| | |
Per Unit
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1)
|
| | | $ | | | | | $ | | | ||
Proceeds to Dynagas LNG Partners LP (before expenses)
|
| | | $ | | | | | | $ | | | |
|
MORGAN STANLEY
|
| |
UBS INVESTMENT BANK
|
| | STIFEL | |
|
Co-Manager
|
| ||||||
|
B. RILEY FBR
|
|
| | |
Page
|
| |||
| | | | S-iii | | | |
| | | | S-v | | | |
| | | | S-1 | | | |
| | | | S-7 | | | |
| | | | S-10 | | | |
| | | | S-15 | | | |
| | | | S-24 | | | |
| | | | S-25 | | | |
| | | | S-26 | | | |
| | | | S-27 | | | |
| | | | S-35 | | | |
| | | | S-51 | | | |
| | | | S-59 | | | |
| | | | S-60 | | | |
| | | | S-67 | | | |
| | | | S-68 | | | |
| | | | S-68 | | | |
| | | | S-68 | | | |
| | | | S-70 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 12 | | | |
| | | | | 13 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 18 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| | | | | 23 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 44 | | | |
| | | | | 51 | | | |
| | | | | 53 | | | |
| | | | | 54 | | | |
| | | | | 55 | | | |
| | | | | 55 | | | |
| | | | | 55 | | |
Vessel Name
|
| |
Year
Built |
| |
Cargo
Capacity (cbm) |
| |
Ice
Class |
| |
Propulsion
|
| |
Charterer
|
| |
Earliest Charter
Expiration |
| |
Latest Charter
Expiration |
| |
Latest Charter
Expiration including options to extend |
| |||||||||
Clean Energy
|
| | | | 2007 | | | | | | 149,700 | | | | | | No | | | |
Steam
|
| |
Gazprom
|
| |
March 2026
|
| |
April 2026
|
| |
n/a
|
|
Ob River
|
| | | | 2007 | | | | | | 149,700 | | | | | | Yes | | | |
Steam
|
| |
Gazprom
|
| |
March 2028
|
| |
May 2028
|
| |
n/a
|
|
Amur River
|
| | | | 2008 | | | | | | 149,700 | | | | | | Yes | | | |
Steam
|
| |
Gazprom
|
| |
June 2028
|
| |
August 2028
|
| |
n/a
|
|
Arctic Aurora
|
| | | | 2013 | | | | | | 155,000 | | | | | | Yes | | | |
TFDE
|
| |
Equinor
|
| |
July 2021
|
| |
September 2021(1)
|
| |
September 2023(1)
|
|
Yenisei River
|
| | | | 2013 | | | | | | 155,000 | | | | | | Yes | | | |
TFDE
|
| |
Yamal
|
| |
Q4 2033
|
| |
Q2 2034
|
| |
Q2 2049(2)
|
|
Lena River
|
| | | | 2013 | | | | | | 155,000 | | | | | | Yes | | | |
TFDE
|
| |
Charterer
|
| |
June 2019
|
| |
February 2020
|
| |
n/a(3)
|
|
| | | | | | | | | | | | | | | | | | | | | |
Yamal
|
| |
Q2 2034
|
| |
Q3 2034
|
| |
Q4 2049(2)
|
|
Vessel Name
|
| |
Shipyard(5)
|
| |
Delivery
Date |
| |
Cargo Capacity
Cbm |
| |
Ice
Class |
| |
Charter
Commencement |
| |
Charterer
|
| |
Earliest
Charter Expiration |
| |||||||||
Initial Optional Vessels:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clean Ocean(1)
|
| | | | HHI | | | | | | Q2-2014 | | | | | | 162,000 | | | |
Yes
|
| |
Q2 2015
|
| |
Charterer & Yamal
|
| |
2035
|
|
Clean Planet(2)
|
| | | | HHI | | | | | | Q3-2014 | | | | | | 162,000 | | | |
Yes
|
| |
2018
|
| |
Yamal
|
| |
2034
|
|
Clean Horizon(3)
|
| | | | HHI | | | | | | Q3-2015 | | | | | | 162,000 | | | |
Yes
|
| |
2018 & 2019
|
| |
Charterer & Yamal
|
| |
2034
|
|
Clean Vision(3)
|
| | | | HHI | | | | | | Q1-2016 | | | | | | 162,000 | | | |
Yes
|
| |
2018 & 2019
|
| |
Charterer & Yamal
|
| |
2034
|
|
Vessel Name
|
| |
Shipyard(5)
|
| |
Delivery
Date |
| |
Cargo Capacity
Cbm |
| |
Ice
Class |
| |
Charter
Commencement |
| |
Charterer
|
| |
Earliest
Charter Expiration |
| | |||||||||||
Additional Optional Vessels*:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Boris Vilkitsky(4)
|
| | | | DSME | | | | | | Q4-2017 | | | | | | 172,410 | | | |
Yes
|
| |
2017
|
| |
Yamal
|
| |
Q4-2045
|
| | ||
Fedor Litke(4)
|
| | | | DSME | | | | | | Q1-2018 | | | | | | 172,410 | | | |
Yes
|
| |
2018
|
| |
Yamal
|
| |
Q4-2045
|
| | ||
Hull No.2427(4)
|
| | | | DSME | | | | | | Q1-2019 | | | | | | 172,410 | | | |
Yes
|
| |
2019
|
| |
Yamal
|
| |
Q4-2045
|
| | ||
Hull No.2428(4)
|
| | | | DSME | | | | | | Q1-2019 | | | | | | 172,410 | | | |
Yes
|
| |
2019
|
| |
Yamal
|
| |
Q4-2045
|
| | ||
Hull No.2429(4)
|
| | | | DSME | | | | | | Q1-2019 | | | | | | 172,410 | | | |
Yes
|
| |
2019
|
| |
Yamal
|
| |
Q4-2045
|
| | | |
(In thousands of U.S. Dollars, except for fleet
performance and financial data ) |
| |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | |||||||||||||||||||||
STATEMENT OF INCOME | | | | | | | |||||||||||||||||||||||||
Voyage revenues
|
| | | $ | 64,796 | | | | | $ | 71,067 | | | | | $ | 138,990 | | | | | $ | 169,851 | | | | | $ | 145,202 | | |
Voyage expenses – including related party(1)
|
| | | | (1,243) | | | | | | (2,217) | | | | | | (3,619) | | | | | | (2,961) | | | | | | (2,804) | | |
Vessel operating expenses
|
| | | | (12,241) | | | | | | (14,161) | | | | | | (27,067) | | | | | | (26,451) | | | | | | (23,244) | | |
General and administrative expenses – including related party
|
| | | | (1,062) | | | | | | (840) | | | | | | (1,686) | | | | | | (1,885) | | | | | | (1,805) | | |
Management fees
|
| | | | (3,147) | | | | | | (3,056) | | | | | | (6,162) | | | | | | (5,999) | | | | | | (4,870) | | |
Depreciation
|
| | | | (15,039) | | | | | | (15,035) | | | | | | (30,319) | | | | | | (30,395) | | | | | | (24,387) | | |
Dry-docking and special survey costs
|
| | | | (2,696) | | | | | | (5,131) | | | | | | (6,193) | | | | | | (81) | | | | | | — | | |
Operating income
|
| | | $ | 29,368 | | | | | $ | 30,627 | | | | | $ | 63,944 | | | | | $ | 102,079 | | | | | $ | 88,092 | | |
Interest income
|
| | | | 390 | | | | | | 3 | | | | | | 203 | | | | | | — | | | | | | 35 | | |
Interest and finance costs
|
| | | | (24,626) | | | | | | (22,618) | | | | | | (46,281) | | | | | | (34,991) | | | | | | (27,974) | | |
Other, net
|
| | | | 59 | | | | | | (281) | | | | | | (527) | | | | | | (234) | | | | | | (103) | | |
Net Income
|
| | | $ | 5,191 | | | | | $ | 7,731 | | | | | $ | 17,339 | | | | | $ | 66,854 | | | | | $ | 60,050 | | |
BALANCE SHEET DATA: | | | | | | | |||||||||||||||||||||||||
Total current assets
|
| | | $ | 65,703 | | | | | $ | 77,665 | | | | | $ | 70,404 | | | | | $ | 60,195 | | | | | $ | 25,814 | | |
Vessels, net
|
| | | | 962,668 | | | | | | 992,582 | | | | | | 977,298 | | | | | | 1,007,617 | | | | | | 1,036,157 | | |
Total assets
|
| | | | 1,032,206 | | | | | | 1,080,517 | | | | | | 1,054,319 | | | | | | 1,106,676 | | | | | | 1,108,103 | | |
Total current liabilities
|
| | | | 23,388 | | | | | | 24,996 | | | | | | 22,898 | | | | | | 53,056 | | | | | | 51,353 | | |
Total long-term debt, including current
portion, gross of deferred financing fees |
| | | | 725,200 | | | | | | 730,000 | | | | | | 727,600 | | | | | | 722,500 | | | | | | 688,333 | | |
Total partners’ equity
|
| | | | 296,226 | | | | | | 342,138 | | | | | | 318,318 | | | | | | 367,836 | | | | | | 367,838 | | |
(In thousands of U.S. Dollars, except for fleet
performance and financial data ) |
| |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | |||||||||||||||||||||
CASH FLOW DATA: | | | | | | | |||||||||||||||||||||||||
Net cash provided by operating activities
|
| | | $ | 20,494 | | | | | $ | 29,568 | | | | | $ | 59,339 | | | | | $ | 103,618 | | | | | $ | 96,944 | | |
Net cash used in investing activities
|
| | | | (409) | | | | | | — | | | | | | — | | | | | | (37,472) | | | | | | (205,045) | | |
Net cash (used in)/provided by financing activities
|
| | | | (29,731) | | | | | | (37,852) | | | | | | (49,470) | | | | | | (32,844) | | | | | | 120,445 | | |
FLEET PERFORMANCE DATA: | | | | | | | |||||||||||||||||||||||||
Number of vessels at the end of the year/period
|
| | | | 6 | | | | | | 6 | | | | | | 6 | | | | | | 6 | | | | | | 6 | | |
Average number of vessels in operation(2)
|
| | | | 6.0 | | | | | | 6.0 | | | | | | 6.0 | | | | | | 6.0 | | | | | | 5.0 | | |
Average age of vessels in operation at end of year/period (years)
|
| | | | 7.9 | | | | | | 6.9 | | | | | | 7.4 | | | | | | 6.4 | | | | | | 5.4 | | |
Available days(3)
|
| | | | 1,074.0 | | | | | | 1,046.6 | | | | | | 2,140.3 | | | | | | 2,196.0 | | | | | | 1,836.0 | | |
Fleet utilization(4)
|
| | | | 99% | | | | | | 97% | | | | | | 98% | | | | | | 100% | | | | | | 99% | | |
OTHER FINANCIAL DATA: | | | | | | | |||||||||||||||||||||||||
Time Charter Equivalent (in US dollars)(5)
|
| | | $ | 59,174 | | | | | $ | 65,784 | | | | | $ | 63,249 | | | | | $ | 75,997 | | | | | $ | 77,559 | | |
Adjusted EBITDA(6)
|
| | | $ | 51,033 | | | | | $ | 54,192 | | | | | $ | 107,545 | | | | | $ | 139,531 | | | | | $ | 113,202 | | |
(In thousands of U.S. Dollars, except for
Available Days and TCE rate) |
| |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||
Voyage revenues
|
| | | $ | 64,796 | | | | | $ | 71,067 | | | | | $ | 138,990 | | | | | $ | 169,851 | | | | | $ | 145,202 | | |
Voyage expenses
|
| | | $ | (1,243) | | | | | $ | (2,217) | | | | | $ | (3,619) | | | | | $ | (2,961) | | | | | $ | (2,804) | | |
Time charter equivalent revenues
|
| | | $ | 63,553 | | | | | $ | 68,850 | | | | | $ | 135,371 | | | | | $ | 166,890 | | | | | $ | 142,398 | | |
Total Available days
|
| | | | 1,074.0 | | | | | | 1,046.6 | | | | | | 2,140.3 | | | | | | 2,196.0 | | | | | | 1,836.0 | | |
Time charter equivalent (TCE) rate
|
| | | $ | 59,174 | | | | | $ | 65,784 | | | | | $ | 63,249 | | | | | $ | 75,997 | | | | | $ | 77,559 | | |
(In thousands of U.S. Dollars)
|
| |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||
Net income
|
| | | $ | 5,191 | | | | | $ | 7,731 | | | | | $ | 17,339 | | | | | $ | 66,854 | | | | | $ | 60,050 | | |
Net interest and finance costs(a)
|
| | | | 24,236 | | | | | | 22,615 | | | | | | 46,078 | | | | | | 34,991 | | | | | | 27,939 | | |
Depreciation
|
| | | | 15,039 | | | | | | 15,035 | | | | | | 30,319 | | | | | | 30,395 | | | | | | 24,387 | | |
Dry docking and special survey costs
|
| | | | 2,696 | | | | | | 5,131 | | | | | | 6,193 | | | | | | 81 | | | | | | — | | |
Amortization of fair value of acquired time charter
|
| | | | 3,594 | | | | | | 3,594 | | | | | | 7,247 | | | | | | 7,268 | | | | | | 218 | | |
Deferred revenue amortization
|
| | | | 277 | | | | | | 86 | | | | | | 369 | | | | | | (58) | | | | | | 608 | | |
Adjusted EBITDA
|
| | | $ | 51,033 | | | | | $ | 54,192 | | | | | $ | 107,545 | | | | | $ | 139,531 | | | | | $ | 113,202 | | |
| | |
Six
Months Ended June 30, 2018 |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||
| | |
(U.S. dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Earnings: | | | | | | | | ||||||||||||||||||||||||||||||
Income from continuing operations before
taxes |
| | | | 5,191 | | | | | | 17,339 | | | | | | 66,854 | | | | | | 60,050 | | | | | | 50,561 | | | | | | 45,620 | | |
Add: Fixed charges
|
| | | | 24,461 | | | | | | 45,162 | | | | | | 34,871 | | | | | | 27,471 | | | | | | 14,123 | | | | | | 9,298 | | |
Add: Depreciation of capitalized interest
|
| | | | 202 | | | | | | 407 | | | | | | 408 | | | | | | 407 | | | | | | 374 | | | | | | 349 | | |
Total Earnings
|
| | | $ | 29,854 | | | | | $ | 62,908 | | | | | $ | 102,133 | | | | | $ | 87,928 | | | | | $ | 65,058 | | | | | $ | 55,267 | | |
Fixed Charges: | | | | | | | | ||||||||||||||||||||||||||||||
Interest charges, whether expensed or capitalized
|
| | | | 22,836 | | | | | | 39,775 | | | | | | 32,887 | | | | | | 25,926 | | | | | | 13,338 | | | | | | 8,248 | | |
Amortization and write-off of deferred finance fees
|
| | | | 1,625 | | | | | | 5,387 | | | | | | 1,984 | | | | | | 1,545 | | | | | | 785 | | | | | | 1,050 | | |
Total Fixed Charges
|
| | | $ | 24,461 | | | | | $ | 45,162 | | | | | $ | 34,871 | | | | | $ | 27,471 | | | | | $ | 14,123 | | | | | $ | 9,298 | | |
Preferred unit distributions
|
| | | | 3,375 | | | | | | 6,750 | | | | | | 6,750 | | | | | | 2,100 | | | | | | — | | | | | | — | | |
Total Fixed Charges and Preferred Unit Distributions
|
| | | $ | 27,836 | | | | | $ | 51,912 | | | | | $ | 41,621 | | | | | $ | 29,571 | | | | | $ | 14,123 | | | | | $ | 9,298 | | |
Ratio of earnings to Fixed Charges
|
| | | | 1.22x | | | | | | 1.39x | | | | | | 2.93x | | | | | | 3.20x | | | | | | 4.61x | | | | | | 5.94x | | |
Ratio of earnings to Fixed Charges and Preferred Dividends
|
| | | | 1.07x | | | | | | 1.21x | | | | | | 2.45x | | | | | | 2.97x | | | | | | 4.61x | | | | | | 5.94x | | |
| | |
As of June 30, 2018
|
| |||||||||||||||
| | |
Actual
|
| |
As adjusted
|
| |
As further
adjusted(2) |
| |||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||
CASH: | | | | | |||||||||||||||
Cash and Cash Equivalents
|
| | | $ | 57,818 | | | | | $ | 46,049 | | | | | $ | | | |
CAPITALIZATION: | | | | | |||||||||||||||
Debt: | | | | | |||||||||||||||
Secured debt – Term loan B
|
| | | $ | 475,200 | | | | | $ | 474,000 | | | | | $ | | | |
Unsecured debt – Revolving credit facility(1)
|
| | | | — | | | | | | — | | | | |||||
Unsecured debt – 6.25% Senior Notes due 2019
|
| | | | 250,000 | | | | | | 250,000 | | | | | | | | |
Total debt obligations (including current portion)
|
| | | $ | 725,200 | | | | | $ | 724,000 | | | | | $ | | | |
Partners’ Equity: | | | | | |||||||||||||||
Common unitholders: 35,490,000 units issued and outstanding on an actual, as adjusted and as further adjusted basis
|
| | | $ | 223,002 | | | | | $ | 205,256 | | | | | $ | | | |
General Partner: 33,526 units issued and outstanding on an actual, as adjusted and as further adjusted basis
|
| | | | 8 | | | | | | (10) | | | | |||||
Series A Preferred Units: 3,000,000 units issued and outstanding on an actual, as adjusted and as further adjusted basis
|
| | | | 73,216 | | | | | | 71,529 | | | | |||||
Series B Preferred Units: no units issued and outstanding on an actual and
as adjusted basis and units issued and outstanding on an as further adjusted basis |
| | | | — | | | | | | — | | | | | | | | |
Total Partners’ Equity
|
| | | $ | 296,226 | | | | | $ | 276,775 | | | | | | | | |
Total capitalization
|
| | | $ | 1,021,426 | | | | | $ | 1,000,775 | | | | | $ | | | |
|
|
Action
|
| |
Unitholder Approval Required and Voting Rights
|
|
|
Issuance of additional common units or other limited partners interest
|
| |
No approval rights; Board of Directors approval required for all issuances, which may have a material adverse impact on the General Partner or its interest in our partnership, subject to the limited approval rights of the holders of the Series A Preferred Units and Series B Preferred Units.
|
|
|
Amendment of the Partnership Agreement
|
| |
Certain amendments may be made by our Board of Directors without the approval of the unitholders. Other amendments generally require the approval of a Unit Majority. See “—Amendment of the Partnership Agreement” below.
|
|
|
Merger of our partnership or the sale of all or substantially all of our assets
|
| |
Unit Majority and approval of our General Partner and our Board of Directors. See “—Merger, Sale, Conversion or Other Disposition of Assets” below.
|
|
|
Dissolution of our partnership
|
| |
Unit Majority and approval of our General Partner and our Board of Directors. See “—Termination and Dissolution” below.
|
|
|
Reconstitution of our partnership upon dissolution
|
| |
Unit Majority. See “—Termination and Dissolution” below.
|
|
|
Election of three of the five members of our Board of Directors
|
| |
A plurality of the votes of the holders of the common units.
|
|
|
Withdrawal of our General Partner
|
| |
Under most circumstances, the approval of a Unit
|
|
|
Action
|
| |
Unitholder Approval Required and Voting Rights
|
|
| | | |
Majority, excluding common units held by our General Partner and its affiliates, is required for the withdrawal of our General Partner prior to December 31, 2023 in a manner which would cause a dissolution of our partnership. See “—Withdrawal or Removal of our General Partner” below.
|
|
|
Removal of our General Partner
|
| |
Not less than 66 2/3% of the outstanding common units, including common held by our General Partner and its affiliates, voting together as a single class. See “—Withdrawal or Removal of our General Partner” below.
|
|
|
Transfer of our General Partner interest in us
|
| |
Our General Partner may transfer all, but not less than all, of its General Partner interest in us without a vote of our common unitholders or other limited partners to an affiliate or another person in connection with its merger or consolidation with or into, or sale of all or substantially all of its assets to such person. The approval of a majority of the common units, excluding common units held by our General Partner and its affiliates, is required in other circumstances for a transfer of the General Partner interest to a third party prior to December 31, 2023. See “—Transfer of General Partner Interest” below.
|
|
|
Transfer of incentive distribution rights
|
| |
No approval required subsequent to December 31, 2016.
|
|
|
Transfer of ownership interests in our General Partner
|
| |
No approval required at any time. See “—Transfer of Ownership Interests in General Partner” Below.
|
|
Underwriter
|
| |
Number
of Series B Preferred Units |
|
Morgan Stanley & Co. LLC
|
| |
|
|
UBS Securities LLC
|
| | | |
Stifel, Nicolaus & Company, Incorporated
|
| | | |
B. Riley FBR, Inc.
|
| | | |
Total
|
| | | |
| | |
No
Exercise |
| |
Full
Exercise |
| |
Total
|
| |||||||||
Public Offering Price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting Discount
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds to us (before expenses)
|
| | | $ | | | | | $ | | | | | $ | | |
|
U.S. Securities and Exchange Commission Registration Fee
|
| | | $ | | | |
|
NYSE listing fee
|
| | |||||
|
Legal fees and expenses
|
| | |||||
|
Transfer Agent Fees
|
| | |||||
|
Accounting fees and expenses
|
| | |||||
|
Miscellaneous
|
| | |||||
|
Total
|
| | | $ | | | |
Name
|
| |
Organization
|
| |
Ownership percentage
|
|
Dynagas Operating LP | | | Marshall Islands | | |
100%
|
|
Dynagas Operating GP LLC | | | Marshall Islands | | |
100%
|
|
Dynagas Equity Holding Limited | | | Liberia | | |
100%
|
|
Pegasus Shipholding S.A. | | | Marshall Islands | | |
100%
|
|
Seacrown Maritime Ltd. | | | Marshall Islands | | |
100%
|
|
Lance Shipping S.A. | | | Marshall Islands | | |
100%
|
|
Fareastern Shipping Limited | | | Malta | | |
100%
|
|
Dynagas Finance Inc. | | | Marshall Islands | | |
100%
|
|
Navajo Marine Limited | | | Marshall Islands | | |
100%
|
|
Solana Holding Ltd. | | | Marshall Islands | | |
100%
|
|
Arctic LNG Carriers Ltd. | | | Marshall Islands | | |
100%
|
|
Dynagas Finance LLC | | | Delaware | | |
100%
|
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 6 | | | |
| | | | 12 | | | |
| | | | 13 | | | |
| | | | 14 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 18 | | | |
| | | | 21 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 34 | | | |
| | | | 44 | | | |
| | | | 51 | | | |
| | | | 52 | | | |
| | | | 53 | | | |
| | | | 54 | | | |
| | | | 55 | | | |
| | | | 55 | | | |
| | | | 55 | | |
Vessel Name
|
| |
Year
Built |
| |
Capacity
(cbm) |
| |
Ice
Class |
| |
Propulsion
|
| |
Charterer
|
| |
Earliest Charter
Expiration Date |
| |
Latest Charter
Expiration Including Non-Exercised Options |
| |||||||||
Clean Energy
|
| | | | 2007 | | | | | | 149,700 | | | | | | No | | | |
Steam
|
| |
PetroChina
|
| |
May 2018
|
| |
June 2018
|
|
| | | | | | | | | | | | | | | | | | | | | |
Gazprom
|
| |
March 2026
|
| |
April 2026(1)
|
| ||
Ob River
|
| | | | 2007 | | | | | | 149,700 | | | | | | Yes | | | |
Steam
|
| |
Gazprom
|
| |
April 2018
|
| |
May 2018
|
|
| | | | | | | | | | | | | | | | | | | | | |
Gazprom
|
| |
March 2028
|
| |
May 2028(2)
|
| ||
Amur River
|
| | | | 2008 | | | | | | 149,700 | | | | | | Yes | | | |
Steam
|
| |
Gazprom
|
| |
June 2028
|
| |
August 2028
|
|
Arctic Aurora
|
| | | | 2013 | | | | | | 155,000 | | | | | | Yes | | | |
Tri-fuel diesel engine
(TFDE) |
| |
Statoil
|
| |
July 2021
|
| |
September 2023(3)
|
|
Yenisei River
|
| | | | 2013 | | | | | | 155,000 | | | | | | Yes | | | |
Tri-fuel diesel engine
(TFDE) |
| |
Gazprom
|
| |
July 2018
|
| |
August 2018
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
Yamal
|
| |
2033/2034
|
| |
2049(4)
|
|
Lena River
|
| | | | 2013 | | | | | | 155,000 | | | | | | Yes | | | |
Tri-fuel diesel engine
(TFDE) |
| |
Gazprom
|
| |
September 2018
|
| |
October 2018
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
Yamal
|
| |
2034/2035
|
| |
2049/2050(4)
|
|
Vessel Name
|
| |
Shipyard (4)
|
| |
Delivery
Date |
| |
Capacity
Cbm |
| |
Ice
Class |
| |
Charter
Commencement |
| |
Pool / Charterer
|
| |
Earliest
Charter Expiration |
| ||||||||||||
Initial Optional Vessels:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clean Ocean(1)
|
| | | | HHI | | | | | | Q2 – 2014 | | | | | | 162,000 | | | | | | Yes | | | |
Q2 2015
|
| |
Cheniere & Yamal
|
| |
2035
|
|
Clean Planet(2)
|
| | | | HHI | | | | | | Q3 – 2014 | | | | | | 162,000 | | | | | | Yes | | | |
2019
|
| |
Cool Pool & Yamal
|
| |
2034
|
|
Clean Horizon(2)
|
| | | | HHI | | | | | | Q3 – 2015 | | | | | | 162,000 | | | | | | Yes | | | |
2019
|
| |
Cool Pool & Yamal
|
| |
2034
|
|
Clean Vision(2)
|
| | | | HHI | | | | | | Q1 – 2016 | | | | | | 162,000 | | | | | | Yes | | | |
2019
|
| |
Cool Pool & Yamal
|
| |
2034
|
|
Additional Optional
Vessels*: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hull No.2421(3)
|
| | | | DSME | | | | | | Q4 – 2017 | | | | | | 172,410 | | | | | | Yes | | | |
2017
|
| |
Yamal
|
| |
Q4 – 2045
|
|
Hull No.2422(3)
|
| | | | DSME | | | | | | Q4 – 2017 | | | | | | 172,410 | | | | | | Yes | | | |
2017
|
| |
Yamal
|
| |
Q4 – 2045
|
|
Hull No.2427(3)
|
| | | | DSME | | | | | | Q1 – 2019 | | | | | | 172,410 | | | | | | Yes | | | |
2019
|
| |
Yamal
|
| |
Q4 – 2045
|
|
Hull No.2428(3)
|
| | | | DSME | | | | | | Q1 – 2019 | | | | | | 172,410 | | | | | | Yes | | | |
2019
|
| |
Yamal
|
| |
Q4 – 2045
|
|
Hull No.2429(3)
|
| | | | DSME | | | | | | Q1 – 2019 | | | | | | 172,410 | | | | | | Yes | | | |
2019
|
| |
Yamal
|
| |
Q4 – 2045
|
|
| | |
Nine months
ended September 30, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| ||||||||||||||||||
Earnings: | | | | | | | | ||||||||||||||||||||||||||||||
Income from continuing operations before taxes
|
| | | | 11,714 | | | | | | 66,854 | | | | | | 60,050 | | | | | | 50,561 | | | | | | 45,620 | | | | | | 29,836 | | |
Add: Fixed charges
|
| | | | 33,353 | | | | | | 34,871 | | | | | | 27,471 | | | | | | 14,123 | | | | | | 9,298 | | | | | | 9,141 | | |
Add: Depreciation of capitalized interest
|
| | | | 304 | | | | | | 408 | | | | | | 407 | | | | | | 374 | | | | | | 349 | | | | | | 350 | | |
Total Earnings
|
| | | $ | 45,371 | | | | | $ | 102,133 | | | | | $ | 87,928 | | | | | $ | 65,058 | | | | | $ | 55,267 | | | | | $ | 39,327 | | |
Fixed Charges: | | | | | | | | ||||||||||||||||||||||||||||||
Interest charges, whether expensed or capitalized
|
| | | | 28,791 | | | | | | 32,887 | | | | | | 25,926 | | | | | | 13,338 | | | | | | 8,248 | | | | | | 8,551 | | |
Amortization and write-off of deferred
finance fees |
| | | | 4,562 | | | | | | 1,984 | | | | | | 1,545 | | | | | | 785 | | | | | | 1,050 | | | | | | 590 | | |
Total Fixed Charges
|
| | | $ | 33,353 | | | | | $ | 34,871 | | | | | $ | 27,471 | | | | | $ | 14,123 | | | | | $ | 9,298 | | | | | $ | 9,141 | | |
Preferred unit distribution
|
| | | | 5,063 | | | | | | 6,750 | | | | | | 2,100 | | | | | | — | | | | | | — | | | | | | — | | |
Total Fixed Charges and Preferred Dividends
|
| | | $ | 38,416 | | | | | $ | 41,621 | | | | | $ | 29,571 | | | | | $ | 14,123 | | | | | $ | 9,298 | | | | | $ | 9,141 | | |
Ratio of earnings to Fixed Charges
|
| | | | 1.3x | | | | | | 2.93x | | | | | | 3.20x | | | | | | 4.61x | | | | | | 5.94x | | | | | | 4.30x | | |
Ratio of earnings to Fixed Charges and
Preferred Dividends |
| | | | 1.18x | | | | | | 2.45x | | | | | | 2.97x | | | | | | 4.61x | | | | | | 5.94x | | | | | | 4.30x | | |
For the Year Ended
|
| |
High (US$)
|
| |
Low (US$)
|
| ||||||
December 31, 2013*
|
| | | | 23.79 | | | | | | 16.75 | | |
December 31, 2014
|
| | | | 25.50 | | | | | | 13.66 | | |
December 31, 2015
|
| | | | 20.95 | | | | | | 7.80 | | |
December 31, 2016
|
| | | | 16.25 | | | | | | 6.70 | | |
For the Quarter Ended:
|
| |
High (US$)
|
| |
Low (US$)
|
| ||||||
March 31, 2015
|
| | | | 20.95 | | | | | | 14.50 | | |
June 30, 2015
|
| | | | 20.83 | | | | | | 14.59 | | |
September 30, 2015
|
| | | | 16.99 | | | | | | 11.03 | | |
December 31, 2015
|
| | | | 15.00 | | | | | | 7.80 | | |
March 31, 2016
|
| | | | 11.59 | | | | | | 6.70 | | |
June 30, 2016
|
| | | | 15.72 | | | | | | 10.81 | | |
September 30, 2016
|
| | | | 16.20 | | | | | | 13.22 | | |
December 31, 2016
|
| | | | 16.25 | | | | | | 12.76 | | |
March 31, 2017
|
| | | | 17.83 | | | | | | 15.9 | | |
June 30, 2017
|
| | | | 17.93 | | | | | | 13.76 | | |
September 30, 2017
|
| | | | 15.85 | | | | | | 13.06 | | |
Most Recent Six Months:
|
| |
High (US$)
|
| |
Low (US$)
|
| ||||||
June 2017
|
| | | | 15.94 | | | | | | 13.76 | | |
July 2017
|
| | | | 15.85 | | | | | | 14.50 | | |
August 2017
|
| | | | 15.05 | | | | | | 13.90 | | |
September 2017
|
| | | | 14.41 | | | | | | 13.06 | | |
October 2017
|
| | | | 14.27 | | | | | | 13.00 | | |
November 2017
|
| | | | 13.97 | | | | | | 12.21 | | |
December 2017 (through and including December 20, 2017)
|
| | | | 13.90 | | | | | | 10.66 | | |
For the Year Ended
|
| |
High (US$)
|
| |
Low (US$)
|
| ||||||
December 31, 2015*
|
| | | | 25.60 | | | | | | 14.25 | | |
December 31, 2016
|
| | | | 25.91 | | | | | | 14.25 | | |
For the Quarter Ended:
|
| |
High (US$)
|
| |
Low (US$)
|
| ||||||
September 30, 2015*
|
| | | ||||||||||
December 31, 2015
|
| | | | 19.99 | | | | | | 15.01 | | |
March 31, 2016
|
| | | | 21.35 | | | | | | 14.25 | | |
June 30, 2016
|
| | | | 23.48 | | | | | | 20.46 | | |
September 30, 2016
|
| | | | 25.41 | | | | | | 22.66 | | |
December 31, 2016
|
| | | | 25.91 | | | | | | 24.51 | | |
March 31, 2017
|
| | | | 26.13 | | | | | | 25.11 | | |
June 30, 2017
|
| | | | 26.93 | | | | | | 25.30 | | |
September 30, 2017
|
| | | | 26.98 | | | | | | 25.97 | | |
Most Recent Six Months:
|
| |
High (US$)
|
| |
Low (US$)
|
| ||||||
June 2017
|
| | | | 26.80 | | | | | | 25.62 | | |
July 2017
|
| | | | 26.98 | | | | | | 26.00 | | |
August 2017
|
| | | | 26.89 | | | | | | 25.97 | | |
September 2017
|
| | | | 26.70 | | | | | | 26.00 | | |
October 2017
|
| | | | 26.94 | | | | | | 26.25 | | |
November 2017
|
| | | | 26.97 | | | | | | 26.11 | | |
December 2017 (through and including December 20, 2017)
|
| | | | 26.55 | | | | | | 25.84 | | |
Action
|
| |
Unitholder Approval Required and Voting Rights
|
|
Issuance of additional units
|
| |
No approval rights; Board of Directors approval required for all issuances, which may have a material adverse impact on the General Partner or its interest in our partnership.
|
|
Amendment of the Partnership Agreement
|
| |
Certain amendments may be made by our Board of Directors without the approval of the unitholders. Other amendments generally require the approval of a unit majority. See “—Amendment of the Partnership Agreement.”
|
|
Merger of our partnership or the sale of all or substantially all of our assets
|
| |
Unit majority and approval of our General Partner and our Board of Directors. See “—Merger, Sale, Conversion or Other Disposition of Assets.”
|
|
Dissolution of our partnership
|
| |
Unit majority and approval of our General Partner and our Board of Directors. See “—Termination and Dissolution.”
|
|
Action
|
| |
Unitholder Approval Required and Voting Rights
|
|
Reconstitution of our partnership upon dissolution
|
| |
Unit majority. See “—Termination and Dissolution.”
|
|
Election of three of the five members of our Board of Directors
|
| |
A plurality of the votes of the holders of the common units.
|
|
Withdrawal of our General Partner
|
| |
Under most circumstances, the approval of a majority of the common units, excluding common units held by our General Partner and its affiliates, is required for the withdrawal of our General Partner prior to December 31, 2023 in a manner which would cause a dissolution of our partnership. See “—Withdrawal or Removal of our General Partner.”
|
|
Removal of our General Partner
|
| |
Not less than 66 2∕3% of the outstanding units, including units held by our General Partner and its affiliates, voting together as a single class. See “—Withdrawal or Removal of our General Partner.”
|
|
Transfer of our General Partner interest in us
|
| |
Our General Partner may transfer all, but not less than all, of its General Partner interest in us without a vote of our unitholders to an affiliate or another person in connection with its merger or consolidation with or into, or sale of all or substantially all of its assets to such person. The approval of a majority of the common units, excluding common units held by our General Partner and its affiliates, is required in other circumstances for a transfer of the General Partner interest to a third party prior to December 31, 2023. See “—Transfer of General Partner Interest” below.
|
|
Transfer of incentive distribution rights
|
| |
No approval required subsequent to December 31, 2016.
|
|
Transfer of ownership interests in our General Partner
|
| |
No approval required at any time. See “—Transfer of Ownership Interests in General Partner.”
|
|
| | |
Marginal Percentage Interest in Distributions
|
| ||||||||||||||||||
| | |
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
up to $0.456 |
| | | | 85.0% | | | | | | 0.1% | | | | | | 14.9% | | |
Third Target Distribution
|
| |
Above $0.456
up to $0.548 |
| | | | 75.0% | | | | | | 0.1% | | | | | | 24.9% | | |
Thereafter
|
| |
above $0.548
|
| | | | 50.0% | | | | | | 0.1% | | | | | | 49.9% | | |
Selling Unitholder
|
| |
Common
Units Owned Prior to the Offering |
| |
Percentage
of Class Prior to the Offering(1) |
| |
Total
Common Units Offered Hereby |
| |
Percentage
of the Class Following the Offering(2) |
| ||||||||||||
Dynagas Holding Ltd.(3)
|
| | | | 15,595,000 | | | | | | 43.9% | | | | | | 15,595,000 | | | | | | 0% | | |
|
U.S. Securities and Exchange Commission registration fee
|
| | | $ | 116,228(1) | | |
|
Financial Industry Regulatory Authority filing fee
|
| | | $ | 76,783 | | |
|
NYSE listing fee
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Printing and engraving costs
|
| | | | * | | |
|
Transfer agent fees and other
|
| | | | * | | |
|
Miscellaneous
|
| | | | * | | |
|
Total
|
| | | | * | | |