Core Viewpoint - Dynagas LNG Partners LP (DLNG) has demonstrated strong financial performance, exceeding earnings and revenue expectations, indicating a potentially undervalued stock in the LNG carrier market [2][3][6]. Financial Performance - DLNG reported an earnings per share (EPS) of $0.30, surpassing the estimated EPS of $0.24, reflecting better-than-expected performance [2][6]. - The actual revenue for the period was $37.37 million, exceeding the estimated revenue of $35.64 million, showcasing effective operational management [3][6]. Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 2.64, suggesting a low valuation relative to its earnings, indicating potential investment opportunities [4][6]. - The price-to-sales ratio is about 0.89, indicating that the stock is trading below its annual sales per share [4]. - DLNG's enterprise value to sales ratio is around 2.41, and the enterprise value to operating cash flow ratio is approximately 3.85, reflecting its valuation in relation to sales and cash flow [5]. Financial Health - DLNG boasts a strong current ratio of about 58.68, indicating a robust ability to cover short-term liabilities with short-term assets [5]. - The earnings yield of approximately 37.86% highlights a significant return on investment relative to the stock price, making DLNG an attractive option for investors seeking high returns [5].

Financial Performance - Net income for Q2 2025 was $1371 million[12], an increase compared to $1071 million in Q2 2024[12] - Adjusted Net Income for Q2 2025 was $1446 million[12], compared to $1239 million in Q2 2024[12] - Adjusted EBITDA for Q2 2025 was $2769 million[12], a decrease from $2856 million in Q2 2024[12] - The company achieved 100% utilization in Q2 2025[10] Capital Allocation and Liquidity - The company declared a distribution to common unitholders of $0049 per common unit for Q2 2025[9] - As of September 8, 2025, the company repurchased 271303 common units at an average price of $379 per common unit[9] - The company had $78 million in liquidity as of June 30th[10] - Debt to total book capitalization is 30%[21] Debt and Fleet - The company's debt outstanding is $301 million on four LNG carriers, with two vessels debt-free[28] - The company's total estimated contract backlog is $09 billion[29] - The fleet average age is approximately 151 years[29] and the average remaining charter duration is approximately 54 years[29]

Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $13.7 million, an increase of $3.0 million or 28.0% compared to the same period in 2024 [18] - Adjusted net income for the same period was $14.5 million, up $2.1 million or 16.9% year-over-year [19] - Voyage revenues increased to $38.6 million, a rise of $1.0 million or 2.7% from the previous year [20] Operational Metrics - The company achieved a fleet utilization rate of 99.4% for the three months ended June 30, 2025, compared to 100% in the same period of 2024 [21] - Average daily hire gross of commissions was approximately $70,730 per day per vessel, down from $72,010 in the prior year [21] - The company maintained a strong contract backlog estimated at approximately $0.9 billion with an average remaining contract duration of 5.4 years [11][32] Cash Flow and Liquidity - The company generated net cash from operating activities of $24.3 million for the three months ended June 30, 2025, an increase of $1.8 million or 8.0% from the same period in 2024 [28] - As of June 30, 2025, the cash balance stood at $77.9 million, with no debt maturities until mid-2029 [14][13] - The company redeemed all 2,200,000 Series B Preferred Units for a total payment of $56.0 million, funded by internal cash reserves [30] Debt and Financing - The company reported total outstanding debt of $300.8 million, with annual debt amortization of $44.2 million, representing 14.6% of total debt [13] - Net interest and finance costs decreased to $5.2 million for the three months ended June 30, 2025, down 36.6% from $8.2 million in the same period of 2024 [24] Market Environment - The company remains insulated from short-term volatility in the LNG market due to its contracts-based business model [10] - Current U.S. and E.U. sanctions related to the Russian conflict do not materially affect the company's operations or financial condition [16]

Company Overview - Dynagas LNG Partners LP is a master limited partnership that owns and operates LNG carriers under multi-year charters [3] - The current fleet consists of six LNG carriers with a total carrying capacity of approximately 914,000 cubic meters [3] Financial Results Announcement - The company will release its financial results for the second quarter and six months ended June 30, 2025, before market opens in New York on September 8, 2025 [1] - There will be no conference call to discuss the results, but the company emphasizes transparency through press release disclosures [2] Investor Relations - Stakeholders are encouraged to reach out with specific questions regarding financial performance [2] - A presentation on the second quarter financial results will be available on the company's website under the Presentations section of its Investor Relations page [2]

Company Overview - Dynagas LNG Partners LP is a master limited partnership that owns and operates LNG carriers under multi-year charters [2] - The current fleet consists of six LNG carriers with a total carrying capacity of approximately 914,000 cubic meters [2] Financial Announcement - The Board of Directors has declared a quarterly cash distribution of $0.049 per unit for the quarter ended June 30, 2025 [1] - This cash distribution is payable on or about August 29, 2025, to all unit holders of record as of August 25, 2025 [1]

[SEC Filing Information](index=1&type=section&id=SEC%20Filing%20Information) This report details the Form 6-K filing for May 2025, including the Q1 2025 earnings release and official signatures [Form 6-K Details](index=1&type=section&id=INFORMATION%20CONTAINED%20IN%20THIS%20FORM%206-K%20REPORT) The Form 6-K filing for May 2025 includes the Q1 2025 results and the full redemption of Series B Preferred Units - The report is a Form 6-K filing for the month of May 2025 by Dynagas LNG Partners LP[2](index=2&type=chunk) - Attached as Exhibit 99.1 is a press release dated May 27, 2025, reporting results for the three months ended March 31, 2025, and the full redemption of 8.75% Series B Cumulative Redeemable Perpetual Fixed to Floating Preferred Units[3](index=3&type=chunk) [Signatures](index=3&type=section&id=SIGNATURES) The report was officially signed by the CEO on behalf of the company on May 29, 2025 - The report was signed by Tony Lauritzen, Chief Executive Officer of Dynagas LNG Partners LP[7](index=7&type=chunk) - The signing date was May 29, 2025[7](index=7&type=chunk) [Earnings Release and Key Events](index=4&type=section&id=DYNAGAS%20LNG%20PARTNERS%20LP%20REPORTS%20RESULTS%20FOR%20THE%20THREE%20MONTHS%20ENDED%20MARCH%2031%2C%202025%20AND%20FULL%20REDEMPTION%20OF%208.75%25%20SERIES%20B%20CUMULATIVE%20REDEEMABLE%20PERPETUAL%20FIXED%20TO%20FLOATING%20PREFERRED%20UNITS) The company announced strong Q1 2025 results, the full redemption of Series B Preferred Units, and a positive business outlook [Q1 2025 Highlights](index=4&type=section&id=Quarter%20Highlights) The company reported strong Q1 2025 financial results, declared distributions, and continued its unit repurchase program Q1 2025 Financial Metrics | Metric | Q1 2025 | | :----- | :------ | | Net Income | $13.6 million | | Earnings per common unit (basic and diluted) | $0.28 | | Adjusted Net Income | $14.3 million | | Adjusted Earnings per common unit (basic and diluted) | $0.30 | - Declared and paid a cash distribution of **$0.5625 per unit** on Series A Preferred Units and **$0.677286319 per unit** on Series B Preferred Units[12](index=12&type=chunk) - Declared a quarterly cash distribution of **$0.049 per common unit** for the quarter ended December 31, 2024, paid on February 27, 2025[12](index=12&type=chunk) - Repurchased 216,185 common units for **$0.8 million** at an average price of $3.62 per unit, with **$9.0 million remaining** in the repurchase program[12](index=12&type=chunk) [Series B Preferred Unit Redemption](index=5&type=section&id=Recent%20Events%3A%20Full%20Redemption%20of%20Series%20B%20Preferred%20Units) The company announced the full redemption of its outstanding 8.75% Series B Preferred Units, effective July 25, 2025 - The Partnership will fully redeem its 8.75% Series B Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Units on **July 25, 2025**[14](index=14&type=chunk) - The redemption price is **$25.00 per Series B Preferred Unit**, plus accumulated and unpaid distributions to the Redemption Date[15](index=15&type=chunk) - After redemption, no Series B Preferred Units will be outstanding, and trading on the New York Stock Exchange will cease[14](index=14&type=chunk) [CEO Commentary and Business Outlook](index=5&type=section&id=CEO%20Commentary) The CEO highlighted strong performance, a robust contract backlog, and a strategic focus on deleveraging and capital returns - Q1 2025 Net Income was **$13.6 million**, or $0.28 per common unit, with **100% fleet utilization**; Adjusted EBITDA was $27.1 million and Adjusted Net Income was $14.3 million[19](index=19&type=chunk) - All six LNG carriers are employed under long-term charters with an average remaining duration of **5.7 years** and an estimated contract backlog of approximately **$0.9 billion**[22](index=22&type=chunk) - The balance sheet has strengthened post-refinancing, with two vessels now debt-free and **no debt maturities until mid-2029**[24](index=24&type=chunk) - The **$55 million** Series B Preferred Unit redemption will be funded by the **$70 million** cash balance, expecting annual cash savings of approximately **$5.7 million**[25](index=25&type=chunk) - The strategy focuses on disciplined capital allocation, prioritizing deleveraging, returning capital to unitholders, and reducing cash outflows[26](index=26&type=chunk) [Russian Sanctions Impact](index=6&type=section&id=Russian%20Sanctions%20Developments) Current sanctions against Russia have not materially impacted operations, though future risks remain uncertain - Current U.S. and E.U. sanctions regimes do not materially affect the Partnership's business, operations, or financial condition[28](index=28&type=chunk) - Counterparties are currently performing their obligations under time charters in compliance with applicable U.S. and E.U. rules and regulations[28](index=28&type=chunk) - The full impact of the Russian conflict with Ukraine is uncertain, and further developments could have a significant impact on the business[27](index=27&type=chunk)[54](index=54&type=chunk) [Financial Performance Overview](index=6&type=section&id=Financial%20Results%20Overview) Q1 2025 saw increased net income and operating cash flow, driven by lower finance costs and higher voyage revenues [Income Statement Analysis](index=7&type=section&id=Three%20Months%20Ended%20March%2031%2C%202025%20and%202024%20Financial%20Results) Net income rose due to lower interest costs and higher voyage revenues, despite an increase in operating expenses Key Financial Metrics (YoY) | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (YoY) | % Change (YoY) | | :-------------------------- | :--------------------- | :--------------------- | :----------- | :-------------- | | Voyage revenues | $39,107 | $38,055 | $1,052 | 2.8% | | Net Income | $13,570 | $11,750 | $1,820 | 15.5% | | Adjusted Net Income | $14,316 | $12,354 | $1,962 | 15.9% | | Operating income | $18,545 | $19,337 | $(792) | -4.1% | | Adjusted EBITDA | $27,088 | $29,003 | $(1,915) | -6.6% | | Earnings per common unit | $0.28 | $0.23 | $0.05 | 21.7% | | Adjusted Earnings per common unit | $0.30 | $0.25 | $0.05 | 20.0% | - **Net Income increased by $1.8 million (15.3%)** primarily due to decreased interest and finance costs and increased voyage revenues[30](index=30&type=chunk) - **Net Interest and finance costs decreased by $3.8 million (43.7%)** due to a reduction in interest-bearing debt and a lower weighted average interest rate[37](index=37&type=chunk) - **Voyage revenues increased by $1.0 million (2.6%)** mainly due to non-cash amortization of deferred revenues and increased variable hire revenues[32](index=32&type=chunk) [Liquidity, Financing, and Cash Flow](index=8&type=section&id=Liquidity%2F%20Financing%2F%20Cash%20Flow%20Coverage) The company reported strong liquidity, a significant increase in operating cash flow, and a substantial contracted revenue backlog Cash Flow from Operations (YoY) | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (YoY) | % Change (YoY) | | :-------------------------------- | :--------------------- | :--------------------- | :----------- | :-------------- | | Net cash from Operating Activities | $18,074 | $11,569 | $6,505 | 56.2% | - Total cash balance was **$70.0 million** as of March 31, 2025[42](index=42&type=chunk) - Outstanding financial liabilities under Sale and Leaseback agreements amounted to **$312 million**, with no debt maturities until mid-2029[24](index=24&type=chunk)[42](index=42&type=chunk) - Estimated contracted time charter coverage for **100% of its fleet** for each of 2025, 2026, and 2027[44](index=44&type=chunk) - Estimated contracted revenue backlog was **$0.9 billion**, with an average remaining contract term of **5.7 years**[44](index=44&type=chunk) - The aggregate **$55 million** redemption payment for Series B Preferred Units will be funded by internal cash reserves[43](index=43&type=chunk) [Company Information and Forward-Looking Statements](index=10&type=section&id=About%20Dynagas%20LNG%20Partners%20LP) The company operates six LNG carriers and cautions investors about forward-looking statements and associated risks - Dynagas LNG Partners LP owns and operates six LNG carriers with an aggregate carrying capacity of approximately **914,000 cubic meters**[49](index=49&type=chunk) - Forward-looking statements are subject to significant uncertainties, including world economies, charter rates, operating expenses, and geopolitical events[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [Condensed Consolidated Financial Statements](index=12&type=section&id=DYNAGAS%20LNG%20PARTNERS%20LP%20Condensed%20Consolidated%20Statements%20of%20Income) This section presents the unaudited condensed consolidated statements of income, balance sheets, and cash flows for Q1 2025 [Condensed Consolidated Statements of Income](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement reflects higher voyage revenues and net income in Q1 2025 compared to the prior-year period | (In thousands of U.S. dollars except units and per unit data) | 2025 (unaudited) | 2024 (unaudited) | | :--------------------------------------------------------- | :--------------- | :--------------- | | Voyage revenues | $39,107 | $38,055 | | Voyage expenses (including related party) | $(1,740) | $(857) | | Vessel operating expenses | $(8,731) | $(7,700) | | Operating income | $18,545 | $19,337 | | Interest and finance costs, net | $(4,866) | $(8,655) | | Net income | $13,570 | $11,750 | | Earnings per common unit (basic and diluted) | $0.28 | $0.23 | [Condensed Consolidated Balance Sheets](index=13&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows increased cash, reduced total liabilities, and higher partners' equity as of March 31, 2025 | (Expressed in thousands of U.S. Dollars—except for unit data) | March 31, 2025 (unaudited) | December 31, 2024 (unaudited) | | :--------------------------------------------------------- | :------------------------- | :---------------------------- | | Cash and cash equivalents | $69,976 | $68,156 | | Vessels, net | $757,306 | $765,212 | | Total assets | $837,002 | $847,153 | | Total other financial liabilities, net of deferred financing fees | $309,810 | $320,717 | | Total liabilities | $343,843 | $362,352 | | Total partners' equity | $493,159 | $484,801 | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statement shows a significant increase in net cash from operations for Q1 2025 | (Expressed in thousands of U.S. Dollars) | Three Months Ended March 31, 2025 (unaudited) | Three Months Ended March 31, 2024 (unaudited) | | :--------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash from Operating Activities | $18,074 | $11,569 | | Net cash used in Investing Activities | $0 | $(27) | | Net cash used in Financing Activities | $(16,254) | $(9,139) | | Net increase in cash and cash equivalents | $1,820 | $2,403 | | Cash and cash equivalents at end of the period | $69,976 | $76,155 | [Appendix B: Non-GAAP Reconciliations and Fleet Statistics](index=15&type=section&id=APPENDIX%20B) This appendix provides fleet operational statistics and reconciliations of non-GAAP measures to their GAAP equivalents [Fleet Operational Statistics](index=15&type=section&id=Fleet%20Statistics) The fleet maintained 100% utilization in Q1 2025, with an increased Time Charter Equivalent rate year-over-year | (expressed in United states dollars except for operational data and Time Charter Equivalent rate) | 2025 | 2024 | | :------------------------------------------------------------------------------------------ | :--- | :--- | | Number of vessels at the end of period | 6 | 6 | | Average number of vessels in the period | 6 | 6 | | Calendar Days | 540.0 | 546.0 | | Available Days | 540.0 | 546.0 | | Revenue earning days | 540.0 | 546.0 | | Time Charter Equivalent rate | $69,198 | $68,128 | | Fleet Utilization | 100.0% | 100.0% | | Vessel daily operating expenses | $16,169 | $14,103 | - **Fleet utilization** is calculated by dividing revenue earning days by Available Days, measuring efficiency in finding employment for vessels[61](index=61&type=chunk) - **Time Charter Equivalent (TCE) rate** is a non-GAAP measure of average daily revenue performance[61](index=61&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=16&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Adjusted EBITDA decreased to $27.1 million in Q1 2025, with this non-GAAP measure aiding in performance comparison | (In thousands of U.S. dollars) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :----------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $13,570 | $11,750 | | Net interest and finance costs | $4,866 | $8,655 | | Depreciation | $7,906 | $7,994 | | Gain on derivative financial instrument | $0 | $(1,260) | | Amortization of deferred revenue | $693 | $1,700 | | Amortization and write-off of deferred charges | $53 | $54 | | Adjusted EBITDA | $27,088 | $29,003 | - **Adjusted EBITDA** is a non-GAAP financial measure used to assess operating performance by excluding interest, depreciation, and other non-recurring items[66](index=66&type=chunk) - This measure enhances comparability of operating performance across periods and against other companies[67](index=67&type=chunk) [Reconciliation of Net Income to Adjusted Net Income and EPS](index=17&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income%20available%20to%20common%20unitholders%20and%20Adjusted%20Earnings%20per%20common%20unit) Adjusted Net Income and Adjusted EPS increased in Q1 2025, providing a clearer view of core operating performance | (In thousands of U.S. dollars except for units and per unit data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--------------------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net Income | $13,570 | $11,750 | | Amortization of deferred revenue | $693 | $1,700 | | Amortization and write-off of deferred charges | $53 | $54 | | Gain on derivative financial instrument | $0 | $(1,260) | | Adjusted Net Income | $14,316 | $12,354 | | Less: Adjusted Net Income attributable to preferred unitholders and general partner | $(3,189) | $(3,275) | | Net Income available to common unitholders | $11,127 | $9,079 | | Weighted average number of common units outstanding, basic and diluted | 36,737,635 | 36,802,247 | | Adjusted Earnings per common unit, basic and diluted | $0.30 | $0.25 | - **Adjusted Net Income** and **Adjusted Earnings per common unit** are non-GAAP measures that exclude certain non-recurring or non-cash items[70](index=70&type=chunk) - These measures are considered useful to investors for facilitating comparability and evaluating core operating performance[71](index=71&type=chunk)

Core Viewpoint - Dynagas LNG Partners LP reported strong financial performance for the first quarter of 2025, with a net income of $13.6 million and 100% fleet utilization, indicating resilience in a challenging LNG shipping market [11][19]. Financial Results Overview - Net income for Q1 2025 was $13.6 million, a 15.3% increase from $11.8 million in Q1 2024 [19]. - Adjusted net income rose to $14.3 million, up 15.3% from $12.4 million in the same period last year [20]. - Voyage revenues increased by 2.6% to $39.1 million compared to $38.1 million in Q1 2024 [21]. - Adjusted EBITDA decreased by 6.6% to $27.1 million from $29.0 million in Q1 2024 [25]. - Earnings per common unit were $0.28, up from $0.23 in Q1 2024 [27]. Recent Events - The company announced a full redemption of its 8.75% Series B Preferred Units, totaling 2.2 million units, scheduled for July 25, 2025, which will result in cash savings of approximately $5.7 million annually [5][15][32]. - The redemption will be funded from the company's cash reserves, which stood at $70 million as of March 31, 2025 [15][31]. Vessel Employment and Contracts - All six LNG carriers in the fleet are under long-term charters with an average remaining contract duration of 5.7 years, with no expected vessel availability before 2028 [12][34]. - The estimated contracted revenue backlog is approximately $0.9 billion [12][34]. Liquidity and Financing - The partnership generated net cash from operating activities of $18.1 million in Q1 2025, a 56.0% increase from $11.6 million in Q1 2024 [30]. - The total outstanding debt is $312 million, with no debt maturities until mid-2029 [14]. Market Conditions - The company remains insulated from short-term volatility in the LNG market due to its contracts-based business model [11][16]. - Current U.S. and E.U. sanctions related to the Russian conflict do not materially affect the partnership's operations or financial condition [17].

Core Viewpoint - Dynagas LNG Partners LP will release its financial results for Q1 2025 on May 27, 2025, before market opens in New York [1] Group 1: Financial Results Announcement - The Partnership will not host a conference call for the financial results presentation but will provide transparency through a press release [2] - Stakeholders are encouraged to reach out with specific questions regarding financial performance [2] Group 2: Company Overview - Dynagas LNG Partners LP is a master limited partnership that owns and operates LNG carriers on multi-year charters [3] - The current fleet consists of six LNG carriers with a total carrying capacity of approximately 914,000 cubic meters [3]

Core Insights - The article discusses potential risks associated with Dynagas LNG Partners LP, particularly related to legal challenges involving the Rio Grande LNG terminal, which is a significant asset for the company [1]. Company Analysis - Dynagas LNG Partners LP was last analyzed in August 2024, focusing on the legal issues surrounding the Rio Grande LNG terminal [1]. - The company operates in the energy sector, specifically in the liquefied natural gas (LNG) market, which is influenced by various regulatory and operational challenges [1]. Industry Context - The LNG industry is subject to legal and regulatory scrutiny, which can impact the operational capabilities and financial performance of companies like Dynagas LNG Partners LP [1].

Company Overview - Dynagas LNG Partners LP is a master limited partnership that owns and operates LNG carriers under multi-year charters [2] - The current fleet consists of six LNG carriers with a total carrying capacity of approximately 914,000 cubic meters [2] Financial Announcement - The Board of Directors has declared a quarterly cash distribution of $0.049 per unit for the quarter ended March 31, 2025 [1] - This cash distribution is scheduled to be payable on or about May 23, 2025, to unit holders of record as of May 19, 2025 [1]