Dynagas LNG Partners LP

Small LNG-carrier partnership with solid returns but concentrated fleet, charterer and China risk capping it below B.

Strengths

• Healthy ROA (78th pct) and ROE 13% (56th pct) with positive net income growth
• Moderate leverage (D/E 47th pct)

Risks

• Fleet of only six vessels with heavy charterer concentration; high binary contract risk
• Weak liquidity (current ratio 0.63, 39th pct); China-jurisdiction and U.S./China port-fee exposure
• Preferred units and refinancing/covenant constraints limit distributable cash

Notable findings

• Weak liquidityCurrent ratio 0.63 (<1)