Dynagas LNG Partners reported net income of $16 million, or $0.39 per common unit, for the second quarter of 2026. Adjusted net income was $15.8 million, adjusted earnings per common unit were $0.39, and adjusted EBITDA totaled $27.6 million.
The LNG carrier owner achieved fleet utilization of 96.2% during the quarter.
Voyage revenue increased 6.7% to $41.2 million from $38.6 million a year earlier. Net income increased 16.8% from $13.7 million in the second quarter of 2025.
The increase in voyage revenue reflected several factors, including the commencement of the Clean Energy vessel’s new time charter with Rio Grande LNG on April 30 at a higher rate. The vessel experienced 20.5 days of off-hire for unscheduled maintenance between its redelivery by SEFE and delivery to Rio Grande.
Average daily hire gross of commissions increased to approximately $71,810 per vessel from approximately $70,730 in the prior-year period.
Net interest and finance costs declined 26.9% to $3.8 million from $5.2 million as the partnership reduced interest-bearing debt and benefited from lower market interest rates. Its weighted average interest rate declined to 5.90% from 6.49%.
Dynagas said its estimated contracted revenue backlog stands at approximately $730 million, with an average remaining contract term of 4.4 years. Contracted time-charter coverage represents 100% of estimated available days for 2026 and 2027 and 65% for 2028.
For the first six months of 2026, Dynagas generated net income of $33.4 million, adjusted net income of $28.2 million, and adjusted EBITDA of $51.9 million, with fleet utilization of 95.7%.
The partnership also said it believes its LNG transportation under two charters with Yamal Trade to non-EU destinations qualifies for an exemption contained in the EU’s 21st sanctions package for certain legacy contracts concluded before February 24, 2022.
KEY QUOTES:
“The Partnership delivered a solid second quarter, reporting Net Income of $16.0 million, Adjusted Net Income of $15.8 million and Adjusted EBITDA of $27.6 million, on fleet utilization of 96.2%. Our results reflect the commencement in April of the Clean Energy’s new time charter with Rio Grande at an improved rate, and a lower cost of debt following continued deleveraging, with net interest and finance costs down 26.9% year on year. The Partnership’s contract coverage continues to deliver predictable cash generation. As of the date of this release, our estimated contracted revenue backlog stands at $0.73 billion with an average remaining contract term of 4.4 years, and we have contracted time charter coverage of 100%, 100% and 65% of estimated Available Days for 2026, 2027 and 2028, respectively. That backlog, together with our existing cash, gives us the financial flexibility to continue amortizing our debt while returning capital to our common and preferred unitholders.”
Dynagas LNG Partners Management statement
