Dynagas LNG Partners LP, an owner and operator of liquefied natural gas carriers, announced its results for the three and nine months ended September 30, 2025.
Nine months Highlights:
- Net Income and Earnings per common unit (basic and diluted) of $45.9 million and $0.99, respectively;
- Adjusted Net Income(1) of $43.0 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.91;
- Adjusted EBITDA(1) of $82.4 million; and
- 99.5% fleet utilization(2).
Quarter Highlights:
- Net Income and Earnings per common unit (basic and diluted) of $18.7 million and $0.48, respectively;
- Adjusted Net Income(1) of $14.2 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.36;
- Adjusted EBITDA(1) of $27.6 million;
- 99.1% fleet utilization(2);
- 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 May 12, 2025 to August 11, 2025;
- Redeemed, in full, 2,200,000 Series B Preferred Units, representing all of the Series B Preferred Units that were then issued and outstanding. Please see “Full Redemption of Series B Preferred Units” below, and;
- Declared a quarterly cash distribution of $0.049 per common unit for the quarter ended June 30, 2025, which was paid on August 29, 2025, to all common unitholders of record as of August 25, 2025.
(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 we calculate fleet utilization.
Recent Events:
- Declared a quarterly cash distribution of $0.5625 on the Partnership’s Series A Preferred Units for the period from August 12, 2025 to November 11, 2025, which was paid on November 12, 2025, to all Series A Preferred unitholders of record as of November 4, 2025;
- Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended September 30, 2025, which was paid on November 14, 2025, to all common unitholders of record as of November 10, 2025; and
- During the fourth quarter of 2025 and through the date of this press release, repurchased 148,933 common units under the Common Unit Repurchase Program, which authorizes the repurchase of up to an aggregate of $10.0 million of the Partnership’s outstanding common units over the 12-month period that began November 21, 2024 (the “Repurchase Program”), for a total amount of $0.5 million, at an average gross price of $3.57 per common unit. As of the date of this release, we have 36,382,011 common units outstanding and $8.4 million of remaining capacity under the Repurchase Program, which expires on November 21, 2025. The Partnership intends to renew the Repurchase Program for a further 12 months.
Full Redemption of Series B Preferred Units
On July 25, 2025 (the “Redemption Date” and such redemption the “Redemption”) the Partnership redeemed all of the issued and outstanding Series B Preferred Units. The redemption price was equal to $25.00 per redeemed Series B Preferred Unit, plus an amount of $0.45258267, equal to all accumulated and unpaid distributions thereon to the Redemption Date, whether or not declared, which was paid in cash on the Redemption Date.
CEO Commentary:
“We are pleased to report strong financial results for the third quarter of 2025, which demonstrated significant improvement in net income versus both last quarter and one year ago.
Our fleet maintained a utilization rate of 99.1% for the quarter and delivered Adjusted EBITDA of $27.6 million and Adjusted Net Income of $14.2 million for the quarter.
Our fleet-wide Time Charter Equivalent (TCE) of $67,094 per day comfortably exceeded our cash breakeven for the quarter of approximately $47,500, allowing us to continue generating stable free cash flow.
We continue to focus our efforts on increasing value for our common unitholders by striving to strike a responsible balance between reducing leverage and returning capital in a sustainable manner while navigating the ongoing geopolitical environment. Consistent with this focus, our Board of Directors declared a quarterly cash distribution of $0.050 per common unit which was paid on November 14, 2025, representing an annualized distribution yield of approximately 5.7%.
We maintain a firm belief in the long-term fundamentals of LNG shipping. Final investment decisions for new LNG export projects have accelerated in 2025, contributing to a growing pipeline of future natural gas supply. Over the medium term, this wave of new liquefaction capacity – combined with global efforts to expand affordable energy access – supports a constructive outlook for LNG transportation demand.
While LNG shipping remains our core focus we may consider to broaden our investment horizon to prudently explore accretive growth opportunities in adjacent shipping sectors with the aim of maximizing unitholder returns and enhancing the overall value of the Partnership”.