# 6-K

- Source: edgar · Published: 2026-05-29 · Kind: report
- Original: https://www.sec.gov/Archives/edgar/data/1578453/000131786126000029/f052926dlng6k.htm

**TL;DR —** Dynagas LNG Partners LP reported increased Q1 2026 net income driven by insurance claims and lower interest costs, despite operational challenges and a decrease in Adjusted Net Income and EBITDA, while navigating significant Russian sanctions impacting two vessels from 2027.

## Takeaways
*   **Net Income Increased, Adjusted Net Income Decreased:** Q1 2026 Net Income rose 27.9% to $17.4 million ($0.43/common unit) from $13.6 million in Q1 2025, primarily due to $4.9 million in other income from insurance claims and an 18.4% decrease in net interest and finance costs to $4.0 million. However, Adjusted Net Income fell 13.3% to $12.4 million ($0.29/common unit) from $14.3 million, mainly due to fewer revenue-earning days and a lower charter rate for the *Arctic Aurora*.
*   **Operational Headwinds and Fleet Utilization:** Fleet utilization decreased to 95.1% in Q1 2026 from 100% in Q1 2025, attributed to unscheduled repairs on two vessels, which also led to higher vessel operating expenses of $18,846/day (up from $16,169/day).
*   **Adjusted EBITDA Decline:** Adjusted EBITDA decreased by 10.3% to $24.3 million in Q1 2026 from $27.1 million in Q1 2025, reflecting the decrease in cash revenues and the lower *Arctic Aurora* charter rate.
*   **Strong Contracted Backlog but Sanctions Risk:** The Partnership maintains a robust estimated contracted revenue backlog of $0.78 billion with an average remaining contract term of 4.7 years, and 100% fleet coverage for 2026 and 2027. However, new EU and UK sanctions effective January 1, 2027, will prohibit two vessels (*Yenisei River* and *Lena River*), which accounted for 36% of 2025 revenues, from transporting Russian LNG, posing a material adverse risk to the business.
*   **Strategic Response to Sanctions:** Dynagas is evaluating measures to lawfully mitigate the sanctions' impact, including potentially removing EU and UK nexus service providers, but acknowledges the risk of disputes, non-performance, or early termination of the Yamal Charters.

*Generated 2026-11-12 via google/gemini-2.5-flash*