Dynagas Finds Work for LNG Carrier, Cuts Rates for Two Ships

Image Courtesy: Dynagas LNG Partners

Owner and operator of liquefied natural gas carriers Dynagas LNG Partners LP has entered into a new long-term charter deal for the 2007-built LNG carrier Clean Energy and agreed to reduce the charter rates for two carriers currently working for Gazprom.

The long-term time charter deal was signed with Gazprom Marketing & Trading Singapore Pte Ltd. for the employment of the 150,000 cbm LNG carrier Clean Energy, the company’s only non-ice classed LNG carrier.

The charter is expected to commence in July 2018 and will have a firm duration of about 7 years and 9 months. Dynagas LNG Partners expects the gross contracted revenue from this contract to be USD 133 million over this period.

Following the expiration of the existing time charter to Shell in the second quarter of 2017, Clean Energy will undergo its statutory class five-year special survey and dry-docking and the Partnership will seek to employ it under shorter term employment until the start of the new Gazprom time charter.

Furthermore, the Partnership has also agreed with Gazprom Global LNG Limited to reduce the charter income on both 2013-built Yenisei River and Lena River, starting from November 1, 2016.

The contracted revenues for the vessels will be reduced by USD 8.7 million for the Yenisei and USD 9.6 million for the Lena River over their remaining current charter terms which expire earliest in July and September 2018, respectively.

“We are pleased to report these new charter arrangements which result in an improved charter profile for the Partnership and increases the Partnership’s contracted backlog as of November 1, 2016 to approximately USD 1.6 billion from USD 1.5 billion prior to the conclusion of these new charter arrangements,” Tony Lauritzen, Chief Executive Officer of the Partnership, said.

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