Dynagas LNG Partners LP(US:DLNG)2025-11-20 22:29Financial Performance - Net Income for the three months ended September 30, 2025, was $18.7 million, an increase of $3.6 million or 23.8% compared to $15.1 million in the same period of 2024[22] - Adjusted Net Income for the three months ended September 30, 2025, was $14.2 million, a decrease of $0.3 million or 2.1% compared to $14.5 million in the same period of 2024[23] - The Partnership's operating income for the nine months ended September 30, 2025, was $56.5 million, compared to $58.0 million for the same period in 2024[57] - Net income for Q3 2025 was $18,655,000, an increase of 24.5% compared to $15,054,000 in Q3 2024[61] - Adjusted Net Income for the nine months ended September 30, 2025, was $43,006,000, up from $39,216,000 in the same period of 2024, reflecting a 7.1% growth[73] - Common unitholders' interest in Adjusted Net Income for Q3 2025 was $13,050,000, compared to $11,206,000 in Q3 2024, indicating a 16.4% increase[73] - Adjusted Earnings per common unit for Q3 2025 was $0.36, up from $0.30 in Q3 2024, marking a 20% rise[73] Revenue and Earnings - Voyage revenues for the three months ended September 30, 2025, were $38.9 million, a decrease of $0.2 million or 0.5% compared to $39.1 million in the same period of 2024[24] - Adjusted EBITDA for the three months ended September 30, 2025, was $27.6 million, a decrease of $1.3 million or 4.5% compared to $28.9 million in the same period of 2024[27] - Time Charter Equivalent (TCE) rate for Q3 2025 was $67,094, a decrease from $69,261 in Q3 2024[63] - Average daily hire gross of commissions was approximately $69,960 per day per vessel for the three-month period ended September 30, 2025, compared to approximately $72,800 for the same period in 2024[25] Cash Flow and Distribution - The Partnership generated net cash from operating activities of $26.5 million for the three months ended September 30, 2025, an increase of $0.9 million or 3.5% compared to $25.6 million in the same period of 2024[32] - Cash distribution of $0.050 per common unit was declared for the quarter ended September 30, 2025, representing an annualized distribution yield of approximately 5.7%[17] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $68,869,000, up from $59,703,000 in the same period of 2024[61] - Cash and cash equivalents at the end of Q3 2025 were $34,728,000, down from $52,021,000 at the end of Q3 2024[62] Assets and Liabilities - As of September 30, 2025, the Partnership reported total cash of $34.7 million, a decrease from $68.2 million as of December 31, 2024[58] - Total financial liabilities under Sale and Leaseback agreements amounted to $289.7 million as of September 30, 2025[34] - The Partnership's total assets were reported at $785.7 million, down from $847.2 million as of December 31, 2024[58] - Total liabilities decreased from $362,352,000 as of December 31, 2024, to $324,137,000 as of September 30, 2025[59] - Total partners' equity decreased from $484,801,000 as of December 31, 2024, to $461,560,000 as of September 30, 2025[59] Fleet and Utilization - The fleet maintained a utilization rate of 99.1% for the quarter ended September 30, 2025[15] - Fleet utilization remained high at 99.1% in Q3 2025, compared to 100.0% in Q3 2024[63] - The number of vessels in the fleet remained stable at 6 vessels throughout the periods reported[63] - Time charter coverage for the Partnership's fleet is estimated at 100% for 2025, 2026, and 2027[36] Other Information - The Partnership closely monitors the impact of ongoing sanctions related to the Russian war with Ukraine, which currently do not materially affect its operations[43] - The Partnership redeemed all issued and outstanding Series B Preferred Units on July 25, 2025, at a redemption price of $25.00 per unit plus accumulated distributions[14] - The Partnership redeemed all 2,200,000 Series B Preferred Units for a total payment of $55.0 million, funded by internal cash reserves[35] - The estimated contracted revenue backlog was $0.88 billion, with an average remaining contract term of 5.4 years[36] - Other income for Q3 2025 was a loss of $5,190,000, compared to a loss of $1,602,000 in Q3 2024, indicating a significant decline[73] - The partnership's definitions of Adjusted Net Income and related metrics may differ from those of other companies in the industry, which could affect comparability[75] - The partnership believes that Adjusted Net Income is useful for evaluating operating performance compared to other companies in the industry[75] - Adjusted Net Income is not recognized under U.S. GAAP and should not be considered a substitute for net income[74]