Dynagas LNG Partners LP(US:DLNG) Globenewswireยท2025-05-27 13:00Core 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].