Dynagas LNG Partners (DLNG) Q3 2025 earnings summary

Executive summary

• Declared a Q3 2025 distribution of $0.050 per common unit, paid November 14, 2025.

• Reported strong Q3 2025 financial results, with net income up 23.8% year-over-year and 99.1% fleet utilization.

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

• Repurchased 420,236 common units at an average price of $3.71 since buy-back inception.

• Maintained 100% contracted fleet coverage through 2027, supporting stable cash flows.

Financial highlights

• Q3 2025 voyage revenues were $38.9M, down slightly from $39.1M in Q3 2024; net income rose to $18.7M from $15.1M year-over-year.

• Adjusted EBITDA for Q3 2025 was $27.6M, down from $28.9M in Q3 2024.

• Earnings per common unit for Q3 2025: $0.48 (up from $0.32); adjusted earnings per common unit: $0.36.

• Liquidity stood at $35M as of September 30, 2025.

• Cash from operating activities in Q3 2025: $26.5M (up 3.5% year-over-year).

Outlook and guidance

• All six vessels are fixed on term contracts with major LNG producers, providing 100% fleet coverage for 2025–2027 and 64% for 2028.

• Estimated contract backlog is $0.85B with an average remaining charter duration of 5.2 years.

• Management remains optimistic on LNG shipping fundamentals, citing new export projects and medium-term demand.

• Intends to renew the unit repurchase program and may explore growth in adjacent shipping sectors.