EL7.AI
StocksMediumUpdated•Originally published 9 September 2026•Updated 9 September 2026•
2 min read

Dynagas Q2 Revenue Rises 6.7% to $41.2 Million; Adjusted EPS at $0.39

Key Facts

1Quarterly voyage revenue increased 6.7% to $41.2 million from $38.6 million.
2Second-quarter adjusted earnings per common unit were $0.39, not $0.68.
3Voyage revenue of $81.126 million and adjusted earnings per unit of $0.68 apply to the first half of 2026.
4Estimated contracted revenue backlog was $0.73 billion with an average remaining term of 4.4 years.

Dynagas LNG Partners reported second-quarter 2026 voyage revenue of $41.2 million, up 6.7% from $38.6 million a year earlier. Net income was $16.0 million, while basic and diluted earnings per common unit were $0.39.

Adjusted net income, a non-GAAP measure, rose to $15.8 million from $14.5 million, and adjusted earnings per common unit were $0.39. The reported $0.68 adjusted earnings per unit and $81.126 million of voyage revenue apply to the first half of 2026, not the second quarter alone.

The partnership attributed part of the quarterly revenue increase to a higher charter rate for the Clean Energy under its new contract with Rio Grande, which began on April 30, 2026, despite 20.5 days of unscheduled off-hire. Revenue associated with EU ETS emissions allowances also increased as the surrender requirement rose to 100% of verified emissions in 2026 from 70% in 2025, but the matching voyage expense left no net effect on operating or net income.

Adjusted EBITDA was broadly flat at $27.6 million, compared with $27.7 million a year earlier, while fleet utilization declined to 96.2% from 99.4%. Vessel operating expenses increased to $8.9 million from $7.7 million because of higher crew costs and scheduled engine maintenance.

Net cash generated from operating activities fell to $21.0 million from $24.3 million, a 13.6% decline that the partnership attributed mainly to working-capital movements. Total cash stood at $59.5 million on June 30, 2026.

Dynagas estimated its contracted revenue backlog at $0.73 billion, with an average remaining term of 4.4 years and coverage of available days at 100% for 2026, 100% for 2027 and 65% for 2028. Sanctions remain a material risk: two vessels operate under Yamal Trade charters extending to 2033 and 2034, and that customer accounted for 34.5% of total first-half 2026 revenue.