Dynagas in Charter Deal with Gazprom

Dynagas LNG Partners LP, an owner and operator of LNG carriers, has entered into a new 13-year time-charter contract with Gazprom Marketing & Trading Singapore for the Clean Force, a fully winterized, 149,700 cbm Ice Class LNG carrier built in 2008.

In addition, the company has entered into an agreement with BG Group Plc., the current charterer of the Clean Force, to amend, at no cost to Dynagas, the expiration date of the current time-charter contract from the third quarter of 2016 to July 2015, at which time the new Gazprom contract will take effect.

As of April, 17 2014, the amended BG Group charter and the new Gazprom charter, taken together, are expected to increase the company’s:

1. average remaining charter term to approximately 6.9 years from an average of approximately 3.0 years
2. average fleet-wide time charter equivalent rates, calculated for a period of twelve months following the commencement of the new charter to approximately $78,200 per day per vessel from an average of approximately $76,150 per day per vessel based on the company’s three existing vessels.

The Clean Force is expected to be renamed Amur River prior to its delivery to Gazprom.

[mappress]
April 18, 2014