Dynagas LNG Partners LP on Thursday reported $38.89 million in revenue for the third quarter, down from $39.07 million for the same three-month period last year.
The decrease brought down net profit adjusted for nonrecurring items from $14.48 million for Q3 2024 to $14.23 million, or $0.36 per share, for Q3 2025, the Athens-based owner and operator of liquefied natural gas (LNG) carriers said in its quarterly report.
The revenue fall was driven by “the decrease of the daily hire rate of the Arctic Aurora in the three-month period ending September 30, 2025, and the decrease in revenue earning days of the Yenisei River due to unscheduled repairs”, Dynagas said.
“The above decrease in voyage revenues was partially offset by the non-cash effect of the amortization of deferred revenues and the value of the EU ETS emissions allowances due to the Partnership by the charterers of its vessels”.
Dynagas logged average daily hire gross of commissions of nearly $70,000 per day per vessel in Q3 2025, down from around $72,800 per day per vessel for Q3 2024. Its fleet, consisting of six carriers with a combined capacity of approximately 914,000 cubic meters (32.28 million cubic feet), had utilization rates of 99.1 percent and 100 percent in Q3 2025 and Q3 2024 respectively.
“Our fleet-wide time charter equivalent of $67,094 per day comfortably exceeded our cash breakeven for the quarter of approximately $47,500, allowing us to continue generating stable free cash flow”, said chief executive Tony Lauritzen.
While revenue dropped, net income grew from $15.05 million for Q3 2024 to $18.66 million for Q3 2025. This was “mainly attributable to the increase of other income from insurance claims for damages incurred in prior years, the decrease in net interest and finance costs… [and] the decrease in general and administrative expenses”, Dynagas said.
Operating income fell from $19.84 million for Q3 2024 to $18.78 million for Q3 2025. However, net cash from operating activities increased from $25.59 million to $26.49 million. Cash and cash equivalents totaled $34.73 million.
Dynagas said it had paid a dividend of $0.05 per share earlier this month, “representing an annualized distribution yield of approximately 5.7 percent”.
It said it plans to renew its buyback program, which had $8.4 million remaining and which was to expire November 21, for a further 12 months.
Looking ahead, Dynagas said, “As of September 30, 2025, the Partnership had estimated contracted time charter coverage for 100 percent of its fleet estimated available days for each of 2025, 2026 and 2027”.
“As of the same date, the Partnership’s estimated contracted revenue backlog was $0.88 billion, with an average remaining contract term of 5.4 years”, it said.
Lauritzen said, “We maintain a firm belief in the long-term fundamentals of LNG shipping. Final investment decisions for new LNG export projects have accelerated in 2025, contributing to a growing pipeline of future natural gas supply. Over the medium term, this wave of new liquefaction capacity – combined with global efforts to expand affordable energy access – supports a constructive outlook for LNG transportation demand”.
“While LNG shipping remains our core focus we may consider to broaden our investment horizon to prudently explore accretive growth opportunities in adjacent shipping sectors with the aim of maximizing unitholder returns and enhancing the overall value of the Partnership”, the CEO added.
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