olivLaw · US equity research
Dynagas LNG Partners LP DLNG-PA
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Dynagas LNG Partners LP owns and operates a fleet of liquefied natural gas carriers under long-term time charters with a small group of large energy companies. The company is currently directing its capital toward debt repayment and balance sheet strength, a different posture from its earlier phase of rapid expansion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Dynagas LNG Partners LP (DLNG-PA) stock was 25.16 USD (−2.67% on the day), with P/E 18.2 on diluted EPS of 1.38 USD over the last 12 months, beta 0.03, 52-week range 25.16–27.30 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.9
- weak (30–45)
- Bollinger (20, 2)
- 25.18 – 25.90
- below the lower band · %B -0.03 · band width 2.8%
- SMA 50 / 200
- 25.95 / 26.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.7% | −1.1% | −1.6 pp | — |
| 3 months | −4.2% | −0.5% | −3.7 pp | — |
| 6 months | −3.6% | +4.4% | −8.0 pp | — |
| Year to date | −4.2% | +12.3% | −16.5 pp | — |
| 1 year | −3.7% | +13.5% | −17.2 pp | +21.5% |
| 3 years | +8.0% | +76.4% | −68.4 pp | +66.9% |
| 5 years | −1.3% | +63.7% | −64.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 5-quarter history (min 19.0, median 22.3, max 37.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 127.1 m | 130.9 m | 137.2 m | 137.7 m | 131.7 m | 11.6 m | 0 | unavailable |
| Revenue YoY | −8.5% | +3.0% | +4.8% | +0.4% | −4.4% | −91.2% | −100.0% | unavailable |
| Net income | 3.6 m | 3.6 m | 34.1 m | 53.3 m | 54.0 m | 35.9 m | 51.6 m | 61.6 m |
| Net income YoY | −79.2% | 0.0% | +842.5% | +56.4% | +1.4% | −33.6% | +43.8% | +19.5% |
| Diluted EPS | 0.00 | unavailable | unavailable | 1.14 | 1.15 | 0.66 | 1.05 | 1.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +0.9% | −42.6% | +59.1% | +31.4% |
| net % | 2.8% | 2.8% | 24.8% | 38.7% | 41.0% | 309.2% | unavailable | unavailable |
| Free cash flow | 42.6 m | 43.2 m | 68.6 m | 79.6 m | 53.7 m | 60.2 m | 92.1 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 41.0 m USD
- Financial debt
- 277.1 m USD
- Net debt
- 236.0 m USD
- Equity
- 473.2 m USD
- Total assets
- 786.2 m USD
- Debt / equity
- 0.59x
- Current ratio
- 0.63x
- ROE
- 12.9%
- ROA
- 7.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 137.2 m | 137.7 m | 131.7 m | 11.6 m | 0 | — | SEC (XBRL)· 10 Apr 2025verified |
| Operating income | 64.3 m | 64.6 m | 45.3 m | 64.7 m | 77.4 m | 75.3 m | SEC (XBRL)· 08 Apr 2026verified |
| Interest expense | 27.1 m | 21.4 m | 27.9 m | 39.2 m | 31.2 m | 21.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Net income | 34.1 m | 53.3 m | 54.0 m | 35.9 m | 51.6 m | 61.6 m | SEC (XBRL)· 08 Apr 2026verified |
| Diluted EPS | — | 1.14 | 1.15 | 0.66 | 1.05 | 1.38 | SEC (XBRL)· 08 Apr 2026verified |
| Weighted average diluted shares | — | 36.5 m | 36.8 m | 36.8 m | 36.8 m | 36.6 m | SEC (XBRL)· 08 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 25.0 m | 47.0 m | 48.6 m | 73.8 m | 68.2 m | 41.0 m | SEC (XBRL)· 08 Apr 2026verified |
| Receivables | 384.0 k | 90.0 k | 67.0 k | 709.0 k | 1.2 m | 478.0 k | SEC (XBRL)· 08 Apr 2026verified |
| Inventories | 808.0 k | 909.0 k | 885.0 k | 751.0 k | 894.0 k | 1.2 m | SEC (XBRL)· 08 Apr 2026verified |
| Current assets | 27.1 m | 51.2 m | 74.2 m | 105.3 m | 78.2 m | 49.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Property, plant & equipment, net | 884.9 m | 853.2 m | 825.1 m | 797.4 m | 765.2 m | 733.1 m | SEC (XBRL)· 08 Apr 2026verified |
| Total assets | 965.8 m | 965.5 m | 947.7 m | 908.9 m | 847.2 m | 786.2 m | SEC (XBRL)· 08 Apr 2026verified |
| Accounts payable | 4.4 m | 5.7 m | 1.5 m | 1.6 m | 699.0 k | — | SEC (XBRL)· 10 Apr 2025verified |
| Short-term debt | 45.7 m | 45.9 m | 46.3 m | 419.6 m | 43.6 m | 43.7 m | SEC (XBRL)· 08 Apr 2026verified |
| Long-term debt | 562.0 m | 516.0 m | 450.8 m | 419.6 m | 277.1 m | 233.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Current liabilities | 62.8 m | 64.9 m | 70.3 m | 458.8 m | 83.9 m | 78.9 m | SEC (XBRL)· 08 Apr 2026verified |
| Equity | 336.5 m † | 381.5 m † | 423.9 m † | 448.2 m † | 484.8 m † | 473.2 m † | SEC (XBRL)· 08 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 68.6 m | 79.6 m | 57.3 m | 64.4 m | 92.2 m | 90.3 m | SEC (XBRL)· 08 Apr 2026verified |
| Capex | 0 | 0 | 3.6 m | 4.2 m | 27.0 k | — | SEC (XBRL)· 10 Apr 2025verified |
| Free cash flow | 68.6 m ≈ | 79.6 m ≈ | 53.7 m ≈ | 60.2 m ≈ | 92.1 m ≈ | — | SEC (XBRL)· 10 Apr 2025derived |
| Investing cash flow | 0 | 0 | -3.6 m | -4.2 m | -27.0 k | — | SEC (XBRL)· 10 Apr 2025verified |
| Financing cash flow | -59.8 m | -57.6 m | -70.8 m | -66.3 m | -97.7 m | -117.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Dividends paid | — | — | 0 | 0 | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Share repurchases | — | — | — | — | 247.0 k | 1.3 m | SEC (XBRL)· 08 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.13 – 27.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E14.13 – 27.18 (Mid 19.54)13 companies used · median multiple 14.2x · quartiles 10.2x – 19.7xBIP, CCL, DLNG, FLNG, INSW, KEX, KNOP, MATX, NCLH, RCL, TDW, TNK, VIK
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.7% | 50 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 146.4% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -2.7% | 0 (on a fixed band) | 18% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 18.2x | 50 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial50/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DYNAGAS LNG PARTNERS LP (DLNG-PA). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 USD in 2024; YoY growth -100.0%; ROE 12.9%.
The estimated value range is 14.13–27.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 19.54 USD, the price of 25.16 USD leaves a potential of -22.3% (value / price − 1) and a margin of safety of -28.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 146.4%
What contradicts it
- EPS CAGR 3Y: -2.7%
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.3 bn | 42.4 | 7.7% | 11.0% | +9.8% | +6% / +46% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.5 bn | 10.2 | 31.2% | 8.2% | +3.7% | +1% / +22% |
| KEXKirby Corporation | 6.8 bn | 19.7 | 10.4% | 10.2% | +3.0% | +13% / +67% |
| MATXMatson, Inc. | 6.3 bn | 14.2 | 17.2% | 13.4% | −2.3% | +94% / +121% |
| INSWInternational Seaways, Inc. | 4.9 bn | 6.4 | 37.4% | 62.0% | −11.4% | +88% / +118% |
| GLNGGolar Lng Limited | 4.5 bn | 69.2 | 3.4% | 16.7% | +51.1% | +21% / +108% |
| TDWTidewater Inc | 3.7 bn | 14.9 | 19.5% | 18.3% | +0.5% | +36% / +22% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.5 bn | 117.0 | 2.6% | 4.2% | −16.6% | +93% / +81% |
| FLNGFLEX LNG Ltd. | 1.5 bn | 19.5 | 9.8% | 21.5% | −2.4% | +6% / −7% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +4% |
| CMDBCostamare Bulkers Holdings Limited | 441.3 m | — | -11.2% | -6.3% | unavailable | +11% / unavailable |
| KNOPKNOT Offshore Partners LP | 297.6 m | 12.8 | — | 6.4% | +14.4% | −12% / +63% |
| EDRYEurodry Ltd. | 110.7 m | — | -4.0% | — | +8.9% | +195% / +93% |
| OMEXOdyssey Marine Exploration, Inc. | 27.5 m | — | — | -13,366.3% | −54.0% | +469% / +218% |
| USEAUnited Maritime Corp | 22.7 m | — | -11.0% | -16.4% | −16.8% | +44% / −1% |
| TNKTeekay Tankers Ltd. | — | 8.8 | 18.5% | 36.9% | −22.6% | +54% / +79% |
| DLNGDynagas Lng Partners LP | — | 2.3 | 12.9% | — | −100.0% | −13% / +20% |
| VIKViking Holdings Ltd | — | 35.5 | 263.5% | 17.7% | +21.9% | +37% / unavailable |
1- and 3-year price returns: for DLNG-PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 08 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (29 Oct 2026), 6-K (23 Oct 2026), 6-K (13 Oct 2026), 6-K (10 Sept 2026), 6-K (09 Sept 2026).
In brief
Dynagas LNG Partners LP owns and operates a fleet of liquefied natural gas carriers under long-term time charters with a small group of large energy companies. The company is currently directing its capital toward debt repayment and balance sheet strength, a different posture from its earlier phase of rapid expansion.
SWOT
Strengths
- Long-term time charter contracts with international energy customers provide relatively stable revenue and high vessel utilization.
- A reputation for safety and operational expertise recognized by customers supports long-standing relationships.
- Staggered contract expiry dates reduce exposure to short-term fluctuations in charter rates.
Weaknesses
- Revenue depends on a small number of customers, so the loss of any one would have a major impact.
- The small fleet means that the unavailability of any single vessel has a significant effect on results.
- Reliance on an affiliated manager for fleet management and executive management services.
Opportunities
- If access to capital becomes favorable, the company could acquire new vessels or invest in LNG infrastructure.
- Rising global LNG demand could support new charter contracts at better rates.
- Debt reduction may strengthen the balance sheet and open access to lower-cost financing in the future.
Threats
- An oversupply of LNG carriers could keep charter rates low when contracts are renewed.
- Geopolitical tensions and sanctions may affect customers' ability to meet their contractual obligations.
- Port fees imposed by the United States and China could adversely affect operations and financial results.
Risks
- Dependence on a small number of customershigh
All revenue comes from a few customers. If one of them fails to pay or terminates a charter early, the impact on distributions could be major.
- Small fleethigh
The limited fleet size means that an off-hire vessel, an incident or a delay in re-chartering could significantly reduce revenue and the capacity to pay distributions.
- Access to financing and debt levelsmedium
The level of debt and any restrictive covenants could limit financial flexibility. If financing becomes more expensive, refinancing and growth plans could be affected.
- Re-chartering at lower ratesmedium
When contracts expire, available rates could be below current levels, and customers may seek to renegotiate existing terms.
- Environmental and safety regulationmedium
Environmental, safety and classification society requirements may raise operating and drydocking costs, and a serious incident could harm reputation and activity.
Investment thesis
What would need to be true (bull case)
- Long-term time charters with major customers could support predictable cash flows if vessel performance and customer payments remain stable.
- If the cost of capital improves, the company could resume growth through vessel acquisitions or LNG infrastructure projects, leveraging its operational reputation.
- Debt reduction could strengthen the balance sheet and support long-term distributions, particularly if the charter rate market recovers.
What would break the thesis
- The concentration of revenue among a few customers could expose the company to major losses if one of them fails to meet its obligations.
- Vessel oversupply and weak spot rates could reduce new contract opportunities, and re-chartering at lower rates could compress revenue.
- The small fleet and reliance on an affiliated manager could amplify the impact of any technical or management problem on distribution capacity.
What to watch
- Payment performance and operations of key customers (SEFE, Yamal, Equinor)Q1 2027
- Progress on debt reduction and any new financing terms2027
- Impact of US-China port fees on operations2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 08 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (29 Oct 2026), 6-K (23 Oct 2026), 6-K (13 Oct 2026), 6-K (10 Sept 2026), 6-K (09 Sept 2026).
The business
Dynagas LNG Partners LP is a limited partnership focused on owning and operating LNG carriers, formed through its November 2013 initial public offering when it had three vessels. According to its annual report, the fleet has grown to six vessels, all contracted on time charters to international energy companies. The company uses a holding structure, and its revenue and cash flow come entirely from LNG carrier activity 1.
The business model rests on fixed-term charter contracts that provide relatively stable revenue but a high dependence on a small number of customers. Technical and operational management of the vessels is provided by an affiliated manager under a master agreement. The company aims to rebuild financial flexibility and resume growth only if access to capital becomes acceptable in cost terms.
Operationally, revenue depends on the number of vessels, the daily charter hire rate and the number of revenue-earning days, not on off-hire days. The filing also notes that under the charters, customers provide EUAs under the EU ETS, whose value is recorded within voyage revenues 1.
Segments
LNG carrier time charter operations
This is the company's only operating segment. Vessels are chartered under multi-year contracts with staggered expiry dates, which reduces exposure to cyclical swings in charter rates. Revenue is concentrated among three customers, and when contracts expire, re-chartering depends on prevailing rates at that time 1.
Energy infrastructure opportunities
The company says it could pursue investments in floating storage and regasification units or other LNG infrastructure projects if financing becomes favorable. This remains a potential direction for expansion rather than a current activity, and its realization depends on market conditions and the cost of capital 1.
Market context
The LNG carrier market has seen wide cycles, with periods of vessel oversupply, particularly after heavy deliveries in 2014-2017, and periods of shortage, such as in 2018 and 2022. In 2025, spot rates remained subdued due to reduced Asian demand and an oversupply of LNG vessels. Global LNG demand and liquefaction output directly influence the volume of available freight 1.
The long-term charter market is less volatile than the spot market, but the rates obtained when contracts are renewed depend on supply and demand at the time of negotiation. The company notes that an active spot market could make it harder to secure multi-year charters in the future 1.
Trends
- Excess LNG carrier supplyheadwind
Heavy vessel deliveries in past years created a surplus that pressured spot rates. If new orders continue to outpace demand growth, charter rates could remain under pressure when contracts are renewed.
- Growth in LNG production and demandtailwind
The company links future growth to expanding LNG production and demand. If liquefaction and imports keep rising, vessel demand could support charter rates and the prospects for renewing contracts.
- Geopolitical tensions and sanctionsmixed
Conflicts in Ukraine, tensions in the Red Sea and Suez Canal, instability in Venezuela and Iran, and US-China trade relations can affect customers and trade routes. They may create both opportunities for LNG transport and risks to counterparty performance.
- High cost of capitalmixed
The cost of capital for listed energy MLPs has remained elevated for a prolonged period, making new vessel acquisitions difficult. If financing conditions improve, this could open a path to growth.
Competitive position
The company faces competition from established operators with significant financial resources, as well as from potential new entrants. Its advantage rests on existing customer relationships, technical expertise and a reputation for safety, rather than on fleet size.
The likelihood of winning new contracts depends on the ability to expand relationships with existing customers and attract new ones in a market with many competitors. The company acknowledges it cannot assure growth of its fleet or maintenance of its distribution levels.
- Established LNG carrier fleet operators
Established operators with greater financial resources, cited in the filing as the main competitors for charter contracts.
- New entrants to the LNG shipping market
New companies that may emerge and intensify pressure on charter rates.
- Independent charter vessel owners
Vessel owners offering ships for spot and short-term charter, competing for the same customers.
- Alternative shipping capacity providers for energy customers
Companies that may offer alternative transport or infrastructure services to the company's current customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Dynagas LNG Partners LP · 08 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.