The NYSE-listed limited partnership formed by Greek shipowner Dynagas posted a net income of $18.7 million for the third quarter of this year.
This represents a 23.8 percent increase compared to $15.1 million in the same quarter last year.
Net income also rose compared to $13.7 million in the second quarter of this year.
Dynagas LNG attributed the year-on-year rise in net income 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, compared to the corresponding period in 2024.
Also, the rise in net income was partially offset by the decrease in voyage revenues and the decrease in gain on the interest rate swap transaction which expired in September 2024.
Voyage revenues slightly down
The company said that its adjusted net income of $14.2 million in the third quarter decreased 2.1 percent compared to the same quarter last year, mainly due to the decrease of cash revenues.
Voyage revenues for the third quarter were $38.9 million.
This compares to $39.1 million in the corresponding period in 2024, a drope of 0.5 percent.
Dynagas LNG said this decrease is mainly attributable to the lower cash revenues earned,
mainly due to the decrease of the daily hire rate of the LNG carrier Arctic Aurora in the third quarter and the decrease in revenue-earning days of the LNG carrier Yenisei River due to unscheduled repairs.
The decrease in voyage revenues was partially offset by the noncash effect of the amortization of deferred revenues and the value of the EU ETS emissions allowances, the LNG shipping firm said.
Dynagas LNG reported average daily hire gross of commissions of approximately $69,960 per day per vessel for the three-month period, compared to approximately $72,800 per day per vessel for the corresponding period of 2024.
The company’s vessels operated at 99.1 percent and 100 percent fleet utilization during the three-month periods ended September 30, 2025 and 2024, respectively.
“Strong” results
Chief executive Tony Lauritzen said that the company reported “strong” financial results for the third quarter of 2025, which demonstrated “significant” improvement in net income versus both last quarter and one year ago.
“We continue to focus our efforts on increasing value for our common unitholders by striving to strike a responsible balance between reducing leverage and returning capital in a sustainable manner while navigating the ongoing geopolitical environment,” Lauritzen said.
Consistent with this focus, Dynagas LNG’s board of directors declared a quarterly cash distribution of $0.050 per common unit which was paid on November 14, 2025, representing an annualized distribution yield of approximately 5.7 percent.
“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,” he said.
“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,” Lauritzen added.
