Dynagas LNG Partners (DLNG) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $13.7 million, up 28% year-over-year, with adjusted net income at $14.5 million and adjusted EBITDA at $27.7 million.

• Declared a Q2 2025 distribution of $0.049 per common unit, paid August 29, and repurchased 271,303 common units at an average price of $3.79.

• Achieved fleet utilization of 100% (reported as 99.4% in some sources) for Q2 2025, with all six LNG carriers on long-term charters and an average remaining contract duration of 5.4 years.

• Contracted revenue backlog stood at approximately $0.9 billion as of September 8, 2025.

• Fully redeemed all Series B Preferred Units on July 25, 2025, using existing cash reserves.

Financial highlights

• Q2 2025 voyage revenues were $38.6 million, up from $37.6 million in Q2 2024 but down from $39.1 million in Q1 2025.

• Adjusted EBITDA for Q2 2025 was $27.7 million, down from $28.6 million in Q2 2024.

• Net interest and finance costs decreased by 36.6% to $5.2 million due to lower debt and interest rates.

• Cash from operating activities increased 8% year-over-year to $24.3 million for the quarter.

• Free cash flow to common unitholders was $8.5 million, excluding working capital changes.

Outlook and guidance

• All six vessels are fixed on term contracts with strong LNG producers, with 100% contracted fleet for 2025 and 2026, and 64% for 2028.

• No vessel availability is expected before 2028, with all ships under long-term contracts.

• No debt maturities until mid-2029, and annual debt amortization is $44.2 million.

• Annual cash savings of approximately $5.7 million are expected following the full redemption of Series B Preferred Units.

• Total estimated contract backlog is approximately $0.9 billion, with an average remaining charter duration of 5.4 years.