The Clean Energy charter upgrade to Rio Grande at a higher daily rate is a near-term positive, but the EU/UK sanctions cliff on Yamal charters (36% of revenue) creates material downside risk from Jan 2027. Monitor for any charterer disputes or early termination of Yamal charters, and watch for progress on removing EU/UK nexus from those vessels. The preferred distribution remains well-covered by operating cash flow.
Price Chart
Executive Summary
Dynagas LNG Partners LP reported Q1 2026 results with net income of $17.4 million ($0.43 per common unit), up 27.9% YoY, but adjusted net income fell 13.3% to $12.4 million due to unscheduled repairs and lower charter rates on one vessel. The company maintained its $0.05/common unit distribution and $0.5625/preferred unit distribution, while disclosing that EU and UK sanctions on Russian LNG (effective Jan 1, 2027) threaten 36% of 2025 revenue from two Yamal charters. The Clean Energy was delivered on a new higher-rate charter with Rio Grande LNG in April 2026.
Key Facts
- Q1 2026 net income of $17.4 million vs $13.6 million in Q1 2025 (+27.9%)
- Adjusted net income of $12.4 million vs $14.3 million in Q1 2025 (-13.3%)
- Voyage revenues of $39.9 million vs $39.1 million in Q1 2025 (+2.0%)
- Adjusted EBITDA of $24.3 million vs $27.1 million in Q1 2025 (-10.3%)
- Fleet utilization of 95.1% vs 100.0% in Q1 2025 due to unscheduled repairs
- Net cash from operations of $26.5 million vs $18.1 million in Q1 2025 (+46.4%)
- Total cash of $53.0 million as of March 31, 2026
- Contracted revenue backlog of $0.78 billion with average remaining contract term of 4.7 years
- Clean Energy delivered on new higher-rate charter with Rio Grande LNG in April 2026
- EU and UK sanctions on Russian LNG threaten two Yamal charters (36% of 2025 revenue) effective Jan 1, 2027
- Quarterly distribution of $0.05/common unit and $0.5625/preferred unit maintained
Financial Impact
Q1 2026 net income $17.4M (+27.9% YoY) but adjusted net income $12.4M (-13.3% YoY); $0.78B contracted revenue backlog; 36% of revenue at risk from sanctions on Yamal charters starting Jan 2027
Risk Factors
- EU and UK sanctions on Russian LNG may force early termination of Yamal charters (36% of 2025 revenue) starting Jan 1, 2027
- Unscheduled repairs reduced fleet utilization to 95.1% and increased operating costs
- Concentration risk with only 6 vessels and limited number of charterers
- Potential event of default under debt agreements if Yamal charters are lost
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001317861-26-000029 |
| Document: 0001317861-26-000029-index-headers.html | 0001317861-26-000029 |
| Document: 0001317861-26-000029-index.html | 0001317861-26-000029 |
| Document: 0001317861-26-000029.txt | 0001317861-26-000029 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 6-K | $3.32 | awaiting T+5 | — | $3.31 (−0.30%) |
Oct 22, 2026 3d ago | Press Release | $3.36 | awaiting T+5 | — | $3.31 (−1.49%) |
Oct 13, 2026 12d ago | 6-K | $3.46 $3.34 | ▼ −3.47% | ▼ −3.92% | $3.31 (−4.34%) |
Sep 2, 2026 7w ago | Press Release | $3.70 $3.78 | ▲ +2.16% | ▲ +3.31% | $3.31 (−10.54%) |
Sep 1, 2026 7w ago | Press Release | $3.79 $3.82 | ▲ +0.79% | ▲ +0.71% | $3.31 (−12.66%) |
May 29, 2026 21w ago | 6-K | $26.40 $26.28 | ▼ −0.47% | ▲ +2.28% | $3.31 (−87.46%) |
May 22, 2026 22w ago | Press Release | $3.85 $3.78 | ▼ −1.82% | ▼ −2.90% | $3.31 (−14.03%) |
May 11, 2026 23w ago | 6-K | $26.22 $26.15 | ▼ −0.25% | ▼ −0.33% | $3.31 (−87.38%) |
Apr 24, 2026 26w ago | 6-K | $25.74 $26.17 | ▲ +1.67% | ▲ +1.27% | $3.31 (−87.14%) |
Apr 23, 2026 26w ago | Press Release | $3.94 $3.89 | ▼ −1.27% | ▼ −2.18% | $3.31 (−15.99%) |
US Market Status
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