Dynagas LNG Partners LP: Crashes on dividend cut

Dynagas LNG Partners LP

18/04/2018 14:26

** Oil and gas transporter's shares  DLNG.N  down 20 pct at
$8.50 premarket, set to open at their lowest since early 2016
    ** To cut quarterly distribution by 41 pct to $0.25 per
common unit beginning May 3  urn:newsml:reuters.com:*:nGNXby5c2K
    ** Reduction "necessary to align the Partnership's
distribution level with its capacity to generate cash flow in
the long term" - CEO Tony Lauritzen
    ** Reduction will save about $24.5 mln and enable co to
focus on growth, including the acquisition of LNG carriers - CEO
    ** During last two years co has shifted to longer-term
charters for LNG carriers at lower charter rates, leading to a
decrease in operating cash flow
    ** Up to Tuesday's close, stock had fallen 2.3 pct this year

 (Reporting by Karan Nagarkatti)
 ((Reuters Messaging:
karan.nagarkatti.thomsonreuters@reuters.net))