The NYSE-listed limited partnership formed by Greek shipowner Dynagas posted a net income of $17.4 million.
This represents a 27.9 percent increase compared to $13.6 million in the first quarter last year.
Net income also rose compared to $15.7 million in the fourth quarter of last year.
Dynagas LNG attributed the year-on-year rise in net income to the increase in other income from insurance claims for damages incurred in prior years and the decrease in net interest and finance costs.
Moreover, the company said that its adjusted net income of $12.4 million in the first quarter decreased 13.3 percent compared to the same quarter in the year before.
Dynagas LNG attributed this to the decrease in cash revenues, as well as to the lower time charter rate of the LNG carrier Arctic Aurora compared to the corresponding period in 2025.
Voyage revenues for the first quarter were $39.9 million.
This represents a net increase of 2 percent year-on-year.
Dynagas LNG reported average daily hire gross of commissions of approximately $69,360 per day per vessel for the three-month period ended March 31, 2026, compared to approximately $72,190 per day per vessel for the corresponding period in 2025.
The company’s vessels operated at 95.1 percent and 100 percent fleet utilization during the three-month periods ended March 31, 2026 and 2025, respectively.
Yamal charters
Novatek-led Yamal Trade employs two of Dynagas LNG vessels, Yenisei River and Lena River, on existing long-term charters which extend to 2033 and 2034, respectively.
Dynagas LNG said these vessels, since commencement of the Yamal charters, have been engaged in the transportation of LNG produced in Russia for discharge at destinations worldwide in compliance with applicable sanctions regulations.
However, under the new EU sanctions regulations, commencing January 1, 2027, the vessels will be restricted from transporting LNG from Russia which would affect the charterers’ ability to continue to employ the vessels in the manner currently conducted, according to Dynagas LNG.
Furthermore, on May 20, 2026, the UK significantly expanded its restrictions on Russian-origin LNG by targeting its global maritime supply chains.
Fynagas LNG and its charterers are continuing to evaluate the potential impact of the sanctions on the operation of the vessels under the Yamal charters.
As part of that evaluation, the partnership is considering various measures, “including the feasibility of lawfully removing the EU nexus, which would require, among other things, replacing the vessels’ technical and commercial manager, and the UK nexus, which would require, among other things, changing certain of the partnership’s service providers,” it said.
“Solid” results
Chief executive Tony Lauritzen said that the company reported “solid” financial results for the first quarter of 2026.
Laurutzen said 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 percent of global LNG supply was removed from the market during March and April, the CEO noted.
Lauritzen said the resulting shortfall has been largely offset by US export growth, with US volumes running approximately 18 percent 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,” he said.
“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,” he said.
Rio Grande LNG charter to boost earnings
As of May 29, 2026, the partnership had estimated contracted time charter coverage for 100 percent, 100 percent, and 65 percent 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,” Lauritzen said.
“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,” he said.
