Owner of LNG carriers Dynagas Holding Ltd (Dynagas) has entered into long term time charter agreements for five ARC7 and four ARC4 liquefied natural gas carriers for the Yamal LNG Project, located on the Yamal Peninsula in Northern Russia.
Dynagas will build five 172,000 cubic meter ARC7 LNG carriers at Daewoo Shipbuilding & Marine Engineering Co., Ltd. shipyard in South Korea which will be serving the Yamal project under long term time charters. The vessels will be capable to break 2.1 meter ice in both the forward and reverse direction.
In addition, four of Dynagas’ existing ARC4 LNG carriers will come into 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.
“We are very pleased to become a strategic partner with Yamal LNG a pioneering international energy project in Arctic conditions sponsored by NOVATEK, TOTAL and CNODC. The award of five long term contracts for the Arc7 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 George Procopiou, founder and chairman of Dynagas.
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.