Dynagas LNG Partners is a Marshall Islands-registered limited partnership that owns and operates a fleet of six LNG carriers, transporting liquefied natural gas for international energy companies under long-term, fixed-rate time charter contracts. The fleet consists of three steam turbine LNG carriers and three tri-fuel diesel electric (TFDE) Ice Class LNG carriers, the latter capable of operating in Arctic conditions — relevant to the Yamal LNG project in Russia. As of year-end 2025, the fleet had an average age of 15.4 years and a contracted revenue backlog of approximately $0.80B across an average remaining charter term of about 5.1 years. Dynagas's charterers are SEFE (40% of FY25 revenue), Yamal (35%), and Equinor (25%). Under a time charter, customers pay a fixed daily hire rate and bear fuel costs, while Dynagas pays operating costs like crew, maintenance, and insurance. Two Yamal charters include a variable operating cost reimbursement component. Key earnings drivers are fleet utilization, charter renewal rates, operating costs, and debt service — Dynagas had ~$278.7M in outstanding debt as of year-end 2025. The partnership is currently prioritizing debt repayment over fleet growth. A material near-term risk is the EU's sanctions package, effective January 2027, which will prohibit transport of Russian-origin LNG, potentially jeopardizing the two Yamal charters that together represent 35% of revenue and run through 2033-2034.