Dynagas LNG Partners (DLNG) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $17.4 million, with adjusted net income of $12.4 million and adjusted EBITDA of $24.3 million; earnings per common unit were $0.43, and adjusted earnings per common unit were $0.29.

• Declared a quarterly cash distribution of $0.050 per common unit for Q1 2026, paid on May 22, 2026, and paid $0.5625 per Series A Preferred Unit.

• Fleet utilization reached 95.1% for the quarter.

• The Clean Energy vessel commenced a new, higher-rate charter with Rio Grande LNG in April 2026.

• All six LNG carriers are fixed on term contracts, with a contract backlog of $0.78–$0.8 billion and an average remaining charter duration of 4.7–4.9 years.

Financial highlights

• Voyage revenues for Q1 2026 were $39.9 million, up 2.0% year-over-year but slightly down from $40.0 million in Q4 2025.

• Net income increased year-over-year, driven by insurance claim income and lower interest costs, partially offset by fewer revenue earning days.

• Adjusted net income decreased 13.3% year-over-year due to lower time charter rates and unscheduled repairs.

• Adjusted EBITDA for Q1 2026 was $24.3 million, down 10.3% year-over-year.

• Net cash from operating activities increased 46.4% year-over-year to $26.5 million.

Outlook and guidance

• 100% of fleet contracted for 2026 and 2027, 65% for 2028, and 50% for 2029, based on earliest delivery.

• Contracted revenue backlog of $0.78–$0.8 billion with an average remaining contract term of 4.7–4.9 years.

• No debt maturities until 2029, supporting financial stability.

• Focus remains on deleveraging, disciplined capital allocation, and sustainable capital returns.