Recent developments include the announcement of strong financial results for Q4 and full year 2025, with increased net income and fleet utilization. The Partnership declared and paid quarterly cash distributions on preferred and common units and repurchased common units under an authorized program. The Partnership is monitoring geopolitical tensions and sanctions developments closely.

• Dynagas LNG Partners LP reported net income of $15.7 million and earnings per common unit of $0.38 for Q4 2025, with adjusted net income of $14.1 million and adjusted EBITDA of $26.9 million, and fleet utilization of 98.8% [N1][S2].
• For the twelve months ended December 31, 2025, net income was $61.6 million with earnings per common unit of $1.38, adjusted net income of $57.1 million, adjusted EBITDA of $109.2 million, and fleet utilization of 99.3% [N1][S2].
• The Partnership declared and paid a cash distribution of $0.5625 per unit on Series A Preferred Units for the period August 12, 2025 to November 11, 2025, and a quarterly cash distribution of $0.05 per common unit for Q3 2025 [N1][S2].
• During Q4 2025, the Partnership repurchased 148,933 common units for $0.5 million under a $10 million repurchase program renewed in November 2025 [N1][S2].
• The Partnership is monitoring geopolitical tensions in the Middle East and the impact of EU sanctions on Russian LNG exports, with a focus on compliance and risk mitigation [N1][S2].

The Partnership benefits from a stable and contracted revenue base supported by long-term charters with high fleet utilization, which underpins consistent cash flow generation. The recent renewal of the common unit repurchase program and steady quarterly distributions reflect management's focus on capital returns and balance sheet discipline. The new charter for the Clean Energy vessel at a higher daily rate than the prior charter may enhance revenue and cash flow. The Partnership's commitment to compliance with sanctions and proactive monitoring of geopolitical developments supports operational continuity. These factors contribute to business resilience and value creation potential for unitholders.

The Partnership faces risks from geopolitical tensions, particularly in the Middle East, which have introduced volatility in global LNG markets and shipping rates. The EU's 19th sanctions package and related restrictions on Russian LNG exports pose a material risk to the Partnership's charter contracts with Yamal Trade Pte. Ltd., which accounted for 36% of revenues in 2025. Potential disputes, nonperformance, or early termination of these charters could materially impact revenues and distributions. The limited fleet size and customer concentration increase exposure to such risks. Additionally, increased vessel operating expenses and working capital fluctuations have affected recent cash flows. These factors could adversely affect financial performance and unitholder returns.

Dynagas LNG Partners LP's moat derives from its ownership of a specialized fleet of six LNG carriers employed on multi-year time charters, providing revenue visibility and operational stability. The long-term contracts with established charterers create barriers to entry for competitors and reduce exposure to short-term market volatility. The Partnership's fleet utilization rates above 98% demonstrate efficient asset deployment. Additionally, the contractual backlog of $0.84 billion and average contract duration of over five years support predictable cash flows. However, the limited fleet size and customer concentration, including significant exposure to charterers involved in Russian LNG exports, present potential vulnerabilities. Compliance with evolving sanctions and geopolitical risks also influence the durability of the Partnership's competitive position.

• Geopolitical and Market Volatility Risk: Recent geopolitical tensions in the Middle East and related security risks have introduced volatility in LNG markets and shipping rates, potentially impacting the Partnership's operations and financial results.
• Sanctions and Regulatory Risk: The Partnership is exposed to risks from EU sanctions on Russian LNG exports, which may affect charter contracts with Yamal Trade Pte. Ltd., representing a significant portion of revenues. Noncompliance or disputes could lead to revenue loss and legal challenges.
• Customer Concentration Risk: A substantial portion of the Partnership's revenues derives from a limited number of charterers, increasing vulnerability to contract non-renewal or early termination.
• Liquidity and Financial Risk: The Partnership's current ratio of 0.63 and cash ratio of 0.52 indicate moderate liquidity. Outstanding financial liabilities under sale and leaseback agreements require ongoing management to meet repayment obligations.
• Operational Risk: Increased vessel operating expenses, including scheduled engine overhauls, and potential vessel downtime can affect profitability and cash flow generation.

• Dynagas LNG Partners LP is a master limited partnership owning and operating six liquefied natural gas (LNG) carriers with an aggregate carrying capacity of approximately 914,000 cubic meters.
• The Partnership's vessels are employed on multi-year time charters with an average remaining contract term of 5.1 years as of December 31, 2025.
• As of December 31, 2025, the Partnership had estimated contracted time charter coverage of 100% for 2026 and 2027, and 64% for 2028, with an estimated contracted revenue backlog of $0.84 billion.
• The Partnership reported net income of $61.6 million and earnings per common unit of $1.38 for the twelve months ended December 31, 2025.
• Adjusted net income for the same period was $57.1 million, with adjusted earnings per common unit of $1.26 and adjusted EBITDA of $109.2 million.
• Fleet utilization was 99.3% for the twelve months ended December 31, 2025, and 98.8% for the fourth quarter of 2025.
• Voyage revenues for the three months ended December 31, 2025 were $40.0 million, slightly down from $41.7 million in the prior year period, mainly due to lower emissions allowance values and vessel downtime.
• Vessel operating expenses increased in the fourth quarter of 2025 due to scheduled engine overhauls.
• The Partnership declared and paid quarterly cash distributions on Series A Preferred Units and common units, with recent distributions of $0.5625 per Series A Preferred Unit and $0.05 per common unit.
• During Q4 2025, the Partnership repurchased 148,933 common units for $0.5 million under a $10 million repurchase program renewed in November 2025.
• As of December 31, 2025, the Partnership held $41.0 million in cash and cash equivalents.
• The Partnership has outstanding financial liabilities under sale and leaseback agreements with China Development Bank Financial Leasing Co. Ltd. for four vessels, repayable within three to eight years.
• The Partnership's business is subject to risks including geopolitical tensions in the Middle East affecting LNG markets, and the impact of EU sanctions on Russian LNG exports which may affect charter contracts with Yamal Trade Pte. Ltd., representing 36% of total revenues in 2025.
• The Partnership is committed to compliance with applicable sanctions and monitors developments closely.
• The Partnership's common units trade on the NYSE under the ticker DLNG, and Series A Preferred Units trade under DLNG PR A.
• The Partnership's incentive distribution rights are held by the General Partner and entitle it to increasing percentages of quarterly distributions after minimum and target distribution levels are met.
• Liquidity ratios as of December 31, 2025 include a current ratio of 0.63 and a cash ratio of 0.52, based on current assets of $49.4 million and current liabilities of $78.9 million.
• Financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.