Dynagas LNG Partners Gets Extension of Yamal LNG TC

Maritime Activity Reports, Inc.

August 27, 2018

Image: Dynagas LNG Partners

Image: Dynagas LNG Partners

Dynagas LNG Partners has entered into an agreement with Yamal Trade for the early commencement of the long term charter contract for employment of the ice class liquefied natural gas (LNG) carrier Yenisei River in the Yamal LNG Project.  

The owner and operator of LNG carriers said that pursuant to this agreement, the Yenisei River will commence operating 180 days earlier and as a result, the firm charter period has been extended from 15 years to 15 years plus 180 days.  

The Yenisei River was delivered early to Yamal LNG on August 14, 2018, immediately upon completion of its mandatory statutory class five-year special survey and dry-docking in Singapore.

Tony Lauritzen, Chief Executive Officer of the Partnership commented:  “We are very pleased with the extension of the firm charter period of the Yenisei River and its early delivery to Yamal LNG.  We have been focused on securing long term employment and filling short and medium term availability gaps in our fleet.  

“Now that Yenisei River has commenced employment with Yamal LNG early and the Lena River has been contracted for employment by a major energy company, following its redelivery from Gazprom and prior to commencing its long term charter with Yamal LNG, our first potential vessel available for employment will be the Arctic Aurora in 2021. Thereafter, our next vessel available for employment is the Clean Energy in 2026.

“We believe the Yamal LNG Project is running ahead of schedule and we are pleased we could accommodate Yamal LNG’s shipping needs with the early delivery of the Yenisei River.  In addition, one of our Sponsor’s vessels (which we do not own and do not generate any revenues from) was also delivered to Yamal LNG six months earlier than its earliest contracted delivery date.”

Dynagas LNG Partners is a growth-oriented partnership formed by Dynagas Holding Ltd., its sponsor, to own and operate LNG carriers employed on multi-year charters. The Partnership’s current fleet consists of six LNG carriers, with an aggregate carrying capacity of approximately 914,000 cubic meters.

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