Dynagas LNG Partners (DLNG) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $16.0 million, up 16.8% year-over-year, with adjusted net income of $15.8 million and adjusted EBITDA of $27.6 million; fleet utilization was 96.2%.

• Voyage revenues increased to $41.2 million, up 6.7% year-over-year, driven by higher charter rates and lower net interest and finance costs.

• All six LNG carriers are fixed on term contracts, with an average remaining charter duration of 4.4 years and a total estimated contract backlog of $730 million.

• Declared and paid quarterly cash distributions on both Series A Preferred and common units.

Financial highlights

• Q2 2026 net income was $15.96 million, up from $13.71 million in Q2 2025; adjusted net income was $15.81 million, up from $14.46 million.

• Adjusted EBITDA was $27.64 million, nearly unchanged from $27.69 million in Q2 2025.

• Time charter equivalent (TCE) rate rose to $70,145/day from $67,883/day in Q2 2025.

• Cash and cash equivalents stood at $59.5 million as of June 30, 2026.

• Vessel operating expenses rose to $8.9 million in Q2 2026, mainly from higher crew and maintenance costs.

Outlook and guidance

• Estimated contracted revenue backlog of $0.73 billion with an average remaining contract term of 4.4 years.

• Contracted time charter coverage of 100% for 2026 and 2027, and 65% for 2028.

• Management expects continued predictable cash generation and financial flexibility to amortize debt and return capital to unitholders.

• Drydocking scheduled for four vessels in 2027–2028, with associated costs and off-hire periods planned.

• Ongoing engagement with charterers and authorities regarding Russian sanctions and compliance.