Kayne Anderson reported a further reduction in holdings of Dynagas LNG Partners, according to a regulatory filing.
The Los Angeles-based investment firm reported owning 1.7 million shares in the George Procopiou-controlled LNG shipping company. The stake was equal to just under 5% of the company.
Kayne Anderson, which has some $26bn under management, had a peak 2015 holding of some 4.1 million units in Dynagas. That was trimmed to some 3.7 million as of last year.
But the company's stake fell more rapidly over the last quarter. It reported holding 1.95 million units during May. Dynagas LNG's units have fallen 7% year-to-date. Last month, the company reported first quarter earnings that were below estimates as it felt the impact of charter hire cut on some ships chartered to Gazprom.
A representative of Kayne Anderson was not immediately available to comment.
