Dynagas to order five ARC 7 LNG carriers for Yamal

SEPTEMBER 15, 2015 — Dynagas Holding Ltd says that it has entered into long term time charter agreements for five ARC7 and four ARC4 liquefied natural gas carriers for the Yamal LNG Project, which is located on the Yamal Peninsula in northern Russia.

Dynagas will build five 172,000 cu. m ARC 7 LNG carriers at the Daewoo Shipbuilding & Marine Engineering Co., Ltd. shipyard in South Korea. They will serve the Yamal project under long term time charters. The vessels will be capable of breaking 2.1 meter thick ice in both the forward and reverse direction.

In addition, four of Dynagas' existing ARC 4 LNG carriers will come into the Yamal shipping fleet to support Yamal deliveries committed to Asian buyers from year 2019 onwards and will be time chartered for a period of 15 years each.Yamal LNG is a joint venture between NOVATEK (60 percent), TOTAL (20 percent) and China National Oil & Gas Exploration and Development Corporation (CNODC) (20 percent). The project consists of three LNG trains with a total capacity of approximately 16.5 million metric tons of LNG per annum.

"The award of five long term contracts for the ARC 7 LNG carriers and award of four long term contracts for our existing ARC4 LNG carriers is a testament to our long term commitment and our manager's operational excellence and expertise in operating high specification ice class LNG carriers," commented Mr. George Procopiou, founder and chairman of Dynagas.

Dynagas Holding Ltd is a holding company engaged in the ownership of LNG carriers and owner of 44% of the equity interests in Dynagas LNG Partners LP (NYSE: DLNG), including the General Partner interest.

Want more? Subscribe now!

Newsletter Signup

Subscribe to Marine Daily for breaking marine news