Thank you for standing by ladies and gentlemen and welcome to Dynagas LNG Partners’ Conference Call on the Fourth Quarter 2015 Financial Results. We have with us Mr. Tony Lauritzen, Chief Executive Officer; and Mr. Michael Gregos, Chief Financial Officer of the Company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today. At this time, I would like to read the Safe Harbor statement. This conference call and the slide presentation of the webcast contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Security Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which may affect Dynagas LNG Partners’ business prospects and results of operations. Such risks are more fully disclosed in Dynagas LNG Partners’ filings with the Securities and Exchange Commission. And now, I pass the floor to Mr. Lauritzen. Please go ahead.

Good morning everyone, and thank you for joining us in our fourth quarter and year-ended 31, December 2015 earnings conference call. I’m joined today by our CFO, Michael Gregos. We have issued a press release announcing our results for the said period. Certain non-GAAP measures will be discussed on this call. We have provided a description of those measures as well as a discussion of why we believe this information to be useful in our press release. We are pleased to report the partnership’s earnings for the fourth quarter and twelve months ended December 31, 2015. In particular, we’re focused on the performance of our fleet from a safety, operational and technical point of view, and we are satisfied to report that during the said periods, our fleet reported between 98% and 99% utilization, which we believe is reflective of the quality of our fleet and our managers’ operational ability. The fourth quarter ended twelve months ended 31 December 2015 were strong financial periods for the company. Our fleet’s income is produced from multi-year time charter contracts with international energy companies, who pay a fixed daily rate for the chartered vessels. As the charters also pay the majority of variable costs, such as fuel, the partnership enjoys steady and visible cash flows that are not indexed to oil or gas prices. With our fleets fully contracted through 2016 and 83% contracted through 2017, we intend to focus our attention on increasing contract coverage and safe and efficient operations going forward. Turning to Slide 3. Although 2015 was characterized by a capital market, I was dislocated from our business. We have performed on our growth strategy. On December 21, 2015, the partnership completed a $240 million acquisition of the Lena River at 2013 built ice class and winterized LNG carrier, which…

Thank you, Tony. Turning to Slide 4 of the presentation, I will review some recent financial highlights. It was another stable quarter in which we continue to deliver positive results. Q4 2015 adjusted EBITDA amounted to $28.5 million, which is relatively unchanged compared to the same period last year. For the quarter, we owned an average number of 5.1 vessels versus 3.8 vessels in Q4 of 2014, which reflects the ownership of an additional sixth vessel at the Lena River for about 10 days in December 2015. For the fourth quarter, average daily charter hire gross of commissions on a cash basis amounted to about $78,900 per day per vessel and our average daily operating expenses amounted to about $13,100 per day per vessel, which is slightly increased versus the last quarter. Our total cash flow breakeven excluding cash distributions amounted to about $41,700 per day. Adjusted net income for the fourth quarter amounted to $15 million or $0.38 per common unit. Please note that for the calculation of adjusted EPU per common unit, we have deducted the cumulative dividend on the preferred units as of December 31. Moving on to the twelve month period between December 31, we reported distributable cash flow of $72.4 million, adjusted net income of $60.9 million, and adjusted EBITDA of $113.2 million, all in line with our expectations. For the twelve month period ended December 31st, our fleet average daily hire gross of commissions amounted to $79,450 per day. Moving on to Slide 5, you can see the fourth quarter 2015 results versus the same period of 2014. As you can see our financial performance for the quarter was stable in comparison with the previous quarter. We expect the Lena River acquisition with its related time charter will enhance our financial performance in 2016.…

Thank you, Michael. Let’s move on to Slide 9 to summarize the partnership’s current profile. The partnership’s fleet currently counts six high-specification and versatile LNG carriers with an average age of about 5.5 years in an industry where expected useful economic lifetime is about 35 years. Our vessels have unique features that enable them to operate as conventional LNG carriers as well as operate in ice bound areas that are restricted for conventional vessels. We have a strong diversified customer base with leading energy companies namely: BG Group, Gazprom and Statoil. These charterers are leaders in their fields and only work with top performing service providers. Our contract backlog is about $607.7 million and our average remaining charter period is about 3.8 years. Let’s move on to Slide 10. Five out of the six vessels in our fleet have ice class 1A notation. Our fleet is fully contracted in 2016 and 83% for 2017, a time we expect the LNG shipping market to be very strong due to the current ongoing construction of new LNG production plans, measured against a perceived relatively insufficient order book combined with an existing fleet that contains a large number of under-sized and aged vessels. We have a unique fleet. It can handle conventional LNG shipping as well as operate in ice bound and sub-zero areas. This means that we are able to pursue business opportunities in two different markets, namely conventional shipping and the unique market for ice bound trade. The drivers behind several of our charters were the ice class features of our fleet as well as the operational track record in such conditions. As an extension of the ability to operate in ice bound areas, we are the only company in the world with a current capability and experience in transiting the…

Thank you. [Operator Instructions] Your first question comes from the line of Fotis Giannakoulis from Morgan Stanley. Please go ahead. Mr. Giannakoulis, your line is open. Please ask your question. Okay, we’ll move on to the next line gentlemen. That question is from the line of Gregory Lewis from Credit Suisse. Please go ahead.

Yes, thank you, and good afternoon, gentlemen. I guess my first question is, Tony or Michael, feel free to answer, but you seem very aware and focused on the fact that the capital markets are not open, and clearly you’re in a position to go move forward and maintain cash flows with the capital markets being closed. My question more around, you know you did the dropdown, that was a success, the Lena River boosts the backlog, but as we think about going forward you know currently you know the stock is yielding about 19%, your preferreds are yielding I think low teens. Realizing the commitment to continue to move the distribution higher, just given uncertainty in the market, whether it’s on the financing side, realizing that your backlog is solid, does it make sense to move forward with this distribution increase with the stock yielding where it is, or could that potential cash flow scheduled to go out the door be better used to put Dynagas in a better financial position, whether it’s building cash or delevering? Just curious on your thoughts around that.

Yes, that’s a great question, Greg. We thought about this is a lot. On the Lena River, we felt that the increase in the cash distribution makes sense, because we’re at such a great place. We don’t have any CapEx going forward. Our balance sheet is – we’re generating a lot of cash. We might be a bit higher on where we wanted to be in terms of leverage. So there’s no, let’s say, company specific reason for us to do a drop without increasing the distribution. But – having said that, your question is very topical because going forward, we will have to ask ourselves that question and we have to find an answer to that question because clearly where the markets, where our valuation is today, no one is getting rewarded for increasing their distribution. We clearly saw that in our case. So, I guess, what I’m saying is that if anything doesn’t really change in terms of how the market looks at us and how the market appreciates what we’re doing on who we are, we have to consider the possibility of doing drops for other reasons other than distribution growth.

Okay, okay, fine, thank you. And then just one other question, I mean, it’s been much publicized. Clearly, you have a very strong relationship with BG; the Shell-BG merger has gone through. I think part of Shell’s key – one of their – not key reasons, but mentioned reasons for doing this is the potential cost synergies. They believe they will have by having LNG exposure in both the Pacific and Atlantic basins, or Southeast Asia and Atlantic basins. What types of conversations are, is Dynagas at this point having with BG and/or Shell, and in terms of – could we see a changing of trading patterns for those vessels, now that Shell and BG have joined together?

Well, thank you. I’ll answer that question. Well first of all, as you rightly pointed out we’ve – as the partnership has very, very good relationship with BG Group. As of – on a sponsor level, we have had it since the inception of the company. At the same time, we’ve also on sponsor level done a lot of business with Shell. So, we feel that the integration of the two companies is beneficial. Our counterparties are very, very substantial counterpart. When it comes to the trading of the cargo and if we may see a change in impact and that we feel is – is too early to say that is just something that we need to see how that goes going forward. What we can say is that both Shell and the BG people – there they – has been appreciating the relationship that we’ve had very much.

Okay, perfect. Thank you very much gentlemen.

Welcome.

Thank you. The next question is from the line of Fotis Giannakoulis from Morgan Stanley. Please go ahead. Mr. Giannakoulis, your line is open. Please ask your question. [Operator Instructions] The next question is from the line of Gregory Lewis from Credit Suisse. Please ask your question.

Hey thanks, guys, I figured I'd hop in for one more question while Fotis gets his technical difficulty straightened out. I guess if you could talk a little bit about the order book and supply, just as, we see the stated order book, we know where the spot rates are today. The spot rate market is very challenged. How has that been impacting the global order book? Have we seen any delays? Or is it just sort of the order book just keeps moving forward, and we should expect all of this tonnage to be delivered in a timely manner, and I mean given your outlook for recovery let's say in the medium-term, have we seen new orders starting to filter into the market?

Yes, thank you very much. The order book is currently a couple of 30% of the current fleet. So we have 135 vessels in total on order. And we haven’t seen much adding to the order book lately. And I think it will take a little bit of time before we see a substantial increase in the order book also given where the spot market is right now, that’s not encouraging, right. I think it’s really, really important to point out that although the spot market is challenging and un-doubtfully soft, we still see the supply of LNG coming to the market. This year is an exciting year because we have several projects adding production, which is kind of a change from 2015 in particular the previous years. We have now volumes coming from Australia. We have from the United States through Sabine Pass. And it looks like in Golar LNG will also be up and running either the end of this quarter or into next quarter. So this is all good signs for the long-term. But as said, I think that the ordering that we will see going forward will not be a much speculative, it will be against projected volumes.

Okay great and then just one final one from me. Clearly, we're looking at where spot rates are hovering encompassing [indiscernible] $30,000 range, high twenties for at least the last few months. What type of impact has that on the term market? Are there even – if there was a vessel in the market, is there even an opportunity to term out in terms of, let's call it a two, three year charter in the market, or right now really the spot market is kind of bouncing along the bottom and the term markets closed.

Well so, at this moment, you wouldn’t see a lot of liquidity in the long-term contract simply because when the spot market is cheap, that’s not a good moment for the owner to start discussing long-term deals. And it is a good moment for the charterer to continue picking cheap tonnage. So, we have seen almost very, very little liquidity in the convention – well in the long-term market. I think the exception is actually the deals that we did on sponsor level, which due to the ice class features and the winterization features of the vessels, resulted in concluding charters very much in the expected revenues that our – that our average, let’s say, charter profile currently yields maybe even slightly above. So we think that our fleet really is quite different from our peers. Thank you.

Okay, thanks again Tony.

[Operator Instructions] No further questions from the phone line.

Well, thank you very much for your time and for listening in on our earnings call. We look forward to speak with you again on our next call. Thank you very much.

This concludes today’s conference. Thank you all for participating. You may now disconnect.