Dynagas LNG Partners (DLNG) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $13.6 million, or $0.28 per common unit, with adjusted net income of $14.3 million and adjusted EBITDA of $27.1 million.

• Achieved 100% fleet utilization, with all six LNG carriers on long-term charters averaging 5.7 years remaining contract duration.

• Declared and paid quarterly cash distributions on Series A and B Preferred Units and common units; announced full redemption of Series B Preferred Units effective July 25, 2025.

• Repurchased 271,303 common units to date under the $10 million repurchase program, with $9.0 million capacity remaining.

Financial highlights

• Voyage revenues for Q1 2025 were $39.1 million, up 2.6% year-over-year; net income increased 15.3% to $13.6 million.

• Adjusted net income rose 15.3% to $14.3 million; adjusted EBITDA decreased 6.6% to $27.1 million due to higher operating expenses.

• Earnings per common unit were $0.28, with adjusted earnings per common unit at $0.30.

• Net interest and finance costs fell 43.7% to $4.9 million, reflecting lower debt and interest rates post-refinancing.

• Generated $18.1 million in net cash from operating activities, up 56% year-over-year.

Outlook and guidance

• No vessel availability expected before 2028; contract backlog stands at $0.9 billion as of May 27, 2025.

• Annual cash savings of approximately $5.7 million expected from Series B Preferred Unit redemption.

• Focus remains on deleveraging, capital returns to unitholders, and reducing cash outflows.