Athens – May 29, 2026
Dynagas LNG Partners LP (NYSE: DLNG) (the “Partnership”), an owner of liquefied natural gas (“LNG”) carriers, today announced its results for the three months ended March 31, 2026.
• Net Income and Earnings per common unit (basic and diluted) of $17.4 million and $0.43, respectively;
• Adjusted Net Income(1) of $12.4 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.29;
• Adjusted EBITDA(1) of $24.3 million;
• 95.1% fleet utilization(2);
• Declared and paid a cash distribution of $0.5625 per unit on the Partnership’s Series A Preferred Units (NYSE: DLNG PR A) for the period from November 12, 2025 to February 11, 2026; and
• Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended December 31, 2025, which was paid on February 27, 2026, to all common unitholders of
record as of February 23, 2026.
(1)
(2)
• The Clean Energy was delivered under its new time charter party agreement with Rio Grande LNG, LLC (“Rio Grande”) in April 2026;
• Declared a quarterly cash distribution of $0.5625 per unit on the Partnership’s Series A Preferred Units for the period from February 12, 2026 to May 11, 2026, which was paid on
May 12, 2026 to all Series A Preferred unitholders of record as of May 5, 2026; and
• Declared a quarterly cash distribution of $0.050 per common unit for the quarter ended March 31, 2026, which was paid on May 22, 2026 to all common unitholders of record as of May 18, 2026.
We are pleased to report solid financial results for the first quarter of 2026. Net Income for the period
was $17.4 million, or $0.43 per common unit, supported by 95.1% fleet utilization and Adjusted
EBITDA of $24.3 million.
We remain focused on creating value for our unitholders through disciplined deleveraging and
sustainable capital returns. Consistent with this focus, our Board of Directors declared a quarterly
cash distribution of $0.050 per common unit, which was paid on May 22, 2026.
The LNG shipping market has shown resilience during the first half of 2026, against a backdrop of
significant geopolitical disruption. Following the escalation of hostilities involving Iran and the
temporary closure of the Strait of Hormuz, approximately 20% of global LNG supply was removed
from the market during March and April. The resulting shortfall has been largely offset by U.S.
export growth, with U.S. volumes running approximately 18% above full-year 2025 levels on an
annualized basis. Global LNG trade volumes continued to expand as the redirection of trade flows
from the Atlantic Basin to Asia has lengthened average sailing distances and increased ton-mile
demand, tightening vessel availability and driving LNG carrier charter rates sharply higher. While
these dynamics are supportive for the broader LNG shipping sector, the Partnership’s fleet is fully
contracted under long-term charters and therefore does not have direct exposure to these market movements.
As of May 29, 2026, the Partnership had estimated contracted time charter coverage for 100%, 100%,
and 65% of its fleet estimated Available Days for 2026, 2027, and 2028, respectively, with an
estimated contracted revenue backlog of $0.78 billion and an average remaining contract term of 4.7 years.
With respect to charter developments, we are pleased to report that the Clean Energy was redelivered
from her previous charter with SEFE in early April 2026 and was successfully delivered under her
new time charter with Rio Grande at the end of April 2026. The new charter with Rio Grande is at a
higher daily rate than the previous SEFE charter and is expected to be accretive to the Partnership’s
revenues and cash flows going forward.
With respect to the ongoing Russian sanctions environment, the Partnership continues to monitor
developments, including the E.U.’s 19th sanctions package, with which the Partnership is required
to comply. For a detailed discussion, please refer to the “Russian Sanctions Developments” section of this press release.
Looking ahead, we remain focused on disciplined capital allocation, continued balance sheet deleveraging, and returning capital to our unitholders in a sustainable manner.
Dynagas LNG Partners LP. (NYSE: DLNG) is a master limited partnership that owns liquefied
natural gas (LNG) carriers employed on multi-year charters. The Partnership’s current fleet
consists of six LNG carriers, with an aggregate carrying capacity of approximately 914,000 cubic
