Dynagas LNG Partners LP, an owner of liquefied natural gas (“LNG”) carriers, announced its results for the three and six months ended June 30, 2026.
Half year Highlights:
- Net Income and Earnings per common unit (basic and diluted) of $33.4 million and $0.82, respectively;
- Adjusted Net Income(1) of $28.2 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.68;
- Adjusted EBITDA(1) of $51.9 million; and
- 95.7% fleet utilization(2).
Quarter Highlights:
- Net Income and Earnings per common unit (basic and diluted) of $16.0 million and $0.39, respectively;
- Adjusted Net Income(1) of $15.8 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.39;
- Adjusted EBITDA(1) of $27.6 million;
- 96.2% fleet utilization(2);
- The Clean Energy was delivered under its new time charter party agreement with Rio Grande LNG, LLC (“Rio Grande”) in April 2026;
- Declared and paid a cash distribution of $0.5625 per unit on the Partnership’s Series A Preferred Units (NYSE: DLNG PR A) for the period from February 12, 2026 to May 11, 2026; and
- Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended March 31, 2026, which was paid on May 22, 2026, to all common unitholders of record as of May 18, 2026.
(1) Adjusted Net Income, Adjusted Earnings per common unit and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.
(2) Please refer to Appendix B for additional information on how the Partnership calculates fleet utilization.
Recent Events:
- Declared a quarterly cash distribution of $0.5625 per unit on the Partnership’s Series A Preferred Units for the period from May 12, 2026 to August 11, 2026, which was paid on
- August 12, 2026 to all Series A Preferred unitholders of record as of August 5, 2026; and
- Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended June 30, 2026, which was paid on August 28, 2026 to all common unitholders of record as of August 24, 2026.
CEO Commentary:
“The Partnership delivered a solid second quarter, reporting Net Income of $16.0 million, Adjusted Net Income of $15.8 million and Adjusted EBITDA of $27.6 million, on fleet utilization of 96.2%. Our results reflect the commencement in April of the Clean Energy’s new time charter with Rio Grande at an improved rate, and a lower cost of debt following continued deleveraging, with net interest and finance costs down 26.9% year on year.
The Partnership’s contract coverage continues to deliver predictable cash generation. As of the date of this release, our estimated contracted revenue backlog stands at $0.73 billion with an average remaining contract term of 4.4 years, and we have contracted time charter coverage of 100%, 100% and 65% of estimated Available Days for 2026, 2027 and 2028, respectively. That backlog, together with our existing cash, gives us the financial flexibility to continue amortizing our debt while returning capital to our common and preferred unitholders.
On the regulatory front, the E.U.’s 21st sanctions package, adopted on July 23, 2026, provides an exemption of the Russian LNG ban to transfers destined for third countries under legacy long-term contracts concluded before February 24, 2022. We believe the transportation of LNG under our two charters with Yamal Trade Pte. Ltd. to destinations outside the E.U. falls within this exemption and, accordingly, outside the scope of the EU LNG ban.
For a fuller description of both the E.U. and U.K. measures and their potential impact on us, please refer to the section of this press release entitled ‘Russian Sanctions Developments’.”