Greece-based Dynagas LNG Partners reported strong financial and operational results for the second quarter and first half of 2025.
For the first half of the year, the company's net income was $27.3 million, while quarterly net income was $13.7 million, representing a 28 per cent increase from the same period in 2024.
This performance was supported by a consistently high fleet utilization of 99.4 per cent in the quarter and 99.7 per cent for the six months.
The company remarked that its positive financial performance is a direct result of its strategic focus on long-term contracts. Dynagas LNG Partners stated that all six of its LNG carriers are employed under long-term charters with major international gas companies.
The average remaining contract duration is 5.4 years, providing the company with a stable and predictable revenue stream. According to the company, it does not expect any vessel availability before 2028, with its estimated contracted revenue backlog standing at approximately $0.9 billion.
The company also announced significant progress in strengthening its balance sheet. Following the successful refinancing of its debt in June 2024, two of its vessels are now “debt-free”, and the company has no debt maturities until mid-2029.
In a major move to reduce its financial obligations, the company used $56 million of internal cash to fully redeem its Series B preferred units in July 2025. This move is expected to generate annual cash savings of approximately $5.7 million.
The company also continued its common unit repurchase programme, repurchasing 156,319 common units for a total of $0.6 million at an average price of $3.54 per unit.
For the three months ended June 30, 2025, voyage revenues were up by 2.7 per cent to $38.6 million, with daily hire rates averaging approximately $70,730 per vessel. Net interest and finance costs decreased by $3 million due to a reduction in its debt and a lower weighted average interest rate.
The company's cash balance stood at $77.9 million at the end of the quarter.
Dynagas LNG Partners said its strategy remains focused on disciplined capital allocation, prioritizing deleveraging, returning capital to unitholders, and reducing cash outflows.
