We present new results for the water dimer equilibrium constant K_p(T) in the range 190−390 K, using a flexible potential energy surface fitted to spectroscopical data. The increased numerical complexity due to explicit consideration of the monomer vibrations is handled via an adiabatic (6 + 6)d decoupling between intra- and intermolecular modes. The convergence of the canonical partition function of the dimer is ensured by computing all energy levels up to dissociation for total angular momentum values J = 0−5 and using an extrapolation scheme to higher values. The newly calculated values for K_p(T) are in very good agreement with available experimental data at room temperature. At higher temperatures, an analysis of the convergence of the partition function reveals that quasi-bound states are likely to contribute to the equilibrium constant. Additional thermodynamical quantities (ΔG, ΔH, ΔS, and C_p) have also been determined and fit to quadratic expressions a + bT + cT².