Nine Dynagas carriers chartered for Yamal LNG

Dynagas Holding, the sponsor of Dynagas LNG Partners, said that it has entered into long-term time charter agreements for five ARC7 and four ARC4 carriers for the giant Yamal LNG project.

Dynagas will build five 172,000 cubic meter ARC7 LNG carriers at Daewoo Shipbuilding & Marine Engineering shipyard in South Korea which will be serving the Novatek-operated Yamal project under long-term time charters, the company revealed in a statement.

The vessels will be capable of breaking 2.1 meters of 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.

Yamal LNG is a joint venture between Novatek (60 percent), Total (20 percent) and China National Oil & Gas Exploration and Development Corporation (20 percent) with China’s Silk Road Fund soon to complete the acquisition of 9.9 percent stake from Novatek.

The project consists of three LNG trains with a total capacity of approximately 16.5 million metric tons of LNG per annum. The production from Yamal LNG is scheduled to start in 2017.

Image: Dynagas