Company: DLNG
Filing Date: 2025-05-29
Form Type: 6-K
Source: 0001317861-25-000028
Chunk: 5

Company: Dynagas LNG Partners LP
Filing Date: 2025-05-29
Form: 6-K
Chunk 5
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4 Financial Results Net Income for the three months ended March 31, 2025 was $13.6 million as compared to $11.8 million for the corresponding period of 2024, which represents an increase of $1.8 million, or 15.3%. The increase in Net Income for the three months ended March 31, 2025 compared to the corresponding quarter of 2024 was mainly attributable to the decrease in interest and finance costs and the increase in voyage revenues due to certain non-cash items, as explained below. The above increase in Net Income compared to the corresponding quarter of 2024 was partially offset by the increase in voyage expenses and vessels’ operating expenses, as well as by the decrease in gain on the interest rate swap transaction which expired in September 2024. Adjusted Net Income (a non-GAAP financial measure) for the three months ended March 31, 2025, was $14.3 million compared to $12.4 million for the corresponding period of 2024, which represents a net increase of $1.9 million, or 15.3%. This increase is mainly attributable to the decrease in interest and finance costs, which was partially offset by the increase of the voyage expenses and the vessel operating expenses, compared to the corresponding period of 2024. Voyage revenues for the three months ended March 31, 2025, were $39.1 million as compared to $38.1 million for the corresponding period of 2024, which represents a net increase of $1.0 million, or 2.6%. This increase is mainly attributable to: (i) the non-cash effect of the amortization of deferred revenues, (ii) the value of the EU ETS emissions allowances (“EUAs”) due to the Partnership by the charterers of its vessels, pursuant to the terms of its time charter agreements (the corresponding value of the abovementioned EUAs, which the Partnership is obliged to surrender to the EU authorities, is included within Voyage expenses) and (iii) the increase in variable hire revenues earned on one of the Partnership’s vessels under an OPEX pass-through time charter compared to the corresponding period in 2024 as discussed below. The above increase in voyage revenues was partially offset by the lower revenues earned due to fewer Calendar Days in the three months ended March 31, 2025, compared to the corresponding period in 2024. The Partnership reported average daily hire gross of commissions (3)of approximately