Thank you for standing by, ladies and gentlemen, and welcome to Dynagas LNG Partners Conference Call on the Fourth Quarter 2017 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. [Operator Instructions] I must advise you that this conference is being recorded today. And 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 Securities 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 shall pass the floor to Mr. Lauritzen. Please go ahead, sir.

Good morning, everyone and thank you for joining us in our full year and fourth quarter ended 31 December 2017 earnings conference call. I am 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. Turning to Slide 3 of the presentation, we have stated in our last earnings call that we would be aiming at covering part of our availability into '18. The Arctic Aurora has entered into a new 3-year time charter agreement with Statoil. The charter is expected to commence in the third quarter of 2018 in direct continuation of the current charter with Statoil. Statoil will have the options to extend this new charter by two consecutive 12 month periods at escalated rates. As a result, the contract backlog is increased by about $61 million over the charters from period. In April 2017, the Clean Energy became available for employment at which time we entered into two consecutive short-term charters with Gazprom to employ the vessels through the end of August 2017. Following the exploration of these charters, the vessel is employed on an additional short-term charter with Petrochina until her 8-year contract with Gazprom from the July 2018. Although we have been successful in employing the Clean Energy on the short-term market, such market was although improving weaker than her long-term charter. Our adjusted EBITDA for the period was reported at $26.9 million with corresponding adjusted income of $7.6 million. The partnership reported a net income of $5.6 million and distributable cash flow was reported at $11.8 million. Our quarterly cash distribution for the fourth quarter of 2017 of $0.42 in a quarter per common unit was paid on January 18, 2018. The cash distribution is equal to an increase of 15.8% over the partnerships minimum quarterly distribution per unit. The partnership paid on February 12, 2018 a cash distribution of $0.56 in a quarter for each of it's Series A Preferred Units for the period from November 12, 2017 to February 11, 2018. Distributions on the Series A Preferred Units will be payable quarterly on the 12th day of February, May, August and November and an equivalent of $0.56 in the quarter per unit provided the same is declared by the partnerships Board of Directors. I will now turn the presentation over to Michael who will provide you with further comments to the financial results.

Thank you, Tony. Moving onto Slide 4, the results for the quarter were within our expectations. For the quarter we generated $11.8 million in distributable cash flow and $27 million in EBITDA. We are pleased with our operating performance for the quarter with utilization of 99% and vessel daily operating expenses of $12,200 per day. For the quarter, our average gross time charter hire on a cash basis amounted to about $66,000 per vessel per day whereas our cash breakeven including our distributions to preferred and common unit holders amounted to about $70,000 per day. Some guidance on 2018; we have three dry-docks in 2018 and we expect they will cost about $10.5 million in total. We believe the dry-docks will be Q2 and Q3 events. We will have some limited spot exposure as the Yenisei River and the Lena River roll off their existing charges in Q2 and Q3 of 2018 until they enter their Yamal contracts. The Arctic Aurora is entering her new contract in Q3 of this year after she performs her dry-docking. Moving onto Slide 5; in this slide we see the progress of our distributable cash flow and contract backlog since we went public. In the last three quarters we have experienced the material increase in our revenue contract backlog due to the Yenisei River and the Lena River being chartered to Yamal with 15-year time charter contracts. At the same time, we had experienced a decrease in EBITDA and a weakening in distribution coverage which follows our shift to longer time charters with greater visibility albeit at lower but attractive charter rates. Moving onto Slide 6; currently you are aware that we are tapping into our existing cash balance in order to fund the current distribution which is possible because of our healthy cash…

Thank you, Michael. Let's move on to Slide 10 to summarize the partnerships profile. Our fleet currently counts six high specification and versatile LNG carriers with an average age of 7.5 years in an industry where expected use for economic lifetime is 35 years. We have a diversified customer base with substantial energy companies, namely Gazprom, Statoil, Petrochina and Yamal LNG, which the latter is an international joint venture between Total, CNPC, Novatek, and the Silk Road Fund. Our contract backlog is about $1.49 billion and our average remaining charter period is about 10.4 years which compares well versus our peers. Our vessels have also served customers such as Shell, Qatargas, RasGas, Marubeni, Woodside Co., Gas CPC, North West Shelf and other major oil and gas companies. We therefore have a large customer base that we are able to contract with. Moving on to Slide 11. Our fleet of LNG carriers are largely fixed on long-term charters with strong and reputable energy companies. Drivers for our charters were the characteristics of the fleet including its ice class notations and our organization's track record. Compared to other shipping segments, LNG's shipping is a highly industrial segment where owners and charterers work very closely together and mutual performance is key. Charters typically program the vessels for straight for long periods of time. After employing the Clean Energy to Petrochina and extending the Arctic Aurora to Statoil, we only have limited availability going forward into '18 and onwards. We are 85% contracted in 2018, 92% contracted in 2019 and 100% contract in 2020 assuming that the Yenisei River and the Lena River will enter their long-term charters at the earlier state in their delivery windows. We are now pursuing opportunities for the availability that we have in 2018 given that we believe the…

[Operator Instructions] Your first question is from Randy Givens from Jefferies. Please go ahead.

I was wondering if we can get some additional color around the distribution; in particular, how low of a cash balance and coverage ratio would you be comfortable with until the new contract start in 2019? And are you committed to the current distribution level or is there a possibility that that might be reduced in the coming quarters?

We're not looking at the near-term as we have to look at the long-term as far as the distribution is concerned because once our Yamal contract start we have a very good visibility of what our cash flows will look like. What I can say is, it's an ongoing analysis, we would like to end up with a distribution coverage of above one-times which is sustainable for the longer term. And we're very fortunate because we can use the word long-term because we held it long time, the long-term contracts which is a necessary ingredient for having sustainable distribution, so that's what I can say at this point.

With regards to Slide 11, I know that you had mentioned it during the call but the Yenisei River and the Lena River, do you plan on operating those in the cool pool between the charters?

Yes, I mean that could be a possibility. Another possibility would be to find a charter that would fill that gap in it's entirety; we would prefer the latter.

Our next question today is from Frank Galanti from Stifel.

In the call you guys talked about -- whine [ph] to dropdown 2 vessels in 2018 but you'd mentioned your equity capital is too expensive to be considered a source and you would look to the debt markets to fund those dropdowns. Can you talk about which types of debt capital and the respective interest rates that would be available to make that work?

No Frank, we said the opposite. We said the debt -- we do not have to arrange debt capital because we can essentially transfer the existing laws [ph] which are at the sponsor level into the NOP subject to certain conditions being met. We obviously would not be able to access the common equity market, we would need to fund the equity portion with a combination of preferred equity and send us credit from the sponsor.

The two FSRU newbuilds; I just had a question on -- if there have been any development in regard to contracting those vessels?

That is something that has been working on throughout and as of now these vessels are still open for employment but I can confirm that on a sponsor level it's been looked at several opportunities for those.

Just regarding the cool pool and what kind of utilization rates you guys are seeing?

I mean, obviously, this is -- we are involved in the cool pool, so we do have some insight to what's going there. I think the utilization should be around above 80% at current. I think that's how specific we can get at this point.

Is that trending any direction from -- I guess from December/January or is that…

No, I think that utilization in general has been up when we look at -- I mean, if we look at let's say the last six months or so. We've seen an increase in utilization and in freight income. We did see that when gas prices were peaking in the Far East over Christmas at -- what was it, $11, $12; the charter rates were very good at that point, we were kind of -- there is a lot of spread in the spot market so we saw everything from $75,000 to $100,000 a day. I would say that in the last few weeks it's come off a little bit but we are again starting to see activity picking up again. So we expect that when the Chinese New Year is over, people are back on their desk in the Far East, that activity will continue and we'll see the result of new volumes that are coming on-stream and into the market.

Our next question is from the line of James Jank [ph] from Maxim Group.

So relating to the Yenisei River and the Lena River, if oil price -- if gas prices drop dramatically, would there be options to use these vessels to store offshore?

Well, there is always is -- I mean, there is always an option to use the vessel to store. What we typically would see -- if there is a contango in the gas market so that forward prices are much higher than current prices, yes, we would typically see that vessels are being used for storage from time to time and at least they slow steam towards their destination. So yes, I mean theoretically if gas prices were to fall dramatically and forward prices would stay up, yes, we agree there would be an opportunity for storage.

[Operator Instructions] We have a follow-up question from Randy Givens [ph].

This is Chris again. With regards to the ice class vessels, I know that you had mentioned some shipyards in terms of timing of delivery of newbuilds but in terms of those ice class vessels, is there a big difference between how many yards are specialized enough to build those and how long would it take for a delivery of one of those vessels?

When it comes to construction time, it would probably be very similar as a conventional one. The main difference is equipment and the grade of steel being used. But we don't foresee that on a typically Arc-4 types that that would take longer time than a conventional ship because when you build -- when you make an order for a ship, there is always a queue in the shipyard. So construction doesn't -- normally doesn't start the day that you signed a paper for a contract, it starts when the queue allows you to start construction. So I don't expect that conventional -- that an ice class carriers will take longer time than a conventional ship.

There has been some talk around the spot charter rates but have the 3, 5 and 7-year time charter rates responded in recent months as well?

Yes, I think we've seen along with a substantial improvement in the spot markets. We've seen everything from multi-months to multi-year charter is being discussed. So yes, we can answer affirmative to that.

Probably, there are no further questions.

Okay. So thank you for your time and for listening in on our earnings call. We look forward to speaking with you again on our next call. Thank you very much.