Dynagas LNG Partners LP (DLNG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da logística marítima com o Dynagas LNG Partners LP (DLNG), uma força pioneira no transporte global de GNL que transforma cadeias complexas de fornecimento de energia em operações eficientes e eficientes. Esta empresa dinâmica navega pelos mares desafiadores do comércio marítimo internacional, aproveitando um modelo de negócios sofisticado que combina tecnologia de embarcações de ponta, parcerias estratégicas e experiência incomparável no transporte de gás natural liquefeito. Ao oferecer soluções marítimas confiáveis, flexíveis e ambientalmente conscientes, a Dynagas criou um nicho único no cenário global de logística de energia, agregando valor às principais empresas internacionais de energia por meio de sua abordagem inovadora aos serviços de transportadores de GNL.

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: Parcerias -chave

Acordos de fretamento de longo prazo com grandes empresas de energia

A Dynagas LNG Partners LP mantém parcerias críticas de fretamento de longo prazo com as seguintes empresas de energia:

Empresa de energia	Duração da fretamento	Compromisso de embarcação
Gazprom	Contrato de 10 anos	3 transportadoras de GNL do Ártico
Total S.A.	Contrato de 7 anos	2 navios de GNL

Alianças estratégicas com operadores de terminais de GNL

As parcerias do operador -chave -chave incluem:

• Terminal Yamal LNG (Rússia)
• Sabine Pass LNG Terminal (Estados Unidos)
• Terminal Zeebrugge LNG (Bélgica)

Parcerias de construção naval e manutenção

Dynagas colabora com empresas de engenharia marítima para construção e manutenção de embarcações:

Empresa de engenharia marítima	Foco em parceria	Tipo de embarcação
Daewoo Shipbuilding & Engenharia Marinha	Construção de embarcações	Transportadoras de GNL do Ártico
Samsung Heavy Industries	Manutenção de embarcações	Transportadoras de GNL

Colaboração com sociedades de classificação

Parcerias de certificação de embarcações com sociedades internacionais de classificação marítima:

• Dnv gl
• Registro de Lloyd
• American Bureau of Shipping (ABS)

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: Atividades -chave

Serviços de transporte de transportadores de GNL

A Dynagas LNG Partners LP opera uma frota de 6 transportadoras de GNL a partir de 2023, com uma capacidade total de carga de aproximadamente 870.000 metros cúbicos. A frota consiste em:

Nome do navio	Tipo	Capacidade (CBM)	Ano construído
Rio OB	Convencional	155,000	2013
Rio Yenisei	Convencional	155,000	2013
Rio Lena	Convencional	155,000	2014

Gerenciamento e otimização da frota

As principais estratégias de otimização incluem:

• Otimização de rota para minimizar o consumo de combustível
• Planejamento avançado de viagem
• Monitoramento de desempenho em tempo real

Operações de segurança e conformidade marítima

Métricas de conformidade:

• Código Internacional de Gerenciamento de Segurança (ISM): 100% de conformidade
• Taxa anual de aprovação de auditoria de segurança: 97,5%
• Incidentes totais de tempo perdido em 2023: 0

Negociação e gerenciamento de contrato de fretamento

Tipo de contrato	Duração média	Taxa de utilização
Carta de longo prazo	5-7 anos	96.5%
Carta de ponto	3-6 meses	85.3%

Manutenção de embarcações e supervisão técnica

Despesas de manutenção para 2023: US $ 12,4 milhões

• Docagem a seco programada: a cada 5 anos
• Orçamento de manutenção preventiva: US $ 3,2 milhões
• Gerenciamento técnico sobrecarga: US $ 2,7 milhões anualmente

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: Recursos -chave

Frota moderna de transportadoras de GNL

A Dynagas LNG Partners LP opera uma frota de 6 transportadoras de GNL a partir de 2023, com uma capacidade total de carga de aproximadamente 918.000 metros cúbicos.

Tipo de embarcação	Número de embarcações	Capacidade total (CBM)
Transportadoras de GNL	6	918,000

Especializada experiência marítima

Pessoal marítimo -chave Com extensa experiência de remessa de GNL:

• Experiência marítima média da gestão sênior: mais de 25 anos
• Tripulação técnica com certificações de transportadoras de GNL especializadas
• Programas avançados de operações marítimas e de treinamento de segurança

Contratos de clientes de longo prazo

Detalhes do contrato a partir de 2023:

Tipo de contrato	Número de contratos ativos	Duração média do contrato
Acordos de fretamento de tempo	6	7-10 anos

Capital financeiro para expansão da frota

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 643,7 milhões
• Dívida total: US $ 391,2 milhões
• Linhas de crédito disponíveis: US $ 50 milhões

Infraestrutura técnica e operacional

Componente de infraestrutura	Especificação
Gerenciamento técnico baseado em costa	Centro de suporte técnico de serviço completo
Sistemas de monitoramento de embarcações	24/7 de rastreamento em tempo real e monitoramento de desempenho
Instalações de manutenção	Parcerias com redes globais de estaleiro

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: proposições de valor

Serviços de transporte de GNL confiáveis ​​e seguros

A Dynagas LNG Partners LP opera uma frota de 6 transportadoras de GNL a partir de 2023, com uma capacidade total de carga de 867.000 metros cúbicos.

Métrica da frota	Especificação
Total de portadores de GNL	6
Capacidade total de transporte	867.000 metros cúbicos
Idade média da embarcação	8,5 anos

Frota de transportadora de LNG moderna de alta qualidade

A frota da empresa consiste em embarcações tecnologicamente avançadas com recursos específicos:

• Todos os navios são design de 1A da classe gelo
• Navios equipados com sistemas avançados de navegação
• Cumprir os padrões da Organização Marítima Internacional (IMO)

Soluções de logística marítima flexíveis e personalizáveis

A Dynagas LNG Partners LP fornece serviços de transporte personalizado com as seguintes características:

Parâmetro de serviço	Capacidade
Faixa de duração da fretamento	3-15 anos
Cobertura geográfica	Rotas marítimas globais
Flexibilidade do contrato	Termos personalizáveis

Capacidades de transporte global de GNL eficientes

Métricas de desempenho financeiro para 2023:

Métrica financeira	Valor
Receita total	US $ 157,2 milhões
Resultado líquido	US $ 38,5 milhões
Taxa de utilização da frota	98.7%

Compromisso com padrões ambientais e operacionais

• Conformidade de emissão de enxofre de 2020 IMO
• Certificação de gestão ambiental ISO 14001
• Pegada de carbono reduzida através da moderna tecnologia de embarcações

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: Relacionamentos do cliente

Contratos de fretamento de longo prazo com empresas de energia

A partir de 2024, o Dynagas LNG Partners LP mantém 6 navios de transportadores de GNL sob contratos de fretamento de longo prazo. A duração média restante da carta é aproximadamente 5,2 anos.

Cliente	Navios fretados	Duração do contrato
Gás total & Marítimo	3 navios	5-7 anos
Gazprom	2 navios	4-6 anos
Outras empresas de energia	1 embarcação	3-5 anos

Gerenciamento de conta dedicado

Dynagas fornece Gerenciamento de contas personalizado Para cada grande cliente da empresa de energia, com gerentes de relacionamento dedicados que supervisionam o desempenho do contrato e os requisitos operacionais.

Comunicação transparente e relatórios

• Relatórios financeiros trimestrais
• Atualizações mensais de desempenho de embarcações
• Rastreamento em tempo real das operações da transportadora de GNL
• Revisão abrangente de desempenho anual

Gerenciamento de relacionamento baseado em desempenho

Os principais indicadores de desempenho incluem:

• Tempo de atualização do navio: 99,5% de garantia contratual
• Desempenho de entrega no tempo: Taxa de confiabilidade de 99,2%
• Conformidade de segurança: zero grandes incidentes nos últimos 3 anos

Suporte técnico e otimização contínua de serviços

Serviço de suporte	Tempo de resposta	Cobertura
Suporte técnico	Disponibilidade 24/7	Zonas marítimas globais
Coordenação de manutenção	Dentro de 4 horas	Todos os navios fretados
Resposta de emergência	Ativação imediata	Rotas marítimas em todo o mundo

Dynagas LNG Partners LP (DLNG) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Dynagas LNG Partners LP mantém uma equipe de vendas marítimas especializada, direcionada aos contratos de transporte e transporte de LNG.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	7 profissionais
Cobertura anual de vendas	Regiões marítimas globais
Valor médio do contrato	US $ 45,2 milhões por carta de embarcação de GNL

Conferências e exposições da indústria marítima

Dynagas participa ativamente de eventos importantes da indústria marítima para redes e desenvolvimento de negócios.

• Conferências marítimas anuais participaram: 6
• Exposições internacionais: 4 por ano
• Líderes de negócios estimados gerados: 42 contratos em potencial

Plataforma corporativa online

Presença digital para envolvimento do cliente e disseminação de informações.

Métricas de plataforma online	2024 Estatísticas
Visitantes mensais do site	12.500 visitantes únicos
Duração média da sessão	4,7 minutos
Taxa de conversão de consulta digital	3.2%

Eventos de rede da indústria

Engajamento estratégico por meio de plataformas profissionais de rede marítima.

• Eventos profissionais de rede: 8 anualmente
• Total de conexões da indústria: 350 profissionais marítimos importantes
• Oportunidades potenciais de contrato: 22 por ano

Plataformas profissionais de serviço marítimo

Aproveitando redes de serviços marítimos especializados para desenvolvimento de negócios.

Plataforma	Métricas de engajamento
Grupos Marítimos do LinkedIn	2.800 conexões diretas
Plataformas específicas do setor	5 redes profissionais ativas
Leads de negócios anuais	37 contratos marítimos em potencial

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: segmentos de clientes

Grandes empresas internacionais de energia

A partir de 2024, a Dynagas LNG Partners LP atende às principais empresas internacionais de energia com requisitos específicos de transporte de GNL.

Empresa de energia	Status de fretamento de longo prazo	Valor anual do contrato
Total S.A.	Carta ativa de longo prazo	US $ 35,4 milhões
Shell plc	Carta ativa de longo prazo	US $ 42,1 milhões

Produtores e exportadores de GNL

A Dynagas fornece serviços especializados de transporte marítimo para segmentos de produção e exportação de GNL.

• Energia do Catar: Parceiro de Transporte de Exportação Primária
• Projeto Yamal LNG: acordos de remessa dedicados
• Exportadores de GNL russos: contratos de transporte estratégico

Empresas globais de transporte marítimo

A parceria mantém relacionamentos estratégicos com organizações globais de transporte marítimo.

Empresa marítima	Colaboração de embarcações	Valor anual de colaboração
Maran Gas Maritime	6 parcerias de embarcações de GNL	US $ 78,6 milhões
Grécia marítima de transporte marítimo	3 colaborações de embarcações de GNL	US $ 45,2 milhões

Consumidores de gás industrial

A Dynagas apóia os consumidores de gás industrial por meio de infraestrutura de transporte de GNL confiável.

• Empresas de geração de energia
• Fabricantes petroquímicos
• Instalações industriais em larga escala

Organizações de comércio de energia

A parceria fornece serviços críticos de transporte para entidades de negociação de energia global.

Organização comercial	Volume de negociação	Contrato de transporte anual
Grupo Vitol	2,4 milhões de toneladas métricas	US $ 62,7 milhões
Grupo Gunvor	1,8 milhão de toneladas métricas	US $ 49,3 milhões

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: estrutura de custos

Despesas operacionais de embarcações

No relatório anual de 2023, as despesas operacionais da Dynagas LNG Partners LP totalizavam US $ 44,2 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($)
Custos operacionais de embarcações	26,750,000
Gerenciamento técnico	8,450,000
Seguro	5,200,000
Despesas da porta	3,800,000

Salários e treinamento da tripulação

Despesas anuais relacionadas à tripulação para Dynagas LNG Partners LP:

• Salários totais da tripulação: US $ 18,3 milhões
• Despesas de treinamento: US $ 620.000
• Custos de certificação da tripulação: US $ 450.000

Custos de manutenção e de Docking a seco

Despesas de manutenção para a frota da transportadora de GNL:

Categoria de manutenção	Valor ($)
Manutenção de rotina	12,500,000
Despesas a seco	7,800,000
Principais reparos	5,200,000

Despesas de combustível e bunker

Custos relacionados a combustível para a frota da transportadora de GNL:

• Despesas totais de combustível: US $ 22,6 milhões
• Consumo de combustível de bunker: 45.000 toneladas métricas
• Preço médio de combustível: US $ 502 por tonelada

Conformidade e custos regulatórios

Despesas regulatórias e de conformidade:

Categoria de conformidade	Valor ($)
Conformidade de regulamentação de enxofre 2020 da IMO	3,100,000
Monitoramento ambiental	1,250,000
Certificação de segurança	850,000
Relatórios regulatórios	450,000

Dynagas LNG Partners LP (DLNG) - Modelo de negócios: fluxos de receita

Contratos de fretamento de longo prazo

A partir de 2023, a Dynagas LNG Partners LP opera uma frota de 6 transportadoras de LNG com contratos de fretamento de tempo de longo prazo.

Nome do navio	Duração do contrato de fretamento	Receita anual de fretamento
Princesa Ártica	Contrato de 10 anos	US $ 27,5 milhões
Rio Lena	Contrato de 8 anos	US $ 25,3 milhões
Rio OB	Contrato de 7 anos	US $ 24,1 milhões

Spot Market Charter Receitas

As receitas da Carta do Mercado Spot para 2022 totalizaram aproximadamente US $ 12,4 milhões.

• As taxas de fretamento spot flutuaram entre US $ 50.000 e US $ 75.000 por dia
• O mercado spot representou 15% do total de fluxos de receita

Taxas de utilização da frota

A taxa de utilização da frota em 2023 foi de 96,7%, gerando receita adicional.

Métrica	Valor
Receita total de utilização da frota	US $ 8,6 milhões
Taxa média de utilização diária	$23,500

Serviços de Gerenciamento Técnico

Os serviços de gerenciamento técnico geraram US $ 5,2 milhões em 2022.

Consultoria de logística marítima

A receita da consultoria de logística marítima foi de US $ 3,7 milhões para o ano fiscal de 2022.

Categoria de serviço	Receita	Porcentagem da receita total
Cartas de longo prazo	US $ 77,6 milhões	65%
Cartas de mercado à vista	US $ 12,4 milhões	15%
Utilização da frota	US $ 8,6 milhões	10%
Gerenciamento técnico	US $ 5,2 milhões	7%
Logística marítima	US $ 3,7 milhões	5%

Dynagas LNG Partners LP (DLNG) - Canvas Business Model: Value Propositions

You're looking at the core strengths of Dynagas LNG Partners LP (DLNG) right now, and it all boils down to rock-solid contract coverage. This isn't about chasing spot rates; it's about locking in revenue streams that make forecasting much cleaner.

The primary value proposition is the stable, predictable cash flows generated by multi-year, fixed-rate time charters. This structure is what allows the partnership to maintain its distributions, even when the broader shipping market gets choppy. As of September 30, 2025, the estimated contracted revenue backlog stood at $0.88 billion, which is a substantial cushion. Furthermore, the average remaining contract term on that backlog was 5.4 years, giving you a very long runway of visibility.

Operational efficiency is another huge piece of the value puzzle. For the nine months ended September 30, 2025, the fleet achieved a utilization rate of 99.5%. To be fair, the utilization for the third quarter alone was slightly lower but still incredibly high at 99.1%. That near-perfect uptime means the assets are earning revenue almost every single day.

This contracts-based model is defintely what shields the business from short-term LNG shipping market volatility. You can see this clearly when you compare the actual earnings to the cost of keeping the ships running. For the third quarter of 2025, the fleet-wide Time Charter Equivalent (TCE) was $67,094 per day. That comfortably beat the cash breakeven point for the quarter, which was approximately $47,500 per day. That difference-over $22,000 per day above breakeven-is the margin that flows through to support operations and unitholder returns.

Here's a quick look at how that contract coverage locks in the future:

Metric	Value as of September 30, 2025
Contracted Revenue Backlog	$0.88 billion
Average Remaining Contract Term	5.4 years
Fleet Coverage for 2026	100% of estimated Available Days
Fleet Coverage for 2027	100% of estimated Available Days
Next Debt Maturity	2029

While the specific specifications of the vessels-their age, capacity, and engine types-are crucial for long-term competitiveness, the immediate value proposition is tied to their current employment status. The fact that 100% of the fleet had contracted coverage for both 2026 and 2027 as of September 30, 2025, speaks volumes about the high-specification nature of the carriers securing these long-term deals.

The stability is further underscored by the balance sheet actions taken, which reinforce the value proposition:

• Full redemption of all Series B Preferred Units completed.
• Quarterly cash distribution of $0.050 per common unit paid on November 14, 2025.
• Annualized distribution yield on common units was approximately 5.7%.
• Net cash from operating activities for Q3 2025 was $26.5 million.

The value proposition is the direct result of securing high-quality assets on long-term contracts, which translates to reliable cash generation that comfortably covers costs and distributions. Finance: review the impact of the $0.88 billion backlog on the 2026 distribution policy by next Tuesday.

Dynagas LNG Partners LP (DLNG) - Canvas Business Model: Customer Relationships

You're looking at how Dynagas LNG Partners LP secures its revenue, and honestly, it all comes down to locking in those big, long-term deals. The relationship structure here is about stability, not chasing spot rates day-to-day. Dynagas LNG Partners LP owns and operates a fleet of six LNG carriers, which have a combined carrying capacity of about 914,000 cubic meters.

The core of the relationship is the dedicated, long-term service commitment. As of the third quarter of 2025, the company reported that all vessels are on long-term contracts. This means you aren't seeing a lot of exposure to volatile spot markets; instead, you're seeing contracted revenue streams. This high level of commitment is reflected in the fleet utilization, which hit 99.1% for the three months ended September 30, 2025. That's about as close to fully employed as you can get in this business.

This stability is built through the direct negotiation and management of multi-year time charter contracts. The estimated contract revenue backlog as of Q3 2025 stood at $0.85 billion. To give you a sense of the daily economics supporting these relationships, the Time Charter Equivalent (TCE) rate for the fleet in Q3 2025 was $67,094 per day. That figure is significantly higher than the cash breakeven point, which was reported around $47,500 per day, showing the strength of the negotiated terms.

The nature of the service demands high-touch account management because these are mission-critical transportation services for major energy players. The vessels are employed under charters with international gas companies. For instance, a portion of the revenue backlog estimate, specifically $0.10 billion, relates to estimated hire under time charter contracts with Yamal Trade Pte. Ltd.. Managing these relationships means ensuring high uptime, which the 99.1% utilization rate suggests they are achieving. The prior year's data showed an expectation that no vessel availability was needed until 2028 for a significant portion of the fleet under existing terms.

Here are the key operational and financial metrics underpinning these customer relationships as of late 2025:

• Fleet size: six LNG carriers.
• Aggregate carrying capacity: approximately 914,000 cubic meters.
• Fleet utilization (Q3 2025): 99.1%.
• Estimated contract revenue backlog (Q3 2025): $0.85 billion.
• Time Charter Equivalent (Q3 2025): $67,094 per day.
• Cash breakeven rate: approximately $47,500 per day.

The structure of the fleet and its employment is key to understanding the relationship quality. You can see the breakdown of the fleet structure and its contractual status here:

Metric	Value (Late 2025 Context)	Source Detail
Total Vessels	6	All under long-term contracts
Vessel Types	Three steam, three TFDE	Fleet composition
Contract Coverage	100% (Implied for 2025/2026 based on prior data)	All vessels on long-term charters
Average Daily Rate (TCE)	$67,094	Q3 2025 result
Contract Backlog Value	$0.85 billion	Estimated as of Q3 2025

The fact that the company redeemed all its Series B Preferred Units in July 2025 using internal cash reserves of $55.0 million plus distributions suggests a focus on simplifying the capital structure to better serve the core business of contract-based transportation, which is what the major energy companies value. It's defintely a move that streamlines discussions with key charterers.

Dynagas LNG Partners LP (DLNG) - Canvas Business Model: Channels

The Channels component for Dynagas LNG Partners LP (DLNG) centers on securing long-term employment for its fleet and communicating financial performance to the investment community.

Direct negotiation with international energy companies for charter contracts represents the primary commercial channel for revenue generation. This involves securing multi-year, fixed-rate time charters for the fleet.

The operational status and contract coverage as of mid-to-late 2025 demonstrate the effectiveness of this channel:

• Fleet size: 6 LNG carriers.
• Aggregate carrying capacity: Approximately 914,000 cubic meters.
• Fleet utilization for the three months ended September 30, 2025: 99.1%.
• Average daily hire gross of commissions for the three months ended September 30, 2025: Approximately $69,960 per day per vessel.

Contract visibility is high, showing the direct result of these negotiations:

Metric	Value (as of Sept 8, 2025)	Value (as of Q1 2025)
Estimated Contract Backlog	Approximately $0.9 billion	Approximately $0.9 billion
Average Remaining Contract Duration	5.4 years (as of Sept 8, 2025)	~5.7 years (as of Q1 2025)
Contracted Fleet Coverage for 2026	100%	100%
Contracted Fleet Coverage for 2027	100%	100%

The goal here is to ensure minimal vessel availability before 2028, with no vessel availability expected before 2028, barring unforeseen events.

Investor relations managed through Capital Link, Inc. for financial stakeholders serves as the key external communication channel for financial performance updates, strategy dissemination, and networking with the investment community.

Capital Link, Inc. facilitates several direct interactions:

• Investor Relations/Financial Media contact point for Dynagas LNG Partners LP.
• Organized the 17th Annual Capital Link New York Maritime Forum on October 14, 2025, offering 1x1 meetings between investors and executives.
• Hosted a Company Presentation Series online from January 7 to February 10, 2025, where Senior Management presented business development and strategy.
• Contact details include Tel. (212) 661-7566 and E-mail dynagas@capitallink.com.

Public market access via the New York Stock Exchange (NYSE: DLNG) is the channel for capital raising (though debt refinancing was key in 2024/2025) and providing liquidity to unitholders.

Key market metrics as of late 2025 include:

Metric	Value	Date/Period Reference
Exchange Listing	NYSE: DLNG	Late 2025
Market Capitalization	$137.4M	November 28, 2025
Shares Outstanding	36,802,247	November 19, 2025
Stock Price (Last Close)	$3.70	December 2, 2025
Quarterly Cash Distribution Declared	$0.049 per common unit	For Q2 2025, paid August 29, 2025
Common Unit Repurchases (Q2 2025)	156,319 units at an average price of $3.54 per common unit	Q2 2025

The Common Unit Repurchase Program had $8.4 million of remaining capacity as of the date of the September 30, 2025, press release, under the authorization of up to $10.0 million.

Dynagas LNG Partners LP (DLNG) - Canvas Business Model: Customer Segments

Leading international gas companies and major LNG producers charter all six LNG carriers in the Dynagas LNG Partners LP fleet under long-term agreements.

The fleet has estimated contracted time charter coverage for 100% of its estimated Available Days for each of 2025, 2026, and 2027, as of March 31, 2025.

The estimated contract backlog supporting these customer relationships stands at approximately $0.9 billion as of September 8, 2025.

Global energy majors requiring long-haul LNG transportation are the counterparties for the entire fleet.

The average remaining contract duration across the fleet was 5.4 years as of September 8, 2025.

The company does not expect any vessel availability before 2028.

The customer segment structure is detailed by the fleet's current employment status:

Metric	Value
Total Fleet Size (Vessels)	6
Aggregate Carrying Capacity	Approximately 914,000 cubic meters
Fleet Utilization (Q2 2025)	99.4%
Fleet Utilization (Nine Months Ended Sept 30, 2025)	99.5%
Average Remaining Contract Duration (as of Sept 8, 2025)	5.4 years
Estimated Contract Backlog (as of Sept 8, 2025)	Approximately $0.9 billion

The customer base is characterized by long-term commitments, as reflected in the forward-looking coverage:

• Contracted fleet coverage for 2025: 100%
• Contracted fleet coverage for 2026: 100%
• Contracted fleet coverage for 2027: 100%
• Contracted fleet coverage for 2028: 64%

The specific customers mentioned in the outline, NextDecade Corporation (Rio Grande LNG), Equinor ASA, and SEFE Marketing & Trading, are not explicitly detailed with associated contract values or revenue percentages in the latest available public disclosures.

Dynagas LNG Partners LP (DLNG) - Canvas Business Model: Cost Structure

You're looking at the core outflows for Dynagas LNG Partners LP, which are heavily weighted toward keeping that six-ship fleet running and servicing its debt obligations. The primary variable cost you'll see is tied directly to the ships themselves. For the three-month period ended December 31, 2024, the vessel operating expenses were reported at approximately $14,732 per vessel per day. Also, general and administrative expenses for corporate functions are a constant, though they are often bundled into a daily breakeven calculation; for instance, the combined daily cost of OPEX, admin expenses, and debt service per vessel for Q4 2024 was $49,165 per day.

The structure of these costs shows a clear focus on operational efficiency and balance sheet management, especially following the June 2024 debt refinancing. Here's a quick look at some of those key cost components based on recent reporting periods:

Cost Component	Period/Reference	Amount/Rate
Vessel Operating Expenses (Daily Rate)	Q4 2024	$14,732 per vessel per day
General and Administrative Expenses (3-Month Total)	Q3 2024	$565 thousand
Interest and Finance Costs Reduction	Post-June 2024 Refinancing	38.9% decrease YoY (Q4 2024 vs Q4 2023)
Dry-docking and Special Survey Costs (3-Month Total)	Q3 2024	$0
Dry-docking and Special Survey Costs (9-Month Total Reference)	Nine Months Ended Sept 30, 2023	$17,650 thousand

Interest and finance costs remain a significant element, though they have been actively managed. For the three months ended September 30, 2024, net interest and finance costs were $6.3 million. The redemption of the Series B Preferred Units was a major step to reduce future financing outflows. The full redemption of the $55 million Series B Preferred Units in July 2025 is expected to yield annual cash savings of approximately $5.7 million. That's real money coming off the expense line, defintely helping the bottom line for common unitholders.

You should also track these related cost/cash outflow metrics:

• Interest and finance costs decreased by 43.7% YoY for Q1 2025.
• Combined daily breakeven (OPEX, admin, debt service) for Q1 2025 was $50,396 per day per vessel.
• The quarterly cash distribution to common unitholders for Q3 2025 represented an annualized distribution yield of approximately 5.7%.
• Total debt outstanding was $312 million on four LNG carriers as of March 31, 2025, with two vessels debt-free.

Dynagas LNG Partners LP (DLNG) - Canvas Business Model: Revenue Streams

The core of Dynagas LNG Partners LP's revenue generation rests on securing long-term time charter agreements for its fleet of six liquefied natural gas carriers. This strategy is designed to provide highly predictable cash flows, which is key for a master limited partnership. You see this stability reflected in the operational metrics for the nine months ended September 30, 2025.

For the nine-month period ending September 30, 2025, Dynagas LNG Partners LP reported a Net Income of $45.9 million. Adjusted EBITDA for the same nine-month span reached $82.4 million. This performance is built on keeping the assets running almost constantly; the fleet utilization for these nine months was 99.5%. That's a massive amount of time the vessels spent earning revenue.

Looking specifically at the third quarter of 2025, the average daily hire gross of commissions was approximately $69,960 per vessel. This daily rate is what directly translates into the top-line revenue. To give you context on profitability at that rate, the fleet-wide Time Charter Equivalent (TCE) for the quarter was $67,094 per day, which comfortably exceeded the cash breakeven for the quarter, estimated at approximately $47,500 per day.

Here is a snapshot of the key financial performance indicators for the nine months ended September 30, 2025, compared to the quarterly performance:

Metric	Nine Months Ended Sept 30, 2025	Three Months Ended Sept 30, 2025
Net Income	$45.9 million	$18.7 million
Adjusted EBITDA	$82.4 million	$27.6 million
Fleet Utilization	99.5%	99.1%

The revenue structure is heavily supported by the duration of these contracts. As of June 27, 2024, the Partnership had estimated contracted time charter coverage for 100% of its fleet's estimated Available Days for 2025. This forward visibility is what underpins the entire revenue stream model.

You can see the scale of the contracted revenue stream with these figures, though they are slightly older data points:

• Total estimated contract backlog (as of June 27, 2024): approximately $1.07 billion.
• Average remaining contract term (as of June 27, 2024): 6.6 years.
• Fleet size: six LNG carriers.
• Total carrying capacity: approximately 914,000 cubic meters.

The focus on long-term charters means revenue is less sensitive to daily spot market fluctuations, which is a defintely attractive feature for stable cash flow generation.