EU exemption “shields” Dynagas charters

The impact of geopolitical conflicts on the seaborne transport of LNG is reflected in the market analysis accompanying the results of Dynagas LNG Partners.

The company estimates that an exemption under the EU’s 21st package of sanctions against Russia allows the long-term charters of the LNG carriers Yenisei River and Lena River with Yamal Trade Pte. Ltd. to continue. The charters run until 2033 and 2034, respectively, and cover the transport of Russian LNG to destinations outside the EU.

The 21st package of sanctions is the European Union’s latest set of restrictive measures against Russia, focusing, among other areas, on the energy sector and the transport of Russian energy products.

For LNG, the package maintains restrictions but provides a specific exemption for certain legacy long-term transport contracts to third countries, subject to specific conditions and limitations on their duration and annual volumes.

The exemption initially applies until July 25, 2027, and is subject to annual review, while transported volumes may not exceed 2025 levels.

Dynagas nevertheless stressed that there is no certainty that its interpretation will be accepted by regulators or that the sanctions regime will not be tightened, which could potentially affect the continuation of the two charters.

Meanwhile, new UK sanctions, which will take effect on January 1, 2027, are expected to require Dynagas to replace certain UK-based service providers, with the company warning of potential additional costs, delays and periods of off-hire.

Strong increase in profits

The sanctions-related developments come as Dynagas LNG Partners reports improved financial performance and high fleet contract coverage.

In the second quarter of 2026, voyage revenues reached $41.19 million, compared with $38.61 million in the same period of 2025, an increase of 6.7%.

Net profit rose to $15.96 million from $13.71 million a year earlier, up approximately 16.4%.

Adjusted net profit stood at $15.81 million, compared with $14.46 million, while operating revenues reached $19.82 million, up from $19.18 million.

Adjusted EBITDA remained broadly stable at $27.64 million, compared with $27.69 million, while earnings per share increased to $0.39 from $0.23 in the second quarter of 2025.

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