# DLNG earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/DLNG) · [Earnings tab](https://www.lopjlb.com/stock/DLNG?tab=earnings) Updated: 2026-09-07T01:14:01 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for DLNG, management tone moved from +0.60 (2022 Q3) to +0.60 (2024 Q2). Latest guidance stance: vague. Latest desk line: Dynagas reported Q2 net income of $10.7M, 100% fleet utilization, completed a $345M sale‑leaseback, cut debt to $345M, and highlighted a $1.04B backlog with no vessel availability until 2028. ## Latest CallCard · Q2 Dynagas reported Q2 net income of $10.7M, 100% fleet utilization, completed a $345M sale‑leaseback, cut debt to $345M, and highlighted a $1.04B backlog with no vessel availability until 2028. **Guidance:** vague — No specific financial guidance was given; management only indicated the board will evaluate capital allocation in the next quarter. **Tone:** mgmt 0.6 · Q&A pressure 0.2 · divergence 0.4 Management highlighted reduced debt, debt‑free vessels and a robust charter backlog, portraying a stable and flexible position. ### Demand visibility Strong demand visibility backed by $1.04B backlog and no vessel availability until 2028. Backlog of $1.04 billion (~$173 million per vessel) and average remaining charter period of 6.4 years provide stable revenue outlook. ### Margins / costs Cash break‑even cost $44,881 per vessel per day with $22,450 surplus versus average TCE. Average cash break‑even $44,881 per day, average TCE $67,300, yielding a $22,450 per day surplus. ### Capital allocation Board to decide capital allocation next quarter, leveraging reduced debt and flexible financing. Recent $345 million sale‑leaseback and debt reduction to $345 million give flexibility; management will announce allocation strategy in upcoming quarter. ### Milestones - **Sale‑leaseback financing with China Development Bank** [delivered]: Closed $344.9M facility for four carriers, repaid prior $408.6M credit line. - **Debt repayment of prior credit facility** [delivered]: Fully repaid $408.6M facility on June 27 ahead of maturity. - **Two LNG carriers debt‑free** [delivered]: Two vessels now operate without debt, enhancing balance sheet. - **Backlog secured** [on_track]: Backlog $1.04B ensures revenue through 2028. - **Interest rate swap maturity** [at_risk]: Swap expires Sep 18 2024, exposing company to floating rates. ### Fears / risks - **Interest rate risk**: Swap maturity will expose debt service to higher floating rates, increasing daily cost by ~$5,200. - **Charter rate pressure**: Average TCE declined to $67,300 from $68,100, indicating market rate softness. - **Debt service increase**: Projected Q4 debt service per day to rise to about $50,000. - **Potential charter extensions**: Availability after 2028 depends on charter extension options. - **Shipping capacity oversupply**: Short‑to‑medium term capacity may exceed demand, could pressure rates. - **Regulatory/market uncertainty**: Forward‑looking statements note risks from COVID‑19 and broader LNG market conditions. ### Key quotes > “We are pleased to announce that all six LNG carriers in our fleet were operating on the long-term chances for the esteemed international gas companies.” > “We maintained 100% scheduled fleet utilization during the second quarter.” > “As of September 10th, 2024, our fleet's contracted backlog stands at approximately $1.04 billion, which translates into an average of about $173 million per vessel.” > “We have no contractual vessel availability until the year 2028, when the Clean Energy, Ob and Amur River will be available.” ## Quarter one-liners - **2024 Q2:** Dynagas reported Q2 net income of $10.7M, 100% fleet utilization, completed a $345M sale‑leaseback, cut debt to $345M, and highlighted a $1.04B backlog with no vessel availability until 2028. - **2024 Q1:** Dynagas LNG reported Q1 net income $11.8M, closed a $345M lease financing, cut debt to $345M, all six vessels under long‑term charters, projects $8M free cash flow per quarter but will decide distribution vs growth quarterly. - **2023 Q4:** Dynagas LNG Partners reported Q4 2023 net income of $10.5M, all six carriers under long‑term charters, a $345M lease‑financing term sheet to repay September 2024 debt, leverage down to 3.7x and a strong cash position. - **2023 Q3:** Dynagas LNG Partners reported Q3 2023 net income of $1.4 M, adjusted EBITDA $20.4 M, completed dry‑docks on three vessels, all six carriers under long‑term charters, and highlighted ongoing debt‑refinancing and a strong backlog of $1.16 B. - **2023 Q2:** DLNG posted Q2 2023 net income of $14.4 million, 91.7% fleet utilization, added $270 million of charter backlog, cut leverage to 4.3x and discussed refinancing its credit facility. - **2023 Q1:** DLNG reported Q1 2023 net income of $9.6M, adjusted EBITDA $23.6M, all six carriers on long‑term charters, reduced leverage to 4.5x, and highlighted positive long‑term LNG shipping demand. - **2022 Q4:** DLNG reported Q4 2022 net income of $11.6 million, 100% fleet utilization, entered a new 3‑year charter with Equinor delivering Sep 2023, continued deleveraging and discussed refinancing and dry‑dock timing. - **2022 Q3:** DLNG Q3 2022: 100% fleet utilization, net income $7.4M, adjusted EBITDA $20M; deleveraging continues with $163M debt repaid since 2019, net leverage 4.8x; Arctic Aurora re-chartering expected next quarter amid strong FSRU demand. ## Theme arcs - **Management tone** (stable): Δ mgmt=+0.00 ## Fear persistence - **geopolitical/sanctions** [resolved]: 2022 Q3 - **counterparty risk** [resolved]: 2022 Q3 - **refinancing risk** [recurring]: 2022 Q3, 2023 Q2, 2023 Q3 - **vessel technology obsolescence** [resolved]: 2022 Q3 - **interest rate exposure** [resolved]: 2022 Q3 - **dry-dock execution** [resolved]: 2022 Q3 - **fsru conversion uncertainty** [resolved]: 2022 Q3 - **geopolitical** [resolved]: 2022 Q4 - **financial** [recurring]: 2022 Q4, 2022 Q4 - **credit** [resolved]: 2022 Q4 ## Guidance path 2022 Q3:vague → 2022 Q4:vague → 2023 Q1:vague → 2023 Q2:maintained → 2023 Q3:vague → 2023 Q4:vague → 2024 Q1:vague → 2024 Q2:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/DLNG`