
Case No 19cv 04512 [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Litigation Settlement, Amount Awarded to Other Party | $ 4,500,000 | |||||
Accrued Liabilities, Current | $ 4,500,000 | |||||
Prepaid Expense and Other Assets, Current | $ 4,500,000 |
Partners_ Equity (Table) (Detai
Partners’ Equity (Table) (Details) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Total Quarterly Distribution Target Amount [Member] | Minimum Quarterly Distribution [Member] | Minimum [Member] | |
Distribution Per Unit | $ 0.365 |
Total Quarterly Distribution Target Amount [Member] | First Target Distribution [Member] | Maximum [Member] | |
Distribution Per Unit | 0.420 |
Total Quarterly Distribution Target Amount [Member] | Second Target Distribution [Member] | Minimum [Member] | |
Distribution Per Unit | 0.420 |
Total Quarterly Distribution Target Amount [Member] | Second Target Distribution [Member] | Maximum [Member] | |
Distribution Per Unit | 0.456 |
Total Quarterly Distribution Target Amount [Member] | Third Target Distribution [Member] | Minimum [Member] | |
Distribution Per Unit | 0.456 |
Total Quarterly Distribution Target Amount [Member] | Third Target Distribution [Member] | Maximum [Member] | |
Distribution Per Unit | 0.548 |
Total Quarterly Distribution Target Amount [Member] | Thereafter Target Distribution [Member] | Minimum [Member] | |
Distribution Per Unit | $ 0.548 |
Limited Unitholders [Member] | Minimum Quarterly Distribution [Member] | |
Percentage allocations of the additional available cash | 99.90% |
Limited Unitholders [Member] | First Target Distribution [Member] | |
Percentage allocations of the additional available cash | 99.90% |
Limited Unitholders [Member] | Second Target Distribution [Member] | |
Percentage allocations of the additional available cash | 85.00% |
Limited Unitholders [Member] | Third Target Distribution [Member] | |
Percentage allocations of the additional available cash | 75.00% |
Limited Unitholders [Member] | Thereafter Target Distribution [Member] | |
Percentage allocations of the additional available cash | 50.00% |
General Partner [Member] | Minimum Quarterly Distribution [Member] | |
Percentage allocations of the additional available cash | 0.10% |
General Partner [Member] | First Target Distribution [Member] | |
Percentage allocations of the additional available cash | 0.10% |
General Partner [Member] | Second Target Distribution [Member] | |
Percentage allocations of the additional available cash | 0.10% |
General Partner [Member] | Third Target Distribution [Member] | |
Percentage allocations of the additional available cash | 0.10% |
General Partner [Member] | Thereafter Target Distribution [Member] | |
Percentage allocations of the additional available cash | 0.10% |
Holders of IDRs [Member] | Minimum Quarterly Distribution [Member] | |
Percentage allocations of the additional available cash | 0.00% |
Holders of IDRs [Member] | First Target Distribution [Member] | |
Percentage allocations of the additional available cash | 0.00% |
Holders of IDRs [Member] | Second Target Distribution [Member] | |
Percentage allocations of the additional available cash | 14.90% |
Holders of IDRs [Member] | Third Target Distribution [Member] | |
Percentage allocations of the additional available cash | 24.90% |
Holders of IDRs [Member] | Thereafter Target Distribution [Member] | |
Percentage allocations of the additional available cash | 49.90% |
Partners_ Equity (Details Narra
Partners’ Equity (Details Narrative) - USD ($) | 6 Months Ended | 7 Months Ended | 10 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jul. 20, 2015 | Oct. 23, 2018 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||
Common unitholders - units issued | 36,802,247 | 35,612,580 | |||
Common unitholders - units outstanding | 36,802,247 | 35,612,580 | |||
General Partner unitholders - units issued | 35,526 | 35,526 | |||
General Partner unitholders - units outstanding | 35,526 | 35,526 | |||
Proceeds from Issuance of Common Limited Partners Units | $ 3,407,000 | $ 0 | |||
Original ATM Sales Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of units in public offering | 122,580 | ||||
Proceeds from Issuance of Common Limited Partners Units | $ 300,000 | ||||
A&R Sales Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of units in public offering | 1,189,667 | ||||
Proceeds from Issuance of Common Limited Partners Units | $ 3,300,000 | ||||
General Partner [Member] | |||||
Class of Stock [Line Items] | |||||
General Partner Distributions | $ 0 | $ 0 | |||
Sponsor [Member] | |||||
Class of Stock [Line Items] | |||||
Common unitholders - units outstanding | 15,595,000 | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of units in public offering | 3,000,000 | ||||
Fixed payment rate per annum | 9.00% | ||||
Preferred stock liquidation preference | $ 25 | ||||
Proceeds from issuance of preferred units, net of offering costs | $ 72,300,000 | ||||
Underwriting discounts and commissions | 24,000,000 | ||||
Offering costs | $ 3,000,000 | ||||
Units issued | 3,000,000 | 3,000,000 | |||
Units outstanding | 3,000,000 | 3,000,000 | |||
Series A Preferred Stock [Member] | Distribution From November 12, 2020 to February 11, 2021 [Member] | |||||
Class of Stock [Line Items] | |||||
Distribution Made To Limited Partner And General Partner Announcement Date | Jan. 21, 2021 | ||||
Distributions paid, Per unit | $ 0.5625 | ||||
Distributions per unit declared - distribution date | Feb. 12, 2021 | ||||
Distributions per unit declared - record date | Feb. 5, 2021 | ||||
Series A Preferred Stock [Member] | Distribution From February 12, 2021 to May 11, 2021 [Member] | |||||
Class of Stock [Line Items] | |||||
Distribution Made To Limited Partner And General Partner Announcement Date | Apr. 20, 2021 | ||||
Distributions paid, Per unit | $ 0.5625 | ||||
Distributions per unit declared - distribution date | May 12, 2021 | ||||
Distributions per unit declared - record date | May 5, 2021 | ||||
Series A Preferred Stock [Member] | Any Time On Or After August [Member] | |||||
Class of Stock [Line Items] | |||||
Redemption price per share | $ 25 | ||||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of units in public offering | 2,200,000 | ||||
Preferred stock liquidation preference | $ 25 | ||||
Proceeds from issuance of preferred units, net of offering costs | $ 53,000,000 | ||||
Underwriting discounts and commissions | $ 20,000,000 | ||||
Units issued | 2,200,000 | 2,200,000 | |||
Units outstanding | 2,200,000 | 2,200,000 | |||
Series B Preferred Stock [Member] | Distribution From And Issue Date To But Excluding November 2023 [Member] | |||||
Class of Stock [Line Items] | |||||
Fixed payment rate per annum | 8.75% | ||||
Series B Preferred Stock [Member] | Distribution From November 22, 2020 to February 21, 2021 [Member] | |||||
Class of Stock [Line Items] | |||||
Distribution Made To Limited Partner And General Partner Announcement Date | Jan. 28, 2021 | ||||
Distributions paid, Per unit | $ 0.546875 | ||||
Distributions per unit declared - distribution date | Feb. 22, 2021 | ||||
Distributions per unit declared - record date | Feb. 15, 2021 | ||||
Series B Preferred Stock [Member] | Distribution From February 22, 2021 to May 21, 2021 [Member] | |||||
Class of Stock [Line Items] | |||||
Distribution Made To Limited Partner And General Partner Announcement Date | Apr. 27, 2021 | ||||
Distributions paid, Per unit | $ 0.546875 | ||||
Distributions per unit declared - distribution date | May 24, 2021 | ||||
Distributions per unit declared - record date | May 17, 2021 | ||||
Series B Preferred Stock [Member] | From November 2023 [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividend payment rate description | three-month LIBOR plus a spread of 5.593% | ||||
Floating rate per annum | 5.593% | ||||
Series B Preferred Stock [Member] | Any Time On Or After November [Member] | |||||
Class of Stock [Line Items] | |||||
Redemption price per share | $ 25 |
Earnings per Unit (Table) (Deta
Earnings per Unit (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Partnership’s Net income | $ 24,980 | $ 13,394 |
Less: | ||
Net Income attributable to preferred unitholders | 5,781 | 5,781 |
General Partner’s interest in Net Income | 19 | 8 |
Net income attributable to common unitholders | $ 19,180 | $ 7,605 |
Weighted average number of common units outstanding, basic and diluted | 36,201,051 | 35,490,000 |
Earnings per common unit, basic and diluted | $ 0.53 | $ 0.21 |
Interest and Finance Costs (T_2
Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Interest And Finance Costs | ||
Interest expense (Note 6) | $ 9,531 | $ 13,939 |
Amortization of deferred financing fees | 1,162 | 1,287 |
Other | 138 | 83 |
Total | $ 10,831 | $ 15,309 |
Derivative Financial Instrume_3
Derivative Financial Instrument - Not designated as Hedging Instrument - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative financial Instruments Liabilities, Current | $ 1,332 | $ 1,332 |
Derivative financial Instruments Asset, non- Current | 4,008 | 0 |
Derivative financial Instruments Liabilities, non- Current | 0 | 1,334 |
Interest Rate Swap [Member] | Balance Sheet Location [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative financial Instruments Asset, Current | 0 | 0 |
Derivative financial Instruments Liabilities, Current | 1,332 | 1,332 |
Derivative financial Instruments Asset, non- Current | 4,008 | 0 |
Derivative financial Instruments Liabilities, non- Current | 0 | 1,334 |
Total Assets | 4,008 | 0 |
Total Liabilities | $ 1,332 | $ 2,666 |
Derivative Financial Instrume_4
Derivative Financial Instrument - Not Designated as Hedging Instrument - Net Effect on the Consolidated Statements of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/ (Loss) on derivative instruments | $ 4,763 | $ (3,352) |
Interest Rate Swap [Member] | Net Realized and Unrealized Gain/ (Loss) Recognized on Statement of Income Location [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/ (Loss) on derivative instruments | $ 4,763 | $ (3,352) |
Derivative financial instrume_5
Derivative financial instrument (Details Narrative) - USD ($) | 4 Months Ended | 6 Months Ended | ||
May 07, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on derivative financial instrument | $ 4,800,000 | $ 3,400,000 | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Notional Amount | 591,000 | $ 615,000 | ||
Fair value of derivative asset | 2,676,000 | |||
Fair value of derivative liability | $ 2,666,000 | |||
Loss on derivative financial instruments | $ 600,000 | $ 0 | ||
$675 Million Senior Secured Term Loan Facility ($675 Million Credit Facility) [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Inception date | Jun. 29, 2020 | |||
Derivative Underlying | LIBOR | |||
Derivative, Fixed Interest Rate | 0.41% | |||
Derivative, Maturity Date | Sep. 30, 2024 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - $ / shares | 7 Months Ended | |
Jul. 28, 2021 | Jul. 21, 2021 | |
Quarterly Unit Cash Distribution From May 12, 2021 to August 11, 2021 [Member] | Series A Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Distribution Made To Limited Partner And General Partner Announcement Date | Jul. 21, 2021 | |
Distributions paid, Per unit | $ 0.5625 | |
Distribution Made To Limited And General Partner Distribution Date | Aug. 12, 2021 | |
Distribution Made To Limited And General Partner Date Record | Aug. 5, 2021 | |
Quarterly Unit Cash Distribution From May 22, 2021 to August 21, 2021 [Member] | Series B Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Distribution Made To Limited Partner And General Partner Announcement Date | Jul. 28, 2021 | |
Distributions paid, Per unit | $ 0.546875 | |
Distribution Made To Limited And General Partner Distribution Date | Aug. 23, 2021 | |
Distribution Made To Limited And General Partner Date Record | Aug. 16, 2021 |