Company: DLNG
Filing Date: 2025-09-09
Form Type: 6-K
Source: 0001317861-25-000049
Chunk: 3

Company: Dynagas LNG Partners LP
Filing Date: 2025-09-09
Form: 6-K
Chunk 3
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 with our financial performance for the three months ended June 30, 2025. Net Income for the period was $13.7 million, or $0.23 per common unit, while utilization was 99.4%. We reported Adjusted EBITDA of $27.7 million and Adjusted Net Income of $14.5 million. These results underscore the strength of our contracts-based business model, which continues to shield us from the prevailing weakness in the short-term LNG shipping market. All six LNG carriers in our fleet are employed under long-term charters with leading international gas companies, with an average remaining contract duration of 5.4 years as of the date of this release. Barring any unforeseen events, we do not expect any vessel availability before 2028. Our estimated contract backlog stands at approximately $0.9 billion as of September 8, 2025. In line with our commitment to delivering unitholder value, we paid a quarterly cash distribution of $0.049 per common unit on August 29, 2025. We also continued to execute on our Repurchase Program, having repurchased 156,319 common units, throughout the second quarter of 2025 to date at an average price of $3.54 per common unit. As of today, $9.0 million remains available under the Repurchase Program. Following the successful refinancing of our debt in June 2024, our balance sheet has strengthened meaningfully. Two of our vessels are now debt-free, and our annual debt amortization of $44.2 million represents 14.6% of our total outstanding debt of $300.8 million. We face no debt maturities until mid-2029. With contracted revenues exceeding our cash breakeven, we continue to generate cash each quarter, further improving our liquidity. As of June 30, 2025, our cash balance stood at $77.9 million. We used $56.0 million for the full redemption of the Series B Preferred Units on July 25, 2025. We expect annual cash savings of approximately $5.7 million (based on current SOFR rates) as a result of the Redemption. While we remain insulated from short-term volatility in the LNG market, our strategy remains focused on disciplined capital allocation—prioritizing deleveraging, returning capital to common unitholders, and reducing cash outflows through initiatives such as the Series B Preferred Redemption. Russian Sanctions Developments Due to the ongoing Russian conflict with